UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-02354
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: John M. Perlowski, 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: 10/31/2014
Date of reporting period: 04/30/2014
Item 1 – Report to Stockholders
APRIL 30, 2014
SEMI-ANNUAL REPORT (UNAUDITED)
| BLACKROCK® |
BlackRock Liquidity Funds
„ 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 | ||||
5 | ||||
9 | ||||
Financial Statements: | ||||
11 | ||||
50 | ||||
54 | ||||
56 | ||||
60 | ||||
87 | ||||
95 | ||||
96 |
2 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Shareholder Letter |
Dear Shareholder,
Markets have remained highly attuned to potential changes in U.S. monetary policy over the past year. This was markedly evident one year ago in May of 2013 when then-Federal Reserve Chairman Bernanke first mentioned the possibility of reducing (or “tapering”) the central bank’s asset purchase programs — comments that were widely misinterpreted as signaling an end to the Fed’s zero-interest-rate policy. U.S. Treasury yields rose sharply following his comments, triggering a steep sell-off across fixed income markets. (Bond prices move in the opposite direction of yields.) Global equities also suffered as investors feared the implications of a potential end to a program that had greatly supported stocks. Emerging markets, which are more sensitive to changes in global liquidity, were especially hurt by the prospect of ebbing cash flows from the United States. Markets broadly rebounded in late June, however, when the Fed’s tone turned more dovish. At the same time, improving economic indicators and better corporate earnings helped extend gains through most of the summer.
Although the tone of economic and financial news was mixed last autumn, it was a surprisingly positive period for most asset classes. Early on, the Fed defied market expectations with its decision to delay tapering, but higher volatility returned in late September 2013 when the U.S. Treasury Department warned that the national debt would soon breach its statutory maximum. The ensuing political brinksmanship led to a partial government shutdown, roiling global financial markets through the first half of October. Equities and other so-called “risk assets” managed to resume their rally when politicians finally engineered a compromise to reopen the government and extend the debt ceiling.
The remainder of 2013 was a generally positive period for stock markets in the developed world, although investors continued to grapple with uncertainty about when and how much the Fed would scale back on stimulus. When the Fed ultimately announced its tapering plans in mid-December, markets reacted positively, as this action signaled the Fed’s perception of real improvement in the economy, and investors were finally released from the anxiety that had gripped them for quite some time.
The start of the new year brought a stark change in sentiment. Heightened volatility in emerging markets – driven by reduced global liquidity, severe currency weakness, high levels of debt and uneven growth – combined with mixed U.S. economic data caused global equities to weaken in January while bond markets found renewed strength from investors seeking relatively safer assets. Although these headwinds persisted, equities were back on the rise in February as investors were encouraged by a one-year extension of the U.S. debt ceiling and market-friendly comments from new Fed Chair Janet Yellen. While U.S. economic data had softened, investors were assuaged by increasing evidence that this was a temporary trend resulting from harsher-than-usual winter weather.
In the final months of the period, signs of decelerating growth in China and geopolitical tensions in Russia and Ukraine made for a bumpy ride, but markets continued their climb as investors focused on improving U.S. economic data, stronger corporate earnings and a still-dovish central bank. Within developed markets, investors shifted from growth to value stocks as the strong performance of growth stocks in 2013 had pushed valuations higher in many of these sectors. Emerging markets also benefited from this broad rotation into cheaper valuations and were further supported by an improving growth outlook for a number of developing countries.
Even though investors were gearing up for a modest shift toward tighter monetary policy from the Fed, equity markets in the developed world posted solid gains for the six- and 12-month periods ended April 30. Emerging markets, however, experienced increased volatility amid heightened risks for the asset class. Interest rate uncertainty posed a headwind for fixed income assets, and higher-quality sectors of the market performed poorly over the reporting period. Conversely, high yield bonds benefited from income-oriented investors’ search for yield in the overall low-rate environment. Short-term interest rates remained near zero, keeping yields on money market securities close to historic lows.
At BlackRock, we believe investors need to think globally, extend their scope across a broad array of asset classes and be prepared to move freely as market conditions change over time. We encourage you to talk with your financial advisor and visit www.blackrock.com for further insight about investing in today’s world.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
In a modest global growth environment, expectations around monetary policy changes continued to be a key theme in financial market performance.
Rob Kapito
President, BlackRock Advisors, LLC
Total Returns as of April 30, 2014 | ||||||||
6-month | 12-month | |||||||
U.S. large cap equities | 8.36 | % | 20.44 | % | ||||
U.S. small cap equities | 3.08 | 20.50 | ||||||
International equities | 4.44 | 13.35 | ||||||
Emerging market equities | (2.98 | ) | (1.84 | ) | ||||
3-month Treasury bills | 0.03 | 0.06 | ||||||
U.S. Treasury securities | 0.88 | (5.25 | ) | |||||
U.S. investment-grade bonds | 1.74 | (0.26 | ) | |||||
Tax-exempt municipal bonds | 4.24 | 0.46 | ||||||
U.S. high yield bonds | 4.72 | 6.28 | ||||||
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
THIS PAGE NOT PART OF YOUR FUND REPORT | 3 |
Money Market Overview |
For the six-month period ended April 30, 2014 |
The Federal Open Market Committee (“FOMC”) maintained its target range for the federal funds rate at 0.00% to 0.25% during the six-month period ended April 30, 2014. During this period, the FOMC announced two significant but widely expected policy changes. First, after buying securities at a pace of $85 billion per month over the previous year, the FOMC altered course in December 2013. Citing the “cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions,” the FOMC announced it would begin reducing the pace of its monthly purchases by $10 billion to a rate of $75 billion per month, beginning in January 2014. The FOMC held to this new course in 2014, paring its monthly purchases by an additional $10 billion at each of its regular meetings in January, March and April; reducing the total amount purchased to $45 billion per month as of period end. Second, the FOMC altered its forward guidance on when it would consider an increase in interest rates by removing the unemployment rate and inflation thresholds. The FOMC will now favor a more holistic approach, using a range of economic data including labor market, inflation and financial market indicators. In a change of leadership, Janet L. Yellen replaced Ben Bernanke as the Chair of the Board of Governors of the U.S. Federal Reserve in February. Yellen, who acted as vice chair under Bernanke, is expected to follow his approach of maintaining low short-term rates while continuing to reduce the FOMC’s monthly bond purchases at a measured pace.
In Europe, sub-par growth and a weak inflation environment compelled policymakers to maintain accommodative monetary policy throughout the period. Ongoing efforts from the European Central Bank (“ECB”) to resuscitate the eurozone economy with record-low interest rates met only limited success in lifting growth measures. At the same time, inflation measures drifted lower, falling to 0.7% in October, less than half the ECB’s target rate. These conditions prompted the ECB to cut its main refinancing rate to 0.25% from 0.50% in November. Since then, ECB President Mario Draghi has repeatedly suggested that the central bank is ready to act aggressively if needed; thus far, however, the ECB has refrained from taking any further actions to stimulate the eurozone economy.
Late in the third quarter, the Fed introduced a fixed-rate reverse repurchase agreement (“repo”) facility in which select counterparties can lend U.S. dollars overnight to the Fed. Over the following months, the Fed increased the maximum bid per counterparty from the initial amount of $500 million to $10 billion and increased the offered rate from 0.01% to 0.05%. Usage of this facility increased gradually to an average of $118 billion per day during the month of April 2014.
London Interbank Offered Rates (“LIBOR”) notched lower over the six months due in large part to central bank liquidity measures, coupled with decreasing supply in the money market space. Benchmark three-month LIBOR fell by 0.03% to end the period at 0.22% – a historic low as commercial banks extended borrowings to longer maturity dates and shifted funding needs away from the short-term wholesale markets. Other short-term rates, including U.S. Treasury bills, fell near their all-time lows over the period as demand continued to outweigh supply. U.S. Treasury bill outstandings declined as the federal budget deficit improved and the U.S. Treasury cut the size of its weekly bill auctions to make room in its auction schedule to issue two-year floating rate notes (“FRNs”) – the first new structure issued in almost 17 years. FRN issuance totaled $41 billion in the first quarter of 2014. Much of the void resulting from the decline in supply has been filled with utilization of the Fed’s fixed-rate reverse repo facility, which has proven very popular with dealers, particularly at calendar quarter-ends. A fully operational facility is expected to figure prominently in eventual decisions by policymakers to raise interest rates.
In the short-term tax-exempt market, conditions have remained stable. During the six-month period, the benchmark Securities Industry and Financial Markets Association (“SIFMA”) Index, which represents the average rate on seven-day, high-quality, tax-exempt variable rate demand notes (“VRDNs”) (as calculated by Municipal Market Data) ranged between a high of 0.12% and an all-time low of 0.03%, averaging just 0.06% for the period. The sustained downward pressure on SIFMA Index levels is a reflection of the increasing prevalence of non-traditional buyers in the market and the continued demand by money market funds which saw a stabilization in assets over the past two years.
Despite the change in leadership at the Fed, monetary policy has continued to be accommodative and rates on taxable overnight repos have remained low by historical measures. Given the low levels on taxable repos, tax-exempt VRDNs remain attractive as an alternative investment for taxable money funds. This cross-over demand from taxable money funds, coupled with the natural demand from tax-exempt money funds, has placed undue pressure on VRDN yields as evidenced by the prolonged low levels of the SIFMA Index.
April 15th ushered in tax season, during which tax-exempt money funds typically experience large outflows due to shareholders redeeming shares to pay their federal and state income tax bills. Tax season rolls into “note season” in June, when municipalities typically issue one-year tax and revenue anticipation notes. Given continued austerity measures at state and local municipalities, spending has been limited as well as the need for debt issuance. As such, supply of new-issue, one-year fixed-rate notes has diminished. Generally speaking, municipal money market funds tend to take advantage of note season to extend their weighted average maturity, pick up yield and diversify beyond bank exposure in the form of credit enhancement. This year, we expect investor demand for one-year notes will be stronger than in previous years.
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.
4 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Fund Information as of April 30, 2014 |
Federal Trust Fund |
Federal Trust Fund’s (the “Fund”) investment objective is to seek as high a level of current income as is consistent with liquidity and stability of principal.
Yields | 7-Day SEC Yield | 7-Day Yield |
Institutional | 0.01 | % | 0.01 | % | ||||||
Dollar | 0.01 | % | 0.01 | % | ||||||
Administration | 0.01 | % | 0.01 | % |
Portfolio Composition | Percent of Net Assets |
U.S. Government Sponsored Agency Obligations | 82 | % | ||
U.S. Treasury Obligations | 23 | |||
Liabilities in Excess of Other Assets | (5 | ) | ||
|
| |||
Total | 100 | % | ||
|
|
FedFund |
FedFund’s (the “Fund”) investment objective is to seek as high a level of current income as is consistent with liquidity and stability of principal.
Yields | 7-Day SEC Yield | 7-Day Yield |
Institutional | 0.01 | % | 0.01 | % | ||||||
Dollar | 0.01 | % | 0.01 | % | ||||||
Cash Management | 0.01 | % | 0.01 | % | ||||||
Cash Reserve | 0.01 | % | 0.01 | % | ||||||
Administration | 0.01 | % | 0.01 | % | ||||||
Select | 0.01 | % | 0.01 | % | ||||||
Private Client | 0.01 | % | 0.01 | % | ||||||
Premier | 0.01 | % | 0.01 | % |
Portfolio Composition | Percent of Net Assets |
Repurchase Agreements | 51 | % | ||
U.S. Government Sponsored Agency Obligations | 48 | |||
U.S. Treasury Obligations | 1 | |||
|
| |||
Total | 100 | % | ||
|
|
TempCash |
TempCash’s (the “Fund”) investment objective is to seek as high a level of current income as is consistent with liquidity and stability of principal.
Yields | 7-Day SEC Yield | 7-Day Yield |
Institutional | 0.05 | % | 0.05 | % | ||||||
Dollar | 0.01 | % | 0.01 | % |
Portfolio Composition | Percent of Net Assets |
Certificates of Deposit | 36 | % | ||
Commercial Paper | 34 | |||
Repurchase Agreements | 15 | |||
Time Deposits | 7 | |||
Municipal Bonds | 5 | |||
U.S. Treasury Obligations | 2 | |||
Closed-End Investment Companies | 1 | |||
|
| |||
Total | 100 | % | ||
|
|
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, 2014 | 5 |
Fund Information (continued) as of April 30, 2014 |
TempFund |
TempFund’s (the “Fund”) investment objective is to seek as high a level of current income as is consistent with liquidity and stability of principal.
Yields | 7-Day SEC Yield | 7-Day Yield |
Institutional | 0.03 | % | 0.03 | % | ||||||
Dollar | 0.02 | % | 0.02 | % | ||||||
Cash Management | 0.02 | % | 0.02 | % | ||||||
Cash Reserve | 0.02 | % | 0.02 | % | ||||||
Administration | 0.02 | % | 0.02 | % | ||||||
Select | 0.01 | % | 0.01 | % | ||||||
Private Client | 0.01 | % | 0.01 | % | ||||||
Premier | 0.01 | % | 0.01 | % |
Portfolio Composition | Percent of Net Assets |
Certificates of Deposit | 40 | % | ||
Commercial Paper | 32 | |||
Time Deposits | 12 | |||
Repurchase Agreements | 11 | |||
U.S. Treasury Obligations | 2 | |||
Municipal Bonds | 1 | |||
Corporate Notes | 1 | |||
Other Assets Less Liabilities | 1 | |||
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| |||
Total | 100 | % | ||
|
|
T-Fund |
T-Fund’s (the “Fund”) investment objective is to seek as high a level of current income as is consistent with liquidity and stability of principal.
Yields | 7-Day SEC Yield | 7-Day Yield |
Institutional | 0.01 | % | 0.01 | % | ||||||
Dollar | 0.01 | % | 0.01 | % | ||||||
Cash Management | 0.01 | % | 0.01 | % | ||||||
Administration | 0.01 | % | 0.01 | % | ||||||
Select | 0.01 | % | 0.01 | % | ||||||
Premier | 0.01 | % | 0.01 | % |
Portfolio Composition | Percent of Net Assets |
Repurchase Agreements | 62 | % | ||
U.S. Treasury Obligations | 34 | |||
Other Assets Less Liabilities | 4 | |||
|
| |||
Total | 100 | % | ||
|
|
Treasury Trust Fund |
Treasury Trust Fund’s (the “Fund”) investment objective is to seek as high a level of current income as is consistent with liquidity and stability of principal.
Yields | 7-Day SEC Yield | 7-Day Yield |
Institutional | 0.00 | % | 0.00 | % | ||||||
Dollar | 0.00 | % | 0.00 | % | ||||||
Cash Management | 0.00 | % | 0.00 | % | ||||||
Administration | 0.00 | % | 0.00 | % |
Portfolio Composition | Percent of Net Assets |
U.S. Treasury Obligations | 117 | % | ||
Liabilities in Excess of Other Assets | (17 | ) | ||
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| |||
Total | 100 | % | ||
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|
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, 2014 |
Fund Information (continued) as of April 30, 2014 |
MuniCash |
MuniCash’s (the “Fund”) investment objective is to seek as high a level of current income exempt from federal income tax as is consistent with liquidity and stability of principal.
Yields | 7-Day SEC Yield | 7-Day Yield |
Institutional | 0.04 | % | 0.04 | % | ||||||
Dollar | 0.00 | % | 0.00 | % |
Portfolio Composition | Percent of Net Assets |
Variable Rate Demand Notes | 70 | % | ||
Municipal Bonds | 25 | |||
Commercial Paper | 7 | |||
Liabilities in Excess of Other Assets | (2 | ) | ||
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| |||
Total | 100 | % | ||
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|
MuniFund |
MuniFund’s (the “Fund”) investment objective is to seek as high a level of current income exempt from federal income tax as is consistent with liquidity and stability of principal.
Yields | 7-Day SEC Yield | 7-Day Yield |
Institutional | 0.02 | % | 0.02 | % | ||||||
Dollar | 0.02 | % | 0.02 | % | ||||||
Cash Management | 0.02 | % | 0.02 | % | ||||||
Administration | 0.02 | % | 0.02 | % | ||||||
Select | 0.02 | % | 0.02 | % | ||||||
Private Client | 0.02 | % | 0.02 | % | ||||||
Premier | 0.02 | % | 0.02 | % |
Portfolio Composition | Percent of Net Assets |
Variable Rate Demand Notes | 77 | % | ||
Municipal Bonds | 15 | |||
Commercial Paper | 7 | |||
Municipal Put Bonds | 1 | |||
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| |||
Total | 100 | % | ||
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|
California Money Fund |
California Money Fund’s (the “Fund”) investment objective is to seek as high a level of current income that is exempt from federal income tax and, to the extent possible, from California State personal income tax, as is consistent with liquidity and stability of principal.
Yields | 7-Day SEC Yield | 7-Day Yield |
Institutional | 0.01 | % | 0.01 | % | ||||||
Dollar | 0.01 | % | 0.01 | % | ||||||
Administration | 0.01 | % | 0.01 | % | ||||||
Select | 0.01 | % | 0.01 | % | ||||||
Private Client | 0.01 | % | 0.01 | % | ||||||
Premier | 0.01 | % | 0.01 | % |
Portfolio Composition | Percent of Net Assets |
Variable Rate Demand Notes | 61 | % | ||
Municipal Bonds | 25 | |||
Commercial Paper | 10 | |||
Municipal Put Bonds | 4 | |||
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| |||
Total | 100 | % | ||
|
|
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, 2014 | 7 |
Fund Information (concluded) as of April 30, 2014 |
New York Money Fund |
New York Money Fund’s (the “Fund”) investment objective is to seek as high a level of current income that is exempt from federal income tax and, to the extent possible, from New York State and New York City personal income taxes, as is consistent with liquidity and stability of principal.
Yields | 7-Day SEC Yield | 7-Day Yield |
Institutional | 0.01 | % | 0.01 | % | ||||||
Cash Management | 0.01 | % | 0.01 | % | ||||||
Administration | 0.01 | % | 0.01 | % | ||||||
Select | 0.01 | % | 0.01 | % | ||||||
Private Client | 0.01 | % | 0.01 | % | ||||||
Premier | 0.01 | % | 0.01 | % |
Portfolio Composition | Percent of Net Assets |
Variable Rate Demand Notes | 85 | % | ||
Municipal Bonds | 15 | |||
|
| |||
Total | 100 | % | ||
|
|
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.
8 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Disclosure of Expenses |
Shareholders of the Funds may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including advisory fees, service and distribution fees, including 12b-1 fees, and other Fund expenses. The expense examples shown below (which are based on a hypothetical investment of $1,000 invested on November 1, 2013 and held through April 30, 2014) 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 expense examples 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 expense examples 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 these Funds 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 expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges or exchange fees, if any. Therefore, the hypothetical example is 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 Examples | ||||||||||||||
Actual | Hypothetical1 | |||||||||||||
Beginning Account Value November 1, 2013 | Ending Account Value April 30, 2014 | Expenses Paid During the Period2 | Beginning November 1, 2013 | Ending April 30, 2014 | Expenses Paid During the��Period2 | Annualized Expense Ratio | ||||||||
Federal Trust Fund | ||||||||||||||
Institutional | $1,000.00 | $1,000.10 | $0.40 | $1,000.00 | $1,024.40 | $0.40 | 0.08% | |||||||
Dollar | $1,000.00 | $1,000.10 | $0.40 | $1,000.00 | $1,024.40 | $0.40 | 0.08% | |||||||
Administration | $1,000.00 | $1,000.10 | $0.40 | $1,000.00 | $1,024.40 | $0.40 | 0.08% | |||||||
FedFund | ||||||||||||||
Institutional | $1,000.00 | $1,000.10 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
Dollar | $1,000.00 | $1,000.10 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
Cash Management | $1,000.00 | $1,000.10 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
Cash Reserve | $1,000.00 | $1,000.10 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
Administration | $1,000.00 | $1,000.10 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
Select | $1,000.00 | $1,000.10 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
Private Client | $1,000.00 | $1,000.10 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
Premier | $1,000.00 | $1,000.10 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
TempCash | ||||||||||||||
Institutional | $1,000.00 | $1,000.30 | $0.89 | $1,000.00 | $1,023.90 | $0.90 | 0.18% | |||||||
Dollar | $1,000.00 | $1,000.20 | $1.09 | $1,000.00 | $1,023.70 | $1.10 | 0.22% | |||||||
TempFund | ||||||||||||||
Institutional | $1,000.00 | $1,000.20 | $0.84 | $1,000.00 | $1,023.95 | $0.85 | 0.17% | |||||||
Dollar | $1,000.00 | $1,000.20 | $0.89 | $1,000.00 | $1,023.90 | $0.90 | 0.18% | |||||||
Cash Management | $1,000.00 | $1,000.20 | $0.89 | $1,000.00 | $1,023.90 | $0.90 | 0.18% | |||||||
Cash Reserve | $1,000.00 | $1,000.20 | $0.89 | $1,000.00 | $1,023.90 | $0.90 | 0.18% | |||||||
Administration | $1,000.00 | $1,000.20 | $0.89 | $1,000.00 | $1,023.90 | $0.90 | 0.18% | |||||||
Select | $1,000.00 | $1,000.10 | $0.94 | $1,000.00 | $1,023.85 | $0.95 | 0.19% | |||||||
Private Client | $1,000.00 | $1,000.10 | $0.94 | $1,000.00 | $1,023.85 | $0.95 | 0.19% | |||||||
Premier | $1,000.00 | $1,000.10 | $0.94 | $1,000.00 | $1,023.85 | $0.95 | 0.19% |
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, 2014 | 9 |
Expense Examples (concluded) | ||||||||||||||
Actual | Hypothetical1 | |||||||||||||
Beginning Account Value November 1, 2013 | Ending Account Value April 30, 2014 | Expenses Paid During the Period2 | Beginning Account Value November 1, 2013 | Ending Account Value April 30, 2014 | Expenses Paid During the Period2 | Annualized Expense Ratio | ||||||||
T-Fund | ||||||||||||||
Institutional | $1,000.00 | $1,000.10 | $0.30 | $1,000.00 | $1,024.50 | $0.30 | 0.06% | |||||||
Dollar | $1,000.00 | $1,000.10 | $0.30 | $1,000.00 | $1,024.50 | $0.30 | 0.06% | |||||||
Cash Management | $1,000.00 | $1,000.10 | $0.30 | $1,000.00 | $1,024.50 | $0.30 | 0.06% | |||||||
Administration | $1,000.00 | $1,000.10 | $— | $1,000.00 | $1,024.79 | $— | 0.00% | |||||||
Select | $1,000.00 | $1,000.10 | $0.30 | $1,000.00 | $1,024.50 | $0.30 | 0.06% | |||||||
Premier | $1,000.00 | $1,000.10 | $0.30 | $1,000.00 | $1,024.50 | $0.30 | 0.06% | |||||||
Treasury Trust Fund | ||||||||||||||
Institutional | $1,000.00 | $1,000.10 | $0.25 | $1,000.00 | $1,024.55 | $0.25 | 0.05% | |||||||
Dollar | $1,000.00 | $1,000.10 | $0.25 | $1,000.00 | $1,024.55 | $0.25 | 0.05% | |||||||
Cash Management | $1,000.00 | $1,000.10 | $0.25 | $1,000.00 | $1,024.55 | $0.25 | 0.05% | |||||||
Administration | $1,000.00 | $1,000.10 | $0.25 | $1,000.00 | $1,024.55 | $0.25 | 0.05% | |||||||
MuniCash | ||||||||||||||
Institutional | $1,000.00 | $1,000.10 | $0.79 | $1,000.00 | $1,024.00 | $0.80 | 0.16% | |||||||
Dollar | $1,000.00 | $1,000.10 | $0.79 | $1,000.00 | $1,024.00 | $0.80 | 0.16% | |||||||
MuniFund | ||||||||||||||
Institutional | $1,000.00 | $1,000.30 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
Dollar | $1,000.00 | $1,000.30 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
Cash Management | $1,000.00 | $1,000.30 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
Administration | $1,000.00 | $1,000.30 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
Select | $1,000.00 | $1,000.30 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
Private Client | $1,000.00 | $1,000.30 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
Premier | $1,000.00 | $1,000.30 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
California Money Fund | ||||||||||||||
Institutional | $1,000.00 | $1,000.20 | $0.40 | $1,000.00 | $1,024.40 | $0.40 | 0.08% | |||||||
Dollar | $1,000.00 | $1,000.20 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
Administration | $1,000.00 | $1,000.20 | $0.40 | $1,000.00 | $1,024.40 | $0.40 | 0.08% | |||||||
Select | $1,000.00 | $1,000.20 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
Private Client | $1,000.00 | $1,000.20 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
Premier | $1,000.00 | $1,000.20 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
New York Money Fund | ||||||||||||||
Institutional | $1,000.00 | $1,000.10 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
Cash Management | $1,000.00 | $1,000.10 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
Administration | $1,000.00 | $1,000.10 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
Select | $1,000.00 | $1,000.10 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
Private Client | $1,000.00 | $1,000.10 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% | |||||||
Premier | $1,000.00 | $1,000.10 | $0.45 | $1,000.00 | $1,024.35 | $0.45 | 0.09% |
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). |
10 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Schedule of Investments April 30, 2014 (Unaudited) | Federal Trust Fund | |||
(Percentages shown are based on Net Assets) |
U.S. Government Sponsored Agency Obligations | Par (000) | Value | ||||||
Federal Farm Credit Bank Bonds: | ||||||||
0.16%, 6/11/14 | $ | 2,500 | $ | 2,500,106 | ||||
0.17%, 9/17/14 | 1,530 | 1,529,928 | ||||||
1.63%, 11/19/14 | 400 | 403,310 | ||||||
0.28%, 12/11/14 | 3,282 | 3,285,174 | ||||||
Federal Farm Credit Bank Discount Notes: (a) | ||||||||
0.05%, 5/06/14 | 15,000 | 14,999,896 | ||||||
0.04%, 5/08/14 | 2,791 | 2,790,978 | ||||||
0.12%, 5/28/14 | 20,000 | 19,998,200 | ||||||
0.07%, 6/02/14 | 10,000 | 9,999,378 | ||||||
0.15%, 8/04/14 | 2,000 | 1,999,208 | ||||||
0.08%, 9/25/14 | 4,350 | 4,348,579 | ||||||
0.13%, 4/06/15 | 2,000 | 1,997,544 | ||||||
Federal Farm Credit Bank Variable Rate Notes: (b) | ||||||||
0.11%, 5/09/14 | 2,000 | 1,999,994 | ||||||
0.13%, 8/15/14 | 1,000 | 1,000,091 | ||||||
0.18%, 2/13/15 | 2,400 | 2,401,162 | ||||||
0.15%, 2/26/16 | 2,660 | 2,659,879 | ||||||
Federal Home Loan Bank Bonds: | ||||||||
0.18%, 7/18/14 | 3,000 | 2,999,929 | ||||||
0.13%, 7/29/14 | 375 | 374,955 | ||||||
0.10%, 8/06/14 | 1,620 | 1,619,932 | ||||||
0.16%, 10/10/14 | 1,500 | 1,499,917 | ||||||
0.08%, 10/23/14 | 1,200 | 1,199,963 | ||||||
0.08%, 10/24/14 | 1,200 | 1,199,963 | ||||||
0.13%, 4/02/15 | 985 | 984,618 | ||||||
Federal Home Loan Bank Discount Notes: (a) | ||||||||
0.11%, 5/09/14 | 1,100 | 1,099,974 | ||||||
0.05%, 5/19/14 | 2,194 | 2,193,945 | ||||||
0.08%, 6/06/14 | 4,250 | 4,249,673 | ||||||
0.11%, 6/24/14 | 983 | 982,845 | ||||||
0.11%, 8/12/14 | 2,500 | 2,499,213 | ||||||
0.14%, 9/17/14 | 3,000 | 2,998,378 |
U.S. Government Sponsored Agency Obligations | Par (000) | Value | ||||||
Federal Home Loan Bank Discount Notes: (a) (concluded) |
| |||||||
0.13%, 3/25/15 | $ | 1,500 | $ | 1,498,223 | ||||
Federal Home Loan Bank Variable Rate Notes: (b) | ||||||||
0.09%, 6/06/14 | 5,000 | 5,000,000 | ||||||
0.12%, 6/26/14 | 1,500 | 1,500,007 | ||||||
0.10%, 7/02/14 | 2,000 | 1,999,896 | ||||||
0.09%, 8/21/14 | 11,000 | 11,000,000 | ||||||
0.08%, 8/22/14 | 5,000 | 4,999,544 | ||||||
0.09%, 9/02/14 | 3,000 | 2,999,949 | ||||||
0.10%, 12/19/14 | 2,500 | 2,499,839 | ||||||
0.10%, 3/20/15 | 15,000 | 14,999,402 | ||||||
0.14%, 7/16/15 | 3,000 | 3,000,000 | ||||||
Tennessee Valley Authority Discount Notes: (a) | ||||||||
0.04%, 5/15/14 | 30,000 | 29,999,537 | ||||||
0.06%, 7/10/14 | 25,000 | 24,997,326 | ||||||
Total U.S. Government Sponsored Agency |
| 200,310,455 | ||||||
U.S. Treasury Obligations | ||||||||
U.S. Treasury Bills: (a) | ||||||||
0.00% - 0.02%, 5/01/14 | 10,511 | 10,511,000 | ||||||
0.06%, 5/08/14 | 199 | 198,998 | ||||||
0.04%, 5/22/14 | 1,206 | 1,205,975 | ||||||
0.01% - 0.05%, 5/29/14 | 12,935 | 12,934,839 | ||||||
0.05%, 6/19/14 | 22,279 | 22,277,601 | ||||||
0.03%, 7/10/14 | 1,838 | 1,837,893 | ||||||
0.09%, 9/11/14 | 7,000 | 6,997,737 | ||||||
Total U.S. Treasury Obligations — 22.8% | 55,964,043 | |||||||
Total Investments (Cost $256,274,498*) — 104.5% |
| 256,274,498 | ||||||
Liabilities in Excess of Other Assets — (4.5)% | (10,981,968 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 245,292,530 | ||||||
|
|
Notes to Schedule of Investments |
* | Cost for federal income tax purposes. |
(a) | Rates shown are discount rates or a range of discount rates at the time of purchase. |
(b) | Variable rate security. Rate shown is as of report date. |
Ÿ | Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
Ÿ | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access |
Ÿ | 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) |
Portfolio Abbreviations |
AGM | Assured Guaranty Municipal | HDA | Housing Development Authority | PCRB | Pollution Control Revenue | SPEARS | Short Puttable Exempt | |||||||
Corp. | HFA | Housing Finance Agency | Bonds | Adjustable Receipts | ||||||||||
AMT | Alternative Minimum Tax | IDA | Industrial Development Authority | PUTTERS | Puttable Tax-Exempt Receipts | TAN | Tax Anticipation Notes | |||||||
(subject to) | IDRB | Industrial Development Revenue | RAN | Revenue Anticipation Notes | TECP | Tax-Exempt Commercial Paper | ||||||||
BAN | Bond Anticipation Notes | Bonds | RB | Revenue Bonds | TRAN | Tax Revenue Anticipation Notes | ||||||||
CalSTRS | California State Teachers’ | ISD | Independent School District | RIB | Residual Interest Bond | VRDN | Variable Rate Demand Notes | |||||||
Retirement System | LOC | Letter of Credit | ROC | Reset Option Certificates | VRDP | Variable Rate Demand Preferred | ||||||||
COP | Certificates of Participation | MB | Municipal Bonds | SBPA | Stand-by Bond Purchase | |||||||||
GO | General Obligation Bonds | Agreement |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 11 |
Schedule of Investments (concluded) | Federal Trust Fund |
Ÿ | 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 hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statements.
