Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02354
Name of Fund: BlackRock Liquidity Funds
California Money Fund
Federal Trust Fund
FedFund
MuniCash
MuniFund
New York Money Fund
TempCash
TempFund
T-Fund
Treasury Trust Fund
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock Liquidity Funds, 55 East 52nd Street, New York, NY 10055.
Registrant’s telephone number, including area code: (800) 441-7762
Date of fiscal year end: 10/31/2010
Date of reporting period: 04/30/2010
Table of Contents
| Item 1 | – | Report to Stockholders |
Table of Contents
| BlackRock Liquidity Funds |  | |
| SEMI-ANNUAL REPORT | APRIL 30, 2010 (UNAUDITED) | ||
Federal Trust Fund
FedFund
TempCash
TempFund
T-Fund
Treasury Trust Fund
MuniCash
MuniFund
California Money Fund
New York Money Fund
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
Table of Contents
| Page | ||
| 3 | ||
Semi-Annual Report: | ||
| 4 | ||
| 7 | ||
Financial Statements: | ||
| 9 | ||
| 47 | ||
| 51 | ||
| 54 | ||
| 58 | ||
| 88 | ||
| 97 | ||
| 98 |
| 2 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
Although overall global economic and financial conditions have generally improved over the past year, the period ended with high levels of market volatility and diminishing investor confidence sparked by the sovereign debt crisis in Europe, concerns over the strength of the economic recovery and uncertainty surrounding the future of interest rate policies. Additionally, as the period drew to a close, the increasing likelihood of more stringent financial market regulations added to the overall sense of investment uncertainty. Despite the uneven nature of recent market conditions, we continue to believe that the “Great Recession” likely ended at some point last summer, thanks primarily to massive fiscal and monetary stimulus, and that the global economy remains in recovery mode.
Global equity markets bottomed in early 2009 and since that time have moved unevenly higher as investors were lured back into the markets by depressed valuations, desire for higher yields and improvements in corporate earnings prospects. There have been several corrections along the way and volatility levels have remained elevated — reflections of mixed economic data, lingering deflation issues (especially in Europe) and uncertainty surrounding financial regulations. On balance, however, improving corporate revenues and profits and a positive macro backdrop helped push stock prices higher over the last twelve and six months. From a geographic perspective, US equities have outpaced their international counterparts in recent months, as the domestic economic recovery has been more pronounced and as credit-related issues have held European markets down.
Within fixed income markets, yields have been moving unevenly as improving economic conditions have been acting to push Treasury yields higher (and prices correspondingly lower), while concerns over ongoing deflation threats have acted as a counterweight. As the period drew to a close, Treasury yields were falling as investors flocked to the “safe haven” asset class in the face of escalating uncertainty. Over the course of the last twelve and six months, however, Treasuries underperformed other areas of the bond market, particularly the high yield sector, which has been benefiting from increased investor demand. Meanwhile, municipal bonds slightly outperformed taxable sectors over both the six- and twelve-month periods thanks to continued high demand levels, but have continued to face the headwinds of ongoing state and local budget problems. As in the taxable arena, high yield municipals have been outperforming the rest of the market.
Regarding cash investments, yields on money market securities remain near all-time lows (producing returns only marginally above zero percent), with the Federal Open Market Committee reiterating that economic circumstances are likely to necessitate an accommodative interest rate stance for an “extended period.”
Against this backdrop, the major market averages posted the following returns:
Total Returns as of April 30, 2010 | 6-month | 12-month | ||||
US equities (S&P 500 Index) | 15.66 | % | 38.84 | % | ||
Small cap US equities (Russell 2000 Index) | 28.17 | 48.95 | ||||
International equities (MSCI Europe, Australasia, Far East Index) | 2.48 | 34.43 | ||||
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index) | 0.04 | 0.15 | ||||
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index) | (0.54 | ) | (1.32 | ) | ||
Taxable fixed income (Barclays Capital US Aggregate Bond Index) | 2.54 | 8.30 | ||||
Tax-exempt fixed income (Barclays Capital Municipal Bond Index) | 3.68 | 8.85 | ||||
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index) | 11.60 | 42.53 |
Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.
Global financial markets continue to show signs of improvement, but questions about the strength and sustainability of the recovery abound. Through periods of uncertainty, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment insight, visit www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder® magazine, as well as its quarterly companion newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued partnership in the months and years ahead.
| Sincerely, |
 |
| Rob Kapito |
| President, BlackRock Advisors, LLC |
THIS PAGE NOT PART OF YOUR FUND REPORT
| 3 |
Table of Contents
Fund Information as of April 30, 2010
Federal Trust Fund
Portfolio Composition | Percent of Net Assets | ||
| U.S. Government Sponsored Agency Obligations | 75 | % | |
| U.S. Treasury Obligations | 25 | ||
| Total | 100 | % | |
Yields | 7-Day SEC Yield | 7-Day Yield | ||||
| Institutional | 0.03 | % | 0.06 | % | ||
| Dollar | 0.00 | % | 0.03 | % | ||
| Administration | 0.00 | % | 0.03 | % |
FedFund
Portfolio Composition | Percent of Net Assets | ||
| U.S. Government Sponsored Agency Obligations | 48 | % | |
| Repurchase Agreements | 48 | ||
| U.S. Treasury Obligations | 6 | ||
| Liabilities in Excess of Other Assets | (2 | ) | |
| Total | 100 | % | |
Yields | 7-Day SEC Yield | 7-Day Yield | ||||
| Institutional | 0.05 | % | 0.05 | % | ||
| Dollar | 0.00 | % | 0.00 | % | ||
| Cash Reserve | 0.00 | % | 0.00 | % | ||
| Cash Management | 0.00 | % | 0.00 | % | ||
| Administration | 0.00 | % | 0.00 | % | ||
| Select | 0.00 | % | 0.00 | % | ||
| Private Client | 0.00 | % | 0.00 | % | ||
| Premier | 0.00 | % | 0.00 | % |
TempCash
Portfolio Composition | Percent of Net Assets | ||
| Certificates of Deposit | 25 | % | |
| U.S. Government Sponsored Agency Obligations | 21 | ||
| Commercial Paper | 11 | ||
| Municipal Bonds | 11 | ||
| U.S. Treasury Obligations | 10 | ||
| Repurchase Agreements | 10 | ||
| Master Notes | 5 | ||
| Corporate Notes | 4 | ||
| Time Deposits | 3 | ||
| Total | 100 | % | |
Yields | 7-Day SEC Yield | 7-Day Yield | ||||
| Institutional | 0.15 | % | 0.15 | % | ||
| Dollar | 0.00 | % | 0.00 | % | ||
| Administration | 0.05 | % | 0.05 | % |
The 7-Day SEC Yields may differ from the 7-Day Yields shown above due to the fact that the 7-Day SEC Yields exclude distributed capital gains.
Past performance is not indicative of future results.
| 4 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
Fund Information (continued) as April 30, 2010
TempFund
Portfolio Composition | Percent of Net Assets | ||
Certificates of Deposit | 40 | % | |
U.S. Government Sponsored Agency Obligations | 19 | ||
Repurchase Agreements | 12 | ||
U.S. Treasury Obligations | 10 | ||
Commercial Paper | 9 | ||
Master Notes | 4 | ||
Municipal Bonds | 3 | ||
Corporate Notes | 3 | ||
Time Deposits | 1 | ||
Liabilities in Excess of Other Assets | (1 | ) | |
Total | 100 | % | |
Yields | 7-Day SEC Yield | 7-Day Yield | ||||
| Institutional | 0.14 | % | 0.14 | % | ||
| Dollar | 0.00 | % | 0.00 | % | ||
| Cash Management | 0.00 | % | 0.00 | % | ||
| Cash Reserve | 0.00 | % | 0.00 | % | ||
| Administration | 0.04 | % | 0.04 | % | ||
| Select | 0.00 | % | 0.00 | % | ||
| Private Client | 0.00 | % | 0.00 | % | ||
| Premier | 0.00 | % | 0.00 | % |
T-Fund
Portfolio Composition | Percent of Net Assets | ||
| Repurchase Agreements | 64 | % | |
| U.S. Treasury Obligations | 36 | ||
| Total | 100 | % | |
Yields | 7-Day SEC Yield | 7-Day Yield | ||||
| Institutional | 0.02 | % | 0.02 | % | ||
| Dollar | 0.00 | % | 0.00 | % | ||
| Cash Management | 0.00 | % | 0.00 | % | ||
| Administration | 0.00 | % | 0.00 | % | ||
| Select | 0.00 | % | 0.00 | % | ||
| Private Client | 0.00 | % | 0.00 | % | ||
| Premier | 0.00 | % | 0.00 | % |
Treasury Trust Fund
Portfolio Composition | Percent of Net Assets | ||
| U.S. Treasury Obligations | 100 | % | |
| Total | 100 | % | |
Yields | 7-Day SEC Yield | 7-Day Yield | ||||
| Institutional | 0.00 | % | 0.01 | % | ||
| Dollar | 0.00 | % | 0.01 | % | ||
| Cash Management | 0.00 | % | 0.01 | % | ||
| Administration | 0.00 | % | 0.01 | % |
MuniCash
Portfolio Composition | Percent of Net Assets | ||
| Variable Rate Demand Notes | 81 | % | |
| Municipal Bonds | 14 | ||
| Municipal Put Bonds | 4 | ||
| Commercial Paper | 2 | ||
| Liabilities in Excess of Other Assets | (1 | ) | |
| Total | 100 | % | |
Yields | 7-Day SEC Yield | 7-Day Yield | ||||
| Institutional | 0.19 | % | 0.19 | % | ||
| Dollar | 0.00 | % | 0.00 | % |
The 7-Day SEC Yields may differ from the 7-Day Yields shown above due to the fact that the 7-Day SEC Yields exclude distributed capital gains.
Past performance is not indicative of future results.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 5 |
Table of Contents
Fund Information (concluded) as of April 30, 2010
MuniFund
Portfolio Composition | Percent of Net Assets | ||
| Variable Rate Demand Notes | 75 | % | |
| Municipal Bonds | 16 | ||
| Municipal Put Bonds | 3 | ||
| Commercial Paper | 6 | ||
| Total | 100 | % | |
Yields | 7-Day SEC Yield | 7-Day Yield | ||||
| Institutional | 0.16 | % | 0.16 | % | ||
| Dollar | 0.00 | % | 0.00 | % | ||
| Cash Management | 0.00 | % | 0.00 | % | ||
| Administration | 0.06 | % | 0.06 | % | ||
| Select | 0.00 | % | 0.00 | % | ||
| Private Client | 0.00 | % | 0.00 | % | ||
| Premier | 0.00 | % | 0.00 | % |
California Money Fund
Portfolio Composition | Percent of Net Assets | ||
| Variable Rate Demand Notes | 68 | % | |
| Municipal Bonds | 24 | ||
| Municipal Put Bonds | 1 | ||
| Commercial Paper | 7 | ||
| Total | 100 | % | |
Yields | 7-Day SEC Yield | 7-Day Yield | ||||
| Institutional | 0.22 | % | 0.22 | % | ||
| Dollar | 0.00 | % | 0.00 | % | ||
| Cash Management | 0.00 | % | 0.00 | % | ||
| Administration | 0.12 | % | 0.12 | % | ||
| Select | 0.00 | % | 0.00 | % | ||
| Private Client | 0.00 | % | 0.00 | % | ||
| Premier | 0.00 | % | 0.00 | % |
New York Money Fund
Portfolio Composition | Percent of Net Assets | ||
| Variable Rate Demand Notes | 71 | % | |
| Municipal Bonds | 27 | ||
| Municipal Put Bonds | 1 | ||
| Commercial Paper | 1 | ||
| Total | 100 | % | |
Yields | 7-Day SEC Yield | 7-Day Yield | ||||
| Institutional | 0.21 | % | 0.21 | % | ||
| Dollar | 0.00 | % | 0.00 | % | ||
| Cash Management | 0.00 | % | 0.00 | % | ||
| Administration | 0.11 | % | 0.11 | % | ||
| Select | 0.00 | % | 0.00 | % | ||
| Private Client | 0.00 | % | 0.00 | % | ||
| Premier | 0.00 | % | 0.00 | % |
The 7-Day SEC Yields may differ from the 7-Day Yields shown above due to the fact that the 7-Day SEC Yields exclude distributed capital gains.
Past performance is not indicative of future results.
| 6 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
Shareholders of each Fund may incur the following charges: (a) expenses related to transactions, and (b) operating expenses including advisory fees, service and distribution fees, including 12b-1 fees, and other Fund expenses. The expense examples below (which are based on a hypothetical investment of $1,000 invested on November 1, 2009 and held through April 30, 2010) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.
The tables below provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the headings entitled “Expenses Paid During the Period.”
The tables also provide information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in each Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in other funds’ shareholder reports.
The expenses shown in the tables are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges, redemption fees or exchange fees. Therefore, the hypothetical tables are useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
Expense Example
| Actual | Hypothetical1 | ||||||||||||||||||||
| Beginning Account Value November 1, 2009 | Ending Account Value April 30, 2010 | Expenses Paid During the Period2 | Beginning Account Value November 1, 2009 | Ending Account Value April 30, 2010 | Expenses Paid During the Period2 | Annualized Expense Ratio | |||||||||||||||
Federal Trust Fund | |||||||||||||||||||||
Institutional | $ | 1,000 | $ | 1,000.00 | $ | 0.79 | $ | 1,000 | $ | 1,024.00 | $ | 0.80 | 0.16 | % | |||||||
Dollar | $ | 1,000 | $ | 1,000.00 | $ | 0.84 | $ | 1,000 | $ | 1,023.95 | $ | 0.85 | 0.17 | % | |||||||
Administration | $ | 1,000 | $ | 1,000.00 | $ | 0.84 | $ | 1,000 | $ | 1,023.95 | $ | 0.85 | 0.17 | % | |||||||
FedFund | |||||||||||||||||||||
Institutional | $ | 1,000 | $ | 1,000.10 | $ | 0.99 | $ | 1,000 | $ | 1,023.80 | $ | 1.00 | 0.20 | % | |||||||
Dollar | $ | 1,000 | $ | 1,000.00 | $ | 1.24 | $ | 1,000 | $ | 1,023.55 | $ | 1.25 | 0.25 | % | |||||||
Cash Management | $ | 1,000 | $ | 1,000.00 | $ | 1.24 | $ | 1,000 | $ | 1,023.55 | $ | 1.25 | 0.25 | % | |||||||
Cash Reserve | $ | 1,000 | $ | 1,000.00 | $ | 1.24 | $ | 1,000 | $ | 1,023.55 | $ | 1.25 | 0.25 | % | |||||||
Administration | $ | 1,000 | $ | 1,000.00 | $ | 1.24 | $ | 1,000 | $ | 1,023.55 | $ | 1.25 | 0.25 | % | |||||||
Select | $ | 1,000 | $ | 1,000.00 | $ | 1.24 | $ | 1,000 | $ | 1,023.55 | $ | 1.25 | 0.25 | % | |||||||
Private Client | $ | 1,000 | $ | 1,000.00 | $ | 1.24 | $ | 1,000 | $ | 1,023.55 | $ | 1.25 | 0.25 | % | |||||||
Premier | $ | 1,000 | $ | 1,000.00 | $ | 1.24 | $ | 1,000 | $ | 1,023.55 | $ | 1.25 | 0.25 | % | |||||||
TempCash | |||||||||||||||||||||
Institutional | $ | 1,000 | $ | 1,000.50 | $ | 0.89 | $ | 1,000 | $ | 1,023.90 | $ | 0.90 | 0.18 | % | |||||||
Dollar | $ | 1,000 | $ | 1,000.00 | $ | 1.69 | $ | 1,000 | $ | 1,023.11 | $ | 1.71 | 0.34 | % | |||||||
Administration | $ | 1,000 | $ | 1,000.10 | $ | 1.39 | $ | 1,000 | $ | 1,023.41 | $ | 1.40 | 0.28 | % | |||||||
TempFund | |||||||||||||||||||||
Institutional | $ | 1,000 | $ | 1,000.40 | $ | 0.89 | $ | 1,000 | $ | 1,023.90 | $ | 0.90 | 0.18 | % | |||||||
Dollar | $ | 1,000 | $ | 1,000.00 | $ | 1.49 | $ | 1,000 | $ | 1,023.31 | $ | 1.51 | 0.30 | % | |||||||
Cash Management | $ | 1,000 | $ | 1,000.00 | $ | 1.49 | $ | 1,000 | $ | 1,023.31 | $ | 1.51 | 0.30 | % | |||||||
Cash Reserve | $ | 1,000 | $ | 1,000.00 | $ | 1.49 | $ | 1,000 | $ | 1,023.31 | $ | 1.51 | 0.30 | % | |||||||
Administration | $ | 1,000 | $ | 1,000.00 | $ | 1.39 | $ | 1,000 | $ | 1,023.41 | $ | 1.40 | 0.28 | % | |||||||
Select | $ | 1,000 | $ | 1,000.00 | $ | 1.49 | $ | 1,000 | $ | 1,023.31 | $ | 1.51 | 0.30 | % | |||||||
Private Client | $ | 1,000 | $ | 1,000.00 | $ | 1.49 | $ | 1,000 | $ | 1,023.31 | $ | 1.51 | 0.30 | % | |||||||
Premier | $ | 1,000 | $ | 1,000.00 | $ | 1.49 | $ | 1,000 | $ | 1,023.31 | $ | 1.51 | 0.30 | % | |||||||
| 1 | Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365. |
| 2 | For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). |
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 7 |
Table of Contents
Expense Example (concluded)
| Actual | Hypothetical1 | ||||||||||||||||||||
| Beginning Account Value November 1, 2009 | Ending Account Value April 30, 2010 | Expenses Paid During the Period2 | Beginning Account Value November 1, 2009 | Ending Account Value April 30, 2010 | Expenses Paid During the Period2 | Annualized Expense Ratio | |||||||||||||||
T-Fund | |||||||||||||||||||||
Institutional | $ | 1,000 | $ | 1,000.00 | $ | 0.79 | $ | 1,000 | $ | 1,024.00 | $ | 0.80 | 0.16 | % | |||||||
Dollar | $ | 1,000 | $ | 1,000.00 | $ | 0.84 | $ | 1,000 | $ | 1,023.95 | $ | 0.85 | 0.17 | % | |||||||
Cash Management | $ | 1,000 | $ | 1,000.00 | $ | 0.84 | $ | 1,000 | $ | 1,023.95 | $ | 0.85 | 0.17 | % | |||||||
Administration | $ | 1,000 | $ | 1,000.00 | $ | 0.84 | $ | 1,000 | $ | 1,023.95 | $ | 0.85 | 0.17 | % | |||||||
Select | $ | 1,000 | $ | 1,000.00 | $ | 0.84 | $ | 1,000 | $ | 1,023.95 | $ | 0.85 | 0.17 | % | |||||||
Private Client | $ | 1,000 | $ | 1,000.00 | $ | 0.84 | $ | 1,000 | $ | 1,023.95 | $ | 0.85 | 0.17 | % | |||||||
Premier | $ | 1,000 | $ | 1,000.00 | $ | 0.84 | $ | 1,000 | $ | 1,023.95 | $ | 0.85 | 0.17 | % | |||||||
Treasury Trust Fund | |||||||||||||||||||||
Institutional | $ | 1,000 | $ | 1,000.00 | $ | 0.50 | $ | 1,000 | $ | 1,024.30 | $ | 0.50 | 0.10 | % | |||||||
Dollar | $ | 1,000 | $ | 1,000.00 | $ | 0.50 | $ | 1,000 | $ | 1,024.30 | $ | 0.50 | 0.10 | % | |||||||
Cash Management | $ | 1,000 | $ | 1,000.00 | $ | 0.50 | $ | 1,000 | $ | 1,024.30 | $ | 0.50 | 0.10 | % | |||||||
Administration | $ | 1,000 | $ | 1,000.00 | $ | 0.50 | $ | 1,000 | $ | 1,024.30 | $ | 0.50 | 0.10 | % | |||||||
MuniCash | |||||||||||||||||||||
Institutional | $ | 1,000 | $ | 1,000.50 | $ | 0.99 | $ | 1,000 | $ | 1,023.80 | $ | 1.00 | 0.20 | % | |||||||
Dollar | $ | 1,000 | $ | 1,000.00 | $ | 1.83 | $ | 1,000 | $ | 1,022.96 | $ | 1.86 | 0.37 | % | |||||||
MuniFund | |||||||||||||||||||||
Institutional | $ | 1,000 | $ | 1,000.40 | $ | 0.99 | $ | 1,000 | $ | 1,023.80 | $ | 1.00 | 0.20 | % | |||||||
Dollar | $ | 1,000 | $ | 1,000.00 | $ | 1.64 | $ | 1,000 | $ | 1,023.16 | $ | 1.66 | 0.33 | % | |||||||
Cash Management | $ | 1,000 | $ | 1,000.00 | $ | 1.64 | $ | 1,000 | $ | 1,023.16 | $ | 1.66 | 0.33 | % | |||||||
Administration | $ | 1,000 | $ | 1,000.10 | $ | 1.44 | $ | 1,000 | $ | 1,023.36 | $ | 1.45 | 0.29 | % | |||||||
Select | $ | 1,000 | $ | 1,000.00 | $ | 1.59 | $ | 1,000 | $ | 1,023.21 | $ | 1.61 | 0.32 | % | |||||||
Private Client | $ | 1,000 | $ | 1,000.00 | $ | 1.64 | $ | 1,000 | $ | 1,023.16 | $ | 1.66 | 0.33 | % | |||||||
Premier | $ | 1,000 | $ | 1,000.00 | $ | 1.64 | $ | 1,000 | $ | 1,023.16 | $ | 1.66 | 0.33 | % | |||||||
California Money Fund | |||||||||||||||||||||
Institutional | $ | 1,000 | $ | 1,000.50 | $ | 0.99 | $ | 1,000 | $ | 1,023.80 | $ | 1.00 | 0.20 | % | |||||||
Dollar | $ | 1,000 | $ | 1,000.00 | $ | 1.74 | $ | 1,000 | $ | 1,023.06 | $ | 1.76 | 0.35 | % | |||||||
Cash Management | $ | 1,000 | $ | 1,000.00 | $ | 1.59 | $ | 1,000 | $ | 1,023.21 | $ | 1.61 | 0.35 | % | |||||||
Administration | $ | 1,000 | $ | 1,000.20 | $ | 1.49 | $ | 1,000 | $ | 1,023.31 | $ | 1.51 | 0.30 | % | |||||||
Select | $ | 1,000 | $ | 1,000.00 | $ | 1.74 | $ | 1,000 | $ | 1,023.06 | $ | 1.76 | 0.35 | % | |||||||
Private Client | $ | 1,000 | $ | 1,000.00 | $ | 1.74 | $ | 1,000 | $ | 1,023.06 | $ | 1.76 | 0.35 | % | |||||||
Premier | $ | 1,000 | $ | 1,000.00 | $ | 1.74 | $ | 1,000 | $ | 1,023.06 | $ | 1.76 | 0.35 | % | |||||||
New York Money Fund | |||||||||||||||||||||
Institutional | $ | 1,000 | $ | 1,000.40 | $ | 0.99 | $ | 1,000 | $ | 1,023.80 | $ | 1.00 | 0.20 | % | |||||||
Dollar | $ | 1,000 | $ | 1,000.00 | $ | 1.59 | $ | 1,000 | $ | 1,023.21 | $ | 1.61 | 0.32 | % | |||||||
Cash Management | $ | 1,000 | $ | 1,000.00 | $ | 1.59 | $ | 1,000 | $ | 1,023.21 | $ | 1.61 | 0.32 | % | |||||||
Administration | $ | 1,000 | $ | 1,000.10 | $ | 1.44 | $ | 1,000 | $ | 1,023.36 | $ | 1.45 | 0.29 | % | |||||||
Select | $ | 1,000 | $ | 1,000.00 | $ | 1.59 | $ | 1,000 | $ | 1,023.21 | $ | 1.61 | 0.32 | % | |||||||
Private Client | $ | 1,000 | $ | 1,000.00 | $ | 1.59 | $ | 1,000 | $ | 1,023.21 | $ | 1.61 | 0.32 | % | |||||||
Premier | $ | 1,000 | $ | 1,000.00 | $ | 1.59 | $ | 1,000 | $ | 1,023.21 | $ | 1.61 | 0.32 | % | |||||||
| 1 | Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365. |
| 2 | For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). |
| 8 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Schedule of Investments April 30, 2010 (Unaudited) | Federal Trust Fund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | ||||||
U.S. Government Sponsored Agency Obligations | |||||||
Federal Farm Credit Bank Discount Notes:(a) | |||||||
0.20%, 7/15/10 | $ | 10,000 | $ | 9,995,833 | |||
0.50%, 8/09/10 | 6,400 | 6,391,111 | |||||
Federal Farm Credit Bank Variable Rate Notes:(b) | |||||||
0.25%, 7/06/10 | 45,000 | 45,000,000 | |||||
0.60%, 4/27/11 | 5,000 | 5,000,000 | |||||
0.23%, 12/16/11 | 10,000 | 9,998,373 | |||||
Federal Home Loan Bank Bonds: | |||||||
0.55%, 8/05/10 | 5,000 | 4,999,504 | |||||
0.30%, 11/26/10 | 5,000 | 4,998,680 | |||||
Federal Home Loan Bank Discount Notes:(a) | |||||||
0.14%, 5/07/10 | 10,000 | 9,999,767 | |||||
0.17%, 5/12/10 | 2,041 | 2,040,894 | |||||
0.18%, 5/14/10 | 2,275 | 2,274,852 | |||||
0.17%, 5/21/10 | 2,107 | 2,106,801 | |||||
0.21%, 5/26/10 | 2,035 | 2,034,703 | |||||
0.20%, 6/16/10 | 9,539 | 9,536,562 | |||||
0.18%, 7/02/10 | 3,500 | 3,498,915 | |||||
0.19%, 7/02/10 | 4,500 | 4,498,528 | |||||
0.19%, 7/14/10 | 10,000 | 9,996,094 | |||||
0.20%, 7/16/10 | 5,000 | 4,997,889 | |||||
Federal Home Loan Bank Variable Rate Notes:(b) | |||||||
0.15%, 7/09/10 | 30,000 | 29,998,862 | |||||
0.19%, 11/26/10 | 8,330 | 8,330,000 | |||||
Total U.S. Government Sponsored Agency Obligations — 75.4% | 175,697,368 | ||||||
U.S. Treasury Obligations(a) | |||||||
U.S. Treasury Bills: | |||||||
0.12%, 5/06/10 | 8,393 | 8,392,860 | |||||
0.13%, 5/06/10 | 7,212 | 7,211,870 | |||||
0.15%, 5/13/10 | 20,667 | 20,665,970 | |||||
0.16%, 5/27/10 | 4,088 | 4,087,537 | |||||
0.20%, 7/01/10 | 17,124 | 17,118,197 | |||||
Total U.S. Treasury Obligations — 24.6% | 57,476,434 | ||||||
Total Investments | 233,173,802 | ||||||
Liabilities in Excess of Other Assets — (0.0)% | (10,073 | ) | |||||
Net Assets — 100.0% | $ | 233,163,729 | |||||
| * | Cost for federal income tax purposes. |
| (a) | Rate shown reflects the discount rate at the time of purchase. |
| (b) | Variable rate security. Rate shown is as of report date. |
| • | Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows: |
| • | Level 1 – price quotations in active markets/exchanges for identical assets and liabilities |
| • | Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| • | Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments) |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Fund’s investments:
| Investments in Securities | ||||||||||
Valuation Inputs | Level 1 | Level 21 | Level 3 | Total | ||||||
Assets: | ||||||||||
Total Investments. | — | $ | 233,173,802 | — | $ | 233,173,802 | ||||
| 1 | See above Schedule of Investments for values in each security type. |
Fund Abbreviations
| To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list: | AGM | Assured Guaranty Municipal Corp. | MB | Municipal Bonds | ||||||
| AMT | Alternative Minimum Tax (subject to) | MERLOTS | Municipal Exempt Receipts Liquidity Optional Tender | |||||||
| BAN | Bond Anticipation Notes | PCRB | Pollution Control Revenue Bonds | |||||||
| BHAC-CR | Berkshire Hathaway Assurance | PSF | Permanent School Fund | |||||||
| Corp.-Custodial Receipts | PUTTERS | Puttable Tax-Exempt Receipts | ||||||||
| CalPERS | California Public Employees’ Retirement System | Q-SBLF | Qualified School Board Loan Fund | |||||||
| RAN | Revenue Anticipation Notes | |||||||||
| CalSTRS | California State Teachers’ Retirement System | RB | Revenue Bonds | |||||||
| COP | Certificates of Participation | ROC | Reset Option Certificates | |||||||
| FDIC | Federal Deposit Insurance Corp. | SBPA | Stand-by Bond Purchase Agreement | |||||||
| GO | General Obligation Bonds | SPEARS | Short Puttable Exempt Adjustable Receipts | |||||||
| GTD | Guaranteed | TAN | Tax Anticipation Notes | |||||||
| IDA | Industrial Development Authority | TECP | Tax-Exempt Commercial Paper | |||||||
| IDRB | Industrial Development Revenue Bonds | TRAN | Tax Revenue Anticipation Notes | |||||||
| ISD | Independent School District | VRDN | Variable Rate Demand Notes | |||||||
| LOC | Letter of Credit | VRDP | Variable Rate Demand Preferred |
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 9 |
Table of Contents
| Schedule of Investments April 30, 2010 (Unaudited) | FedFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
U.S. Government Sponsored Agency Obligations | ||||||
Fannie Mae Discount Mortgage-Backed Securities:(a) | ||||||
0.14%, 5/03/10 | $ | 206,341 | $ | 206,339,395 | ||
0.24%, 8/02/10 | 212,924 | 212,794,826 | ||||
Fannie Mae Discount Notes:(a) | ||||||
0.15%, 5/10/10 | 25,000 | 24,999,062 | ||||
0.16%, 5/10/10 | 70,000 | 69,997,200 | ||||
0.17%, 5/24/10 | 50,000 | 49,994,569 | ||||
0.19%, 6/01/10 | 100,000 | 99,983,639 | ||||
0.24%, 8/23/10 | 100,000 | 99,924,000 | ||||
0.25%, 10/06/10 | 60,000 | 59,934,167 | ||||
0.30%, 11/15/10 | 190,000 | 189,686,500 | ||||
Federal Farm Credit Bank Discount Notes, | ||||||
0.50%, 8/09/10(a) | 3,600 | 3,595,000 | ||||
Federal Farm Credit Bank Variable Rate Notes:(b) | ||||||
0.25%, 7/06/10 | 35,000 | 35,000,000 | ||||
0.60%, 4/27/11 | 95,500 | 95,500,000 | ||||
0.39%, 5/05/11 | 145,000 | 144,985,835 | ||||
Federal Home Loan Bank Bonds, | ||||||
0.30%, 11/26/10 | 52,000 | 51,986,275 | ||||
Federal Home Loan Bank Discount Notes:(a) | ||||||
0.17%, 5/12/10 | 1,988 | 1,987,897 | ||||
0.17%, 5/21/10 | 20,056 | 20,054,106 | ||||
0.18%, 6/23/10 | 2,243 | 2,242,405 | ||||
Federal Home Loan Bank Variable Rate Notes:(b) | ||||||
0.15%, 7/09/10 | 350,000 | 349,986,717 | ||||
0.25%, 10/08/10 | 400,000 | 399,947,212 | ||||
0.70%, 11/08/10 | 230,000 | 229,987,877 | ||||
0.19%, 11/26/10 | 90,000 | 90,000,000 | ||||
0.16%, 7/20/11 | 70,000 | 69,973,945 | ||||
0.17%, 7/28/11 | 155,000 | 154,931,495 | ||||
Freddie Mac Discount Notes:(a) | ||||||
0.17%, 6/16/10 | 96,500 | 96,479,038 | ||||
0.21%, 7/06/10 | 265,525 | 265,424,285 | ||||
0.19%, 7/07/10 | 120,000 | 119,957,567 | ||||
0.20%, 7/23/10 | 330,000 | 329,847,833 | ||||
0.21%, 8/02/10 | 90,715 | 90,665,787 | ||||
0.24%, 8/11/10 | 70,000 | 69,952,400 | ||||
0.25%, 9/08/10 | 25,000 | 24,977,431 | ||||
0.30%, 9/27/10 | 158,000 | 157,803,817 | ||||
0.29%, 10/26/10 | 37,500 | 37,446,229 | ||||
0.29%, 10/27/10 | 100,000 | 99,855,806 | ||||
0.39%, 1/10/11 | 14,000 | 13,961,970 | ||||
Freddie Mac Variable Rate Notes:(b) | ||||||
0.20%, 7/14/10 | 290,000 | 289,979,473 | ||||
0.23%, 8/24/10 | 72,485 | 72,485,983 | ||||
0.23%, 9/03/10 | 66,730 | 66,725,421 | ||||
0.25%, 9/24/10 | 110,000 | 110,001,217 | ||||
0.27%, 12/30/10 | 218,000 | 218,085,718 | ||||
0.32%, 2/14/11 | 530,000 | 529,955,005 | ||||
0.35%, 4/01/11 | 276,100 | 276,346,658 | ||||
0.22%, 2/16/12 | 218,000 | 217,826,493 | ||||
Total U.S. Government Sponsored Agency Obligations — 48.3% | 5,751,610,253 | |||||
U.S. Treasury Obligations(a) | ||||||
U.S. Treasury Bills: | ||||||
0.12%, 5/06/10 | 1,607 | 1,606,973 | ||||
0.15%, 5/13/10 | 1,333 | 1,332,934 | ||||
0.14%, 6/03/10 | 5,000 | 4,999,372 | ||||
0.54%, 6/10/10 | 268,645 | 268,483,813 | ||||
0.45%, 6/17/10 | 150,000 | 149,912,854 | ||||
0.16%, 7/01/10 | 7,191 | 7,189,050 | ||||
0.39%, 7/15/10 | 300,000 | 299,759,375 | ||||
0.46%, 8/26/10 | 14,073 | 14,051,961 | ||||
Total U.S. Treasury Obligations — 6.3% | 747,336,332 | |||||
Repurchase Agreements | ||||||
Banc of America Securities LLC, | ||||||
0.19%, 5/03/10 | 50,000 | 50,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $50,000,792, collateralized by U.S. Treasury obligation, 4.38% due at 12/15/10, par and fair value of $48,958,700 and $51,000,089, respectively) | ||||||
Banc of America Securities LLC, | ||||||
0.20%, 5/03/10 | 295,000 | 295,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $295,004,917, collateralized by various U.S. government sponsored agency obligations, 0.00% to 6.00% due from 5/15/24 to 11/16/51, aggregate par and fair value of $1,988,986,509 and $315,650,001, respectively) | ||||||
Barclays Capital, Inc., | ||||||
0.17%, 5/03/10 | 425,000 | 425,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $425,006,021, collateralized by various U.S. Treasury obligations, 1.38% due from 5/15/12 to 11/15/12, aggregate par and fair value of $428,180,200 and $433,500,021, respectively) | ||||||
Barclays Capital, Inc., | ||||||
0.19%, 5/03/10 | 750,000 | 750,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $750,011,875, collateralized by various U.S. Treasury obligations, 0.88% to 3. 00% due from 2/29/12 to 2/28/17, aggregate par and fair value of $765,906,700 and $765,000,074, respectively) | ||||||
Citigroup Global Markets, Inc., | ||||||
0.19%, 5/03/10 | 350,000 | 350,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $350,005,542, collateralized by various U.S. government sponsored agency obligations, 3.75% to 5.28% due from 1/01/38 to 2/01/40, aggregate par and fair value of $404,432,236 and $360,500,001, respectively) | ||||||
Credit Suisse Securities (USA) LLC, | ||||||
0.19%, 5/03/10 | 100,000 | 100,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $100,001,583, collateralized by various U.S. Treasury obligations, 1.22% to 6. 00% due from 5/15/11 to 11/03/11, aggregate par and fair value of $98,570,000 and $102,002,131, respectively) | ||||||
See Notes to Financial Statements.
| 10 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Schedule of Investments (continued) | FedFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | ||||||
Repurchase Agreements | |||||||
Credit Suisse Securities (USA) LLC, | |||||||
0.27%, 5/03/10 | $ | 250,000 | $ | 250,000,000 | |||
(Purchased on 4/26/10 to be repurchased at $250,013,125, collateralized by various U.S. government sponsored agency obligations, 0.00% due from 6/01/24 to 5/15/40, aggregate par and fair value of $575,910,614 and $257,500,952, respectively) | |||||||
Credit Suisse Securities (USA) LLC, | |||||||
0.19%, 5/06/10 | 300,000 | 300,000,000 | |||||
(Purchased on 4/29/10 to be repurchased at $300,011,083, collateralized by various Freddie Mac Notes, 0.00% due from 11/01/25 to 4/01/40, aggregate par and fair value of $564,478,673 and $309,002,563, respectively) | |||||||
Deutsche Bank Securities Inc., | |||||||
0.20%, 5/03/10 | 408,000 | 408,000,000 | |||||
(Purchased on 4/30/10 to be repurchased at $408,006,800, collateralized by various U.S. government sponsored agency obligations, 0.00% to 8.00% due from 1/15/12 to 5/01/40, aggregate par and fair value of $1,758,581,479 and $420,423,419, respectively) | |||||||
Deutsche Bank Securities Inc., | |||||||
0.20%, 5/03/10 | 544,000 | 544,000,000 | |||||
(Purchased on 4/30/10 to be repurchased at $544,009,067, collateralized by various U.S. government sponsored agency obligations, 0.00% to 8.00% due from 1/15/12 to 5/01/40, aggregate par and fair value of $2,344,775,306 and $560,564,559, respectively) | |||||||
Goldman Sachs Co., | |||||||
0.19%, 5/03/10 | 344,000 | 344,000,000 | |||||
(Purchased on 4/30/10 to be repurchased at $344,005,447, collateralized by Fannie Mae Bond, 0.00% due at 6/01/39, par and fair value of $498,356,144 and $354,320,000, respectively) | |||||||
HSBC Securities (USA) Inc., | |||||||
0.19%, 5/03/10 | 100,000 | 100,000,000 | |||||
(Purchased on 4/30/10 to be repurchased at $100,001,583, collateralized by various U.S. Treasury obligations, 7.13% to 8. 00% due from 11/15/21 to 2/15/23, aggregate par and fair value of $168,378,000 and $102,001,437, respectively) | |||||||
JPMorgan Securities Inc., | |||||||
0.19%, 5/03/10 | 281,694 | 281,694,000 | |||||
(Purchased on 4/30/10 to be repurchased at $281,698,460, collateralized by various U.S. Treasury obligations, 0.00% due from 8/15/23 to 2/15/25, aggregate par and fair value of $548,735,325 and $287,329,694, respectively) | |||||||
Morgan Stanley & Co., | |||||||
0.18%, 5/03/10 | 300,000 | 300,000,000 | |||||
(Purchased on 4/30/10 to be repurchased at $300,004,500, collateralized by various U.S. government sponsored agency obligations, 0.00% to 6.00% due from 5/01/33 to 11/01/39, aggregate par and fair value of $551,596,815 and $309,000,001, respectively) | |||||||
Morgan Stanley & Co., | |||||||
0.19%, 5/03/10 | 294,000 | 294,000,000 | |||||
(Purchased on 4/30/10 to be repurchased at $294,004,655, collateralized by various U.S. government sponsored agency obligations, 0.00% to 6.00% due from 5/01/33 to 11/01/39, aggregate par and fair value of $540,564,879 and $302,820,000, respectively) | |||||||
RBS Securities Inc., | |||||||
0.20%, 5/03/10 | 375,000 | 375,000,000 | |||||
(Purchased on 4/30/10 to be repurchased at $375,006,250, collateralized by U.S. Treasury obligation, 3.63% due at 2/15/20, par and fair value of $382,895,000 and $382,500,699, respectively) | |||||||
RBS Securities Inc., | |||||||
0.20%, 5/12/10 | 325,000 | 325,000,000 | |||||
(Purchased on 4/12/10 to be repurchased at $325,054,167, collateralized by various U.S. government sponsored agency obligations, 0.00% to 7.21% due from 2/01/23 to 2/25/44, aggregate par and fair value of $849,080,556 and $334,750,036, respectively) | |||||||
UBS Securities LLC, | |||||||
0.21%, 5/03/10 | 195,489 | 195,489,000 | |||||
(Purchased on 4/30/10 to be repurchased at $195,492,421, collateralized by various Ginnie Mae Bonds, 4.50% to 5.00% due from 1/20/40 to 4/20/40, aggregate par and fair value of $191,407,891 and $199,401,660, respectively) | |||||||
Total Repurchase Agreements — 47.8% | 5,687,183,000 | ||||||
Total Investments | 12,186,129,585 | ||||||
Liabilities in Excess of Other Assets — (2.4)% | (283,432,542 | ) | |||||
Net Assets — 100.0% | $ | 11,902,697,043 | |||||
| * | Cost for federal income tax purposes. |
| (a) | Rate shown reflects the discount rate at the time of purchase. |
| (b) | Variable rate security. Rate shown is as of report date. |
| • | Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
Affiliate | Par at October 31, 2009 | Net Activity (Par) | Par at April 30, 2010 | Income | ||||||||
PNC Bank N.A. | $ | — | $ | — | $ | — | $ | 15,712 | ||||
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 11 |
Table of Contents
| Schedule of Investments (concluded) | ||
| • | Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows: |
| • | Level 1 – price quotations in active markets/exchanges for identical assets and liabilities |
| • | Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| • | Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments) |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Fund’s investments:
| Investments in Securities | ||||||||||
Valuation Inputs | Level 1 | Level 21 | Level 3 | Total | ||||||
Assets: | ||||||||||
Total Investments. | — | $ | 12,186,129,585 | — | $ | 12,186,129,585 | ||||
| 1 | See above Schedule of Investments for values in each security type. |
See Notes to Financial Statements.
| 12 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Schedule of Investments April 30, 2010 (Unaudited) | TempCash | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Certificates of Deposit | ||||||
Euro — 1.3% | ||||||
Credit Industriel et Commercial, London, | ||||||
0.39%, 6/02/10 | $ | 85,000 | $ | 85,000,378 | ||
Yankee — 24.2%(a) | ||||||
Abbey National Treasury Services Plc, Connecticut, | ||||||
0.28%, 11/17/10(b) | 65,000 | 65,000,000 | ||||
Banco Bilbao Vizcaya Argentaria S.A., New York, | ||||||
0.34%, 12/13/10(b) | 28,500 | 28,500,000 | ||||
Bank of Montreal, Chicago, | ||||||
0.22%, 5/10/10 | 50,000 | 50,000,000 | ||||
Bank of Nova Scotia, Houston, | ||||||
0.31%, 5/04/10 | 75,000 | 75,000,000 | ||||
Bank of Nova Scotia, New York, | ||||||
0.39%, 10/15/10 | 60,000 | 59,998,611 | ||||
Bank of Tokyo-Mitsubishi UFJ Ltd., New York: | ||||||
0.23%, 5/24/10 | 85,000 | 85,000,000 | ||||
0.31%, 6/15/10 | 50,000 | 50,000,000 | ||||
Barclays Bank Plc, New York: | ||||||
0.43%, 5/12/10 | 35,000 | 35,000,000 | ||||
0.32%, 6/30/10 | 65,000 | 65,000,000 | ||||
Dexia Credit Local S.A., New York, | ||||||
0.30%, 5/14/10 | 50,000 | 50,000,000 | ||||
Dexia Credit Local, New York - GTD, | ||||||
1.05%, 5/17/10(c) | 121,000 | 121,000,000 | ||||
Rabobank Nederland N.V., New York: | ||||||
0.25%, 1/10/11(b) | 38,000 | 38,000,000 | ||||
0.25%, 1/13/11(b) | 100,000 | 100,000,000 | ||||
Royal Bank of Scotland Plc, Connecticut: | ||||||
0.54%, 5/18/10(b) | 100,000 | 100,000,000 | ||||
0.54%, 5/20/10(b) | 70,000 | 70,000,000 | ||||
Royal Bank of Scotland Plc, New York, | ||||||
0.38%, 7/07/10 | 75,000 | 75,000,000 | ||||
Societe Generale, New York: | ||||||
0.29%, 6/07/10(b) | 40,000 | 40,000,000 | ||||
0.28%, 7/12/10(b) | 43,500 | 43,500,000 | ||||
0.29%, 7/23/10(b) | 45,000 | 45,000,000 | ||||
Svenska Handelsbanken, New York, | ||||||
0.43%, 10/25/10 | 25,000 | 25,000,613 | ||||
Toronto Dominion Bank, New York: | ||||||
0.25%, 11/05/10(b) | 60,000 | 60,000,000 | ||||
0.25%, 2/04/11(b) | 21,000 | 21,000,000 | ||||
Unicredit SpA, New York: | ||||||
0.30%, 6/18/10 | 75,000 | 75,000,000 | ||||
0.34%, 7/16/10 | 100,000 | 100,000,000 | ||||
Westpac Banking Corp., New York: | ||||||
0.31%, 10/19/10(b) | 40,525 | 40,525,000 | ||||
0.32%, 10/21/10(b) | 52,590 | 52,590,000 | ||||
Total Certificates of Deposit — 25.5% | 1,655,114,602 | |||||
Commercial Paper | ||||||
Atlantis One Funding Corp., | ||||||
0.22%, 6/08/10(d) | 75,000 | 74,982,583 | ||||
BPCE S.A., | ||||||
0.25%, 6/01/10(d) | 115,000 | 114,975,738 | ||||
Chariot Funding LLC, | ||||||
0.21%, 5/10/10(d) | 101,481 | 101,475,672 | ||||
Danske Corp. - GTD, | ||||||
0.20%, 5/10/10(d) | 100,000 | 99,995,000 | ||||
Gemini Securitization Corp., LLC, | ||||||
0.22%, 5/11/10(d) | 100,000 | 99,993,889 | ||||
JPMorgan Chase & Co., | ||||||
0.25%, 7/14/10(d) | 70,000 | 69,964,028 | ||||
Jupiter Securitization Co. LLC, | ||||||
0.22%, 5/14/10(d) | 59,000 | 58,995,313 | ||||
Westpac Trust Securities, New Zealand, | ||||||
0.37%, 11/05/10(b)(e) | 72,500 | 72,500,000 | ||||
Total Commercial Paper — 10.7% | 692,882,223 | |||||
Citibank N.A. - FDIC GTD, | ||||||
0.34%, 9/30/10(b) | 25,000 | 25,000,000 | ||||
Commonwealth Bank of Australia, | ||||||
0.32%, 11/22/10(b) | 45,000 | 45,000,000 | ||||
Eksportfinans A/S, | ||||||
0.31%, 11/09/10(b) | 45,000 | 45,000,000 | ||||
KBC Bank N.V., New York, | ||||||
1.31%, 6/01/10(c) | 61,090 | 61,090,000 | ||||
Rabobank Nederland N.V., | ||||||
0.79%, 7/07/10(c) | 96,800 | 96,800,000 | ||||
Total Corporate Notes — 4.2% | 272,890,000 | |||||
Master Notes — 4.6% | ||||||
Banc of America Securities LLC, | ||||||
0.36%, 5/03/10(c) | 300,000 | 300,000,000 | ||||
Municipal Bonds(c) | ||||||
Antelope Valley - East Kern Water Agency COP Series 2008A-2 VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.25%, 5/07/10 | 28,450 | 28,450,000 | ||||
California GO Municipal Trust Receipts Floaters Series 2007A VRDN (Societe Generale Liquidity Facility, Societe Generale Guaranty), | ||||||
0.28%, 5/07/10 | 49,000 | 49,000,000 | ||||
East Bay Municipal Utility District Water System RB Series 2002A VRDN (AGM Insurance, Dexia Credit Local SBPA), | ||||||
0.32%, 5/07/10 | 66,555 | 66,555,000 | ||||
Georgia Municipal Electric Authority RB Series 2009B BAN, | ||||||
2.25%, 6/21/10 | 5,625 | 5,627,699 | ||||
Jacksonville Trasportation RB Series 2008A VRDN (JPMorgan Chase Bank SBPA), | ||||||
0.27%, 5/07/10 | 20,000 | 20,000,000 | ||||
Long Island Power Authority Electric System RB Series 2003 VRDN (AGM Insurance, Dexia Credit Local SBPA), | ||||||
0.30%, 5/07/10 | 60,850 | 60,850,000 | ||||
Lower Alabama Gas District RB Series 2007A VRDN (Societe Generale Liquidity Facility), | ||||||
0.31%, 5/07/10 | 28,000 | 28,000,000 | ||||
Maryland Community Development Administration Department of Housing & Community Development RB (Residential Project) Series 2006J AMT VRDN (State Street Bank & Trust Co. SBPA), | ||||||
0.30%, 5/07/10 | 57,000 | 57,000,000 | ||||
Massachusetts Development Finance Agency RB (Wentworth Institute of Technology, Inc. Project) Series 2007A VRDN (JPMorgan Chase Bank LOC), | ||||||
0.30%, 5/07/10 | 14,015 | 14,015,000 | ||||
Massachusetts Water Resources Authority RB Series 2008A VRDN (Dexia Credit Local SBPA), | ||||||
0.31%, 5/07/10 | 123,000 | 123,000,000 | ||||
Metropolitan Transportation Authority RB Series 2002B VRDN (AGM Insurance, Dexia Credit Local SBPA), | ||||||
0.36%, 5/07/10 | 74,120 | 74,120,000 | ||||
New Mexico Municipal Energy Acquisition Authority Gas Supply RB Series 2009 VRDN (Royal Bank of Canada SBPA), | ||||||
0.30%, 5/07/10 | 50,000 | 50,000,000 | ||||
New York City GO Series 2008J-13 VRDN (Lloyds TSB Bank Plc SBPA), | ||||||
0.35%, 5/07/10 | 35,350 | 35,350,000 | ||||
New York City GO Series 2008J-14 VRDN (Lloyds TSB Bank Plc SBPA), | ||||||
0.35%, 5/07/10 | 16,850 | 16,850,000 | ||||
San Antonio RB Series 2008 VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.30%, 5/07/10 | 62,250 | 62,250,000 | ||||
Total Municipal Bonds — 10.6% | 691,067,699 | |||||
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 13 |
Table of Contents
| Schedule of Investments (continued) | TempCash | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Time Deposits — 2.9% | ||||||
Societe Generale, | ||||||
0.22%, 5/03/10 | $ | 185,000 | $ | 185,000,000 | ||
U.S. Government Sponsored Agency Obligations | ||||||
Fannie Mae Discount Notes:(d) | ||||||
0.16%, 5/26/10 | 50,000 | 49,994,618 | ||||
0.15%, 6/03/10 | 75,000 | 74,989,687 | ||||
0.27%, 10/13/10 | 40,246 | 40,196,196 | ||||
Fannie Mae Variable Rate Notes, | ||||||
0.20%, 8/05/10(b) | 47,100 | 47,095,487 | ||||
Federal Home Loan Bank Discount Notes:(d) | ||||||
0.50%, 8/06/10 | 55,000 | 54,925,903 | ||||
0.19%, 7/14/10 | 50,000 | 49,980,472 | ||||
Federal Home Loan Bank Variable Rate Notes:(b) | ||||||
0.15%, 7/09/10 | 91,895 | 91,891,512 | ||||
0.25%, 10/08/10 | 63,000 | 62,991,686 | ||||
Freddie Mac Discount Notes:(d) | ||||||
0.15%, 5/18/10 | 68,398 | 68,393,155 | ||||
0.20%, 7/23/10 | 49,800 | 49,777,037 | ||||
0.21%, 8/25/10 | 75,000 | 74,949,250 | ||||
0.25%, 9/07/10 | 42,500 | 42,461,927 | ||||
0.30%, 10/12/10 | 50,000 | 49,931,667 | ||||
Freddie Mac Variable Rate Notes:(b) | ||||||
0.20%, 7/14/10 | 55,000 | 54,996,107 | ||||
0.23%, 8/24/10 | 38,825 | 38,825,526 | ||||
0.23%, 9/03/10 | 142,265 | 142,255,237 | ||||
0.32%, 2/14/11 | 238,315 | 238,285,044 | ||||
0.13%, 5/05/11 | 125,000 | 124,961,858 | ||||
Total U.S. Government Sponsored Agency Obligations — 20.9% | 1,356,902,369 | |||||
U.S. Treasury Obligations(d) | ||||||
U.S. Treasury Bills: | ||||||
0.55%, 7/01/10 | 107,800 | 107,700,450 | ||||
0.24%, 7/15/10 | 50,000 | 49,974,948 | ||||
0.39%, 7/15/10 | 162,000 | 161,870,062 | ||||
0.47%, 7/29/10 | 23,500 | 23,472,694 | ||||
0.17%, 8/12/10 | 21,000 | 20,989,636 | ||||
0.18%, 8/19/10 | 155,000 | 154,915,162 | ||||
0.23%, 8/26/10 | 65,000 | 64,952,469 | ||||
0.32%, 8/26/10 | 39,000 | 38,960,074 | ||||
0.24%, 9/30/10 | 65,725 | 65,658,399 | ||||
Total U.S. Treasury Obligations — 10.6% | 688,493,894 | |||||
Repurchase Agreements | ||||||
Banc of America Securities LLC, | ||||||
0.33%, 5/03/10 | 10,000 | 10,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $10,000,275, collateralized by various corporate/debt obligations, 2.31% to 8.00% due from 8/11/11 to 12/15/39, aggregate par and fair value of $9,810,996 and $10,700,000, respectively) | ||||||
Barclays Capital, Inc., | ||||||
0.36%, 5/03/10 | 50,000 | 50,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $50,001,500, collateralized by various corporate/debt obligations, 0.00% to 6.45% due from 10/15/12 to 1/25/44, aggregate par and fair value of $171,552,056 and $53,500,001, respectively) | ||||||
Barclays Capital, Inc., | ||||||
0.56%, 5/03/10 | 50,000 | 50,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $50,002,333, collateralized by various corporate/debt obligations, 0.00% to 13.00% due from 5/24/10 to 7/20/49, aggregate par and fair value of $51,712,963 and $53,500,001, respectively) | ||||||
Citigroup Global Markets, Inc., | ||||||
0.46%, 5/03/10 | 10,000 | 10,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $10,000,383, collateralized by various corporate/debt and U.S. government sponsored agency obligations, 0.00% to 6.43% due from 5/10/11 to 12/20/37, aggregate par and fair value of $11,712,716 and $10,342,116, respectively) | ||||||
Citigroup Global Markets, Inc., | ||||||
0.56%, 5/03/10 | 50,000 | 50,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $50,002,333, collateralized by various corporate/debt and U.S. government sponsored agency obligations, 0.00% to 12.25% due from 10/01/10 to 8/15/39, aggregate par and fair value of $52,564,175 and $52,286,027, respectively) | ||||||
Citigroup Global Markets, Inc., | ||||||
0.64%, 5/03/10 | 75,000 | 75,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $75,004,000, collateralized by various U.S. government sponsored agency obligations, 0.55% to 6.25% due from 6/25/19 to 7/15/37, aggregate par and fair value of $250,694,226 and $80,250,000, respectively) | ||||||
Deutsche Bank Securities Inc., | ||||||
0.20%, 5/03/10 | 253,491 | 253,491,000 | ||||
(Purchased on 4/30/10 to be repurchased at $253,495,225, collateralized by various U.S. government sponsored agency obligations, 0.00% to 4.50% due from 6/01/36 to 5/15/40, aggregate par and fair value of $740,062,050 and $261,095,730, respectively) | ||||||
Deutsche Bank Securities Inc., | ||||||
0.31%, 5/03/10 | 50,000 | 50,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $50,001,292, collateralized by various U.S. government sponsored agency obligations, 0.40% to 8.95% due from 2/15/11 to 10/13/59, aggregate par and fair value of $48,804,148 and $53,500,000, respectively) | ||||||
HSBC Securities (USA) Inc., | ||||||
0.33%, 5/03/10 | 20,000 | 20,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $20,000,550, collateralized by various corporate/debt obligations, 0.00% to 9.70% due from 9/15/10 to 7/01/43, aggregate par and fair value of $20,568,913 and $21,400,535, respectively) | ||||||
See Notes to Financial Statements.
| 14 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Schedule of Investments (concluded) | TempCash | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Repurchase Agreements | ||||||
JPMorgan Securities Inc., | ||||||
0.61%, 5/03/10 | $ | 50,000 | $ | 50,000,000 | ||
(Purchased on 4/30/10 to be repurchased at $50,002,542, collateralized by various corporate/debt obligations, 0.00% to 11.75% due from 5/01/11 to 3/15/29, aggregate par and fair value of $52,399,410 and $53,503,758, respectively) | ||||||
Morgan Stanley & Co., | ||||||
0.36%, 5/03/10 | 5,000 | 5,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $5,000,150, collateralized by various corporate/debt obligations, 0.00% to 7.00% due from 6/18/10 to 12/17/54, aggregate par and fair value of $6,669,509 and $5,350,000, respectively) | ||||||
RBS Securities Inc., | ||||||
0.36%, 5/03/10 | 25,000 | 25,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $25,000,750, collateralized by various U.S. government sponsored agency obligations, 0.00% to 6.50% due from 10/25/13 to 4/20/40, aggregate par and fair value of $638,323,560 and $25,750,649, respectively) | ||||||
Total Repurchase Agreements — 10.0% | 648,491,000 | |||||
Total Investments | 6,490,841,787 | |||||
Other Assets Less Liabilities — 0.0% | 606,936 | |||||
Net Assets — 100.0% | $ | 6,491,448,723 | ||||
| * | Cost for federal income tax purposes. |
| (a) | Issuer is a US branch of a foreign domiciled bank. (b) Variable rate security. Rate shown is as of report date. |
| (c) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
| (d) | Rate shown reflects the discount rate at the time of purchase. |
| (e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| • | Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows: |
| �� | Level 1 – price quotations in active markets/exchanges for identical assets and liabilities |
| • | Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| • | Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments) |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Fund’s investments:
| Investments in Securities | ||||||||||
Valuation Inputs | Level 1 | Level 21 | Level 3 | Total | ||||||
Assets: | ||||||||||
Total Investments. | — | $ | 6,490,841,787 | — | $ | 6,490,841,787 | ||||
| 1 | See above Schedule of Investments for values in each security type. |
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 15 |
Table of Contents
| Schedule of Investments April 30, 2010 (Unaudited) | TempFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Certificates of Deposit | ||||||
Domestic — 0.3% | ||||||
State Street Bank & Trust Co., | ||||||
0.29%, 7/07/10 | $ | 201,000 | $ | 201,000,000 | ||
Euro — 1.1% | ||||||
Credit Industriel et Commercial, London, | ||||||
0.39%, 6/02/10 | 660,000 | 660,002,931 | ||||
Yankee — 38.4%(a) | ||||||
Abbey National Treasury Services Plc, Connecticut: | ||||||
0.56%, 7/20/10(b) | 521,160 | 521,160,000 | ||||
0.28%, 11/17/10(b) | 527,000 | 527,000,000 | ||||
Banco Bilbao Vizcaya Argentaria S.A., New York: | ||||||
0.36%, 6/30/10 | 100,000 | 100,000,832 | ||||
0.34%, 12/13/10(b) | 219,100 | 219,100,000 | ||||
Bank of Montreal, Chicago: | ||||||
0.22%, 5/10/10 | 250,000 | 250,000,000 | ||||
0.23%, 6/01/10 | 400,000 | 400,000,000 | ||||
0.30%, 7/23/10 | 400,000 | 400,000,000 | ||||
0.30%, 7/26/10 | 150,000 | 150,000,000 | ||||
Bank of Nova Scotia, New York, | ||||||
0.39%, 10/15/10 | 443,000 | 442,989,744 | ||||
Bank of Tokyo-Mitsubishi UFJ Ltd., New York: | ||||||
0.23%, 5/24/10 | 400,000 | 400,000,000 | ||||
0.23%, 6/04/10 | 500,000 | 500,002,359 | ||||
0.31%, 6/15/10 | 432,000 | 432,000,000 | ||||
0.30%, 6/16/10 | 325,000 | 325,000,000 | ||||
0.30%, 6/23/10 | 469,000 | 469,000,000 | ||||
0.32%, 6/29/10 | 387,000 | 387,000,000 | ||||
Barclays Bank Plc, New York: | ||||||
0.43%, 5/12/10 | 400,000 | 400,000,000 | ||||
0.32%, 6/30/10 | 521,000 | 521,000,000 | ||||
0.33%, 8/18/10(b) | 498,670 | 498,670,000 | ||||
BNP Paribas S.A., New York: | ||||||
0.20%, 5/04/10 | 400,000 | 400,000,000 | ||||
0.32%, 5/04/10 | 413,000 | 413,000,000 | ||||
0.24%, 5/10/10 | 523,500 | 523,500,000 | ||||
0.22%, 6/04/10 | 400,000 | 400,000,000 | ||||
0.24%, 6/14/10 | 800,000 | 800,000,000 | ||||
0.31%, 8/06/10 | 88,000 | 88,002,356 | ||||
0.35%, 10/15/10(b) | 303,000 | 303,000,000 | ||||
Credit Agricole CIB, New York, | ||||||
0.35%, 10/12/10(b) | 400,000 | 400,000,000 | ||||
Deutsche Bank A.G., New York: | ||||||
0.30%, 7/27/10 | 503,000 | 503,000,000 | ||||
0.30%, 7/28/10 | 700,000 | 700,000,000 | ||||
Dexia Credit Local S.A., New York: | ||||||
0.30%, 5/05/10 | 500,000 | 500,000,000 | ||||
0.30%, 5/06/10 | 300,000 | 300,000,000 | ||||
0.30%, 5/14/10 | 500,000 | 500,000,000 | ||||
0.30%, 5/14/10 | 450,000 | 450,000,000 | ||||
Dexia Credit Local, New York - GTD, | ||||||
1.05%, 5/17/10(c) | 793,500 | 793,500,000 | ||||
Lloyds TSB Bank Plc, New York, | ||||||
0.22%, 5/10/10 | 500,000 | 500,000,000 | ||||
Rabobank Nederland N.V., New York: | ||||||
0.25%, 5/04/10 | 19,500 | 19,500,000 | ||||
0.20%, 6/07/10 | 315,000 | 315,000,000 | ||||
0.20%, 6/15/10 | 396,300 | 396,300,000 | ||||
0.25%, 1/10/11(b) | 355,000 | 355,000,000 | ||||
0.25%, 1/12/11(b) | 500,000 | 500,000,000 | ||||
0.25%, 2/09/11(b) | 188,000 | 188,000,000 | ||||
Royal Bank of Scotland Plc, Connecticut: | ||||||
0.54%, 5/18/10 | 680,000 | 680,000,000 | ||||
0.54%, 5/20/10 | 620,000 | 620,000,000 | ||||
0.36%, 7/21/10 | 51,000 | 51,000,000 | ||||
Royal Bank of Scotland Plc, New York, | ||||||
0.38%, 7/07/10 | 747,000 | 747,000,000 | ||||
Societe Generale, New York: | ||||||
0.29%, 6/07/10(b) | 500,000 | 500,000,000 | ||||
0.30%, 7/09/10 | 100,000 | 100,000,000 | ||||
0.28%, 7/12/10(b) | 395,600 | 395,600,000 | ||||
0.30%, 7/14/10 | 250,000 | 250,000,000 | ||||
0.29%, 7/23/10(b) | 519,055 | 519,055,000 | ||||
Svenska Handelsbanken, New York, | ||||||
0.43%, 10/25/10 | 335,000 | 335,008,218 | ||||
Toronto Dominion Bank, New York: | ||||||
0.25%, 11/05/10(b) | 505,000 | 505,000,000 | ||||
0.25%, 2/04/11(b) | 208,450 | 208,450,000 | ||||
UBS A.G., Stamford, | ||||||
0.21%, 5/07/10 | 500,000 | 500,000,000 | ||||
Unicredit SpA, New York: | ||||||
0.27%, 5/10/10 | 40,000 | 40,000,149 | ||||
0.30%, 5/21/10 | 500,000 | 500,000,000 | ||||
0.30%, 6/18/10 | 690,000 | 690,000,000 | ||||
0.34%, 7/16/10 | 540,000 | 540,000,000 | ||||
0.36%, 7/23/10 | 371,000 | 371,000,000 | ||||
Westpac Banking Corp., New York: | ||||||
0.31%, 10/19/10(b) | 315,620 | 315,620,000 | ||||
0.32%, 10/21/10(b) | 406,160 | 406,160,000 | ||||
Total Certificates of Deposit — 39.8% | 25,425,621,589 | |||||
Commercial Paper(d) | ||||||
Argento Variable Funding Co. LLC, | ||||||
0.29%, 6/01/10 | 97,000 | 96,975,777 | ||||
Atlantis One Funding Corp.: | ||||||
0.24%, 5/03/10 | 100,000 | 99,998,667 | ||||
0.24%, 5/06/10 | 100,000 | 99,996,667 | ||||
0.25%, 5/24/10 | 50,000 | 49,992,014 | ||||
0.20%, 6/01/10 | 684,500 | 684,382,114 | ||||
Barton Capital Corp., | ||||||
0.26%, 6/02/10 | 51,018 | 51,006,209 | ||||
BPCE S.A., | ||||||
0.26%, 6/04/10 | 130,000 | 129,968,078 | ||||
Cancara Asset Securitisation LLC, | ||||||
0.31%, 7/22/10 | 250,000 | 249,823,472 | ||||
Chariot Funding LLC, | ||||||
0.22%, 5/14/10 | 80,000 | 79,993,644 | ||||
Clipper Receivables Co. LLC, | ||||||
0.22%, 6/01/10 | 176,000 | 175,966,658 | ||||
Commonwealth Bank of Australia: | ||||||
0.21%, 6/15/10 | 200,000 | 199,947,500 | ||||
0.32%, 7/30/10 | 115,000 | 114,908,000 | ||||
Danske Corp. - GTD: | ||||||
0.20%, 5/10/10 | 300,000 | 299,985,000 | ||||
0.27%, 6/23/10 | 792,061 | 791,751,986 | ||||
Falcon Asset Securitization Co. LLC, | ||||||
0.22%, 5/25/10 | 76,394 | 76,382,795 | ||||
Grampian Funding LLC: | ||||||
0.24%, 5/07/10 | 187,000 | 186,992,520 | ||||
0.24%, 5/13/10 | 100,000 | 99,992,000 | ||||
0.27%, 5/19/10 | 80,000 | 79,989,200 | ||||
0.26%, 6/07/10 | 45,000 | 44,987,975 | ||||
ING US Funding LLC: | ||||||
0.21%, 6/04/10 | 145,000 | 144,971,242 | ||||
0.30%, 7/12/10 | 100,000 | 99,940,000 | ||||
Intesa Funding LLC, | ||||||
0.26%, 5/26/10 | 400,000 | 399,927,778 | ||||
JPMorgan Chase & Co., | ||||||
0.25%, 7/14/10 | 580,000 | 579,701,944 | ||||
LMA Americas LLC, | ||||||
0.22%, 5/10/10 | 86,000 | 85,995,270 | ||||
NRW.Bank, | ||||||
0.22%, 5/10/10 | 300,000 | 299,983,500 | ||||
Park Avenue Receivables, | ||||||
0.20%, 5/03/10 | 115,982 | 115,980,711 | ||||
Regency Markets No. 1 LLC, | ||||||
0.25%, 5/21/10 | 83,552 | 83,540,396 | ||||
See Notes to Financial Statements.
| 16 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Schedule of Investments (continued) | TempFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Commercial Paper(d) | ||||||
Scaldis Capital LLC: | ||||||
0.23%, 5/26/10 | $ | 85,000 | $ | 84,986,424 | ||
0.30%, 6/28/10 | 150,000 | 149,927,500 | ||||
Total Commercial Paper — 8.8% | 5,657,995,041 | |||||
Corporate Notes | ||||||
Citibank N.A. - FDIC GTD, | ||||||
0.34%, 9/30/10(b) | 176,000 | 176,000,000 | ||||
Commonwealth Bank of Australia, | ||||||
0.32%, 11/22/10(b) | 357,200 | 357,200,000 | ||||
KBC Bank N.V., New York, | ||||||
1.31%, 6/01/10(c) | 400,640 | 400,640,000 | ||||
Rabobank Nederland N.V., | ||||||
0.79%, 7/07/10(c) | 686,300 | 686,300,000 | ||||
Total Corporate Notes — 2.5% | 1,620,140,000 | |||||
Master Notes — 4.1% | ||||||
Banc of America Securities LLC, | ||||||
0.36%, 5/03/10(c) | 2,647,600 | 2,647,600,000 | ||||
Municipal Bonds(b) | ||||||
Bay Area Toll Authority Toll Bridge RB (San Francisco Bay Area Project) Series 2006C-3 VRDN (Lloyds Banking Group Plc Liquidity Facility), | ||||||
0.26%, 5/07/10 | 24,000 | 24,000,000 | ||||
Broward County School Board COP Series 2004D VRDN (AGM Insurance, Dexia Credit Local SBPA), | ||||||
0.30%, 5/07/10 | 53,880 | 53,880,000 | ||||
Burke County Development Authority PCRB (Georgia Power Co. Plant Vogtle Project) | ||||||
0.26%, 5/03/10 | 45,100 | 45,100,000 | ||||
California Department of Water Resource Power Supply RB Series 2002B-1 VRDN (Bank of New York LOC, CalSTRS LOC), | ||||||
0.24%, 5/03/10 | 54,900 | 54,900,000 | ||||
California Housing Finance Agency Home Mortgage RB Series 2002B VRDN (Fannie Mae LOC, Freddie Mac LOC), | ||||||
0.27%, 5/07/10 | 39,960 | 39,960,000 | ||||
California Housing Finance Agency Home Mortgage RB Series 2003U VRDN (Fannie Mae LOC, Freddie Mac LOC), | ||||||
0.27%, 5/07/10 | 20,000 | 20,000,000 | ||||
California Housing Finance Agency Home Mortgage RB Series 2005H VRDN (Fannie Mae LOC, Freddie Mac LOC), | ||||||
0.27%, 5/07/10 | 147,930 | 147,930,000 | ||||
California Housing Finance Agency Home Mortgage RB Series 2008D AMT VRDN (Fannie Mae LOC, Freddie Mac LOC), | ||||||
0.27%, 5/07/10 | 72,545 | 72,545,000 | ||||
California Municipal Finance Authority RB (Westmont College Project) Series 2010A VRDN (US Bank N.A. LOC), | ||||||
0.31%, 5/07/10 | 12,500 | 12,500,000 | ||||
Charlotte-Mecklenberg Hospital Authority RB (Carolina’s Healthcare System Project) Series 2007D VRDN (AGM Insurance, Dexia Credit Local SBPA), | ||||||
0.35%, 5/07/10 | 25,415 | 25,415,000 | ||||
Connecticut GO Series 2005A-1 VRDN (Dexia Credit Local SBPA), | ||||||
0.30%, 5/07/10 | 56,100 | 56,100,000 | ||||
Connecticut Health & Educational Facilities Authority RB (Yale University Project) Series 1999U-2 VRDN, | ||||||
0.23%, 5/07/10 | 33,900 | 33,900,000 | ||||
Connecticut Housing Finance Authority RB (Housing Mortgages Finance Program) Series 2008E AMT VRDN (GO of Authority, Bank of America N.A. SBPA), | ||||||
0.30%, 5/07/10 | 88,000 | 88,000,000 | ||||
Connecticut Housing Finance Authority RB Series 2010A-6 VRDN (Bank of America N.A. SBPA), | ||||||
0.29%, 5/07/10 | 17,000 | 17,000,000 | ||||
Delaware River Joint Toll Bridge Commission RB Series 2007B-2 VRDN (Dexia Credit Local LOC), | ||||||
0.33%, 5/07/10 | 22,465 | 22,465,000 | ||||
District of Columbia GO Series 2008C-2 VRDN (JPMorgan Chase Bank LOC), | ||||||
0.30%, 5/07/10 | 78,552 | 78,552,000 | ||||
East Bay Municipal Utility District Water System RB Series 2002B VRDN (AGM Insurance, Dexia Credit Local SBPA), | ||||||
0.28%, 5/07/10 | 47,210 | 47,210,000 | ||||
Harris County IDRB (ExxonMobil Guaranty Project) Series 1997 VRDN, | ||||||
0.21%, 5/03/10 | 14,700 | 14,700,000 | ||||
Illinois Toll Highway Authority RB Series 2008A-1 VRDN (AGM Insurance, Dexia Credit Local SBPA), | ||||||
0.33%, 5/07/10 | 88,300 | 88,300,000 | ||||
JEA Water & Sewer Systems RB Series 2008A-2 VRDN (Bank of New York SBPA), | ||||||
0.30%, 5/07/10 | 32,035 | 32,035,000 | ||||
Kentucky Public Energy Authority Gas Supply RB Series 2006A VRDN (British Petroleum Guaranty), | ||||||
0.24%, 5/03/10 | 150,000 | 150,000,000 | ||||
Los Angeles Department of Water & Power RB Series 2001B-6 VRDN (RBC Bank USA SBPA, CalSTRS SBPA, CalPERS SBPA), | ||||||
0.22%, 5/03/10 | 35,800 | 35,800,000 | ||||
Lubbock Health Facilities Development Corp. RB (St. Josephs Health System Project) Series 2008B VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.24%, 5/03/10 | 64,570 | 64,570,000 | ||||
Massachusetts Bay Transportation Authority RB (General Transportation System Project) Series 2000 VRDN (Dexia Credit Local SBPA), | ||||||
0.30%, 5/07/10 | 91,580 | 91,580,000 | ||||
Minneapolis & St Paul Housing & Redevelopment Authority RB (Allina Health Project) Series 2007C-2 VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.27%, 5/07/10 | 51,900 | 51,900,000 | ||||
Mississippi Development Bank Special Obligation Municipal Gas Authority RB (Natural Gas Project) Series 2005 VRDN (BP Corp. N.A. Inc. SBPA), | ||||||
0.29%, 5/07/10 | 115,000 | 115,000,000 | ||||
New Jersey Economic Development Authority RB (School Facilities Project) Series 2008V-4 VRDN (Bank of America N.A. LOC), | ||||||
0.25%, 5/07/10 | 50,000 | 50,000,000 | ||||
New Jersey Turnpike Authority RB Series 2003C-2 VRDN (AGM Insurance, Dexia Credit Local SBPA), | ||||||
0.35%, 5/07/10 | 100,000 | 100,000,000 | ||||
New York City Municipal Water Finance Authority Water & Sewer System RB (Second General Resolution Project) Series 2005AA-1 VRDN (State Street Bank & Trust Co. SBPA, CalSTRS SBPA), | ||||||
0.27%, 5/03/10 | 116,885 | 116,884,810 | ||||
North Carolina Capital Facilities Finance Agency RB (Duke Energy Project) Series 2008A VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.30%, 5/07/10 | 16,300 | 16,300,000 | ||||
Orlando & Orange County Expressway Authority RB Series 2003C-1 VRDN (AGM Insurance, Dexia Credit Local SBPA), | ||||||
0.32%, 5/07/10 | 88,400 | 88,400,000 | ||||
Piedmont Municipal Power Agency Ltd. RB Series 2008C VRDN (Assured Guaranty Ltd. Insurance, Dexia Credit Local SBPA), | ||||||
0.40%, 5/07/10 | 58,000 | 58,000,000 | ||||
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 17 |
Table of Contents
| Schedule of Investments (continued) | TempFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Municipal Bonds(b) | ||||||
Sacramento Transportation Authority Measure A Sales Tax RB Series 2009B VRDN (JPMorgan Chase Bank Liquidity Facility), | ||||||
0.25%, 5/07/10 | $ | 103,100 | $ | 103,100,000 | ||
South Placer Wastewater Authority RB Series 2008A VRDN (State Street Bank & Trust Co. LOC, CalSTRS LOC), | ||||||
0.28%, 5/07/10 | 30,800 | 30,800,000 | ||||
Tarrant County Cultural Education Facilities Finance Corp. RB (Scott and White Memorial Hospital and Scott, Sherwood and Brindley Foundation Project) Series 2008B VRDN (JPMorgan Chase Bank LOC), | ||||||
0.26%, 5/07/10 | 36,395 | 36,395,000 | ||||
Texas GO Series 2004E VRDN (Dexia Credit Local SBPA), | ||||||
0.26%, 5/07/10 | 16,520 | 16,520,000 | ||||
Triborough Bridge & Tunnel Authority RB Series 2005B-2 VRDN (Dexia Credit Local SBPA), | ||||||
0.30%, 5/07/10 | 46,670 | 46,670,000 | ||||
Wisconsin Housing & Economic Development Authority RB Series 2003B VRDN (GO of Authority, Fannie Mae LOC, Freddie Mac LOC), | ||||||
0.28%, 5/07/10 | 15,845 | 15,845,000 | ||||
Total Municipal Bonds — 3.4% | 2,162,256,810 | |||||
Time Deposits — 1.2% | ||||||
Societe Generale, | ||||||
0.22%, 5/03/10 | 749,000 | 749,000,000 | ||||
U.S. Government Sponsored Agency Obligations | ||||||
Fannie Mae Discount Notes:(d) | ||||||
0.15%, 5/12/10 | 250,000 | 249,988,542 | ||||
0.15%, 5/26/10 | 235,000 | 234,975,521 | ||||
0.15%, 6/02/10 | 300,000 | 299,960,000 | ||||
0.15%, 6/03/10 | 225,000 | 224,969,062 | ||||
0.25%, 9/08/10 | 100,000 | 99,909,722 | ||||
0.24%, 9/20/10 | 502,500 | 502,024,300 | ||||
0.30%, 9/22/10 | 126,652 | 126,500,018 | ||||
0.25%, 10/06/10 | 279,938 | 279,630,846 | ||||
0.29%, 10/13/10 | 44,528 | 44,468,815 | ||||
0.29%, 10/20/10 | 100,000 | 99,861,444 | ||||
Fannie Mae Variable Rate Notes:(b) | ||||||
0.20%, 8/05/10 | 401,745 | 401,706,505 | ||||
0.13%, 5/13/11 | 370,000 | 370,072,635 | ||||
Federal Home Loan Bank Discount Notes:(d) | ||||||
0.15%, 5/19/10 | 230,000 | 229,982,750 | ||||
0.16%, 5/26/10 | 121,516 | 121,502,920 | ||||
0.19%, 7/14/10 | 150,000 | 149,941,417 | ||||
Federal Home Loan Bank Variable Rate Notes:(b) | ||||||
0.15%, 7/09/10 | 705,020 | 704,993,244 | ||||
0.25%, 10/08/10 | 435,000 | 434,942,593 | ||||
0.23%, 10/06/11 | 500,000 | 499,708,819 | ||||
Freddie Mac Discount Notes:(d) | ||||||
0.14%, 5/05/10 | 100,000 | 99,998,444 | ||||
0.14%, 5/17/10 | 125,000 | 124,992,222 | ||||
0.16%, 6/18/10 | 375,000 | 374,920,000 | ||||
0.20%, 7/16/10 | 345,000 | 344,854,333 | ||||
0.20%, 7/23/10 | 479,800 | 479,578,759 | ||||
0.20%, 7/27/10 | 200,000 | 199,905,555 | ||||
0.22%, 8/23/10 | 248,000 | 247,827,227 | ||||
0.23%, 8/23/10 | 74,167 | 74,112,982 | ||||
0.25%, 9/07/10 | 229,000 | 228,794,854 | ||||
0.30%, 9/27/10 | 50,500 | 50,437,296 | ||||
0.24%, 9/28/10 | 400,000 | 399,600,000 | ||||
0.30%, 10/12/10 | 58,760 | 58,679,695 | ||||
0.30%, 10/20/10 | 100,000 | 99,856,667 | ||||
Freddie Mac Variable Rate Notes:(b) | ||||||
0.20%, 7/14/10 | 435,000 | 434,969,210 | ||||
0.23%, 8/24/10 | 338,950 | 338,954,594 | ||||
0.23%, 9/03/10 | 510,120 | 510,084,993 | ||||
0.32%, 2/14/11 | 1,733,155 | 1,732,938,119 | ||||
0.13%, 5/05/11 | 995,000 | 994,696,390 | ||||
Total U.S. Government Sponsored Agency Obligations — 18.6% | 11,870,340,493 | |||||
U.S. Treasury Obligations(d) | ||||||
U.S. Treasury Bills: | ||||||
0.20%, 6/17/10 | 300,000 | 299,921,667 | ||||
0.55%, 7/01/10 | 686,400 | 685,766,129 | ||||
0.24%, 7/15/10 | 100,000 | 99,949,896 | ||||
0.39%, 7/15/10 | 1,137,100 | 1,136,187,951 | ||||
0.16%, 7/22/10 | 500,000 | 499,827,222 | ||||
0.47%, 7/29/10 | 150,577 | 150,402,038 | ||||
0.17%, 8/12/10 | 490,000 | 489,758,594 | ||||
0.17%, 8/19/10 | 404,000 | 403,784,522 | ||||
0.18%, 8/19/10 | 839,000 | 838,537,230 | ||||
0.23%, 8/26/10 | 200,000 | 199,853,750 | ||||
0.30%, 8/26/10 | 200,000 | 199,719,283 | ||||
0.31%, 8/26/10 | 210,000 | 209,874,630 | ||||
0.32%, 8/26/10 | 301,000 | 300,691,851 | ||||
0.19%, 9/02/10 | 500,000 | 499,681,389 | ||||
0.24%, 9/30/10 | 636,555 | 635,909,957 | ||||
Total U.S. Treasury Obligations — 10.4% | 6,649,866,109 | |||||
Repurchase Agreements | ||||||
Banc of America Securities LLC, | ||||||
0.18%, 5/03/10 | 200,000 | 200,000,000 | ||||
| ||||||
Banc of America Securities LLC, | ||||||
0.20%, 5/03/10 | 101,000 | 101,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $101,001,683, collateralized by various U.S. government sponsored agency obligations, 0.00% to 5.50% due from 7/01/36 to 5/01/40, aggregate par and fair value of $551,355,738 and $104,030,000, respectively) | ||||||
Banc of America Securities LLC, | ||||||
0.33%, 5/03/10 | 160,000 | 160,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $160,004,400, collateralized by various corporate/debt obligations, 0.00% to 9.80% due from 5/10/10 to 6/15/67, aggregate par and fair value of $158,468,006 and $171,200,001, respectively) | ||||||
See Notes to Financial Statements.
| 18 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Schedule of Investments (continued) | TempFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Repurchase Agreements | ||||||
Barclays Capital, Inc., | ||||||
0.36%, 5/03/10 | $ | 200,000 | $ | 200,000,000 | ||
(Purchased on 4/30/10 to be repurchased at $200,006,000, collateralized by various corporate/debt obligations, 0.00% to 6.90% due from 5/30/11 to 5/25/37, aggregate par and fair value of $440,539,749 and $214,000,000, respectively) | ||||||
Barclays Capital, Inc., | ||||||
0.56%, 5/03/10 | 50,000 | 50,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $50,002,333, collateralized by various corporate/debt obligations, 4.88% to 12.00% due from 3/02/11 to 2/01/30, aggregate par and fair value of $51,749,932 and $53,500,000, respectively) | ||||||
Citigroup Global Markets, Inc., | ||||||
0.46%, 5/03/10 | 660,000 | 660,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $660,025,300, collateralized by various corporate/debt and U.S. government sponsored agency and U.S. Treasury obligations, 0.00% to 8.88% due from 6/01/10 to 10/30/47, aggregate par and fair value of $2,945,290,699 and $705,668,633, respectively) | ||||||
Citigroup Global Markets, Inc., | ||||||
0.56%, 5/03/10 | 810,000 | 810,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $810,037,800, collateralized by various corporate/debt and U.S. government sponsored agency obligations, 0.00% to 9.50% due from 7/09/10 to 2/25/46, aggregate par and fair value of $7,874,472,814 and $865,532,920, respectively) | ||||||
Citigroup Global Markets, Inc., | ||||||
0.64%, 5/03/10 | 525,000 | 525,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $525,028,000, collateralized by various corporate/debt and U.S. government sponsored agency obligations, 0.00% to 10.00% due from 11/25/10 to 1/25/49, aggregate par and fair value of $3,881,032,110 and $560,400,542, respectively) | ||||||
Credit Suisse Securities (USA) LLC, | ||||||
0.27%, 5/03/10 | 250,000 | 250,000,000 | ||||
(Purchased on 4/26/10 to be repurchased at $250,013,125, collateralized by various U.S. government sponsored agency obligations, 0.00% to 10.00% due from 1/01/17 to 5/15/40, aggregate par and fair value of $9,480,919,098 and $257,501,947, respectively) | ||||||
Deutsche Bank Securities Inc., | ||||||
0.19%, 5/03/10 | 700,000 | 700,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $700,011,083, collateralized by various U.S. government sponsored agency obligations, 0.00% due from 10/20/10 to 4/18/11, aggregate par and fair value of $716,589,000 and $714,000,752, respectively) | ||||||
Deutsche Bank Securities Inc., | ||||||
0.20%, 5/03/10 | 306,417 | 306,417,000 | ||||
(Purchased on 4/30/10 to be repurchased at $306,422,107, collateralized by various U.S. government sponsored agency obligations, 0.00% due from 10/15/36 to 11/01/39, aggregate par and fair value of $655,412,663 and $317,385,317, respectively) | ||||||
Deutsche Bank Securities Inc., | ||||||
0.20%, 5/03/10 | 392,000 | 392,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $500,006,533, collateralized by various U.S. Treasury obligations, 1.38% to 3.13% due from 1/15/13 to 1/31/17, aggregate par and fair value of $397,389,530 and $399,840,037, respectively) | ||||||
Deutsche Bank Securities Inc., | ||||||
0.31%, 5/03/10 | 150,000 | 150,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $150,003,875, collateralized by various corporate/debt obligations, 0.00% to 6.95% due from 1/30/11 to 12/31/99, aggregate par and fair value of $160,974,907 and $160,500,000, respectively) | ||||||
HSBC Securities (USA) Inc., | ||||||
0.33%, 5/03/10 | 110,000 | 110,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $110,003,025, collateralized by various corporate/debt obligations, 0.00% to 10.20% due from 2/15/11 to 12/17/46, aggregate par and fair value of $111,886,507 and $117,702,735, respectively) | ||||||
JPMorgan Securities Inc., | ||||||
0.31%, 5/03/10 | 50,000 | 50,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $50,001,292, collateralized by corporate/debt obligation, 0.02% due at 8/03/10, par and fair value of $52,950,000 and $52,503,934, respectively) | ||||||
JPMorgan Securities Inc., | ||||||
0.61%, 5/03/10 | 100,000 | 100,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $100,005,083, collateralized by various U.S. government sponsored agency obligations, 0.00% to 11.75% due from 10/15/10 to 5/01/31, aggregate par and fair value of $106,431,934 and $107,004,393, respectively) | ||||||
Morgan Stanley & Co., | ||||||
0.36%, 5/03/10 | 1,815,000 | 1,815,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $1,815,054,450, collateralized by various corporate/debt obligations, 0.00% to 9.25% due from 5/03/10 to 12/20/54, aggregate par and fair value of $43,616,893,330 and $1,936,665,778, respectively) | ||||||
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 19 |
Table of Contents
| Schedule of Investments (concluded) | TempFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | ||||||
Repurchase Agreements | |||||||
PNC Bank N.A., | |||||||
0.20%, 5/03/10(e) | $ | 24,000 | $ | 24,000,000 | |||
(Purchased on 4/30/10 to be repurchased at $24,000,400, collateralized by Freddie Mac Note 2.75% due at 4/29/14, par and fair value of $300,000,000 and $301,755,000, respectively) | |||||||
RBS Securities Inc., | |||||||
0.36%, 5/03/10 | 885,000 | 885,000,000 | |||||
(Purchased on 4/30/10 to be repurchased at $885,026,550, collateralized by various corporate/debt obligations, 0.00% to 9.25% due from 6/15/10 to 10/13/59, aggregate par and fair value of $9,328,384,480 and $946,955,535, respectively) | |||||||
UBS Securities LLC, | |||||||
0.39%, 5/03/10 | 325,000 | 325,000,000 | |||||
(Purchased on 4/30/10 to be repurchased at $325,010,563, collateralized by various corporate/debt obligations, 0.00% to 13.50% due from 6/15/10 to 11/15/34, aggregate par and fair value of $331,604,549 and $347,750,190, respectively) | |||||||
Total Repurchase Agreements — 12.2% | 7,813,417,000 | ||||||
Total Investments | 64,596,237,042 | ||||||
Liabilities in Excess of Other Assets — (1.0)% | (654,651,307 | ) | |||||
Net Assets — 100.0% | $ | 63,941,585,735 | |||||
| * | Cost for federal income tax purposes. |
| (a) | Issuer is a US branch of a foreign domiciled bank. |
| (b) | Variable rate security. Rate shown is as of report date. |
| (c) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
| (d) | Rate shown reflects the discount rate at the time of purchase. |
| (e) | Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of Investment Company Act of 1940, were as follows: |
Affiliate | Par at October 31, 2009 | Net Activity (Par) | Par at April 30, 2010 | Income | |||||||||
PNC Bank N.A. | $ | 79,500,000 | $ | (55,500,000 | ) | $ | 24,000,000 | $ | 53,005 | ||||
| • | Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows: |
| • | Level 1 – price quotations in active markets/exchanges for identical assets and liabilities |
| • | Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| • | Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments) |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Fund’s investments:
| Investments in Securities | ||||||||||
Valuation Inputs | Level 1 | Level 21 | Level 3 | Total | ||||||
Assets: | ||||||||||
Total Investments. | — | $ | 64,596,237,042 | — | $ | 64,596,237,042 | ||||
| 1 | See above Schedule of Investments for values in each security type. |
See Notes to Financial Statements.
| 20 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Schedule of Investments April 30, 2010 (Unaudited) | T-Fund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
U.S. Treasury Obligations(a) | ||||||
U.S. Treasury Bills: | ||||||
0.14%, 5/20/10 | $ | 5,467 | $ | 5,466,596 | ||
0.15%, 6/03/10 | 75,000 | 74,989,687 | ||||
0.45%, 6/03/10 | 80,100 | 80,067,326 | ||||
0.54%, 6/10/10 | 43,575 | 43,548,855 | ||||
0.45%, 6/17/10 | 75,000 | 74,956,427 | ||||
0.17%, 6/24/10 | 80,993 | 80,972,347 | ||||
0.15%, 7/01/10 | 75,000 | 74,981,236 | ||||
0.53%, 7/01/10 | 71,000 | 70,936,840 | ||||
0.18%, 7/08/10 | 100,000 | 99,966,000 | ||||
0.39%, 7/15/10 | 130,000 | 129,895,729 | ||||
0.15%, 7/22/10 | 90,000 | 89,970,275 | ||||
0.14%, 7/29/10 | 25,000 | 24,991,656 | ||||
0.50%, 7/29/10 | 60,000 | 59,925,833 | ||||
0.16%, 8/05/10 | 50,000 | 49,978,667 | ||||
0.17%, 8/12/10 | 72,784 | 72,748,599 | ||||
0.19%, 8/19/10 | 80,000 | 79,954,778 | ||||
0.19%, 8/26/10 | 155,000 | 154,904,287 | ||||
0.25%, 8/26/10 | 155,000 | 154,874,875 | ||||
0.27%, 8/26/10 | 25,000 | 24,978,103 | ||||
0.32%, 8/26/10 | 68,000 | 67,930,385 | ||||
0.19%, 9/02/10 | 50,000 | 49,968,139 | ||||
0.21%, 9/09/10 | 40,000 | 39,970,161 | ||||
0.24%, 9/23/10 | 160,000 | 159,845,333 | ||||
0.41%, 9/23/10 | 25,000 | 24,959,219 | ||||
0.24%, 9/30/10 | 100,000 | 99,898,667 | ||||
0.27%, 10/07/10 | 75,000 | 74,912,219 | ||||
0.24%, 10/14/10 | 100,000 | 99,889,333 | ||||
0.38%, 10/21/10 | 74,722 | 74,587,345 | ||||
0.23%, 10/28/10 | 60,000 | 59,931,000 | ||||
0.24%, 10/28/10 | 35,000 | 34,958,000 | ||||
0.32%, 11/18/10 | 80,000 | 79,859,300 | ||||
0.41%, 12/16/10 | 120,000 | 119,687,033 | ||||
0.49%, 4/07/11 | 114,000 | 113,476,281 | ||||
Total U.S. Treasury Obligations — 36.1% | 2,547,980,531 | |||||
Repurchase Agreements | ||||||
Banc of America Securities LLC, | ||||||
0.19%, 5/03/10 | 225,000 | 225,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $225,003,563, collateralized by various U.S. Treasury obligations, 0.00% due from 5/15/14 to 5/15/26, aggregate par and fair value of $351,382,633 and $229,500,000, respectively) | ||||||
Barclays Capital, Inc., | ||||||
0.19%, 5/03/10 | 475,000 | 475,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $475,007,521, collateralized by U.S. Treasury obligation, 6.00% due at 2/15/26, par and fair value of $401,008,100 and $484,500,069, respectively) | ||||||
Citigroup Global Markets, Inc., | ||||||
0.19%, 5/03/10 | 400,000 | 400,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $400,006,333, collateralized by various U.S. Treasury obligations, 0.88% to 7.50% due from 4/30/11 to 8/15/25, aggregate par and fair value of $330,195,300 and $408,000,033, respectively) | ||||||
Credit Suisse Securities (USA) LLC, | ||||||
0.19%, 5/03/10 | 175,000 | 175,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $175,002,771, collateralized by various U.S. Treasury obligations, 1.88% to 2.63% due from 4/15/11 to 7/15/17, aggregate par and fair value of $148,998,100 and $178,503,762, respectively) | ||||||
Credit Suisse Securities (USA) LLC, | ||||||
0.17%, 5/06/10 | 275,000 | 275,000,000 | ||||
(Purchased on 4/29/10 to be repurchased at $275,009,090, collateralized by various U.S. Treasury obligations, 0.63% to 2.50% due from 4/15/11 to 7/15/19, aggregate par and fair value of $244,785,500 and $280,503,522, respectively) | ||||||
Deutsche Bank Securities Inc., | ||||||
0.19%, 5/03/10 | 225,000 | 225,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $225,003,563, collateralized by various U.S. Treasury obligations, 2.25% to 3.63% due from 1/31/15 to 8/15/19, aggregate par and fair value of $229,861,544 and $229,500,022, respectively) | ||||||
Deutsche Bank Securities Inc., | ||||||
0.19%, 5/03/10 | 463,286 | 463,286,000 | ||||
(Purchased on 4/30/10 to be repurchased at $463,293,335, collateralized by various U.S. Treasury obligations, 2.25% to 3.63% due from 1/31/15 to 8/15/19, aggregate par and fair value of $473,296,156 and $472,551,764, respectively) | ||||||
Goldman Sachs & Co., | ||||||
0.18%, 5/03/10 | 635,000 | 635,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $635,009,525, collateralized by various U.S. Treasury obligations, 2.88% to 4.63% due from 10/31/11 to 5/15/15, aggregate par and fair value of $604,741,500 and $647,700,035, respectively) | ||||||
HSBC Securities (USA) Inc., | ||||||
0.19%, 5/03/10 | 401,106 | 401,106,000 | ||||
(Purchased on 4/30/10 to be repurchased at $401,112,351, collateralized by various U.S. Treasury obligations, 0.00% due from 2/15/13 to 8/15/15, aggregate par and fair value of $445,756,072 and $409,130,954, respectively) | ||||||
JPMorgan Securities Inc., | ||||||
0.19%, 5/03/10 | 248,772 | 248,772,000 | ||||
(Purchased on 4/30/10 to be repurchased at $248,775,939, collateralized by various U.S. Treasury obligations, 0.00% to 2.75% due from 11/30/16 to 11/15/29, aggregate par and fair value of $465,707,600 and $253,752,437, respectively) | ||||||
RBS Securities Inc., | ||||||
0.19%, 5/03/10 | 400,000 | 400,000,000 | ||||
(Purchased on 4/30/10 to be repurchased at $400,006,333, collateralized by various U.S. Treasury obligations, 0.88% to 2.63% due from 1/31/11 to 6/30/14, aggregate par and fair value of $403,443,800 and $408,004,327, respectively) | ||||||
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 21 |
Table of Contents
| Schedule of Investments (concluded) | T-Fund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | ||||||
Repurchase Agreements | |||||||
RBS Securities Inc., | |||||||
0.19%, 7/21/10 | $ | 375,000 | $ | 375,000,000 | |||
(Purchased on 4/21/10 to be repurchased at $375,180,104, collateralized by various U.S. Treasury obligations, 0.88% to 3.75% due from 1/31/11 to 11/15/18, aggregate par and fair value of $371,098,100 and $382,505,111, respectively) | |||||||
UBS Securities LLC, | |||||||
0.19%, 5/03/10 | 206,333 | 206,333,000 | |||||
(Purchased on 4/30/10 to be repurchased at $206,336,267, collateralized by various U.S. Treasury obligations, 0.00% to 9.25% due from 2/15/16 to 11/15/39, aggregate par and fair value of $473,330,300 and $210,462,618, respectively) | |||||||
Total Repurchase Agreements — 63.9% | 4,504,497,000 | ||||||
Total Investments | 7,052,477,531 | ||||||
Liabilities in Excess of Other Assets — (0.0)% | (1,077,868 | ) | |||||
Net Assets — 100.0% | $ | 7,051,399,663 | |||||
| * | Cost for federal income tax purposes. |
| (a) | Rate shown reflects the discount rate at the time of purchase. |
| • | Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows: |
| • | Level 1 – price quotations in active markets/exchanges for identical assets and liabilities |
| • | Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| • | Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments) |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Fund’s investments:
| Investments in Securities | ||||||||||
Valuation Inputs | Level 1 | Level 21 | Level 3 | Total | ||||||
Assets: | ||||||||||
Total Investments. | — | $ | 7,052,477,531 | — | $ | 7,052,477,531 | ||||
| 1 | See above Schedule of Investments for values in each security type. |
See Notes to Financial Statements.