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of April 30, 2014:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Short-Term Securities1 | — | $ | 256,274,498 | — | $ | 256,274,498 |
1 | See above Schedule of Investments for values in each security type. |
The carrying amount for certain of the Fund’s assets and/or liabilities approximates fair value for financial statement purposes. As of April 30, 2014, cash of $2,133 is categorized as Level 1 within the disclosure hierarchy.
There were no transfers between levels during the six months ended April 30, 2014.
See Notes to Financial Statements.
12 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Schedule of Investments April 30, 2014 (Unaudited) | FedFund | |||
(Percentages shown are based on Net Assets) |
U.S. Government Sponsored Agency Obligations | Par (000) | Value | ||||||
Fannie Mae Bonds, 0.88%, 8/28/14 | $ | 35,737 | $ | 35,825,157 | ||||
Fannie Mae Discount Notes: (a) | ||||||||
0.12%, 5/28/14 | 145,762 | 145,748,881 | ||||||
0.10%, 6/02/14 | 131,910 | 131,898,275 | ||||||
0.13%, 6/11/14 | 70,000 | 69,989,636 | ||||||
0.13%, 6/18/14 | 200,000 | 199,965,600 | ||||||
0.09%, 7/09/14 | 43,030 | 43,022,247 | ||||||
0.13%, 7/21/14 | 75,000 | 74,978,063 | ||||||
0.07%, 10/01/14 | 25,000 | 24,992,563 | ||||||
0.07%, 10/08/14 | 25,000 | 24,992,222 | ||||||
0.07%, 10/27/14 | 87,420 | 87,389,573 | ||||||
0.08%, 11/03/14 | 87,420 | 87,386,125 | ||||||
0.08%, 11/03/14 | 87,420 | 87,386,125 | ||||||
0.16%, 11/17/14 | 173,000 | 172,846,222 | ||||||
Fannie Mae Variable Rate Notes: (b) | ||||||||
0.12%, 2/27/15 | 97,500 | 97,479,715 | ||||||
0.12%, 8/05/15 | 89,000 | 88,977,153 | ||||||
Federal Farm Credit Bank Bonds: | ||||||||
0.17%, 9/17/14 | 85,440 | 85,435,966 | ||||||
0.16%, 2/05/15 | 44,000 | 43,999,212 | ||||||
Federal Farm Credit Bank Discount Notes: (a) | ||||||||
0.15%, 8/04/14 | 17,000 | 16,993,271 | ||||||
0.15%, 9/12/14 | 44,508 | 44,483,150 | ||||||
0.15%, 10/07/14 | 43,200 | 43,171,380 | ||||||
0.16%, 10/27/14 | 44,520 | 44,484,582 | ||||||
0.12%, 12/22/14 | 43,661 | 43,626,799 | ||||||
0.13%, 4/06/15 | 13,000 | 12,984,039 | ||||||
Federal Farm Credit Bank Variable Rate Notes: (b) | ||||||||
0.10%, 5/05/14 | 50,000 | 49,999,887 | ||||||
0.11%, 5/09/14 | 148,000 | 147,999,519 | ||||||
0.18%, 9/29/14 | 61,875 | 61,884,714 | ||||||
0.10%, 4/06/15 | 16,125 | 16,125,123 | ||||||
0.18%, 6/26/15 | 67,000 | 67,059,344 | ||||||
0.15%, 2/26/16 | 130,776 | 130,770,074 | ||||||
Federal Home Loan Bank Bonds: | ||||||||
0.12%, 6/09/14 | 68,000 | 67,998,799 | ||||||
0.18%, 7/18/14 | 83,000 | 82,998,049 | ||||||
0.13%, 7/29/14 | 21,340 | 21,337,427 | ||||||
0.10%, 8/06/14 | 86,150 | 86,146,392 | ||||||
0.16%, 10/10/14 | 65,100 | 65,096,415 | ||||||
0.08%, 10/23/14 | 43,800 | 43,798,657 | ||||||
0.08%, 10/24/14 | 35,800 | 35,798,896 | ||||||
0.13%, 1/23/15 | 14,845 | 14,840,989 | ||||||
0.13%, 2/03/15 | 29,335 | 29,326,678 | ||||||
0.17%, 2/12/15 | 55,000 | 55,003,328 | ||||||
0.13%, 4/02/15 | 142,000 | 141,946,970 | ||||||
Federal Home Loan Bank Discount Notes: (a) | ||||||||
0.08%, 5/16/14 | 80,000 | 79,997,333 | ||||||
0.07%, 5/21/14 | 11,000 | 10,999,572 | ||||||
0.12%, 5/21/14 | 90,800 | 90,794,048 | ||||||
0.07%, 5/23/14 | 12,000 | 11,999,494 | ||||||
0.08%, 6/06/14 | 67,210 | 67,204,825 | ||||||
0.14%, 6/18/14 | 194,100 | 194,064,794 | ||||||
0.14%, 6/20/14 | 89,000 | 88,982,694 | ||||||
0.10%, 7/02/14 | 45,000 | 44,992,250 | ||||||
0.18%, 7/15/14 | 44,300 | 44,283,849 | ||||||
0.10%, 7/16/14 | 133,900 | 133,871,732 | ||||||
0.13%, 8/08/14 | 47,000 | 46,983,198 | ||||||
0.08%, 10/22/14 | 37,600 | 37,585,643 | ||||||
0.13%, 11/14/14 | 22,035 | 22,019,325 | ||||||
0.11%, 2/06/15 | 50,000 | 49,959,021 | ||||||
0.13%, 3/25/15 | 86,300 | 86,197,782 | ||||||
Federal Home Loan Bank Variable Rate Notes: (b) | ||||||||
0.09%, 5/09/14 | 126,000 | 125,999,927 |
U.S. Government Sponsored Agency Obligations | Par (000) | Value | ||||||
Federal Home Loan Bank Variable Rate Notes: (b) (concluded) |
| |||||||
0.09%, 6/06/14 | $ | 300,000 | $ | 300,000,000 | ||||
0.12%, 6/17/14 | 100,000 | 99,997,375 | ||||||
0.12%, 6/26/14 | 163,500 | 163,500,749 | ||||||
0.10%, 7/02/14 | 98,000 | 97,994,918 | ||||||
0.08%, 8/22/14 | 65,000 | 64,994,077 | ||||||
0.10%, 12/19/14 | 34,100 | 34,097,807 | ||||||
0.10%, 4/02/15 | 89,000 | 88,997,926 | ||||||
0.14%, 7/16/15 | 122,000 | 122,000,000 | ||||||
0.13%, 11/25/15 | 76,320 | 76,307,871 | ||||||
0.14%, 12/11/15 | 91,000 | 90,985,029 | ||||||
Freddie Mac Bonds, 1.00%, 8/27/14 | 228,393 | 229,048,960 | ||||||
Freddie Mac Discount Notes: (a) | ||||||||
0.11%, 5/16/14 | 90,000 | 89,995,875 | ||||||
0.12%, 5/27/14 | 37,543 | 37,539,746 | ||||||
0.13%, 6/16/14 | 25,000 | 24,995,879 | ||||||
0.10%, 6/23/14 | 16,000 | 15,997,643 | ||||||
0.13%, 6/23/14 | 86,400 | 86,383,464 | ||||||
0.12%, 6/30/14 | 85,000 | 84,982,433 | ||||||
0.12%, 7/07/14 | 88,480 | 88,461,063 | ||||||
0.08%, 7/14/14 | 88,740 | 88,725,225 | ||||||
0.13%, 8/05/14 | 145,000 | 144,949,733 | ||||||
0.07%, 10/06/14 | 13,400 | 13,395,883 | ||||||
0.07%, 10/14/14 | 22,305 | 22,297,800 | ||||||
0.15%, 10/20/14 | 132,750 | 132,652,326 | ||||||
0.10%, 10/28/14 | 55,000 | 54,972,500 | ||||||
0.15%, 11/04/14 | 44,045 | 44,010,682 | ||||||
0.13%, 11/17/14 | 10,000 | 9,992,778 | ||||||
0.12%, 1/16/15 | 130,822 | 130,708,621 | ||||||
0.14%, 1/26/15 | 50,000 | 49,947,500 | ||||||
Freddie Mac Variable Rate Notes: (b) | ||||||||
0.13%, 10/16/15 | 53,900 | 53,900,000 | ||||||
0.14%, 11/25/15 | 135,000 | 135,000,000 | ||||||
Total U.S. Government Sponsored Agency Obligations — 48.0% |
| 6,638,956,567 | ||||||
U.S. Treasury Obligations | ||||||||
U.S. Treasury Bills, 0.13%, 4/02/15 (a) | 75,000 | 74,909,000 | ||||||
U.S. Treasury Notes, 0.25%, 1/31/15 | 71,318 | 71,378,060 | ||||||
Total U.S. Treasury Obligations — 1.1% | 146,287,060 | |||||||
Repurchase Agreements | ||||||||
Bank of Nova Scotia, 0.05%, 5/01/14 | 5,000 | 5,000,000 | ||||||
Total Value of Bank of Nova Scotia | 5,000,000 | |||||||
Barclays Capital, Inc., 0.05%, 5/01/14 | 161,000 | 161,000,000 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 13 |
Schedule of Investments (continued) | FedFund | |||
(Percentages shown are based on Net Assets) |
Repurchase Agreements | Par (000) | Value | ||||||
Barclays Capital, Inc., 0.05%, 5/01/14 | $ | 50,000 | $ | 50,000,000 | ||||
Total Value of Barclays Capital, Inc. | 211,000,000 | |||||||
BNP Paribas Securities Corp., 0.06%, 5/01/14 | 241,000 | 241,000,000 | ||||||
BNP Paribas Securities Corp., 0.06%, 5/07/14 (c) | 438,000 | 438,000,000 | ||||||
Total Value of BNP Paribas Securities Corp. | 679,000,000 | |||||||
Credit Suisse Securities (USA) LLC, 0.35%, 5/20/14 | 225,000 | 225,000,000 | ||||||
Credit Suisse Securities (USA) LLC, 0.33%, 6/12/14 | 67,000 | 67,000,000 | ||||||
Credit Suisse Securities (USA) LLC, 0.33%, 8/04/14 | 50,000 | 50,000,000 | ||||||
Total Value of Credit Suisse Securities (USA) LLC |
| 342,000,000 | ||||||
Deutsche Bank Securities, Inc., 0.05%, 5/01/14 | 1,000 | 1,000,000 |
Repurchase Agreements | Par (000) | Value | ||||||
Deutsche Bank Securities, Inc., 0.05%, 5/01/14 | $ | 171,879 | $ | 171,879,000 | ||||
Deutsche Bank Securities, Inc., 0.06%, 5/01/14 | 41,000 | 41,000,000 | ||||||
Deutsche Bank Securities, Inc., 0.06%, 5/01/14 | 500,000 | 500,000,000 | ||||||
Deutsche Bank Securities, Inc., 0.08%, 5/07/14 (c) | 269,000 | 269,000,000 | ||||||
Deutsche Bank Securities, Inc., 0.08%, 5/07/14 (c) | 269,000 | 269,000,000 | ||||||
Deutsche Bank Securities, Inc., 0.08%, 5/07/14 (c) | 314,000 | 314,000,000 | ||||||
Total Value of Deutsche Bank Securities, Inc. |
| 1,565,879,000 | ||||||
Federal Reserve Bank of New York, 0.05%, 5/01/14 | 2,700,000 | 2,700,000,000 | ||||||
Total Value of Federal Reserve Bank of New York |
| 2,700,000,000 |
See Notes to Financial Statements.
14 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Schedule of Investments (continued) | FedFund | |||
(Percentages shown are based on Net Assets) |
Repurchase Agreements | Par (000) | Value | ||||||
Goldman Sachs & Co., 0.05%, 5/01/14 | $ | 229,000 | $ | 229,000,000 | ||||
Total Value of Goldman Sachs & Co. |
| 229,000,000 | ||||||
HSBC Securities (USA) Inc., 0.04%, 5/01/14 (c) | 160,000 | 160,000,000 | ||||||
HSBC Securities (USA) Inc., 0.06%, 5/01/14 (c) | 75,000 | 75,000,000 | ||||||
Total Value of HSBC Securities (USA) Inc. |
| 235,000,000 | ||||||
JPMorgan Securities LLC, 0.14%, 5/01/14 (c) | 310,000 | 310,000,000 | ||||||
Total Value of JPMorgan Securities LLC | 310,000,000 | |||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.04%, 5/01/14 (Purchased on 4/30/14 to be repurchased at $1,000,001, collateralized by U.S. Treasury Strip, 0.00% due at 2/15/40, aggregate original par and fair value of $2,555,000 and $1,020,033, respectively) | 1,000 | 1,000,000 | ||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.05%, 5/01/14 (Purchased on 4/30/14 to be repurchased at $10,593,015, collateralized by various U.S. government sponsored agency obligations, 5.88% to 6.45% due from 11/15/40 to 11/25/43, aggregate original par and fair value of $129,782,150 and $11,334,510, respectively) | 10,593 | 10,593,000 | ||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.04%, 5/01/14 (Purchased on 4/30/14 to be repurchased at $5,000,006, collateralized by U.S. Treasury Strip, 0.00% due at 5/15/29, aggregate original par and fair value of $8,449,725 and $5,100,001, respectively) | 5,000 | 5,000,000 | ||||||
Total Value of Merrill Lynch, Pierce, Fenner & Smith, Inc. |
| 16,593,000 |
Repurchase Agreements | Par (000) | Value | ||||||
Morgan Stanley & Co. LLC, 0.07%, 5/01/14 | $ | 11,000 | $ | 11,000,000 | ||||
Total Value of Morgan Stanley & Co. LLC | 11,000,000 | |||||||
PNC Bank N.A., 0.06%, 5/01/14 (d) | 900 | 900,000 | ||||||
Total Value of PNC Bank N.A. | 900,000 | |||||||
Royal Bank of Canada, 0.18%, 5/01/14 | 100,000 | 100,000,000 | ||||||
Royal Bank of Canada, 0.05%, 5/01/14 | 61,000 | 61,000,000 | ||||||
Total Value of Royal Bank of Canada | 161,000,000 | |||||||
SG Americas Securities LLC, 0.05%, 5/01/14 | 595,000 | 595,000,000 | ||||||
Total Value of SG Americas Securities LLC | 595,000,000 | |||||||
TD Securities (USA) LLC, 0.04%, 5/01/14 | 36,000 | 36,000,000 | ||||||
Total Value of TD Securities (USA) LLC | 36,000,000 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 15 |
Schedule of Investments (concluded) | FedFund | |||
(Percentages shown are based on Net Assets) |
Repurchase Agreements | Par (000) | Value | ||||||
Wells Fargo Securities LLC, 0.06%, 5/01/14 (Purchased on 4/30/14 to be repurchased at $5,000,008, collateralized by various U.S. government sponsored agency obligations, 2.80% to 3.00% due from 5/01/43 to 4/01/44, aggregate original par and fair value of $5,503,420 and $5,150,001, respectively) | $ | 5,000 | $ | 5,000,000 | ||||
Total Value of Wells Fargo Securities LLC |
| 5,000,000 | ||||||
Total Repurchase Agreements — 51.4% | 7,102,372,000 |
Value | ||||||
Total Investments (Cost $13,887,615,627*) — 100.5% | $ | 13,887,615,627 | ||||
Liabilities in Excess of Other Assets — (0.5)% | (68,891,053 | ) | ||||
|
| |||||
Net Assets — 100.0% | $ | 13,818,724,574 | ||||
|
|
Notes to Schedule of Investments |
* | Cost for federal income tax purposes. |
(a) | Rates shown are discount rates or a range of discount rates at the time of purchase. |
(b) | Variable rate security. Rate shown is as of report date. |
(c) | Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
(d) | Investments in issuers considered to be an affiliate of the Fund during the six months ended April 30, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate | Par held at October 31, 2013 | Par Purchased | Par Sold | Par held at April 30, 2014 | Income | |||||||||||||||
PNC Bank N.A. | $ | 12,000,000 | $ | 3,135,800,000 | $ | 3,146,900,000 | $ | 900,000 | $ | 18,010 |
Ÿ | Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
Ÿ | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access |
Ÿ | 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) |
Ÿ | 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 hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statements.
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of April 30, 2014:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Short-Term Securities1 | — | $ | 13,887,615,627 | — | $ | 13,887,615,627 |
1 | See above Schedule of Investments for values in each security type. |
The carrying amount for certain of the Fund’s assets and/or liabilities approximates fair value for financial statement purposes. As of April 30, 2014, bank overdraft of $(68,809,701) is categorized as Level 2 within the disclosure hierarchy.
There were no transfers between levels during the six months ended April 30, 2014.
See Notes to Financial Statements.
16 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Schedule of Investments April 30, 2014 (Unaudited) | TempCash | |||
(Percentages shown are based on Net Assets) |
Certificates of Deposit | Par (000) | Value | ||||||
Domestic — 1.1% | ||||||||
Wells Fargo Bank N.A.: | ||||||||
0.17%, 5/05/14 (a) | $ | 15,000 | $ | 15,000,000 | ||||
0.27%, 9/09/14 (a) | 10,000 | 10,000,728 | ||||||
|
| |||||||
25,000,728 | ||||||||
Euro — 1.3% | ||||||||
National Australia Bank Ltd., London, | 32,000 | 32,000,000 | ||||||
Yankee (b) — 33.4% | ||||||||
Bank of Montreal, Chicago: | ||||||||
0.22%, 8/25/14 | 25,000 | 25,000,000 | ||||||
0.22%, 9/05/14 (a) | 30,000 | 30,000,000 | ||||||
Bank of Nova Scotia, Houston: | ||||||||
0.28%, 8/08/14 (a) | 25,000 | 25,000,000 | ||||||
0.26%, 11/07/14 (a) | 25,000 | 25,000,000 | ||||||
Bank of Tokyo-Mitsubishi UFJ Ltd., New York: | ||||||||
0.15%, 5/07/14 | 25,000 | 25,000,000 | ||||||
0.23%, 8/08/14 | 20,000 | 20,000,000 | ||||||
BNP Paribas S.A., New York, | 35,000 | 35,000,000 | ||||||
Credit Suisse, New York, 0.30%, 6/06/14 (a) | 10,000 | 10,000,000 | ||||||
Mizuho Bank Ltd., New York: | ||||||||
0.20%, 6/24/14 | 50,000 | 50,000,000 | ||||||
0.25%, 8/29/14 | 10,000 | 10,000,000 | ||||||
National Bank of Canada, New York, | 20,000 | 20,000,000 | ||||||
Natixis, New York, 0.27%, 7/04/14 (e) | 25,000 | 24,999,114 | ||||||
Rabobank Nederland N.V., New York: | ||||||||
0.25%, 11/14/14 (a) | 30,000 | 30,000,000 | ||||||
0.35%, 1/12/15 | 34,000 | 34,000,000 | ||||||
0.28%, 2/03/15 (a) | 35,000 | 35,000,000 | ||||||
Royal Bank of Canada, New York: | ||||||||
0.29%, 10/10/14 (a) | 17,000 | 17,000,000 | ||||||
0.27%, 1/15/15 (a) | 35,000 | 35,000,000 | ||||||
0.23%, 2/23/15 (a) | 25,000 | 25,000,000 | ||||||
Skandinaviska Enskilda Banken, New York, | 30,000 | 30,000,335 | ||||||
Societe Generale, New York: | ||||||||
0.29%, 5/02/14 | 9,900 | 9,900,000 | ||||||
0.32%, 7/04/14 (e) | 20,000 | 20,000,000 | ||||||
Sumitomo Mitsui Banking Corp., New York: | ||||||||
0.25%, 8/06/14 | 20,000 | 20,000,000 | ||||||
0.24%, 10/09/14 (a) | 20,000 | 20,000,000 | ||||||
0.25%, 10/14/14 | 50,000 | 50,000,000 | ||||||
Sumitomo Mitsui Trust Bank Ltd., New York, | 50,000 | 50,000,000 | ||||||
Svenska Handelsbanken, New York, | 50,000 | 50,000,000 | ||||||
Toronto Dominion Bank, New York: | ||||||||
0.15%, 5/06/14 (a) | 15,000 | 15,000,000 | ||||||
0.22%, 7/24/14 (a) | 17,000 | 17,000,000 | ||||||
0.25%, 8/12/14 | 15,000 | 15,000,000 | ||||||
UBS A.G., Stamford, 0.20%, 7/07/14 (a) | 25,000 | 25,000,000 | ||||||
|
| |||||||
797,899,449 | ||||||||
Total Certificates of Deposit — 35.8% | 854,900,177 | |||||||
Commercial Paper | Par (000) | Value | ||||||
Antalis US Funding Corp., | $ | 10,900 | $ | 10,899,419 | ||||
BNP Paribas Finance, Inc.: | ||||||||
0.25%, 6/02/14 (d) | 10,000 | 9,997,778 | ||||||
0.33%, 6/06/14 (d) | 15,000 | 14,995,050 | ||||||
Cafco LLC, 0.24%, 8/04/14 (d) | 25,000 | 24,984,167 | ||||||
Cancara Asset Securitisation LLC, | 20,000 | 19,993,561 | ||||||
Charta LLC, 0.20%, 6/09/14 (d) | 40,000 | 39,991,333 | ||||||
Ciesco LLC, 0.25%, 6/09/14 (d) | 50,000 | 49,986,458 | ||||||
Collateralized Commercial Paper Co. LLC, | 17,000 | 16,976,668 | ||||||
Commonwealth Bank of Australia, | 40,000 | 39,988,244 | ||||||
CPPIB Capital, Inc., 0.30%, 2/09/15 (d) | 15,000 | 14,964,500 | ||||||
Credit Suisse,New York, 0.30%, 11/25/14 (d) | 40,000 | 39,931,822 | ||||||
HSBC Bank PLC, 0.23%, 10/30/14 (a) | 25,000 | 25,005,220 | ||||||
ING US Funding LLC: | ||||||||
0.17%, 6/16/14 (d) | 50,000 | 49,989,138 | ||||||
0.25%, 9/02/14 (d) | 40,000 | 39,965,556 | ||||||
JPMorgan Securities LLC, 0.23%, 10/20/14 (d) | 15,000 | 14,983,517 | ||||||
Kells Funding LLC, 0.21%, 6/09/14 (d) | 20,000 | 19,995,450 | ||||||
Lloyds Bank PLC, 0.09%, 5/02/14 (d) | 80,000 | 79,999,800 | ||||||
Macquarie Bank Ltd., 0.22%, 6/18/14 (d) | 4,000 | 3,998,827 | ||||||
Nederlandse Waterschapsbank N.V.: | ||||||||
0.27%, 7/28/14 (a) | 5,000 | 5,000,244 | ||||||
0.27%, 7/30/14 (a) | 5,000 | 5,000,250 | ||||||
0.18%, 9/29/14 (a)(c) | 15,000 | 14,999,471 | ||||||
0.25%, 12/05/14 (a)(c) | 25,000 | 25,000,219 | ||||||
Old Line Funding LLC: | ||||||||
0.23%, 9/16/14 (d) | 24,894 | 24,872,052 | ||||||
0.23%, 9/18/14 (d) | 15,000 | 14,986,583 | ||||||
Oversea-Chinese Banking Corp. Ltd., | 13,050 | 13,038,516 | ||||||
Scaldis Capital LLC, 0.22%, 5/05/14 (d) | 20,000 | 19,999,511 | ||||||
Sheffield Receivables Corp.: | ||||||||
0.20%, 5/12/14 (d) | 54,000 | 53,996,700 | ||||||
0.21%, 7/02/14 (d) | 11,550 | 11,545,823 | ||||||
0.21%, 7/11/14 (d) | 8,240 | 8,236,587 | ||||||
Skandinaviska Enskilda Banken AB, | 10,000 | 9,994,833 | ||||||
Societe Generale North America, Inc., | 30,000 | 29,999,796 | ||||||
Thunder Bay Funding LLC, 0.23%, 9/15/14 (d) | 22,057 | 22,037,694 | ||||||
Westpac Banking Corp.: | ||||||||
0.26%, 7/09/14 (a) | 23,625 | 23,625,000 | ||||||
0.31%, 7/14/14 (a) | 15,000 | 15,000,000 | ||||||
Total Commercial Paper — 34.0% |
| 813,979,787 | ||||||
Municipal Bonds | ||||||||
Jacksonville RB Series 2008A VRDN (JPMorgan | 19,535 | 19,535,000 | ||||||
New York HFA RB (Kew Gardens Hills Project) | 33,530 | 33,530,000 | ||||||
University of California RB Series 2011Z-1 VRDN, | 17,000 | 17,000,000 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 17 |
Schedule of Investments (continued) | TempCash | |||
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | ||||||
Washington GO Municipal Trust Receipts Floaters Series 2009-3045 VRDN (Morgan Stanley Bank SBPA), 0.14%, 5/07/14 (c)(e)(f) | $ | 12,505 | $ | 12,505,000 | ||||
Wisconsin Health & Educational Facilities Authority RB (Oakwood Village Project) Series 2005 VRDN (BMO Harris Bank N.A. LOC), 0.11%, 5/07/14 (e) | 29,640 | 29,640,000 | ||||||
Total Municipal Bonds — 4.7% | 112,210,000 | |||||||
Closed-End Investment Companies (c)(e) | ||||||||
California — 0.2% | ||||||||
Nuveen California Quality Income Municipal Fund, Inc. Series 2010-1-1581 VRDP (Citibank N.A. Liquidity Facility), 0.19%, 5/07/14 | 5,000 | 5,000,000 | ||||||
Multi-State — 0.3% | ||||||||
Nuveen AMT-Free Municipal Income Fund | 6,900 | 6,900,000 | ||||||
New York — 0.4% | ||||||||
Nuveen New York AMT-Free Municipal Income Fund, Inc. Series 2013-1 VRDP (Citibank N.A. Liquidity Facility), 0.18%, 5/07/14 | 8,700 | 8,700,000 | ||||||
Total Closed-End Investment Companies — 0.9% | 20,600,000 | |||||||
Time Deposits | ||||||||
Credit Agricole, 0.10%, 5/01/14 | 50,000 | 50,000,000 | ||||||
Natixis S.A., 0.09%, 5/01/14 | 82,000 | 82,000,000 | ||||||
Skandinaviska Enskilda Banken AB, 0.08%, 5/01/14 | 40,000 | 40,000,000 | ||||||
Total Time Deposits — 7.2% | 172,000,000 | |||||||
U.S. Treasury Obligations | ||||||||
U.S. Treasury Bills: (d) | ||||||||
0.13%, 3/05/15 | 5,000 | 4,995,059 | ||||||
0.11%, 4/02/15 | 25,000 | 24,974,800 | ||||||
U.S. Treasury Notes, 0.25%, 2/28/15 | 20,000 | 20,019,080 | ||||||
Total U.S. Treasury Obligations — 2.1% | 49,988,939 | |||||||
Repurchase Agreements | Par (000) | Value | ||||||
Barclays Capital, Inc., 0.33%, 5/01/14 | $ | 100,000 | $ | 100,000,000 | ||||
Total Value of Barclays Capital, Inc. | 100,000,000 | |||||||
Citigroup Global Markets, Inc., 0.33%, 5/01/14 | 70,000 | 70,000,000 | ||||||
Citigroup Global Markets, Inc., 0.60%, 6/04/14 (e) | 58,500 | 58,500,000 | ||||||
Total Value of Citigroup Global Markets, Inc. | 128,500,000 | |||||||
Credit Suisse Securities (USA) LLC, 0.53%, 6/04/14 (e) | 10,000 | 10,000,000 | ||||||
Total Value of Credit Suisse Securities (USA) LLC (collateral value of $10,727,592) | 10,000,000 | |||||||
Deutsche Bank Securities, Inc., 0.35%, 5/06/14 (g) | 25,000 | 25,000,000 |
See Notes to Financial Statements.