| 22 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Schedule of Investments April 30, 2010 (Unaudited) | Treasury Trust Fund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | ||||||
U.S. Treasury Obligations(a) | |||||||
U.S. Treasury Bills: | |||||||
0.14%, 5/06/10 | $ | 150,000 | $ | 149,997,031 | |||
0.15%, 5/06/10 | 29,241 | 29,240,391 | |||||
0.10%, 5/13/10 | 698 | 697,981 | |||||
0.11%, 5/13/10 | 167,000 | 166,994,014 | |||||
0.12%, 5/13/10 | 58,000 | 57,997,768 | |||||
0.10%, 5/20/10 | 92,000 | 91,995,656 | |||||
0.11%, 5/20/10 | 108,000 | 107,993,503 | |||||
0.13%, 5/20/10 | 32,802 | 32,799,749 | |||||
0.11%, 5/27/10 | 35,000 | 34,997,219 | |||||
0.14%, 5/27/10 | 45,567 | 45,562,393 | |||||
0.16%, 5/27/10 | 250,000 | 249,971,111 | |||||
0.13%, 6/03/10 | 91,000 | 90,989,573 | |||||
0.14%, 6/03/10 | 64,000 | 63,992,080 | |||||
0.17%, 6/03/10 | 150,205 | 150,182,282 | |||||
0.15%, 6/10/10 | 220,127 | 220,090,312 | |||||
0.16%, 6/10/10 | 50,000 | 49,991,389 | |||||
0.54%, 6/10/10 | 20,120 | 20,107,928 | |||||
0.15%, 6/17/10 | 125,000 | 124,975,521 | |||||
0.16%, 6/17/10 | 140,000 | 139,970,651 | |||||
0.22%, 6/17/10 | 99,630 | 99,601,691 | |||||
0.17%, 6/24/10 | 100,000 | 99,974,500 | |||||
0.15%, 7/01/10 | 120,000 | 119,969,536 | |||||
0.16%, 7/01/10 | 114 | 113,969 | |||||
0.53%, 7/01/10 | 36,000 | 35,967,975 | |||||
0.18%, 7/08/10 | 205,000 | 204,931,528 | |||||
0.16%, 7/15/10 | 150,000 | 149,951,175 | |||||
0.15%, 7/22/10 | 130,235 | 130,191,453 | |||||
0.15%, 7/29/10 | 126,000 | 125,953,275 | |||||
0.47%, 7/29/10 | 9,600 | 9,588,845 | |||||
0.19%, 8/19/10 | 15,000 | 14,991,521 | |||||
0.19%, 8/26/10 | 69,000 | 68,957,392 | |||||
0.24%, 9/23/10 | 66,000 | 65,936,200 | |||||
0.41%, 9/23/10 | 10,000 | 9,983,688 | |||||
0.24%, 9/30/10 | 30,000 | 29,969,600 | |||||
0.27%, 10/07/10 | 25,000 | 24,970,740 | |||||
0.22%, 10/21/10 | 17,910 | 17,891,565 | |||||
0.24%, 10/28/10 | 33,000 | 32,960,400 | |||||
0.41%, 12/16/10 | 44,000 | 43,885,246 | |||||
0.49%, 4/07/11 | 16,000 | 15,926,496 | |||||
Total U.S. Treasury Obligations — 100.0% | 3,130,263,347 | ||||||
Total Investments | 3,130,263,347 | ||||||
Liabilities in Excess of Other Assets — (0.0)% | (395,676 | ) | |||||
Net Assets — 100.0% | $ | 3,129,867,671 | |||||
| * | Aggregate cost for federal income tax purposes is $3,130,263,790. |
| (a) | Rate shown reflects the discount rate at the time of purchase. |
| • | Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows: |
| • | Level 1 – price quotations in active markets/exchanges for identical assets and liabilities |
| • | Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| • | Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments) |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Fund’s investments:
| Investments in Securities | ||||||||||
Valuation Inputs | Level 1 | Level 21 | Level 3 | Total | ||||||
Assets: | ||||||||||
Total Investments. | — | $ | 3,130,263,347 | — | $ | 3,130,263,347 | ||||
| 1 | See above Schedule of Investments for values in each security type. |
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 23 |
Table of Contents
| Schedule of Investments April 30, 2010 (Unaudited) | MuniCash | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Municipal Bonds | ||||||
Alabama — 1.8% | ||||||
Brundidge IDRB (Carter Brothers Project) Series 2001 AMT VRDN (SouthTrust Bank N.A. LOC), | ||||||
0.52%, 5/07/10(a) | $ | 750 | $ | 750,000 | ||
Columbia IDRB (Alabama Power Co. Project) Series 1998 VRDN, | ||||||
0.29%, 5/03/10(a) | 9,800 | 9,800,000 | ||||
Columbia IDRB (Alabama Power Co. Project) Series 1999A VRDN, | ||||||
0.27%, 5/03/10(a) | 5,800 | 5,800,000 | ||||
Tuscaloosa IDRB Series 2000A AMT VRDN (SouthTrust Bank N.A. LOC), | ||||||
0.52%, 5/07/10(a) | 1,090 | 1,090,000 | ||||
| 17,440,000 | ||||||
Arizona — 6.6% | ||||||
Apache County IDRB (Tucson Electric Power Co. Project) Series 1983A VRDN (ABN-AMRO Bank N.V. LOC), | ||||||
0.35%, 5/07/10(a) | 6,900 | 6,900,000 | ||||
Arizona Board of Regents University System RB Series 2008B VRDN ((Lloyds TSB Bank Plc LOC), | ||||||
0.26%, 5/07/10(a) | 700 | 700,000 | ||||
Arizona School Facilities Board COP Series 2008 MB, | ||||||
5.00%, 9/01/10 | 5,750 | 5,833,860 | ||||
Arizona Transportation Board RB (Maricopa County Regional Area Road Fund Project) Series 2009 MB, | ||||||
3.00%, 7/01/10 | 3,000 | 3,012,893 | ||||
Chandler GO Municipal Trust Receipts Floaters Series 2007-49TP VRDN (Wells Fargo Bank N.A. Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 3,500 | 3,500,000 | ||||
Chandler IDA IDRB SPEARS (Intel Corp. Project) Series 2007DBE-150 AMT VRDN (Deutsche Bank A.G. Guaranty, Deutsche Bank A.G. Liquidity Facility), | ||||||
0.33%, 5/03/10(a)(b) | 800 | 800,000 | ||||
Maricopa County IDA Multi-Family Housing RB (Las Gardenias Apartments Project) Series 2000A AMT VRDN (Fannie Mae Insurance, Fannie Mae Liquidity Agreement), | ||||||
0.34%, 5/07/10(a) | 2,540 | 2,540,000 | ||||
Maricopa County IDA Multi-Family Housing RB (Villas Solanas Apartments Project) Series 2001A AMT VRDN (Fannie Mae Insurance, Fannie Mae Liquidity Agreement), | ||||||
0.36%, 5/07/10(a) | 2,800 | 2,800,000 | ||||
Phoenix GO Municipal Trust Receipts Floaters Series 2007-2012 VRDN (Branch Banking & Trust Co. Liquidity Facility), | ||||||
0.31%, 5/07/10(a)(b) | 500 | 500,000 | ||||
Phoenix IDA Multi-Family Housing RB (Westward Home Apartments Project) Series 2003A AMT VRDN (Fleet National Bank LOC), | ||||||
0.35%, 5/07/10(a) | 2,320 | 2,320,000 | ||||
Phoenix IDA Multi-Family Housing RB Series 2002A AMT VRDN (East West Bank LOC, Federal Home Loan Bank SBPA), | ||||||
0.35%, 5/07/10(a) | 5,710 | 5,710,000 | ||||
Pinal County Electrical District No. 3 RB Series 2006U-1 VRDN (Bank of America N.A. SBPA), | ||||||
0.39%, 5/07/10(a) | 13,100 | 13,100,000 | ||||
Salt River Project Agricultural Improvement & Power District RB Municipal Trust Receipts Floaters Series 2009-9W VRDN (Barclays Bank Plc Liquidity Facility), | ||||||
0.31%, 5/07/10(a)(b) | 2,500 | 2,500,000 | ||||
Tempe IDA Senior Living RB (Friendship Village Project) Series 2002C VRDN (Sovereign Bank FSB LOC, Banco Santander LOC), | ||||||
0.30%, 5/07/10(a) | 4,475 | 4,475,000 | ||||
Tempe IDRB (Arizona State University Football Brickyard Project) Series 2004A VRDN (Bank of America N.A. LOC), | ||||||
0.33%, 5/07/10(a) | 2,270 | 2,270,000 | ||||
Yavapai County IDA Hospital Facilities RB (Northern Arizona Healthcare Project) Series 2009B VRDN (BBVA Bank LOC), | ||||||
0.33%, 5/07/10(a) | 2,900 | 2,900,000 | ||||
Yavapai County IDA Hospital Facilities RB (Yavapai Regulated Medical Center Project) Series 2008A VRDN (UBS A.G. LOC), | ||||||
0.30%, 5/07/10(a) | 4,600 | 4,600,000 | ||||
| 64,461,753 | ||||||
Arkansas — 0.5% | ||||||
Arkansas Development Finance Authority Single Family Mortgage RB (Mortgage Backed Securities Program) Series 2006E AMT VRDN (Ginnie Mae Insurance, Fannie Mae Insurance, State Street Bank & Trust Co. SBPA), | ||||||
0.38%, 5/07/10(a) | 5,000 | 5,000,000 | ||||
California — 8.7% | ||||||
Bay Area Toll Authority Toll Bridge RB (San Francisco Bay Area Project) Series 2008B-1 VRDN (Bank of America N.A. SBPA), | ||||||
0.26%, 5/07/10(a) | 5,600 | 5,600,000 | ||||
California Communities Note Program RB Series 2009 TRAN, | ||||||
2.00%, 6/30/10 | 3,200 | 3,205,994 | ||||
California Health Facilities Financing Authority RB (Adventist Health System Project) Series 2002B VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.23%, 5/03/10(a) | 3,000 | 3,000,000 | ||||
California School Cash Reserve Program Authority RB Series 2009-10A TRAN, | ||||||
2.50%, 7/01/10 | 7,000 | 7,022,085 | ||||
California Statewide Communities Development Authority RB Series 2007A VRDN (Assured Guaranty Ltd. Insurance, Wells Fargo Bank N.A. SBPA), | ||||||
0.25%, 5/07/10(a) | 27,800 | 27,800,000 | ||||
East Bay Municipal Utility District Water System Series 2010 TECP: | ||||||
0.39%, 5/17/10 | 10,000 | 10,000,000 | ||||
0.45%, 6/10/10 | 8,000 | 8,000,000 | ||||
Golden State Tobacco Securitization Corp. RB Municipal Trust Receipts Floaters Series 2008-2954 VRDN (Morgan Stanley Municipal Funding Liquidity Facility, Morgan Stanley Municipal Funding Guaranty), | ||||||
0.37%, 5/07/10(a)(b) | 1,008 | 1,008,000 | ||||
Los Angeles GO Series 2009A TRAN, | ||||||
2.50%, 6/30/10 | 7,500 | 7,520,782 | ||||
Los Angeles Unified School District GO Series 2009A TRAN, | ||||||
2.00%, 8/12/10 | 10,000 | 10,042,487 | ||||
San Francisco City & County Airports Commission RB Series 2009A Municipal Put Bonds, | ||||||
0.75%, 9/15/10(a) | 1,000 | 1,000,000 | ||||
| 84,199,348 | ||||||
Colorado — 0.4% | ||||||
Colorado Housing & Finance Authority RB (Single Family Project) Series 2002C-3 AMT VRDN (Fannie Mae LOC, Freddie Mac LOC), | ||||||
0.40%, 5/07/10(a) | 4,000 | 4,000,000 | ||||
Florida — 4.6% | ||||||
Capital Trust Agency RB (Aero Miami FX Project) Series 2004 AMT VRDN (Bank One N.A. LOC), | ||||||
0.40%, 5/07/10(a) | 11,795 | 11,795,000 | ||||
Florida Housing Finance Corp. RB (Wexford Apartments Project) Series 2003P VRDN (Citibank N.A. LOC), | ||||||
0.35%, 5/07/10(a) | 3,000 | 3,000,000 | ||||
See Notes to Financial Statements.
| 24 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Schedule of Investments (continued) | MuniCash | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Municipal Bonds | ||||||
Florida (concluded) | ||||||
Jacksonville Economic Development Commission IDRB (Tremron Jacksonville Project) Series 2000 AMT VRDN (Branch Banking & Trust Co. LOC), | ||||||
0.38%, 5/07/10(a) | $ | 1,050 | $ | 1,050,000 | ||
Miami-Dade County RB SPEARS (Capital Asset Acquisition) Series 2008DBE-538 VRDN (Deutsche Bank A.G. Liquidity Facility, Deutsche Bank A.G. Guaranty), | ||||||
0.30%, 5/07/10(a)(b) | 2,220 | 2,220,000 | ||||
Orange County Educational Facilities Authority RB (Rollins College Project) Series 2001 VRDN (Bank of America N.A. LOC), | ||||||
0.26%, 5/03/10(a) | 6,960 | 6,960,000 | ||||
Orlando Utilities Commission Utilities System RB Series 2009B-1 MB, | ||||||
2.00%, 6/01/10 | 10,000 | 10,013,111 | ||||
Volusia County School Board GO Series 2009 TAN, | ||||||
3.00%, 9/07/10 | 10,000 | 10,089,299 | ||||
| 45,127,410 | ||||||
Georgia — 1.0% | ||||||
Fulton County Development Authority Airport Facility RB (Flightsafety International, Inc. Project) Series 1999B AMT VRDN (Berkshire Hathaway Obligor LOC), | ||||||
0.37%, 5/07/10(a) | 2,400 | 2,400,000 | ||||
Georgia Municipal Electric Authority RB Series 2008B-1 VRDN (Dexia Credit Local LOC), | ||||||
0.30%, 5/07/10(a) | 4,700 | 4,700,000 | ||||
Gordon County IDRB (Aladdin Manufacturing Corp. Project) Series 1997A AMT VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.52%, 5/07/10(a) | 1,000 | 1,000,000 | ||||
Gordon County IDRB (Aladdin Manufacturing Corp. Project) Series 1997B VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.52%, 5/07/10(a) | 1,000 | 1,000,000 | ||||
Laurens County IDRB (Aladdin Manufacturing Corp. Project) Series 1997 AMT VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.52%, 5/07/10(a) | 1,000 | 1,000,000 | ||||
| 10,100,000 | ||||||
Illinois — 7.4% | ||||||
Chicago IDRB (Promise Candy Project) Series 2001 AMT VRDN (LaSalle Bank N.A. LOC), | ||||||
0.41%, 5/07/10(a) | 2,355 | 2,355,000 | ||||
Chicago Transit Authority COP Series 2009 ROC-RR-II-R-11786 VRDN (Assured Guaranty Ltd. Insurance, Citibank N.A. Liquidity Facility), | ||||||
0.42%, 5/07/10(a)(b) | 1,490 | 1,490,000 | ||||
Elmhurst IDRB (Randall Manufacturing Project) Series 2002 VRDN (LaSalle Bank N.A. LOC), | ||||||
0.65%, 5/07/10(a) | 2,615 | 2,615,000 | ||||
Illinois Development Finance Authority IDRB (Cano Packaging Corp. Project) Series 2001 AMT VRDN (LaSalle Bank N.A. LOC), | ||||||
0.41%, 5/07/10(a) | 1,670 | 1,670,000 | ||||
Illinois Finance Authority RB (Alternative Behavior Treatment Project) Series 2005 VRDN (JPMorgan Chase Bank LOC), | ||||||
0.45%, 5/07/10(a) | 2,870 | 2,870,000 | ||||
Illinois GO Series 2003B VRDN (DEPFA Bank Plc SBPA), | ||||||
2.60%, 5/07/10(a) | 11,100 | 11,100,000 | ||||
Illinois Toll Highway Authority RB Series 2007A-1 VRDN (Dexia Credit Local SBPA), | ||||||
0.33%, 5/07/10(a) | 9,100 | 9,100,000 | ||||
Illinois Toll Highway Authority RB Series 2007A-2 VRDN (Dexia Credit Local SBPA), | ||||||
0.33%, 5/07/10(a) | 12,000 | 12,000,000 | ||||
Illinois Toll Highway Authority RB Series 2008A-2 VRDN (AGM Insurance, Dexia Credit Local SBPA), | ||||||
0.31%, 5/07/10(a) | 5,600 | 5,600,000 | ||||
Metropolitan Pier & Exposition Authority Dedicated State Tax RB SPEARS (McCormick Place Expansion Project) Series 2007DB-453 VRDN (Deutsche Bank A.G. Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 3,665 | 3,665,000 | ||||
Metropolitan Pier & Exposition Authority RB Municipal Trust Receipts Floaters Series 2003-165 VRDN (Societe Generale Liquidity Facility), | ||||||
0.35%, 5/07/10(a)(b) | 17,500 | 17,500,000 | ||||
Regional Transit Authority RB Series 2005-B1 VRDN (RTA Guaranty), | ||||||
0.75%, 1/25/11(a) | 2,100 | 2,100,000 | ||||
| 72,065,000 | ||||||
Indiana — 1.8% | ||||||
Anderson Economic Development RB (Printer Zink, Inc. Project) Series 2004A AMT VRDN (Star Financial Bank LOC, U.S. Bank N.A. LOC), | ||||||
0.85%, 5/07/10(a) | 1,040 | 1,040,000 | ||||
Huntingburg Multi-Family Housing RB (Lincoln Village Apartments Project) Series 2000 AMT VRDN (Federal Home Loan Bank LOC), | ||||||
0.42%, 5/07/10(a) | 2,150 | 2,150,000 | ||||
Indiana Finance Authority RB (Ascension Senior Credit Group Project) Series 2008E-7 MB, | ||||||
0.33%, 6/15/10 | 6,510 | 6,510,000 | ||||
IPS Multi-School Building Corp. RB Municipal Trust Receipts Floaters Series 2007 ROC-RR-II-R-885WF VRDN (State Aid Withholding Insurance, Wells Fargo & Co. Liquidity Agreement, Wells Fargo & Co. Guaranty), | ||||||
0.31%, 5/07/10(a)(b) | 7,510 | 7,510,000 | ||||
Orleans Economic Development RB (Almana LLC Project) Series 1995 AMT VRDN (Bank One N.A. LOC), | ||||||
1.00%, 5/07/10(a) | 200 | 200,000 | ||||
| 17,410,000 | ||||||
Iowa — 0.2% | ||||||
Dallas County IDRB (Sioux City Brick Project) Series 2000A AMT VRDN (Firstar Bank N.A. LOC), | ||||||
0.50%, 5/07/10(a) | 1,000 | 1,000,000 | ||||
Iowa Finance Authority Senior RB (Iowa School Project) Series 2009A RAN, | ||||||
2.50%, 6/23/10 | 1,000 | 1,002,815 | ||||
| 2,002,815 | ||||||
Kentucky — 0.4% | ||||||
Dayton IDRB (Ramkat Enterprise Project) Series 2001 AMT VRDN (Peoples Bank LOC, Firstar Bank N.A. LOC), | ||||||
0.39%, 5/07/10(a) | 510 | 510,000 | ||||
Elsmere IDRB (International Mold Steel, Inc. Project) Series 1996 AMT VRDN (U.S. Bank N.A. LOC), | ||||||
0.39%, 5/07/10(a) | 795 | 795,000 | ||||
Jefferson County Industrial Building RB (Atlas Machine & Supply Co. Project) Series 1999 AMT VRDN (Bank One N.A. LOC), | ||||||
0.85%, 5/07/10(a) | 2,480 | 2,480,000 | ||||
| 3,785,000 | ||||||
Louisiana — 1.8% | ||||||
Ascension Parish RB (BASF Corp. Project) Series 1997 AMT VRDN (BASF Corp. Liquidity Facility), | ||||||
0.45%, 5/03/10(a) | 2,400 | 2,400,000 | ||||
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 25 |
Table of Contents
| Schedule of Investments (continued) | MuniCash | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Municipal Bonds | ||||||
Louisiana (concluded) | ||||||
Louisiana Local Government Environmental Facilities Community Development Authority RB (BASF Corp. Project) Series 2000A VRDN, | ||||||
0.45%, 5/07/10(a) | $ | 6,000 | $ | 6,000,000 | ||
Louisiana Local Government Environmental Facilities Community Development Authority RB (Ouachita Christian School, Inc. Project) Series 2002 VRDN (Bank One N.A. LOC), | ||||||
0.55%, 5/07/10(a) | 935 | 935,000 | ||||
St. James Parish RB (Louisiana Sugar Refining Project) Series 2009 VRDN (Natixis LOC), | ||||||
0.35%, 5/07/10(a) | 8,500 | 8,500,000 | ||||
| 17,835,000 | ||||||
Maryland — 2.0% | ||||||
Baltimore County RB (St. Paul’s School for Girls Facility Project) Series 2000 VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 3,470 | 3,470,000 | ||||
Maryland Economic Development Corp. RB (Acadia Todds Lane LLC Facilities Project) Series 2006 AMT VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.40%, 5/07/10(a) | 5,355 | 5,355,000 | ||||
Maryland Economic Development Corp. RB (Assoc. of Catholic Charities Project) Series 2002 VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 2,800 | 2,800,000 | ||||
Maryland Economic Development Corp. RB (Bindagraphics, Inc. Facilities Project) Series 2007 AMT VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.40%, 5/07/10(a) | 4,200 | 4,200,000 | ||||
Maryland Economic Development Corp. RB (Joe Corbis Pizza Project) Series 2000 AMT VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.45%, 5/03/10(a) | 220 | 220,000 | ||||
Maryland Economic Development Corp. RB (Lithographing Co. Project) Series 2001 AMT VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.40%, 5/07/10(a) | 1,000 | 1,000,000 | ||||
Maryland Economic Development Corp. RB (Redrock LLC Facilities Project) Series 2002 VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.45%, 5/07/10(a) | 1,900 | 1,900,000 | ||||
| 18,945,000 | ||||||
Massachusetts — 2.4% | ||||||
Massachusetts Bay Transportation Authority RB Series 2010A-7 VRDN, | ||||||
0.39%, 11/26/10(a) | 1,000 | 1,000,000 | ||||
Massachusetts Development Finance Agency RB (Boston University Project) Series 2008U-6A VRDN (Bank of America N.A. LOC), | ||||||
0.25%, 5/03/10(a) | 11,000 | 11,000,000 | ||||
Massachusetts GO Series 2006A VRDN (Dexia Credit Local SBPA), | ||||||
0.32%, 5/03/10(a) | 5,400 | 5,400,000 | ||||
Massachusetts Industrial Finance Agency RB (Lightolier Inc. Project) Series 1990 VRDN (Bank of America N.A. LOC), | ||||||
0.32%, 5/07/10(a) | 3,700 | 3,700,000 | ||||
Massachusetts RB Municipal Trust Receipts Floaters Series 2005-3058 VRDN (Dexia Credit Local Liquidity Facility, Dexia Credit Local Guaranty), | ||||||
0.55%, 5/07/10(a)(b) | 2,700 | 2,700,000 | ||||
| 23,800,000 | ||||||
Michigan — 5.6% | ||||||
Holt Public Schools GO Series 2002 VRDN (Q-SBLF Insurance, Landesbank Hessen-Thuringen Girozentrale SBPA), | ||||||
0.35%, 5/07/10(a) | 9,000 | 9,000,000 | ||||
Michigan Hospital Finance Authority RB (Ascension Health Senior Credit Group Project) Series 2010F-8 VRDN, | ||||||
0.39%, 11/26/10(a) | 3,000 | 3,000,000 | ||||
Michigan Housing Development Authority Single Family Mortgage RB Series 2007F AMT VRDN (Bank of Nova Scotia SBPA), | ||||||
0.40%, 5/07/10(a) | 2,400 | 2,400,000 | ||||
Michigan Strategic Fund Ltd. Obligation RB (Amera Group LLC Project) Series 2000 AMT VRDN (JPMorgan Chase & Co. LOC), | ||||||
0.90%, 5/07/10(a) | 2,600 | 2,600,000 | ||||
Michigan Strategic Fund Ltd. Obligation RB (Kay Screen Printing, Inc. Project) Series 2000 AMT VRDN (JPMorgan Chase & Co. LOC), | ||||||
0.85%, 5/07/10(a) | 2,400 | 2,400,000 | ||||
Saline Area Schools GO Series 2002 VRDN (Q-SBLF Insurance, Landesbank Hessen-Thuringen Girozentrale LOC), | ||||||
0.32%, 5/07/10(a) | 35,420 | 35,420,000 | ||||
| 54,820,000 | ||||||
Mississippi — 0.7% | ||||||
Mississippi Business Finance Corp. RB (Mississippi Power Co. Project) Series 1999 AMT VRDN, | ||||||
0.32%, 5/03/10(a) | 6,500 | 6,500,000 | ||||
Missouri — 0.7% | ||||||
Bridgeton IDRB (Gold Dust LLC Project) Series 2000A AMT VRDN (TD Banknorth N.A. LOC), | ||||||
0.55%, 5/07/10(a) | 2,325 | 2,325,000 | ||||
Palmyra IDA Solid Waste Disposal RB (BASF Corp. Project) Series 2002 AMT VRDN (BASF Aktiengesellsch Liquidity Facility), | ||||||
0.45%, 5/07/10(a) | 4,000 | 4,000,000 | ||||
| 6,325,000 | ||||||
Nevada — 0.7% | ||||||
Clark County Airport System Subordinate Lien RB Series 2009A RAN, | ||||||
2.50%, 7/15/10 | 7,000 | 7,023,577 | ||||
New Hampshire — 0.2% | ||||||
New Hampshire Business Finance Authority Industrial Facilities RB (Felton Brush, Inc. Project) Series 1997 AMT VRDN (KeyBank N.A. LOC), | ||||||
0.69%, 5/07/10(a) | 485 | 485,000 | ||||
New Hampshire Business Finance Authority Industrial Facilities RB (JMT Properties LLC Project) Series 2002 AMT VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.45%, 5/07/10(a) | 1,325 | 1,325,000 | ||||
| 1,810,000 | ||||||
New Jersey — 4.4% | ||||||
Burlington Township GO Series 2010 Notes, | ||||||
1.50%, 3/24/11 | 3,363 | 3,392,778 | ||||
Livingston Township GO Series 2010 BAN, | ||||||
1.25%, 2/11/11 | 1,400 | 1,407,913 | ||||
Montclair Township GO Series 2010 Notes, | ||||||
1.50%, 3/10/11 | 10,000 | 10,089,543 | ||||
New Jersey Economic Development Authority RB (School Facilities Construction Project) Series 2008V-2 VRDN (Dexia Credit Local LOC), | ||||||
0.35%, 5/07/10(a) | 10,300 | 10,300,000 | ||||
New Jersey Economic Development Authority RB Municipal Trust Receipts Floaters Series 2005-2805 VRDN (Dexia Credit Local Liquidity Facility, Dexia Credit Local Guaranty), | ||||||
0.55%, 5/07/10(a)(b) | 2,015 | 2,015,000 | ||||
See Notes to Financial Statements.
| 26 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Schedule of Investments (continued) | MuniCash | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Municipal Bonds | ||||||
New Jersey (concluded) | ||||||
New Jersey Economic Development Authority RB Municipal Trust Receipts Floaters Series 2007-3824 VRDN (Dexia Credit Local Liquidity Facility, Dexia Credit Local Guaranty), | ||||||
0.55%, 5/07/10(a)(b) | $ | 1,480 | $ | 1,480,000 | ||
New Jersey Economic Development Authority RB Series 2009A RAN, | ||||||
2.50%, 6/18/10 | 5,000 | 5,013,151 | ||||
New Jersey Turnpike Authority RB Municipal Trust Receipts Floaters Series 2005-2493 VRDN (Dexia Credit Local SBPA, Dexia Credit Local Guaranty), | ||||||
0.55%, 5/07/10(a)(b) | 1,500 | 1,500,000 | ||||
Palisades Park GO Series 2010 BAN, | ||||||
1.25%, 4/21/11 | 200 | 200,926 | ||||
Readington Township GO Series 2010 BAN, | ||||||
1.00%, 2/03/11 | 2,900 | 2,912,524 | ||||
Woodbridge Township GO Series 2009 BAN, | ||||||
1.50%, 7/02/10 | 4,000 | 4,005,055 | ||||
| 42,316,890 | ||||||
New York — 13.5% | ||||||
Beekmantown Central School District GO Notes Series 2010 BAN, | ||||||
1.00%, 7/16/10 | 6,055 | 6,060,481 | ||||
Metropolitan Transportation Authority RB Series 2002B VRDN (AGM Insurance, Dexia Credit Local SBPA), | ||||||
0.36%, 5/07/10(a) | 18,300 | 18,300,000 | ||||
Metropolitan Transportation Authority RB Series 2008A VRDN (AGM Insurance, Dexia Credit Local SBPA), | ||||||
0.35%, 5/07/10(a) | 5,000 | 5,000,000 | ||||
New York City GO Sub-Series 2008L-6 VRDN (Wells Fargo Bank N.A. SBPA), | ||||||
0.24%, 5/03/10(a) | 39,585 | 39,585,000 | ||||
New York City Housing Development Corp. Multi-Family Housing RB Series 2008I-2-5 AMT VRDN, | ||||||
0.72%, 5/03/10(a) | 5,000 | 5,000,000 | ||||
New York City Housing Development Corp. Multi-Family Housing RB Series 2009L Municipal Put Bonds, | ||||||
0.40%, 12/15/10(a) | 500 | 500,000 | ||||
New York City Housing Development Corp. RB Series 2010 ROC-RR-II-R-13100 VRDN (Citibank N.A. Liquidity Facility), | ||||||
0.33%, 5/07/10(a)(b) | 7,000 | 7,000,000 | ||||
New York Liberty Development Corp. RB (World Trade Center Project) Series 2009A Municipal Put Bonds (U.S. Government Securities Guaranty), | ||||||
0.50%, 1/18/11(a) | 27,000 | 27,000,000 | ||||
New York Mortgage Agency Homeowner Mortgage RB Series 2007-147 VRDN (Dexia Credit Local SBPA), | ||||||
0.32%, 5/07/10(a) | 21,500 | 21,500,000 | ||||
Ulster IDRB (Viking Industries, Inc. Project) Series 1998A AMT VRDN (KeyBank N.A. LOC), | ||||||
0.69%, 5/07/10(a) | 605 | 605,000 | ||||
Yates County IDRB (Coach & Equipment Manufacturing Corp. Project) Series 2000A AMT VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.42%, 5/07/10(a) | 1,195 | 1,195,000 | ||||
| 131,745,481 | ||||||
North Carolina — 1.1% | ||||||
Lee County Industrial Facilities & Pollution Control Financing Authority IDRB (Arden Corp. Project) Series 1999 AMT VRDN (Comerica Bank N.A. LOC), | ||||||
0.50%, 5/07/10(a) | 1,450 | 1,450,000 | ||||
Mecklenburg County Industrial Facilities PCRB (Piedmont Plastics Project) Series 1997 AMT VRDN (Branch Banking & Trust Co. LOC), | ||||||
0.48%, 5/07/10(a) | 1,120 | 1,120,000 | ||||
North Carolina Housing Finance Agency RB Series 2002 ROC-RR-II-R-175 AMT VRDN (Citibank N.A. Liquidity Facility), | ||||||
0.36%, 5/07/10(a)(b)(c) | 1,785 | 1,785,000 | ||||
North Carolina Medical Care Commission Health Care Facilities RB (Novant Health Group Project) Series 2004B VRDN (JPMorgan Chase Bank SBPA), | ||||||
0.30%, 5/07/10(a) | 5,285 | 5,285,000 | ||||
North Carolina Port Authority RB (Wilmington Bulk LLC Project) Series 2001A AMT VRDN (Branch Banking & Trust Co. LOC), | ||||||
0.38%, 5/07/10(a) | 1,065 | 1,065,000 | ||||
| 10,705,000 | ||||||
Ohio — 1.3% | ||||||
Delaware GO Series 2010 BAN, | ||||||
1.25%, 4/27/11 | 1,000 | 1,006,486 | ||||
Ohio Air Quality Development Authority PCRB (FirstEnergy Nuclear Generation Corp. Project) Series 2008A VRDN (Bank of Nova Scotia LOC, FirstEnergy Solutions Guaranty), | ||||||
0.33%, 5/07/10(a) | 1,600 | 1,600,000 | ||||
Ohio Higher Educational Facility RB (Cedarville University Project) Series 2004 VRDN (KeyBank N.A. LOC), | ||||||
0.49%, 5/07/10(a) | 1,300 | 1,300,000 | ||||
Ohio Water Development Authority Facilities PCRB (First Energy Nuclear Project) Series 2006B VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.29%, 5/03/10(a) | 2,900 | 2,900,000 | ||||
Summit County Port Authority RB (Meadow Lane Building LLC Project) Series 2003A AMT VRDN (KeyBank N.A. LOC), | ||||||
0.64%, 5/07/10(a) | 2,160 | 2,160,000 | ||||
Trumbull County Health Care Facilities RB Series 2001 VRDN (Manufacturers and Traders Trust Co. LOC, Manufacturers and Traders Trust Co. SBPA), | ||||||
0.30%, 5/07/10(a) | 2,660 | 2,660,000 | ||||
Willoughby GO (Various Purpose Improvements Project) Series 2009 BAN, | ||||||
1.00%, 10/08/10 | 1,000 | 1,002,004 | ||||
| 12,628,490 | ||||||
Oklahoma — 0.4% | ||||||
Muskogee Transport Authority IDRB (Metals USA, Inc. Project) Series 1998 AMT VRDN (Bank of America LOC), | ||||||
0.47%, 5/07/10(a) | 2,850 | 2,850,000 | ||||
Oklahoma Development Finance Authority RB (ConocoPhillips Co. Project) Series 2003 AMT VRDN (ConocoPhillips Co. Guaranty), | ||||||
0.31%, 5/07/10(a) | 1,000 | 1,000,000 | ||||
| 3,850,000 | ||||||
Pennsylvania — 15.0% | ||||||
Allegheny County Hospital Development Authority RBC Municipal Products, Inc. Trust (University of Pittsburgh Medical Center Project) Series 2010E-16 VRDN (Royal Bank of Canada LOC, Royal Bank of Canada Liquidity Facility), | ||||||
0.30%, 5/07/10(a) | 7,000 | 7,000,000 | ||||
Beaver County IDA RB (BASF Corp. Project) Series 1997 AMT VRDN, | ||||||
0.45%, 5/07/10(a) | 300 | 300,000 | ||||
Cumberland County Municipal Authority RB (Asbury Obligated Group Project) Series 2006 VRDN (KBC Bank N.V. LOC), | ||||||
0.30%, 5/07/10(a) | 23,900 | 23,900,000 | ||||
Emmaus General Authority RB (Pennsylvania Loan Program) Series 2000A VRDN (U.S. Bank N.A. LOC), | ||||||
0.30%, 5/07/10(a) | 21,900 | 21,900,000 | ||||
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 27 |
Table of Contents
| Schedule of Investments (continued) | MuniCash | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Municipal Bonds | ||||||
Pennsylvania (concluded) | ||||||
Emmaus General Authority RB Series 1989F-24 VRDN (U.S. Bank N.A. LOC), | ||||||
0.28%, 5/07/10(a) | $ | 1,500 | $ | 1,500,000 | ||
Emmaus General Authority RB Series 1989H-22 VRDN (U.S. Bank N.A. LOC), | ||||||
0.28%, 5/07/10(a) | 1,000 | 1,000,000 | ||||
Erie County Hospital Authority RB (St. Mary’s Home Erie Project) Series 2008A VRDN (Bank of America N.A. LOC), | ||||||
0.32%, 5/07/10(a) | 8,200 | 8,200,000 | ||||
Pennsylvania Housing Finance Agency RB (Rental Housing Project) Series 2008D VRDN (GO of Agency Insurance, Bank of America N.A. SBPA), | ||||||
0.32%, 5/07/10(a) | 20,200 | 20,200,000 | ||||
Pennsylvania Housing Finance Agency RB Series 2006-94B VRDN (GO of Agency Insurance, Dexia Credit Local SBPA), | ||||||
0.32%, 5/07/10(a) | 19,815 | 19,815,000 | ||||
Philadelphia Authority IDRB (Liberty Lutheran Services Project) Series 2008 VRDN (Bank of America N.A. LOC), | ||||||
0.30%, 5/07/10(a) | 14,000 | 14,000,000 | ||||
Philadelphia Gas Works RB Series 2009E VRDN (JPMorgan Chase Bank LOC), | ||||||
0.27%, 5/07/10(a) | 8,500 | 8,500,000 | ||||
Washington County Authority RB (Girard Estate Project) Series 1999 VRDN (JPMorgan Chase Bank LOC), | ||||||
0.30%, 5/07/10(a) | 19,845 | 19,845,000 | ||||
| 146,160,000 | ||||||
Puerto Rico — 2.0% | ||||||
Commonwealth of Puerto Rico GO (Public Improvements Project) Series 2003-C5 VRDN (AGM Insurance, Dexia Credit Local SBPA), | ||||||
0.30%, 5/07/10(a) | 15,000 | 15,000,000 | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority RB Municipal Trust Receipts Floaters Series 2005-3189 VRDN (Dexia Credit Local Liquidity Facility, Dexia Credit Local Guaranty), | ||||||
0.55%, 5/07/10(a)(b) | 2,800 | 2,800,000 | ||||
Puerto Rico Electric Power Authority RB Municipal Securities Trust Receipts Series 2008A VRDN (Societe Generale LOC, Societe Generale Liquidity Facility), | ||||||
0.29%, 5/07/10(a) | 1,500 | 1,500,000 | ||||
| 19,300,000 | ||||||
South Dakota — 0.4% | ||||||
Spink County Solid Waste Disposal RB (United Feeders LLP Project) Series 2007 AMT VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.41%, 5/07/10(a) | 3,800 | 3,800,000 | ||||
Tennessee — 0.8% | ||||||
Chattanooga IDRB (TB Woods, Inc. Project) Series 1997 AMT VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.45%, 5/07/10(a) | 2,290 | 2,290,000 | ||||
Coffee County IDRB (Comtec Polymers, Inc. Project) Series 1997 AMT VRDN (Bank of America N.A. LOC), | ||||||
0.60%, 5/07/10(a) | 520 | 520,000 | ||||
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board RB (Ascension Health Credit Project) Series 2001 VRDN, | ||||||
0.45%, 11/26/10(a) | 5,300 | 5,300,000 | ||||
| 8,110,000 | ||||||
Texas — 5.6% | ||||||
Brazos River Harbor Navigation District Brazoria County RB (BASF Corp. Project) Series 2002 AMT VRDN, | ||||||
0.45%, 5/07/10(a) | 5,000 | 5,000,000 | ||||
Gulf Coast Waste Disposal Authority Environmental Facilities RB (Exxon Mobil Project) Series 2001B AMT VRDN, | ||||||
0.24%, 5/03/10(a) | 50 | 50,000 | ||||
Northwest ISD GO Series 2008 ROC-RR-II-R- 11539PB VRDN (PSF-GTD Insurance, PB Capital Corp. Liquidity Facility), | ||||||
0.34%, 5/07/10(a)(b) | 12,570 | 12,570,000 | ||||
San Marcos IDRB (TB Woods, Inc. Project) Series 1999 AMT VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.45%, 5/07/10(a) | 3,000 | 3,000,000 | ||||
South Plains Housing Corp. Single Family Mortgage RB MERLOTS Trust Receipts Series 2002A-11 AMT VRDN (Ginnie Mae/Fannie Mae Guaranty, Wells Fargo Bank N.A. SBPA), | ||||||
0.37%, 5/07/10(a)(b) | 690 | 690,000 | ||||
Texas GO SPEARS (Water Financial Assistance Project) Series 2008DB-499 AMT VRDN (Deutsche Bank A.G. SBPA), | ||||||
0.33%, 5/07/10(a)(b) | 2,400 | 2,400,000 | ||||
Texas Public Finance Authority GO Series 2009A MB, | ||||||
2.50%, 10/01/10 | 205 | 206,955 | ||||
Texas RB Series 2009 TRAN, | ||||||
2.50%, 8/31/10 | 30,000 | 30,203,415 | ||||
| 54,120,370 | ||||||
Virginia — 3.7% | ||||||
Fairfax County Economic Development Authority Health Care Facilities RB (Capital Hospice Project) Series 2009 VRDN (Branch Banking & Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 1,000 | 1,000,000 | ||||
Fairfax County IDA RB (Inova Health Systems Project) Series 2005A-1 VRDN (TD Bank N.A. SBPA), | ||||||
0.28%, 5/07/10(a) | 23,120 | 23,120,000 | ||||
Fairfax County IDA RB (Inova Health Systems Project) Series 2010A-1 VRDN, | ||||||
0.42%, 11/26/10(a) | 1,500 | 1,500,000 | ||||
Norfolk Economic Development Authority Hospital Facilities RB (Sentara Healthcare Project) Series 2009A Mandatory Put Bonds, | ||||||
0.23%, 5/05/10 | 1,000 | 1,000,000 | ||||
Richmond IDRB (PM Beef Co. Project) Series 1997 AMT VRDN (U.S. Bank N.A. LOC), | ||||||
0.56%, 5/07/10(a) | 1,400 | 1,400,000 | ||||
Virginia College Building Authority Educational Facilities RB (University of Richmond Project) Series 2006 VRDN (Wells Fargo Bank N.A. SBPA), | ||||||
0.29%, 5/03/10(a) | 3,000 | 3,000,000 | ||||
Virginia Housing Development Authority RB MERLOTS Trust Receipts Series 2006B-16 AMT VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.37%, 5/07/10(a)(b) | 45 | 45,000 | ||||
Virginia Housing Development Authority RB MERLOTS Trust Receipts Series 2006B-22 AMT VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.37%, 5/07/10(a)(b) | 4,405 | 4,405,000 | ||||
Virginia Small Business Financing Authority RB (Coastal Development Group Project) Series 1989 AMT VRDN (Bank of America N.A. LOC), | ||||||
1.10%, 5/07/10(a) | 20 | 20,000 | ||||
| 35,490,000 | ||||||
See Notes to Financial Statements.