18 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Schedule of Investments (continued) | TempCash | |||
(Percentages shown are based on Net Assets) |
Repurchase Agreements | Par (000) | Value | ||||||
Deutsche Bank Securities, Inc., 0.35%, 5/07/14 (g) (Purchased on 2/07/14 to be repurchased at $18,015,750, collateralized by various corporate/debt obligations, 0.00% to 6.82% due from 12/20/20 to 12/12/49, aggregate original par and fair value of $51,281,078 and $20,570,620, respectively) | $ | 18,000 | $ | 18,000,000 | ||||
Deutsche Bank Securities, Inc., 0.38%, 5/07/14 (g) (Purchased on 2/07/14 to be repurchased at $5,006,228, collateralized by various corporate/debt obligations, 0.35% to 7.50% due from 9/20/19 to 8/07/52, aggregate original par and fair value of $111,912,467 and $5,978,798, respectively) | 5,000 | 5,000,000 | ||||||
Total Value of Deutsche Bank Securities, Inc. | 48,000,000 | |||||||
JPMorgan Securities LLC, 0.35%, 5/07/14 | 10,000 | 10,000,000 | ||||||
JPMorgan Securities LLC, 0.33%, 6/14/14 (e) | 10,000 | 10,000,000 | ||||||
JPMorgan Securities LLC, 0.59%, 6/23/14 | 10,000 | 10,000,000 | ||||||
Total Value of JPMorgan Securities LLC | 30,000,000 | |||||||
RBC Capital Markets LLC, 0.16%, 5/01/14 (e) | 5,000 | 5,000,000 | ||||||
Total Value of RBC Capital Markets LLC | 5,000,000 |
Repurchase Agreements | Par (000) | Value | ||||||
SG Americas Securities LLC, 0.32%, 5/01/14 (e) | $ | 3,710 | $ | 3,710,000 | ||||
Total Value of SG Americas Securities LLC | 3,710,000 | |||||||
UBS Securities LLC, 0.26%, 5/01/14 | 25,000 | 25,000,000 | ||||||
Total Value of UBS Securities LLC | 25,000,000 | |||||||
Wells Fargo Securities LLC, 0.23%, 5/01/14 (e) | 10,000 | 10,000,000 | ||||||
Wells Fargo Securities LLC, 0.48%, 5/13/14 | 6,000 | 6,000,000 | ||||||
Total Value of Wells Fargo Securities LLC |
| 16,000,000 | ||||||
Total Repurchase Agreements — 15.3% | 366,210,000 | |||||||
Total Investments (Cost $2,389,888,903*) — 100.0% | 2,389,888,903 | |||||||
Other Assets Less Liabilities — 0.0% | 115,850 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 2,390,004,753 | ||||||
|
|
Notes to Schedule of Investments |
* | Cost for federal income tax purposes. |
(a) | Variable rate security. Rate shown is as of report date. (b) Issuer is a U.S. branch of a foreign domiciled bank. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Rates shown are discount rates or a range of discount rates at the time of purchase. |
(e) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
(f) | These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. |
(g) | Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 19 |
Schedule of Investments (concluded) | TempCash |
Ÿ | Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
Ÿ | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access |
Ÿ | 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) |
Ÿ | 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 hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statements.
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of April 30, 2014:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Short-Term Securities1 | — | $ | 2,389,888,903 | — | $ | 2,389,888,903 |
1 | See above Schedule of Investments for values in each security type. |
The carrying amount for certain of the Fund’s assets and/or liabilities approximates fair value for financial statement purposes. As of April 30, 2014, cash of $265,702 is categorized as Level 1 within the disclosure hierarchy.
There were no transfers between levels during the six months ended April 30, 2014.
See Notes to Financial Statements.
20 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Schedule of Investments April 30, 2014 (Unaudited) | TempFund | |||
(Percentages shown are based on Net Assets) |
Certificates of Deposit | Par (000) | Value | ||||||
Domestic — 0.7% | ||||||||
Wells Fargo Bank N.A.: | ||||||||
0.17%, 5/05/14 (a) | $ | 200,000 | $ | 200,000,000 | ||||
0.27%, 9/09/14 (a) | 55,000 | 55,004,006 | ||||||
0.22%, 11/26/14 (a) | 64,500 | 64,500,000 | ||||||
|
| |||||||
319,504,006 | ||||||||
Euro — 0.3% | ||||||||
National Australia Bank Ltd., London, | 118,000 | 118,000,000 | ||||||
Yankee (b) — 39.2% | ||||||||
Bank of Montreal, Chicago: | ||||||||
0.20%, 5/15/14 | 300,000 | 300,000,000 | ||||||
0.21%, 5/27/14 | 110,000 | 110,000,000 | ||||||
0.18%, 6/27/14 | 250,000 | 250,000,000 | ||||||
0.22%, 8/14/14 | 50,000 | 50,000,000 | ||||||
0.22%, 8/25/14 | 285,000 | 285,000,000 | ||||||
0.22%, 9/05/14 (a) | 81,500 | 81,500,000 | ||||||
0.22%, 10/09/14 (a) | 100,000 | 100,000,000 | ||||||
0.22%, 1/08/15 (a) | 272,000 | 272,000,000 | ||||||
Bank of Nova Scotia, Houston: | ||||||||
0.28%, 8/08/14 (a) | 394,000 | 394,000,000 | ||||||
0.20%, 11/06/14 (a) | 330,000 | 330,000,000 | ||||||
0.27%, 11/06/14 (a) | 231,000 | 231,000,000 | ||||||
0.26%, 11/07/14 (a) | 201,000 | 201,000,000 | ||||||
Bank of Nova Scotia, New York, 0.24%, 1/28/15 | 345,000 | 345,000,000 | ||||||
Bank of Tokyo-Mitsubishi UFJ Ltd., New York: | ||||||||
0.16%, 5/06/14 | 500,000 | 500,000,000 | ||||||
0.21%, 7/21/14 | 125,000 | 125,000,000 | ||||||
0.25%, 8/19/14 | 362,000 | 362,000,000 | ||||||
0.23%, 10/24/14 | 175,000 | 175,000,000 | ||||||
Canadian Imperial Bank of Commerce, New York: | ||||||||
0.23%, 8/08/14 (a) | 14,000 | 14,000,000 | ||||||
0.25%, 2/10/15 (a) | 245,000 | 245,000,000 | ||||||
Credit Industriel Et Commercial, New York: | ||||||||
0.13%, 5/05/14 | 258,000 | 258,000,000 | ||||||
0.24%, 5/06/14 | 54,500 | 54,500,000 | ||||||
0.25%, 7/15/14 | 75,000 | 75,000,000 | ||||||
0.25%, 7/16/14 | 75,000 | 75,000,000 | ||||||
0.32%, 11/03/14 | 112,000 | 112,000,000 | ||||||
Credit Suisse, New York, 0.30%, 6/06/14 (a) | 175,500 | 175,500,000 | ||||||
DnB NOR Bank ASA, New York: | ||||||||
0.08%, 5/05/14 | 250,000 | 250,000,000 | ||||||
0.08%, 5/06/14 | 600,000 | 600,000,000 | ||||||
Mitsubishi UFJ Trust and Banking Corp., New York, 0.25%, 8/07/14 | 350,000 | 350,000,000 | ||||||
Mizuho Bank Ltd., New York: | ||||||||
0.21%, 5/21/14 | 151,500 | 151,500,000 | ||||||
0.23%, 5/29/14 | 150,000 | 150,000,000 | ||||||
0.23%, 5/30/14 | 165,000 | 165,000,000 | ||||||
0.20%, 6/18/14 | 250,000 | 250,000,000 | ||||||
0.20%, 6/24/14 | 140,000 | 140,000,000 | ||||||
0.21%, 8/07/14 | 250,000 | 250,000,000 | ||||||
0.25%, 8/29/14 | 71,000 | 71,000,000 | ||||||
National Bank of Canada, New York: | ||||||||
0.26%, 12/19/14 | 159,300 | 159,300,000 | ||||||
0.25%, 1/23/15 (a) | 220,000 | 220,000,000 | ||||||
Natixis, New York, 0.27%, 7/04/14 (e) | 250,000 | 249,991,144 | ||||||
Nordea Bank Finland PLC, New York: | ||||||||
0.21%, 6/04/14 | 400,000 | 400,000,000 | ||||||
0.23%, 10/23/14 | 300,000 | 300,000,000 |
Certificates of Deposit | Par (000) | Value | ||||||
Yankee (b) (concluded) | ||||||||
Norinchukin Bank, New York: | ||||||||
0.10%, 5/07/14 | $ | 787,000 | $ | 787,000,000 | ||||
0.14%, 5/12/14 | 500,000 | 500,000,000 | ||||||
0.14%, 5/27/14 | 600,000 | 600,000,000 | ||||||
Rabobank Nederland N.V., New York: | ||||||||
0.25%, 7/15/14 | 130,000 | 130,000,000 | ||||||
0.25%, 11/14/14 (a) | 135,000 | 135,000,000 | ||||||
0.35%, 1/12/15 | 199,000 | 199,000,000 | ||||||
0.28%, 2/03/15 (a) | 228,000 | 228,000,000 | ||||||
Royal Bank of Canada, New York: | ||||||||
0.29%, 10/10/14 (a) | 19,500 | 19,500,000 | ||||||
0.24%, 10/23/14 | 200,000 | 200,000,000 | ||||||
0.27%, 10/29/14 (a) | 150,000 | 150,000,000 | ||||||
0.27%, 12/05/14 (a) | 80,000 | 80,000,000 | ||||||
0.27%, 12/11/14 (a) | 235,000 | 235,000,000 | ||||||
0.27%, 1/13/15 (a) | 214,000 | 214,000,000 | ||||||
0.27%, 1/15/15 (a) | 128,000 | 128,000,000 | ||||||
0.23%, 2/23/15 (a) | 90,000 | 90,000,000 | ||||||
Skandinaviska Enskilda Banken, New York: | ||||||||
0.25%, 9/23/14 | 300,000 | 300,000,000 | ||||||
0.25%, 10/09/14 | 228,000 | 228,000,000 | ||||||
Societe Generale, New York: | ||||||||
0.29%, 5/02/14 | 180,000 | 180,000,000 | ||||||
0.32%, 7/04/14 (e) | 206,500 | 206,500,000 | ||||||
Sumitomo Mitsui Banking Corp., New York: | ||||||||
0.25%, 5/19/14 | 150,000 | 149,999,625 | ||||||
0.22%, 5/29/14 | 300,000 | 300,000,000 | ||||||
0.21%, 7/01/14 | 25,000 | 25,000,000 | ||||||
0.25%, 10/10/14 | 150,000 | 150,000,000 | ||||||
0.25%, 10/14/14 | 370,000 | 370,000,000 | ||||||
Sumitomo Mitsui Trust Bank Ltd., New York: | ||||||||
0.22%, 5/05/14 | 240,000 | 240,000,000 | ||||||
0.22%, 8/04/14 | 395,000 | 395,000,000 | ||||||
0.22%, 8/07/14 | 100,000 | 100,000,000 | ||||||
Svenska Handelsbanken, New York: | ||||||||
0.17%, 6/16/14 | 350,000 | 350,002,235 | ||||||
0.22%, 9/05/14 | 300,000 | 300,004,402 | ||||||
Swedbank AB, New York, 0.12%, 5/30/14 | 185,000 | 184,999,999 | ||||||
Toronto Dominion Bank, New York: | ||||||||
0.15%, 5/06/14 (a) | 150,000 | 150,000,000 | ||||||
0.14%, 5/12/14 | 550,000 | 550,000,000 | ||||||
0.15%, 6/20/14 | 300,000 | 300,000,000 | ||||||
0.22%, 7/24/14 (a) | 261,500 | 261,500,000 | ||||||
0.25%, 11/06/14 | 157,000 | 157,000,000 | ||||||
0.24%, 1/26/15 | 150,000 | 150,000,000 | ||||||
0.23%, 4/15/15 (a) | 161,750 | 161,750,000 | ||||||
UBS A.G., Stamford, 0.20%, 7/07/14 (a) | 350,000 | 350,000,000 | ||||||
Westpac Banking Corp., New York, | 256,000 | 256,000,000 | ||||||
|
| |||||||
18,338,547,405 | ||||||||
Total Certificates of Deposit — 40.2% | 18,776,051,411 | |||||||
Commercial Paper | ||||||||
Antalis US Funding Corp., 0.24%, 5/09/14 (c)(d) | 194,800 | 194,789,611 | ||||||
ANZ New Zealand International Ltd., | 122,000 | 122,000,000 | ||||||
Australia and New Zealand Banking Group Ltd., | 200,000 | 200,000,000 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 21 |
Schedule of Investments (continued) | TempFund | |||
(Prcentages shown are based on Net Assets) |
Commercial Paper | Par (000) | Value | ||||||
Bank Nederlandse Gemeenten, | $ | 55,000 | $ | 54,968,138 | ||||
BNP Paribas Finance, Inc., | 280,000 | 279,937,778 | ||||||
Cafco LLC: | ||||||||
0.17%, 5/19/14 (d) | 25,000 | 24,997,875 | ||||||
0.24%, 8/04/14 (d) | 66,000 | 65,958,200 | ||||||
Cancara Asset Securitisation LLC, | 100,000 | 99,997,639 | ||||||
Chariot Funding LLC: | ||||||||
0.23%, 5/05/14 (d) | 48,000 | 47,998,773 | ||||||
0.22%, 10/29/14 (d) | 50,000 | 49,944,694 | ||||||
Ciesco LLC: | ||||||||
0.25%, 6/16/14(d) | 140,000 | 139,955,278 | ||||||
0.24%, 8/04/14(d) | 50,000 | 49,968,333 | ||||||
Collateralized Commercial Paper Co. LLC, | 273,000 | 272,625,308 | ||||||
Commonwealth Bank of Australia: | ||||||||
0.24%, 5/02/14 (a) | 260,500 | 260,500,000 | ||||||
0.25%, 6/06/14 (a) | 183,000 | 183,000,000 | ||||||
0.16%, 7/07/14 (d) | 95,000 | 94,971,711 | ||||||
0.23%, 10/17/14 (a)(c) | 27,000 | 27,000,704 | ||||||
0.22%, 11/17/14 (a) | 55,000 | 55,000,000 | ||||||
0.24%, 11/20/14 (a) | 108,000 | 108,000,000 | ||||||
CPPIB Capital, Inc.: | ||||||||
0.30%, 2/09/15 (d) | 18,700 | 18,655,743 | ||||||
0.30%, 2/10/15 (d) | 250,000 | 249,406,250 | ||||||
CRC Funding LLC, 0.15%, 5/05/14 (d) | 100,000 | 99,998,333 | ||||||
Credit Suisse, New York, 0.24%, 9/15/14 (d) | 200,000 | 199,817,333 | ||||||
Erste Abwicklungsanstalt: | ||||||||
0.16%, 5/07/14 (d) | 100,000 | 99,997,333 | ||||||
0.18%, 5/23/14 (d) | 300,000 | 299,967,000 | ||||||
0.18%, 6/13/14 (d) | 64,000 | 63,986,240 | ||||||
0.17%, 6/16/14 (d) | 50,000 | 49,989,139 | ||||||
0.17%, 6/19/14 (d) | 100,000 | 99,976,861 | ||||||
0.17%, 6/23/14 (d) | 50,000 | 49,987,486 | ||||||
0.19%, 6/27/14 (d) | 150,000 | 149,954,875 | ||||||
0.19%, 6/30/14 (d) | 200,000 | 199,936,667 | ||||||
0.17%, 7/16/14 (d) | 220,000 | 219,921,044 | ||||||
0.18%, 7/22/14 (d) | 100,000 | 99,959,000 | ||||||
0.18%, 7/24/14 (d) | 100,000 | 99,958,000 | ||||||
0.18%, 8/07/14 (d) | 50,000 | 49,975,500 | ||||||
Govco LLC, 0.25%, 6/16/14 (d) | 75,000 | 74,976,042 | ||||||
HSBC Bank PLC: | ||||||||
0.25%, 9/10/14 (a) | 100,000 | 100,000,000 | ||||||
0.24%, 10/22/14 (a)(c) | 144,000 | 144,000,000 | ||||||
JPMorgan Securities LLC, 0.23%, 10/20/14 (d) | 255,000 | 254,719,783 | ||||||
Jupiter Securitization Co. LLC: | ||||||||
0.23%, 5/13/14 (d) | 50,000 | 49,996,167 | ||||||
0.23%, 7/02/14 (d) | 50,000 | 49,980,194 | ||||||
0.22%, 9/02/14 (d) | 50,000 | 49,962,111 | ||||||
Kells Funding LLC: | ||||||||
0.21%, 5/09/14 (d) | 50,000 | 49,997,667 | ||||||
0.20%, 5/15/14 (d) | 46,800 | 46,796,360 | ||||||
0.21%, 6/03/14 (d) | 52,000 | 51,989,990 | ||||||
0.20%, 6/04/14 (a) | 59,500 | 59,500,000 | ||||||
0.21%, 6/09/14 (d) | 50,000 | 49,988,625 | ||||||
0.19%, 6/13/14 (a)(c) | 70,000 | 70,000,000 | ||||||
0.26%, 9/05/14 (d) | 199,000 | 198,820,983 | ||||||
0.23%, 10/14/14 (a)(c) | 49,000 | 49,000,000 | ||||||
0.23%, 10/20/14 (a) | 200,000 | 199,991,030 | ||||||
0.27%, 10/27/14 (d) | 40,000 | 39,946,300 | ||||||
0.27%, 11/03/14(d) | 120,000 | �� | 119,832,600 | |||||
0.23%, 11/21/14 (a)(c) | 150,000 | 150,000,000 | ||||||
0.24%, 1/07/15 (a)(c) | 66,000 | 66,000,000 | ||||||
Lloyds Bank PLC, 0.09%, 5/02/14 (d) | 1,200,000 | 1,199,997,000 | ||||||
Macquarie Bank Ltd., 0.22%, 6/18/14 (d) | 69,000 | 68,979,760 | ||||||
National Australia Funding Delaware, Inc.: |
Commercial Paper | Par (000) | Value | ||||||
0.12%, 6/11/14 (d) | $ | 400,000 | $ | 399,945,333 | ||||
0.22%, 3/13/15 (a) | 400,000 | 400,000,000 | ||||||
Nederlandse Waterschapsbank N.V.: | ||||||||
0.28%, 6/10/14 (a) | 55,500 | 55,501,122 | ||||||
0.27%, 7/28/14 (a) | 75,000 | 75,003,663 | ||||||
0.27%, 7/30/14 (a) | 75,000 | 75,003,746 | ||||||
0.20%, 8/13/14 (a) | 215,000 | 215,000,000 | ||||||
0.18%, 9/29/14 (a)(c) | 78,000 | 77,997,248 | ||||||
0.23%, 12/05/14 (a) | 73,000 | 73,000,000 | ||||||
0.24%, 12/23/14 (a) | 145,000 | 145,010,306 | ||||||
Nieuw Amsterdam Receivables Corp.: | ||||||||
0.16%, 5/06/14 (d) | 100,000 | 99,997,778 | ||||||
0.18%, 5/20/14 (d) | 150,000 | 149,985,750 | ||||||
0.18%, 6/10/14 (d) | 200,000 | 199,960,000 | ||||||
0.18%, 6/27/14 (d) | 140,248 | 140,208,029 | ||||||
0.20%, 7/07/14 (d) | 99,475 | 99,437,973 | ||||||
Nordea Bank AB, Inc.: | ||||||||
0.21%, 5/07/14 (d) | 300,000 | 299,989,750 | ||||||
0.15%, 7/02/14 (d) | 250,000 | 249,935,417 | ||||||
0.18%, 7/18/14 (d) | 300,000 | 299,883,000 | ||||||
Old Line Funding LLC: | ||||||||
0.19%, 5/09/14 (a)(c) | 70,000 | 70,000,000 | ||||||
0.20%, 6/23/14 (d) | 98,000 | 97,971,144 | ||||||
0.22%, 7/25/14 (d) | 77,500 | 77,459,743 | ||||||
0.20%, 9/22/14 (d) | 50,000 | 49,960,000 | ||||||
Rabobank USA Financial Corp., | 125,000 | 124,923,611 | ||||||
Regency Markets No. 1 LLC, | 176,826 | 176,810,872 | ||||||
Salisbury Receivables Co. LLC, | 60,000 | 59,997,783 | ||||||
Sheffield Receivables Corp.: | ||||||||
0.20%, 5/16/14 (d) | 50,000 | 49,995,833 | ||||||
0.20%, 5/19/14 (d) | 90,000 | 89,991,000 | ||||||
Societe Generale North America, Inc.: | ||||||||
0.25%, 5/02/14 (d) | 439,700 | 439,697,008 | ||||||
0.20%, 6/02/14 (d) | 478,000 | 477,915,025 | ||||||
Sumitomo Mitsui Banking Corp., | 150,000 | 149,831,250 | ||||||
Svenska Handelsbanken, Inc.: | ||||||||
0.21%, 5/08/14 (d) | 475,000 | 474,981,066 | ||||||
0.21%, 7/17/14 (d) | 190,000 | 189,916,690 | ||||||
Thunder Bay Funding LLC, | 75,000 | 74,976,250 | ||||||
Victory Receivables Corp.: | ||||||||
0.15%, 5/01/14 (d) | 90,000 | 90,000,000 | ||||||
0.14%, 5/08/14 (d) | 63,000 | 62,998,285 | ||||||
0.17%, 5/12/14 (d) | 91,600 | 91,595,242 | ||||||
Westpac Banking Corp.: | ||||||||
0.31%, 7/14/14 (a) | 200,000 | 200,000,000 | ||||||
0.27%, 8/22/14 (a)(c) | 345,000 | 345,000,000 | ||||||
0.22%, 9/29/14 (a) | 160,000 | 160,000,000 | ||||||
0.22%, 10/30/14 (a) | 14,000 | 14,000,000 | ||||||
0.30%, 1/02/15 (d) | 378,000 | 377,225,100 | ||||||
0.23%, 4/09/15 (a)(c) | 125,000 | 125,000,000 | ||||||
0.23%, 4/17/15 (a) | 100,000 | 100,000,000 | ||||||
Total Commercial Paper — 31.6% | 14,753,680,475 | |||||||
See Notes to Financial Statements.
22 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Schedule of Investments (continued) | TempFund | |||
(Percentages shown are based on Net Assets) |
Corporate Notes — 0.8% | Par (000) | Value | ||||||
Svenska Handelsbanken AB, | $ | 362,100 | $ | 362,100,000 | ||||
Municipal Bonds | ||||||||
California Housing Finance Agency Home Mortgage RB Series 2001U AMT VRDN (Fannie Mae Guaranty, Freddie Mac Guaranty), 0.10%, 5/07/14 (e) | 10,320 | 10,320,000 | ||||||
California Housing Finance Agency Home Mortgage RB Series 2002J AMT VRDN (Fannie Mae Guaranty, Freddie Mac Guaranty), 0.10%, 5/07/14 (e) | 12,100 | 12,100,000 | ||||||
California Housing Finance Agency Home Mortgage RB Series 2005D AMT VRDN (Fannie Mae Guaranty, Freddie Mac Guaranty), 0.10%, 5/07/14 (e) | 37,915 | 37,915,000 | ||||||
Harris County Health Facilities Development Corp. RB (Texas Children’s Hospital Project) Series 1999B-1 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.12%, 5/07/14 (e) | 40,980 | 40,980,000 | ||||||
Illinois GO Series 2003B-1 VRDN (JPMorgan Chase Bank N.A. LOC), 0.10%, 5/07/14 (e) | 48,000 | 48,000,000 | ||||||
Illinois GO Series 2003B-3 VRDN (Wells Fargo Bank N.A. LOC), 0.10%, 5/07/14 (e) | 23,000 | 23,000,000 | ||||||
Illinois GO Series 2003B-4 VRDN (State Street Bank & Trust Co. LOC), 0.10%, 5/07/14 (e) | 17,000 | 17,000,000 | ||||||
Illinois GO Series 2003B-5 VRDN (Royal Bank of Canada LOC), 0.10%, 5/07/14 (e) | 17,000 | 17,000,000 | ||||||
Illinois GO Series 2003B-6 VRDN (Northern Trust LOC), 0.10%, 5/07/14 (e) | 18,000 | 18,000,000 | ||||||
Jacksonville RB Series 2008A VRDN (JPMorgan Chase Bank N.A. SBPA), 0.14%, 5/07/14 (e) | 84,725 | 84,725,000 | ||||||
JEA Water & Sewer System RB Series 2008A-2 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.13%, 5/07/14 (e) | 12,900 | 12,900,000 | ||||||
Minnesota Housing Finance Agency RB (Residential Housing Project) Series 2005M AMT VRDN (Wells Fargo Bank N.A. SBPA), 0.13%, 5/07/14 (e) | 36,430 | 36,430,000 | ||||||
New York City GO Series 2008J-10 VRDN | 63,860 | 63,860,000 | ||||||
San Francisco City & County Airports Commission RB Series 2010A-1 AMT VRDN (JPMorgan Chase Bank N.A. LOC), 0.09%, 5/07/14 (e) | 28,375 | 28,375,000 | ||||||
University of Colorado Hospital Authority RB Series 2011A VRDN (Wells Fargo Bank N.A. LOC), 0.10%, 5/07/14 (e) | 66,400 | 66,400,000 | ||||||
Total Municipal Bonds — 1.1% | 517,005,000 | |||||||
Time Deposits | ||||||||
Barclays Bank PLC, 0.08%, 5/01/14 | 500,000 | 500,000,000 | ||||||
DnB Bank ASA, 0.07%, 5/01/14 | 1,100,000 | 1,100,000,000 | ||||||
ING Bank N.V. (Amsterdam), 0.10%, 5/07/14 | 824,000 | 824,000,000 | ||||||
Lloyds Bank PLC, 0.07%, 5/01/14 | 800,000 | 800,000,000 | ||||||
Natixis, 0.09%, 5/01/14 | 267,000 | 267,000,000 | ||||||
Skandinaviska Enskilda Banken AB, 0.08%, 5/01/14 | 1,500,000 | 1,500,000,000 | ||||||
Svenska Handelsbanken AB, 0.07%, 5/01/14 | 500,000 | 500,000,000 | ||||||
Total Time Deposits — 11.7% | 5,491,000,000 | |||||||
U.S. Government Sponsored Agency Obligations | Par (000) | Value | ||||||
Fannie Mae Variable Rate Notes: | ||||||||
0.40%, 10/27/14 (a) | $ | 25,000 | $ | 25,030,382 | ||||
0.12%, 2/27/15 (a) | 500 | 499,896 | ||||||
Federal Home Loan Bank Variable Rate Notes: | ||||||||
0.09%, 11/20/14 (a) | 90,000 | 89,997,447 | ||||||
0.09%, 11/26/14 (a) | 75,000 | 74,997,810 | ||||||
Total U.S. Government Sponsored Agency Obligations — 0.4% |
| 190,525,535 | ||||||
U.S. Treasury Obligations | ||||||||
U.S. Treasury Bills: (d) | ||||||||
0.10%, 2/05/15 | 350,000 | 349,730,500 | ||||||
0.12%-0.13%, 3/05/15 | 450,000 | 449,520,033 | ||||||
U.S. Treasury Notes: | ||||||||
0.50%, 10/15/14 | 100,000 | 100,163,935 | ||||||
0.25%, 1/31/15 | 105,577 | 105,674,020 | ||||||
0.25%, 2/28/15 | 180,000 | 180,171,718 | ||||||
Total U.S. Treasury Obligations — 2.5% | 1,185,260,206 | |||||||
Repurchase Agreements | ||||||||
Barclays Capital, Inc., 0.23%, 6/10/14 | 150,000 | 150,000,000 | ||||||
Barclays Capital, Inc., 0.68%, 8/03/14 (e) | 410,000 | 410,000,000 | ||||||
Total Value of Barclays Capital, Inc. | 560,000,000 | |||||||
Credit Suisse Securities (USA) LLC, 0.15%, 5/01/14 (Purchased on 3/31/14 to be repurchased at $75,064,479, collateralized by various corporate/debt obligations, 0.00% to 4.51% due from 5/01/14 to 5/25/45, aggregate original par and fair value of $110,737,422 and $80,270,054, respectively) | 75,000 | 75,000,000 | ||||||
Credit Suisse Securities (USA) LLC, | 225,000 | 225,000,000 | ||||||
Total Value of Credit Suisse Securities (USA) | 300,000,000 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 23 |
Schedule of Investments (continued) | TempFund | |||
(Percentages shown are based on Net Assets) |
Repurchase Agreements | Par (000) | Value | ||||||
Deutsche Bank Securities, Inc., 0.20%, 5/01/14 (e) (Purchased on 4/25/14 to be repurchased at $79,002,633, collateralized by various corporate/debt obligations, 0.00% due from 5/01/14 to 10/07/14, aggregate original par and fair value of $82,988,947 and $82,950,000, respectively) | $ | 79,000 | $ | 79,000,000 | ||||
Deutsche Bank Securities, Inc., 0.06%, 5/01/14 (e) (Purchased on 4/30/14 to be repurchased at $100,000,167, collateralized by Ginnie Mae Bonds, 0.67% to 10.24% due from 7/20/38 to 1/16/55, aggregate original par and fair value of $657,115,578 and $107,735,648, respectively) | 100,000 | 100,000,000 | ||||||
Deutsche Bank Securities, Inc., 0.35%, 5/06/14 (e) (Purchased on 2/03/14 to be repurchased at $211,188,728, collateralized by various corporate/debt obligations, 0.00% to 10.88% due from 10/22/14 to 3/18/51, aggregate original par and fair value of $3,473,725,669 and $248,807,645, respectively) | 211,000 | 211,000,000 | ||||||
Deutsche Bank Securities, Inc., 0.35%, 5/07/14 (e) (Purchased on 2/07/14 to be repurchased at $347,303,625, collateralized by various corporate/debt and U.S. government sponsored agency obligations, 0.00% to 9.75% due from 5/15/18 to 3/12/51, aggregate original par and fair value of $2,062,411,298 and $416,054,204, respectively) | 347,000 | 347,000,000 | ||||||
Deutsche Bank Securities, Inc., 0.38%, 5/07/14 (e) (Purchased on 2/07/14 to be repurchased at $76,094,662, collateralized by various corporate/debt obligations, 0.21% to 9.13% due from 10/01/15 to 7/18/56, aggregate original par and fair value of $823,951,176 and $91,362,532, respectively) | 76,000 | 76,000,000 | ||||||
Deutsche Bank Securities, Inc., 0.32%, 5/07/14 (e) (Purchased on 2/13/14 to be repurchased at $153,122,400, collateralized by various corporate/debt obligations, 0.00% to 10.88% due from 10/22/14 to 7/18/56, aggregate original par and fair value of $1,484,486,354 and $181,028,289, respectively) | 153,000 | 153,000,000 | ||||||
Total Value of Deutsche Bank Securities, Inc. (collateral value of $1,127,938,318) | 966,000,000 |
Repurchase Agreements | Par (000) | Value | ||||||
Federal Reserve Bank of New York, 0.05%, 5/01/14 (Purchased on 4/30/14 to be repurchased at $650,000,903, collateralized by U.S. Treasury Bond, 4.75% due at 2/15/41, aggregate original par and fair value of $521,164,000 and $650,000,924, respectively) | $ | 650,000 | $ | 650,000,000 | ||||
Total Value of Federal Reserve Bank of New York (collateral value of $650,000,924) | 650,000,000 | |||||||
HSBC Securities (USA) Inc., 0.20%, 5/01/14 | 25,000 | 25,000,000 | ||||||
Total Value of HSBC Securities (USA) Inc. | 25,000,000 | |||||||
JPMorgan Securities LLC, 0.16%, 5/01/14 | 175,000 | 175,000,000 | ||||||
JPMorgan Securities LLC, 0.35%, 5/07/14 | 190,000 | 190,000,000 | ||||||
JPMorgan Securities LLC, 0.54%, 5/20/14 | 174,250 | 174,250,000 | ||||||
JPMorgan Securities LLC, 0.33%, 6/14/14 (e) | 200,000 | 200,000,000 |
See Notes to Financial Statements.
24 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Schedule of Investments (continued) | TempFund | |||
(Percentages shown are based on Net Assets) |
Repurchase Agreements | Par (000) | Value | ||||||
JPMorgan Securities LLC, 0.59%, 6/23/14 | $ | 100,000 | $ | 100,000,000 | ||||
JPMorgan Securities LLC, 0.59%, 6/23/14 | 200,000 | 200,000,000 | ||||||
JPMorgan Securities LLC, 0.55%, 7/15/14 | 200,000 | 200,000,000 | ||||||
Total Value of JPMorgan Securities LLC | 1,239,250,000 | |||||||
PNC Bank N.A., 0.06%, 5/01/14 (g) | 108,000 | 108,000,000 | ||||||
Total Value of PNC Bank N.A. | 108,000,000 | |||||||
RBC Capital Markets LLC, 0.16%, 5/01/14 | 80,000 | 80,000,000 | ||||||
RBC Capital Markets LLC, 0.16%, 5/01/14 (e) | 165,000 | 165,000,000 |
Repurchase Agreements | Par (000) | Value | ||||||
RBC Capital Markets LLC, 0.15%, 5/01/14 | $ | 210,000 | $ | 210,000,000 | ||||
Total Value of RBC Capital Markets LLC | 455,000,000 | |||||||
SG Americas Securities LLC, 0.32%, 5/01/14 (e) | 60,640 | 60,640,000 | ||||||
SG Americas Securities LLC, 0.34%, 5/01/14 (e) | 136,000 | 136,000,000 | ||||||
Total Value of SG Americas Securities LLC | 196,640,000 | |||||||
UBS Securities LLC, 0.26%, 5/01/14 | 240,000 | 240,000,000 | ||||||
Total Value of UBS Securities LLC | 240,000,000 | |||||||
Wells Fargo Securities LLC, 0.23%, 5/01/14 (e) | 164,000 | 164,000,000 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 25 |
Schedule of Investments (continued) | TempFund | |||
(Percentages shown are based on Net Assets) |
Repurchase Agreements | Par (000) | Value | ||||||
Wells Fargo Securities LLC, 0.38%, 5/08/14 | $ | 140,000 | $ | 140,000,000 | ||||
Wells Fargo Securities LLC, 0.48%, 5/13/14 | 94,000 | 94,000,000 |
Repurchase Agreements | Par (000) | Value | ||||||
Wells Fargo Securities LLC, 0.46%, 7/15/14 | $ | 101,280 | $ | 101,280,000 | ||||
Total Value of Wells Fargo Securities LLC |
| 499,280,000 | ||||||
Total Repurchase Agreements — 11.2% | 5,239,170,000 | |||||||
Total Investments (Cost $46,514,792,627*) — 99.5% |
| 46,514,792,627 | ||||||
Other Assets Less Liabilities — 0.5% | 253,113,981 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 46,767,906,608 | ||||||
|
|
Notes to Schedule of Investments |
* | Cost for federal income tax purposes. |
(a) | Variable rate security. Rate shown is as of report date. |
(b) | Issuer is a U.S. branch of a foreign domiciled bank. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Rates shown are discount rates or a range of discount rates at the time of purchase. |
(e) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
(f) | Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
(g) | Investments in issuers considered to be an affiliate of the Fund during the six months ended April 30, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate | Par held at October 31, 2013 | Par Purchased | Par Sold | Par held at April 30, 2014 | Income | |||||||||||||||
PNC Bank N.A. | — | $ | 16,024,200,000 | $ | 15,916,200,000 | $ | 108,000,000 | $ | 91,124 |
Ÿ | Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
Ÿ | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access |
Ÿ | 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) |
Ÿ | 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 hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statements.
See Notes to Financial Statements.
26 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Schedule of Investments (concluded) | TempFund | |||
(Percentages shown are based on Net Assets) |
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of April 30, 2014:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Short-Term Securities1 | — | $ | 46,514,792,627 | — | $ | 46,514,792,627 |
1 | See above Schedule of Investments for values in each security type. |
The carrying amount for certain of the Fund’s assets and/or liabilities approximates fair value for financial statement purposes. As of April 30, 2014, cash of $52,508,375 is categorized as Level 1 within the disclosure hierarchy.
There were no transfers between levels during the six months ended April 30, 2014.
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 27 |
Schedule of Investments April 30, 2014 (Unaudited) | T-Fund | |||
(Percentages shown are based on Net Assets) |
U.S. Treasury Obligations | Par (000) | Value | ||||||
U.S. Treasury Bills: (a) | ||||||||
0.10%, 5/22/14 | $ | 111,000 | $ | 110,993,598 | ||||
0.10%, 6/05/14 | 151,000 | 150,985,319 | ||||||
0.09%, 6/19/14 | 200,000 | 199,975,500 | ||||||
0.09%, 6/26/14 | 99,800 | 99,786,028 | ||||||
0.09%, 7/03/14 | 1,045,500 | 1,045,339,297 | ||||||
0.09%, 7/10/14 | 152,030 | 152,004,083 | ||||||
0.11%, 8/14/14 | 286,300 | 286,209,604 | ||||||
0.08%, 8/21/14 | 247,970 | 247,912,140 | ||||||
0.08%, 8/28/14 | 217,000 | 216,942,616 | ||||||
0.09%, 9/11/14 | 154,450 | 154,400,072 | ||||||
0.08%, 9/25/14 | 224,500 | 224,426,663 | ||||||
0.07%, 10/02/14 | 198,340 | 198,282,729 | ||||||
0.05%, 10/16/14 | 51,660 | 51,649,151 | ||||||
0.05%, 10/23/14 | 45,550 | 45,539,482 | ||||||
0.05%, 10/30/14 | 125,000 | 124,969,667 | ||||||
0.14%, 11/13/14 | 110,000 | 109,919,150 | ||||||
0.13%, 4/02/15 | 125,000 | 124,848,333 | ||||||
0.11%, 4/30/15 | 67,520 | 67,447,634 | ||||||
U.S. Treasury Notes: | ||||||||
0.25% - 2.25%, 5/31/14 | 81,420 | 81,501,773 | ||||||
0.75%, 6/15/14 | 142,640 | 142,745,805 | ||||||
0.63%, 7/15/14 | 487,688 | 488,198,663 | ||||||
0.50%, 8/15/14 | 150,000 | 150,170,945 | ||||||
0.25%, 8/31/14 | 150,000 | 150,072,786 | ||||||
0.38%, 11/15/14 | 178,744 | 178,994,444 | ||||||
0.25%, 11/30/14 | 105,540 | 105,627,030 | ||||||
0.25%, 1/15/15 | 314,360 | 314,608,814 | ||||||
0.25%, 1/31/15 | 81,163 | 81,231,351 | ||||||
0.08%, 1/31/16 (b) | 175,950 | 175,875,019 | ||||||
0.10%, 4/30/16 (b) | 67,572 | 67,572,000 | ||||||
Total U.S. Treasury Obligations — 33.8% | 5,548,229,696 | |||||||
Repurchase Agreements | ||||||||
Bank of Nova Scotia, 0.05%, 5/01/14 | 25,000 | 25,000,000 | ||||||
Total Value of Bank of Nova Scotia | 25,000,000 | |||||||
Barclays Capital, Inc., 0.05%, 5/01/14 | 326,221 | 326,221,000 |
Repurchase Agreements | Par (000) | Value | ||||||
Barclays Capital, Inc., 0.04%, 5/06/14 | $ | 232,000 | $ | 232,000,000 | ||||
Total Value of Barclays Capital, Inc. | 558,221,000 | |||||||
BNP Paribas Securities Corp., 0.05%, 5/01/14 | 8,000 | 8,000,000 | ||||||
BNP Paribas Securities Corp., 0.06%, 5/07/14 (c) | 700,000 | 700,000,000 | ||||||
BNP Paribas Securities Corp., 0.06%, 5/07/14 (c) | 403,000 | 403,000,000 | ||||||
BNP Paribas Securities Corp., 0.06%, 5/07/14 (c) | 488,000 | 488,000,000 | ||||||
Total Value of BNP Paribas Securities Corp. (collateral value of $1,630,980,181) | 1,599,000,000 | |||||||
Citigroup Global Markets, Inc., 0.05%, 5/01/14 | 21,675 | 21,675,000 | ||||||
Total Value of Citigroup Global Markets, Inc. (collateral value of $22,108,506) | 21,675,000 |
See Notes to Financial Statements.
28 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Schedule of Investments (continued) | T-Fund | |||
(Percentages shown are based on Net Assets) |
Repurchase Agreements | Par (000) | Value | ||||||
Credit Suisse Securities (USA) LLC, 0.03%, 5/01/14 | $ | 150,000 | $ | 150,000,000 | ||||
Total Value of Credit Suisse Securities (USA) LLC | 150,000,000 | |||||||
Deutsche Bank Securities, Inc., 0.05%, 5/01/14 | 320,000 | 320,000,000 | ||||||
Deutsche Bank Securities, Inc., 0.05%, 5/01/14 | 325,000 | 325,000,000 | ||||||
Deutsche Bank Securities, Inc., 0.05%, 5/01/14 | 53,000 | 53,000,000 | ||||||
Deutsche Bank Securities, Inc., 0.07%, 5/07/14 (c) | 445,000 | 445,000,000 | ||||||
Deutsche Bank Securities, Inc., 0.06%, 5/07/14 (c) | 247,000 | 247,000,000 | ||||||
Deutsche Bank Securities, Inc., 0.06%, 5/07/14 (c) | 416,000 | 416,000,000 | ||||||
Total Value of Deutsche Bank Securities, Inc. | 1,806,000,000 |
Repurchase Agreements | Par (000) | Value | ||||||
Federal Reserve Bank of New York, 0.05%, 5/01/14 | $ | 3,800,000 | $ | 3,800,000,000 | ||||
Total Value of Federal Reserve Bank of New York | 3,800,000,000 | |||||||
HSBC Securities (USA) Inc., 0.04%, 5/01/14 (d) | 481,000 | 481,000,000 | ||||||
Total Value of HSBC Securities (USA) Inc. | 481,000,000 | |||||||
JPMorgan Securities LLC, 0.05%, 5/01/14 | 15,000 | 15,000,000 | ||||||
JPMorgan Securities LLC, 0.05%, 5/01/14 (d) | 200,000 | 200,000,000 | ||||||
Total Value of JPMorgan Securities LLC | 215,000,000 | |||||||
Morgan Stanley & Co. LLC, 0.05%, 5/01/14 | 22,000 | 22,000,000 | ||||||
Morgan Stanley & Co. LLC, 0.05%, 5/01/14 | 874,000 | 874,000,000 | ||||||
Total Value of Morgan Stanley & Co. LLC | 896,000,000 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 29 |
Schedule of Investments (concluded) | T-Fund | |||
(Percentages shown are based on Net Assets) |
Repurchase Agreements | Par (000) | Value | ||||||
SG Americas Securities LLC, 0.05%, 5/01/14 | $ | 235,000 | $ | 235,000,000 | ||||
Total Value of SG Americas Securities LLC | 235,000,000 | |||||||
TD Securities (USA) LLC, 0.04%, 5/01/14 | 10,000 | 10,000,000 | ||||||
Total Value of TD Securities (USA) LLC | 10,000,000 |
Repurchase Agreements | Par (000) | Value | ||||||
Wells Fargo Securities LLC, 0.05%, 5/01/14 (Purchased on 4/30/14 to be repurchased at $419,000,582, collateralized by various U.S. Treasury obligations, 0.00% to 8.75% due from 5/15/14 to 11/15/43, aggregate original par and fair value of $422,258,110 and $427,380,021, respectively) | $ | 419,000 | $ | 419,000,000 | ||||
Total Value of Wells Fargo Securities LLC |
| 419,000,000 | ||||||
Total Repurchase Agreements — 62.3% | 10,215,896,000 | |||||||
Total Investments (Cost $15,764,125,696*) — 96.1% |
| 15,764,125,696 | ||||||
Other Assets Less Liabilities — 3.9% | 641,347,698 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 16,405,473,394 | ||||||
|
|
Notes to Schedule of Investments |
* | Cost for federal income tax purposes. |
(a) | Rates shown are discount rates or a range of discount rates at the time of purchase. |
(b) | Variable rate security. Rate shown is as of report date. |
(c) | Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
(d) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
Ÿ | Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
Ÿ | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access |
Ÿ | 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) |
Ÿ | 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 hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statements.
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of April 30, 2014:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Short-Term Securities1 | — | $ | 15,764,125,696 | — | $ | 15,764,125,696 |
1 | See above Schedule of Investments for values in each security type. |
The carrying amount for certain of the Fund’s assets and/or liabilities approximates fair value for financial statement purposes. As of April 30, 2014, cash of $831,888,328 is categorized as Level 1 within the disclosure hierarchy.
There were no transfers between levels during the six months ended April 30, 2014.
See Notes to Financial Statements.
30 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Schedule of Investments April 30, 2014 (Unaudited) | Treasury Trust Fund | |||
(Percentages shown are based on Net Assets) |
U.S. Treasury Obligations | Par (000) | Value | ||||||
U.S. Treasury Bills: (a) | ||||||||
0.00% - 0.06%, 5/01/14 | $ | 1,364,283 | $ | 1,364,283,000 | ||||
0.03% - 0.08%, 5/08/14 | 861,182 | 861,174,622 | ||||||
0.00% - 0.10%, 5/15/14 | 553,400 | 553,379,924 | ||||||
0.00% - 0.10%, 5/22/14 | 1,214,651 | 1,214,629,592 | ||||||
0.01% - 0.05%, 5/29/14 | 1,099,410 | 1,099,389,910 | ||||||
0.05% - 0.10%, 6/05/14 | 334,000 | 333,981,260 | ||||||
0.05% - 0.06%, 6/12/14 | 186,445 | 186,433,522 | ||||||
0.05% - 0.09%, 6/19/14 | 531,000 | 530,961,631 | ||||||
0.05% - 0.09%, 6/26/14 | 278,409 | 278,385,946 | ||||||
0.02% - 0.09%, 7/03/14 | 942,166 | 942,067,215 | ||||||
0.03% - 0.09%, 7/10/14 | 1,250,000 | 1,249,888,485 | ||||||
0.03%, 7/17/14 | 145,620 | 145,610,656 | ||||||
0.03%, 7/24/14 | 546,150 | 546,109,072 | ||||||
0.02%, 7/31/14 | 600,000 | 599,965,496 | ||||||
0.09%, 9/11/14 | 200,000 | 199,934,978 |
U.S. Treasury Obligations | Par (000) | Value | ||||||
U.S. Treasury Notes: | ||||||||
0.75%, 6/15/14 | $ | 142,315 | $ | 142,439,654 | ||||
0.63%, 7/15/14 | 191,450 | 191,659,745 | ||||||
0.50%, 8/15/14 | 20,000 | 20,023,970 | ||||||
0.25%, 9/15/14 | 201,400 | 201,552,917 | ||||||
0.08%, 1/31/16 (b) | 97,322 | 97,283,333 | ||||||
0.10%, 4/30/16 (b) | 39,150 | 39,150,000 | ||||||
Total U.S. Treasury Obligations — 117.3% | 10,798,304,928 | |||||||
Total Investments (Cost $10,798,304,928*) — 117.3% |
| 10,798,304,928 | ||||||
Liabilities in Excess of Other Assets — (17.3)% | (1,593,388,662 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 9,204,916,266 | ||||||
|
|
Notes to Schedule of Investments |
* | Cost for federal income tax purposes. |
(a) | Rates shown are discount rates or a range of discount rates at the time of purchase. |
(b) | Variable rate security. Rate shown is as of report date. |
Ÿ | Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
Ÿ | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access |
Ÿ | 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) |
Ÿ | 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 hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statements.
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of April 30, 2014:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Short-Term Securities1 | — | $ | 10,798,304,928 | — | $ | 10,798,304,928 |
1 | See above Schedule of Investments for values in each security type. |
The carrying amount for certain of the Fund’s assets and/or liabilities approximates fair value for financial statement purposes. As of April 30, 2014, cash of $6,935 is categorized as Level 1 within the disclosure hierarchy.
There were no transfers between levels during the six months ended April 30, 2014.