| 28 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Schedule of Investments (concluded) | MuniCash | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | ||||||
Municipal Bonds | |||||||
Washington — 1.1% | |||||||
Port of Seattle RB Municipal Trust Receipts Floaters Series 2009-3003 VRDN (Morgan Stanley Municipal Funding Liquidity Facility), | |||||||
0.33%, 5/07/10(a)(b) | $ | 10,425 | $ | 10,425,000 | |||
Yakima County Public Corp. RB (Michelsen Packaging Co. Project) Series 2000 AMT VRDN (Bank of America N.A. LOC), | |||||||
0.45%, 5/07/10(a) | 120 | 120,000 | |||||
| 10,545,000 | |||||||
West Virginia — 1.1% | |||||||
West Virginia Economic Development Authority Solid Waste Disposal Facilities RB (Appalachian Power Co. Project) Series 2009A VRDN (Royal Bank of Scotland LOC), | |||||||
0.30%, 5/07/10(a) | 3,000 | 3,000,000 | |||||
West Virginia State Parkways Economic Development & Tourism Authority RB Series 2008 (GO of Authority, Dexia Credit Local SBPA), | |||||||
0.31%, 5/07/10(a) | 7,800 | 7,800,000 | |||||
| 10,800,000 | |||||||
Wisconsin — 0.8% | |||||||
Green Bay Area Public School District RB Series 2009 TRAN, | |||||||
2.00%, 6/25/10 | 4,000 | 4,009,357 | |||||
Marshfield Housing Authority RB (Wildwood Regency Project) Series 2003 AMT VRDN (U.S. Bank N.A. LOC), | |||||||
0.55%, 5/07/10(a) | 2,385 | 2,385,000 | |||||
Oshkosh IDRB (Oshkosh Coil Spring Project) Series 2000A AMT VRDN (Bank One N.A. LOC), | |||||||
0.85%, 5/07/10(a) | 1,540 | 1,540,000 | |||||
| 7,934,357 | |||||||
Wyoming — 0.4% | |||||||
Green River Solid Waste Disposal RB (OCI Wyoming LP Project) Series 1997 VRDN (Comerica Bank N.A. LOC), | |||||||
0.50%, 5/07/10(a) | 4,000 | 4,000,000 | |||||
| Closed-End Investment Companies | |||||||
Multi-State — 1.3% | |||||||
Nuveen Municipal Advantage Fund, Inc. Series 2010 VRDP (JPMorgan Chase Bank Liquidity Facility), | |||||||
0.45%, 5/07/10(a) | 9,800 | 9,800,000 | |||||
Nuveen Municipal Market Opportunities Fund, Inc. Series 2010-3509 VRDP (Deutsche Bank A.G. Liquidity Facility), | |||||||
0.45%, 5/07/10(a) | 2,900 | 2,900,000 | |||||
| 12,700,000 | |||||||
Total Investments | 976,855,491 | ||||||
Liabilities in Excess of Other Assets — (0.4)% | (4,375,118 | ) | |||||
Net Assets — 100.0% | $ | 972,480,373 | |||||
| * | Cost for federal income tax purposes. |
| (a) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
| (b) | These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. |
| (c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| • | Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows: |
| • | Level 1 – price quotations in active markets/exchanges for identical assets and liabilities |
| • | Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| • | Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments) |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Fund’s investments:
| Investments in Securities | ||||||||||
Valuation Inputs | Level 1 | Level 21 | Level 3 | Total | ||||||
Assets: | ||||||||||
Total Investments. | — | $ | 976,855,491 | — | $ | 976,855,491 | ||||
| 1 | See above Schedule of Investments for values in each state or political subdivision. |
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 29 |
Table of Contents
| Schedule of Investments April 30, 2010 (Unaudited) | MuniFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Municipal Bonds | ||||||
Alabama — 0.6% | ||||||
Huntsville IDRB (Brown Precision Project) Series 2009 VRDN (Federal Home Loan Bank LOC, First Commercial Bank LOC), | ||||||
0.33%, 5/07/10(a) | $ | 6,640 | $ | 6,640,000 | ||
Mobile Industrial Development Board PCRB (Alabama Power Co. Barry Plant Project) Series 2008 (Southern Companies Guaranty), | ||||||
1.40%, 7/15/10(a) | 7,500 | 7,500,000 | ||||
Mobile Industrial Development Board RB (Alabama Power Co. Barry Plant Project) Series 2009 MB (Southern Companies Guaranty), | ||||||
1.40%, 3/19/11(a) | 2,900 | 2,900,000 | ||||
Taylor-Ryan Improvement District RB Series 2005 VRDN (Federal Home Loan Bank LOC, Columbus Bank & Trust LOC), | ||||||
0.30%, 5/07/10(a) | 13,800 | 13,800,000 | ||||
| 30,840,000 | ||||||
Alaska — 0.2% | ||||||
Alaska Housing Finance Corp. RB Municipal Trust Receipts Floaters Series 2009-3001 VRDN (Morgan Stanley Municipal Funding Liquidity Facility), | ||||||
0.31%, 5/07/10(a)(b) | 10,365 | 10,365,000 | ||||
Arizona — 1.0% | ||||||
Branch Banking & Trust RB Municipal Trust Receipts Floaters Series 2007-2003 VRDN (Branch Banking & Trust Co. Liquidity Facility), | ||||||
0.34%, 5/07/10(a)(b) | 9,395 | 9,395,000 | ||||
Chandler GO Municipal Trust Receipts Floaters Series 2007-49TP VRDN (Wells Fargo Bank N.A. Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 775 | 775,000 | ||||
Pinal County Electrical District No. 3 RB Series 2006U-1 VRDN (Bank of America N.A. SBPA), | ||||||
0.39%, 5/07/10(a) | 11,100 | 11,100,000 | ||||
Salt River Project Agricultural Improvement & Power District RB Municipal Trust Receipts Floaters Series 2005-1076 VRDN (Morgan Stanley Municipal Funding Liquidity Facility), | ||||||
0.33%, 5/07/10(a)(b) | 4,850 | 4,850,000 | ||||
Tempe IDA Senior Living RB (Friendship Village Project) Series 2002C VRDN (Sovereign Bank FSB LOC, Banco Santander LOC), | ||||||
0.30%, 5/07/10(a) | 13,725 | 13,725,000 | ||||
Tempe IDRB (Arizona State University Football Brickyard Project) Series 2004A VRDN (Bank of America N.A. LOC), | ||||||
0.33%, 5/07/10(a) | 7,400 | 7,400,000 | ||||
| 47,245,000 | ||||||
Arkansas — 0.0% | ||||||
Fort Smith Sales & Use Tax RB Series 2010 MB, | ||||||
2.00%, 9/01/10 | 1,330 | 1,336,254 | ||||
California — 8.4% | ||||||
Bay Area Toll Authority Toll Bridge RB (San Francisco Bay Area Project) Series 2006C-2 VRDN (Lloyds Banking Group Plc Liquidity Facility), | ||||||
0.22%, 5/07/10(a) | 30,000 | 30,000,000 | ||||
California Communities Note Program RB (Tulare County Project) Series 2009A5 TRAN, | ||||||
2.00%, 6/30/10 | 5,900 | 5,914,180 | ||||
California GO (Daily Kindergarten University Project) Series 2004B-1 VRDN (Citibank N.A. LOC), | ||||||
0.24%, 5/03/10(a) | 24,930 | 24,930,000 | ||||
California GO Municipal Trust Receipts Floaters Series 2007-2178 VRDN (Wells Fargo Bank N.A. Guaranty, Wells Fargo Bank N.A. Liquidity Facility), | ||||||
0.35%, 5/07/10(a)(b) | 5,100 | 5,100,000 | ||||
California GO Municipal Trust Receipts Floaters Series 2008-2661 VRDN (Wells Fargo Bank N.A. Liquidity Facility, Wells Fargo Bank N.A. Guaranty), | ||||||
0.35%, 5/07/10(a)(b) | 39,300 | 39,300,000 | ||||
California GO Municipal Trust Receipts Floaters Series 2008DCL-009 VRDN (AGM Insurance, Dexia Credit Local Liquidity Facility), | ||||||
0.50%, 5/07/10(a)(b) | 109,930 | 109,930,000 | ||||
California School Cash Reserve Program Authority RB Series 2009-10A TRAN, | ||||||
2.50%, 7/01/10 | 31,900 | 32,000,646 | ||||
East Bay Municipal Utility District Water System Series 2010 TECP, | ||||||
0.39%, 5/17/10 | 10,900 | 10,900,000 | ||||
Golden State Tobacco Securitization Corp. RB Municipal Trust Receipts Floaters Series 2008-2954 VRDN (Morgan Stanley Municipal Funding Liquidity Facility, Morgan Stanley Municipal Funding Guaranty), | ||||||
0.37%, 5/07/10(a)(b) | 27,361 | 27,361,000 | ||||
Los Angeles GO Series 2009 TRAN, | ||||||
2.50%, 5/28/10 | 24,800 | 24,837,074 | ||||
Los Angeles Unified School District GO Series 2009A TRAN, | ||||||
2.00%, 8/12/10 | 12,900 | 12,949,899 | ||||
Metropolitan Water District of Southern California Waterworks RB Series 2005B-2 VRDN (Citibank N.A. LOC), | ||||||
0.28%, 5/03/10(a) | 20,500 | 20,500,000 | ||||
San Francisco City & County Airports Commission RB Series 2009A Municipal Put Bonds, | ||||||
0.75%, 9/15/10(a) | 6,500 | 6,500,000 | ||||
San Francisco County Transportation TECP: | ||||||
0.35%, 6/09/10 | 50,250 | 50,250,000 | ||||
0.40%, 8/12/10 | 4,585 | 4,585,000 | ||||
| 405,057,799 | ||||||
Colorado — 4.3% | ||||||
Alamosa County Hospital RB (San Luis Valley Regional Medical Center Project) Series 2005 VRDN (U.S. Bank N.A. LOC), | ||||||
0.32%, 5/07/10(a) | 9,930 | 9,930,000 | ||||
Alamosa County Hospital RB (San Luis Valley Regional Medical Center Project) Series 2007 VRDN (U.S. Bank N.A. LOC), | ||||||
0.32%, 5/07/10(a) | 6,180 | 6,180,000 | ||||
Aurora Centretech Metropolitan District GO Series 1998 VRDN (U.S. Bank N.A. LOC), | ||||||
0.31%, 5/07/10(a) | 3,170 | 3,170,000 | ||||
Base Village Metropolitan District No. 2 RB Series 2008A VRDN (U.S. Bank N.A. LOC), | ||||||
0.31%, 5/07/10(a) | 4,835 | 4,835,000 | ||||
Base Village Metropolitan District No. 2 RB Series 2008B VRDN (U.S. Bank N.A. LOC), | ||||||
0.31%, 5/07/10(a) | 6,510 | 6,510,000 | ||||
Colorado Educational & Cultural Facilities Authority RB (Northwest University Project) Series 2007 VRDN (Bank of America N.A. LOC), | ||||||
0.30%, 5/07/10(a) | 22,485 | 22,485,000 | ||||
Colorado Educational & Cultural Facilities Authority RB (Southeastern California Conference of Seventh-Day Adventists Projects) Series 2008 VRDN (Bank of America N.A. LOC), | ||||||
0.30%, 5/07/10(a) | 32,330 | 32,330,000 | ||||
Colorado Health Facilities Authority RB (Covenant Retirement Project) Series 1999A VRDN (LaSalle Bank N.A. LOC), | ||||||
0.30%, 5/07/10(a) | 5,875 | 5,875,000 | ||||
See Notes to Financial Statements.
| 30 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Schedule of Investments (continued) | MuniFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Municipal Bonds | ||||||
Colorado (concluded) | ||||||
Colorado Health Facilities Authority RB (Frasier Meadows Community Project) Series 2008 VRDN (JPMorgan Chase Bank LOC), | ||||||
0.30%, 5/07/10(a) | $ | 8,000 | $ | 8,000,000 | ||
Colorado Housing & Finance Authority RB (Single Family Mortgage Project) Series 2006-1B2 VRDN (Federal Home Loan Bank SBPA), | ||||||
0.28%, 5/07/10(a) | 5,125 | 5,125,000 | ||||
Colorado Housing & Finance Authority RB Series 2006-1A2 VRDN (Federal Home Loan Bank SBPA), | ||||||
0.34%, 5/07/10(a) | 5,750 | 5,750,000 | ||||
Colorado RB Series 2010 TRAN (State Aid Withholding Insurance), | ||||||
1.50%, 8/12/10 | 6,900 | 6,924,094 | ||||
Colorado Springs Utilities RB Series 2004A VRDN (Dexia Credit Local SBPA), | ||||||
0.33%, 5/07/10(a) | 49,500 | 49,500,000 | ||||
Colorado Springs Utilities RB Series 2009C VRDN (Bank of Nova Scotia SBPA), | ||||||
0.28%, 5/07/10(a) | 11,000 | 11,000,000 | ||||
Commerce City Northern Infrastructure General Improvement District GO Series 2008 VRDN (U.S. Bank N.A. LOC), | ||||||
0.31%, 5/07/10(a) | 8,625 | 8,625,000 | ||||
Denver COP Series 2000A MB, | ||||||
5.50%, 5/03/10 | 2,325 | 2,325,000 | ||||
Denver Urban Renewal Authority Tax Increment RB Series 2008A-2 VRDN (U.S. Bank N.A. LOC), | ||||||
0.30%, 5/07/10(a) | 9,800 | 9,800,000 | ||||
Meridian Health System GO Series 2009 VRDN (U.S. BANK N.A. LOC), | ||||||
0.31%, 5/07/10(a) | 2,135 | 2,135,000 | ||||
Parker Automotive Metropolitan District GO Series 2005 VRDN (U.S. Bank N.A. LOC), | ||||||
0.31%, 5/07/10(a) | 3,200 | 3,200,000 | ||||
Southglenn Metropolitan District RB Series 2007 VRDN (BNP Paribas LOC), | ||||||
0.31%, 5/07/10(a) | 3,100 | 3,100,000 | ||||
| 206,799,094 | ||||||
Connecticut — 0.9% | ||||||
Connecticut GO Series 2010A BAN, | ||||||
2.00%, 5/19/11 | 7,250 | 7,367,536 | ||||
Connecticut Health & Educational Facilities Authority RB (Yale University Project) Series 2005Y-3 VRDN, | ||||||
0.24%, 5/03/10(a) | 30,000 | 30,000,000 | ||||
Waterford Township GO Series 2009 BAN, | ||||||
1.50%, 8/12/10 | 4,900 | 4,913,338 | ||||
| 42,280,874 | ||||||
Delaware — 0.1% | ||||||
Delaware Economic Development Authority RB (Kentmere Nursing Care Project) Series 2006 VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.37%, 5/07/10(a) | 2,115 | 2,115,000 | ||||
Sussex County IDRB (Rehoboth Mall Project) Series 2001A VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.35%, 5/07/10(a) | 2,125 | 2,125,000 | ||||
| 4,240,000 | ||||||
District of Columbia — 1.6% | ||||||
District of Columbia GO Municipal Trust Receipts Floaters Series 2008-2934 VRDN (HypoVereinsbank Liquidity Facility, UniCredit SpA Guaranty), | ||||||
0.40%, 5/07/10(a)(b)(c) | 10,875 | 10,875,000 | ||||
District of Columbia GO Series 2008C-1 VRDN (TD Bank N.A. LOC), | ||||||
0.30%, 5/07/10(a) | 8,000 | 8,000,000 | ||||
District of Columbia RB (American Assoc. Homes & Services Project) Series 2005A VRDN (Sovereign Bank LOC, Unicredito Italiano SpA LOC), | ||||||
0.65%, 5/07/10(a) | 11,090 | 11,090,000 | ||||
District of Columbia RB (Arts & Technology Academy Project) Series 2002 VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 3,230 | 3,230,000 | ||||
District of Columbia RB (Community Connections Real Estate Foundation Issue Project) Series 2007A VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 7,100 | 7,100,000 | ||||
District of Columbia RB (Georgetown University Project) Series 2009B VRDN (TD Bank N.A. LOC), | ||||||
0.26%, 5/07/10(a) | 8,050 | 8,050,000 | ||||
District of Columbia RB (Internships & Academic Center Project) Series 2006 VRDN (Branch Banking & Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 1,700 | 1,700,000 | ||||
District of Columbia RB (Washington Center Internship Project) Series 2009 VRDN (Branch Banking & Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 4,000 | 4,000,000 | ||||
Wells Fargo Stage Trust RB Municipal Trust Receipts Floaters Series 2008-57C VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.30%, 5/07/10(a)(b) | 24,995 | 24,995,000 | ||||
| 79,040,000 | ||||||
Florida — 7.5% | ||||||
Branch Banking & Trust RB Municipal Trust Receipts Floaters Series 2009-1034 VRDN (Branch Banking & Trust Co. LOC, Branch Banking & Trust Co. Liquidity Facility), | ||||||
0.37%, 5/07/10(a)(b)(c) | 6,148 | 6,147,500 | ||||
Brevard County Health Facilities Authority RB (Retirement Housing Foundation Project) Series 2008 VRDN (KBC Bank N.V. LOC), | ||||||
0.30%, 5/07/10(a) | 6,400 | 6,400,000 | ||||
Broward County Professional Sports Facilities RB SPEARS (Civic Arena Project) Series 2008DB-487 VRDN (Deutsche Bank A.G. Guaranty, Deutsche Bank A.G. Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 7,075 | 7,075,000 | ||||
Florida State Board of Education GO (Capital Outlay Project) Series 2005D MB, | ||||||
5.00%, 6/01/10 | 1,035 | 1,039,020 | ||||
Florida State Board of Education GO (Capital Outlay Project) Series 2008C MB, | ||||||
5.00%, 6/01/10 | 5,320 | 5,340,587 | ||||
Florida State Board of Education GO (Public Education Project) Series 2000E MB, | ||||||
5.62%, 6/01/10 | 3,000 | 3,043,645 | ||||
Fort Pierce Redevelopment Agency RB Eclipse Funding Trust Series 2006-0130 VRDN (U.S. bank N.A. LOC, U.S. Bank N.A. Liquidity Facility), | ||||||
0.31%, 5/07/10(a)(b) | 3,925 | 3,925,000 | ||||
Hernando County Water & Sewer RB Eclipse Funding Trust Series 2006-0035 VRDN (U.S. Bank N.A. LOC, U.S. Bank N.A. Liquidity Facility), | ||||||
0.31%, 5/07/10(a)(b) | 10,325 | 10,325,000 | ||||
Highlands County Health Facilities Authority RB (Adventist Health Systems Project) Series 2007D VRDN (Bank of America N.A. LOC), | ||||||
0.31%, 5/07/10(a) | 32,950 | 32,950,000 | ||||
Jacksonville Economic Development Commission Hospital RB (Shands Medical Center Inc. Project) Series 2008 VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.29%, 5/07/10(a) | 12,400 | 12,400,000 | ||||
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 31 |
Table of Contents
| Schedule of Investments (continued) | MuniFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Municipal Bonds | ||||||
Florida (continued) | ||||||
Jacksonville Health Facilities Authority Hospital RB (Baptist Medical Center Project) Series 2007D VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.29%, 5/03/10(a) | $ | 7,800 | $ | 7,800,000 | ||
JEA Electrical System RB Series 2008-3B1 VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.30%, 5/07/10(a) | 18,665 | 18,665,000 | ||||
Lee County Healthcare Facilities IDRB (Shell Point Project) Series 2002A VRDN (Bank of America N.A. LOC), | ||||||
0.31%, 5/07/10(a) | 17,125 | 17,125,000 | ||||
Lee Memorial Health System RB Series 2009C VRDN (Northern Trust Co. LOC), | ||||||
0.28%, 5/07/10(a) | 1,930 | 1,930,000 | ||||
Martin County Health Facilities Authority RB (Martin Memorial Medical Center Project) Series 2007B VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.30%, 5/07/10(a) | 15,355 | 15,355,000 | ||||
Miami-Dade County Educational Facilities Authority RB Municipal Trust Receipts Floaters Series 2008-2710 VRDN (Wells Fargo Bank N.A. Liquidity Facility, Wells Fargo Bank N.A. Guaranty), | ||||||
0.31%, 5/07/10(a)(b) | 7,410 | 7,410,000 | ||||
Miami-Dade County School Board COP Eclipse Funding Trust Series 2007A VRDN (U.S. Bank N.A. LOC), | ||||||
0.31%, 5/07/10(a)(b) | 2,530 | 2,530,000 | ||||
Orange County Health Facilities Authority RB (Presbyterian Retirement Project) Series 2006A VRDN (Branch Banking & Trust Co. LOC), | ||||||
0.29%, 5/07/10(a) | 7,400 | 7,400,000 | ||||
Orlando & Orange County Expressway Authority RB Series 2003C-2 VRDN (AGM Insurance, Dexia Credit Local SBPA), | ||||||
0.32%, 5/07/10(a) | 65,900 | 65,900,000 | ||||
Orlando & Orange County Expressway Authority RB Series 2003C-4 VRDN (AGM Insurance, Dexia Credit Local SBPA), | ||||||
0.30%, 5/07/10(a) | 20,000 | 20,000,000 | ||||
Orlando County Utilities Commission Water & Electric RB Municipal Trust Receipts Floaters Series 2009-3023 VRDN (Morgan Stanley Municipal Funding Liquidity Facility), | ||||||
0.31%, 5/07/10(a)(b) | 8,000 | 8,000,000 | ||||
Orlando Utilities Commission Utilities System RB Series 2009B-1 MB, | ||||||
2.00%, 6/01/10 | 43,000 | 43,056,376 | ||||
Palm Beach County Housing Finance Authority RB (Emerald Bay Club Apartments Project) Series 2004 VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.30%, 5/07/10(a) | 9,500 | 9,500,000 | ||||
Palm Beach County RB (Morse Obligation Group Project) Series 2003 VRDN (TD Bank N.A. LOC), | ||||||
0.30%, 5/07/10(a) | 19,530 | 19,530,000 | ||||
Palm Beach County RB (Pine Crest Preparatory Project) Series 2008 VRDN (Bank of America N.A. LOC), | ||||||
0.33%, 5/07/10(a) | 7,700 | 7,700,000 | ||||
Palm Beach County RB PUTTERS Series 2008-2622 VRDN (JPMorgan Chase Bank Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 2,765 | 2,765,000 | ||||
Palm Beach RB Series 2008 MB, | ||||||
4.00%, 5/03/10 | 1,020 | 1,020,000 | ||||
Pinellas County Health Facilities Authority RB (Baycare Health System Issue Project) Series 2009A-2 VRDN (Northern Trust Co. LOC), | ||||||
0.29%, 5/07/10(a) | 9,750 | 9,750,000 | ||||
South Miami Health Facilities Authority RB Municipal Trust Receipts Floaters Series 2008-2749 VRDN (Morgan Stanley Municipal Funding Liquidity Facility), | ||||||
0.31%, 5/07/10(a)(b) | 5,335 | 5,335,000 | ||||
South Miami Health Facilities Authority RB PUTTERS (Baptist Health Project) Series 2008-2473 VRDN (JPMorgan Chase Bank Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 1,035 | 1,035,000 | ||||
| 360,452,128 | ||||||
Georgia — 1.6% | ||||||
Burke County Development Authority PCRB (Georgia Power Co. Plant Vogtle Project) Series 2009-1st VRDN, | ||||||
0.25%, 5/03/10(a) | 23,275 | 23,275,000 | ||||
Columbus Downtown Development Authority RB Series 2009 VRDN (Columbus Bank & Trust LOC, Federal Home Loan Bank Guaranty), | ||||||
0.30%, 5/07/10(a) | 2,100 | 2,100,000 | ||||
Forsyth County Development Authority RB (Pinecrest Academy, Inc. Project) Series 2000D VRDN (Branch Banking & Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 1,000 | 1,000,000 | ||||
Fulton County Development Authority RB (Mount Vernon Presbyterian School Project) Series 2005 VRDN (Branch Banking & Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 3,000 | 3,000,000 | ||||
Gainesville & Hall County Development Authority RB (Senior Living Facility—Lanier Village Project) Series 2003B VRDN (TD Bank N.A. LOC), | ||||||
0.25%, 5/03/10(a) | 7,700 | 7,700,000 | ||||
Georgia Municipal Electric Authority RB (Georgia Power Co. Plant Vogtle Project) Series 2009A BAN: | ||||||
1.50%, 5/25/10 | 6,950 | 6,954,087 | ||||
2.00%, 6/21/10 | 12,760 | 12,786,934 | ||||
Georgia Municipal Electric Authority RB Series 2008B-1 VRDN (Dexia Credit Local LOC), | ||||||
0.30%, 5/07/10(a) | 7,000 | 7,000,000 | ||||
Georgia RB Series 2000D MB, | ||||||
5.00%, 10/01/10 | 250 | 254,875 | ||||
Gwinnett County Hospital Authority RB (Gwinnett Hospital System Project) Series 2008C VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.30%, 5/07/10(a) | 11,530 | 11,530,000 | ||||
| 75,600,896 | ||||||
Hawaii — 0.0% | ||||||
Hawaii Department of Budget & Finance RB (Hawaii Pacific Health Project) Series 2009A-2 VRDN (Union Bank N.A. LOC), | ||||||
0.28%, 5/07/10(a) | 2,500 | 2,500,000 | ||||
Idaho — 0.3% | ||||||
Idaho Health Facilities Authority RB (St. Lukes Health System Project) Series 2009B VRDN (Harris N.A. LOC), | ||||||
0.30%, 5/07/10(a) | 13,000 | 13,000,000 | ||||
Illinois — 3.9% | ||||||
Chicago Board of Education GO Series 2010-B VRDN (JPMorgan Chase Bank LOC), | ||||||
0.24%, 5/03/10(a) | 13,800 | 13,800,000 | ||||
Chicago GO (Neighborhoods Alive Project) Series 2002B-4 VRDN (Bank of New York LOC), | ||||||
0.25%, 5/03/10(a) | 5,185 | 5,185,000 | ||||
Chicago GO (Neighborhoods Alive Project) Series 2002B-5 VRDN (Northern Trust Co. LOC), | ||||||
0.25%, 5/03/10(a) | 6,450 | 6,450,000 | ||||
Chicago GO Municipal Trust Receipts Floaters Series 2008A VRDN (Societe Generale LOC, Societe Generale Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 3,270 | 3,270,000 | ||||
Decatur Park GO Series 2010A MB, | ||||||
1.50%, 12/15/10 | 2,125 | 2,138,927 | ||||
See Notes to Financial Statements.
| 32 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Schedule of Investments (continued) | MuniFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Municipal Bonds | ||||||
Illinois (concluded) | ||||||
Illinois Educational Facilities Authority RB (Benedictine University Project) Series 2000 VRDN (U.S. Bank N.A. LOC), | ||||||
0.29%, 5/07/10(a) | $ | 11,000 | $ | 11,000,000 | ||
Illinois Finance Authority RB (Benedictine University Project) Series 2006 VRDN (U.S. Bank N.A. LOC), | ||||||
0.29%, 5/07/10(a) | 5,900 | 5,900,000 | ||||
Illinois Finance Authority RB (Evanston Northwestern Healthcare Corp. Project) Series 2001C VRDN (JPMorgan Chase Bank SBPA), | ||||||
0.27%, 5/03/10(a) | 20,800 | 20,800,000 | ||||
Illinois Finance Authority RB (Rest Haven Christian Service Project) Series 2005B VRDN (Banco Santander LOC, Soveriegn Bank FSB LOC), | ||||||
0.30%, 5/07/10(a) | 645 | 645,000 | ||||
Illinois Finance Authority RB (The Landing at Plymouth Place Project) Series 2005B VRDN (Banco Santander LOC, Soveriegn Bank FSB LOC), | ||||||
0.30%, 5/07/10(a) | 10,000 | 10,000,000 | ||||
Illinois Toll Highway Authority RB Series 2007A-1 VRDN (Dexia Credit Local SBPA), | ||||||
0.33%, 5/07/10(a) | 52,245 | 52,245,000 | ||||
Illinois Toll Highway Authority RB Series 2008A-1 VRDN (AGM Insurance, Dexia Credit Local SBPA), | ||||||
0.33%, 5/07/10(a) | 40,000 | 40,000,000 | ||||
Regional Transit Authority RB Series 2005-B1 VRDN (RTA Guaranty), | ||||||
0.75%, 1/25/11(a) | 16,200 | 16,200,000 | ||||
Regional Transportation Authority RB Municipal Trust Receipts Floaters Series 2008-55A VRDN (Societe Generale LOC, Societe Generale Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 2,420 | 2,420,000 | ||||
| 190,053,927 | ||||||
Indiana — 2.7% | ||||||
Fort Wayne RB (University of St. Francis Project) Series 2008 VRDN (JPMorgan Chase Bank LOC), | ||||||
0.29%, 5/07/10(a) | 1,800 | 1,800,000 | ||||
Indiana Finance Authority RB (Ascension Health Senior Credit Group Project) Series 2008E-8 MB, | ||||||
0.33%, 6/15/10(a) | 5,750 | 5,750,000 | ||||
Indiana Finance Authority RB (Ascension Health Senior Credit Group Project) Series 2009E-4 MB, | ||||||
0.39%, 5/17/10(a) | 8,000 | 8,000,000 | ||||
Indiana Finance Authority RB (Duke Energy Indiana, Inc. Project) Series 2009A-5 VRDN (Bank of America N.A. LOC), | ||||||
0.29%, 5/03/10(a) | 20,100 | 20,100,000 | ||||
Indiana Finance Authority RB (Hamilton Grove Project) Series 2008A VRDN (LaSalle Bank N.A. LOC), | ||||||
0.30%, 5/07/10(a) | 12,665 | 12,665,000 | ||||
Indiana Finance Authority RB (Lease Appropriation Project) Series 2005A-5 VRDN (Bank of New York SBPA), | ||||||
0.27%, 5/03/10(a) | 66,950 | 66,950,000 | ||||
Indiana Finance Authority RB (Marquette Project) Series 2009A VRDN (Branch Banking & Trust Co. LOC), | ||||||
0.32%, 5/07/10(a) | 5,345 | 5,345,000 | ||||
Indiana Health Facilities Financing Authority RB (Ascension Health Project) Series 2003E-6, | ||||||
0.39%, 3/15/11(a) | 6,000 | 6,000,000 | ||||
Wells Fargo Stage Trust RB Municipal Trust Receipts Floaters Series 2009-55C VRDN (Wells Fargo Bank N.A. Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 4,860 | 4,860,000 | ||||
| 131,470,000 | ||||||
Iowa — 0.3% | ||||||
Iowa Finance Authority Senior RB (Iowa School Project) Series 2009A RAN, | ||||||
2.50%, 6/23/10 | 7,350 | 7,370,690 | ||||
Iowa Higher Education Loan Authority RB (Loras College Project) Series 2006 VRDN (LaSalle Bank N.A. LOC), | ||||||
0.27%, 5/03/10(a) | 8,000 | 8,000,000 | ||||
| 15,370,690 | ||||||
Kansas — 0.3% | ||||||
Kansas Development Finance Authority RB (Village Shalom Obligated Group Project) Series 1988BB VRDN (Banco Santander LOC, Sovereign Bank FSB LOC), | ||||||
0.30%, 5/03/10(a) | 10,085 | 10,085,000 | ||||
Lenexa RB Series 2007-302 VRDN (Bank of America N.A. Liquidity Facility), | ||||||
0.32%, 5/07/10(a) | 3,850 | 3,850,000 | ||||
| 13,935,000 | ||||||
Kentucky — 0.2% | ||||||
Fort Mitchell League of Cities RB (Funding Trust Lease Project) Series 2002A VRDN (U.S. Bank N.A. LOC), | ||||||
0.28%, 5/07/10(a) | 3,255 | 3,255,000 | ||||
Lexington-Fayette Urban County Government GO Series 2009C BAN, | ||||||
1.00%, 7/15/10 | 8,000 | 8,005,221 | ||||
| 11,260,221 | ||||||
Louisiana — 3.0% | ||||||
Eclipse Funding Trust RB (Solar Eclipse Project) Series 2007-0042 VRDN (U.S. Bank N.A. LOC), | ||||||
0.31%, 5/07/10(a)(b) | 21,200 | 21,200,000 | ||||
Louisiana Housing & Finance Authority RB (Walmsley Multi-Family Housing Project) Series 2004 VRDN (Fannie Mae Guaranty), | ||||||
0.40%, 5/07/10(a) | 5,135 | 5,135,000 | ||||
Louisiana Local Government Environmental Facilities Community Development Authority RB (BASF Corp. Project) Series 2000B VRDN, | ||||||
0.42%, 5/07/10(a) | 7,500 | 7,500,000 | ||||
Louisiana Public Facilities Authority RB (Christus Health Project) Series 2009B-1 VRDN (Bank of New York LOC), | ||||||
0.28%, 5/07/10(a) | 3,000 | 3,000,000 | ||||
Louisiana Public Facilities Authority RB (Dynamic Fuels LLC Project) Series 2008 VRDN (JPMorgan Chase Bank LOC), | ||||||
0.26%, 5/03/10(a) | 30,000 | 30,000,000 | ||||
Monroe Sales & Use Tax RB Series 2007A VRDN (AGM Insurance, JPMorgan Chase Bank SBPA), | ||||||
0.50%, 5/07/10(a) | 27,040 | 27,040,000 | ||||
St. James Parish RB (Louisiana Sugar Refining Project) Series 2009 VRDN (Natixis LOC), | ||||||
0.35%, 5/07/10(a) | 41,500 | 41,500,000 | ||||
St. James Parish RB (Nustar Logistics Project) Series 2008 VRDN (JPMorgan Chase Bank LOC), | ||||||
0.30%, 5/07/10(a) | 10,000 | 10,000,000 | ||||
| 145,375,000 | ||||||
Maryland — 0.8% | ||||||
Anne Arundel County RB Series 1996 VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.37%, 5/07/10(a) | 4,465 | 4,465,000 | ||||
Baltimore County RB (Odyssey School Facility Project) Series 2001 VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 1,975 | 1,975,000 | ||||
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 33 |
Table of Contents
| Schedule of Investments (continued) | MuniFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Municipal Bonds | ||||||
Maryland (concluded) | ||||||
Carroll County RB (Fairhaven & Copper Project) Series 2004B VRDN (LaSalle Bank N.A. LOC), | ||||||
0.30%, 5/07/10(a) | $ | 6,240 | $ | 6,240,000 | ||
Howard County RB (Bluffs Hawthorne Project) Series 1995 VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.37%, 5/07/10(a) | 3,410 | 3,410,000 | ||||
Maryland Economic Development Corp. RB (American Health Assistance Foundation Facility Project) Series 2001 VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.35%, 5/07/10(a) | 1,560 | 1,560,000 | ||||
Maryland Economic Development Corp. RB (Assoc. of Catholic Charities Project) Series 1999A VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 1,875 | 1,875,000 | ||||
Maryland Economic Development Corp. RB (Local Government Insurance Trust Facility Project) Series 2007 VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 4,105 | 4,105,000 | ||||
Maryland Health & Higher Education Facilities Authority RB (The Norwood School) Series 1998 VRDN (Manufacturers Traders & Trust LOC), | ||||||
0.35%, 5/07/10(a) | 3,150 | 3,150,000 | ||||
Maryland Health & Higher Educational Facilities Authority RB (Pickersgill Project) Series 2005A VRDN (Branch Banking & Trust Co. LOC, Branch Banking & Trust Co. SBPA), | ||||||
0.30%, 5/07/10(a) | 3,280 | 3,280,000 | ||||
Maryland Industrial Development Financing Authority RB (Occidental Pete Corp. Project) Series 2010 VRDN, | ||||||
0.29%, 5/07/10(a) | 4,300 | 4,300,000 | ||||
Montgomery County RB (Imagination Stage, Inc. Facilities Project) Series 2002 VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.35%, 5/07/10(a) | 2,220 | 2,220,000 | ||||
Montgomery County RB (Ivymount School, Inc. Facilities Project) Series 2000 VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 2,300 | 2,300,000 | ||||
| 38,880,000 | ||||||
Massachusetts — 2.7% | ||||||
Massachusetts Bay Transportation Authority RB Series 2000A MB, | ||||||
5.75%, 7/01/10 | 1,110 | 1,119,705 | ||||
Massachusetts Bay Transportation Authority RB Series 2010A-7 VRDN, | ||||||
0.39%, 11/26/10(a) | 2,000 | 2,000,000 | ||||
Massachusetts Development Finance Agency RB (Boston University Project) Series 2008U-6A VRDN (Bank of America N.A. LOC), | ||||||
0.25%, 5/03/10(a) | 6,800 | 6,800,000 | ||||
Massachusetts Development Finance Agency RB (Custodial Receipts Project) Series 2007-344 VRDN (Bank of America N.A. LOC, Bank of America N.A. Liquidity Facility), | ||||||
0.39%, 5/07/10(a) | 49,175 | 49,175,000 | ||||
Massachusetts Development Finance Agency RB (Hillside School Project) Series 2007 VRDN (Sovereign Bank LOC, JPMorgan Chase Bank LOC), | ||||||
0.30%, 5/07/10(a) | 4,130 | 4,130,000 | ||||
Massachusetts Development Finance Agency RB (ISO New England, Inc. Project) Series 2005 VRDN (TD Bank N.A. LOC), | ||||||
0.28%, 5/07/10(a) | 2,280 | 2,280,000 | ||||
Massachusetts Water Resources Authority RB Series 2008A VRDN (Dexia Credit Local SBPA), | ||||||
0.31%, 5/07/10(a) | 64,275 | 64,275,000 | ||||
| 129,779,705 | ||||||
Michigan — 2.3% | ||||||
Holt Public Schools GO Series 2002 VRDN (Q-SBLF Insurance, Landesbank Hessen-Thuringen Girozentrale SBPA), | ||||||
0.35%, 5/07/10(a) | 27,235 | 27,235,000 | ||||
Lakeview School District GO (School Building & Site Project) Series 2002B VRDN (Q-SBLF Insurance, Landesbank Hessen-Thuringen Girozentrale Liquidity Facility), | ||||||
0.32%, 5/07/10(a) | 6,900 | 6,900,000 | ||||
Michigan Hospital Finance Authority RB (Ascension Health Senior Center Project) Series 2010F-6 VRDN, | ||||||
0.39%, 5/07/10(a) | 6,000 | 6,000,000 | ||||
Michigan Hospital Finance Authority RB (Ascension Health Senior Credit Group Project) Series 2010F-8 VRDN, | ||||||
0.39%, 11/26/10(a) | 4,520 | 4,520,000 | ||||
Michigan Municipal Bond Authority RB Series 2009C-2 BAN (JPMorgan Chase Bank LOC), | ||||||
2.50%, 8/20/10 | 9,600 | 9,647,762 | ||||
Michigan State Hospital Finance Authority RB (Ascension Health Project) Series 1999B-1 MB, | ||||||
0.28%, 7/06/10(a) | 7,000 | 7,000,000 | ||||
Michigan State Housing Development Authority RB Series 2009D VRDN (Fannie Mae LOC), | ||||||
0.35%, 5/07/10(a) | 2,300 | 2,300,000 | ||||
Saline Area Schools GO Series 2002 VRDN (Q-SBLF Insurance, Landesbank Hessen-Thuringen Girozentrale LOC), | ||||||
0.32%, 5/07/10(a) | 46,395 | 46,395,000 | ||||
| 109,997,762 | ||||||
Mississippi — 0.4% | ||||||
Mississippi Business Finance Commission RB (Peco Foods, Inc. Project) Series 2009 VRDN (Harris Bank N.A. LOC), | ||||||
0.31%, 5/07/10(a) | 14,650 | 14,650,000 | ||||
Mississippi Business Finance Corp. RB (Renaissance Project) Series 2009 VRDN (Regions Bank LOC, Federal Home Loan Bank LOC), | ||||||
0.29%, 5/07/10(a) | 4,100 | 4,100,000 | ||||
| 18,750,000 | ||||||
Missouri — 0.3% | ||||||
Missouri Health and Educational Facilities Authority RB (Ascension Health Credit Group Project) | ||||||
0.39%, 5/17/10(a) | 12,500 | 12,500,000 | ||||
Multi-State — 0.3% | ||||||
Branch Banking & Trust RB Municipal Trust Receipts Floaters Series 2008-5001 VRDN (Rabobank International LOC, Rabobank International Liquidity Facility), | ||||||
0.45%, 5/07/10(a)(b)(c) | 12,700 | 12,700,000 | ||||
Nebraska — 0.2% | ||||||
Lincoln Electric System RB Municipal Trust Receipts Floaters Series 2008-2900 VRDN (Morgan Stanley Municipal Funding Liquidity Facility), | ||||||
0.33%, 5/07/10(a)(b) | 8,500 | 8,500,000 | ||||
Omaha GO Series 2000-A, | ||||||
6.50%, 12/01/10 | 1,000 | 1,036,344 | ||||
| 9,536,344 | ||||||
Nevada — 1.2% | ||||||
Clark County Airport System Subordinate Lien RB Series 2009A RAN, | 46,000 | 46,154,931 | ||||
2.50%, 7/15/10 | ||||||
Clark County of Nevada GO Series 2000, | ||||||
5.50%, 7/01/10 | 1,000 | 1,008,681 | ||||
Clark County of Nevada GO Series 2000 NATL-RE, | ||||||
5.50%, 7/01/10 | 1,000 | 1,008,681 | ||||
See Notes to Financial Statements.
| 34 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Schedule of Investments (continued) | MuniFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Municipal Bonds | ||||||
Nevada (concluded) | ||||||
Clark County School District GO Series 2000A MB, | ||||||
6.00%, 6/15/10 | $ | 1,000 | $ | 1,006,691 | ||
Clark County School District GO SPEARS Series 2008DBE-668 VRDN (Deutsche Bank A.G. Guaranty, Deutsche Bank A.G. Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 7,125 | 7,125,000 | ||||
| 56,303,984 | ||||||
New Hampshire — 0.8% | ||||||
New Hampshire Business Finance Authority RB (Alice Peck Day Health Systems Project) Series 2008 VRDN (TD Banknorth N.A. LOC), | ||||||
0.29%, 5/03/10(a) | 6,000 | 6,000,000 | ||||
New Hampshire Business Finance Authority RB (Taylor Home Project) Series 2005A VRDN (TD Banknorth N.A. LOC), | ||||||
0.27%, 5/07/10(a) | 3,800 | 3,800,000 | ||||
New Hampshire Business Finance Authority RB (Taylor Home Project) Series 2005B VRDN (TD Banknorth N.A. LOC), | ||||||
0.27%, 5/07/10(a) | 4,165 | 4,165,000 | ||||
New Hampshire Health & Education Facilities Authority RB (RiverWoods-Exeter Project) Series 2003 VRDN (Fleet National Bank LOC), | ||||||
0.30%, 5/07/10(a) | 3,080 | 3,080,000 | ||||
New Hampshire Health & Education Facilities Authority RB (RiverWoods-Exeter Project) Series 2008 VRDN (Bank of America N.A. LOC), | ||||||
0.30%, 5/07/10(a) | 23,700 | 23,700,000 | ||||
| 40,745,000 | ||||||
New Jersey — 4.4% | ||||||
New Jersey Economic Development Authority RB (Facilities Construction Project) Sub-Series 2006R-1 VRDN (Bank of Nova Scotia LOC), | ||||||
0.25%, 5/03/10(a) | 26,730 | 26,730,000 | ||||
New Jersey Economic Development Authority RB (Facilities Construction Project) Sub-Series 2006R-2 VRDN (Bank of Nova Scotia LOC), | ||||||
0.24%, 5/03/10(a) | 22,800 | 22,800,000 | ||||
New Jersey Economic Development Authority RB Municipal Trust Receipts Floaters Series 2009-3008 VRDN (Morgan Stanley Municipal Funding Liquidity Facility, Morgan Stanley Municipal Funding Guaranty), | ||||||
0.37%, 5/07/10(a)(b)(c) | 8,562 | 8,562,500 | ||||
New Jersey Economic Development Authority RB Series 2009A RAN, | ||||||
2.50%, 6/18/10 | 31,850 | 31,932,866 | ||||
New Jersey Educational Facilities Authority RB (Princenton University Project) Series 2000E MB, | ||||||
5.25%, 7/01/10 | 2,885 | 2,908,743 | ||||
New Jersey GO Series 2009 TRAN, | ||||||
2.50%, 6/24/10 | 58,000 | 58,168,696 | ||||
New Jersey Health Care Facilities Financing Authority RB (Children Specialized Project) Series 2005B VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.25%, 5/07/10(a) | 7,580 | 7,580,000 | ||||
New Jersey Tobacco Settlement Financing Corp. RB Municipal Trust Receipts Floaters Series 2008-2959 VRDN (Morgan Stanley Municipal Funding Liquidity Facility, Morgan Stanley Municipal Funding Guaranty), | ||||||
0.37%, 5/07/10(a)(b)(c) | 5,200 | 5,200,000 | ||||
New Jersey Transportation Trust Fund Authority RB (Transportation System Project) Series 2009D VRDN (Sumitomo Mitsui Banking LOC), | ||||||
0.32%, 5/07/10(a) | 19,500 | 19,500,000 | ||||
New Jersey Transportation Trust Fund Authority RB SPEARS (Transportation System Project) Series 2007DB-447 VRDN (Deutsche Bank A.G. Guaranty, Deutsche Bank A.G. Liquidity Facility), | ||||||
0.29%, 5/07/10(a)(b) | 21,750 | 21,750,000 | ||||
North Brunswick Township GO Series 2010A BAN, | ||||||
1.50%, 8/13/10 | 5,600 | 5,619,489 | ||||
| 210,752,294 | ||||||
New York — 13.3% | ||||||
Branch Banking & Trust GO Municipal Trust Receipts Floaters 2007-2049 VRDN (AGM Insurance, Branch Banking & Trust Co. LOC, Branch Banking & Trust Co. Liquidity Facility), | ||||||
0.34%, 5/07/10(a)(b) | 205 | 205,000 | ||||
Cohoes Industrial Development Agency RB (Eddy Cohoes Project) Series 2008 VRDN (Bank of America N.A. LOC), | ||||||
0.27%, 5/07/10(a) | 28,750 | 28,750,000 | ||||
Metropolitan Transportation Authority RB Series 2002B VRDN (AGM Insurance, Dexia Credit Local SBPA), | ||||||
0.36%, 5/07/10(a) | 65,000 | 65,000,000 | ||||
Metropolitan Transportation Authority RB Series 2002D-2 VRDN (AGM Insurance, Dexia Credit Local SBPA), | ||||||
0.30%, 5/07/10(a) | 27,885 | 27,885,000 | ||||
Metropolitan Transportation Authority RB Series 2005G VRDN (BNP Paribas LOC), | ||||||
0.23%, 5/07/10(a) | 13,200 | 13,200,000 | ||||
Metropolitan Transportation Authority RB Series 2008A ROC-RR-II-R-10378 VRDN (AGM Insurance, Citibank N.A. SBPA), | ||||||
0.31%, 5/07/10(a)(b) | 21,860 | 21,860,000 | ||||
Metropolitan Transportation Authority RB Series 2010 RAN, | ||||||
2.00%, 12/31/10 | 37,500 | 37,902,933 | ||||
New York City GO Series 2008L-3 VRDN (Bank of America N.A. SBPA), | ||||||
0.19%, 5/03/10(a) | 50,000 | 50,000,000 | ||||
New York City GO Sub-Series 2008L-6 VRDN (Wells Fargo Bank N.A. SBPA), | ||||||
0.24%, 5/03/10(a) | 28,300 | 28,300,000 | ||||
New York City Housing Development Corp. RB Series 2010 ROC-RR-II-R-13100 VRDN (Citibank N.A. Liquidity Facility), | ||||||
0.33%, 5/07/10(a)(b) | 10,000 | 10,000,000 | ||||
New York City Municipal Water Finance Authority Water & Sewer System RB Series 2005AA-2 VRDN (Dexia Credit Local SBPA), | ||||||
0.25%, 5/03/10(a) | 24,505 | 24,505,000 | ||||
New York City Transitional Finance Authority RB (New York City Recovery Project) Series 2002-3B VRDN (Wells Fargo Bank N.A. SBPA), | ||||||
0.24%, 5/03/10(a) | 24,000 | 24,000,000 | ||||
New York City Transitional Finance Authority RB (New York City Recovery Project) Series 2002-3E VRDN (Landesbank Baden-Wuerttemberg Girozentrale SBPA), | ||||||
0.24%, 5/03/10(a) | 35,385 | 35,385,000 | ||||
New York Dormitory Authority RB (Beverwyck, Inc. Project) Series 1995 VRDN (Bank of America LOC), | ||||||
0.36%, 5/07/10(a) | 4,600 | 4,600,000 | ||||
New York Dormitory Authority RB (City University of New York Project) Series 2008D VRDN (TD Banknorth N.A. LOC), | ||||||
0.26%, 5/07/10(a) | 38,500 | 38,500,000 | ||||
New York Dormitory Authority RB (Wagner College Project) Series 2009 VRDN (TD Bank N.A. LOC), | ||||||
0.29%, 5/07/10(a) | 4,000 | 4,000,000 | ||||
New York Housing Finance Agency RB (Economic Development Project) Series 2005C VRDN, | ||||||
0.28%, 5/07/10(a) | 70,280 | 70,280,000 | ||||
New York Liberty Development Corp. RB (World Trade Center Project) Series 2009A Municipal Put Bonds (U.S. Government Securities Guaranty), | ||||||
0.50%, 1/18/11(a) | 66,000 | 66,000,000 | ||||
New York State Housing Finance Agency Service RB Series 2003C VRDN (Credit Locale de France LOC), | ||||||
0.28%, 5/07/10(a) | 34,700 | 34,700,000 | ||||
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 35 |
Table of Contents
| Schedule of Investments (continued) | MuniFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Municipal Bonds | ||||||
New York (concluded) | ||||||
New York TOB Asset Securitization Corp. RB Series 2000A, | ||||||
6.25%, 7/15/10 | $ | 1,165 | $ | 1,190,624 | ||
New York Urban Development Corp. RB Series 2004 VRDN (Dexia Credit Local SBPA), | ||||||
0.33%, 5/03/10(a) | 41,315 | 41,315,000 | ||||
Triborough Bridge & Tunnel Authority RB PUTTERS Series 2003-342 VRDN (JPMorgan Chase Bank Liquidity Facility), | ||||||
0.33%, 5/07/10(a)(b) | 7,055 | 7,055,000 | ||||
Troy IDA Civic Facilities RB (Rensselaer Polytechnic Institute Project) Series 2002B VRDN (JPMorgan Chase & Co. LOC), | ||||||
0.28%, 5/07/10(a) | 8,500 | 8,500,000 | ||||
| 643,133,557 | ||||||
North Carolina — 3.5% | ||||||
Branch Banking & Trust RB Municipal Trust Receipts Floaters Series 2008-1015 VRDN (Branch Banking & Trust Co. LOC, Branch Banking & Trust Co. Liquidity Facility), | ||||||
0.37%, 5/07/10(a)(b) | 17,400 | 17,400,000 | ||||
Branch Banking & Trust RB Municipal Trust Receipts Floaters Series 2008-1021 VRDN (Branch Banking & Trust Co. LOC, Branch Banking & Trust Co. Liquidity Facility), | ||||||
0.37%, 5/07/10(a)(b) | 7,100 | 7,100,000 | ||||
Guilford County Industrial Facilities PCRB (Recreational Facilities-YMCA Project) Series 2002 VRDN (Branch Banking & Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 235 | 235,000 | ||||
Mecklenburg County GO Series 2009D VRDN, | ||||||
0.40%, 11/26/10(a) | 3,455 | 3,455,000 | ||||
North Carolina Capital Facilities Finance Agency Educational Facilities RB (High Point University Project) Series 2006 VRDN (Branch Banking & Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 6,960 | 6,960,000 | ||||
North Carolina Capital Facilities Finance Agency Educational Facilities RB (High Point University Project) Series 2008 VRDN (Branch Banking & Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 4,000 | 4,000,000 | ||||
North Carolina Capital Facilities Finance Agency Educational Facilities RB (Lake Norman Charter School Project) Series 2008A VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.30%, 5/07/10(a) | 19,500 | 19,500,000 | ||||
North Carolina Capital Facilities Finance Agency Educational Facilities RB (Lake Norman Charter School Project) Series 2008B VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.55%, 5/07/10(a) | 500 | 500,000 | ||||
North Carolina Capital Facilities Finance Agency Educational Facilities RB (Summit School, Inc. Project) Series 2008 VRDN (Branch Banking & Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 3,000 | 3,000,000 | ||||
North Carolina Capital Facilities Finance Agency Educational Facilities RB (The Downtown Middle School Project) Series 2006 VRDN (Branch Banking & Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 2,715 | 2,715,000 | ||||
North Carolina Capital Facilities Finance Agency RB (Campbell University Project) Series 2009 VRDN (Branch Banking & Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 2,000 | 2,000,000 | ||||
North Carolina Medical Care Commission Health Care Facilities RB (Novant Health Group Project) Series 2004A VRDN (JPMorgan Chase Bank SBPA), | ||||||
0.30%, 5/07/10(a) | 12,200 | 12,200,000 | ||||
North Carolina Medical Care Commission Health Care Facilities RB (Novant Health Group Project) Series 2004B VRDN (JPMorgan Chase Bank SBPA), | ||||||
0.30%, 5/07/10(a) | 17,420 | 17,420,000 | ||||
North Carolina Medical Care Commission Hospital RB (Southeastern Regional Medical Center Project) Series 2005 VRDN (Branch Banking & Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 2,950 | 2,950,000 | ||||
North Carolina Medical Care Commission Retirement Facilities RB (United Church Homes & Services Project) Series 2007 VRDN (Branch Banking & Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 7,000 | 7,000,000 | ||||
Raleigh COP (Downtown Improvement Project) Series 2004A VRDN, | ||||||
0.27%, 5/07/10(a) | 35,200 | 35,200,000 | ||||
Raleigh RB (Comb Enterprise System Project) Series 2008B VRDN (Wells Fargo Bank N.A. SBPA), | ||||||
0.27%, 5/07/10(a) | 18,100 | 18,100,000 | ||||
Raleigh RB Series 2009 VRDN, | ||||||
0.40%, 11/26/10(a) | 2,210 | 2,210,000 | ||||
Sampson County COP Eclipse Funding Trust Series 2006-0160 VRDN (AGM Insurance, U.S. Bank N.A. Liquidity Facility), | ||||||
0.29%, 5/07/10(a)(b) | 670 | 670,000 | ||||
University of North Carolina at Chapel Hill RB Eagle Trust Receipts Floaters Series 2005A VRDN (Citibank N.A. Liquidity Facility), | ||||||
0.31%, 5/07/10(a)(b) | 7,900 | 7,900,000 | ||||
| 170,515,000 | ||||||
North Dakota — 0.2% | ||||||
Grand Forks Hospital Facilities RB (United Hospital Obligation Group Project) Series 1992 VRDN (LaSalle Bank N.A. LOC), | ||||||
0.27%, 5/03/10(a) | 8,435 | 8,435,000 | ||||
Ohio — 3.6% | ||||||
Butler County Healthcare Facilities RB (LifeSphere Project) Series 2007 VRDN (U.S. Bank N.A. LOC), | ||||||
0.31%, 5/07/10(a) | 7,065 | 7,065,000 | ||||
Columbus Regional Airport Authority RB SPEARS Series 2007 VRDN (Deutsche Bank A.G. Guaranty), | ||||||
0.30%, 5/07/10(a)(b) | 700 | 700,000 | ||||
Columbus Sewerage System RB PUTTERS Series 2008-2456 VRDN (JPMorgan Chase Bank Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 1,400 | 1,400,000 | ||||
Columbus Water System RB Series 1999, | ||||||
5.00%, 11/01/10 | 1,000 | 1,023,617 | ||||
Delaware County Port Authority Economic Development RB (The Columbus Zoological Park Assoc. Project) Series 2006 VRDN (JPMorgan Chase Bank LOC), | ||||||
0.30%, 5/07/10(a) | 1,650 | 1,650,000 | ||||
Green GO Series 2009 BAN, | ||||||
1.75%, 7/09/10 | 5,000 | 5,010,322 | ||||
Hamilton County Hospital Facilities RB (Drake Center, Inc. Project) Series 1999A VRDN (U.S. Bank N.A. LOC), | ||||||
0.30%, 5/07/10(a) | 280 | 280,000 | ||||
Lima RB (Lima Memorial Hospital Project) Series 2007 VRDN (JPMorgan Chase Bank LOC), | ||||||
0.30%, 5/07/10(a) | 4,000 | 4,000,000 | ||||
Lucas County GO (Arena Improvement Project) Series 2009 BAN, | ||||||
1.00%, 7/22/10 | 13,500 | 13,509,008 | ||||
Montgomery County RB (Catholic Healthcare Project) Series 2004B-2 VRDN (Bayerische Landesbank Girozentrale SBPA), | ||||||
0.29%, 5/07/10(a) | 6,300 | 6,300,000 | ||||
See Notes to Financial Statements.