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 31 |
Schedule of Investments April 30, 2014 (Unaudited) | MuniCash | |||
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | ||||||
Alaska — 0.4% | ||||||||
Alaska Municipal Bond Bank Authority RB (Governmental Purpose Project) | $ | 160 | $ | 160,227 | ||||
Alaska Student Loan Corp. RB | 500 | 502,039 | ||||||
|
| |||||||
662,266 | ||||||||
Arizona — 0.5% | ||||||||
Casa Grande IDRB (Price Cos. Inc. Project) | 315 | 315,000 | ||||||
Phoenix Civic Improvement Corp. RB | 225 | 226,395 | ||||||
Pima County COP Series 2014 MB, 2.00%, 12/01/14 | 300 | 303,100 | ||||||
|
| |||||||
844,495 | ||||||||
Arkansas — 1.0% | ||||||||
Arkansas Development Finance Authority Single Family Mortgage RB (Mortgage Backed Securities Program Project) Series 2006E AMT VRDN (Ginnie Mae Guaranty, State Street Bank & Trust Co. SBPA), 0.20%, 5/07/14 (a) | 1,800 | 1,800,000 | ||||||
California — 1.9% | ||||||||
California Public Works Board Lease Revenue RB SPEARS Series 2014A-DBE-1297 VRDN (Deutsche Bank A.G. Guaranty), 0.16%, 5/07/14 (a)(b)(c) | 415 | 415,000 | ||||||
California RB Series 2013A-2 RAN, 2.00%, 6/23/14 | 2,900 | 2,907,438 | ||||||
|
| |||||||
3,322,438 | ||||||||
Connecticut — 0.2% | ||||||||
Stafford Township GO Series 2013 BAN, 1.00%, 8/05/14 | 370 | 370,688 | ||||||
Florida — 0.6% | ||||||||
Orlando Utilities Commission Utilities System RB | 1,100 | 1,100,000 | ||||||
Illinois — 2.8% | ||||||||
Chicago GO SPEARS Series 2008A-DBE-494 VRDN (Deutsche Bank A.G. LOC, Deutsche Bank A.G. SBPA), 0.22%, 5/07/14 (a)(b)(c) | 500 | 500,000 | ||||||
Chicago GO SPEARS Series 2011A-DBE-1212 VRDN (Deutsche Bank A.G. Guaranty, AGM Insurance, Deutsche Bank A.G. SBPA), | 200 | 200,000 | ||||||
Chicago IDRB (Primrose Candy Project) Series 2001 AMT VRDN (Bank of America N.A. LOC), | 1,415 | 1,415,000 | ||||||
Elmhurst IDRB (Randall Manufacturing Project) Series 2002 VRDN (BMO Harris Bank N.A. LOC), | 2,015 | 2,015,000 | ||||||
Illinois Sales Tax RB Series 2004 MB, 5.00%, 6/15/14 | 450 | 452,639 | ||||||
Mchenry County RB Series 2007B MB, 4.50%, 1/15/15 | 300 | 308,969 | ||||||
|
| |||||||
4,891,608 | ||||||||
Iowa — 6.2% | ||||||||
Des Moines GO Series 2013A MB, 2.00%, 6/01/14 | 820 | 821,199 | ||||||
Iowa Finance Authority RB (CJ Bio America Inc. Project) Series 2012 VRDN (Korea Development Bank LOC), 0.20%, 5/07/14 (a) | 9,800 | 9,800,000 | ||||||
|
| |||||||
10,621,199 |
Municipal Bonds | Par (000) | Value | ||||||
Kansas — 1.9% | ||||||||
Leawood GO Series 2013-1, 1.25%, 9/01/14 | $ | 3,200 | $ | 3,210,680 | ||||
Kentucky — 1.8% | ||||||||
Jefferson County Industrial Building RB (Atlas Machine & Supply Co. Project) Series 1999 AMT VRDN (JPMorgan Chase Bank N.A. LOC), 0.39%, 5/07/14 (a) | 1,780 | 1,780,000 | ||||||
Louisville & Jefferson County Metropolitan Sewer District RB Series 2013 BAN, 2.00%, 11/26/14 | 1,400 | 1,412,934 | ||||||
|
| |||||||
3,192,934 | ||||||||
Louisiana — 7.2% | ||||||||
Ascension Parish RB (BASF Corp. Project) | 2,400 | 2,400,000 | ||||||
Louisiana GO Series 2012A MB, 5.00%, 8/01/14 | 100 | 101,220 | ||||||
Louisiana Local Government Environmental Facilities Community Development Authority RB (BASF Corp. Project) Series 2000A AMT VRDN, 0.23%, 5/07/14 (a) | 6,000 | 6,000,000 | ||||||
Louisiana Public Facilities Authority RB (Air Products & Chemicals Project) Series 2008C VRDN, | 3,900 | 3,900,000 | ||||||
|
| |||||||
12,401,220 | ||||||||
Maryland — 1.7% | ||||||||
Maryland Economic Development Corp. RB (Bindagraphics, Inc. Facilities Project) Series 2007 AMT VRDN (Manufacturers and Traders Trust Co. LOC), 0.22%, 5/07/14 (a) | 1,605 | 1,605,000 | ||||||
Maryland Economic Development Corp. RB (Redrock LLC Facilities Project) Series 2002 VRDN (Manufacturers and Traders Trust Co. LOC), 0.27%, 5/07/14 (a) | 1,365 | 1,365,000 | ||||||
|
| |||||||
2,970,000 | ||||||||
Massachusetts — 1.1% | ||||||||
Massachusetts Bay Transportation Authority RB Series 2010A-7 VRDN 7 Month Window, 0.21%, 11/26/14 (a) | 1,000 | 1,000,000 | ||||||
Massachusetts School Building Authority RB | 325 | 325,477 | ||||||
University of Massachusetts Building Authority RB Series 2011-2 VRDN 7 Month Window (Massachusetts State Guaranteed), 0.21%, 11/26/14 (a) | 495 | 495,000 | ||||||
|
| |||||||
1,820,477 | ||||||||
Michigan — 2.3% | ||||||||
Michigan Strategic Fund Ltd. Obligation RB (Amera Group LLC Project) Series 2000 AMT VRDN (JPMorgan Chase Bank N.A. LOC), 0.32%, 5/07/14 (a) | 1,800 | 1,800,000 | ||||||
Michigan Strategic Fund Ltd. Obligation RB (Kay Screen Printing, Inc. Project) Series 2000 AMT VRDN (JPMorgan Chase Bank N.A. LOC), 0.39%, 5/07/14 (a) | 1,600 | 1,600,000 | ||||||
Michigan Strategic Fund RB (Mans LLC Project) Series 2012 VRDN (Comerica Bank LOC), 0.22%, 5/07/14 (a) | 500 | 500,000 | ||||||
|
| |||||||
3,900,000 | ||||||||
Minnesota — 0.2% | ||||||||
University of Minnesota GO Series 2011A MB, | 350 | 359,761 | ||||||
Mississippi — 1.7% | ||||||||
De Soto County School District GO Series 2012 MB, | 100 | 100,000 |
See Notes to Financial Statements.
32 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Schedule of Investments (continued) | MuniCash | |||
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | ||||||
Mississippi (concluded) | ||||||||
Jackson County Port Facility RB (Chevron USA, Inc. Project) Series 1993 VRDN, 0.07%, 5/01/14 (a) | $ | 2,800 | $ | 2,800,000 | ||||
|
| |||||||
2,900,000 | ||||||||
Missouri — 4.3% | ||||||||
Bridgeton IDRB (Gold Dust LLC Project) Series 2000A AMT VRDN (TD Bank N.A. LOC), 0.32%, 5/07/14 (a) | 1,625 | 1,625,000 | ||||||
Palmyra IDA Solid Waste Disposal RB (BASF Corp. Project) Series 2002 AMT VRDN, 0.23%, 5/07/14 (a) | 4,000 | 4,000,000 | ||||||
Taney County IDRB (Keeter Heights Project) Series 2006 AMT VRDN (U.S. Bank N.A. LOC), | 1,745 | 1,745,000 | ||||||
|
| |||||||
7,370,000 | ||||||||
Nebraska — 0.5% | ||||||||
Nebraska COP Series 2010B MB, 1.20%, 9/15/14 | 830 | 832,930 | ||||||
Nevada — 1.8% | ||||||||
Clark County Airport System Junior Subordinate Lien RB Series 2013C-2, 2.00%, 7/01/14 | 2,400 | 2,406,659 | ||||||
Clark County Highway Improvement Revenue RB (Indexed Fuel Tax & Motor Vehicle Fuel Tax Project) SPEARS Series 2014A-DBE-1283 VRDN (Deutsche Bank A.G. Guaranty, Deutsche Bank A.G. SBPA), 0.17%, 5/07/14 (a)(b)(c) | 455 | 455,000 | ||||||
Nevada Housing Division RB (Multi-Unit Housing Orvis Ring Apartments Project) Series 2014 Mandatory Put Bonds, 0.35%, 4/01/15 | 200 | 200,000 | ||||||
|
| |||||||
3,061,659 | ||||||||
New Hampshire — 1.2% | ||||||||
Cheshire County GO Series 2014 TAN, 1.00%, 12/30/14 | 1,000 | 1,005,305 | ||||||
New Hampshire Business Finance Authority Industrial Facilities RB (JMT Properties LLC Project) Series 2002 AMT VRDN (Manufacturers and Traders Trust Co. LOC), 0.27%, 5/07/14 (a) | 685 | 685,000 | ||||||
New Hampshire Municipal Bond Bank RB Series 2010A MB, 5.00%, 8/15/14 | 150 | 152,075 | ||||||
New Hampshire RB (Grant Anticipation Project) Series 2012 MB, 4.00%, 9/01/14 | 200 | 202,473 | ||||||
|
| |||||||
2,044,853 | ||||||||
New Jersey — 10.5% | ||||||||
Cape May County GO Series 2013 BAN, 1.00%, 8/29/14 | 400 | 400,864 | ||||||
Cape May GO Series 2013, 1.00%, 7/18/14 | 900 | 901,110 | ||||||
Cranford Township GO Series 2014 BAN, 1.00%, 1/30/15 | 106 | 106,732 | ||||||
Delran Township GO Series 2013A BAN, | 2,295 | 2,299,715 | ||||||
East Hanover Township GO Series 2013A BAN, | 300 | 300,439 | ||||||
Fort Lee GO Series 2013 BAN, 1.00%, 11/26/14 | 400 | 401,367 | ||||||
Galloway Township GO Series 2013A, 1.00%, 12/18/14 | 1,105 | 1,109,032 | ||||||
Marlboro Township GO Series 2013 BAN, | 600 | 600,362 | ||||||
New Jersey RB Series 2013C TRAN, 2.00%, 6/26/14 | 10,600 | 10,626,889 | ||||||
Rumson Borough GO Series 2013A BAN, 0.75%, 9/03/14 | 200 | 200,000 |
Municipal Bonds | Par (000) | Value | ||||||
New Jersey (concluded) | ||||||||
Toms River Township GO Series 2013, 1.50%, 6/26/14 | $ | 340 | $ | 340,626 | ||||
West Orange Township GO Series 2013 BAN, | 510 | 510,161 | ||||||
Westwood GO Series 2014 BAN, 1.00%, 2/27/15 (d) | 300 | 301,665 | ||||||
|
| |||||||
18,098,962 | ||||||||
New Mexico — 0.4% | ||||||||
Farmington Municipal School District Number 5 GO (School Building Project) Series 2014A MB, | 600 | 602,562 | ||||||
New Mexico Finance Authority RB (Transportation Refunding Project) Series 2010 MB, 3.00%, 6/15/14 | 100 | 100,340 | ||||||
|
| |||||||
702,902 | ||||||||
New York — 3.9% | ||||||||
New York City IDA Special Purpose Facilities RB (Korean Air Lines Co. Project) Series 1997A VRDN AMT (Kookmin Bank LOC), 0.18%, 5/07/14 (a) | 1,900 | 1,900,000 | ||||||
New York City Municipal Water Finance Authority Water & Sewer System RB (Second General Resolution Project) Series 2010DD-1 VRDN (TD Bank N.A. SBPA), 0.07%, 5/01/14 (a) | 2,500 | 2,500,000 | ||||||
Patchogue-Medford Union Free School District GO Series 2013 TAN (State Aid Withholding Insurance), 1.00%, 6/20/14 | 1,400 | 1,401,304 | ||||||
South Country Central School District of Brookhaven GO Series 2013 TAN, 0.75%, 6/26/14 | 1,000 | 1,000,658 | ||||||
|
| |||||||
6,801,962 | ||||||||
North Carolina — 0.9% | ||||||||
Lee County Industrial Facilities & Pollution Control Financing Authority IDRB (Arden Corp. Project) Series 1999 AMT VRDN (Comerica Bank LOC), 0.22%, 5/07/14 (a) | 1,450 | 1,450,000 | ||||||
University of North Carolina At Chapel Hill RB Series 2009A MB, 4.00%, 12/01/14 | 100 | 102,174 | ||||||
|
| |||||||
1,552,174 | ||||||||
Ohio — 1.3% | ||||||||
Miamisburg GO Series 2014 BAN, 1.00%, 3/10/15 | 100 | 100,555 | ||||||
New Albany GO Series 2013 BAN, 1.00%, 7/31/14 | 300 | 300,530 | ||||||
Ohio GO (Third Frontier Research and Development Project) Series 2012 MB, 2.00%, 11/01/14 | 175 | 176,556 | ||||||
Ohio Higher Educational Facility Commission RB (Case Western Reserve University Project) Series 2002A VRDN (Wells Fargo Bank N.A. SBPA), | 1,600 | 1,600,000 | ||||||
|
| |||||||
2,177,641 | ||||||||
Oklahoma — 3.0% | ||||||||
Muskogee Transport Authority IDRB (Metals USA, Inc. Project) Series 1998 AMT VRDN (Bank of America N.A. LOC), 0.23%, 5/07/14 (a) | 5,250 | 5,250,000 | ||||||
Oregon — 0.3% | ||||||||
Portland Sewer System RB (First Lien Project) Series 2007A MB, 5.00%, 6/01/14 | 545 | 547,176 | ||||||
Pennsylvania — 3.2% | ||||||||
Beaver County IDA RB (BASF Corp. Project) Series 1997 AMT VRDN, 0.26%, 5/07/14 (a) | 300 | 300,000 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 33 |
Schedule of Investments (continued) | MuniCash | |||
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | ||||||
Pennsylvania (concluded) | ||||||||
Pennsylvania Economic Development Financing Authority RB (Solar Innovations, Inc. Project) Series 2007 VRDN (Manufacturers and Traders Trust Co. LOC), | $ | 2,590 | $ | 2,590,000 | ||||
Philadelphia Airport RB SPEARS Series 2008DB-495 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), 0.19%, 5/07/14 (a)(b)(c) | 1,700 | 1,700,000 | ||||||
Philadelphia Gas Works RB Series 2009D VRDN (Bank of America N.A. LOC), 0.11%, 5/07/14 (a) | 1,000 | 1,000,000 | ||||||
|
| |||||||
5,590,000 | ||||||||
Rhode Island — 0.2% | ||||||||
Cumberland GO Series 2013, 1.00%, 6/12/14 | 350 | 350,201 | ||||||
Texas — 6.0% | ||||||||
Brazos River Harbor Navigation District Brazoria County RB (BASF Corp. Project) Series 2002 AMT VRDN, | 5,000 | 5,000,000 | ||||||
Dallas Area Rapid Transit RB Series 2008 MB, | 100 | 102,768 | ||||||
Dallas Area Rapid Transit RB Series 2010A MB, | 50 | 51,388 | ||||||
Garland GO Series 2012A2 TECP (Royal Bank of Canada LOC), 0.13%, 6/17/14 | 1,200 | 1,200,000 | ||||||
Houston Airport System Revenue RB Series 2011A AMT MB, 5.00%, 7/01/14 | 3,050 | 3,074,668 | ||||||
San Antonio Airport System Series 2012 MB, 4.00%, 7/01/14 | 400 | 402,459 | ||||||
Schertz-Cibolo-Universal City ISD GO (School Building Project) Series 2007 MB (Texas PSF-GTD Insurance), 5.00%, 2/01/15 | 100 | 103,556 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. RB (Educational Facilities Project) Series 2008 MB (Scott and White Memorial Hospital Corporate Underlier), 5.00%, 8/15/14 | 80 | 81,111 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. RB Series 2013 MB (Methodist Hospital of Dallas Corporate Underlier), 2.00%, 10/01/14 | 125 | 125,939 | ||||||
University of Texas RB (Financing System Project) | 140 | 141,945 | ||||||
|
| |||||||
10,283,834 | ||||||||
Utah — 0.3% | ||||||||
Nebo School District GO (School Building Project) | 405 | 406,240 | ||||||
Utah GO Series 2004A MB, 5.00%, 7/01/14 | 100 | 100,796 | ||||||
|
| |||||||
507,036 | ||||||||
Virginia — 0.9% | ||||||||
Fairfax County IDA RB (Inova Health Systems Project) Series 2012 VRDN 7 Month Window, 0.20%, 11/26/14 (a) | 1,500 | 1,500,000 | ||||||
Washington — 0.1% | ||||||||
Washington GO Series 2008A MB, 5.00%, 7/01/14 | 155 | 156,237 |
Municipal Bonds | Par (000) | Value | ||||||
Wisconsin — 8.5% | ||||||||
Germantown GO Series 2014A MB, 2.00%, 3/01/15 (d) | $ | 200 | $ | 202,784 | ||||
Marshfield Housing Authority RB (Wildwood Regency Project) Series 2003 AMT VRDN (Federal Home Loan Bank LOC, Bank First National LOC), 0.19%, 5/07/14 (a) | 2,475 | 2,475,000 | ||||||
Oshkosh IDRB (Oshkosh Coil Spring Project) | 1,120 | 1,120,000 | ||||||
Wisconsin Health & Educational Facilities Authority RB (Ascension Health Alliance Senior Credit Group Project) Series 2013B VRDN, 0.18%, 11/26/14 (a) | 860 | 860,000 | ||||||
Wisconsin Petroleum Inspection Fee Revenue | 10,000 | 10,000,000 | ||||||
|
| |||||||
14,657,784 | ||||||||
Wyoming — 6.0% | ||||||||
Green River Solid Waste Disposal RB (OCI Wyoming LP Project) Series 1997 VRDN (Comerica Bank LOC), 0.22%, 5/07/14 (a) | 4,000 | 4,000,000 | ||||||
Wyoming Community Development Authority RB Municipal Trust Receipts Floaters | 6,435 | 6,435,000 | ||||||
|
| |||||||
10,435,000 | ||||||||
Total Municipal Bonds — 84.8% | 146,288,117 | |||||||
Closed-End Investment Companies (a)(b) | ||||||||
California — 11.6% | ||||||||
Nuveen California Quality Income Municipal Fund, Inc. Series 2010-1-1581 VRDP (Citibank N.A. Liquidity Facility), 0.19%, 5/07/14 | 10,000 | 10,000,000 | ||||||
Nuveen California Select Quality Municipal Fund, Inc. Series 2010-1-1589 VRDP (Citibank N.A. Liquidity Facility), 0.19%, 5/07/14 | 10,000 | 10,000,000 | ||||||
|
| |||||||
20,000,000 | ||||||||
Multi-State — 5.7% | ||||||||
Nuveen Municipal Advantage Fund, Inc. Series 2010 VRDP (JPMorgan Chase Bank N.A. Liquidity Facility), 0.20%, 5/07/14 | 9,800 | 9,800,000 | ||||||
Total Closed-End Investment Companies — 17.3% | 29,800,000 | |||||||
Total Investments (Cost $176,088,117*) — 102.1% | 176,088,117 | |||||||
Liabilities in Excess of Other Assets — (2.1)% | (3,610,125 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 172,477,992 | ||||||
|
|
See Notes to Financial Statements.
34 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Schedule of Investments (concluded) | MuniCash | |||
Notes to Schedule of Investments |
* | 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) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. |
(d) | When-issued security. |
Ÿ | Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
Ÿ | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access |
Ÿ | 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) |
Ÿ | 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 hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statements.
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of April 30, 2014:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Short-Term Securities1 | — | $ | 176,088,117 | — | $ | 176,088,117 |
1 | See above Schedule of Investments for values in each state. |
The carrying amount for certain of the Fund’s assets and/or liabilities approximates fair value for financial statement purposes. As of April 30, 2014, cash of $182,695 is categorized as Level 1 within the disclosure hierarchy.
There were no transfers between levels during the six months ended April 30, 2014.
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 35 |
Schedule of Investments April 30, 2014 (Unaudited) | MuniFund | |||
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | ||||||
Alabama — 1.7% | ||||||||
Alabama Federal Aid Highway Financial Authority RB RIB Floater Trust Series 2012-2W VRDN (Barclays Bank PLC SBPA), 0.17%, 5/07/14 (a)(b)(c) | $ | 2,200 | $ | 2,200,000 | ||||
Alabama Public School & College Authority RB (Capital Improvement Pool Project) Series 2013A MB, | 1,910 | 1,917,821 | ||||||
Gadsden Industrial Development Board PCRB (Alabama Power Company Project) Series 1994 VRDN, | 6,150 | 6,150,000 | ||||||
Huntsville IDRB (Brown Precision Project) Series 2009 VRDN (Federal Home Loan Bank LOC), | 4,880 | 4,880,000 | ||||||
Taylor-Ryan Improvement District RB (Various Improvement Project) Series 2005 VRDN (Federal Home Loan Bank LOC), 0.12%, 5/07/14 (c) | 10,000 | 10,000,000 | ||||||
Tuscaloosa County Port Authority RB (Gulf Opportunity Zone - Tuscaloosa Project) Series 2007 VRDN (Federal Home Loan Bank LOC), 0.16%, 5/07/14 (c) | 4,670 | 4,670,000 | ||||||
|
| |||||||
29,817,821 | ||||||||
Alaska — 0.0% | ||||||||
Matanuska-Susitna GO (School Buildings Project) Series 2005A MB, 5.25%, 4/01/15 (d) | 500 | 523,385 | ||||||
Arizona — 1.7% | ||||||||
Arizona Department of Transportation State Highway Fund RB (Highway Revenue Project) Series 2011A MB, 3.00%, 7/01/14 | 300 | 301,337 | ||||||
Arizona Health Facilities Authority RB (Banner Health Project) Municipal Trust Receipts Floaters Series 2008-4511 VRDN (Wells Fargo Bank N.A. SBPA), 0.15%, 5/07/14 (a)(b)(c) | 14,620 | 14,620,000 | ||||||
Arizona Transportation Board RB (Maricopa County Regional Area Road Fund Project) Series 2009 MB, 3.00%, 7/01/14 | 400 | 401,898 | ||||||
Salt River Pima-Maricopa Indian Community RB Series 2005 VRDN (Bank of America N.A. LOC), | 8,630 | 8,630,000 | ||||||
Salt River Project Agricultural Improvement & Power District RB Municipal Trust Receipts Floaters Series 2009-9W VRDN (Barclays Bank PLC SBPA), | 1,200 | 1,200,000 | ||||||
Salt River Project Agricultural Improvement & Power District RB Series 2009A ROC-RR-II-R-12276 VRDN (Citibank N.A. SBPA), | 5,000 | 5,000,000 | ||||||
|
| |||||||
30,153,235 | ||||||||
Arkansas — 0.0% | ||||||||
Fort Smith RB (Sales and Use Tax Project) | 765 | 765,000 | ||||||
Springdale Sales & Use Tax RB Series 2013 MB, | 100 | 100,293 | ||||||
|
| |||||||
865,293 | ||||||||
California — 11.6% | ||||||||
California Educational Facility Authority RB SPEARS (Pomona College Project) Series 2007DB-373 VRDN (Deutsche Bank A.G. SBPA), | 5,697 | 5,697,000 | ||||||
California Health Facilities Financing Authority RB RBC Municipal Products, Inc. Trust Series 2011-21 VRDN (Royal Bank of Canada LOC, Royal Bank of Canada SBPA), 0.12%, 5/07/14 (a)(b)(c) | 4,100 | 4,100,000 |
Municipal Bonds | Par (000) | Value | ||||||
California (concluded) | ||||||||
California Public Works Board Lease Revenue RB SPEARS Series 2014A-DBE-1297 VRDN (Deutsche Bank A.G. Guaranty), | $ | 3,995 | $ | 3,995,000 | ||||
California RB Series 2013A-2 RAN, 2.00%, 6/23/14 | 27,800 | 27,871,303 | ||||||
California School Cash Reserve Program Authority RB Series 2013B, 2.00%, 6/02/14 | 5,300 | 5,308,333 | ||||||
California School Cash Reserve Program Authority RB Series 2013G, 2.00%, 5/01/14 | 1,950 | 1,950,000 | ||||||
California School Cash Reserve Program Authority RB Series 2013H, 2.00%, 6/02/14 | 1,445 | 1,447,258 | ||||||
California School Cash Reserve Program Authority RB Series 2013I, 2.00%, 6/02/14 | 850 | 851,329 | ||||||
California Statewide University Revenue Authority RB Municipal Trust Receipts Floaters Series 2011-4696 VRDN (Bank of America N.A. SBPA), 0.17%, 5/07/14 (a)(b)(c) | 10,265 | 10,265,000 | ||||||
Chino Basin Regional Financing Authority RB (Inland Empire Utility Project) Series 2008B VRDN (Union Bank N.A. LOC), 0.10%, 5/07/14 (c) | 4,000 | 4,000,000 | ||||||
East Side Union High School District GO Municipal Trust Receipts Floaters Series 2010-3171 VRDN (AGM Insurance, Morgan Stanley Bank SBPA), 0.20%, 5/07/14 (a)(b)(c) | 15,000 | 15,000,000 | ||||||
Long Beach Community College District GO SPEARS Series 2008-670 VRDN (AGM Insurance, Deutsche Bank A.G. SBPA), | 5,197 | 5,197,000 | ||||||
Los Angeles County Schools RB (Pooled Transportation Project) Series 2014B-3, | 3,600 | 3,644,739 | ||||||
Los Angeles County Schools RB (Pooled Transportation Project) Series 2014B-4, | 6,200 | 6,276,670 | ||||||
Los Angeles Department of Water & Power RB Series 2001B-1 VRDN (Royal Bank of Canada SBPA), 0.10%, 5/07/14 (c) | 27,300 | 27,300,000 | ||||||
Sacramento Transportation Authority Measure A Sales Tax RB Series 2009B VRDN (JPMorgan Chase Bank N.A. SBPA), 0.12%, 5/07/14 (c) | 57,000 | 57,000,000 | ||||||
San Francisco City & County Redevelopment Agency Special Tax RB (Hunters Point Project) Series 2005A-7 VRDN (JPMorgan Chase Bank N.A. LOC), 0.14%, 5/07/14 (c) | 1,750 | 1,750,000 | ||||||
San Mateo County GO SPEARS (Election 2005 Project) Series 2007DB-282 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), 0.18%, 5/07/14 (a)(b)(c) | 10,610 | 10,610,000 | ||||||
San Mateo County GO SPEARS (Election 2005 Project) Series 2007DB-415 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), 0.18%, 5/07/14 (a)(b)(c) | 11,440 | 11,440,000 | ||||||
|
| |||||||
203,703,632 | ||||||||
Colorado — 3.0% | ||||||||
Alamosa County Hospital RB (San Luis Valley Regional Medical Center Project) Series 2005 VRDN (U.S. Bank N.A. LOC), 0.14%, 5/07/14 (c) | 8,515 | 8,515,000 |
See Notes to Financial Statements.
36 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Schedule of Investments (continued) | MuniFund | |||
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | ||||||
Colorado (concluded) | ||||||||
Alamosa County Hospital RB (San Luis Valley Regional Medical Center Project) Series 2007 VRDN (U.S. Bank N.A. LOC), 0.14%, 5/07/14 (c) | $ | 5,455 | $ | 5,455,000 | ||||
Colorado Housing & Finance Authority RB | 645 | 645,000 | ||||||
Denver City & County School District #1 Clipper Tax-Exempt Certificate Trust GO Series 2005A-2009-57 VRDN (State Street Bank & Trust Co. SBPA), | 35,240 | 35,240,000 | ||||||
Parker Automotive Metropolitan District GO Series 2005 VRDN (U.S. Bank N.A. LOC), 0.13%, 5/07/14 (c) | 845 | 845,000 | ||||||
Sheridan Redevelopment Agency Tax Allocation RB (South Santa Fe Drive Project) Series 2011 VRDN (JPMorgan Chase Bank N.A. LOC), | 2,500 | 2,500,000 | ||||||
|
| |||||||
53,200,000 | ||||||||
Connecticut — 2.0% | ||||||||
Connecticut GO Series 2014A MB, 1.50%, 3/01/15 | 10,000 | 10,114,416 | ||||||
Connecticut Health & Educational Facility Authority RB Municipal Trust Floaters Series 2007-1884 VRDN (AGM Insurance, Wells Fargo Bank N.A. SBPA), 0.12%, 5/07/14 (a)(b)(c) | 1,200 | 1,200,000 | ||||||
Connecticut Housing Finance Authority RB | 10,470 | 10,470,000 | ||||||
Milford GO Series 2013A BAN, 1.00%, 5/12/14 | 6,234 | 6,235,606 | ||||||
Naugatuck GO Series 2014 BAN, 1.00%, 3/17/15 | 7,500 | 7,556,769 | ||||||
|
| |||||||
35,576,791 | ||||||||
Delaware — 0.1% | ||||||||
Delaware Economic Development Authority RB (Kentmere Nursing Care Project) Series 2006 VRDN (Manufacturers and Traders Trust Co. LOC), | 1,585 | 1,585,000 | ||||||
Delaware Transportation Authority RB Series 2010A MB, 5.00%, 7/01/14 | 200 | 201,628 | ||||||
|
| |||||||
1,786,628 | ||||||||
District of Columbia — 1.2% | ||||||||
District of Columbia GO SPEARS Series 2007DB-463 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), 0.14%, 5/07/14 (a)(b)(c) | 16,453 | 16,453,000 | ||||||
District of Columbia RB (Internships & Academic Center Project) Series 2006 VRDN (Branch Banking & Trust Co. LOC), 0.12%, 5/07/14 (c) | 1,600 | 1,600,000 | ||||||
District of Columbia Water & Sewer Authority Public Utility RB Eagle Trust Receipts Series 2007A VRDN (Citibank N.A. SBPA), 0.15%, 5/07/14 (a)(b)(c) | 2,400 | 2,400,000 | ||||||
|
| |||||||
20,453,000 | ||||||||
Florida — 7.9% | ||||||||
Broward County RB Municipal Trust Receipts Floaters (Civic Arena Project) Series 2010-3286 VRDN (AGM Insurance, Morgan Stanley Bank SBPA), | 10,305 | 10,305,000 |
Municipal Bonds | Par (000) | Value | ||||||
Florida (concluded) | ||||||||
Broward County RB Municipal Trust Receipts Floaters (Civic Arena Project) Series 2010-3287 VRDN (AGM Insurance, Morgan Stanley Bank SBPA), 0.14%, 5/07/14 (a)(b)(c) | $ | 4,830 | $ | 4,830,000 | ||||
Florida GO (State Board Education Public Education Capital Outlay 2007) Series 2008C MB, | 750 | 753,163 | ||||||
Florida GO Series 2005B MB, 5.00%, 1/01/15 | 785 | 810,403 | ||||||
Florida’s Turnpike Enterprise RB (Department Transportation Project) Series 2014 MB, | 610 | 614,955 | ||||||
Jacksonville RB Series 2008A VRDN (JPMorgan Chase Bank N.A. SBPA), 0.14%, 5/07/14 (c) | 36,625 | 36,625,000 | ||||||
Lake County RB SPEARS Series 2008DB-492 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), | 10,767 | 10,767,000 | ||||||
Lee Memorial Health System RB SPEARS Series 2011-1016 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), | 16,835 | 16,835,000 | ||||||
Miami-Dade County RB Municipal Trust Receipts Floaters Series 2011-3271 VRDN (AGM Insurance, Morgan Stanley Bank SBPA), | 10,395 | 10,395,000 | ||||||
Orlando Utilities Commission Utilities System RB Series 2011A VRDN 7 Month Window, | 4,760 | 4,760,000 | ||||||
Orlando-Orange County Expressway Authority RB Eagle Trust Receipts Series 2007-0107A VRDN (Berkshire Hathaway Assurance Corp. Insurance, Citibank N.A. SBPA), 0.13%, 5/07/14 (a)(b)(c) | 6,700 | 6,700,000 | ||||||
South Florida Water Management District COP Austin Trust Series 2007-1036 VRDN (Bank of America N.A. SBPA), 0.20%, 5/07/14 (a)(b)(c) | 7,500 | 7,500,000 | ||||||
South Miami Health Facilities Authority RB Municipal Trust Receipts Floaters Series 2008-2749 VRDN (Morgan Stanley Bank SBPA), | 21,000 | 21,000,000 | ||||||
St. Johns County RB SPEARS Series 2008-DB-486 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), | 7,764 | 7,764,000 | ||||||
|
| |||||||
139,659,521 | ||||||||
Georgia — 0.6% | ||||||||
Columbus Downtown Development Authority RB (Foundation Properties Corp. Project) Series 2009 VRDN (Federal Home Loan Bank LOC), 0.17%, 5/07/14 (c) | 1,835 | 1,835,000 | ||||||
Fulton County Development Authority RB (Mount Vernon Presbyterian School Project) Series 2005 VRDN (Branch Banking & Trust Co. LOC), 0.12%, 5/07/14 (c) | 2,900 | 2,900,000 | ||||||
Metro Atlantic Rapid Transit Authority RB (Sales Tax Revenue Project) Series 2013D-2 TECP (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.10%, 8/12/14 | 5,000 | 5,000,000 | ||||||
Richmond County Board of Education GO Series 2012 MB, 5.00%, 10/01/14 | 780 | 795,516 | ||||||
|
| |||||||
10,530,516 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 37 |
Schedule of Investments (continued) | MuniFund | |||
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | ||||||
Hawaii — 0.1% | ||||||||
Hawaii GO Series 2009DQ MB, 4.00%, 6/01/14 | $ | 1,195 | $ | 1,198,937 | ||||
Illinois — 3.6% | ||||||||
Chicago Department of Water Management RB Series 1999-2 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.31%, 5/01/14 (c) | 13,000 | 13,000,000 | ||||||
Chicago GO SPEARS Series 2008A-DBE-494 VRDN (Deutsche Bank A.G. LOC, Deutsche Bank A.G. SBPA), 0.22%, 5/07/14 (a)(b)(c) | 3,140 | 3,140,000 | ||||||
Illinois Educational Facilities Authority RB (University of Chicago Project) Series 2001B-3 Mandatory Put Bonds, 0.16%, 3/12/15 | 5,400 | 5,400,000 | ||||||
Illinois Finance Authority RB (Center Deafness Project) Series 2008 VRDN (BMO Harris Bank N.A. LOC), 0.18%, 5/07/14 (c) | 1,810 | 1,810,000 | ||||||
Illinois Finance Authority RB (Evanston Hospital Corp. Project) Series 1995 VRDN (Wells Fargo Bank N.A. SBPA), 0.12%, 5/07/14 (c) | 15,448 | 15,448,000 | ||||||
Illinois Finance Authority RB (Planned Parenthood Project) Series 2007A VRDN (JPMorgan Chase Bank N.A. LOC), 0.14%, 5/07/14 (c) | 7,050 | 7,050,000 | ||||||
Illinois Finance Authority RB Municipal Trust Receipts Floaters Series 2011-4702 VRDN (Bank of America N.A. SBPA), 0.29%, 5/07/14 (a)(b)(c) | 8,690 | 8,690,000 | ||||||
Illinois Finance Authority RB SPEARS (OSF Healthcare System Project) Series 2012DBE-1115 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), 0.16%, 5/07/14 (a)(b)(c) | 3,800 | 3,800,000 | ||||||
Illinois HDA RB (Lakeshore Plaza Project) Series 2008B VRDN (JPMorgan Chase Bank N.A. LOC), | 5,300 | 5,300,000 | ||||||
|
| |||||||
63,638,000 | ||||||||
Indiana — 2.6% | ||||||||
Fort Wayne RB (University of St. Francis Project) Series 2008 VRDN (JPMorgan Chase Bank N.A. LOC), 0.13%, 5/07/14 (c) | 1,700 | 1,700,000 | ||||||
Indiana Finance Authority RB (Lease Appropriation Project) Series 2007A VRDN (The Bank of New York Mellon Corp. SBPA), 0.08%, 5/01/14 (c) | 6,000 | 6,000,000 | ||||||
Indiana Finance Authority RB (Lease Appropriation Project) Series 2007A-2 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.10%, 5/01/14 (c) | 13,100 | 13,100,000 | ||||||
Indiana Finance Authority RB (Lease Appropriation Project) Series 2008A-2-RM VRDN (BMO Harris Bank N.A. SBPA), 0.13%, 5/07/14 (c) | 15,000 | 15,000,000 | ||||||
Indiana State Financing Authority Hospital RB (Indiana University Health Project) RBC Municipal Products Inc. Trust Series 2011L VRDN (Royal Bank of Canada LOC, Royal Bank of Canada SBPA), | 10,000 | 10,000,000 | ||||||
|
| |||||||
45,800,000 | ||||||||
Iowa — 2.8% | ||||||||
Iowa Finance Authority RB (CJ Bio America Inc. Project) Series 2012 VRDN (Korea Development Bank LOC), 0.20%, 5/07/14 (c) | 50,000 | 50,000,000 | ||||||
Kansas — 1.5% | ||||||||
Kansas Department of Transportation Highway RB Series 2002C-2 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.12%, 5/07/14 (c) | 11,075 | 11,075,000 |
Municipal Bonds | Par (000) | Value | ||||||
Kansas (concluded) | ||||||||
Kansas Development Finance Authority RB Series 2013B MB, 3.00%, 5/01/14 | $ | 1,795 | $ | 1,795,000 | ||||
Wichita GO Series 2013-260, 0.19%, 10/15/14 | 13,010 | 13,010,000 | ||||||
|
| |||||||
25,880,000 | ||||||||
Kentucky — 1.1% | ||||||||
Fort Mitchell League of Cities RB (Funding Trust Lease Project) Series 2002A VRDN (U.S. Bank N.A. LOC), 0.13%, 5/07/14 (c) | 2,150 | 2,150,000 | ||||||
Kentucky Economic Development Finance Authority RB (Baptist Healthcare Project) Series 2009 VRDN (JPMorgan Chase Bank N.A. LOC), | 11,700 | 11,700,000 | ||||||
Louisville & Jefferson County Metropolitan Sewer District RB Series 2013 BAN, 2.00%, 11/26/14 | 5,400 | 5,449,888 | ||||||
|
| |||||||
19,299,888 | ||||||||
Louisiana — 5.2% | ||||||||
Bossier Parish School Board GO Series 2014 MB, 4.00%, 3/01/15 (e) | 1,610 | 1,654,645 | ||||||
Louisiana GO Series 2013C MB, 5.00%, 7/15/14 | 1,100 | 1,111,046 | ||||||
Louisiana Housing & Finance Authority RB (Walmsley Multi-Family Housing Project) Series 2004 VRDN (Fannie Mae Guaranty), 0.22%, 5/07/14 (c) | 4,830 | 4,830,000 | ||||||
Louisiana Local Government Environmental Facilities Community Development Authority RB (BASF Corp. Project) Series 2000B VRDN, 0.18%, 5/07/14 (c) | 7,500 | 7,500,000 | ||||||
Louisiana Offshore Terminal Authority RB (Loop LLC Project) Series 2013B VRDN (JPMorgan Chase Bank N.A. LOC), 0.12%, 5/07/14 (c) | 8,400 | 8,400,000 | ||||||
Louisiana Public Facilities Authority RB (Air Products & Chemicals Project) Series 2005 VRDN, | 16,800 | 16,800,000 | ||||||
Louisiana Public Facilities Authority RB (Air Products & Chemicals Project) Series 2006 VRDN, | 6,700 | 6,700,000 | ||||||
Louisiana Public Facilities Authority RB (Air Products & Chemicals Project) Series 2008B VRDN, | 16,300 | 16,300,000 | ||||||
Louisiana Public Facilities Authority RB (Air Products & Chemicals Project) Series 2008C VRDN, | 1,500 | 1,500,000 | ||||||
Louisiana Public Facilities Authority RB (Air Products & Chemicals Project) Series 2010 VRDN, | 22,500 | 22,500,000 | ||||||
Louisiana Public Facilities Authority RB (Hurricane Recovery Project) Series 2007 MB, 5.00%, 6/01/14 | 2,995 | 3,006,705 | ||||||
Louisiana RB Series 2013A MB, 2.00%, 6/15/14 | 1,050 | 1,052,390 | ||||||
|
| |||||||
91,354,786 | ||||||||
Maryland — 2.5% | ||||||||
Anne Arundel County RB (Mountain Ridge Apartments Project) Series 1996 VRDN (Manufacturers and Traders Trust Co. LOC), 0.17%, 5/07/14 (c) | 3,305 | 3,305,000 | ||||||
Baltimore County RB (Odyssey School Facility Project) Series 2001 VRDN (Manufacturers and Traders Trust Co. LOC), 0.12%, 5/07/14 (c) | 1,575 | 1,575,000 | ||||||
Howard County RB (Bluffs Hawthorne Project) Series 1995 VRDN (Manufacturers and Traders Trust Co. LOC), 0.17%, 5/07/14 (c) | 2,525 | 2,525,000 |
See Notes to Financial Statements.
38 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Schedule of Investments (continued) | MuniFund | |||
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | ||||||
Maryland (concluded) | ||||||||
Howard County RB (Lorien at Elkridge Facility Project) Series 2010 VRDN (Manufacturers and Traders Trust Co. LOC), 0.17%, 5/07/14 (c) | $ | 8,245 | $ | 8,245,000 | ||||
Howard County RB (Meadowridge III Facility Project) Series 2010 VRDN (Manufacturers and Traders Trust Co. LOC), 0.17%, 5/07/14 (c) | 8,835 | 8,835,000 | ||||||
Maryland Health & Higher Educational Facilities Authority RB (The Norwood School Project) Series 1998 VRDN (Manufacturers and Traders Trust Co. LOC), 0.15%, 5/07/14 (c) | 2,420 | 2,420,000 | ||||||
Montgomery County GO (Consolidated Public Improvement Project) Series 2005A MB, 5.00%, 7/01/14 | 100 | 100,795 | ||||||
Montgomery County GO Series 2011A MB, 5.00%, 7/01/14 | 1,230 | 1,240,034 | ||||||
Montgomery County RB (Imagination Stage, Inc. Facilities Project) Series 2002 VRDN (Manufacturers and Traders Trust Co. LOC), 0.17%, 5/07/14 (c) | 1,300 | 1,300,000 | ||||||
Montgomery County RB (Ivymount School, Inc. Facilities Project) Series 2000 VRDN (Manufacturers and Traders Trust Co. LOC), 0.12%, 5/07/14 (c) | 1,885 | 1,885,000 | ||||||
Washington County RB (Homewood Williamsport Facility Project) Series 2007 VRDN (Manufacturers and Traders Trust Co. LOC), 0.17%, 5/07/14 (c) | 4,095 | 4,095,000 | ||||||
Washington County RB (Homewood Williamsport Facility Project) Series 2011 VRDN (Manufacturers and Traders Trust Co. LOC), 0.14%, 5/07/14 (c) | 9,325 | 9,325,000 | ||||||
|
| |||||||
44,850,829 | ||||||||
Massachusetts — 1.7% | ||||||||
Massachusetts Bay Transportation Authority RB Series 2010A-7 VRDN 7 Month Window, | 2,000 | 2,000,000 | ||||||
Massachusetts Development Finance Agency RB (Partners Healthcare Project) Series 2011K-1 VRDN (Wells Fargo Bank N.A. SBPA), 0.10%, 5/07/14 (c) | 3,900 | 3,900,000 | ||||||
Massachusetts Development Finance Agency RB Municipal Trust Receipts Floaters Series 2006-1336 VRDN (Credit Suisse A.G. SBPA), 0.12%, 5/07/14 (a)(b)(c) | 2,000 | 2,000,000 | ||||||
Massachusetts Health & Educational Facilities Authority RB (Amherst College Project) Series 2003H Mandatory Put Bonds, 1.00%, 11/01/14 (c) | 980 | 984,265 | ||||||
Massachusetts Health & Educational Facilities Authority RB (Partners Healthcare Systems Project) Series 1997P-2 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.08%, 5/07/14 (c) | 13,450 | 13,450,000 | ||||||
Melrose GO Series 2013 BAN, 1.00%, 11/14/14 | 4,700 | 4,719,739 | ||||||
University of Massachusetts Building Authority RB Series 2011-2 VRDN 7 Month Window (Massachusetts State Guaranteed), 0.21%, 11/26/14 (c) | 2,615 | 2,615,000 | ||||||
|
| |||||||
29,669,004 | ||||||||
Michigan — 0.8% | ||||||||
Michigan Hospital Finance Authority RB (Ascension Health Senior Center Project) Series 2010F-6 VRDN 7 Month Window, 0.18%, 11/26/14 (c) | 5,200 | 5,200,000 |
Municipal Bonds | Par (000) | Value | ||||||
Michigan (concluded) | ||||||||
Michigan Hospital Finance Authority RB (Ascension Health Senior Credit Group Project) Series 2010F-8 VRDN 7 Month Window, 0.18%, 11/26/14 (c) | $ | 4,520 | $ | 4,520,000 | ||||
Southfield Economic Development Corp. RB (Lawrence Tech University Project) Series 2000 VRDN (JPMorgan Chase Bank N.A. LOC), 0.12%, 5/07/14 (c) | 4,585 | 4,585,000 | ||||||
|
| |||||||
14,305,000 | ||||||||
Mississippi — 2.5% | ||||||||
Mississippi Business Finance Corp. RB (Chevron USA Project) Series 2011D VRDN (Chevron Corp. Guaranty), 0.07%, 5/01/14 (c) | 2,400 | 2,400,000 | ||||||
Mississippi Business Finance Corp. RB (Chevron USA, Inc. Project) Series 2007C VRDN, 0.07%, 5/01/14 (c) | 9,320 | 9,320,000 | ||||||
Mississippi Business Finance Corp. RB (Chevron USA, Inc. Project) Series 2010A VRDN, 0.10%, 5/07/14 (c) | 12,600 | 12,600,000 | ||||||
Mississippi Business Finance Corp. RB (Chevron USA, Inc. Project) Series 2011A VRDN (Chevron Corp. Guaranty), 0.07%, 5/01/14 (c) | 7,815 | 7,815,000 | ||||||
Mississippi Business Finance Corporation RB (Chevron USA, Inc. Project) Series 2010K VRDN, 0.07%, 5/01/14 (c) | 10,800 | 10,800,000 | ||||||
Rankin County School District GO (Limited Tax Notes Project) Series 2013 MB, 2.25%, 8/01/14 | 560 | 562,728 | ||||||
|
| |||||||
43,497,728 | ||||||||
Missouri — 1.3% | ||||||||
Missouri Regional Convention & Sports Complex Authority RB (Convention & Sports Facilities Project) Series 2013A MB, 2.00%, 8/15/14 | 1,840 | 1,849,414 | ||||||
Missouri State Health and Educational Facilities RB (BJC Health System Project) SPEARS Series 2014DBE-1279 VRDN (Deutsche Bank A.G. SBPA), | 9,500 | 9,500,000 | ||||||
St. Louis General Fund GO Series 2013 TRAN, 2.00%, 5/30/14 | 6,900 | 6,909,919 | ||||||
St. Louis IDA (Mid-America Transplant Services Project) RB Series 2013 VRDN (BMO Harris Bank N.A. LOC), 0.10%, 5/01/14 (c) | 4,700 | 4,700,000 | ||||||
|
| |||||||
22,959,333 | ||||||||
Multi-State — 0.1% | ||||||||
Branch Banking & Trust Co. RB Municipal Trust Receipts Floaters Series 2008-5000 VRDN (Rabobank N.A. Credit Agreement, Rabobank N.A. SBPA), | 1,200 | 1,200,000 | ||||||
Nebraska — 0.1% | ||||||||
Lincoln GO (Highway Allocation Fund Project) | 1,165 | 1,195,674 | ||||||
Nevada — 1.3% | ||||||||
Clark County Airport System Junior Subordinate Lien RB Series 2013C-2, 2.00%, 7/01/14 | 18,900 | 18,952,436 | ||||||
Clark County Highway Improvement Revenue RB (Indexed Fuel Tax & Motor Vehicle Fuel Tax Project) SPEARS Series 2014A-DBE-1283 VRDN (Deutsche Bank A.G. Guaranty, Deutsche Bank A.G. SBPA), 0.17%, 5/07/14 (a)(b)(c) | 4,380 | 4,380,000 | ||||||
|
| |||||||
23,332,436 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 39 |
Schedule of Investments (continued) | MuniFund | |||
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | ||||||
New Jersey — 4.5% | ||||||||
Gloucester Township GO Series 2014 MB, 1.00%, 2/15/15 | $ | 634 | $ | 637,499 | ||||
Montclair Township GO (General Improvements Project) Series 2013 MB, 4.00%, 3/01/15 | 300 | 309,469 | ||||||
New Jersey RB Series 2013C TRAN, 2.00%, 6/26/14 | 74,705 | 74,896,183 | ||||||
Toms River Township GO Series 2013, 1.50%, 6/26/14 | 2,180 | 2,184,013 | ||||||
West Caldwell Township GO Series 2014 MB, 3.00%, 2/01/15 | 560 | 571,837 | ||||||
|
| |||||||
78,599,001 | ||||||||
New Mexico — 0.0% | ||||||||
Albuquerque Metropolitan Arroyo Flood Control Authority GO Series 2014, 2.00%, 8/01/14 | 300 | 301,394 | ||||||
New York — 7.5% | ||||||||
New York City GO Series 2012G-6 VRDN (Mizuho Corporate Bank Ltd. LOC), 0.09%, 5/01/14 (c) | 10,000 | 10,000,000 | ||||||
New York City GO Series 2013D-4 VRDN (TD Bank N.A. LOC), 0.07%, 5/01/14 (c) | 35,000 | 35,000,000 | ||||||
New York City Municipal Water Finance Authority RB (2nd General Fiscal Resolution Project) Series 2013 VRDN (Mizuho Corporate Bank Ltd. SBPA), 0.09%, 5/01/14 (c) | 24,475 | 24,475,000 | ||||||
New York City Municipal Water Finance Authority RB (2nd General Fiscal Resolution Project) Series 2013 VRDN (TD Bank N.A. SBPA), 0.07%, 5/01/14 (c) | 5,950 | 5,950,000 | ||||||
New York City Municipal Water Finance Authority RB (Second General Project) Series 2010DD-2 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.09%, 5/01/14 (c) | 21,600 | 21,600,000 | ||||||
New York City Municipal Water Finance Authority RB Series 2011A-2 VRDN (Mizuho Corporate Bank Ltd. SBPA), 0.06%, 5/01/14 (c) | 15,200 | 15,200,000 | ||||||
New York City Municipal Water Finance Authority Water & Sewer System RB (Second General Resolution Project) Series 2010DD-1 VRDN (TD Bank N.A. SBPA), 0.07%, 5/01/14 (c) | 9,900 | 9,900,000 | ||||||
New York GO Austin Trust Series 2008-1131 VRDN (Bank of America N.A. SBPA), 0.17%, 5/07/14 (a)(b)(c) | 7,500 | 7,500,000 | ||||||
New York Housing Development Corp. RB Series 2013F Mandatory Put Bonds, 0.20%, 12/23/14 | 3,330 | 3,330,000 | ||||||
|
| |||||||
132,955,000 | ||||||||
North Carolina — 6.2% | ||||||||
Alamance County GO Series 2009 MB, 2.50%, 5/01/14 | 1,035 | 1,035,000 | ||||||
Buncombe County RB Series 2010A MB, 3.00%, 6/01/14 | 1,235 | 1,237,980 | ||||||
Charlotte Housing Authority RB (Oak Park Project) Series 2005 VRDN (Wells Fargo Bank N.A. LOC), 0.14%, 5/07/14 (c) | 1,600 | 1,600,000 | ||||||
Charlotte Water & Sewer System RB Series 2002B VRDN (Wells Fargo Bank N.A. SBPA), | 10,300 | 10,300,000 | ||||||
Charlotte Water & Sewer System Revenue RB (Water and Sewer System Refunding Project) Series 2011 MB, 3.00%, 12/01/14 | 1,525 | 1,550,544 | ||||||
Charlotte-Mecklenburg Hospital Authority RB (Carolinas Healthcare Project) Austin Trust Series 2008-1149 VRDN (Bank of America N.A. SBPA), 0.14%, 5/07/14 (a)(b)(c) | 9,805 | 9,805,000 |
Municipal Bonds | Par (000) | Value | ||||||
North Carolina (concluded) | ||||||||
The Charlotte-Mecklenburg Hospital Authority RB (Carolinas Healthcare System Project) Series 2005 MB, 5.00%, 1/15/15 (d) | $ | 2,400 | $ | 2,482,389 | ||||
Cumberland County RB Series 2011B MB, 4.00%, 11/01/14 | 1,100 | 1,120,818 | ||||||
Dare County RB Series 2012D MB, 2.00%, 6/01/14 | 1,390 | 1,392,175 | ||||||
Greensboro Combined Water & Sewer System RB Series 2012A MB, 4.00%, 6/01/14 | 545 | 546,721 | ||||||
Guilford County GO Series 2011 MB, 4.00%, 10/01/14 | 1,000 | 1,015,931 | ||||||
Mecklenburg County GO (WVRDB Refunding Project) Series 2009D VRDN 7 Month Window, 0.22%, 11/26/14 (c) | 8,405 | 8,405,000 | ||||||
North Carolina Capital Facilities Finance Agency Educational Facilities RB (Summit School, Inc. Project) Series 2008 VRDN (Branch Banking & Trust Co. LOC), 0.12%, 5/07/14 (c) | 2,775 | 2,775,000 | ||||||
North Carolina Educational Facilities Finance Agency RB (Duke University Project) Series 1987A VRDN, 0.10%, 5/07/14 (c) | 1,300 | 1,300,000 | ||||||
North Carolina Educational Facilities Finance Agency RB (Duke University Project) Series 1991B VRDN, 0.10%, 5/07/14 (c) | 700 | 700,000 | ||||||
North Carolina Medical Care Commission Hospital RB (Southeastern Regional Medical Center Project) Series 2005 VRDN (Branch Banking & Trust Co. LOC), 0.12%, 5/07/14 (c) | 2,855 | 2,855,000 | ||||||
North Carolina Medical Care Commission RB (Duke University Health System Project) Series 2012 MB, 3.00%, 6/01/14 | 400 | 400,972 | ||||||
Raleigh COP (Downtown Improvement Project) Series 2004A VRDN (Wells Fargo Bank N.A. SBPA), 0.09%, 5/07/14 (c) | 26,900 | 26,900,000 | ||||||
Raleigh GO (Public Improvements Project) Series 2005 MB, 4.00%, 2/01/15 | 650 | 668,802 | ||||||
Raleigh RB (Comb Enterprise System Project) Series 2008B VRDN (Wells Fargo Bank N.A. SBPA), 0.09%, 5/07/14 (c) | 24,105 | 24,105,000 | ||||||
Raleigh RB Series 2009 VRDN 7 Month Window, 0.22%, 11/26/14 (c) | 3,750 | 3,750,000 | ||||||
University of North Carolina at Chapel Hill RB Series 2001B VRDN, 0.09%, 5/07/14 (c) | 4,475 | 4,475,000 | ||||||
Winston-Salem Water & Sewer System RB Series 2011 MB, 4.00%, 6/01/14 | 825 | 827,681 | ||||||
|
| |||||||
109,249,013 | ||||||||
Ohio — 1.0% | ||||||||
Cleveland Municipal School District GO Series 2004 MB (AGM Insurance), 5.00%, 6/01/14 (d) | 3,625 | 3,639,865 | ||||||
Lucas County GO (Various Purpose Improvements Project) Series 2013, 1.00%, 7/16/14 | 1,380 | 1,382,060 | ||||||
Ohio Higher Educational Facility Commission RB (Case Western Reserve University Project) Series 2002A VRDN (Wells Fargo Bank N.A. SBPA), 0.08%, 5/01/14 (c) | 5,600 | 5,600,000 | ||||||
Ohio Higher Educational Facility Commission RB (Cleveland Clinic Health System Obligation Project) Series 2013 VRDN (Wells Fargo Bank N.A. SBPA), 0.06%, 5/01/14 (c) | 6,800 | 6,800,000 |
See Notes to Financial Statements.