| 36 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Schedule of Investments (continued) | MuniFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Municipal Bonds | ||||||
Ohio (concluded) | ||||||
Ohio Building Authority RB (Juvenile Correctional Facility Project) Series 2005B MB, | ||||||
5.00%, 10/01/10 | $ | 1,480 | $ | 1,508,541 | ||
Ohio GO (Adjustment Common School Project) Series 2006B VRDN, | ||||||
0.28%, 5/07/10(a) | 19,700 | 19,700,000 | ||||
Ohio GO (Common Schools Project) Series 2007A MB, | ||||||
5.00%, 6/15/10 | 2,170 | 2,182,333 | ||||
Ohio GO (Conservation Project) Series 2002A MB, | ||||||
5.25%, 3/01/11 | 650 | 676,482 | ||||
Ohio Higher Educational Facility Commission RB Eclipse Funding Trust (University of Dayton Project) Series 2006-0107 VRDN (U.S. Bank N.A. LOC, U.S. Bank N.A. Liquidity Facility), | ||||||
0.31%, 5/07/10(a)(b) | 1,295 | 1,295,000 | ||||
Ohio Higher Educational Facility RB (Ohio Dominican University Project) Series 2007 VRDN (JPMorgan Chase Bank LOC), | ||||||
0.30%, 5/07/10(a) | 3,500 | 3,500,000 | ||||
Ohio RB (Major New State Infrastructure Project) Series 2004-1 MB, | ||||||
5.00%, 6/15/10 | 3,730 | 3,750,104 | ||||
Ohio RB (Major New State Infrastruture Project) Series 2002 MB, | ||||||
5.00%, 6/15/10 | 400 | 402,371 | ||||
Ohio State University RB Series 2005A MB, | ||||||
5.00%, 6/01/10 | 1,000 | 1,003,915 | ||||
Ohio State University Series 2010: | ||||||
0.20%, 7/08/10 | 25,000 | 25,000,000 | ||||
0.20%, 7/12/10 | 25,000 | 25,000,000 | ||||
Ohio Turnpike Commission RB (Highway Revenue Tolls) Series 2001A, | ||||||
5.50%, 2/15/11 | 3,000 | 3,121,993 | ||||
Ohio Water Development Authority Facilities PCRB (First Energy Nuclear Project) Series 2006B VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.29%, 5/03/10(a) | 4,800 | 4,800,000 | ||||
Sidney GO Series 2009 BAN, | ||||||
1.50%, 6/23/10 | 1,570 | 1,571,150 | ||||
Trumbull County Health Care Facilities RB Series 2001 VRDN (Manufacturers and Traders Trust Co. LOC, Manufacturers and Traders Trust Co. SBPA), | ||||||
0.30%, 5/07/10(a) | 12,350 | 12,350,000 | ||||
University of Akron General Receipts RB Series 2008C-1 VRDN (Assured Guaranty Ltd. Insurance, Dexia Credit Local SBPA), | ||||||
0.35%, 5/07/10(a) | 10,865 | 10,865,000 | ||||
Vantage Career Center Joint Vocational School District GO Series 2010 BAN, | ||||||
1.40%, 9/08/10 | 5,000 | 5,014,964 | ||||
Willoughby GO (Various Purpose Improvements Project) Series 2009 BAN, | ||||||
1.00%, 10/08/10 | 4,200 | 4,208,414 | ||||
Wooster GO Series 2010 BAN, | ||||||
1.00%, 10/15/10 | 5,380 | 5,394,925 | ||||
| 172,283,139 | ||||||
Oregon — 0.7% | ||||||
Clackamas County Hospital Facility Authority RB (Mary’s Woods Senior Living Facility Project) Series 2005 VRDN (Sovereign Bank FSB LOC, Banco Santander LOC), | ||||||
0.30%, 5/07/10(a) | 20,000 | 20,000,000 | ||||
Clackamas County Hospital Facility Authority RB (Willamette Project) Series 2005A-1 VRDN (Banco Santander LOC, Sovereign Bank FSB LOC), | ||||||
0.30%, 5/07/10(a) | 5,000 | 5,000,000 | ||||
Lane Community College GO Series 2009 (School Board Guaranty Insurance), | ||||||
2.50%, 6/15/10 | 3,985 | 3,995,034 | ||||
Portland RB Series 2007A MB, | ||||||
5.00%, 6/01/10 | 7,370 | 7,398,131 | ||||
| 36,393,165 | ||||||
Pennsylvania — 4.1% | ||||||
Butler County IDA RB (Concordia Lutheran Project) Series 2004A VRDN (Bank of America N.A. LOC), | ||||||
0.30%, 5/07/10(a) | 2,185 | 2,185,000 | ||||
Cumberland County Municipal Authority RB (Asbury Obligated Group Project) Series 2006 VRDN (KBC Bank N.V. LOC), | ||||||
0.30%, 5/07/10(a) | 10,000 | 10,000,000 | ||||
Emmaus General Authority RB (Pennsylvania Loan Program) Series 2000A VRDN (U.S. Bank N.A. LOC), | ||||||
0.30%, 5/07/10(a) | 17,200 | 17,200,000 | ||||
Geisinger Authority Health System RB (Geisinger Health System Project) Series 2002 VRDN (Bank of America N.A. SBPA), | ||||||
0.25%, 5/03/10(a) | 25,750 | 25,750,000 | ||||
Lancaster County Hospital Authority RB (Masonic Homes Project) Series 2008A VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.29%, 5/03/10(a) | 6,800 | 6,800,000 | ||||
Lancaster County Hospital Authority RB (Masonic Homes Project) Series 2008D VRDN (JPMorgan Chase Bank LOC), | ||||||
0.29%, 5/03/10(a) | 11,865 | 11,865,000 | ||||
Lehigh County General Purpose Hospital Authority RB (Lehigh Valley Health Network Project) Series 2008B VRDN (Assured Guaranty Ltd. Insurance, Wells Fargo Bank N.A. SBPA), | ||||||
0.29%, 5/03/10(a) | 42,100 | 42,100,000 | ||||
Montgomery County IDA RB (Active Retirement Life Community Project) Series 2002 VRDN (TD Bank N.A. LOC), | ||||||
0.25%, 5/03/10(a) | 1,150 | 1,150,000 | ||||
Montgomery County IDRB (Fountain Life Christian Project) Series 2007A VRDN (JPMorgan Chase & Co. LOC), | ||||||
0.30%, 5/07/10(a) | 3,220 | 3,220,000 | ||||
Pennsylvania GO Series 2009 TAN, | ||||||
1.50%, 6/30/10 | 10,000 | 10,019,768 | ||||
Philadelphia Authority IDRB (Gift of Life Donor Program Project) Series 2003 VRDN (TD Bank N.A. LOC), | ||||||
0.28%, 5/07/10(a) | 7,140 | 7,140,000 | ||||
Philadelphia Authority IDRB (Liberty Lutheran Services Project) Series 2008 VRDN (Bank of America N.A. LOC), | ||||||
0.30%, 5/07/10(a) | 5,910 | 5,910,000 | ||||
Philadelphia Hospitals & Higher Education Facilities Authority RB (Children’s Hospital Project) Series 2008A VRDN (Wachovia Bank N.A. SBPA), | ||||||
0.24%, 5/03/10(a) | 38,825 | 38,825,000 | ||||
Philadelphia School District GO Series 2008C-1 VRDN (TD Bank N.A. LOC), | ||||||
0.30%, 5/07/10(a) | 5,300 | 5,300,000 | ||||
Westmoreland County IDRB (Redstone Retirement Project) Series 2005B VRDN (Sovereign Bank FSB, Banco Santander Guaranty), | ||||||
0.30%, 5/07/10(a) | 8,865 | 8,865,000 | ||||
| 196,329,768 | ||||||
Puerto Rico — 0.9% | ||||||
Commonwealth of Puerto Rico GO Austin Trust Certificates Series 2008-355 VRDN (Bank of America N.A. LOC, Bank of America N.A. SBPA), | ||||||
0.39%, 5/07/10(a) | 27,300 | 27,300,000 | ||||
Commonwealth of Puerto Rico GO Series 2004B-3 VRDN (FSA Insurance, Dexia Credit Local SBPA), | ||||||
0.32%, 5/07/10(a) | 18,800 | 18,800,000 | ||||
| 46,100,000 | ||||||
South Carolina — 1.4% | ||||||
Berkeley County GO Series 2009 BAN, | ||||||
1.25%, 5/28/10 | 9,200 | 9,205,213 | ||||
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 37 |
Table of Contents
| Schedule of Investments (continued) | MuniFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Municipal Bonds | ||||||
South Carolina (concluded) | ||||||
Piedmont Municipal Power Agency RB Series 2008 VRDN (Dexia Credit Local SBPA), | ||||||
0.32%, 5/07/10(a) | $ | 52,500 | $ | 52,500,000 | ||
Richland County School District No. 2 GO Series 2009 MB (South Carolina School District Insurance), | ||||||
4.00%, 5/03/10 | 5,800 | 5,800,000 | ||||
South Carolina Jobs-Economic Development Authority RB (UMA Refinance Project) Series 2008 VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.29%, 5/03/10(a) | 200 | 200,000 | ||||
| 67,705,213 | ||||||
Tennessee — 2.9% | ||||||
Blount County Public Building Authority RB (Local Government Public Improvement Project) Series 2009E-8-A VRDN (Branch Banking & Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 3,100 | 3,100,000 | ||||
Blount County Public Building Authority RB Series 2008E1-A VRDN (Branch Banking & Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 6,000 | 6,000,000 | ||||
Jackson Energy Authority RB Series 2009 VRDN (Bank of America N.A. LOC), | ||||||
0.36%, 5/07/10(a) | 10,425 | 10,425,000 | ||||
Maury County IDRB (Occidental Petroleum Project) Series 2000A MB, | ||||||
6.30%, 8/01/10 | 3,460 | 3,509,043 | ||||
Memphis GO Series 2009 BAN, | ||||||
2.00%, 5/18/10 | 5,180 | 5,183,528 | ||||
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board RB (Ascension Health Credit Project) Series 2001 VRDN, | ||||||
0.45%, 11/26/10(a) | 14,000 | 14,000,000 | ||||
Montgomery County Public Building Authority Pooled Financing RB (Tennessee County Loan Pool Project) Series 1995 VRDN (Bank of America N.A. LOC), | ||||||
0.36%, 5/07/10(a) | 8,690 | 8,690,000 | ||||
Municipal Energy Acquisition Corp. of Tennessee Gas RB PUTTERS Series 2006-1578 VRDN (JPMorgan Chase & Co. Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 63,985 | 63,985,000 | ||||
Tennergy Corp. Gas RB BNP Paribas STARS Certificates Trust Series 2006-001 VRDN (BNP Paribas Liquidity Facility), | ||||||
0.32%, 5/07/10(a) | 22,970 | 22,970,000 | ||||
| 137,862,571 | ||||||
Texas — 10.6% | ||||||
Austin Water & Wastewater System RB Series 2000 MB, | ||||||
5.75%, 5/15/10 | 1,000 | 1,002,033 | ||||
Conroe ISD GO PUTTERS (School Building Project) Series 2008-2487 VRDN (PSF-GTD Insurance, JPMorgan Chase Bank Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 1,000 | 1,000,000 | ||||
Fort Bend GO Citi Trust Receipts TOB Series 2003-46A VRDN (Societe Generale Liquidity Facility), | ||||||
0.31%, 5/07/10(a) | 4,500 | 4,500,000 | ||||
Fort Bend ISD GO PUTTERS Series 2008-2852 VRDN (PSF-GTD Insurance, JPMorgan Chase Bank Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 1,800 | 1,800,000 | ||||
Harris County GO Municipal Trust Receipts Floaters Series 2009-3028 VRDN (AGM Insurance, Morgan Stanley Municipal Funding Liquidity Facility), | ||||||
0.33%, 5/07/10(a)(b)(c) | 8,070 | 8,070,000 | ||||
Harris County Health Facilities Development Corp. RB (Methodist Hospital System Project) Series 2008A-2 VRDN, | ||||||
0.24%, 5/03/10(a) | 12,300 | 12,300,000 | ||||
Harris County Health Facilities Development Corp. RB (St. Luke’s Episcopal Health System Project) Series 2005A VRDN (JPMorgan Chase Bank SBPA, Landesbank Baden-Wuerttemberg Girozentrale SBPA), | ||||||
0.30%, 5/07/10(a) | 25,820 | 25,820,000 | ||||
Harris County RB (Toll Road Project) Series 2009B-2 MB, | ||||||
2.00%, 5/07/10(a) | 7,000 | 7,029,910 | ||||
Houston ISD GO (Schoolhouse Project) Eagle Trust Receipts Series 2009-0036A VRDN (Citibank N.A. SBPA, PSF Guaranty), | ||||||
0.31%, 5/07/10(a) | 4,950 | 4,950,000 | ||||
Houston Utility System RB (First Lien Water Revenue) Series 2004B1-4 VRDN (Bank of America N.A. LOC), | ||||||
0.29%, 5/07/10(a) | 20,000 | 20,000,000 | ||||
Houston Utility System RB (First Lien Water Revenue) Series 2004-B3 VRDN (Sumitomo Mitsui Banking LOC), | ||||||
0.26%, 5/07/10(a) | 24,500 | 24,500,000 | ||||
Houston Utility System RB (First Lien Water Revenue) Series 2004-B4 VRDN (JPMorgan Chase & Co. LOC), | ||||||
0.29%, 5/07/10(a) | 11,750 | 11,750,000 | ||||
Houston Utility System RB (First Lien Water Revenue) Series 2004-B6 VRDN (Scotia Bank LOC), | ||||||
0.25%, 5/07/10(a) | 18,325 | 18,325,000 | ||||
Judson ISD GO Municipal Trust Receipts Floaters Series 2007-1859 VRDN (PSF-GTD Insurance, Wells Fargo Bank N.A. Liquidity Facility), | ||||||
0.31%, 5/07/10(a)(b) | 3,940 | 3,940,000 | ||||
Lamar Consolidated ISD Series 2009 ROC-RR-II-R-12266 VRDN (PSF Guaranty, Citibank N.A. SBPA), | ||||||
0.31%, 5/07/10(a)(b) | 5,120 | 5,120,000 | ||||
Lamar Consolidation ISD GO SPEARS Series 2008DB-512 VRDN (PSF-GTD Insurance, Deutsche Bank A.G. Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 3,225 | 3,225,000 | ||||
Lovejoy ISD GO SPEARS (School Building Project) Series 2008DB-514 VRDN (PSF-GTD Insurance, Deutsche Bank A.G. Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 3,195 | 3,195,000 | ||||
Lower Neches Valley Authority PCRB (Chevron USA, Inc. Project) Series 1987 (Chevron Corp. Guaranty), | ||||||
0.29%, 8/16/10(a) | 15,610 | 15,610,000 | ||||
Port of Port Arthur Navigation District RB (Atofina Project) Series 2002C VRDN (Total Fina Elf S.A. Guaranty), | ||||||
0.33%, 5/07/10(a) | 1,500 | 1,500,000 | ||||
Texas GO Eagle Trust Receipts Series 2006A-0126 VRDN (Citibank N.A. Liquidity Facility), | ||||||
0.31%, 5/07/10(a) | 5,700 | 5,700,000 | ||||
Texas GO PUTTERS Series 2008-2568 VRDN (JPMorgan Chase Bank Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 2,800 | 2,800,000 | ||||
Texas GO Series 2006-0122 VRDN (Citibank N.A. Liquidity Facility), | ||||||
0.31%, 5/07/10(a) | 7,650 | 7,650,000 | ||||
Texas Municipal Gas Acquisition & Supply, | ||||||
0.30%, 5/07/10(a) | 36,650 | 36,650,000 | ||||
Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 ROC-RR-II-R-10014 VRDN (Dexia Credit Local Liquidity Facility), | ||||||
0.46%, 5/07/10(a)(b) | 44,400 | 44,400,000 | ||||
Texas Public Finance Authority GO Series 2009A MB, | ||||||
2.50%, 10/01/10 | 3,545 | 3,578,587 | ||||
Texas RB Series 2009 TRAN, | ||||||
2.50%, 8/31/10 | 225,000 | 226,524,571 | ||||
University of Texas TECP, | ||||||
0.24%, 8/12/10 | 8,171 | 8,171,000 | ||||
See Notes to Financial Statements.
| 38 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Schedule of Investments (continued) | MuniFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Municipal Bonds | ||||||
Wells Fargo Stage Trust RB Municipal Trust Receipts Floaters Series 2009-60C VRDN (Wells Fargo Bank N.A. Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b)(c) | $ | 3,450 | $ | 3,450,000 | ||
| 512,561,101 | ||||||
Utah — 0.0% | ||||||
Murray RB (IHC Health Services, Inc. Project) Series 2005D VRDN (Wells Fargo Bank N.A. SBPA), | ||||||
0.27%, 5/03/10(a) | 500 | 500,000 | ||||
Vermont — 0.1% | ||||||
Vermont Educational & Health Buildings Financing Agency RB (Landmark College Project) Series 2009A VRDN (TD Banknorth N.A. LOC), | ||||||
0.29%, 5/03/10(a) | 3,000 | 3,000,000 | ||||
Vermont Educational & Health Buildings Financing Agency RB (Porter Hospital Project) Series 2005A VRDN (TD Banknorth N.A. LOC), | ||||||
0.27%, 5/07/10(a) | 3,700 | 3,700,000 | ||||
| 6,700,000 | ||||||
Virginia — 1.3% | ||||||
Alexandria IDRB (Goodwin House Project) Series 2005 VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.25%, 5/03/10(a) | 17,450 | 17,450,000 | ||||
Chesterfield Health Center Commission Residential Care Facility RB (Lucy Corr Village Project) Series 2008B VRDN (Branch Banking & Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 1,580 | 1,580,000 | ||||
Fairfax County Economic Development Authority RB (Retirement Greenspring Project) Series 2006B VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.30%, 5/07/10(a) | 18,050 | 18,050,000 | ||||
Fairfax County IDA RB (Inova Health Systems Project) Series 2010A-1 VRDN, | ||||||
0.42%, 11/26/10(a) | 2,000 | 2,000,000 | ||||
Hanover County IDA Residential Care Facility RB (Covenant Woods Project) Series 1999 VRDN (Branch Banking & Trust Co. LOC), | ||||||
0.30%, 5/07/10(a) | 2,760 | 2,760,000 | ||||
Lexington IDA Educational Facilities RB (VMI Development Board, Inc. Project) Series 2006 VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.29%, 5/03/10(a) | 3,900 | 3,900,000 | ||||
Norfolk Economic Development Authority Hospital Facilities RB (Sentara Healthcare Project) Series 2009A Mandatory Put Bonds, | ||||||
0.23%, 5/05/10 | 2,000 | 2,000,000 | ||||
Virginia College Building Authority Educational Facilities RB (21st Century College & Equipment Program) Series 2006C VRDN (Wells Fargo Bank N.A. SBPA), | ||||||
0.29%, 5/03/10(a) | 4,000 | 4,000,000 | ||||
Virginia Port Authority RB Series 2009 BAN, | ||||||
2.00%, 5/18/10 | 10,200 | 10,207,199 | ||||
| 61,947,199 | ||||||
Washington — 1.0% | ||||||
King County Public Hospital District No. 1 GO SPEARS Series 2008DB-614 VRDN (Assured Guaranty Ltd. Insurance, Deutsche Bank A.G. Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 3,925 | 3,925,000 | ||||
NJB Properties RB (King County Washington Project) Eclipse Funding Trust Series 2007-0106 VRDN (U.S. Bank N.A. LOC, U.S. Bank N.A. Liquidity Facility), | ||||||
0.31%, 5/07/10(a)(b) | 3,370 | 3,370,000 | ||||
Seattle GO Municipal Securities Trust Certificates Series 2003 SGA-142 VRDN (Societe Generale SBPA), | ||||||
0.30%, 5/07/10(a) | 4,000 | 4,000,000 | ||||
Washington Housing Finance Commission Non-Profit RB (Emerald Heights Project) Series 2003 VRDN (Bank of America N.A. LOC), | ||||||
0.35%, 5/03/10(a) | 20,000 | 20,000,000 | ||||
Washington Housing Finance Commission RB (Judson Park Project) Series 2007 VRDN (Banco Santander LOC, Sovereign Bank FSB LOC), | ||||||
0.30%, 5/07/10(a) | 14,895 | 14,895,000 | ||||
| 46,190,000 | ||||||
West Virginia — 0.2% | ||||||
West Virginia Economic Development Authority PCRB (Ohio Power Co. Sporn Project) Series 2008C VRDN (JPMorgan Chase Bank LOC), | ||||||
0.30%, 5/07/10(a) | 8,000 | 8,000,000 | ||||
Wisconsin — 5.7% | ||||||
Milwaukee City PN GO Series 2010-R4, | ||||||
1.50%, 12/15/10 | 27,000 | 27,190,143 | ||||
Wisconsin GO TECP, | ||||||
0.40%, 5/24/10 | 50,650 | 50,650,000 | ||||
Wisconsin Health & Educational Facilities Authority RB (Marshfield Project) Series 2006B VRDN (JPMorgan Chase Bank LOC), | ||||||
0.30%, 5/07/10(a) | 49,500 | 49,500,000 | ||||
Wisconsin RB Series 2009 BAN, | ||||||
2.50%, 6/15/10 | 29,000 | 29,071,892 | ||||
Wisconsin TECP: | ||||||
0.40%, 6/03/10 | 53,000 | 53,000,000 | ||||
0.43%, 6/11/10 | 10,590 | 10,590,000 | ||||
0.35%, 7/12/10 | 28,646 | 28,646,000 | ||||
0.35%, 8/09/10 | 25,000 | 25,000,000 | ||||
| 273,648,035 | ||||||
Total Investments | 4,814,470,720 | |||||
Other Assets Less Liabilities — 0.2% | 10,968,939 | |||||
Net Assets — 100.0% | $ | 4,825,439,659 | ||||
| * | Aggregate cost for federal income tax purposes is $4,814,479,849. |
| (a) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
| (b) | These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. |
| (c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 39 |
Table of Contents
| Schedule of Investments (concluded) | MuniFund | |
| • | Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows: |
| • | Level 1 – price quotations in active markets/exchanges for identical assets and liabilities |
| • | Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| • | Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments) |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Fund’s investments:
| Investments in Securities | ||||||||||
Valuation Inputs | Level 1 | Level 21 | Level 3 | Total | ||||||
Assets: | ||||||||||
Total Investments. | — | $ | 4,814,470,720 | — | $ | 4,814,470,720 | ||||
| 1 | See above Schedule of Investments for values in each state or political subdivision. |
See Notes to Financial Statements.
| 40 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Schedule of Investments April 30, 2010 (Unaudited) | California Money Fund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Municipal Bonds | ||||||
California — 97.3% | ||||||
ABAG Finance Authority Nonprofit Corp. RB (Acacia Creek at Union City Project) Series 2008A VRDN (Bank of America N.A. SBPA, Masonic Homes of California Guaranty), | ||||||
0.28%, 5/03/10(a) | $ | 15,200 | $ | 15,200,000 | ||
Alameda-Contra Costa Schools Financing Authority COP (Capital Improvement Financing Project) Series 1998F VRDN (Kredietbank N.V. LOC), | ||||||
0.36%, 5/07/10(a) | 500 | 500,000 | ||||
Berkeley Unified School District GO Series 2009 TRAN, | ||||||
1.75%, 11/23/10 | 2,400 | 2,417,793 | ||||
California Communities Note Program RB (Tulare County Project) Series 2009A5 TRAN, | ||||||
2.00%, 6/30/10 | 6,000 | 6,014,420 | ||||
California Communities Note Program RB Series 2009 TRAN, | ||||||
2.00%, 6/30/10 | 3,100 | 3,105,806 | ||||
California Community College Financing Authority RB Series 2009A TRAN (GO of District), | ||||||
2.00%, 6/30/10 | 7,400 | 7,412,636 | ||||
California Department of Water Resource Power Supply RB Series 2002C-1 VRDN (Dexia Credit Local LOC), | ||||||
0.30%, 5/07/10(a) | 10,500 | 10,500,000 | ||||
California Department of Water Resources Power Supply RB Series 2002C-13 VRDN (Assured Municipal Guaranty Corp., Dexia Credit Local SBPA), | ||||||
0.32%, 5/07/10(a) | 9,400 | 9,400,000 | ||||
California Department of Water Resources Power Supply RB Series 2002C-7 VRDN (Assured Municipal Guaranty Corp., Dexia Credit Local SBPA), | ||||||
0.32%, 5/07/10(a) | 3,075 | 3,075,000 | ||||
California Department of Water Resources Power Supply RB Series 2005G-2 VRDN (Lloyds Banking Group Plc LOC), | ||||||
0.31%, 5/07/10(a) | 1,000 | 1,000,000 | ||||
California Department of Water Resources Power Supply RB Series 2008I-1 VRDN (Allied Irish Bank Plc LOC, Republic of Ireland Guaranty), | ||||||
0.50%, 5/03/10(a) | 4,800 | 4,800,000 | ||||
California Educational Facilities Authority GO (Stanford University Project) Series 2009S-3 TECP, | ||||||
0.40%, 7/14/10 | 2,800 | 2,800,000 | ||||
California GO (Daily Kindergarten University Project) Series 2004A-3 VRDN (State Street Bank & Trust Co. LOC, CalSTRS LOC), | ||||||
0.28%, 5/03/10(a) | 3,700 | 3,700,000 | ||||
California GO (Daily Kindergarten University Project) Series 2004B-2 VRDN (Citibank N.A. LOC), | ||||||
0.24%, 5/03/10(a) | 6,600 | 6,600,000 | ||||
California GO Municipal Trust Receipts Floaters Series 2007-2178 VRDN (Wells Fargo Bank N.A. Guaranty, Wells Fargo Bank N.A. Liquidity Facility), | ||||||
0.35%, 5/07/10(a)(b) | 14,000 | 14,000,000 | ||||
California GO Municipal Trust Receipts Floaters Series 2008-2661 VRDN (Wells Fargo Bank N.A. Liquidity Facility, Wells Fargo Bank N.A. Guaranty), | ||||||
0.35%, 5/07/10(a)(b) | 4,000 | 4,000,000 | ||||
California GO Municipal Trust Receipts Floaters Series 2008-2813 VRDN (Morgan Stanley Municipal Funding Liquidity Facility), | ||||||
0.37%, 5/07/10(a)(b) | 1,300 | 1,300,000 | ||||
California GO Series 2005B-6 VRDN (KBC Bank N.V. LOC), | ||||||
0.29%, 5/03/10(a) | 4,900 | 4,900,000 | ||||
California GO SPEARS Series 2007DB-457 VRDN (Deutsche Bank A.G. Guaranty, Deutsche Bank A.G. Liquidity Facility), | ||||||
0.29%, 5/07/10(a)(b) | 2,600 | 2,600,000 | ||||
California Health Facilities Financing Authority RB (Adventist Health System Project) Series 2002A VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.23%, 5/03/10(a) | 5,400 | 5,400,000 | ||||
California Health Facilities Financing Authority RB (Adventist Health System Project) Series 2002B VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.23%, 5/03/10(a) | 3,400 | 3,400,000 | ||||
California Infrastructure & Economic Development Bank RB (Academy of Motion Pictures Arts & Science Project) Series 2008B VRDN (Allied Irish Bank Plc LOC, Irish Government Guaranty), | ||||||
0.50%, 5/03/10(a) | 8,070 | 8,070,000 | ||||
California Infrastructure & Economic Development Bank RB (Goodwill Industries For Orange County Project) Series 2006 VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.35%, 5/07/10(a) | 1,800 | 1,800,000 | ||||
California Infrastructure & Economic Development Bank RB (Jewish Community Center Project) Series 2008A VRDN (Bank of America N.A. LOC), | ||||||
0.25%, 5/03/10(a) | 3,530 | 3,530,000 | ||||
California Municipal Finance Authority RB (Serra Catholic School Project) Series 2009 VRDN (Allied Irish Bank Plc LOC, Irish Government Guaranty), | ||||||
0.58%, 5/07/10(a) | 3,500 | 3,500,000 | ||||
California School Cash Reserve Program Authority RB Series 2009-10A TRAN, | ||||||
2.50%, 7/01/10 | 15,000 | 15,047,326 | ||||
California School Cash Reserve Program Authority RB Series 2010B TRAN, | ||||||
2.50%, 12/30/10 | 3,000 | 3,031,669 | ||||
California School Cash Reserve Program Authority RB Series 2010E TRAN, | ||||||
2.50%, 12/30/10 | 4,900 | 4,951,726 | ||||
California Statewide Communities Development Authority COP (Covenant Retirement Communities Project) Series 1992 VRDN (LaSalle National Bank LOC), | ||||||
0.35%, 5/07/10(a) | 11,000 | 11,000,000 | ||||
California Statewide Communities Development Authority RB (Archer School For Girls, Inc. Project) Series 2005 VRDN (Allied Irish Bank Plc LOC, Irish Government Guaranty), | ||||||
0.60%, 5/07/10(a) | 5,615 | 5,615,000 | ||||
California Statewide Communities Development Authority RB (Multi-Family Housing Project) PUTTERS Series 2008-2680 VRDN (JPMorgan Chase Bank Liquidity Facility, JPMorgan Chase Bank LOC), | ||||||
0.40%, 5/07/10(a)(b) | 5,300 | 5,300,000 | ||||
California Statewide Communities Development Authority RB (North Peninsula Jewish Campus Project) Series 2004 VRDN (Bank of America N.A. LOC), | ||||||
0.25%, 5/03/10(a) | 6,400 | 6,400,000 | ||||
California Statewide Communities Development Authority RB (Rady Children’s Hospital Project) Series 2008A VRDN (Allied Irish Bank Plc LOC, Irish Government Guaranty), | ||||||
0.55%, 5/07/10(a) | 1,900 | 1,900,000 | ||||
California Statewide Communities Development Authority Series 2010-9B1 TECP, | ||||||
0.31%, 5/05/10 | 2,800 | 2,800,000 | ||||
Chino Basin Regional Financing Authority RB SPEARS Series 2008DBE-500 VRDN (Deutsche Bank A.G. Guaranty, Deutsche Bank A.G. Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 5,420 | 5,420,000 | ||||
East Bay Municipal Utility District Water System RB Series 2008A-2 VRDN (Dexia Credit Local SBPA), | ||||||
0.32%, 5/07/10(a) | 7,600 | 7,600,000 | ||||
East Bay Municipal Utility District Water System RB Series 2008A-3 VRDN (Dexia Credit Local SBPA), | ||||||
0.32%, 5/07/10(a) | 2,400 | 2,400,000 | ||||
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 41 |
Table of Contents
| Schedule of Investments (continued) | California Money Fund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Municipal Bonds | ||||||
California (continued) | ||||||
East Bay Municipal Utility District Water System Series 2010 TECP: | ||||||
0.39%, 5/17/10 | $ | 4,000 | $ | 4,000,000 | ||
0.45%, 6/10/10 | 4,200 | 4,200,000 | ||||
0.40%, 7/08/10-7/15/10 | 11,500 | 11,500,000 | ||||
East Bay Municipal Utility District Water Systems RB Series 2010A-1 Mandatory Put Bonds, | ||||||
0.30%, 12/01/10(a) | 10,600 | 10,600,000 | ||||
El Dorado Irrigation District & El Dorado Water Agency COP Series 2008A VRDN (Dexia Credit Local LOC), | ||||||
0.30%, 5/07/10(a) | 6,200 | 6,200,000 | ||||
Golden Empire Schools Financing Authority RB (Kern High School District Project) Series 2009 BAN, | ||||||
2.50%, 5/03/10 | 4,900 | 4,900,000 | ||||
Golden State Tobacco Securitization Corp. RB Municipal Trust Receipts Floaters Series 2007-2215 VRDN (Morgan Stanley Municipal Funding Liquidity Facility, Morgan Stanley Municipal Funding Guaranty), | ||||||
0.37%, 5/07/10(a)(b) | 3,000 | 3,000,000 | ||||
Golden State Tobacco Securitization Corp. RB Municipal Trust Receipts Floaters Series 2008-2954 VRDN (Morgan Stanley Municipal Funding Liquidity Facility, Morgan Stanley Municipal Funding Guaranty), | ||||||
0.37%, 5/07/10(a)(b) | 21,815 | 21,815,000 | ||||
Los Angeles County Sanitation District Financing Authority RB Eclipse Funding Trust Series 2006-0055 VRDN (U.S. Bank N.A. LOC, U.S. Bank N.A. Liquidity Facility), | ||||||
0.31%, 5/07/10(a)(b) | 2,600 | 2,600,000 | ||||
Los Angeles County Schools RB Series 2009A TRAN (GO of Participants), | ||||||
2.50%, 6/30/10 | 4,100 | 4,111,023 | ||||
Los Angeles County Schools RB Series 2011F-1 TRAN, | ||||||
0.02%, 2/28/11 | 2,900 | 2,921,779 | ||||
Los Angeles GO Series 2009A TRAN, | ||||||
2.50%, 6/30/10 | 15,000 | 15,041,563 | ||||
Los Angeles GO Series 2009 TRAN, | ||||||
2.50%, 5/28/10 | 3,200 | 3,204,812 | ||||
Los Angeles Unified School District GO Series 2009A TRAN, | ||||||
2.00%, 8/12/10 | 9,000 | 9,034,813 | ||||
Los Angeles Unified School District GO Series 2010A COP, | ||||||
1.00%, 12/01/10 | 1,400 | 1,404,338 | ||||
Metropolitan Water District of Southern California Waterworks RB Series 2001C-1 VRDN (Lloyds TBS Bank Plc SBPA), | ||||||
0.28%, 5/03/10(a) | 5,000 | 5,000,000 | ||||
Mount Diablo Unified School District GO Series 2010 TRAN, | ||||||
2.00%, 10/01/10 | 2,600 | 2,616,619 | ||||
Orange County Sanitation District COP Series 2008-2928 VRDN (Morgan Stanley Municipal Funding Liquidity Facility), | ||||||
0.33%, 5/07/10(a) | 10,000 | 10,000,000 | ||||
Orange County Sanitation District COP Series 2009 ROC-RR-II-R-11736 VRDN (Citibank N.A. Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 2,400 | 2,400,000 | ||||
Orange County Water District COP Series 2009 ROC-RR-II-R-11782-1 VRDN (Citibank N.A. Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 9,000 | 9,000,000 | ||||
Pittsburg Unified School District GO Series 2010 TAN, | ||||||
2.00%, 2/01/11 | 1,900 | 1,915,658 | ||||
Pleasanton RB (Assisted Living Facilities Financing Project) Series 2005 VRDN (Citibank N.A. LOC), | ||||||
0.28%, 5/07/10(a) | 9,800 | 9,800,000 | ||||
Sacramento County Sanitation District Financing Authority RB Municipal Trust Receipts Floaters Series 2008A-SGC-48 VRDN (Societe Generale LOC, Societe Generale Liquidity Facility), | ||||||
0.28%, 5/07/10(a)(b) | 9,200 | 9,200,000 | ||||
Sacramento County Sanitation District Financing Authority RB Municipal Trust Receipts Floaters Series 2008A-SGC-49 VRDN (FGIC Insurance, Societe Generale LOC), | ||||||
0.28%, 5/07/10(a)(b) | 5,000 | 5,000,000 | ||||
Sacramento Transportation Authority Measure A Sales Tax RB Series 2009A VRDN (Barclays Bank Plc Liquidity Facility), | ||||||
0.31%, 5/07/10(a) | 700 | 700,000 | ||||
San Bernardino TRAN Series 2009 MB, | ||||||
2.00%, 6/30/10 | 5,000 | 5,013,096 | ||||
San Francisco City & County Airports Commission RB (International Airport Project) Series 2009-37C VRDN (Assured Municipal Guaranty Corp., Dexia Credit Local SBPA), | ||||||
0.32%, 5/07/10(a) | 6,900 | 6,900,000 | ||||
San Francisco City & County Airports Commission RB Series 2009B Mandatory Put Bonds, | ||||||
0.75%, 9/15/10(a) | 4,000 | 4,000,933 | ||||
San Francisco City & County Redevelopment Agency RB (Hunters Point Project) Series 2005A-7 VRDN (JPMorgan Chase & Co. LOC), | ||||||
0.35%, 5/07/10(a) | 5,400 | 5,400,000 | ||||
San Francisco County Transportation Series 2009B TECP, | ||||||
0.30%, 6/15/10 | 6,250 | 6,250,000 | ||||
San Jose Financing Authority RB Series 2008 ROC-RR-II-R-11629 VRDN (BHAC-CR Insurance, Citibank N.A. Liquidity Facility), | ||||||
0.31%, 5/07/10(a)(b) | 5,000 | 5,000,000 | ||||
San Jose Redevelopment Agency RB (Merged Area Redevelopment Project) Series 1996A VRDN (JPMorgan Chase Bank LOC), | ||||||
0.26%, 5/07/10(a) | 3,200 | 3,200,000 | ||||
San Mateo Union High School District GO Series 2008 ROC-RR-II-R-11578PB VRDN (Assured Municipal Guaranty Corp., PB Capital Corp. Liquidity Facility), | ||||||
0.33%, 5/07/10(a)(b) | 4,135 | 4,135,000 | ||||
Santa Clara County GO Series 2009 TRAN, | ||||||
2.00%, 6/30/10 | 4,300 | 4,310,542 | ||||
Santa Clara Unified School District GO Series 2009 TRAN, | ||||||
1.50%, 6/30/10 | 2,500 | 2,504,418 | ||||
Santa Monica-Malibu Unified School District GO Series 2009 BAN, | ||||||
2.00%, 7/30/10 | 2,100 | 2,107,744 | ||||
Sequoia Union High School District GO Municipal Trust Receipts Floaters Series 2007-2160 VRDN (Assured Municipal Guaranty Corp., Wells Fargo Bank N.A. Liquidity Facility), | ||||||
0.31%, 5/07/10(a)(b) | 2,060 | 2,060,000 | ||||
Yosemite Community College District GO Series 2007 ROC-RR-II-R-12065 VRDN (Assured Municipal Guaranty Corp., Citigroup Financial Products Liquidity Facility), | ||||||
0.32%, 5/07/10(a)(b) | 5,840 | 5,840,000 | ||||
| 417,378,714 | ||||||
See Notes to Financial Statements.
| 42 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Schedule of Investments (concluded) | California Money Fund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | ||||||
Municipal Bonds | |||||||
Puerto Rico — 3.0% | |||||||
Commonwealth of Puerto Rico GO Austin Trust Certificates Series 2008-355 VRDN (Bank of America N.A. LOC, Bank of America N.A. SBPA), | |||||||
0.39%, 5/07/10(a) | $ | 10,000 | $ | 10,000,000 | |||
Commonwealth of Puerto Rico Highway & Transportation Authority RB Municipal Trust Receipts Floaters Series 2007-2035 VRDN (Assured Municipal Guaranty Corp., Branch Banking & Trust Co. LOC, Branch Banking & Trust Co. Liquidity Facility), | |||||||
0.31%, 5/07/10(a)(b) | 2,825 | 2,825,000 | |||||
| 12,825,000 | |||||||
Total Investments | 430,203,714 | ||||||
Liabilities in Excess of Other Assets — (0.3)% | (1,391,369 | ) | |||||
Net Assets — 100.0% | $ | 428,812,345 | |||||
| * | Cost for federal income tax purposes. |
| (a) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
| (b) | These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. |
| • | Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows: |
| • | Level 1 – price quotations in active markets/exchanges for identical assets and liabilities |
| • | Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| • | Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments) |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Fund’s investments:
| Investments in Securities | ||||||||||
Valuation Inputs | Level 1 | Level 21 | Level 3 | Total | ||||||
Assets: | ||||||||||
Total Investments. | — | $ | 430,203,714 | — | $ | 430,203,714 | ||||
| 1 | See above Schedule of Investments for values in the state or political subdivision. |
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 43 |
Table of Contents
| Schedule of Investments April 30, 2010 (Unaudited) | New York Money Fund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Municipal Bonds | ||||||
New York — 99.3% | ||||||
Arlington Central School District GO Series 2009 BAN (State Aid Withholding Insurance), | ||||||
2.25%, 8/20/10 | $ | 416 | $ | 417,290 | ||
Bayport-Blue Point Union Free School District GO Series 2009 TAN (State Aid Withholding Insurance), | ||||||
1.25%, 6/30/10 | 1,566 | 1,567,975 | ||||
Beekmantown Central School District GO Series 2009 BAN (State Aid Withholding Insurance), | ||||||
1.50%, 5/07/10 | 835 | 835,075 | ||||
Central Islip Union Free School District GO | ||||||
Series 2009 BAN (State Aid Withholding Insurance), | ||||||
1.50%, 9/15/10 | 1,175 | 1,178,061 | ||||
Central Islip Union Free School District GO | ||||||
Series 2009 TAN (State Aid Withholding Insurance), | ||||||
1.50%, 6/30/10 | 4,375 | 4,380,733 | ||||
Clarence GO Series 2009 BAN, | ||||||
1.25%, 7/29/10 | 850 | 851,255 | ||||
Erie County Civic Facilities IDRB (Hauptman- Woodward Project) Series 2004 VRDN (KeyBank N.A. LOC), | ||||||
0.49%, 5/07/10(a) | 2,390 | 2,390,000 | ||||
Erie County Fiscal Stability Authority RB Series 2009A BAN, | ||||||
2.00%, 5/19/10 | 6,000 | 6,003,225 | ||||
Erie County Fiscal Stability Authority RB Series 2009B BAN, | ||||||
1.25%, 7/30/10 | 2,155 | 2,158,605 | ||||
Grand Island GO Series 2009 BAN, | ||||||
1.25%, 10/21/10 | 1,118 | 1,120,734 | ||||
Guilderland Central School District GO Series 2009 BAN (State Aid Withholding Insurance), | ||||||
1.50%, 6/18/10 | 2,185 | 2,187,138 | ||||
Harborfields Central School District GO Series 2009 TAN, | ||||||
2.00%, 6/25/10 | 2,900 | 2,906,438 | ||||
Harrison Village GO Series 2009 BAN, | ||||||
1.25%, 12/23/10 | 575 | 576,390 | ||||
Harrison Village GO Series 2010 BAN, | ||||||
1.00%, 3/17/11 | 1,800 | 1,804,718 | ||||
Huntington GO (Public Improvement Project) Series 2009 MB, | ||||||
3.00%, 6/15/10 | 155 | 155,479 | ||||
Hyde Park Central School District GO Series 2009 BAN (State Aid Withholding Insurance), | ||||||
1.50%, 6/25/10 | 1,270 | 1,270,040 | ||||
Irvington Union Free School District GO Series 2009 TAN (State Aid Withholding Insurance), | ||||||
1.75%, 6/18/10 | 700 | 700,784 | ||||
Levittown Union Free School District GO Series 2009 BAN (State Aid Withholding Insurance), | ||||||
1.50%, 7/16/10 | 1,055 | 1,056,744 | ||||
Lindenhurst Union Free School District GO Series 2009 BAN (State Aid Withholding Insurance), | ||||||
1.50%, 7/08/10 | 925 | 926,661 | ||||
Middletown City School District GO Series 2009 BAN (State Aid Withholding Insurance), | ||||||
1.50%, 8/26/10 | 2,537 | 2,543,783 | ||||
Miller Place Union Free School District GO Series 2009 TAN (State Aid Withholding Insurance), | ||||||
1.50%, 6/30/10 | 815 | 816,333 | ||||
Monroe County IDA Civic Facility RB (Monroe Community College Project) Series 2006A VRDN (JPMorgan Chase Bank LOC), | ||||||
0.29%, 5/07/10(a) | 2,215 | 2,215,000 | ||||
Mount Sinai Union Free School District GO Series 2009 TAN (State Aid Withholding Insurance), | ||||||
1.75%, 6/30/10 | 2,000 | 2,003,590 | ||||
New York City Convention Center RB Eclipse Funding Trust Series 2006-0004 VRDN (U.S. Bank N.A. Guaranty, Liquidity Facility), | ||||||
0.31%, 5/07/10(a)(b) | 7,225 | 7,225,000 | ||||
New York City GO Series 1995F-5 VRDN (Bayerische Landesbank Girozentrale LOC), | ||||||
0.29%, 5/07/10(a) | 3,975 | 3,975,000 | ||||
New York City GO Series 2001A-6 VRDN (AGM Insurance, Dexia Credit Local SBPA), | ||||||
0.24%, 5/03/10(a) | 8,290 | 8,290,000 | ||||
New York City GO Series 2002C-2 VRDN (Bayerische Landesbank Girozentrale LOC), | ||||||
0.29%, 5/07/10(a) | 4,070 | 4,070,000 | ||||
New York City GO Series 2003 ROC-II-R-251A VRDN (Citigroup Global Markets Guaranty, Citigroup Global Markets Liquidity Facility), | ||||||
0.31%, 5/07/10(a)(b) | 6,500 | 6,500,000 | ||||
New York City GO Series 2005F-3 VRDN (Royal Bank of Scotland LOC), | ||||||
0.29%, 5/07/10(a) | 2,300 | 2,300,000 | ||||
New York City GO Series 2006H-2 VRDN (Dexia Credit Local LOC), | ||||||
0.24%, 5/03/10(a) | 2,600 | 2,600,000 | ||||
New York City GO Series 2008 ROC-RR-11- R-11685 VRDN (Citibank N.A. Liquidity Facility), | ||||||
0.31%, 5/07/10(a)(b) | 5,170 | 5,170,000 | ||||
New York City GO Sub-Series 2008L-6 VRDN (Wells Fargo Bank N.A. SBPA), | ||||||
0.24%, 5/03/10(a) | 10,800 | 10,800,000 | ||||
New York City Housing Development Corp. Multi-Family Housing RB Series 2009L Municipal Put Bonds, | ||||||
0.40%, 12/15/10(a) | 185 | 185,000 | ||||
New York City Housing Development Corp. Multi-Family Housing RB Series 2009M Municipal Put Bonds, | ||||||
0.55%, 10/01/10(a) | 1,200 | 1,200,000 | ||||
New York City Municipal Water Finance Authority RB Series 2003F-1A VRDN (Wells Fargo Bank N.A. SBPA), | ||||||
0.25%, 5/07/10(a) | 10,000 | 10,000,000 | ||||
New York City Municipal Water Finance Authority RB Series 2008 ROC-RR-II-R-9301 VRDN (Citigroup Financial Products Liquidity Facility), | ||||||
0.33%, 5/07/10(a)(b) | 3,900 | 3,900,000 | ||||
New York City Municipal Water Finance Authority Water & Sewer System RB (Second General Resolution Project) Series 2005AA-1 VRDN (State Street Bank & Trust Co. SBPA, CalSTRS SBPA), | ||||||
0.27%, 5/03/10(a) | 12,005 | 12,005,000 | ||||
New York City Municipal Water Finance Authority Water & Sewer System RB Eagle Trust Receipts Series 2009-0047A VRDN (Citibank N.A. Liquidity Facility), | ||||||
0.31%, 5/07/10(a) | 2,500 | 2,500,000 | ||||
New York City Municipal Water Finance Authority Water & Sewer System RB PUTTERS Series 2005-988 VRDN (JPMorgan Chase Bank Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 1,600 | 1,600,000 | ||||
New York City Transitional Finance Authority RB (Future Tax Secured Bonds Project) Series 1998C VRDN (Bayerische Landesbank Girozentrale SBPA), | ||||||
0.23%, 5/03/10(a) | 5,600 | 5,600,000 | ||||
New York City Transitional Finance Authority RB (New York City Recovery Project) Series 2002-3E VRDN (Landesbank Baden-Wuerttemberg Girozentrale SBPA), | ||||||
0.24%, 5/03/10(a) | 6,500 | 6,500,000 | ||||
New York City Transitional Finance Authority RB (New York City Recovery Project) Series 2002-3G VRDN (Bank of New York SBPA), | ||||||
0.28%, 5/07/10(a) | 3,300 | 3,300,000 | ||||
New York City Transitional Finance Authority RB Series 2002-2F VRDN (Bayerische Landesbank Girozentrale Liquidity Facility), | ||||||
0.24%, 5/03/10(a) | 9,900 | 9,900,000 | ||||
See Notes to Financial Statements.