40 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Schedule of Investments (continued) | MuniFund | |||
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | ||||||
Ohio (concluded) | ||||||||
Ohio RB (Garvee Project) Series 2010-3 MB, | $ | 445 | $ | 458,238 | ||||
|
| |||||||
17,880,163 | ||||||||
Oklahoma — 0.5% | ||||||||
Tulsa IDA RB (St. Francis Health System Project) Austin Trust Series 2008-3500 VRDN (Bank of America N.A. SBPA), 0.14%, 5/07/14 (a)(b)(c) | 8,092 | 8,092,000 | ||||||
Oregon — 0.0% | ||||||||
Portland Sewer System RB (First Lien Project) Series 2007A MB, 5.00%, 6/01/14 | 500 | 502,052 | ||||||
Pennsylvania — 3.8% | ||||||||
Chester County Health & Education Facilities Authority RB (AICUP Financing Project) Series 2013 VRDN (Manufacturers and Traders Trust Co. LOC), 0.14%, 5/07/14 (c) | 11,510 | 11,510,000 | ||||||
Geisinger Authority RB (Geisinger Health System Project) Series 2013 VRDN (Wells Fargo Bank N.A. SBPA), 0.05%, 5/01/14 (c) | 27,800 | 27,800,000 | ||||||
Lancaster County Hospital Authority RB (Luthercare Project) Series 2010 VRDN (Manufacturers and Traders Trust Co. LOC), 0.17%, 5/07/14 (c) | 10,215 | 10,215,000 | ||||||
Lycoming County Authority RB (AICUP Financing Program Project) Series 2013 VRDN (Manufacturers and Traders Trust Co. LOC), 0.14%, 5/07/14 (c) | 4,175 | 4,175,000 | ||||||
Philadelphia Hospitals & Higher Education Facilities Authority RB (Children’s Hospital Project) Series 2011 VRDN (Wells Fargo Bank N.A. SBPA), 0.09%, 5/01/14 (c) | 9,500 | 9,500,000 | ||||||
Southcentral General Authority RB (Homewood Hanover Project) Series 2003 VRDN (Manufacturers and Traders Trust Co. LOC), 0.17%, 5/07/14 (c) | 4,550 | 4,550,000 | ||||||
|
| |||||||
67,750,000 | ||||||||
South Carolina — 0.2% | ||||||||
Berkeley County GO Series 2010 MB, 5.00%, 3/01/15 | 3,330 | 3,464,759 | ||||||
Tennessee — 0.4% | ||||||||
Blount County Public Building Authority RB (Local Government Public Improvement Project) Series 2009E-8-A VRDN (Branch Banking & Trust Co. LOC), 0.10%, 5/07/14 (c) | 1,500 | 1,500,000 | ||||||
Montgomery County Public Building Authority Pooled Financing RB (Tennessee County Loan Pool Project) Series 1995 VRDN (Bank of America N.A. LOC), 0.16%, 5/07/14 (c) | 4,170 | 4,170,000 | ||||||
Oak Ridge GO Series 2013 MB, 2.00%, 6/01/14 | 700 | 701,023 | ||||||
Tennessee GO Series 2009A MB, 5.00%, 5/01/15 | 300 | 314,412 | ||||||
|
| |||||||
6,685,435 | ||||||||
Texas — 7.9% | ||||||||
Austin Water & Wastewater System Revenue RB Series 2012 MB, 5.00%, 11/15/14 | 600 | 615,801 | ||||||
Brownsville Utility System RB SPEARS Series 2008DBE-533 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), | 3,435 | 3,435,000 |
Municipal Bonds | Par (000) | Value | ||||||
Texas (concluded) | ||||||||
Garland GO Series 2012A2 TECP (Royal Bank of Canada LOC), 0.13%, 6/17/14 | $ | 7,500 | $ | 7,500,000 | ||||
Harris County Cultural Education Facilities Finance Corp. RB (Methodist Hospital Project) Series 2008C-1 VRDN, 0.08%, 5/01/14 (c) | 15,800 | 15,800,000 | ||||||
Harris County Health Facilities Development Corp. RB (Methodist Hospital Project) Series 2008A-1 VRDN, 0.08%, 5/01/14 (c) | 200 | 200,000 | ||||||
Houston ISD GO (Public Property Financial Contractual Obligation Project) Series 2011 MB, 2.00%, 7/15/14 | 1,100 | 1,104,329 | ||||||
Lovejoy ISD GO SPEARS (School Building Project) Series 2008DB-514 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), 0.15%, 5/07/14 (a)(b)(c) | 8,950 | 8,950,000 | ||||||
North Texas Tollway Authority RB Series 2005A MB (AGM Insurance), 5.00%, 1/01/15 (d) | 3,035 | 3,150,228 | ||||||
Port of Arthur Navigation District Industrial Development Corp. RB (Total Petrochemicals Project) Series 2012 VRDN (Total S.A. Credit Agreement), 0.10%, 5/07/14 (c) | 24,300 | 24,300,000 | ||||||
Port of Port Arthur Navigation District RB (Atofina Project) Series 2002C VRDN (Total Petrochemicals USA, Inc. Corporate Underlier), 0.10%, 5/07/14 (c) | 1,500 | 1,500,000 | ||||||
San Antonio (Electric and Gas Systems Project) Series 2014A TECP (JPMorgan Chase Bank N.A. Guaranty), 0.10%, 8/07/14 | 20,000 | 20,000,000 | ||||||
San Antonio GO (Certificates Obligation Project) Series 2010 MB, 5.00%, 8/01/14 | 500 | 506,111 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. RB (Christus Health Project) | 12,200 | 12,200,000 | ||||||
Tarrant County Cultural Education Facility Finance Corp. RB (Texas Health Resources Project) Austin Trust Series 2008-1201 VRDN (Bank of America N.A. SBPA), 0.14%, 5/07/14 (a)(b)(c) | 5,795 | 5,795,000 | ||||||
Tarrant County GO (Refunding and Improvement Limited Tax Project) Series 2013 MB, 1.00%, 7/15/14 | 1,080 | 1,081,809 | ||||||
Texas Industrial Development Corp. RB (NRG Energy, Inc. Project) Series 2012 VRDN (Bank of America N.A. LOC), 0.12%, 5/07/14 (c) | 2,600 | 2,600,000 | ||||||
Texas Tollway Authority RB SPEARS | 9,445 | 9,445,000 | ||||||
University of Texas Permanent University Fund RB Series 2008A VRDN, 0.07%, 5/07/14 (c) | 19,950 | 19,950,000 | ||||||
University of Texas RB (Financing System Project) Series 2012A MB, 2.00%, 8/15/14 | 500 | 502,751 | ||||||
|
| |||||||
138,636,029 | ||||||||
Utah — 0.1% | ||||||||
Salt Lake County GO Series 2011C MB, 5.00%, 12/15/14 | 700 | 721,101 | ||||||
Utah GO Series 2009C MB, 5.00%, 7/01/14 | 1,300 | 1,310,605 | ||||||
|
| |||||||
2,031,706 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 41 |
Schedule of Investments (continued) | MuniFund | |||
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | ||||||
Virginia — 2.5% | ||||||||
Arlington County IDRB (Woodbury Park Project) | $ | 1,720 | $ | 1,720,000 | ||||
Fairfax County IDA RB (Inova Health Systems Project) Series 2005A-1 VRDN (TD Bank N.A. SBPA), 0.08%, 5/07/14 (c) | 32,300 | 32,300,000 | ||||||
Fairfax County IDA RB (Inova Health Systems Project) | 6,905 | 6,905,000 | ||||||
Virginia Beach GO (Public Improvements Project) | 1,455 | 1,525,325 | ||||||
Virginia Commonwealth Transportation Board Clipper Tax-Exempt Certificates Trust RB | 800 | 800,000 | ||||||
Virginia GO Series 2005A MB, 5.00%, 6/01/14 | 590 | 592,427 | ||||||
|
| |||||||
43,842,752 | ||||||||
Washington — 1.9% | ||||||||
Chelan County Public Utility District No. 1 RB Eclipse Funding Trust Series 2007C-0047 VRDN (U.S. Bank N.A. LOC, U.S. Bank N.A. SBPA), | 11,325 | 11,325,000 | ||||||
King County Series 2014A TECP (Bayerische Landesbank Girozentrale SBPA): | ||||||||
0.10%, 6/05/14 | 10,170 | 10,170,000 | ||||||
0.11%, 8/07/14 | 11,110 | 11,110,000 | ||||||
Washington GO (Motor Vehicle Fuel Tax Project) | 500 | 504,891 | ||||||
|
| |||||||
33,109,891 | ||||||||
Wisconsin — 4.7% | ||||||||
Kenosha County GO Series 2013B MB, 2.00%, 6/01/14 | 510 | 510,779 | ||||||
Kenosha GO Series 2014 MB, 2.00%, 4/01/15 | 2,810 | 2,857,377 | ||||||
Wisconsin GO Series 2014-8 TECP: | ||||||||
0.09%, 5/02/14 | 15,000 | 15,000,000 | ||||||
0.09%, 5/08/14 | 10,000 | 10,000,000 | ||||||
0.10%, 5/16/14 | 31,000 | 31,000,000 |
Municipal Bonds | Par (000) | Value | ||||||
Wisconsin (concluded) | ||||||||
Wisconsin Health & Educational Facilities Authority RB (Ascension Health Alliance Senior Credit Group Project) Series 2013B VRDN, 0.18%, 11/26/14 (c) | $ | 5,410 | $ | 5,410,000 | ||||
Wisconsin Health & Educational Facilities Authority RB (Oakwood Village Project) Series 2000B VRDN (BMO Harris Bank N.A. LOC), 0.11%, 5/07/14 (c) | 4,280 | 4,280,000 | ||||||
Wisconsin Petroleum Inspection Fee Revenue | 13,500 | 13,500,000 | ||||||
|
| |||||||
82,558,156 | ||||||||
Total Municipal Bonds — 98.2% | 1,730,108,788 | |||||||
Closed-End Investment Companies (a)(c) | ||||||||
California — 0.1% | ||||||||
Nuveen California AMT-Free Municipal Income Fund Series 2010-4 VRDP (Citibank N.A. Liquidity Facility), 0.18%, 5/07/14 | 2,500 | 2,500,000 | ||||||
Multi-State — 1.5% | ||||||||
Nuveen AMT-Free Municipal Income Fund Series 2013-2190-1 VRDP (Deutsche Bank A.G. Liquidity Facility), 0.21%, 5/07/14 | 26,900 | 26,900,000 | ||||||
New York — 0.1% | ||||||||
Nuveen New York AMT-Free Municipal Income Fund, Inc. Series 2013-3 VRDP (Citibank N.A. Liquidity Facility), 0.18%, 5/07/14 | 1,800 | 1,800,000 | ||||||
Total Closed-End Investment Companies — 1.7% | 31,200,000 | |||||||
Total Investments (Cost $1,761,308,788*) — 99.9% | 1,761,308,788 | |||||||
Other Assets Less Liabilities — 0.1% | 992,418 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 1,762,301,206 | ||||||
|
|
Notes to Schedule of Investments |
* | Cost for federal income tax purposes. |
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(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) | 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) | U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(e) | When-issued security. |
Ÿ | Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
Ÿ | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access |
Ÿ | 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) |
Ÿ | 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) |
See Notes to Financial Statements.
42 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Schedule of Investments (concluded) | MuniFund |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statements.
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of April 30, 2014:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Short-Term Securities1 | — | $ | 1,761,308,788 | — | $ | 1,761,308,788 |
1 | See above Schedule of Investments for values in each state. |
The carrying amount for certain of the Fund’s assets and/or liabilities approximates fair value for financial statement purposes. As of April 30, 2014, cash of $313,306 is categorized as Level 1 within the disclosure hierarchy.
There were no transfers between levels during the six months ended April 30, 2014.
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 43 |
Schedule of Investments April 30, 2014 (Unaudited) | California Money Fund | |||
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | ||||||
California — 96.3% | ||||||||
Alvord Unified School District GO (2007 Election Project) SPEARS Series 2011B-DBE-1255 VRDN (Deutsche Bank A.G. Guaranty, Deutsche Bank A.G. SBPA), 0.17%, 5/07/14 (a)(b)(c) | $ | 5,000 | $ | 5,000,000 | ||||
Anaheim Redevelopment Agency Tax Allocation SPEARS Series 2007DB-470 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), 0.14%, 5/07/14 (a)(b)(c) | 3,255 | 3,255,000 | ||||||
Bay Area Toll Authority Toll Bridge RB (San Francisco Bay Area Project) Municipal Trust Receipts Floaters Series 2001-4740 VRDN (Bank of America N.A. SBPA), 0.15%, 5/07/14 (a)(b)(c) | 1,750 | 1,750,000 | ||||||
California Community College Financing Authority RB (Participation Project) Series 2014C, | 1,000 | 1,012,308 | ||||||
California Community College Financing Authority RB Series 2013B RAN, 2.00%, 6/30/14 | 3,600 | 3,610,136 | ||||||
California Department of Water Resources RB Series 2010M MB, 5.00%, 5/01/14 | 1,200 | 1,200,000 | ||||||
California GO Municipal Trust Receipts Floaters Series 2007-2178 VRDN (Wells Fargo Bank N.A. Credit Agreement, Wells Fargo Bank N.A. SBPA), | 17,005 | 17,005,000 | ||||||
California GO Municipal Trust Receipts Floaters Series 2008-2661 VRDN (Wells Fargo Bank N.A. Credit Agreement, Wells Fargo Bank N.A. SBPA), | 4,000 | 4,000,000 | ||||||
California GO Series 2007 MB, 5.00%, 11/01/14 | 200 | 204,855 | ||||||
California GO SPEARS Series 2013DBE-1229 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), 0.17%, 5/07/14 (a)(b)(c) | 1,780 | 1,780,000 | ||||||
California Health Facilities Financing Authority RB (Scripps Health Project) Series 2008B VRDN (Wachovia Bank LOC), 0.06%, 5/07/14 (c) | 4,330 | 4,330,000 | ||||||
California Health Facilities Financing Authority RB (Stanford Hospital Clinics Project) Series 2012B MB, 2.00%, 8/15/14 | 200 | 201,070 | ||||||
California Health Facilities Financing Authority RB (Stanford Hospital Clinics Project) Series 2012C VRDN 7 Month Window, 0.20%, 11/26/14 (c) | 3,000 | 3,000,000 | ||||||
California Health Facilities Financing Authority RB SPEARS (Dignity Health Project) Series 2012-DBE-1083 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), 0.18%, 5/07/14 (a)(b)(c) | 3,000 | 3,000,000 | ||||||
California Infrastructure & Economic Development Bank RB (Pacific Gas & Electric Co. Project) Series 2009D VRDN (Sumitomo Mitsui Banking Corp. LOC), 0.05%, 5/01/14 (c) | 5,525 | 5,525,000 | ||||||
California Municipal Finance Authority RB (Chevron USA, Inc. Recovery Zone Project) Series 2010 VRDN, 0.05%, 5/01/14 (c) | 1,600 | 1,600,000 | ||||||
California Municipal Finance Authority RB (Westmont College Project) Series 2010A VRDN (Comerica Bank LOC), 0.14%, 5/07/14 (c) | 1,200 | 1,200,000 | ||||||
California Pollution Control Financing Authority PCRB (Air Products & Chemicals Project) Series 1997 VRDN, 0.10%, 5/01/14 (c) | 6,200 | 6,200,000 |
Municipal Bonds | Par (000) | Value | ||||||
California (continued) | ||||||||
California RB Series 2013A-1 RAN, 2.00%, 5/28/14 | $ | 200 | $ | 200,266 | ||||
California RB Series 2013A-2 RAN: | ||||||||
2.00%, 6/23/14 | 3,650 | 3,659,788 | ||||||
2.00%, 6/23/14 | 300 | 301,102 | ||||||
2.00%, 6/23/14 | 100 | 100,322 | ||||||
California School Cash Reserve Program Authority RB Series 2013B, 2.00%, 6/02/14 | 400 | 400,576 | ||||||
California School Cash Reserve Program Authority RB Series 2013G, 2.00%, 5/01/14 | 100 | 100,000 | ||||||
California School Cash Reserve Program Authority RB Series 2014J MB, 2.00%, 10/01/14 | 1,800 | 1,814,236 | ||||||
California School Cash Reserve Program Authority RB Series 2014K MB, 2.00%, 10/01/14 | 2,200 | 2,217,399 | ||||||
California School Cash Reserve Program Authority RB Series 2014L MB, 2.00%, 10/01/14 | 1,000 | 1,007,825 | ||||||
California School Cash Reserve Program Authority RB Series 2014M, 2.00%, 12/31/14 | 1,000 | 1,012,309 | ||||||
California State University RB (Systemwide Project) Series 2009A MB, 3.50%, 11/01/14 | 100 | 101,658 | ||||||
Contra Costa Water District Series 2014 TECP, | 3,200 | 3,200,000 | ||||||
East Bay Municipal Utility District Water | ||||||||
0.10%, 5/14/14 | 3,800 | 3,800,000 | ||||||
0.11%, 7/02/14 | 5,300 | 5,300,000 | ||||||
0.10%, 7/08/14 | 1,900 | 1,900,000 | ||||||
East Bay Municipal Utility District Water System Revenue RB Eagle Trust Receipts Series 2013-0010A VRDN (Citibank N.A. SBPA), 0.13%, 5/07/14 (a)(b)(c) | 5,400 | 5,400,000 | ||||||
Eastern Municipal Water District RB Series 2012A Mandatory Put Bonds, 0.12%, 6/12/14 (c) | 3,600 | 3,600,000 | ||||||
Eastern Municipal Water District RB Series 2013A Mandatory Put Bonds, 0.14%, 7/03/14 (c) | 2,500 | 2,500,000 | ||||||
Elsinore Valley Municipal Water District COP Series 2008B VRDN (Bank of America N.A. LOC), | 1,500 | 1,500,000 | ||||||
Fontana Unified School District GO PUTTERS Series 2008-2668 VRDN (AGM Insurance, JPMorgan Chase Bank N.A. SBPA), 0.20%, 5/07/14 (a)(b)(c) | 1,000 | 1,000,000 | ||||||
Jefferson Elementary School District GO (Election 2012 Project) Series 2013A MB, 4.00%, 9/01/14 | 100 | 101,262 | ||||||
Kern Community College District COP Series 2014, 0.22%, 4/01/15 | 2,000 | 2,000,000 | ||||||
Los Angeles County GO Series 2013B TRAN, | 2,600 | 2,607,842 | ||||||
Los Angeles County Metropolitan Transportation Authority RB (Senior Proposition Project) Series 2011A-1 MB, 4.00%, 7/01/14 | 200 | 201,293 | ||||||
Los Angeles County Schools RB (Pooled Transportation Project) Series 2014B-3, 2.00%, 12/31/14 | 500 | 506,214 | ||||||
Los Angeles County Schools RB (Pooled Transportation Project) Series 2014B-4, 2.00%, 12/31/14 | 600 | 607,420 |
See Notes to Financial Statements.
44 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Schedule of Investments (continued) | California Money Fund | |||
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | ||||||
California (continued) | ||||||||
Los Angeles Unified School District GO Series 2009KRY MB, 5.00%, 7/01/14 | $ | 100 | $ | 100,806 | ||||
Milpitas Unified School District GO Series 2012A MB, | 500 | 501,700 | ||||||
Newport Mesa Unified School District GO (Election 2000 Project) Series 2010 MB, 4.00%, 8/01/14 | 100 | 100,975 | ||||||
Pananma-Buena Vista Union School District GO Series 2014 TRAN, 1.50%, 9/01/14 | 1,000 | 1,004,523 | ||||||
Pasadena Unified School District GO Series 2004 MB, | 150 | 153,595 | ||||||
Pittsburg Redevelopment Agency For Tax Allocation (Los Medanos Community Project) Series 2004 VRDN (State Street Bank & Trust Co. LOC, CalSTRS LOC), | 5,500 | 5,500,000 | ||||||
Redondo Beach Unified School District GO (Election of 2012 Project) Series 2013A MB, 3.00%, 8/01/14 | 100 | 100,705 | ||||||
Redwood City School District GO Series 2013 TRAN, | 1,800 | 1,825,273 | ||||||
Roseville City School District GO Series 2011 MB, | 100 | 100,977 | ||||||
Rowland Unified School District GO (2012 Election Project) Series 2013A MB, 4.00%, 8/01/14 | 100 | 100,951 | ||||||
Sacramento Municipal Utility District RB SPEARS Series 2013A-DBE-1186 VRDN (Deutsche Bank A.G. SBPA), 0.17%, 5/07/14 (a)(b)(c) | 1,000 | 1,000,000 | ||||||
Sacramento RB Series 2013 MB, 1.00%, 9/01/14 | 100 | 100,260 | ||||||
San Bernardino County Housing Authority RB (Raintree Apartment Project) Series 2005A VRDN (Federal Home Loan Bank LOC), 0.13%, 5/07/14 (c) | 3,000 | 3,000,000 | ||||||
San Diego County Water Authority RB (Building Improvements Project) Series 2014-8 TECP (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.09%, 9/10/14 | 1,000 | 1,000,000 | ||||||
San Diego Public Facilities Financing Authority RB Series 2009B MB, 5.00%, 5/15/14 | 700 | 701,259 | ||||||
San Diego Public Facilities Financing Authority Water Revenue RB Series 2012A MB, 3.00%, 8/01/14 | 100 | 100,698 | ||||||
San Dieguito Union High School District GO (Election of 2012 Project) Series 2013A-2 MB, 1.00%, 8/01/14 | 1,200 | 1,202,556 | ||||||
San Francisco City & County COP (Moscone Center Improvement Project) Series 2013A MB, | 500 | 506,420 | ||||||
San Jose Evergreen Community College District GO (Election of 2010 Project) Series 2012A MB, | 700 | 700,424 |
Municipal Bonds | Par (000) | Value | ||||||
California (concluded) | ||||||||
San Mateo County Community College District GO | $ | 1,000 | $ | 1,000,596 | ||||
San Mateo County GO SPEARS (Election 2005 Project) Series 2007DB-282 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), | 545 | 545,000 | ||||||
San Mateo County GO SPEARS (Election 2005 Project) Series 2007DB-415 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), | 750 | 750,000 | ||||||
San Ramon Valley Unified School District GO (Election of 2012 Project) Series 2013 MB, 2.00%, 8/01/14 | 300 | 301,393 | ||||||
Santa Clara Unified School District GO Series 2013 TRAN, 1.50%, 6/30/14 | 3,100 | 3,106,607 | ||||||
Sonoma County Junior College District GO (Election of 2002 Project) Series 2008D MB, 4.00%, 8/01/14 | 135 | 136,289 | ||||||
South San Francisco Unified School District GO (Measure J Project) Series 2012A MB, 0.48%, 9/01/14 | 100 | 100,077 | ||||||
University of California RB (Ltd. Project) Series 2010E MB, 3.00%, 5/15/14 | 100 | 100,104 | ||||||
University of California RB Series 2009O MB, | 100 | 100,181 | ||||||
University of California RB Series 2011AB MB, | 100 | 100,187 | ||||||
University of California RB Series 2013AL-3 VRDN, | 6,400 | 6,400,000 | ||||||
Upland Unified School District GO Series 2012 MB, | 100 | 100,436 | ||||||
William S. Hart Union High School District GO (2008 Election Project) Series 2013C MB, 2.00%, 8/01/14 | 100 | 100,444 | ||||||
Total Municipal Bonds — 96.3% | 139,655,317 | |||||||
Closed-End Investment Companies (a)(c) | ||||||||
California — 3.4% | ||||||||
Nuveen California AMT-Free Municipal Income Fund Series 2010-4 VRDP (Citibank N.A. Liquidity Facility), | 5,000 | 5,000,000 | ||||||
Total Investments (Cost $144,655,317*) — 99.7% | 144,655,317 | |||||||
Other Assets Less Liabilities — 0.3% | 362,949 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 145,018,266 | ||||||
|
|
Notes to Schedule of Investments |
* | Cost for federal income tax purposes. |
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(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) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
Ÿ | Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
Ÿ | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 45 |
Schedule of Investments (concluded) | California Money Fund |
Ÿ | 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) |
Ÿ | 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 hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statements.
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of April 30, 2014:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Short-Term Securities1 | — | $ | 144,655,317 | — | $ | 144,655,317 |
1 | See above Schedule of Investments for values in the state. |
The carrying amount for certain of the Fund’s assets and/or liabilities approximates fair value for financial statement purposes. As of April 30, 2014, cash of $36,736 is categorized as Level 1 within the disclosure hierarchy.
There were no transfers between levels during the six months ended April 30, 2014.
See Notes to Financial Statements.