| 44 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Schedule of Investments (continued) | New York Money Fund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Municipal Bonds | ||||||
New York (continued) | ||||||
New York City Trust for Cultural Resources RB (The American Museum Project) Series 2008A-1 VRDN (Bank of America SBPA), | ||||||
0.23%, 5/03/10(a) | $ | 2,000 | $ | 2,000,000 | ||
New York Dormitory Authority RB (City University of New York Project) Series 2008D VRDN (TD Banknorth N.A. LOC), | ||||||
0.26%, 5/07/10(a) | 1,500 | 1,500,000 | ||||
New York Dormitory Authority RB (Mental Health Services Facilities Project) Series 2003D-2H VRDN (Royal Bank of Canada LOC), | ||||||
0.27%, 5/07/10(a) | 7,295 | 7,295,000 | ||||
New York Dormitory Authority RB Eagle Trust Receipts Series 2006-0164A VRDN (Citibank N.A. Liquidity Facility), | ||||||
0.31%, 5/07/10(a) | 8,800 | 8,800,000 | ||||
New York Dormitory Authority RB Municipal Trust Receipts Floaters (Columbia University Project) Series 2001-132 VRDN (Societe Generale Liquidity Facility), | ||||||
0.30%, 5/07/10(a)(b) | 2,000 | 2,000,000 | ||||
New York Energy Research & Development Authority RB (New York State Electric & Gas Project) Series 1994B VRDN (JPMorgan Chase Bank LOC), | ||||||
0.30%, 5/07/10(a) | 5,000 | 5,000,000 | ||||
New York Local Government Assistance Corp. RB Series 1995E VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), | ||||||
0.31%, 5/07/10(a) | 3,900 | 3,900,000 | ||||
New York Power Authority Series 2010-1 TECP, | ||||||
0.28%, 5/12/10 | 2,100 | 2,100,000 | ||||
Newburgh City School District GO Series 2009 BAN (State Aid Withholding Insurance), | ||||||
1.25%, 7/30/10 | 3,725 | 3,731,900 | ||||
North Hempstead GO (Public Improvement Project) Series 2009 MB, | ||||||
2.50%, 6/01/10 | 480 | 480,688 | ||||
North Shore Central School District GO Series 2009 TAN (State Aid Withholding Insurance), | ||||||
1.25%, 6/23/10 | 825 | 825,905 | ||||
Otsego County IDRB (Templeton Foundation Project) Series 2007A VRDN (KeyBank N.A. LOC), | ||||||
0.49%, 5/07/10(a) | 575 | 575,000 | ||||
Peekskill City School District GO Series 2009 BAN (State Aid Withholding Insurance), | ||||||
1.75%, 8/27/10 | 876 | 877,818 | ||||
Pleasantville Union Free School District GO Series 2009 BAN (State Aid Withholding Insurance), | ||||||
1.25%, 5/04/10 | 4,500 | 4,500,287 | ||||
Port Authority of New York & New Jersey RB (Versatile Structure Obligation Project) Series 1995-3 VRDN (JPMorgan Chase Bank SBPA), | ||||||
0.26%, 5/03/10(a) | 900 | 900,000 | ||||
Port Authority of New York & New Jersey RB Municipal Trust Receipts Floaters Series 2002-766 VRDN (AGM Insurance, Morgan Stanley Liquidity Facility), | ||||||
0.33%, 5/07/10(a)(b) | 1,000 | 1,000,000 | ||||
Port Jefferson Union Free School District GO Series 2009 TAN (State Aid Withholding Insurance), | ||||||
1.50%, 6/30/10 | 1,550 | 1,552,162 | ||||
Port Washington Union Free School District GO Series 2009 TAN (State Aid Withholding Insurance), | ||||||
2.00%, 6/23/10 | 3,035 | 3,041,811 | ||||
Ramapo GO Series 2009 BAN, | ||||||
1.50%, 12/15/10 | 775 | 779,825 | ||||
Rensselaer County Civic Facilities IDRB (The Sage Colleges Project) Series 2002A VRDN (Manufacturers and Traders Trust Co. LOC), | ||||||
0.35%, 5/07/10(a) | 1,200 | 1,200,000 | ||||
Rockland County Industrial Development Agency RB (Dominican College Project) Series 2004A VRDN (TD Bank N.A. LOC), | ||||||
0.29%, 5/07/10(a) | 7,300 | 7,300,000 | ||||
Rocky Point Union Free School District GO Series 2009 TAN (State Aid Withholding Insurance), | ||||||
1.50%, 6/30/10 | 900 | 901,337 | ||||
Sachem Central School District of Holbrook GO Series 2009 (State Aid Withholding Insurance): | ||||||
2.50%, 6/23/10 | 6,600 | 6,619,577 | ||||
2.00%, 8/27/10 | 1,625 | 1,632,838 | ||||
Sag Harbor Union Free School District GO Series 2009 TAN (State Aid Withholding Insurance), | ||||||
1.50%, 6/30/10 | 1,560 | 1,561,788 | ||||
Shenendehowa Central School District GO Series 2009 BAN, | ||||||
1.40%, 6/25/10 | 1,600 | 1,600,051 | ||||
Tarrytown GO Series 2009C BAN, | ||||||
1.25%, 11/12/10 | 2,227 | 2,235,896 | ||||
Triborough Bridge & Tunnel Authority RB Series 2005A VRDN (Dexia Credit Local SBPA), | ||||||
0.33%, 5/07/10(a) | 3,900 | 3,900,000 | ||||
Triborough Bridge & Tunnel Authority RB Series 2005B-2 VRDN (Dexia Credit Local SBPA), | ||||||
0.30%, 5/07/10(a) | 4,830 | 4,830,000 | ||||
Triborough Bridge & Tunnel Authority RB Series 2005B-3 VRDN (Bank of America N.A. SBPA), | ||||||
0.30%, 5/07/10(a) | 15,340 | 15,340,000 | ||||
Troy IDA Civic Facility RB (Rensselaer Polytechnic Institute Project) Series 2008A VRDN (Bank of America N.A. LOC), | ||||||
0.28%, 5/07/10(a) | 5,000 | 5,000,000 | ||||
Vestal GO Series 2009 BAN, | ||||||
1.75%, 5/21/10 | 2,000 | 2,000,901 | ||||
Wallkill Center School District GO Series 2009 BAN, | ||||||
2.00%, 8/13/10 | 1,600 | 1,603,648 | ||||
Westhampton Beach Union Free School District GO Series 2009 TAN (State Aid Withholding Insurance), | ||||||
1.25%, 6/30/10 | 870 | 870,853 | ||||
Puerto Rico — 0.4% | ||||||
Commonwealth of Puerto Rico GO Series 2008B VRDN (Wells Fargo Bank N.A. LOC), | ||||||
0.23%, 5/03/10(a) | 1,000 | 1,000,000 | ||||
Total Investments | $ | 256,143,336 | ||||
Other Assets Less Liabilities — 0.3% | 875,100 | |||||
Net Assets — 100.0% | $ | 257,018,436 | ||||
| * | Cost for federal income tax purposes. |
| (a) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
| (b) | These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. |
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 45 |
Table of Contents
| Schedule of Investments (concluded) | New York Money Fund | |
| • | Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows: |
| • | Level 1 – price quotations in active markets/exchanges for identical assets and liabilities |
| • | Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| • | Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments) |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Fund’s investments:
| Investments in Securities | ||||||||||
Valuation Inputs | Level 1 | Level 21 | Level 3 | Total | ||||||
Assets: | ||||||||||
Total Investments. | — | $ | 256,143,336 | — | $ | 256,143,336 | ||||
| 1 | See above Schedule of Investments for values in the state or political subdivision. |
See Notes to Financial Statements.
| 46 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
Statements of Assets and Liabilities
April 30, 2010 (Unaudited) | Federal Trust Fund | FedFund | TempCash | TempFund | T-Fund | ||||||||||
Assets | |||||||||||||||
Investments at value1 | $ | 233,173,802 | $ | 6,498,946,585 | $ | 5,842,350,787 | $ | 56,782,820,042 | $ | 2,547,980,531 | |||||
Repurchase agreements at value - affiliated2 | — | — | — | 24,000,000 | — | ||||||||||
Repurchase agreements at value - unaffiliated3 | — | 5,687,183,000 | 648,491,000 | 7,789,417,000 | 4,504,497,000 | ||||||||||
Cash | 947 | 683,671 | 711,221 | 46,628,065 | 196 | ||||||||||
Capital shares sold receivable | — | — | — | 1,230,658 | — | ||||||||||
Interest receivable - unaffiliated | 20,556 | 921,587 | 1,210,424 | 11,096,169 | 42,557 | ||||||||||
Interest receivable - affiliated | — | — | — | 400 | — | ||||||||||
Receivable from advisor | 51 | — | — | — | — | ||||||||||
Prepaid expenses | 34,110 | 222,463 | 199,372 | 1,021,918 | 158,588 | ||||||||||
Total assets | 233,229,466 | 12,187,957,306 | 6,492,962,804 | 64,656,214,252 | 7,052,678,872 | ||||||||||
Liabilities | |||||||||||||||
Investments purchased payable | — | 187,794,826 | — | 598,732,778 | — | ||||||||||
Management fees payable | 26,586 | 1,658,117 | 884,740 | 8,896,944 | 1,034,007 | ||||||||||
Officer’s and Trustees’ fees payable | 6,768 | 10,670 | 11,301 | — | 1,410 | ||||||||||
Other affiliates payable | 5,787 | 134,702 | 76,369 | 557,944 | 75,348 | ||||||||||
Income dividends payable | 3,520 | 166,894 | 295,212 | 3,199,627 | 51,626 | ||||||||||
Service and distribution fees payable | 342 | 33,504 | 97,346 | 650,549 | 11,714 | ||||||||||
Capital shares redeemed payable | — | 95,347,201 | — | 102,055,657 | — | ||||||||||
Other accrued expenses payable | 22,734 | 114,349 | 149,113 | 535,018 | 105,104 | ||||||||||
Total liabilities | 65,737 | 285,260,263 | 1,514,081 | 714,628,517 | 1,279,209 | ||||||||||
Net Assets | $ | 233,163,729 | $ | 11,902,697,043 | $ | 6,491,448,723 | $ | 63,941,585,735 | $ | 7,051,399,663 | |||||
Net Assets Consist of | |||||||||||||||
Paid-in capital | $ | 233,135,942 | $ | 11,901,863,873 | $ | 6,491,036,818 | $ | 63,940,684,195 | $ | 7,051,206,502 | |||||
Undistributed (distributions in excess of) net investment income | — | — | 454 | 4,327 | — | ||||||||||
Accumulated net realized gain | 27,787 | 833,170 | 411,451 | 897,213 | 193,161 | ||||||||||
Net Assets | $ | 233,163,729 | $ | 11,902,697,043 | $ | 6,491,448,723 | $ | 63,941,585,735 | $ | 7,051,399,663 | |||||
1 Investments at cost | $ | 233,173,802 | $ | 6,498,946,585 | $ | 5,842,350,787 | $ | 56,782,820,042 | $ | 2,547,980,531 | |||||
2 Repurchase agreements at cost - affiliated | — | — | — | $ | 24,000,000 | — | |||||||||
3 Repurchase agreements at cost - unaffiliated | — | $ | 5,687,183,000 | $ | 648,491,000 | $ | 7,789,417,000 | $ | 4,504,497,000 | ||||||
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 47 |
Table of Contents
Statements of Assets and Liabilities (continued)
April 30, 2010 (Unaudited) | Federal Trust Fund | FedFund | TempCash | TempFund | T-Fund | ||||||||||
Net Asset Value | |||||||||||||||
Institutional | |||||||||||||||
Net assets | $ | 215,024,149 | $ | 11,030,529,678 | $ | 5,679,551,491 | $ | 58,077,263,581 | $ | 6,099,381,763 | |||||
Shares outstanding4 | 214,995,431 | 11,029,800,343 | 5,679,070,564 | 58,075,812,114 | 6,099,202,947 | ||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||
Dollar | |||||||||||||||
Net assets | $ | 17,759,556 | $ | 581,641,539 | $ | 786,991,558 | $ | 2,563,747,459 | $ | 399,280,149 | |||||
Shares outstanding4 | 17,761,068 | 581,557,189 | 787,051,555 | 2,564,215,232 | 399,277,161 | ||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||
Cash Management | |||||||||||||||
Net assets | — | $ | 12,540,671 | — | $ | 687,672,493 | $ | 239,867,513 | |||||||
Shares outstanding4 | — | 12,539,432 | — | 687,675,187 | 239,865,261 | ||||||||||
Net asset value | — | $ | 1.00 | — | $ | 1.00 | $ | 1.00 | |||||||
Cash Reserve | |||||||||||||||
Net assets | — | $ | 2,237,811 | — | $ | 34,345,195 | — | ||||||||
Shares outstanding4 | — | 2,236,467 | — | 34,342,111 | — | ||||||||||
Net asset value | — | $ | 1.00 | — | $ | 1.00 | — | ||||||||
Administration | |||||||||||||||
Net assets | $ | 380,024 | $ | 59,379,068 | $ | 24,905,674 | $ | 1,727,685,204 | $ | 36,405,459 | |||||
Shares outstanding4 | 380,065 | 59,368,247 | 24,914,699 | 1,727,821,805 | 36,398,737 | ||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||
Select | |||||||||||||||
Net assets | — | $ | 116,383,882 | — | $ | 681,746,203 | $ | 197,667,155 | |||||||
Shares outstanding4 | — | 116,375,467 | — | 681,737,700 | 197,668,659 | ||||||||||
Net asset value | — | $ | 1.00 | — | $ | 1.00 | $ | 1.00 | |||||||
Private Client | |||||||||||||||
Net assets | — | $ | 25,793,578 | — | $ | 26,886,905 | $ | 1 | |||||||
Shares outstanding4 | — | 25,801,430 | — | 26,888,961 | 1 | ||||||||||
Net asset value | — | $ | 1.00 | — | $ | 1.00 | $ | 1.00 | |||||||
Premier | |||||||||||||||
Net assets | — | $ | 74,190,816 | — | $ | 142,238,695 | $ | 78,797,623 | |||||||
Shares outstanding4 | — | 74,185,298 | — | 142,191,085 | 78,793,736 | ||||||||||
Net asset value | — | $ | 1.00 | — | $ | 1.00 | $ | 1.00 | |||||||
| 4 | Unlimited number of shares authorized, $0.001 par value. |
See Notes to Financial Statements.
| 48 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
Statements of Assets and Liabilities (continued)
April 30, 2010 (Unaudited) | Treasury Trust Fund | MuniCash | MuniFund | California Money Fund | New York Money Fund | |||||||||||
Assets | ||||||||||||||||
Investments at value1 | $ | 3,130,263,347 | $ | 976,855,491 | $ | 4,814,470,720 | $ | 430,203,714 | $ | 256,143,336 | ||||||
Cash | 517 | — | 58,692 | 10,863 | 32,552 | |||||||||||
Interest receivable | — | 1,950,687 | 11,921,809 | 1,650,658 | 924,577 | |||||||||||
Receivable from advisor | 11,175 | — | — | 4 | — | |||||||||||
Prepaid expenses | 74,442 | 53,570 | 133,886 | 30,509 | 20,933 | |||||||||||
Total assets | 3,130,349,481 | 978,859,748 | 4,826,585,107 | 431,895,748 | 257,121,398 | |||||||||||
Liabilities | ||||||||||||||||
Bank overdraft | — | 39,284 | — | — | — | |||||||||||
Investments purchased payable | — | 6,060,481 | — | 2,921,779 | — | |||||||||||
Management fees payable | 389,921 | 150,890 | 712,948 | 62,492 | 35,259 | |||||||||||
Other affiliates payable | 26,154 | 3,336 | 53,444 | 9,055 | 6,875 | |||||||||||
Officer’s and Trustees’ fees payable | 4,228 | 6,352 | 5,967 | 7,013 | 6,816 | |||||||||||
Income dividends payable | 1,814 | 74,359 | 243,715 | 47,407 | 28,207 | |||||||||||
Service and distribution fees payable | — | 19,214 | 79,015 | 9,675 | 4,864 | |||||||||||
Other accrued expenses payable | 59,693 | 25,459 | 50,359 | 25,982 | 20,941 | |||||||||||
Total liabilities | 481,810 | 6,379,375 | 1,145,448 | 3,083,403 | 102,962 | |||||||||||
Net Assets | $ | 3,129,867,671 | $ | 972,480,373 | $ | 4,825,439,659 | $ | 428,812,345 | $ | 257,018,436 | ||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 3,129,757,331 | $ | 972,469,853 | $ | 4,825,486,532 | $ | 428,780,543 | $ | 257,017,057 | ||||||
Undistributed (accumulated) net investment income (loss) | — | 10,029 | 2,309 | 159 | 18 | |||||||||||
Accumulated net realized gain (loss) | 110,340 | 491 | (49,182 | ) | 31,643 | 1,361 | ||||||||||
Net Assets | $ | 3,129,867,671 | $ | 972,480,373 | $ | 4,825,439,659 | $ | 428,812,345 | $ | 257,018,436 | ||||||
1 Investments at cost | $ | 3,130,263,347 | $ | 976,855,491 | $ | 4,814,470,720 | $ | 430,203,714 | $ | 256,143,336 | ||||||
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 49 |
Table of Contents
Statements of Assets and Liabilities (concluded)
April 30, 2010 (Unaudited) | Treasury Trust Fund | MuniCash | MuniFund | California Money Fund | New York Money Fund | ||||||||||
Net Asset Value | |||||||||||||||
Institutional | |||||||||||||||
Net assets | $ | 2,732,119,003 | $ | 868,708,931 | $ | 4,047,743,350 | $ | 365,935,498 | $ | 225,969,696 | |||||
Shares outstanding2 | 2,732,075,470 | 868,698,465 | 4,047,669,309 | 365,533,541 | 225,461,812 | ||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||
Dollar | |||||||||||||||
Net assets | $ | 252,376,124 | $ | 103,771,442 | $ | 143,160,786 | $ | 23,014,322 | $ | 984,024 | |||||
Shares outstanding2 | 252,347,345 | 103,742,649 | 143,170,001 | 23,006,528 | 982,702 | ||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||
Cash Management | |||||||||||||||
Net assets | $ | 49,797,332 | — | $ | 53,974,460 | $ | 3,459 | $ | 3,629,622 | ||||||
Shares outstanding2 | 49,771,741 | — | 53,984,896 | 3,454 | 3,620,409 | ||||||||||
Net asset value | $ | 1.00 | — | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Administration | |||||||||||||||
Net assets | $ | 95,575,212 | — | $ | 400,923,591 | $ | 2,200,357 | $ | 12,018,457 | ||||||
Shares outstanding2 | 95,562,775 | — | 400,886,065 | 2,198,143 | 12,000,620 | ||||||||||
Net asset value | $ | 1.00 | — | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Select | |||||||||||||||
Net assets | — | — | $ | 23,790,107 | $ | 28,720,241 | $ | 5,372,943 | |||||||
Shares outstanding2 | — | — | 23,788,216 | 28,696,105 | 5,367,108 | ||||||||||
Net asset value | — | — | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||
Private Client | |||||||||||||||
Net assets | — | — | $ | 5,156,353 | $ | 4,581,827 | $ | 7,076,947 | |||||||
Shares outstanding2 | — | — | 5,156,245 | 4,576,891 | 7,067,531 | ||||||||||
Net asset value | — | — | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||
Premier | |||||||||||||||
Net assets | — | — | $ | 150,691,012 | $ | 4,356,641 | $ | 1,966,747 | |||||||
Shares outstanding2 | — | — | 150,651,217 | 4,348,111 | 1,963,445 | ||||||||||
Net asset value | — | — | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||
| 2 | Unlimited number of shares authorized, $0.001 par value. |
See Notes to Financial Statements.
| 50 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
Six Months Ended April 30, 2010 (Unaudited) | Federal Trust Fund | FedFund | TempCash | |||||||||
Investment Income | ||||||||||||
Interest | $ | 290,274 | $ | 16,769,853 | $ | 12,555,565 | ||||||
Interest - affiliated | — | 15,712 | — | |||||||||
Total investment income | 290,274 | 16,785,565 | 12,555,565 | |||||||||
Expenses | ||||||||||||
Management | 470,321 | 13,487,922 | 8,703,777 | |||||||||
Service and distribution - class specific | 31,622 | 2,110,605 | 1,049,616 | |||||||||
Professional | 16,569 | 111,156 | 68,100 | |||||||||
Registration | 14,902 | 31,761 | 22,531 | |||||||||
Transfer agent | 11,229 | 260,997 | 131,144 | |||||||||
Officer and Trustees | 7,417 | 61,699 | 31,954 | |||||||||
Custodian | 6,137 | 170,576 | 96,853 | |||||||||
Printing | 1,696 | 36,890 | 15,934 | |||||||||
Miscellaneous | 18,504 | 134,296 | 76,984 | |||||||||
Total expenses | 578,397 | 16,405,902 | 10,196,893 | |||||||||
Less management fees waived | (259,254 | ) | (910,130 | ) | (2,473,223 | ) | ||||||
Less service and distribution fees waived - class specific | (31,362 | ) | (1,826,280 | ) | (380,941 | ) | ||||||
Less fees paid indirectly | (107 | ) | (966 | ) | (414 | ) | ||||||
Total expenses after fees waived and paid indirectly | 287,674 | 13,668,526 | 7,342,315 | |||||||||
Net investment income | 2,600 | 3,117,039 | 5,213,250 | |||||||||
Realized Gain | ||||||||||||
Net realized gain from: | ||||||||||||
Investments | 13,711 | 116,297 | 209,912 | |||||||||
Net Increase in Net Assets Resulting from Operations | $ | 16,311 | $ | 3,233,336 | $ | 5,423,162 | ||||||
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 51 |
Table of Contents
Statements of Operations (continued)
Six Months Ended April 30, 2010 (Unaudited) | TempFund | T-Fund | Treasury Trust Fund | |||||||||
Investment Income | ||||||||||||
Interest | $ | 99,383,319 | $ | 6,855,594 | $ | 2,078,977 | ||||||
Interest - affiliated | 53,005 | — | — | |||||||||
Total investment income | 99,436,324 | 6,855,594 | 2,078,977 | |||||||||
Expenses | ||||||||||||
Management | 58,602,656 | 8,383,426 | 4,575,341 | |||||||||
Service and distribution - class specific | 11,059,095 | 2,392,190 | 517,169 | |||||||||
Transfer agent | 1,053,572 | 118,666 | 72,717 | |||||||||
Custodian | 723,162 | 101,739 | 44,089 | |||||||||
Professional | 437,494 | 66,282 | 42,088 | |||||||||
Officer and Trustees | 239,182 | 31,288 | 19,457 | |||||||||
Printing | 198,987 | 18,904 | 8,863 | |||||||||
Registration | 36,487 | 27,995 | 15,352 | |||||||||
Miscellaneous | 528,381 | 91,532 | 54,530 | |||||||||
Total expenses | 72,879,016 | 11,232,022 | 5,349,606 | |||||||||
Less management fees waived | (2,286,033 | ) | (2,280,874 | ) | (2,753,120 | ) | ||||||
Less service and distribution fees waived - class specific | (7,097,358 | ) | (2,380,074 | ) | (517,167 | ) | ||||||
Less fees paid indirectly | (3,099 | ) | (602 | ) | (342 | ) | ||||||
Total expenses after fees waived and paid indirectly | 63,492,526 | 6,570,472 | 2,078,977 | |||||||||
Net investment income (loss) | 35,943,798 | 285,122 | — | |||||||||
Realized Gain | ||||||||||||
Net realized gain from: | ||||||||||||
investments | 695,049 | 69,341 | 92,716 | |||||||||
Net Increase in Net Assets Resulting from Operations | $ | 36,638,847 | $ | 354,463 | $ | 92,716 | ||||||
See Notes to Financial Statements.
| 52 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
Statements of Operations (concluded)
Six Months Ended April 30, 2010 (Unaudited) | MuniCash | MuniFund | California Money Fund | New York Money Fund | ||||||||||||
Investment Income | ||||||||||||||||
Interest | $ | 1,932,149 | $ | 7,862,395 | $ | 867,054 | $ | 527,145 | ||||||||
Total investment income | 1,932,149 | 7,862,395 | 867,054 | 527,145 | ||||||||||||
Expenses | ||||||||||||||||
Management | 1,796,887 | 6,283,338 | 933,065 | 626,105 | ||||||||||||
Service and distribution - class specific | 153,328 | 1,226,636 | 222,857 | 76,695 | ||||||||||||
Registration | 23,282 | 35,145 | 9,900 | 6,199 | ||||||||||||
Professional | 20,172 | 48,237 | 17,651 | 16,217 | ||||||||||||
Transfer agent | 20,043 | 93,780 | 21,632 | 12,929 | ||||||||||||
Custodian | 15,444 | 60,837 | 8,410 | 6,283 | ||||||||||||
Officer and Trustees | 9,223 | 24,194 | 7,960 | 7,270 | ||||||||||||
Printing | 2,387 | 15,226 | 3,331 | 1,517 | ||||||||||||
Miscellaneous | 13,112 | 62,610 | 9,277 | 8,620 | ||||||||||||
Total expenses | 2,053,878 | 7,850,003 | 1,234,083 | 761,835 | ||||||||||||
Less management fees waived | (866,197 | ) | (1,804,211 | ) | (513,409 | ) | (351,158 | ) | ||||||||
Less service and distribution fees waived - class specific | (47,192 | ) | (700,003 | ) | (169,499 | ) | (58,687 | ) | ||||||||
Less fees paid indirectly | (125 | ) | (414 | ) | (181 | ) | (61 | ) | ||||||||
Total expenses after fees waived and paid indirectly | 1,140,364 | 5,345,375 | 550,994 | 351,929 | ||||||||||||
Net investment income | 791,785 | 2,517,020 | 316,060 | 175,216 | ||||||||||||
Realized Gain | ||||||||||||||||
Net realized gain from: | ||||||||||||||||
investments | 276 | 33,974 | 29,696 | — | ||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 792,061 | $ | 2,550,994 | $ | 345,756 | $ | 175,216 | ||||||||
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 53 |
Table of Contents
Statements of Changes in Net Assets
| Federal Trust Fund | FedFund | |||||||||||||||
Increase (Decrease) in Net Assets: | Six Months Ended April 30, 2010 (Unaudited) | Year Ended October 31, 2009 | Six Months Ended April 30, 2010 (Unaudited) | Year Ended October 31, 2009 | ||||||||||||
Operations | ||||||||||||||||
Net investment income | $ | 2,600 | $ | 1,924,970 | $ | 3,117,039 | $ | 59,418,900 | ||||||||
Net realized gain | 13,711 | 59,582 | 116,297 | 1,413,012 | ||||||||||||
Net increase in net assets resulting from operations | 16,311 | 1,984,552 | 3,233,336 | 60,831,912 | ||||||||||||
Dividends and Distributions to Shareholders From | ||||||||||||||||
Net investment income: | ||||||||||||||||
Institutional | (2,600 | ) | (1,464,210 | ) | (3,116,869 | ) | (56,052,866 | ) | ||||||||
Dollar | — | (460,760 | ) | (113 | ) | (2,511,532 | ) | |||||||||
Cash Management | — | — | (3 | ) | (30,599 | ) | ||||||||||
Cash Reserve | — | — | — | (7,223 | ) | |||||||||||
Administration | — | (1 | ) | (11 | ) | (441,718 | ) | |||||||||
Select | — | — | (23 | ) | (119,776 | ) | ||||||||||
Premier Choice | — | — | — | (2 | ) | |||||||||||
Private Client | — | — | (5 | ) | (129,741 | ) | ||||||||||
Premier | — | — | (15 | ) | (125,435 | ) | ||||||||||
Net realized gain: | ||||||||||||||||
Institutional | (110,111 | ) | (71,468 | ) | (469,767 | ) | (178,575 | ) | ||||||||
Dollar | (6,329 | ) | (4,961 | ) | (25,877 | ) | (9,815 | ) | ||||||||
Cash Management | — | — | (932 | ) | (339 | ) | ||||||||||
Cash Reserve | — | — | (139 | ) | (53 | ) | ||||||||||
Administration | (36 | ) | (17 | ) | (3,194 | ) | (1,247 | ) | ||||||||
Select | — | — | (6,486 | ) | (2,516 | ) | ||||||||||
Private Client | — | — | (1,376 | ) | (514 | ) | ||||||||||
Premier | — | — | (3,427 | ) | (1,149 | ) | ||||||||||
Decrease in net assets resulting from dividends and distributions to shareholders | (119,076 | ) | (2,001,417 | ) | (3,628,237 | ) | (59,613,100 | ) | ||||||||
Capital Share Transactions | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (161,553,560 | ) | (88,621,877 | ) | (3,264,223,239 | ) | 3,192,452,292 | |||||||||
Net Assets | ||||||||||||||||
Total increase (decrease) in net assets | (161,656,325 | ) | (88,638,742 | ) | (3,264,618,140 | ) | 3,193,671,104 | |||||||||
Beginning of period | 394,820,054 | 483,458,796 | 15,167,315,183 | 11,973,644,079 | ||||||||||||
End of period | $ | 233,163,729 | $ | 394,820,054 | $ | 11,902,697,043 | $ | 15,167,315,183 | ||||||||
Undistributed net investment income | — | — | — | — | ||||||||||||
See Notes to Financial Statements.
| 54 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| TempCash | TempFund | T-Fund | ||||||||||||||||||||
| Six Months Ended April 30, 2010 (Unaudited) | Year Ended October 31, 2009 | Six Months Ended April 30, 2010 (Unaudited) | Year Ended October 31, 2009 | Six Months Ended April 30, 2010 (Unaudited) | Year Ended October 31, 2009 | |||||||||||||||||
| $ | 5,213,250 | $ | 76,515,418 | $ | 35,943,798 | $ | 546,361,021 | $ | 285,122 | $ | 16,811,498 | |||||||||||
| 209,912 | 1,701,898 | 695,049 | 6,422,427 | 69,341 | 996,391 | |||||||||||||||||
| 5,423,162 | 78,217,316 | 36,638,847 | 552,783,448 | 354,463 | 17,807,889 | |||||||||||||||||
| (5,199,992 | ) | (69,387,835 | ) | (35,729,515 | ) | (479,147,712 | ) | (260,439 | ) | (16,367,180 | ) | |||||||||||
| (150 | ) | (6,701,404 | ) | (549 | ) | (40,174,944 | ) | (9,737 | ) | (218,510 | ) | |||||||||||
| — | (307 | ) | (176 | ) | (4,961,922 | ) | (5,575 | ) | (39,262 | ) | ||||||||||||
| — | — | (7 | ) | (55,813 | ) | — | — | |||||||||||||||
| (12,654 | ) | (425,873 | ) | (209,048 | ) | (16,978,640 | ) | (1,012 | ) | (22,913 | ) | |||||||||||
| — | — | (140 | ) | (2,857,507 | ) | (5,854 | ) | (90,344 | ) | |||||||||||||
| — | — | — | (4 | ) | — | — | ||||||||||||||||
| — | — | (5 | ) | (583,205 | ) | — | (154 | ) | ||||||||||||||
| — | — | (31 | ) | (1,601,245 | ) | (2,505 | ) | (73,135 | ) | |||||||||||||
| — | — | (259,663 | ) | — | (458,624 | ) | (634,869 | ) | ||||||||||||||
| (53,960 | ) | — | (12,589 | ) | — | (22,862 | ) | (38,204 | ) | |||||||||||||
| (6,780 | ) | — | (3,085 | ) | — | (22,644 | ) | (50,534 | ) | |||||||||||||
| — | — | (151 | ) | — | — | — | ||||||||||||||||
| (381 | ) | — | (7,610 | ) | — | (2,442 | ) | (4,196 | ) | |||||||||||||
| — | — | (3,206 | ) | — | (15,284 | ) | (25,185 | ) | ||||||||||||||
| — | — | (122 | ) | — | — | (26 | ) | |||||||||||||||
| — | — | (712 | ) | — | (7,025 | ) | (11,885 | ) | ||||||||||||||
| (5,273,917 | ) | (76,515,419 | ) | (36,226,609 | ) | (546,360,992 | ) | (814,003 | ) | (17,576,397 | ) | |||||||||||
| (1,430,891,857 | ) | 785,448,828 | (2,579,372,896 | ) | 11,438,624,904 | 112,655,699 | (13,453,341,070 | ) | ||||||||||||||
| (1,430,742,612 | ) | 787,150,725 | (2,578,960,658 | ) | 11,445,047,360 | 112,196,159 | (13,453,109,578 | ) | ||||||||||||||
| 7,922,191,335 | 7,135,040,610 | 66,520,546,393 | 55,075,499,033 | 6,939,203,504 | 20,392,313,082 | |||||||||||||||||
| $ | 6,491,448,723 | $ | 7,922,191,335 | $ | 63,941,585,735 | $ | 66,520,546,393 | $ | 7,051,399,663 | $ | 6,939,203,504 | |||||||||||
| $ | 454 | — | $ | 4,327 | — | — | — | |||||||||||||||
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 55 |
Table of Contents
Statements of Changes in Net Assets (concluded)
| Treasury Trust Fund | MuniCash | |||||||||||||||
Increase (Decrease) in Net Assets: | Six Months Ended April 30, 2010 (Unaudited) | Year Ended October 31, 2009 | Six Months Ended April 30, 2010 (Unaudited) | Year Ended October 31, 2009 | ||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | — | $ | 5,893,750 | $ | 791,785 | $ | 4,468,373 | ||||||||
Net realized gain (loss) | 92,716 | 343,681 | 276 | 421 | ||||||||||||
Net increase in net assets resulting from operations | 92,716 | 6,237,431 | 792,061 | 4,468,794 | ||||||||||||
Dividends and Distributions to Shareholders From | ||||||||||||||||
Net investment income: | ||||||||||||||||
Institutional | — | (5,569,194 | ) | (791,615 | ) | (3,979,073 | ) | |||||||||
Dollar | — | (195,708 | ) | (172 | ) | (489,299 | ) | |||||||||
Cash Management | — | (7,999 | ) | — | — | |||||||||||
Administration | — | (120,848 | ) | — | — | |||||||||||
Select | — | — | — | — | ||||||||||||
Premier Choice | — | — | — | — | ||||||||||||
Private Client | — | — | — | — | ||||||||||||
Premier | — | — | — | — | ||||||||||||
Net realized gain: | ||||||||||||||||
Institutional | (330,469 | ) | (887,982 | ) | — | — | ||||||||||
Dollar | (13,378 | ) | (30,465 | ) | — | — | ||||||||||
Cash Management | (3,144 | ) | (13,423 | ) | — | — | ||||||||||
Administration | (9,657 | ) | (35,648 | ) | — | — | ||||||||||
Select | — | — | — | — | ||||||||||||
Private Client | — | — | — | — | ||||||||||||
Premier | — | — | — | — | ||||||||||||
Decrease in net assets resulting from dividends and distributions to shareholders | (356,648 | ) | (6,861,267 | ) | (791,787 | ) | (4,468,372 | ) | ||||||||
Capital Share Transactions | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (1,387,716,278 | ) | (3,127,527,154 | ) | (44,056,321 | ) | 466,849,376 | |||||||||
Net Assets | ||||||||||||||||
Total increase (decrease) in net assets | (1,387,980,210 | ) | (3,128,150,990 | ) | (44,056,047 | ) | 466,849,798 | |||||||||
Beginning of period | 4,517,847,881 | 7,645,998,871 | 1,016,536,420 | 549,686,622 | ||||||||||||
End of period | $ | 3,129,867,671 | $ | 4,517,847,881 | $ | 972,480,373 | $ | 1,016,536,420 | ||||||||
Undistributed (distributions in excess of) net investment income | — | — | $ | 10,029 | $ | 10,031 | ||||||||||
See Notes to Financial Statements.
| 56 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| MuniFund | California Money Fund | New York Money Fund | ||||||||||||||||||||
| Six Months Ended April 30, 2010 (Unaudited) | Year Ended October 31, 2009 | Six Months Ended April 30, 2010 (Unaudited) | Year Ended October 31, 2009 | Six Months Ended April 30, 2010 (Unaudited) | Year Ended October 31, 2009 | |||||||||||||||||
| $ | 2,517,020 | $ | 26,255,868 | $ | 316,060 | $ | 22,561,831 | $ | 175,216 | $ | 1,890,118 | |||||||||||
| 33,974 | (959 | ) | 29,696 | 198,255 | — | 19,487 | ||||||||||||||||
| 2,550,994 | 26,254,909 | 345,756 | 22,760,086 | 175,216 | 1,909,605 | |||||||||||||||||
| (2,418,832 | ) | (21,193,503 | ) | (315,323 | ) | (2,702,502 | ) | (173,368 | ) | (1,780,026 | ) | |||||||||||
| (27 | ) | (873,007 | ) | (4 | ) | (26,657 | ) | — | (17,162 | ) | ||||||||||||
| (11 | ) | (274,351 | ) | — | (25 | ) | (1 | ) | (20,917 | ) | ||||||||||||
| (98,113 | ) | (3,390,953 | ) | (725 | ) | (9,649 | ) | (1,845 | ) | (49,193 | ) | |||||||||||
| (6 | ) | (23,612 | ) | (7 | ) | (18,487 | ) | (1 | ) | (3,072 | ) | |||||||||||
| — | (2 | ) | — | (1 | ) | — | (2 | ) | ||||||||||||||
| (1 | ) | (56,335 | ) | (1 | ) | (17,725 | ) | (1 | ) | (15,764 | ) | |||||||||||
| (27 | ) | (444,103 | ) | (1 | ) | (11,135 | ) | — | (3,982 | ) | ||||||||||||
| — | — | (3,537 | ) | — | (1,761 | ) | — | |||||||||||||||
| — | — | (157 | ) | — | (6 | ) | — | |||||||||||||||
| — | — | — | — | (51 | ) | — | ||||||||||||||||
| — | — | (26 | ) | — | (63 | ) | — | |||||||||||||||
| — | — | (306 | ) | — | (16 | ) | — | |||||||||||||||
| — | — | (39 | ) | — | (33 | ) | — | |||||||||||||||
| — | — | (49 | ) | — | (12 | ) | — | |||||||||||||||
| (2,517,017 | ) | (26,255,866 | ) | (320,175 | ) | (2,786,181 | ) | (177,158 | ) | (1,890,118 | ) | |||||||||||
| (638,359,870 | ) | 1,615,035,011 | (103,793,071 | ) | (230,312,371 | ) | (137,651,986 | ) | (60,255,124 | ) | ||||||||||||
| (638,325,893 | ) | 1,615,034,054 | (103,767,490 | ) | (230,209,152 | ) | (137,653,928 | ) | (60,235,637 | ) | ||||||||||||
| 5,463,765,552 | 3,848,731,498 | 532,579,835 | 762,788,987 | 394,672,364 | 454,908,001 | |||||||||||||||||
| $ | 4,825,439,659 | $ | 5,463,765,552 | $ | 428,812,345 | $ | 532,579,835 | $ | 257,018,436 | $ | 394,672,364 | |||||||||||
| $ | 2,309 | $ | 2,306 | $ | 159 | $ | 160 | $ | 18 | $ | 18 | |||||||||||
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 57 |
Table of Contents
| Financial Highlights | Federal Trust Fund |
| Institutional | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | — | 0.0043 | 0.0283 | 0.0503 | 0.0459 | 0.0263 | ||||||||||||||||||
Net realized gain | 0.0003 | 0.0002 | — | — | — | — | ||||||||||||||||||
Net increase from investment operations | 0.0003 | 0.0045 | 0.0283 | 0.0503 | 0.0459 | 0.0263 | ||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | — | (0.0043 | ) | (0.0283 | ) | (0.0503 | ) | (0.0459 | ) | (0.0263 | ) | |||||||||||||
Net realized gain | (0.0003 | ) | (0.0002 | ) | — | — | — | — | ||||||||||||||||
Total dividends and distributions | (0.0003 | ) | (0.0045 | ) | (0.0283 | ) | (0.0503 | ) | (0.0459 | ) | (0.0263 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.09 | %2 | 0.45 | % | 2.86 | % | 5.15 | % | 4.68 | % | 2.67 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.31 | %3 | 0.33 | % | 0.30 | % | 0.32 | % | 0.36 | % | 0.38 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.16 | %3 | 0.23 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.47 | % | 2.88 | % | 5.02 | % | 4.56 | % | 2.68 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 215,024 | $ | 374,728 | $ | 314,886 | $ | 331,909 | $ | 105,242 | $ | 110,741 | ||||||||||||
See Notes to Financial Statements.
| 58 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Financial Highlights (continued) | Federal Trust Fund |
| Dollar | Administration | |||||||||||||||||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | Six Months Ended April 30, 2010 (Unaudited) | Period April 24, 20094 to October 31, 2009 | Period November 1, 2007 to August 12, 20084 | Period June 1, 20075 to October 31, 2007 | |||||||||||||||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||||||||||||||||||
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 | — | 0.0026 | 0.0258 | 0.0478 | 0.0434 | 0.0238 | — | 0.0002 | 0.0232 | 0.0201 | ||||||||||||||||||||||||||||||
Net realized gain | 0.0003 | 0.0002 | — | — | — | — | 0.0003 | 0.0002 | — | — | ||||||||||||||||||||||||||||||
Net increase in investment operations | 0.0003 | 0.0028 | 0.0258 | 0.0478 | 0.0434 | 0.0238 | 0.0003 | 0.0004 | 0.0232 | 0.0201 | ||||||||||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | — | (0.0026 | ) | (0.0258 | ) | (0.0478 | ) | (0.0434 | ) | (0.0238 | ) | — | (0.0002 | ) | (0.0232 | ) | (0.0201 | ) | ||||||||||||||||||||||
Net realized gain | (0.0003 | ) | (0.0002 | ) | — | — | — | — | (0.0003 | ) | (0.0002 | ) | — | — | ||||||||||||||||||||||||||
Total dividends and distributions | (0.0003 | ) | (0.0028 | ) | (0.0258 | ) | (0.0478 | ) | (0.0434 | ) | (0.0238 | ) | (0.0003 | ) | (0.0004 | ) | (0.0232 | ) | (0.0201 | ) | ||||||||||||||||||||
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 Investment Return1 | ||||||||||||||||||||||||||||||||||||||||
Based on net asset value | 0.05 | %2 | 0.28 | % | 2.61 | % | 4.89 | % | 4.42 | % | 2.41 | % | 0.06 | %2 | 0.03 | %2 | 2.34 | %2 | 2.01 | %2 | ||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.56 | %3 | 0.58 | % | 0.56 | % | 0.57 | % | 0.60 | % | 0.63 | % | 0.44 | %3 | 0.43 | %3 | 0.39 | %3 | 0.40 | %3 | ||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.17 | %3 | 0.43 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.17 | %3 | 0.25 | %3 | 0.30 | %3 | 0.30 | %3 | ||||||||||||||||||||
Net investment income | 0.00 | %3 | 0.30 | % | 2.34 | % | 4.77 | % | 4.34 | % | 2.55 | % | 0.00 | %3 | 0.00 | %3 | 3.15 | %3 | 4.88 | %3 | ||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 17,760 | $ | 19,993 | $ | 168,573 | $ | 43,013 | $ | 37,625 | $ | 18,857 | $ | 380 | $ | 99 | — | $ | 33,680 | |||||||||||||||||||||
| 1 | Where applicable, total investment returns include the reinvestment of dividends and distributions. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
| 4 | There were no Administration Shares outstanding during the period August 13, 2008 to April 23, 2009. |
| 5 | Commencement of operations. |
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 59 |
Table of Contents
| Financial Highlights (continued) | FedFund |
| Institutional | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance |
| |||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0003 | 0.0042 | 0.0289 | 0.0507 | 0.0463 | 0.0269 | ||||||||||||||||||
Dividends from net investment income | (0.0003 | ) | (0.0042 | ) | (0.0289 | ) | (0.0507 | ) | (0.0463 | ) | (0.0269 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.11 | %2 | 0.42 | % | 2.93 | % | 5.19 | % | 4.73 | % | 2.73 | % | ||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||
Total expenses | 0.21 | %3 | 0.23 | % | 0.22 | % | 0.27 | % | 0.28 | % | 0.29 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.20 | %3 | 0.22 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Net investment income | 0.05 | %3 | 0.39 | % | 2.74 | % | 5.04 | % | 4.64 | % | 2.73 | % | ||||||||||||
Supplemental Data |
| |||||||||||||||||||||||
Net assets, end of period (000) | $ | 11,030,530 | $ | 13,937,909 | $ | 10,300,496 | $ | 4,583,892 | $ | 2,417,594 | $ | 2,320,001 | ||||||||||||
| Dollar | Cash Management | |||||||||||||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | Six Months Ended April 30, 2010 (Unaudited) | Year Ended October 31, 2009 | Period August 12, 20084 to October 31, 2008 | ||||||||||||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||||||||||||||
Per Share Operating Performance |
| |||||||||||||||||||||||||||||||||||
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 | 0.0000 | 0.0022 | 0.0264 | 0.0482 | 0.0438 | 0.0244 | 0.0000 | 0.0012 | 0.0032 | |||||||||||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0022 | ) | (0.0264 | ) | (0.0482 | ) | (0.0438 | ) | (0.0244 | ) | (0.0000 | ) | (0.0012 | ) | (0.0032 | ) | ||||||||||||||||||
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 Investment Return1 |
| |||||||||||||||||||||||||||||||||||
Based on net asset value | 0.01 | %2 | 0.22 | % | 2.68 | % | 4.93 | % | 4.47 | % | 2.47 | % | 0.00 | %2 | 0.12 | % | 0.32 | %2 | ||||||||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||||||||||||||
Total expenses | 0.46 | %3 | 0.48 | % | 0.48 | % | 0.52 | % | 0.53 | % | 0.54 | % | 0.71 | %3 | 0.73 | % | 0.72 | %3 | ||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.25 | %3 | 0.43 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.25 | %3 | 0.51 | % | 0.69 | %3 | ||||||||||||||||||
Net investment income | 0.00 | %3 | 0.23 | % | 2.50 | % | 4.83 | % | 4.46 | % | 2.49 | % | 0.00 | %3 | 0.12 | % | 1.45 | %3 | ||||||||||||||||||
Supplemental Data |
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 581,642 | $ | 778,298 | $ | 1,148,784 | $ | 683,594 | $ | 415,040 | $ | 372,460 | $ | 12,541 | $ | 26,633 | $ | 25,057 | ||||||||||||||||||
See Notes to Financial Statements.
| 60 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Financial Highlights (continued) | FedFund |
| Cash Reserve | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance |
| |||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0016 | 0.0250 | 0.0467 | 0.0423 | 0.0229 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0016 | ) | (0.0250 | ) | (0.0467 | ) | (0.0423 | ) | (0.0229 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.00 | %2 | 0.16 | % | 2.52 | % | 4.78 | % | 4.31 | % | 2.32 | % | ||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||
Total expenses | 0.61 | %3 | 0.63 | % | 0.63 | % | 0.66 | % | 0.68 | % | 0.70 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.25 | %3 | 0.48 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.16 | % | 2.18 | % | 4.61 | % | 4.26 | % | 1.94 | % | ||||||||||||
Supplemental Data |
| |||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,238 | $ | 4,046 | $ | 4,336 | $ | 1,183 | $ | 1,082 | $ | 1,547 | ||||||||||||
| Administration | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | Period November 10, 20044 to October 31, 20055 | ||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
Per Share Operating Performance |
| |||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0032 | 0.0280 | 0.0497 | 0.0453 | 0.0110 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0032 | ) | (0.0280 | ) | (0.0497 | ) | (0.0453 | ) | (0.0110 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 |
| |||||||||||||||||||||||
Based on net asset value | 0.03 | %2 | 0.32 | % | 2.83 | % | 5.09 | % | 4.63 | % | 1.10 | %2 | ||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||
Total expenses | 0.31 | %3 | 0.33 | % | 0.32 | % | 0.38 | % | 0.38 | % | 0.39 | %3 | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.25 | %3 | 0.32 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | %3 | ||||||||||||
Net investment income | 0.00 | %3 | 0.34 | % | 2.51 | % | 4.97 | % | 4.67 | % | 2.63 | %3 | ||||||||||||
Supplemental Data |
| |||||||||||||||||||||||
Net assets, end of period (000) | $ | 59,379 | $ | 111,129 | $ | 134,241 | $ | 41,411 | $ | 83,069 | $ | 43,480 | ||||||||||||
| 1 | Where applicable, total investment returns include the reinvestment of dividends and distributions. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
| 4 | Commencement of operations. |
| 5 | There were no Administration Shares outstanding during the period November 19, 2004 to July 5, 2005. |
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 61 |
Table of Contents
| Financial Highlights (continued) | FedFund |
| Select | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance |
| |||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0007 | 0.0209 | 0.0427 | 0.0383 | 0.0189 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0007 | ) | (0.0209 | ) | (0.0427 | ) | (0.0383 | ) | (0.0189 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 |
| |||||||||||||||||||||||
Based on net asset value | 0.00 | %2 | 0.07 | % | 2.11 | % | 4.36 | % | 3.90 | % | 1.91 | % | ||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||
Total expenses | 1.06 | %3 | 1.08 | % | 1.07 | % | 1.12 | % | 1.13 | % | 1.09 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.25 | %3 | 0.56 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.06 | % | 2.03 | % | 4.24 | % | 3.86 | % | 2.14 | % | ||||||||||||
Supplemental Data |
| |||||||||||||||||||||||
Net assets, end of period (000) | $ | 116,384 | $ | 181,556 | $ | 166,590 | $ | 98,752 | $ | 52,420 | $ | 47,205 | ||||||||||||
| Private Client | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance |
| |||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0013 | 0.0241 | 0.0462 | 0.0423 | 0.0229 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0013 | ) | (0.0241 | ) | (0.0462 | ) | (0.0423 | ) | (0.0229 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 |
| |||||||||||||||||||||||
Based on net asset value | 0.00 | %2 | 0.13 | % | 2.44 | % | 4.72 | % | 4.31 | % | 2.32 | % | ||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||
Total expenses | 1.06 | %3 | 1.08 | % | 1.07 | % | 1.12 | % | 1.13 | % | 1.14 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.25 | %3 | 0.55 | % | 0.68 | % | 0.66 | % | 0.60 | % | 0.60 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.18 | % | 2.59 | % | 4.58 | % | 4.25 | % | 2.59 | % | ||||||||||||
Supplemental Data |
| |||||||||||||||||||||||
Net assets, end of period (000) | $ | 25,794 | $ | 41,179 | $ | 102,147 | $ | 768,612 | $ | 295,307 | $ | 241,913 | ||||||||||||
See Notes to Financial Statements.
| 62 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Financial Highlights (continued) | FedFund |
| Premier | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance |
| |||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0013 | 0.0241 | 0.0462 | 0.0423 | 0.0227 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0013 | ) | (0.0241 | ) | (0.0462 | ) | (0.0423 | ) | (0.0227 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 |
| |||||||||||||||||||||||
Based on net asset value | 0.00 | %2 | 0.13 | % | 2.44 | % | 4.72 | % | 4.31 | % | 2.30 | % | ||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||
Total expenses | 0.81 | %3 | 0.83 | % | 0.82 | % | 0.87 | % | 0.88 | % | 0.89 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.25 | %3 | 0.53 | % | 0.68 | % | 0.66 | % | 0.60 | % | 0.60 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.11 | % | 2.47 | % | 4.60 | % | 4.15 | % | 2.84 | % | ||||||||||||
Supplemental Data |
| |||||||||||||||||||||||
Net assets, end of period (000) | $ | 74,191 | $ | 86,563 | $ | 91,990 | $ | 93,867 | $ | 48,396 | $ | 86,126 | ||||||||||||
| 1 | Where applicable, total investment returns include the reinvestment of dividends and distributions. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 63 |
Table of Contents
| Financial Highlights (continued) | TempCash |
| Institutional | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Outstanding Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0008 | 0.0090 | 0.0336 | 0.0521 | 0.0471 | 0.0278 | ||||||||||||||||||
Dividends from net investment income | (0.0008 | ) | (0.0090 | ) | (0.0336 | ) | (0.0521 | ) | (0.0471 | ) | (0.0278 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.28 | %2 | 0.90 | % | 3.42 | % | 5.34 | % | 4.82 | % | 2.82 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.25 | %3 | 0.27 | % | 0.22 | % | 0.24 | % | 0.23 | % | 0.24 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.18 | %3 | 0.21 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | ||||||||||||
Net investment income | 0.16 | %3 | 0.85 | % | 3.46 | % | 5.22 | % | 4.79 | % | 2.88 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 5,679,551 | $ | 6,992,221 | $ | 6,073,793 | $ | 11,420,516 | $ | 9,769,075 | $ | 11,576,987 | ||||||||||||
| Dollar | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Outstanding Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0065 | 0.0313 | 0.0496 | 0.0446 | 0.0253 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0065 | ) | (0.0313 | ) | (0.0496 | ) | (0.0446 | ) | (0.0253 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.08 | %2 | 0.65 | % | 3.16 | % | 5.08 | % | 4.56 | % | 2.56 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.50 | %3 | 0.52 | % | 0.48 | % | 0.49 | % | 0.48 | % | 0.49 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.34 | %3 | 0.46 | % | 0.44 | % | 0.43 | % | 0.43 | % | 0.43 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.67 | % | 3.07 | % | 4.96 | % | 4.50 | % | 2.63 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 786,992 | $ | 879,332 | $ | 1,011,158 | $ | 1,004,425 | $ | 826,331 | $ | 595,873 | ||||||||||||
See Notes to Financial Statements.
| 64 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Financial Highlights (continued) | TempCash |
| Administration | ||||||||||||||||||||
| Six Months Ended April 30, 2010 (Unaudited) | Year Ended October 31, 2009 | Period November 30, 2007 to October 31, 20085 | Period November 1, 2006 to September 24, 20076 | Period November 15, 20054 to October 31, 20067 | ||||||||||||||||
Per Share Operating Performance |
| |||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Net investment income | 0.0003 | 0.0080 | 0.0169 | 0.0386 | 0.0301 | |||||||||||||||
Dividends from net investment income | (0.0003 | ) | (0.0080 | ) | (0.0169 | ) | (0.0386 | ) | (0.0301 | ) | ||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Investment Return1 |
| |||||||||||||||||||
Based on net asset value | 0.18 | %2 | 0.80 | % | 1.70 | %2 | 3.92 | %2 | 3.04 | %2 | ||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||
Total expenses | 0.35 | %3 | 0.37 | % | 0.33 | %3 | 0.34 | %3 | 0.34 | %3 | ||||||||||
Total expenses after fees waived and paid indirectly | 0.28 | %3 | 0.31 | % | 0.28 | %3 | 0.28 | %3 | 0.28 | %3 | ||||||||||
Net investment income | 0.06 | %3 | 0.78 | % | 2.51 | %3 | 5.12 | %3 | 5.01 | %3 | ||||||||||
Supplemental Data |
| |||||||||||||||||||
Net assets, end of period (000) | $ | 24,906 | $ | 50,638 | $ | 50,014 | — | $ | 25,461 | |||||||||||
| 1 | Where applicable, total investment returns include the reinvestment of dividends and distributions. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
| 4 | Commencement of operations. |
| 5 | There were no Administration Shares outstanding during the period November 1, 2007 to November 29, 2007 or the period December 24, 2007 to April 15, 2008. |
| 6 | There were no Administration Shares outstanding during the period June 28, 2007 to August 20, 2007 or the period September 25, 2007 to October 31, 2007. |
| 7 | There were no Administration Shares outstanding during the period November 25, 2005 to March 30, 2006. |
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 65 |
Table of Contents
| Financial Highlights (continued) | TempFund |
| Institutional | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0006 | 0.0086 | 0.0338 | 0.0521 | 0.0470 | 0.0276 | ||||||||||||||||||
Dividends from net investment income | (0.0006 | ) | (0.0086 | ) | (0.0338 | ) | (0.0521 | ) | (0.0470 | ) | (0.0276 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.24 | %2 | 0.87 | % | 3.43 | % | 5.33 | % | 4.81 | % | 2.80 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.19 | %3 | 0.21 | % | 0.19 | % | 0.20 | % | 0.20 | % | 0.21 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.18 | %3 | 0.21 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | ||||||||||||
Net investment income | 0.12 | %3 | 0.83 | % | 3.33 | % | 5.22 | % | 4.78 | % | 2.78 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 58,077,264 | $ | 58,792,099 | $ | 43,874,587 | $ | 50,720,755 | $ | 25,788,255 | $ | 20,229,031 | ||||||||||||
Dollar | ||||||||||||||||||||||||
Six Months April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0062 | 0.0313 | 0.0496 | 0.0445 | 0.0252 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0062 | ) | (0.0313 | ) | (0.0496 | ) | (0.0445 | ) | (0.0252 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.06 | %2 | 0.62 | % | 3.18 | % | 5.07 | % | 4.55 | % | 2.54 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.44 | %3 | 0.46 | % | 0.44 | % | 0.45 | % | 0.45 | % | 0.46 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.30 | %3 | 0.45 | % | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.68 | % | 3.14 | % | 4.95 | % | 4.44 | % | 2.57 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,563,747 | $ | 3,788,512 | $ | 6,546,254 | $ | 6,310,899 | $ | 4,971,729 | $ | 4,212,168 | ||||||||||||
See Notes to Financial Statements.
| 66 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Financial Highlights (continued) | TempFund |
| Cash Management | ||||||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Net investment income | 0.0000 | 0.0045 | 0.0288 | 0.0471 | 0.0420 | 0.0227 | ||||||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0045 | ) | (0.0288 | ) | (0.0471 | ) | (0.0420 | ) | (0.0227 | ) | ||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||||||
Based on net asset value | 0.01 | %2 | 0.45 | % | 2.92 | % | 4.81 | % | 4.28 | % | 2.29 | % | ||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.69 | %3 | 0.71 | % | 0.69 | % | 0.70 | % | 0.70 | % | 0.71 | % | ||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.30 | %3 | 0.62 | % | 0.68 | % | 0.68 | % | 0.68 | % | 0.68 | % | ||||||||||||||||
Net investment income | 0.01 | %3 | 0.48 | % | 2.77 | % | 4.71 | % | 4.24 | % | 2.38 | % | ||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 687,672 | $ | 835,930 | $ | 1,155,402 | $ | 724,122 | $ | 358,944 | $ | 282,475 | ||||||||||||||||
| Cash Reserve | ||||||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | Period October 4, 20054 to October 31, 2005 | Period November 1, 2003 to December 15, 20034 | |||||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||
Net investment income | 0.0000 | 0.0051 | 0.0298 | 0.0481 | 0.0430 | 0.0025 | 0.0007 | |||||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0051 | ) | (0.0298 | ) | (0.0481 | ) | (0.0430 | ) | (0.0025 | ) | (0.0007 | ) | ||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||||||
Based on net asset value | 0.02 | %2 | 0.51 | % | 3.02 | % | 4.92 | % | 4.39 | % | 0.24 | %2 | 0.07 | %2 | ||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.59 | %3 | 0.61 | % | 0.59 | % | 0.60 | % | 0.61 | % | 0.62 | %3 | 0.60 | %3 | ||||||||||||||
Total expenses after fees waived and paid indirectly | 0.30 | %3 | 0.54 | % | 0.58 | % | 0.58 | % | 0.58 | % | 0.58 | %3 | 0.58 | %3 | ||||||||||||||
Net investment income | 0.00 | %3 | 0.45 | % | 3.09 | % | 4.80 | % | 4.38 | % | 3.34 | %3 | 0.54 | %3 | ||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 34,345 | $ | 16,312 | $ | 10,398 | $ | 12,090 | $ | 17,173 | $ | 3,723 | $ | — | ||||||||||||||
| 1 | Where applicable, total investment returns include the reinvestment of dividends and distributions. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
| 4 | There were no Cash Reverse Shares outstanding during the period December 16, 2003 to October 3, 2005. |
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 67 |
Table of Contents
| Financial Highlights (continued) | TempFund |
| Administration | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0001 | 0.0076 | 0.0328 | 0.0511 | 0.0460 | 0.0267 | ||||||||||||||||||
Dividends from net investment income | (0.0001 | ) | (0.0076 | ) | (0.0328 | ) | (0.0511 | ) | (0.0460 | ) | (0.0267 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.13 | %2 | 0.76 | % | 3.33 | % | 5.23 | % | 4.70 | % | 2.70 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.29 | %3 | 0.31 | % | 0.29 | % | 0.30 | % | 0.30 | % | 0.31 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.28 | %3 | 0.31 | % | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | % | ||||||||||||
Net investment income | 0.02 | %3 | 0.75 | % | 3.25 | % | 5.11 | % | 4.65 | % | 2.71 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,727,685 | $ | 2,007,285 | $ | 2,079,257 | $ | 1,842,566 | $ | 1,763,132 | $ | 1,261,354 | ||||||||||||
| Select | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0031 | 0.0256 | 0.0439 | 0.0388 | 0.0195 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0031 | ) | (0.0256 | ) | (0.0439 | ) | (0.0388 | ) | (0.0195 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.00 | %2 | 0.31 | % | 2.59 | % | 4.48 | % | 3.95 | % | 1.96 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.04 | %3 | 1.06 | % | 1.04 | % | 1.05 | % | 1.05 | % | 1.03 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.30 | %3 | 0.77 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.32 | % | 2.56 | % | 4.39 | % | 3.89 | % | 2.25 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 681,746 | $ | 829,031 | $ | 922,457 | $ | 888,584 | $ | 810,613 | $ | 706,592 | ||||||||||||
See Notes to Financial Statements.
| 68 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Financial Highlights (continued) | TempFund |
| Private Client | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Outstanding Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0045 | 0.0288 | 0.0473 | 0.0428 | 0.0235 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0045 | ) | (0.0288 | ) | (0.0473 | ) | (0.0428 | ) | (0.0235 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %2 | 0.45 | % | 2.92 | % | 4.84 | % | 4.37 | % | 2.37 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.04 | %3 | 1.07 | % | 1.04 | % | 1.05 | % | 1.05 | % | 1.06 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.30 | %3 | 0.66 | % | 0.68 | % | 0.65 | % | 0.60 | % | 0.60 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.65 | % | 3.03 | % | 4.73 | % | 4.32 | % | 2.57 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 26,887 | $ | 30,502 | $ | 148,322 | $ | 1,566,346 | $ | 1,479,708 | $ | 1,018,935 | ||||||||||||
| Premier | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | Period March 2, 20054 to October 31, 2005 | ||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
Per Share Outstanding Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0045 | 0.0288 | 0.0473 | 0.0428 | 0.0179 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0045 | ) | (0.0288 | ) | (0.0473 | ) | (0.0428 | ) | (0.0179 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %2 | 0.45 | % | 2.92 | % | 4.84 | % | 4.37 | % | 1.80 | %2 | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.79 | %3 | 0.81 | % | 0.79 | % | 0.80 | % | 0.80 | % | 0.81 | %3 | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.30 | %3 | 0.64 | % | 0.68 | % | 0.66 | % | 0.60 | % | 0.60 | %3 | ||||||||||||
Net investment income | 0.00 | %3 | 0.50 | % | 2.99 | % | 4.73 | % | 4.29 | % | 2.93 | %3 | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 142,239 | $ | 220,876 | $ | 338,821 | $ | 509,731 | $ | 395,943 | $ | 321,636 | ||||||||||||
| 1 | Where applicable, total investment returns include the reinvestment of dividends and distributions. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
| 4 | Commencement of operations. |
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 69 |
Table of Contents
| Financial Highlights (continued) | T-Fund |
| Institutional | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | — | 0.0012 | 0.0224 | 0.0493 | 0.0456 | 0.0260 | ||||||||||||||||||
Net realized gain | 0.0001 | 0.0001 | — | — | — | — | ||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0013 | 0.0224 | 0.0493 | 0.0456 | 0.0260 | ||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | — | (0.0012 | ) | (0.0224 | ) | 0.0493 | 0.0456 | 0.0260 | ||||||||||||||||
Net realized gain | (0.0001 | ) | (0.0001 | ) | — | — | — | �� | — | |||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0013 | ) | (0.0224 | ) | (0.0493 | ) | (0.0456 | ) | (0.0260 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.04 | %2 | 0.13 | % | 2.26 | % | 5.05 | % | 4.65 | % | 2.63 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.22 | %3 | 0.25 | % | 0.22 | % | 0.25 | % | 0.26 | % | 0.28 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.16 | %3 | 0.23 | % | 0.21 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Net investment income | 0.01 | %3 | 0.17 | % | 2.01 | % | 4.88 | % | 4.57 | % | 2.66 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 6,099,382 | $ | 5,753,138 | $ | 18,422,915 | $ | 6,280,213 | $ | 2,906,319 | $ | 2,958,524 | ||||||||||||
| Dollar | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | — | 0.0002 | 0.0199 | 0.0468 | 0.0431 | 0.0235 | ||||||||||||||||||
Net realized gain | 0.0001 | 0.0001 | — | — | — | — | ||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0003 | 0.0199 | 0.0468 | 0.0431 | 0.0235 | ||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | — | (0.0002 | ) | (0.0199 | ) | (0.0468 | ) | (0.0431 | ) | (0.0235 | ) | |||||||||||||
Net realized gain | (0.0001 | ) | (0.0001 | ) | — | — | — | — | ||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0003 | ) | (0.0199 | ) | (0.0468 | ) | (0.0431 | ) | (0.0235 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %2 | 0.03 | % | 2.00 | % | 4.79 | % | 4.39 | % | 2.37 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.47 | %3 | 0.50 | % | 0.47 | % | 0.51 | % | 0.51 | % | 0.53 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.17 | %3 | 0.36 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Net investment income | 0.01 | %3 | 0.04 | % | 2.13 | % | 4.69 | % | 4.32 | % | 2.43 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 399,280 | $ | 339,493 | $ | 973,576 | $ | 775,904 | $ | 691,792 | $ | 728,168 | ||||||||||||
See Notes to Financial Statements.
| 70 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Financial Highlights (continued) | T-Fund |
| Cash Management | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance |
| |||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | — | 0.0001 | 0.0174 | 0.0443 | 0.0406 | 0.0210 | ||||||||||||||||||
Net realized gain | 0.0001 | 0.0001 | — | — | — | — | ||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0002 | 0.0174 | 0.0443 | 0.0406 | 0.0210 | ||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | — | (0.0001 | ) | (0.0174 | ) | (0.0443 | ) | (0.0406 | ) | (0.0210 | ) | |||||||||||||
Net realized gain | (0.0001 | ) | (0.0001 | ) | — | — | — | — | ||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0002 | ) | (0.0174 | ) | (0.0443 | ) | (0.0406 | ) | (0.0210 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 |
| |||||||||||||||||||||||
Based on net asset value | 0.02 | %2 | 0.02 | % | 1.75 | % | 4.53 | % | 4.13 | % | 2.12 | % | ||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||
Total expenses | 0.72 | %3 | 0.74 | % | 0.72 | % | 0.75 | % | 0.77 | % | 0.78 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.17 | %3 | 0.34 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.01 | % | 1.78 | % | 4.42 | % | 4.25 | % | 2.21 | % | ||||||||||||
| �� | ||||||||||||||||||||||||
Supplemental Data |
| |||||||||||||||||||||||
Net assets, end of period (000) | $ | 239,868 | $ | 470,609 | $ | 543,153 | $ | 552,059 | $ | 364,515 | $ | 126,531 | ||||||||||||
| Administration | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance |
| |||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | — | 0.0005 | 0.0214 | 0.0484 | 0.0446 | 0.0250 | ||||||||||||||||||
Net realized gain | 0.0001 | 0.0001 | — | — | — | — | ||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0006 | 0.0214 | 0.0484 | 0.0446 | 0.0250 | ||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | — | (0.0005 | ) | (0.0214 | ) | (0.0484 | ) | (0.0446 | ) | (0.0250 | ) | |||||||||||||
Net realized gain | (0.0001 | ) | (0.0001 | ) | — | — | — | — | ||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0006 | ) | (0.0214 | ) | (0.0484 | ) | (0.0446 | ) | (0.0250 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 |
| |||||||||||||||||||||||
Based on net asset value | 0.01 | %2 | 0.06 | % | 2.16 | % | 4.94 | % | 4.55 | % | 2.53 | % | ||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||
Total expenses | 0.32 | %3 | 0.34 | % | 0.31 | % | 0.35 | % | 0.37 | % | 0.37 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.17 | %3 | 0.29 | % | 0.29 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||||
Net investment income | 0.02 | %3 | 0.06 | % | 2.30 | % | 4.77 | % | 4.47 | % | 2.98 | % | ||||||||||||
Supplemental Data |
| |||||||||||||||||||||||
Net assets, end of period (000) | $ | 36,405 | $ | 38,571 | $ | 44,215 | $ | 83,990 | $ | 15,574 | $ | 19,832 | ||||||||||||
| 1 | Where applicable, total investment returns include the reinvestment of dividends and distributions. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 71 |
Table of Contents
| Financial Highlights (continued) | T-Fund |
| Select | ||||||||||||
| Six Months Ended April 30, 2010 (Unaudited) | Year Ended October 31, 2009 | Period February 28, 20081 to October 31, 20081 | ||||||||||
Per Share Operating Performance |
| |||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Net investment income | — | 0.0003 | 0.0061 | |||||||||
Net realized gain | 0.0001 | 0.0001 | — | |||||||||
Net increase from investment operations | 0.0001 | 0.0004 | 0.0061 | |||||||||
Dividends and distributions from: | ||||||||||||
Net investment income | — | (0.0003 | ) | (0.0061 | ) | |||||||
Net realized gain | (0.0001 | ) | (0.0001 | ) | — | |||||||
Total dividends and distributions | (0.0001 | ) | (0.0004 | ) | (0.0061 | ) | ||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Total Investment Return2 |
| |||||||||||
Based on net asset value | 0.02 | %3 | 0.04 | % | 0.61 | %3 | ||||||
Ratios to Average Net Assets |
| |||||||||||
Total expenses | 1.07 | %4 | 1.10 | % | 1.07 | %4 | ||||||
Total expenses after fees waived and paid indirectly | 0.17 | %4 | 0.32 | % | 0.91 | %4 | ||||||
Net investment income | 0.01 | %4 | 0.03 | % | 0.66 | %4 | ||||||
Supplemental Data |
| |||||||||||
Net assets, end of period (000) | $ | 197,667 | $ | 233,098 | $ | 218,773 | ||||||
| Private Client | ||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | Period October 9, 20071 to October 31, 2007 | ||||||||||||||
| (Unaudited) | 2009 | 2008 | ||||||||||||||
Per Share Operating Performance |
| |||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | — | 0.0003 | 0.0176 | 0.0025 | ||||||||||||
Net realized gain | 0.0001 | 0.0001 | — | — | ||||||||||||
Net increase from investment operations | 0.0001 | 0.0004 | 0.0176 | 0.0025 | ||||||||||||
Dividends and distributions from: | ||||||||||||||||
Net investment income | — | (0.0003 | ) | (0.0176 | ) | (0.0025 | ) | |||||||||
Net realized gain | (0.0001 | ) | (0.0001 | ) | — | — | ||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0004 | ) | (0.0176 | ) | (0.0025 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total Investment Return2 |
| |||||||||||||||
Based on net asset value | 0.02 | %3 | 0.04 | % | 1.77 | % | 0.24 | %3 | ||||||||
Ratios to Average Net Assets |
| |||||||||||||||
Total expenses | 1.07 | %4 | 1.09 | % | 1.07 | % | 1.09 | %4 | ||||||||
Total expenses after fees waived and paid indirectly | 0.17 | %4 | 0.32 | % | 0.68 | % | 0.68 | %4 | ||||||||
Net investment income | 0.00 | %4 | 0.05 | % | 2.43 | % | 4.14 | %4 | ||||||||
Supplemental Data |
| |||||||||||||||
Net assets, end of period (000) | $ | — | 5 | $ | — | 5 | $ | 460 | $ | 1 | ||||||
See Notes to Financial Statements.
| 72 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Financial Highlights (continued) | T-Fund |
| Premier | ||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | Period October 9, 20071 to October 31, 2007 | ||||||||||||||
| (Unaudited) | 2009 | 2008 | ||||||||||||||
Per Share Operating Performance |
| |||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | — | 0.0003 | 0.0176 | 0.0025 | ||||||||||||
Net realized gain | 0.0001 | 0.0001 | — | — | ||||||||||||
Net increase from investment operations | 0.0001 | 0.0004 | 0.0176 | 0.0025 | ||||||||||||
Dividends and distributions from: | ||||||||||||||||
Net investment income | — | (0.0003 | ) | (0.0176 | ) | (0.0025 | ) | |||||||||
Net realized gain | (0.0001 | ) | (0.0001 | ) | — | — | ||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0004 | ) | (0.0176 | ) | (0.0025 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total Investment Return2 |
| |||||||||||||||
Based on net asset value | 0.02 | %3 | 0.04 | % | 1.77 | % | 0.24 | %3 | ||||||||
Ratios to Average Net Assets |
| |||||||||||||||
Total expenses | 0.82 | %4 | 0.85 | % | 0.82 | % | 0.84 | %4 | ||||||||
Total expenses after fees waived and paid indirectly | 0.17 | %4 | 0.33 | % | 0.68 | % | 0.68 | %4 | ||||||||
Net investment income | 0.00 | %4 | 0.05 | % | 1.43 | % | 4.14 | %4 | ||||||||
Supplemental Data |
| |||||||||||||||
Net assets, end of period (000) | $ | 78,798 | $ | 104,295 | $ | 189,222 | $ | 1 | ||||||||
| 1 | Commencement of operations. |
| 2 | Where applicable, total investment returns include the reinvestment of dividends and distributions. |
| 3 | Aggregate total investment return. |
| 4 | Annualized. |
| 5 | Net assets end of period are less than $500. |
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 73 |
Table of Contents
| Financial Highlights (continued) | Treasury Trust Fund |
| Institutional | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | — | 0.0009 | 0.0199 | 0.0458 | 0.0431 | 0.0244 | ||||||||||||||||||
Net realized gain | 0.0001 | 0.0002 | — | — | — | — | ||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0011 | 0.0199 | 0.0458 | 0.0431 | 0.0244 | ||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | — | (0.0009 | ) | (0.0199 | ) | (0.0458 | ) | (0.0431 | ) | (0.0244 | ) | |||||||||||||
Net realized gain | (0.0001 | ) | (0.0002 | ) | (0.0000 | ) | — | — | — | |||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0011 | ) | (0.0199 | ) | (0.0458 | ) | (0.0431 | ) | (0.0244 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.03 | %2 | 0.11 | % | 2.01 | % | 4.68 | % | 4.39 | % | 2.47 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.24 | %3 | 0.26 | % | 0.24 | % | 0.29 | % | 0.31 | % | 0.31 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.10 | %3 | 0.23 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.13 | % | 1.73 | % | 4.38 | % | 4.32 | % | 2.43 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,732,108 | $ | 4,229,992 | $ | 6,669,302 | $ | 2,370,308 | $ | 882,971 | $ | 806,381 | ||||||||||||
| Dollar | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | — | 0.0003 | 0.0174 | 0.0433 | 0.0406 | 0.0219 | ||||||||||||||||||
Net realized gain | 0.0001 | 0.0002 | — | — | — | — | ||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0005 | 0.0174 | 0.0433 | 0.0406 | 0.0219 | ||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | — | (0.0003 | ) | (0.0174 | ) | (0.0433 | ) | (0.0406 | ) | (0.0219 | ) | |||||||||||||
Net realized gain | (0.0001 | ) | (0.0002 | ) | (0.0000 | ) | — | — | — | |||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0005 | ) | (0.0174 | ) | (0.0433 | ) | (0.0406 | ) | (0.0219 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.02 | %2 | 0.05 | % | 1.75 | % | 4.42 | % | 4.14 | % | 2.21 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.49 | %3 | 0.51 | % | 0.49 | % | 0.55 | % | 0.56 | % | 0.56 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.10 | %3 | 0.36 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.08 | % | 1.39 | % | 4.36 | % | 4.06 | % | 2.09 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 252,376 | $ | 107,483 | $ | 632,855 | $ | 173,312 | $ | 205,317 | $ | 206,999 | ||||||||||||
See Notes to Financial Statements.
| 74 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Financial Highlights (continued) | Treasury Trust Fund |
| Cash Management | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | Period November 17, 20044 to October 31, 2005 | ||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | — | 0.0001 | 0.0149 | 0.0408 | 0.0381 | 0.0190 | ||||||||||||||||||
Net realized gain | 0.0001 | 0.0002 | — | — | — | — | ||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0003 | 0.0149 | 0.0408 | 0.0381 | 0.0190 | ||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | — | (0.0001 | ) | (0.0149 | ) | (0.0408 | ) | (0.0381 | ) | (0.0190 | ) | |||||||||||||
Net realized gain | (0.0001 | ) | (0.0002 | ) | (0.0000 | ) | — | — | — | |||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0003 | ) | (0.0149 | ) | (0.0408 | ) | (0.0381 | ) | (0.0190 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.02 | %2 | 0.03 | % | 1.50 | % | 4.16 | % | 3.88 | % | 1.92 | %2 | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.74 | %3 | 0.76 | % | 0.73 | % | 0.80 | % | 0.80 | % | 0.81 | %3 | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.10 | %3 | 0.35 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | %3 | ||||||||||||
Net investment income | 0.01 | %3 | 0.01 | % | 1.34 | % | 4.10 | % | 3.72 | % | 1.58 | %3 | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 49,797 | $ | 42,613 | $ | 109,531 | $ | 54,373 | $ | 50,437 | $ | 21,929 | ||||||||||||
| Administration | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | — | 0.0005 | 0.0189 | 0.0448 | 0.0421 | 0.0234 | ||||||||||||||||||
Net realized gain | 0.0001 | 0.0002 | — | — | — | — | ||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0007 | 0.0189 | 0.0448 | 0.0421 | 0.0234 | ||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | — | (0.0005 | ) | (0.0189 | ) | (0.0448 | ) | (0.0421 | ) | (0.0234 | ) | |||||||||||||
Net realized gain | (0.0001 | ) | (0.0002 | ) | (0.0000 | ) | — | — | — | |||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0007 | ) | (0.0189 | ) | (0.0448 | ) | (0.0421 | ) | (0.0234 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.02 | %2 | 0.08 | % | 1.90 | % | 4.57 | % | 4.29 | % | 2.37 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.34 | %3 | 0.36 | % | 0.34 | % | 0.40 | % | 0.41 | % | 0.41 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.10 | %3 | 0.27 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.08 | % | 1.79 | % | 4.49 | % | 4.16 | % | 2.36 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 95,575 | $ | 137,760 | $ | 234,311 | $ | 96,955 | $ | 113,067 | $ | 154,211 | ||||||||||||
| 1 | Where applicable, total investment returns include the reinvestment of dividends and distributions. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
| 4 | There were no Cash Management Shares outstanding during the period November 1, 2004 to November 16, 2004. |
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 75 |
Table of Contents
| Financial Highlights (continued) | MuniCash |
| Institutional | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance |
| |||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0009 | 0.0076 | 0.0266 | 0.0353 | 0.0318 | 0.0206 | ||||||||||||||||||
Dividends from net investment income | (0.0009 | ) | (0.0076 | ) | (0.0266 | ) | (0.0353 | ) | (0.0318 | ) | (0.0206 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 |
| |||||||||||||||||||||||
Based on net asset value | 0.33 | %2 | 0.76 | % | 2.68 | % | 3.59 | % | 3.23 | % | 2.09 | % | ||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||
Total expenses | 0.37 | %3 | 0.42 | % | 0.38 | % | 0.36 | % | 0.36 | % | 0.34 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.20 | %3 | 0.24 | % | 0.17 | % | 0.20 | % | 0.20 | % | 0.19 | % | ||||||||||||
Net investment income | 0.17 | %3 | 0.70 | % | 2.72 | % | 3.54 | % | 3.12 | % | 2.04 | % | ||||||||||||
Supplemental Data |
| |||||||||||||||||||||||
Net assets, end of period (000) | $ | 868,709 | $ | 881,869 | $ | 459,835 | $ | 919,878 | $ | 1,232,427 | $ | 2,181,441 | ||||||||||||
| Dollar | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance |
| |||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0051 | 0.0241 | 0.0328 | 0.0293 | 0.0181 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0051 | ) | (0.0241 | ) | (0.0328 | ) | (0.0293 | ) | (0.0181 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 |
| |||||||||||||||||||||||
Based on net asset value | 0.11 | %2 | 0.51 | % | 2.42 | % | 3.33 | % | 2.97 | % | 1.83 | % | ||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||
Total expenses | 0.62 | %3 | 0.67 | % | 0.63 | % | 0.61 | % | 0.61 | % | 0.59 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.37 | %3 | 0.49 | % | 0.42 | % | 0.45 | % | 0.45 | % | 0.44 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.46 | % | 2.37 | % | 3.28 | % | 2.93 | % | 1.79 | % | ||||||||||||
Supplemental Data |
| |||||||||||||||||||||||
Net assets, end of period (000) | $ | 103,771 | $ | 134,668 | $ | 89,851 | $ | 85,628 | $ | 91,505 | $ | 59,321 | ||||||||||||
| 1 | Where applicable, total investment returns include the reinvestment of dividends and distributions. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
See Notes to Financial Statements.
| 76 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Financial Highlights (continued) | MuniFund |
| Institutional | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0006 | 0.0063 | 0.0254 | 0.0349 | 0.0312 | 0.0199 | ||||||||||||||||||
Dividends from net investment income | (0.0006 | ) | (0.0063 | ) | (0.0254 | ) | (0.0349 | ) | (0.0312 | ) | (0.0199 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.24 | %2 | 0.63 | % | 2.56 | % | 3.55 | % | 3.17 | % | 2.01 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.27 | %3 | 0.30 | % | 0.29 | % | 0.33 | % | 0.33 | % | 0.33 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.20 | %3 | 0.23 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.19 | % | ||||||||||||
Net investment income | 0.13 | %3 | 0.57 | % | 2.46 | % | 3.49 | % | 3.10 | % | 2.02 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,047,743 | $ | 4,233,114 | $ | 2,834,406 | $ | 2,316,504 | $ | 1,420,560 | $ | 2,135,257 | ||||||||||||
| Dollar | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0039 | 0.0229 | 0.0324 | 0.0287 | 0.0174 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0039 | ) | (0.0229 | ) | (0.0324 | ) | (0.0287 | ) | (0.0174 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.06 | %2 | 0.39 | % | 2.30 | % | 3.29 | % | 2.91 | % | 1.76 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.52 | %3 | 0.55 | % | 0.54 | % | 0.58 | % | 0.58 | % | 0.58 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.33 | %3 | 0.47 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.44 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.38 | % | 2.21 | % | 3.23 | % | 2.87 | % | 1.75 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 143,161 | $ | 188,188 | $ | 135,168 | $ | 147,606 | $ | 96,853 | $ | 84,763 | ||||||||||||
| 1 | Where applicable, total investment returns include the reinvestment of dividends and distributions. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 77 |
Table of Contents
| Financial Highlights (continued) | MuniFund |
| Cash Management | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance |
| |||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0022 | 0.0204 | 0.0299 | 0.0262 | 0.0149 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0022 | ) | (0.0204 | ) | (0.0299 | ) | (0.0262 | ) | (0.0149 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 |
| |||||||||||||||||||||||
Based on net asset value | 0.01 | %2 | 0.22 | % | 2.05 | % | 3.03 | % | 2.65 | % | 1.51 | % | ||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||
Total expenses | 0.77 | %3 | 0.81 | % | 0.79 | % | 0.83 | % | 0.83 | % | 0.83 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.33 | %3 | 0.66 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.69 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.26 | % | 1.92 | % | 2.98 | % | 2.65 | % | 1.58 | % | ||||||||||||
Supplemental Data |
| |||||||||||||||||||||||
Net assets, end of period (000) | $ | 53,974 | $ | 75,347 | $ | 132,115 | $ | 40,620 | $ | 41,699 | $ | 35,774 | ||||||||||||
| Administration | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance |
| |||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0002 | 0.0053 | 0.0244 | 0.0339 | 0.0302 | 0.0189 | ||||||||||||||||||
Dividends from net investment income | (0.0002 | ) | (0.0053 | ) | (0.0244 | ) | (0.0339 | ) | (0.0302 | ) | (0.0189 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 |
| |||||||||||||||||||||||
Based on net asset value | 0.14 | %2 | 0.53 | % | 2.46 | % | 3.44 | % | 3.07 | % | 1.91 | % | ||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||
Total expenses | 0.37 | %3 | 0.40 | % | 0.39 | % | 0.43 | % | 0.43 | % | 0.43 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.29 | %3 | 0.33 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.29 | % | ||||||||||||
Net investment income | 0.03 | %3 | 0.49 | % | 2.35 | % | 3.39 | % | 3.01 | % | 1.90 | % | ||||||||||||
Supplemental Data |
| |||||||||||||||||||||||
Net assets, end of period (000) | $ | 400,924 | $ | 777,416 | $ | 557,300 | $ | 389,468 | $ | 371,211 | $ | 516,607 | ||||||||||||
See Notes to Financial Statements.
| 78 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Financial Highlights (continued) | MuniFund |
| Select | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance |
| |||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0009 | 0.0173 | 0.0269 | 0.0232 | 0.0119 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0009 | ) | (0.0173 | ) | (0.0269 | ) | (0.0232 | ) | (0.0119 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 |
| |||||||||||||||||||||||
Based on net asset value | 0.00 | %2 | 0.09 | % | 1.74 | % | 2.72 | % | 2.35 | % | 1.20 | % | ||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||
Total expenses | 1.13 | %3 | 1.15 | % | 1.14 | % | 1.18 | % | 1.18 | % | 1.13 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.32 | %3 | 0.77 | % | 1.00 | % | 1.00 | % | 1.00 | % | 0.99 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.07 | % | 1.70 | % | 2.68 | % | 2.32 | % | 1.15 | % | ||||||||||||
Supplemental Data |
| |||||||||||||||||||||||
Net assets, end of period (000) | $ | 23,790 | $ | 30,169 | $ | 25,432 | $ | 38,401 | $ | 31,467 | $ | 24,225 | ||||||||||||
| Private Client | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance |
| |||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0023 | 0.0206 | 0.0303 | 0.0272 | 0.0155 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0023 | ) | (0.0206 | ) | (0.0303 | ) | (0.0272 | ) | (0.0155 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 |
| |||||||||||||||||||||||
Based on net asset value | 0.02 | %2 | 0.23 | % | 2.07 | % | 3.08 | % | 2.76 | % | 1.56 | % | ||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||
Total expenses | 1.13 | %3 | 1.16 | % | 1.14 | % | 1.18 | % | 1.18 | % | 1.18 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.33 | %3 | 0.66 | % | 0.68 | % | 0.65 | % | 0.60 | % | 0.62 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.30 | % | 1.95 | % | 3.03 | % | 2.75 | % | 1.64 | % | ||||||||||||
Supplemental Data |
| |||||||||||||||||||||||
Net assets, end of period (000) | $ | 5,156 | $ | 5,575 | $ | 29,315 | $ | 293,358 | $ | 252,344 | $ | 161,860 | ||||||||||||
| 1 | Where applicable, total investment returns include the reinvestment of dividends and distributions. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 79 |
Table of Contents
| Financial Highlights (continued) | MuniFund |
| Premier | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | Period March 2, 20051 to October 31, 2005 | ||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0023 | 0.0206 | 0.0300 | 0.0272 | 0.0120 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0023 | ) | (0.0206 | ) | (0.0300 | ) | (0.0272 | ) | (0.0120 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return2 | ||||||||||||||||||||||||
Based on net asset value | 0.02 | %3 | 0.23 | % | 2.07 | % | 3.08 | % | 2.76 | % | 1.21 | %3 | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.87 | %4 | 0.90 | % | 0.89 | % | 0.93 | % | 0.93 | % | 0.93 | %4 | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.33 | %4 | 0.64 | % | 0.68 | % | 0.66 | % | 0.60 | % | 0.59 | %4 | ||||||||||||
Net investment income | 0.00 | %4 | 0.25 | % | 2.04 | % | 3.03 | % | 2.72 | % | 1.88 | %4 | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 150,691 | $ | 153,956 | $ | 134,994 | $ | 264,304 | $ | 160,053 | $ | 126,455 | ||||||||||||
| 1 | Commencement of operations. |
| 2 | Where applicable, total investment returns include the reinvestment of dividends and distributions. |
| 3 | Aggregate total investment return. |
| 4 | Annualized. |
See Notes to Financial Statements.
| 80 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Financial Highlights (continued) | California Money Fund |
| Institutional | Dollar | |||||||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | Six Months Ended April 30, 2010 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||||||||||||||||||||||||||
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 (loss) | 0.0008 | 0.0042 | 0.0216 | 0.0341 | 0.0308 | 0.0197 | 0.0000 | 0.0020 | 0.0191 | 0.0316 | 0.0283 | 0.0172 | ||||||||||||||||||||||||||||||||||||
Dividends from net investment income | (0.0008 | ) | (0.0042 | ) | (0.0216 | ) | (0.0341 | ) | (0.0308 | ) | (0.0197 | ) | (0.0000 | ) | (0.0020 | ) | (0.0191 | ) | (0.0316 | ) | (0.0283 | ) | (0.0172 | ) | ||||||||||||||||||||||||
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 Investment Return1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | 0.19 | %2 | 0.43 | % | 2.18 | % | 3.46 | % | 3.13 | % | 1.99 | % | 0.02 | %2 | 0.20 | % | 1.92 | % | 3.20 | % | 2.87 | % | 1.74 | % | ||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.41 | %3 | 0.44 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.41 | % | 0.66 | %3 | 0.69 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.20 | %3 | 0.24 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.35 | %3 | 0.47 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||||||||||||||
Net investment income | 0.15 | %3 | 0.44 | % | 2.14 | % | 3.40 | % | 3.13 | % | 2.00 | % | 0.00 | %3 | 0.19 | % | 2.25 | % | 3.16 | % | 2.86 | % | 1.84 | % | ||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 365,935 | $ | 459,650 | $ | 669,672 | $ | 778,621 | $ | 860,859 | $ | 593,417 | $ | 23,014 | $ | 18,147 | $ | 9,421 | $ | 47,235 | $ | 40,850 | $ | 26,293 | ||||||||||||||||||||||||
| Cash Management | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0008 | 0.0166 | 0.0291 | 0.0258 | 0.0147 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0008 | ) | (0.0166 | ) | (0.0291 | ) | (0.0258 | ) | (0.0147 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.00 | %2 | 0.08 | % | 1.67 | % | 2.95 | % | 2.61 | % | 1.48 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.89 | %3 | 0.93 | % | 0.89 | % | 0.90 | % | 0.90 | % | 0.91 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.35 | %3 | 0.64 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||
Net investment income | 0.07 | %3 | 0.18 | % | 1.93 | % | 2.92 | % | 2.70 | % | 1.50 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 3 | $ | 10 | $ | 63 | $ | 21,289 | $ | 10,122 | $ | 205 | ||||||||||||
| 1 | Where applicable, total investment returns include the reinvestment of dividends and distributions. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 81 |
Table of Contents
| Financial Highlights (continued) | California Money Fund |
| Administration | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0003 | 0.0033 | 0.0206 | 0.0331 | 0.0298 | 0.0187 | ||||||||||||||||||
Dividends from net investment income | (0.0003 | ) | (0.0033 | ) | (0.0206 | ) | (0.0331 | ) | (0.0298 | ) | (0.0187 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.10 | %2 | 0.33 | % | 2.08 | % | 3.36 | % | 3.02 | % | 1.89 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.51 | %3 | 0.54 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.51 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.30 | %3 | 0.34 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||||
Net investment income | 0.05 | %3 | 0.34 | % | 2.20 | % | 3.31 | % | 2.99 | % | 1.98 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,200 | $ | 2,676 | $ | 2,418 | $ | 6,971 | $ | 5,013 | $ | 3,898 | ||||||||||||
| Select | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0004 | 0.0136 | 0.0261 | 0.0228 | 0.0117 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0004 | ) | (0.0136 | ) | (0.0261 | ) | (0.0228 | ) | (0.0117 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.00 | %2 | 0.04 | % | 1.37 | % | 2.64 | % | 2.31 | % | 1.18 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.26 | %3 | 1.29 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.21 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.35 | %3 | 0.62 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.04 | % | 1.36 | % | 2.61 | % | 2.31 | % | 1.27 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 28,720 | $ | 40,601 | $ | 43,261 | $ | 35,563 | $ | 33,556 | $ | 15,777 | ||||||||||||
See Notes to Financial Statements.
| 82 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Financial Highlights (continued) | California Money Fund |
| Private Client | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0008 | 0.0168 | 0.0296 | 0.0268 | 0.0152 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0008 | ) | (0.0168 | ) | (0.0296 | ) | (0.0268 | ) | (0.0152 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.00 | %2 | 0.08 | % | 1.69 | % | 2.99 | % | 2.72 | % | 1.54 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.26 | %3 | 1.29 | % | 1.24 | % | 1.25 | % | 1.25 | % | 1.26 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.35 | %3 | 0.61 | % | 0.68 | % | 0.65 | % | 0.60 | % | 0.64 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.11 | % | 1.59 | % | 2.95 | % | 2.71 | % | 1.62 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,582 | $ | 5,403 | $ | 24,422 | $ | 196,002 | $ | 203,719 | $ | 127,509 | ||||||||||||
| Premier | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
| �� | ||||||||||||||||||||||||
Net investment income | 0.0000 | 0.0008 | 0.0168 | 0.0295 | 0.0268 | 0.0154 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0008 | ) | (0.0168 | ) | (0.0295 | ) | (0.0268 | ) | (0.0154 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.00 | %2 | 0.08 | % | 1.69 | % | 2.99 | % | 2.72 | % | 1.55 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.01 | %3 | 1.04 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.01 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.35 | %3 | 0.63 | % | 0.68 | % | 0.66 | % | 0.60 | % | 0.60 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.08 | % | 1.86 | % | 2.94 | % | 2.70 | % | 1.90 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,357 | $ | 6,093 | $ | 13,530 | $ | 45,924 | $ | 13,822 | $ | 15,778 | ||||||||||||
| 1 | Where applicable, total investment returns include the reinvestment of dividends and distributions. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 83 |
Table of Contents
| Financial Highlights (continued) | New York Money Fund |
| Institutional | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0006 | 0.0044 | 0.0227 | 0.0346 | 0.0314 | 0.0197 | ||||||||||||||||||
Dividends from net investment income | (0.0006 | ) | (0.0044 | ) | (0.0227 | ) | (0.0346 | ) | (0.0314 | ) | (0.0197 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.15 | %2 | 0.44 | % | 2.28 | % | 3.51 | % | 3.18 | % | 1.99 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.41 | %3 | 0.45 | % | 0.40 | % | 0.41 | % | 0.41 | % | 0.41 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.20 | %3 | 0.24 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Net investment income | 0.12 | %3 | 0.44 | % | 2.16 | % | 3.45 | % | 3.14 | % | 1.98 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 225,970 | $ | 361,353 | $ | 391,793 | $ | 357,803 | $ | 313,842 | $ | 271,454 | ||||||||||||
| Dollar | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0024 | 0.0201 | 0.0323 | 0.0289 | 0.0172 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0024 | ) | (0.0201 | ) | (0.0323 | ) | (0.0289 | ) | (0.0172 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.02 | %2 | 0.24 | % | 2.03 | % | 3.26 | % | 2.93 | % | 1.74 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.66 | %3 | 0.70 | % | 0.66 | % | 0.66 | % | 0.66 | % | 0.66 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.32 | %3 | 0.47 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.29 | % | 2.02 | % | 3.21 | % | 2.88 | % | 1.67 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 984 | $ | 869 | $ | 5,024 | $ | 6,514 | $ | 6,362 | $ | 5,515 | ||||||||||||
See Notes to Financial Statements.
| 84 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Financial Highlights (continued) | New York Money Fund |
| Cash Management | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | Period March 3, 20054 to October 31, 2005 | ||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0010 | 0.0176 | 0.0296 | 0.0264 | 0.0114 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0010 | ) | (0.0176 | ) | (0.0296 | ) | (0.0264 | ) | (0.0114 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.00 | %2 | 0.10 | % | 1.77 | % | 3.00 | % | 2.67 | % | 1.14 | %2 | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.91 | %3 | 0.95 | % | 0.91 | % | 0.91 | % | 0.91 | % | 0.91 | %3 | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.32 | %3 | 0.65 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | %3 | ||||||||||||
Net investment income | 0.00 | %3 | 0.15 | % | 1.70 | % | 2.96 | % | 2.70 | % | 1.80 | %3 | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 3,630 | $ | 6,968 | $ | 20,066 | $ | 15,062 | $ | 9,398 | $ | 3,585 | ||||||||||||
| Administration | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0001 | 0.0034 | 0.0216 | 0.0336 | 0.0304 | 0.0187 | ||||||||||||||||||
Dividends from net investment income | (0.0001 | ) | (0.0034 | ) | (0.0216 | ) | (0.0336 | ) | (0.0304 | ) | (0.0187 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.06 | %2 | 0.34 | % | 2.18 | % | 3.41 | % | 3.08 | % | 1.89 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.51 | %3 | 0.55 | % | 0.51 | % | 0.51 | % | 0.51 | % | 0.51 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.29 | %3 | 0.34 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||||
Net investment income | 0.03 | %3 | 0.36 | % | 2.18 | % | 3.35 | % | 3.04 | % | 1.84 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 12,018 | $ | 11,997 | $ | 15,587 | $ | 13,158 | $ | 16,125 | $ | 16,394 | ||||||||||||
| 1 | Where applicable, total investment returns include the reinvestment of dividends and distributions. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
| 4 | Commencement of operations. |
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 85 |
Table of Contents
| Financial Highlights (continued) | New York Money Fund |
| Select | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0005 | 0.0146 | 0.0266 | 0.0234 | 0.0117 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0005 | ) | (0.0146 | ) | (0.0266 | ) | (0.0234 | ) | (0.0117 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.00 | %2 | 0.05 | % | 1.47 | % | 2.69 | % | 2.36 | % | 1.18 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.26 | %3 | 1.30 | % | 1.25 | % | 1.26 | % | 1.26 | % | 1.21 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.32 | %3 | 0.65 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.06 | % | 1.40 | % | 2.66 | % | 2.33 | % | 1.35 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 5,373 | $ | 4,512 | $ | 6,173 | $ | 6,255 | $ | 2,686 | $ | 3,831 | ||||||||||||
| Private Client | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0011 | 0.0178 | 0.0300 | 0.0274 | 0.0152 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0011 | ) | (0.0178 | ) | (0.0300 | ) | (0.0274 | ) | (0.0152 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
| �� | ||||||||||||||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.00 | %2 | 0.11 | % | 1.79 | % | 3.05 | % | 2.77 | % | 1.54 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.26 | %3 | 1.30 | % | 1.25 | % | 1.26 | % | 1.26 | % | 1.26 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.32 | %3 | 0.60 | % | 0.68 | % | 0.66 | % | 0.60 | % | 0.64 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.14 | % | 1.68 | % | 3.00 | % | 2.75 | % | 1.58 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 7,077 | $ | 6,556 | $ | 13,877 | $ | 175,446 | $ | 138,323 | $ | 111,739 | ||||||||||||
See Notes to Financial Statements.
| 86 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
| Financial Highlights (concluded) | New York Money Fund |
| Premier | ||||||||||||||||||||||||
| Six Months Ended April 30, 2010 | Year Ended October 31, | |||||||||||||||||||||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0000 | 0.0011 | 0.0178 | 0.0300 | 0.0274 | 0.0154 | ||||||||||||||||||
Dividends from net investment income | (0.0000 | ) | (0.0011 | ) | (0.0178 | ) | (0.0300 | ) | (0.0274 | ) | (0.0154 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return1 | ||||||||||||||||||||||||
Based on net asset value | 0.00 | %2 | 0.11 | % | 1.79 | % | 3.05 | % | 2.77 | % | 1.56 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.01 | %3 | 1.05 | % | 1.01 | % | 1.01 | % | 1.01 | % | 1.02 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.32 | %3 | 0.58 | % | 0.68 | % | 0.68 | % | 0.60 | % | 0.61 | % | ||||||||||||
Net investment income | 0.00 | %3 | 0.11 | % | 2.18 | % | 3.01 | % | 2.72 | % | 1.82 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,967 | $ | 2,418 | $ | 2,387 | $ | 14,221 | $ | 8,339 | $ | 5,774 | ||||||||||||
| 1 | Where applicable, total investment returns include the reinvestment of dividends and distributions. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
See Notes to Financial Statements.
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 87 |
Table of Contents
Notes to Financial Statements (Unaudited)
1. Organization and Significant Accounting Policies:
BlackRock Liquidity Funds (the “Trust”), a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The financial statements and these accompanying notes relate to the Trust’s ten Series: Federal Trust Fund, FedFund, TempCash, TempFund, T-Fund, Treasury Trust Fund, MuniCash, MuniFund, California Money Fund and New York Money Fund (collectively the “Funds”). Each of the Funds, except California Money Fund and New York Money Fund, is diversified. The Funds’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”), which may require the use of management accruals and estimates. Actual results may differ from these estimates. Each Fund may offer multiple classes of shares although certain share classes may not be outstanding at the report date. Each Fund offers the following classes of shares: Institutional Shares, Dollar Shares, Cash Management Shares, Cash Reserve Shares, Administration Shares, Select Shares, Private Client Shares, Premier Shares and Premier Choice Shares. TempFund, T-Fund, MuniFund, California Money Fund and New York Money Fund also offer Plus Shares. FedFund, TempCash, MuniCash, California Money Fund and New York Money Fund also offer Cash Plus Shares. As of April 30, 2010, no Plus Shares, Cash Plus Shares, or Premier Choice Shares were outstanding.
The following is a summary of significant accounting policies followed by the Funds:
Valuation: The Funds’ 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. The Funds seek to maintain their net asset value per share at $1.00, although there is no assurance that they will be able to do so on a continuing basis.
Repurchase Agreements: Certain Funds may invest in repurchase agreements, under which the counterparty agrees to repurchase the security at a mutually agreed upon time and price. The counterparty will be required on a daily basis to maintain the value of the securities as collateral 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 segregated account by each Fund’s custodian. In the event the counterparty defaults and the fair value of the collateral declines, the Funds could experience losses, delays and costs in liquidating the collateral.
Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Interest income, including amortization of premium and accretion of discount on debt securities, is recognized on the accrual basis.
Income and realized gains and losses are allocated daily to each class based on its relative net assets.
Dividends and Distributions: Dividends from net investment income are declared daily and paid monthly. Distributions of capital gains, if any, are recorded on the ex-dividend date. The amount and timing of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP.
Income Taxes: It is the Funds’ policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of their taxable income to its shareholders. Therefore, no federal income tax provision is required.
The Funds file US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s US Federal tax returns remains open for the four years ended October 31, 2009. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction. There are no uncertain tax positions that require recognition of a tax liability.
Recent Accounting Standard: In January 2010, the Financial Accounting Standards Board issued amended guidance for improving disclosure about fair value measurements which will require additional disclosure about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggregation for fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2009, and interim periods within those fiscal years except for disclosures about purchases, sales, issuances and settlements in the rollforward of activity in Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. The impact of this guidance on the Fund’s financial statements and disclosures, is currently being assessed.
Bank Overdraft: As of April 30, 2010, Municash recorded a bank overdraft resulting from the estimation of available cash. The overdraft balance results in fees charged by the custodian which are included in custodian in the Statements of Operations.
Other: Expenses directly related to a Fund or its classes are charged to that Fund or its classes. Other operating expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods. Other expenses of a Fund are allocated daily to each class based on its relative net assets.
| 88 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
Notes to Financial Statements (continued)
2. Investment Advisory Agreement and Other Transactions with Affiliates:
The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”)and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the owernship structure, PNC is an affiliate of the Funds for 1940 Act purposes, but BAC and Barclays are not.
Pursuant to agreements between the Trust and BlackRock Institutional Management Corporation (“BIMC“), an indirect wholly owned subsidiary of BlackRock, BIMC provides both investment management and administration services to the Trust. PFPC Trust Company (”PTC“), an indirect, wholly owned subsidiary of PNC, is the Trust’s custodian and PNC Global Investment Servicing (U.S.) Inc. (”PNCGIS“), an indirect, wholly owned subsidiary of PNC, is the Trust’s transfer agent and sub-administrator.
The Trust entered into a management agreement with BIMC under which BIMC provides certain advisory, administration and accounting services to the Funds. Pursuant to the sub-administration agreement with PNCGIS, PNCGIS provides certain administration services with respect to the Trust.
For the management and administration services provided and certain expenses assumed by it under the management agreement, BIMC is entitled to receive the following annual fees computed daily and paid monthly based upon each Fund’s average daily net assets:
| Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund | ||
Calculation A | Calculation B | |
Management Fee is equal to calculation A plus 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.* | ||
| * | Based on the combined average net assets of Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund. |
| ** | Based on the average net assets of the Fund whose fee is being calculated. |
| TempCash, MuniCash and MuniFund | ||
Management Fee | .350% of the first $1 billion | |
| .300% of the next $1 billion | ||
| .250% of the next $1 billion | ||
| .200% of the next $1 billion | ||
| .195% of the next $1 billion | ||
| .190% of the next $1 billion | ||
| .185% of the next $1 billion | ||
| .180% of amounts in excess of $7 billion. | ||
| TempFund | ||
Management Fee | .350% of the first $1 billion. | |
| .300% of the next $1 billion | ||
| .250% of the next $1 billion | ||
| .200% of the next $1 billion | ||
| .195% of the next $1 billion | ||
| .190% of the next $1 billion | ||
| .180% of the next $1 billion | ||
| .175% of the next $1 billion | ||
| .170% of amounts in excess of $8 billion. | ||
| California Money Fund and New York Money Fund | ||
Management Fee | .375% of the first $1 billion | |
| .350% of the next $1 billion | ||
| .325% of the next $1 billion | ||
| .300% of amounts in excess of $3 billion. | ||
Until March 1, 2011, 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”, excluding service fees, distribution fees and any extraordinary expenses, do not exceed 0.18% of the average daily net assets of TempCash and TempFund and 0.20% of the average daily net assets of Federal Trust Fund, FedFund, T-Fund, Treasury Trust Fund, MuniCash, MuniFund, California Money Fund and New York Money Fund. Any fees waived by BIMC with respect to a particular fiscal year are not recoverable.
The Trust, on behalf of the Funds, entered into a separate Distribution Agreement, Distribution Plans and Shareholder Service Plans with BlackRock Investments, LLC (”BRIL“), an affiliate of BlackRock. Pursuant to the Select Shares Distribution Plan, the Premier Choice Shares Distribution Plan, the Private Client Shares Distribution Plan and the Premier Shares Distribution Plan, the Trust may pay BRIL a fee for distribution and sales support services. 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 Funds. Pursuant to its respective Shareholder Services Plan, each of the Dollar, Cash Management, Cash Reserve, Administration, Select, Premier Choice, Private Client and Premier Share classes are currently paying fees to service organizations, which may include affiliates of BIMC. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the shares as follows:
| Service Fee1 | Distribution Fee1 | |||||
Dollar | 0.25 | % | — | |||
Cash Management | 0.50 | % | — | |||
Cash Reserve | 0.40 | % | — | |||
Administration | 0.10 | % | — | |||
Select | 0.50 | % | 0.35 | % | ||
Premier Choice | 0.10 | % | — | |||
Private Client | 0.50 | % | 0.35 | % | ||
Premier | 0.50 | % | 0.10 | % |
| (1) | Due to certain contractual and voluntary waivers the above stated rates may be reduced. |
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 89 |
Table of Contents
Notes to Financial Statements (continued)
Pursuant to sub-agreements with BRIL, broker-dealers and BRIL provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fees compensate BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to Dollar, Cash Management, Cash Reserve, Administration, Select, Premier Choice, Private Client and Premier shareholders.
In addition, BRIL has contractually agreed to waive service and distribution fees until March 1, 2011 so that the net annual fund operating expenses, excluding extraordinary expenses, of the Select Shares, Private Client Shares and Premier Shares do not exceed 1.00%, 0.68% and 0.68%, respectively.
BIMC and BRIL have also voluntarily agreed to waive a portion of their respective management, service and distribution fees and/or reimburse operating expenses to enable the Funds’ share classes to maintain minimum levels of net investment income. These amounts are reported in the Statements of Operations as management fees waived and service and distribution fees waived — class specific. BIMC and BRIL may discontinue the voluntary waiver at any time.
For the six months ended April 30, 2010, the following tables show the various types of class-specific expenses borne directly by each class of each Fund and any associated waivers or reimbursements of those expenses.
Service and Distribution Fees | Share Classes | |||||||||||||||||||||||||
| Dollar | Cash Management | Cash Reserve | Administration | Select | Premier Choice | Private Client | Premier | Total | ||||||||||||||||||
Federal Trust Fund | $ | 31,528 | $ | — | $ | — | $ | 94 | $ | — | — | $ | — | $ | — | $ | 31,622 | |||||||||
FedFund | 915,831 | 53,461 | 6,881 | 37,633 | 705,652 | — | 150,372 | 240,775 | 2,110,605 | |||||||||||||||||
TempCash | 1,028,778 | — | — | 20,838 | — | — | — | — | 1,049,616 | |||||||||||||||||
TempFund | 3,762,083 | 2,413,600 | 72,222 | 930,044 | 3,247,022 | — | 121,764 | 512,360 | 11,059,095 | |||||||||||||||||
T-Fund | 464,395 | 648,487 | — | 18,760 | 959,470 | — | — | 301,078 | 2,392,190 | |||||||||||||||||
Treasury Trust Fund | 346,341 | 113,445 | — | 57,383 | — | — | — | — | 517,169 | |||||||||||||||||
MuniCash | 153,328 | — | — | — | — | — | — | — | 153,328 | |||||||||||||||||
MuniFund | 186,060 | 153,884 | — | 294,398 | 124,653 | — | 21,525 | 446,116 | 1,226,636 | |||||||||||||||||
California Money Fund | 28,431 | 12 | — | 1,420 | 154,599 | — | 21,276 | 17,119 | 222,857 | |||||||||||||||||
New York Money Fund | 1,271 | 15,918 | — | 6,332 | 17,391 | — | 29,607 | 6,176 | 76,695 | |||||||||||||||||
Service and Distribution Fees Waived | Share Classes | |||||||||||||||||||||||||
| Dollar | Cash Management | Cash Reserve | Administration | Select | Premier Choice | Private Client | Premier | Total | ||||||||||||||||||
Federal Trust Fund | $ | 31,273 | $ | — | $ | — | $ | 89 | $ | — | — | $ | — | $ | — | $ | 31,362 | |||||||||
FedFund | 730,876 | 47,908 | 6,002 | 17,662 | 663,285 | — | 141,296 | 219,251 | 1,826,280 | |||||||||||||||||
TempCash | 380,941 | — | — | — | — | — | — | — | 380,941 | |||||||||||||||||
TempFund | 1,922,798 | 1,826,224 | 50,285 | 5,441 | 2,780,941 | — | 104,358 | 407,311 | 7,097,358 | |||||||||||||||||
T-Fund | 459,469 | 645,712 | — | 18,286 | 956,591 | — | — | 300,016 | 2,380,074 | |||||||||||||||||
Treasury Trust Fund | 346,339 | 113,445 | — | 57,383 | — | — | — | — | 517,167 | |||||||||||||||||
MuniCash | 47,192 | — | — | — | — | — | — | — | 47,192 | |||||||||||||||||
MuniFund | 91,719 | 114,939 | — | 15,952 | 106,466 | — | 18,342 | 352,585 | 700,003 | |||||||||||||||||
California Money Fund | 11,271 | 8 | — | 26 | 127,746 | — | 17,529 | 12,919 | 169,499 | |||||||||||||||||
New York Money Fund | 670 | 12,207 | — | 523 | 14,943 | — | 25,387 | 4,957 | 58,687 | |||||||||||||||||
In return for custody services provided by PTC, the Trust pays PTC a fee, computed daily and payable monthly. The fee is 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 has an arrangement with the custodian whereby fees may be reduced by credits earned on uninvested cash balances, which if applicable are shown as fees paid indirectly in the Statement of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.
Pursuant to the transfer agent agreement, PNCGIS serves as the transfer and dividend disbursing agent for the Funds. For its services, PNCGIS receives an annual fee of $1,750,000 for the first 40 share classes of the Trust plus $50,000 for each additional share class beyond the first 40, plus transaction fees, per account fees and disbursements.
The Funds may receive earnings credits related to cash balances in accounts maintained with PNCGIS which are included in the Statements of Operations as fees paid indirectly.
Certain officers and/or trustees of the Trust are officers and/or directors of BlackRock or its affiliates. The Funds reimburse BIMC for compensation paid to the Trust’s Chief Compliance Officer.
| 90 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
Notes to Financial Statements (continued)
3. Capital Loss Carryforward
As of October 31, 2009, capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:
| Expiring October 31, | |||||||||
| 2016 | 2017 | Total | |||||||
MuniFund | $ | 3,654 | $ | 70,373 | $ | 74,027 | |||
4. Concentration, Market and Credit Risk:
The California Money Fund and New York Money Fund invest a substantial amount of their assets in issuers located in a single state or limited number of states. Please see the Schedules of Investments for concentrations in specific states.
In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to credit risk, the Funds may be exposed to counterparty risks, or the risk that an entity with which the Funds have unsettled or open transactions may default. The Fund manages counterparty risk by entering into transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Funds’ exposure to credit and counterparty risks in respect to these financial assets is generally approximated by their value as recorded in the Funds’ Statements of Assets and Liabilities, less any collateral held by the Funds.
5. Capital Shares Transactions:
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.
The number of shares sold, reinvested and redeemed corresponds to the net proceeds from sale of shares, reinvestment of dividends and cost of shares redeemed, respectively, since shares are redeemed at $1.00 per share.
Transactions in capital shares for each class were as follows:
| Six Months Ended April 30, 2010 | Year Ended October 31, 2009 | |||||
Federal Trust Fund | ||||||
Institutional | ||||||
Shares sold | 615,663,365 | 984,269,254 | ||||
Shares issued in reinvestment of dividends and distributions | 42,998 | 805,733 | ||||
Total issued | 615,706,363 | 985,074,987 | ||||
Shares redeemed | (775,352,127 | ) | (925,203,681 | ) | ||
Net increase (decrease) | (159,645,764 | ) | 59,871,306 | |||
Dollar | ||||||
Shares sold | 54,523,164 | 287,760,996 | ||||
Shares issued in reinvestment of dividends | 4 | — | ||||
Total issued | 54,523,168 | 287,760,996 | ||||
Shares redeemed | (56,711,742 | ) | (436,353,466 | ) | ||
Net decrease | (2,188,574 | ) | (148,592,470 | ) | ||
Administration | ||||||
Shares sold | 365,085 | 117,736 | * | |||
Shares issued in reinvestment of dividends and distributions | 36 | 17 | * | |||
Total issued | 365,121 | 117,753 | ||||
Shares redeemed | (84,343 | ) | (18,466 | )* | ||
Net increase | 280,778 | 99,287 | ||||
FedFund | ||||||
Institutional | ||||||
Shares sold | 55,598,718,969 | 110,693,447,799 | ||||
Shares issued in reinvestment of dividends | 1,918,085 | 31,925,180 | ||||
Total issued | 55,600,637,054 | 110,725,372,979 | ||||
Shares redeemed | (58,507,653,864 | ) | (107,089,142,444 | ) | ||
Net increase (decrease) | (2,907,016,810 | ) | 3,636,230,535 | |||
Dollar | ||||||
Shares sold | 5,056,341,289 | 17,470,415,110 | ||||
Shares issued in reinvestment of dividends | 370 | 47,925 | ||||
Total issued | 5,056,341,659 | 17,470,463,035 | ||||
Shares redeemed | (5,252,978,840 | ) | (17,840,859,830 | ) | ||
Net decrease | (196,637,181 | ) | (370,396,795 | ) | ||
Cash Management | ||||||
Shares sold | 1,901,259 | 2,055,257 | ||||
Shares redeemed | (15,993,133 | ) | (481,136 | ) | ||
Net increase (decrease) | (14,091,874 | ) | 1,574,121 | |||
| * | Period ended October 31, 2009. |
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 91 |
Table of Contents
Notes to Financial Statements (continued)
| Six Months Ended April 30, 2010 | Year Ended October 31, 2009 | |||||
FedFund (concluded) | ||||||
Cash Reserve | ||||||
Shares sold | 723,982 | 25,924,161 | ||||
Shares issued in reinvestment of dividends | 139 | 7,271 | ||||
Total issued | 724,121 | 25,931,432 | ||||
Shares redeemed | (2,532,264 | ) | (26,223,567 | ) | ||
Net decrease | (1,808,143 | ) | (292,135 | ) | ||
Administration | ||||||
Shares sold | 177,326,715 | 268,601,152 | ||||
Shares issued in reinvestment of dividends | 1,795 | 169,567 | ||||
Total issued | 177,328,510 | 268,770,719 | ||||
Shares redeemed | (229,076,026 | ) | (291,906,738 | ) | ||
Net decrease | (51,747,516 | ) | (23,136,019 | ) | ||
Select | ||||||
Shares sold | 111,796,319 | 399,206,808 | ||||
Shares issued in reinvestment of dividends | 6,509 | 125,201 | ||||
Total issued | 111,802,828 | 399,332,009 | ||||
Shares redeemed | (176,970,076 | ) | (384,393,842 | ) | ||
Net increase (decrease) | (65,167,248 | ) | 14,938,167 | |||
Premier Choice | ||||||
Shares sold | — | 2 | ||||
Total issued | — | 2 | ||||
Shares redeemed | — | (2,303 | ) | |||
Net decrease | — | (2,301 | ) | |||
Private Client | ||||||
Shares sold | 9,509,911 | 64,539,423 | ||||
Shares issued in reinvestment of dividends | 1,381 | 132,974 | ||||
Total issued | 9,511,292 | 64,672,397 | ||||
Shares redeemed | (24,896,096 | ) | (125,675,219 | ) | ||
Net decrease | (15,384,804 | ) | (61,002,822 | ) | ||
Premier | ||||||
Shares sold | 132,674,886 | 517,263,397 | ||||
Shares issued in reinvestment of dividends | 3,442 | 129,086 | ||||
Total issued | 132,678,328 | 517,392,483 | ||||
Shares redeemed | (145,047,991 | ) | (522,852,942 | ) | ||
Net decrease | (12,369,663 | ) | (5,460,459 | ) | ||
TempCash | ||||||
Institutional | ||||||
Shares sold | 29,212,530,537 | 78,439,530,022 | ||||
Shares issued in reinvestment of dividends | 2,633,851 | 30,630,738 | ||||
Total issued | 29,215,164,388 | 78,470,160,760 | ||||
Shares redeemed | (30,527,966,152 | ) | (77,552,711,167 | ) | ||
Net increase (decrease) | (1,312,801,764 | ) | 917,449,593 | |||
Dollar | ||||||
Shares sold | 327,140,691 | 840,330,945 | ||||
Shares issued in reinvestment of dividends | 5,606 | 5,727,072 | ||||
Total issued | 327,146,297 | 846,058,017 | ||||
Shares redeemed | (419,503,057 | ) | (978,591,665 | ) | ||
Net decrease | (92,356,760 | ) | (132,533,648 | ) | ||
Cash Management | ||||||
Shares sold | — | 478,587 | ||||
Shares issued in reinvestment of dividends | — | 294 | ||||
Total issued | — | 478,881 | ||||
Shares redeemed | — | (553,753 | ) | |||
Net decrease | — | (74,872 | ) | |||
Administration | ||||||
Shares sold | 11,604,721 | 17,870,932 | ||||
Shares issued in reinvestment of dividends | 13,022 | 425,786 | ||||
Total issued | 11,617,743 | 18,296,718 | ||||
Shares redeemed | (37,351,076 | ) | (17,688,963 | ) | ||
Net increase (decrease) | (25,733,333 | ) | 607,755 | |||
TempFund | ||||||
Institutional | ||||||
Shares sold | 252,130,495,164 | 489,959,199,414 | ||||
Shares issued in reinvestment of dividends | 15,944,347 | 258,968,113 | ||||
Total issued | 252,146,439,511 | 490,218,167,527 | ||||
Shares redeemed | (252,861,640,588 | ) | (475,299,852,929 | ) | ||
Net increase (decrease) | (715,201,077 | ) | 14,918,314,598 | |||
Dollar | ||||||
Shares sold | 19,947,942,150 | 54,879,841,800 | ||||
Shares issued in reinvestment of dividends | 621 | 1,414,566 | ||||
Total issued | 19,947,942,771 | 54,881,256,366 | ||||
Shares redeemed | (21,172,727,030 | ) | (57,643,242,895 | ) | ||
Net decrease | (1,224,784,259 | ) | (2,761,986,529 | ) | ||
| 92 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
Notes to Financial Statements (continued)
| Six Months Ended April 30, 2010 | Year Ended October 31, 2009 | |||||
TempFund (concluded) | ||||||
Cash Management | ||||||
Shares sold | 2,283,761,904 | 3,430,987,932 | ||||
Shares issued in reinvestment of dividends | 2,362 | 2,237,252 | ||||
Total issued | 2,283,764,266 | 3,433,225,184 | ||||
Shares redeemed | (2,432,028,704 | ) | (3,753,010,052 | ) | ||
Net decrease | (148,264,438 | ) | (319,784,868 | ) | ||
Cash Reserve | ||||||
Shares sold | 24,523,711 | 11,243,844 | ||||
Shares issued in reinvestment of dividends | 127 | 23,600 | ||||
Total issued | 24,523,838 | 11,267,444 | ||||
Shares redeemed | (6,491,094 | ) | (5,388,104 | ) | ||
Net increase | 18,032,744 | 5,879,340 | ||||
Administration | ||||||
Shares sold | 774,634,588 | 3,705,268,799 | ||||
Shares issued in reinvestment of dividends | 40,482 | 3,274,869 | ||||
Total issued | 774,675,070 | 3,708,543,668 | ||||
Shares redeemed | (1,054,287,440 | ) | (3,781,567,310 | ) | ||
Net decrease | (279,612,370 | ) | (73,023,642 | ) | ||
Select | ||||||
Shares sold | 252,114,987 | 469,598,919 | ||||
Shares issued in reinvestment of dividends | 3,327 | 2,910,051 | ||||
Total issued | 252,118,314 | 472,508,970 | ||||
Shares redeemed | (399,408,186 | ) | (566,588,989 | ) | ||
Net decrease | (147,289,872 | ) | (94,080,019 | ) | ||
Premier Choice | ||||||
Shares issued in reinvestment of dividends | — | 4 | ||||
Total issued | — | 4 | ||||
Shares redeemed | — | (2,038 | ) | |||
Net decrease | — | (2,034 | ) | |||
Private Client | ||||||
Shares sold | 15,932,865 | 60,671,469 | ||||
Shares issued in reinvestment of dividends | 123 | 592,933 | ||||
Total issued | 15,932,988 | 61,264,402 | ||||
Shares redeemed | (19,547,800 | ) | (179,729,951 | ) | ||
Net decrease | (3,614,812 | ) | (118,465,549 | ) | ||
Premier | ||||||
Shares sold | 136,409,225 | 554,000,983 | ||||
Shares issued in reinvestment of dividends | 743 | 1,623,543 | ||||
Total issued | 136,409,968 | 555,624,526 | ||||
Shares redeemed | (215,048,780 | ) | (673,850,919 | ) | ||
Net decrease | (78,638,812 | ) | (118,226,393 | ) | ||
T-Fund | ||||||
Institutional | ||||||
Shares sold | 24,596,951,591 | 50,946,396,159 | ||||
Shares issued in reinvestment of dividends and distributions | 321,121 | 9,038,228 | ||||
Total issued | 24,597,272,712 | 50,955,434,387 | ||||
Shares redeemed | (24,250,630,232 | ) | (63,625,498,901 | ) | ||
Net increase (decrease) | 346,642,480 | (12,670,064,514 | ) | |||
Dollar | ||||||
Shares sold | 1,907,603,949 | 3,799,231,462 | ||||
Shares issued in reinvestment of dividends and distributions | 871 | 8,790 | ||||
Total issued | 1,907,604,820 | 3,799,240,252 | ||||
Shares redeemed | (1,847,798,312 | ) | (4,433,208,460 | ) | ||
Net increase (decrease) | 59,806,508 | (633,968,208 | ) | |||
Cash Management | ||||||
Shares sold | 610,227,218 | 947,483,646 | ||||
Shares issued in reinvestment of dividends and distributions | 1,391 | 3,152 | ||||
Total issued | 610,228,609 | 947,486,798 | ||||
Shares redeemed | (840,950,371 | ) | (1,020,064,697 | ) | ||
Net decrease | (230,721,762 | ) | (72,577,899 | ) | ||
Administration | ||||||
Shares sold | 318,299,110 | 682,402,354 | ||||
Shares issued in reinvestment of dividends and distributions | 3,015 | 23,292 | ||||
Total issued | 318,302,125 | 682,425,646 | ||||
Shares redeemed | (320,465,232 | ) | (688,080,568 | ) | ||
Net decrease | (2,163,107 | ) | (5,654,922 | ) | ||
Select | ||||||
Shares sold | 170,590,193 | 371,527,664 | ||||
Shares issued in reinvestment of dividends and distributions | 21,138 | 116,058 | ||||
Total issued | 170,611,331 | 371,643,722 | ||||
Shares redeemed | (206,028,533 | ) | (357,326,821 | ) | ||
Net increase (decrease) | (35,417,202 | ) | 14,316,901 | |||
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 93 |
Table of Contents
Notes to Financial Statements (continued)
| Six Months Ended April 30, 2010 | Year Ended October 31, 2009 | |||||
T-Fund (concluded) | ||||||
Premier Choice | ||||||
Shares redeemed | — | (513 | ) | |||
Net decrease | — | (513 | ) | |||
Private Client | ||||||
Shares sold | — | 158,238 | ||||
Shares issued in reinvestment of dividends and distributions | — | 183 | ||||
Total issued | — | 158,421 | ||||
Shares redeemed | (14 | ) | (618,754 | ) | ||
Net decrease | (14 | ) | (460,333 | ) | ||
Premier | ||||||
Shares sold | 85,433,923 | 402,518,353 | ||||
Shares issued in reinvestment of dividends and distributions | 9,530 | 85,761 | ||||
Total issued | 85,443,453 | 402,604,114 | ||||
Shares redeemed | (110,934,657 | ) | (487,535,696 | ) | ||
Net decrease | (25,491,204 | ) | (84,931,582 | ) | ||
Treasury Trust Fund | ||||||
Institutional | ||||||
Shares sold | 6,584,390,194 | 13,281,681,809 | ||||
Shares issued in reinvestment of dividends and distributions | 208,564 | 2,930,304 | ||||
Total issued | 6,584,598,758 | 13,284,612,113 | ||||
Shares redeemed | (8,082,226,789 | ) | (15,723,328,803 | ) | ||
Net decrease | (1,497,628,031 | ) | (2,438,716,690 | ) | ||
Dollar | ||||||
Shares sold | 719,701,770 | 897,587,030 | ||||
Shares issued in reinvestment of dividends and distributions | 8,697 | 98,427 | ||||
Total issued | 719,710,467 | 897,685,457 | ||||
Shares redeemed | (574,808,058 | ) | (1,423,051,001 | ) | ||
Net increase (decrease) | 144,902,409 | (525,365,544 | ) | |||
Cash Management | ||||||
Shares sold | 84,883,621 | 127,066,983 | ||||
Shares issued in reinvestment of dividends and distributions | 579 | 2,857 | ||||
Total issued | 84,884,200 | 127,069,840 | ||||
Shares redeemed | (77,697,979 | ) | (193,989,105 | ) | ||
Net increase (decrease) | 7,186,221 | (66,919,265 | ) | |||
Administration | ||||||
Shares sold | 47,752,571 | 136,864,251 | ||||
Shares issued in reinvestment of dividends and distributions | 1,434 | 14,425 | ||||
Total issued | 47,754,005 | 136,878,676 | ||||
Shares redeemed | (89,930,882 | ) | (233,404,331 | ) | ||
Net decrease | (42,176,877 | ) | (96,525,655 | ) | ||
MuniCash | ||||||
Institutional | ||||||
Shares sold | 3,409,827,479 | 3,065,914,758 | ||||
Shares issued in reinvestment of dividends | 263,433 | 639,942 | ||||
Total issued | 3,410,090,912 | 3,066,554,700 | ||||
Shares redeemed | (3,423,250,927 | ) | (2,644,524,179 | ) | ||
Net increase (decrease) | (13,160,015 | ) | 422,030,521 | |||
Dollar | ||||||
Shares sold | 290,109,162 | 476,869,570 | ||||
Shares issued in reinvestment of dividends | 157 | 429,142 | ||||
Total issued | 290,109,319 | 477,298,712 | ||||
Shares redeemed | (321,005,625 | ) | (432,479,857 | ) | ||
Net increase (decrease) | (30,896,306 | ) | 44,818,855 | |||
MuniFund | ||||||
Institutional | ||||||
Shares sold | 9,785,536,188 | 17,527,939,882 | ||||
Shares issued in reinvestment of dividends | 1,203,413 | 11,041,369 | ||||
Total issued | 9,786,739,601 | 17,538,981,251 | ||||
Shares redeemed | (9,972,137,999 | ) | (16,140,356,236 | ) | ||
Net increase (decrease) | (185,398,398 | ) | 1,398,625,015 | |||
Dollar | ||||||
Shares sold | 409,299,638 | 1,487,407,112 | ||||
Shares issued in reinvestment of dividends | — | 5,028 | ||||
Total issued | 409,299,638 | 1,487,412,140 | ||||
Shares redeemed | (454,328,242 | ) | (1,434,387,645 | ) | ||
Net increase (decrease) | (45,028,604 | ) | 53,024,495 | |||
| 94 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
Notes to Financial Statements (continued)
| Six Months Ended April 30, 2010 | Year Ended October 31, 2009 | |||||
MuniFund (concluded) | ||||||
Cash Management | ||||||
Shares sold | 34,913,712 | 108,671,984 | ||||
Shares issued in reinvestment of dividends | 1 | 28,421 | ||||
Total issued | 34,913,713 | 108,700,405 | ||||
Shares redeemed | (56,286,736 | ) | (165,465,429 | ) | ||
Net decrease | (21,373,023 | ) | (56,765,024 | ) | ||
Administration | ||||||
Shares sold | 534,525,040 | 1,123,800,795 | ||||
Shares redeemed | (911,021,002 | ) | (903,681,284 | ) | ||
Net increase (decrease) | (376,495,962 | ) | 220,119,511 | |||
Select | ||||||
Shares sold | 36,650,715 | 73,763,803 | ||||
Shares issued in reinvestment of dividends | 5 | 24,380 | ||||
Total issued | 36,650,720 | 73,788,183 | ||||
Shares redeemed | (43,030,109 | ) | (69,051,024 | ) | ||
Net increase (decrease) | (6,379,389 | ) | 4,737,159 | |||
Premier Choice | ||||||
Shares issued in reinvestment of dividends | — | 2 | ||||
Shares redeemed | — | (2,322 | ) | |||
Net decrease | — | (2,320 | ) | |||
Private Client | ||||||
Shares sold | 1,419,872 | 49,879,124 | ||||
Shares issued in reinvestment of dividends | 1 | 57,468 | ||||
Total issued | 1,419,873 | 49,936,592 | ||||
Shares redeemed | (1,838,673 | ) | (73,604,132 | ) | ||
Net decrease | (418,800 | ) | (23,667,540 | ) | ||
Premier | ||||||
Shares sold | 182,257,801 | 426,480,568 | ||||
Shares issued in reinvestment of dividends | 27 | 449,354 | ||||
Total issued | 182,257,828 | 426,929,922 | ||||
Shares redeemed. | (185,523,522 | ) | (407,966,207 | ) | ||
Net increase (decrease) | (3,265,694 | ) | 18,963,715 | |||
California Money Fund | ||||||
Institutional | ||||||
Shares sold | 819,114,070 | 3,224,218,705 | ||||
Shares issued in reinvestment of dividends | 66,975 | 334,966 | ||||
Total issued | 819,181,045 | 3,224,553,671 | ||||
Shares redeemed | (912,924,541 | ) | (3,434,762,779 | ) | ||
Net decrease | (93,743,496 | ) | (210,209,108 | ) | ||
Dollar | ||||||
Shares sold | 53,740,495 | 168,729,228 | ||||
Shares issued in reinvestment of dividends | 59 | 12,362 | ||||
Total issued | 53,740,554 | 168,741,590 | ||||
Shares redeemed | (48,874,964 | ) | (160,008,233 | ) | ||
Net increase | 4,865,590 | 8,733,357 | ||||
Cash Management | ||||||
Shares sold | 3,219 | 64,946 | ||||
Shares issued in reinvestment of dividends | — | 25 | ||||
Total issued | 3,219 | 64,971 | ||||
Shares redeemed | (9,541 | ) | (118,520 | ) | ||
Net decrease | (6,322 | ) | (53,549 | ) | ||
Administration | ||||||
Shares sold | 2,391,572 | 3,812,223 | ||||
Shares redeemed | (2,867,478 | ) | (3,554,410 | ) | ||
Net increase (decrease) | (475,906 | ) | 257,813 | |||
Select | ||||||
Shares sold | 18,938,995 | 60,301,019 | ||||
Shares issued in reinvestment of dividends | 312 | 19,211 | ||||
Total issued | 18,939,307 | 60,320,230 | ||||
Shares redeemed | (30,821,717 | ) | (62,986,485 | ) | ||
Net decrease | (11,882,410 | ) | (2,666,255 | ) | ||
Premier Choice | ||||||
Shares issued in reinvestment of dividends | — | 1 | ||||
Total issued | — | 1 | ||||
Shares redeemed | — | (2,154 | ) | |||
Net decrease | — | (2,153 | ) | |||
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 95 |
Table of Contents
Notes to Financial Statements (concluded)
| Six Months Ended April 30, 2010 | Year Ended October 31, 2009 | |||||
California Money Fund (concluded) | ||||||
Private Client | ||||||
Shares sold | 1,352,696 | 25,376,726 | ||||
Shares issued in reinvestment of dividends | 40 | 18,344 | ||||
Total issued | 1,352,736 | 25,395,070 | ||||
Shares redeemed | (2,166,492 | ) | (44,333,968 | ) | ||
Net decrease | (813,756 | ) | (18,938,898 | ) | ||
Premier | ||||||
Shares sold | 7,562,890 | 65,960,200 | ||||
Shares issued in reinvestment of dividends | 50 | 11,477 | ||||
Total issued | 7,562,940 | 65,971,677 | ||||
Shares redeemed | (9,299,711 | ) | (73,405,255 | ) | ||
Net decrease | (1,736,771 | ) | (7,433,578 | ) | ||
New York Money Fund | ||||||
Institutional | ||||||
Shares sold | 733,159,990 | 1,847,526,694 | ||||
Shares issued in reinvestment of dividends | 39,221 | 331,356 | ||||
Total issued | 733,199,211 | 1,847,858,050 | ||||
Shares redeemed | (868,591,063 | ) | (1,878,324,045 | ) | ||
Net decrease | (135,391,852 | ) | (30,465,995 | ) | ||
Dollar | ||||||
Shares sold | 821,588 | 18,106,622 | ||||
Shares issued in reinvestment of dividends | 5 | 17,162 | ||||
Total issued | 821,593 | 18,123,784 | ||||
Shares redeemed | (705,406 | ) | (22,273,230 | ) | ||
Net increase (decrease) | 116,187 | (4,149,446 | ) | |||
Cash Management | ||||||
Shares sold | 13,611,088 | 23,635,274 | ||||
Shares redeemed | (16,946,851 | ) | (36,733,888 | ) | ||
Net decrease | (3,335,763 | ) | (13,098,614 | ) | ||
Administration | ||||||
Shares sold | 4,198,730 | 12,598,067 | ||||
Shares redeemed | (4,177,206 | ) | (16,188,394 | ) | ||
Net increase (decrease) | 21,524 | (3,590,327 | ) | |||
Select | ||||||
Shares sold | 9,397,310 | 13,179,439 | ||||
Shares issued in reinvestment of dividends | 17 | 3,199 | ||||
Total issued | 9,397,327 | 13,182,638 | ||||
Shares redeemed | (8,536,838 | ) | (14,843,480 | ) | ||
Net increase (decrease) | 860,489 | (1,660,842 | ) | |||
Premier Choice | ||||||
Shares issued in reinvestment of dividends | — | 2 | ||||
Total issued | — | 2 | ||||
Shares redeemed | — | (2,257 | ) | |||
Net decrease | — | (2,255 | ) | |||
Private Client | ||||||
Shares sold | 2,687,025 | 24,383,220 | ||||
Shares issued in reinvestment of dividends | 34 | 16,171 | ||||
Total issued | 2,687,059 | 24,399,391 | ||||
Shares redeemed | (2,158,730 | ) | (31,721,580 | ) | ||
Net increase (decrease) | 528,329 | (7,322,189 | ) | |||
Premier | ||||||
Shares sold | 2,059,822 | 10,419,285 | ||||
Shares issued in reinvestment of dividends | 12 | 4,053 | ||||
Total issued | 2,059,834 | 10,423,338 | ||||
Shares redeemed | (2,510,734 | ) | (10,388,794 | ) | ||
Net increase (decrease) | (450,900 | ) | 34,544 | |||
6. Subsequent Events:
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
| 96 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
Table of Contents
Ronald W. Forbes, Co-Chairman of the Board and Trustee
Rodney D. Johnson, Co-Chairman of the Board and Trustee
David O. Beim, Trustee
Dick S. Davis, Trustee
Henry Gabbay, Trustee
Dr. Matina Horner, Trustee
Herbert I. London, Trustee and Member of the Audit Committee
Cynthia A. Montgomery, Trustee
Joseph P. Platt, Jr., Trustee
Robert C. Robb, Jr., Trustee
Toby Rosenblatt, Trustee
Kenneth L. Urish, Chairman of the Audit Committee and Trustee
Frederick W. Winter, Trustee and Member of the Audit Committee
Anne F. Ackerley, President and Chief Executive Officer
Richard Hoerner, CFA, Vice President
Jeffrey Holland, CFA, Vice President
Brendan Kyne, Vice President
Simon Mendelson, Vice President
Brian Schmidt, Vice President
Christopher Stavrakos, CFA, Vice President
Neal J. Andrews, Chief Financial Officer
Jay M. Fife, Treasurer
Brian P. Kindelan, Chief Compliance Officer
Howard B. Surloff, Secretary
Investment Advisor and Administrator
BlackRock Institutional Management Corporation
Wilmington, DE 19809
Sub-Administrator and Transfer Agent
PNC Global Investment Servicing (U.S.) Inc.
Wilmington, DE 19809
Distributor
BlackRock Investments, LLC
New York, NY 10022
Custodian
PFPC Trust Company
Philadelphia, PA 19153
Legal Counsel
Sidley Austin LLP
New York, NY 10019
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Philadelphia, PA 19103
Address of the Funds
100 Bellevue Parkway LLP
Wilmington, DE 19809
| BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 | 97 |
Table of Contents
General Information
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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 the Funds use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling (800) 441-7762; (2) at www.blackrock.com; and (3) on the SEC’s at website at http:// www.sec.gov.
Availability of Proxy Voting Record
Information about how the Funds voted proxies relating to securities held in each Fund’s portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public 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 non-public 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 websites.
BlackRock does not sell or disclose to non-affiliated 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 non-affiliated 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 non-public 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 non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
| 98 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2010 |
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This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless accompanied or preceded by the Funds’ current prospectus. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a Fund. Performance data quoted represents past performance and does not guarantee future results. Total return information assumes reinvestment of all distributions. Current performance may be higher or lower than the performance data quoted. For current month-end performance information, call (800) 441-7762. Each Fund’s current 7-day yield more closely reflects the current earnings of the Fund than the total returns quoted. Statements and other information herein are as dated and are subject to change.
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| Item 2 | – | Code of Ethics – Not Applicable to this semi-annual report | ||
| Item 3 | – | Audit Committee Financial Expert – Not Applicable to this semi-annual report | ||
| Item 4 | – | Principal Accountant Fees and Services – Not Applicable to this semi-annual report | ||
| Item 5 | – | Audit Committee of Listed Registrants – Not Applicable | ||
| Item 6 | – | Investments (a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing. | ||
| Item 7 | – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable | ||
| Item 8 | – | Portfolio Managers of Closed-End Management Investment Companies – Not Applicable | ||
| Item 9 | – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable | ||
| Item 10 | – | Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance Committee will consider nominees to the board of directors recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations that include biographical information and set forth the qualifications of the proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures. | ||
| Item 11 | – | Controls and Procedures | ||
| 11(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 the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15(d)-15(b) under the Securities Exchange Act of 1934, as amended. | |||
| 11(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) that occurred during the 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 attached hereto | ||
| 12(a)(1) – Code of Ethics – Not Applicable to this semi-annual report | ||||
| 12(a)(2) – Certifications – Attached hereto | ||||
| 12(a)(3) – Not Applicable | ||||
| 12(b) – Certifications – Attached hereto | ||||
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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.
| BlackRock Liquidity Funds | ||||||
| By: | /s/ Anne F. Ackerley | |||||
| Anne F. Ackerley | ||||||
| Chief Executive Officer of | ||||||
| BlackRock Liquidity Funds | ||||||
| Date: June 28, 2010 | ||||||
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: | /s/ Anne F. Ackerley | |||||
| Anne F. Ackerley | ||||||
| Chief Executive Officer (principal executive officer) of | ||||||
| BlackRock Liquidity Funds | ||||||
| Date: June 28, 2010 | ||||||
| By: | /s/ Neal J. Andrews | |||||
| Neal J. Andrews | ||||||
| Chief Financial Officer (principal financial officer) of | ||||||
| BlackRock Liquidity Funds | ||||||
| Date: June 28, 2010 | ||||||