46 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Schedule of Investments April 30, 2014 (Unaudited) | New York Money Fund | |||
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | ||||||
New York — 94.5% | ||||||||
Beekmantown Central School District GO | $ | 460 | $ | 460,000 | ||||
Central Islip Union Free School District GO | 1,320 | 1,323,378 | ||||||
Central Islip Union Free School District GO | 1,000 | 1,000,705 | ||||||
Clarkstown GO Series 2010 MB, 4.00%, 5/15/14 | 100 | 100,139 | ||||||
Cohoes IDA RB (Eddy Cohoes Project) Series 2008 VRDN (Bank of America N.A. LOC), | 5,600 | 5,600,000 | ||||||
Commack Union Free School District GO | 90 | 90,210 | ||||||
East Williston Union Free School District GO | 800 | 800,847 | ||||||
Erie County Fiscal Stability Authority RB | 2,120 | 2,123,945 | ||||||
Franklin County Civic Development Corp. RB (Alice Hyde Medical Center) Series 2013 VRDN (HSBC Bank USA N.A. LOC), 0.14%, 5/07/14 (a) | 1,000 | 1,000,000 | ||||||
Hyde Park Central School District GO | 1,480 | 1,480,949 | ||||||
Lagrange GO Series 2014B BAN, 1.00%, 3/27/15 | 1,110 | 1,116,995 | ||||||
Long Island Power Authority RB Municipal Trust Receipts Floaters Series 2006-1428 VRDN (Berkshire Hathaway Assurance Corp. Insurance, Morgan Stanley Bank Liquidity Agreement), | 1,000 | 1,000,000 | ||||||
Long Island Power Authority RB Series 1998-1B VRDN (State Street Bank & Trust Co. LOC), | 5,300 | 5,300,000 | ||||||
Mattituck-Cutchogue Union Free School District GO | 400 | 400,455 | ||||||
Met Transportation Authority RB SPEARS (Transportation Project) Series 2013DBE-1177 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), | 1,250 | 1,250,000 | ||||||
Metropolitan Transportation Authority RB (Transportation Project) Series 2011A MB, 5.00%, 11/15/14 | 100 | 102,529 | ||||||
Metropolitan Transportation Authority RB | 75 | 75,665 | ||||||
Metropolitan Transportation Authority RB Series 2002B-1 VRDN (State Street Bank & Trust Co. LOC), | 5,000 | 5,000,000 | ||||||
Metropolitan Transportation Authority RB Series 2008A-1 VRDN (Morgan Stanley Bank LOC), | 3,700 | 3,700,000 | ||||||
Metropolitan Transportation Authority RB Series 2008A-2 VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.12%, 5/07/14 (a) | 50 | 50,000 | ||||||
Metropolitan Transportation Authority RB | 100 | 102,043 | ||||||
Middle Country School District at Centereach GO | 250 | 250,462 | ||||||
New Rochelle GO (Public Improvements Project) | 80 | 81,123 | ||||||
New Rochelle GO Series 2014A BAN, 1.00%, 3/06/15 | 975 | 980,505 | ||||||
New York City GO Series 1995F-4 VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), | 900 | 900,000 |
Municipal Bonds | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York City GO Series 1995F-5 VRDN (Bayerische Landesbank Girozentrale LOC), 0.14%, 5/07/14 (a) | $ | 2,875 | $ | 2,875,000 | ||||
New York City GO Series 2002C-2 VRDN (Bayerische Landesbank Girozentrale LOC), 0.14%, 5/07/14 (a) | 4,070 | 4,070,000 | ||||||
New York City GO Series 2005O MB, 5.00%, 6/01/14 | 100 | 100,411 | ||||||
New York City GO Series 2008L-4 VRDN (U.S. Bank N.A. LOC), 0.08%, 5/01/14 (a) | 900 | 900,000 | ||||||
New York City GO Series 2012G-5 VRDN (Wells Fargo Bank N.A. SBPA), 0.06%, 5/01/14 (a) | 1,500 | 1,500,000 | ||||||
New York City GO Series 2012G-7 VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.07%, 5/01/14 (a) | 3,800 | 3,800,000 | ||||||
New York City Housing Development Corp. RB (50th Avenue Development Project) Series 2013A VRDN (Wells Fargo Bank N.A. LOC), 0.08%, 5/07/14 (a) | 1,100 | 1,100,000 | ||||||
New York City Housing Development Corp. RB Series 2012K-2 VRDN (Wells Fargo Bank N.A. LOC), | 4,365 | 4,365,000 | ||||||
New York City Housing Development Corp. RB Series 2013F Mandatory Put Bonds, 0.20%, 12/23/14 (a) | 500 | 500,000 | ||||||
New York City Municipal Water Finance Authority RB (2nd General Fiscal Resolution Project) Series 2013 VRDN (TD Bank N.A. SBPA), 0.07%, 5/01/14 (a) | 2,500 | 2,500,000 | ||||||
New York City Municipal Water Finance Authority Water & Sewer System RB (Second General Resolution Project) Series 2010DD-1 VRDN (TD Bank N.A. SBPA), | 1,000 | 1,000,000 | ||||||
New York City Municipal Water Finance Authority Water & Sewer System RB Eagle Trust Receipts Series 2009-0047A VRDN (Citibank N.A. SBPA), | 1,500 | 1,500,000 | ||||||
New York City Transitional Finance Authority Building Aid Revenue RB Series 2011S-1A MB, 4.00%, 7/15/14 | 100 | 100,757 | ||||||
New York City Transitional Finance Authority Future Tax Secured RB Series 2007 MB, 5.00%, 11/01/14 | 100 | 102,346 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue RB Series 2012A-4 VRDN (Northern Trust SBPA), 0.07%, 5/01/14 (a) | 5,000 | 5,000,000 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue RB Series 2012C-5 VRDN (Sumitomo Mitsui Banking Corp. LOC), | 3,800 | 3,800,000 | ||||||
New York City Transitional Finance Authority RB (New York City Recovery Project) Series 2002-3F VRDN (Royal Bank of Canada SBPA), 0.09%, 5/01/14 (a) | 3,000 | 3,000,000 | ||||||
New York City Water & Sewer System RB | 200 | 200,670 | ||||||
New York Dormitory Authority (City University Consolidated 5th General Resources Project) RB | 505 | 508,192 | ||||||
New York Dormitory Authority RB (City University of New York Project) Series 2008D VRDN (TD Bank N.A. LOC), | 2,000 | 2,000,000 | ||||||
New York Dormitory Authority RB (Columbia University Project) Series 2006B MB, 5.00%, 7/01/14 | 50 | 50,402 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 47 |
Schedule of Investments (continued) | New York Money Fund | |||
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York Dormitory Authority RB (Cornell University Project) Series 2000B VRDN (JPMorgan Chase Bank N.A. SBPA), 0.13%, 5/07/14 (a) | $ | 300 | $ | 300,000 | ||||
New York Dormitory Authority RB (Long Island University Project) Series 2006A-2 VRDN (TD Bank N.A. LOC), | 3,500 | 3,500,000 | ||||||
New York Dormitory Authority RB (Mental Health Services Facilities Improvement Project) | 60 | 62,222 | ||||||
New York Dormitory Authority RB Eagle Trust Receipts | 7,000 | 7,000,000 | ||||||
New York Dormitory Authority RB Series 2009D MB, | 50 | 50,114 | ||||||
New York Dormitory Authority RB Series 2010 | 1,100 | 1,100,000 | ||||||
New York GO Municipal Trust Receipts Floaters | 1,700 | 1,700,000 | ||||||
New York HFA RB (160 West 62nd Street Project) | 3,000 | 3,000,000 | ||||||
New York HFA RB (175 West 60th Street Project) | 2,000 | 2,000,000 | ||||||
New York HFA RB (175 West 60th Street Project) | 1,500 | 1,500,000 | ||||||
New York HFA RB (388 Bridge Street Housing Project) | 300 | 300,000 | ||||||
New York HFA RB (West 29th Street Housing Project) | 1,100 | 1,100,000 | ||||||
New York Local Government Assistance Corp. RB | 2,000 | 2,000,000 | ||||||
New York State Dormitory Authority RB | 100 | 100,777 | ||||||
New York State Dormitory Authority RB | 470 | 473,710 | ||||||
New York State Dormitory Authority RB (NYU Project) | 130 | 130,464 | ||||||
New York State Dormitory Authority RB | 350 | 350,481 | ||||||
New York State Environmental Facilities Corp. RB | 100 | 102,922 | ||||||
New York State Environmental Facilities Corp. RB | 60 | 61,389 | ||||||
New York State Environmental Facilities Corp. RB | 30 | 30,056 | ||||||
New York State Urban Development Corp. RB | 135 | 139,019 |
Municipal Bonds | Par (000) | Value | ||||||
New York (concluded) | ||||||||
New York Tollway Authority RB Municipal Trust Receipts Floaters Series 2006-1427 VRDN, | $ | 1,120 | $ | 1,120,000 | ||||
Patchogue-Medford Union Free School District GO | 1,200 | 1,201,118 | ||||||
Port Authority of New York & New Jersey RB | 40 | 40,619 | ||||||
Rensselaer County Civic Facilities IDRB | 1,100 | 1,100,000 | ||||||
Rocky Point Union Free School District GO | 800 | 800,551 | ||||||
Rye Neck Unified Free School District GO | 710 | 710,171 | ||||||
Saratoga County RB (Saratoga Hospital Project) | 630 | 630,000 | ||||||
South Colonie Central School District GO | 755 | 755,963 | ||||||
South Country Central School District of Brookhaven | 1,100 | 1,100,724 | ||||||
Tomkins County GO Series 2013 BAN, 1.00%, 7/15/14 | 1,000 | 1,001,350 | ||||||
Triborough Bridge & Tunnel Authority RB Austin Trust | 700 | 700,000 | ||||||
Triborough Bridge & Tunnel Authority RB | 1,925 | 1,925,000 | ||||||
Triborough Bridge & Tunnel Authority RB | 300 | 300,000 | ||||||
Triborough Bridge & Tunnel Authority RB | 2,300 | 2,300,000 | ||||||
Triborough Bridge & Tunnel Authority RB | 110 | 112,869 | ||||||
Yonkers IDA RB (Consumers Union of | 6,050 | 6,050,000 | ||||||
Total Municipal Bonds — 94.5% |
| 118,112,247 | ||||||
Closed-End Investment Companies (a)(b) | ||||||||
New York — 5.3% | ||||||||
Nuveen New York AMT-Free Municipal Income Fund, Inc. Series 2013-3 VRDP (Citibank N.A. Liquidity Facility), 0.18%, 5/07/14 | 6,700 | 6,700,000 | ||||||
Total Investments (Cost $124,812,247*) — 99.8% | 124,812,247 | |||||||
Other Assets Less Liabilities — 0.2% | 202,944 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 125,015,191 | ||||||
|
|
See Notes to Financial Statements.
48 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Schedule of Investments (concluded) | New York Money Fund |
Notes to Schedule of Investments |
* | 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) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. |
(d) | U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
Ÿ | Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
Ÿ | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access |
Ÿ | 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) |
Ÿ | 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 hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statements.
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of April 30, 2014:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Short-Term Securities1 | — | $ | 124,812,247 | — | $ | 124,812,247 |
1 | See above Schedule of Investments for values in the state. |
The carrying amount for certain of the Fund’s assets and/or liabilities approximates fair value for financial statement purposes. As of April 30, 2014, cash of $83,138 is categorized as Level 1 within the disclosure hierarchy.
There were no transfers between levels during the six months ended April 30, 2014.
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 49 |
Statements of Assets and Liabilities |
April 30, 2014 (Unaudited) | Federal Trust Fund | FedFund | TempCash | TempFund | T-Fund | |||||||||||||||
Assets | ||||||||||||||||||||
Investments at value — unaffiliated1 | $ | 256,274,498 | $ | 6,785,243,627 | $ | 2,023,678,903 | $ | 41,275,622,627 | $ | 5,548,229,696 | ||||||||||
Repurchase agreements at value — affiliated2 | — | 900,000 | — | 108,000,000 | — | |||||||||||||||
Repurchase agreements at value — unaffiliated3 | — | 7,101,472,000 | 366,210,000 | 5,131,170,000 | 10,215,896,000 | |||||||||||||||
Cash | 2,133 | — | 265,702 | 52,508,375 | 831,888,328 | |||||||||||||||
Investments sold receivable | — | — | — | 200,387,926 | — | |||||||||||||||
Interest receivable | 12,524 | 1,017,388 | 439,345 | 8,231,015 | 2,779,695 | |||||||||||||||
Receivable from Manager | 8 | — | — | — | — | |||||||||||||||
Prepaid expenses | 39,262 | 123,550 | 75,259 | 300,787 | 140,492 | |||||||||||||||
|
| |||||||||||||||||||
Total assets | 256,328,425 | 13,888,756,565 | 2,390,669,209 | 46,776,220,730 | 16,598,934,211 | |||||||||||||||
|
| |||||||||||||||||||
Liabilities | ||||||||||||||||||||
Bank overdraft | — | 68,809,701 | — | — | — | |||||||||||||||
Investments purchased payable | 10,999,914 | — | — | — | 192,417,300 | |||||||||||||||
Income dividends payable | 1,664 | 38,121 | 53,837 | 656,892 | 68,262 | |||||||||||||||
Professional fees payable | 18,200 | 64,886 | 46,284 | 167,369 | 63,577 | |||||||||||||||
Transfer agent fees payable | 3,833 | 83,505 | 35,106 | 357,330 | 84,594 | |||||||||||||||
Custodian fees payable | 3,641 | 119,133 | 26,329 | 330,535 | 148,742 | |||||||||||||||
Printing fees payable | 3,168 | 23,416 | 12,459 | 78,772 | 31,174 | |||||||||||||||
Officer’s and Trustees’ fees payable | 1,162 | 14,261 | 7,244 | 56,703 | 25,341 | |||||||||||||||
Management fees payable | 601 | 865,980 | 375,712 | 6,442,474 | 576,180 | |||||||||||||||
Registration fees payable | 140 | — | 70,883 | 42,021 | 33,580 | |||||||||||||||
Service and distribution fees payable | 66 | — | 15,730 | 156,484 | — | |||||||||||||||
Other accrued expenses payable | 3,506 | 12,988 | 20,872 | 25,542 | 12,067 | |||||||||||||||
|
| |||||||||||||||||||
Total liabilities | 11,035,895 | 70,031,991 | 664,456 | 8,314,122 | 193,460,817 | |||||||||||||||
|
| |||||||||||||||||||
Net Assets | $ | 245,292,530 | $ | 13,818,724,574 | $ | 2,390,004,753 | $ | 46,767,906,608 | $ | 16,405,473,394 | ||||||||||
|
| |||||||||||||||||||
Net Assets Consist of | ||||||||||||||||||||
Paid-in capital | $ | 245,287,328 | $ | 13,818,570,665 | $ | 2,389,802,894 | $ | 46,764,920,711 | $ | 16,404,963,047 | ||||||||||
Undistributed net investment income | 583 | 98 | 39,403 | 18,582 | — | |||||||||||||||
Undistributed net realized gain | 4,619 | 153,811 | 162,456 | 2,967,315 | 510,347 | |||||||||||||||
|
| |||||||||||||||||||
Net Assets | $ | 245,292,530 | $ | 13,818,724,574 | $ | 2,390,004,753 | $ | 46,767,906,608 | $ | 16,405,473,394 | ||||||||||
|
| |||||||||||||||||||
1 Investments at cost — unaffiliated | $ | 256,274,498 | $ | 6,785,243,627 | $ | 2,023,678,903 | $ | 41,275,622,627 | $ | 5,548,229,696 | ||||||||||
2 Repurchase agreements at cost — affiliated | — | $ | 900,000 | — | 108,000,000 | — | ||||||||||||||
3 Repurchase agreements at cost — unaffiliated | — | $ | 7,101,472,000 | $ | 366,210,000 | $ | 5,131,170,000 | $ | 10,215,896,000 |
See Notes to Financial Statements.
50 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Statements of Assets and Liabilities (continued) |
April 30, 2014 (Unaudited) | Federal Trust Fund | FedFund | TempCash | TempFund | T-Fund | |||||||||||||||
Net Asset Value | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Net assets | $ | 227,365,650 | $ | 13,303,562,941 | $ | 1,953,320,872 | $ | 40,436,460,644 | $ | 14,177,496,090 | ||||||||||
|
| |||||||||||||||||||
Shares outstanding4 | 227,361,405 | 13,303,415,271 | 1,953,155,895 | 40,433,877,227 | 14,177,055,052 | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
|
| |||||||||||||||||||
Dollar | ||||||||||||||||||||
Net assets | $ | 15,640,167 | $ | 380,452,857 | 436,683,881 | $ | 2,717,593,084 | $ | 796,774,796 | |||||||||||
|
| |||||||||||||||||||
Shares outstanding4 | 15,639,875 | 380,448,136 | 436,646,998 | 2,717,421,579 | 796,750,010 | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
|
| |||||||||||||||||||
Cash Management | ||||||||||||||||||||
Net assets | — | $ | 3,246,783 | — | $ | 249,388,221 | $ | 1,219,858,488 | ||||||||||||
|
| |||||||||||||||||||
Shares outstanding4 | — | 3,246,747 | — | 249,372,282 | 1,219,820,540 | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | — | $ | 1.00 | — | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||
Cash Reserve | ||||||||||||||||||||
Net assets | — | $ | 3,824,844 | — | $ | 17,377,322 | — | |||||||||||||
|
| |||||||||||||||||||
Shares outstanding4 | — | 3,824,801 | — | 17,376,211 | — | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | — | $ | 1.00 | — | $ | 1.00 | — | |||||||||||||
|
| |||||||||||||||||||
Administration | ||||||||||||||||||||
Net assets | $ | 2,286,713 | $ | 16,944,888 | — | $ | 2,848,198,039 | $ | 4 | |||||||||||
|
| |||||||||||||||||||
Shares outstanding4 | 2,286,670 | 16,944,699 | — | 2,848,016,000 | 4 | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | — | $ | 1.00 | $ | 1.00 | |||||||||||
|
| |||||||||||||||||||
Select | ||||||||||||||||||||
Net assets | — | $ | 102,911,656 | — | $ | 469,199,230 | $ | 211,343,996 | ||||||||||||
|
| |||||||||||||||||||
Shares outstanding4 | — | 102,910,495 | — | 469,169,242 | 211,337,421 | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | — | $ | 1.00 | — | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||
Private Client | ||||||||||||||||||||
Net assets | — | $ | 6,856,116 | — | $ | 15,078,467 | — | |||||||||||||
|
| |||||||||||||||||||
Shares outstanding4 | — | 6,856,039 | — | 15,077,503 | — | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | — | $ | 1.00 | — | $ | 1.00 | — | |||||||||||||
|
| |||||||||||||||||||
Premier | ||||||||||||||||||||
Net assets | — | $ | 924,489 | — | $ | 14,611,601 | $ | 20 | ||||||||||||
|
| |||||||||||||||||||
Shares outstanding4 | — | 924,479 | — | 14,610,667 | 20 | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | — | $ | 1.00 | — | $ | 1.00 | $ | 1.00 | ||||||||||||
|
|
4 | Unlimited number of shares authorized, $0.001 par value. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 51 |
Statements of Assets and Liabilities (continued) |
April 30, 2014 (Unaudited) | Treasury Trust Fund | MuniCash | MuniFund | California Money Fund | New York Money Fund | |||||||||||||||
Assets | ||||||||||||||||||||
Investments at value1 | $ | 10,798,304,928 | $ | 176,088,117 | $ | 1,761,308,788 | $ | 144,655,317 | $ | 124,812,247 | ||||||||||
Cash | 6,935 | 182,695 | 313,306 | 36,736 | 83,138 | |||||||||||||||
Interest receivable | 828,332 | 389,033 | 2,502,776 | 355,878 | 149,148 | |||||||||||||||
Receivable from Manager | — | — | — | 66 | 283 | |||||||||||||||
Prepaid expenses | 84,183 | 47,387 | 63,036 | 21,380 | 16,885 | |||||||||||||||
|
| |||||||||||||||||||
Total assets | 10,799,224,378 | 176,707,232 | 1,764,187,906 | 145,069,377 | 125,061,701 | |||||||||||||||
|
| |||||||||||||||||||
Liabilities | ||||||||||||||||||||
Investments purchased payable | 1,593,828,787 | 4,167,385 | 1,654,645 | — | — | |||||||||||||||
Income dividends payable | 148 | 1,818 | 20,013 | 1,069 | 964 | |||||||||||||||
Management fees payable | 303,075 | 13,142 | 134,306 | 1,289 | 2,190 | |||||||||||||||
Custodian fees payable | 61,870 | 1,991 | 14,197 | 3,535 | 4,356 | |||||||||||||||
Professional fees payable | 43,674 | 26,893 | 23,478 | 27,297 | 29,538 | |||||||||||||||
Transfer agent fees payable | 33,056 | 4,428 | 22,087 | 5,181 | 2,478 | |||||||||||||||
Registration fees payable | 17,542 | — | — | 4,617 | — | |||||||||||||||
Printing fees payable | 11,841 | 3,810 | 7,112 | 3,040 | 2,721 | |||||||||||||||
Officer’s and Trustees’ fees payable | 4,149 | 1,371 | 3,528 | 1,182 | 1,001 | |||||||||||||||
Service and distribution fees payable | — | 2,305 | — | — | — | |||||||||||||||
Other accrued expenses payable | 3,970 | 6,097 | 7,334 | 3,901 | 3,262 | |||||||||||||||
|
| |||||||||||||||||||
Total liabilities | 1,594,308,112 | 4,229,240 | 1,886,700 | 51,111 | 46,510 | |||||||||||||||
|
| |||||||||||||||||||
Net Assets | $ | 9,204,916,266 | $ | 172,477,992 | $ | 1,762,301,206 | $ | 145,018,266 | $ | 125,015,191 | ||||||||||
|
| |||||||||||||||||||
Net Assets Consist of | ||||||||||||||||||||
Paid-in capital | $ | 9,204,768,215 | $ | 172,468,076 | $ | 1,762,269,696 | $ | 145,018,274 | $ | 125,014,303 | ||||||||||
Undistributed net investment income | — | 10,033 | 2,300 | — | — | |||||||||||||||
Undistributed net realized gain (loss) | 148,051 | (117 | ) | 29,210 | (8 | ) | 888 | |||||||||||||
|
| |||||||||||||||||||
Net Assets | $ | 9,204,916,266 | $ | 172,477,992 | $ | 1,762,301,206 | $ | 145,018,266 | $ | 125,015,191 | ||||||||||
|
| |||||||||||||||||||
1 Investments at cost. | $ | 10,798,304,928 | $ | 176,088,117 | $ | 1,761,308,788 | $ | 144,655,317 | $ | 124,812,247 |
See Notes to Financial Statements.
52 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Statements of Assets and Liabilities (concluded) |
April 30, 2014 (Unaudited) | Treasury Trust Fund | MuniCash | MuniFund | California Money Fund | New York Money Fund | |||||||||||||||
Net Asset Value | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Net assets | $ | 8,790,653,641 | $ | 146,337,643 | $ | 1,355,197,722 | $ | 126,726,159 | $ | 96,360,775 | ||||||||||
|
| |||||||||||||||||||
Shares outstanding2 | 8,790,512,253 | 146,288,220 | 1,355,034,631 | 126,725,194 | 96,317,913 | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
|
| |||||||||||||||||||
Dollar | ||||||||||||||||||||
Net assets | $ | 129,930,774 | 26,140,349 | $ | 43,465,601 | $ | 3,335,493 | — | ||||||||||||
|
| |||||||||||||||||||
Shares outstanding2 | 129,928,684 | 26,131,521 | 43,460,370 | 3,335,467 | — | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | — | |||||||||||
|
| |||||||||||||||||||
Cash Management | ||||||||||||||||||||
Net assets | 15,664,867 | — | $ | 11,422,374 | — | $ | 16,508,807 | |||||||||||||
|
| |||||||||||||||||||
Shares outstanding2 | 15,664,615 | — | 11,421,000 | — | 16,501,463 | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | $ | 1.00 | — | $ | 1.00 | — | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||
Administration | ||||||||||||||||||||
Net assets | $ | 268,666,984 | — | $ | 330,290,651 | $ | 1,727,743 | $ | 3,987,405 | |||||||||||
|
| |||||||||||||||||||
Shares outstanding2 | 268,662,663 | — | 330,250,902 | 1,727,730 | 3,985,632 | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | $ | 1.00 | — | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||||||
|
| |||||||||||||||||||
Select | ||||||||||||||||||||
Net assets | — | — | $ | 19,236,829 | $ | 8,926,688 | $ | 7,253,533 | ||||||||||||
|
| |||||||||||||||||||
Shares outstanding2 | — | — | 19,234,514 | 8,926,620 | 7,250,306 | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | — | — | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||
Private Client | ||||||||||||||||||||
Net assets | — | — | $ | 1,830,631 | $ | 4,285,175 | $ | 559,729 | ||||||||||||
|
| |||||||||||||||||||
Shares outstanding2 | — | — | 1,830,410 | 4,285,142 | 559,480 | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | — | — | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||
Premier | ||||||||||||||||||||
Net assets | — | — | $ | 857,398 | $ | 17,008 | $ | 344,942 | ||||||||||||
|
| |||||||||||||||||||
Shares outstanding2 | — | — | 857,295 | 17,008 | 344,789 | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | — | — | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
|
2 | Unlimited number of shares authorized, $0.001 par value. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 53 |
Statements of Operations |
Six Months Ended April 30, 2014 (Unaudited) | Federal Trust Fund | FedFund | TempCash | TempFund | T-Fund | |||||||||||||||
Investment Income | ||||||||||||||||||||
Interest — unaffiliated | $ | 109,771 | $ | 6,897,339 | $ | 3,381,236 | $ | 51,259,689 | $ | 6,081,086 | ||||||||||
Interest — affiliated | — | 18,010 | — | 91,124 | — | |||||||||||||||
|
| |||||||||||||||||||
Total investment income | 109,771 | 6,915,349 | 3,381,236 | 51,350,813 | 6,081,086 | |||||||||||||||
|
| |||||||||||||||||||
Expenses | ||||||||||||||||||||
Management | 341,017 | 13,618,332 | 4,477,629 | 46,554,924 | 17,140,218 | |||||||||||||||
Registration | 23,834 | 46,606 | 34,874 | 50,144 | 37,164 | |||||||||||||||
Service and distribution — class specific | 19,965 | 1,197,801 | 554,449 | 7,323,345 | 4,833,413 | |||||||||||||||
Professional | 19,352 | 60,287 | 29,468 | 173,080 | 72,860 | |||||||||||||||
Transfer agent | 9,917 | 240,411 | 71,979 | 880,940 | 287,262 | |||||||||||||||
Custodian | 4,706 | 183,483 | 45,408 | 598,018 | 214,836 | |||||||||||||||
Officer and Trustees | 3,346 | 85,377 | 20,691 | 314,370 | 126,511 | |||||||||||||||
Printing | 3,121 | 19,732 | 7,071 | 68,479 | 25,596 | |||||||||||||||
Miscellaneous | 17,940 | 96,014 | 44,611 | 312,915 | 120,645 | |||||||||||||||
|
| |||||||||||||||||||
Total expenses | 443,198 | 15,548,043 | 5,286,180 | 56,276,215 | 22,858,505 | |||||||||||||||
Less management fees waived | (322,007 | ) | (7,909,072 | ) | (2,025,658 | ) | (4,899,767 | ) | (12,524,958 | ) | ||||||||||
Less service and distribution fees waived — class specific | (19,965 | ) | (1,197,801 | ) | (476,109 | ) | (7,056,259 | ) | (4,833,413 | ) | ||||||||||
Less expenses reimbursed by Manager | (8 | ) | — | — | — | — | ||||||||||||||
Less fees paid indirectly | (76 | ) | (651 | ) | (271 | ) | (2,792 | ) | (309 | ) | ||||||||||
|
| |||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 101,142 | 6,440,519 | 2,784,142 | 44,317,397 | 5,499,825 | |||||||||||||||
|
| |||||||||||||||||||
Net investment income | 8,629 | 474,830 | 597,094 | 7,033,416 | 581,261 | |||||||||||||||
|
| |||||||||||||||||||
Realized Gain | ||||||||||||||||||||
Net realized gain from Investments | 4,619 | 130,106 | 157,867 | 2,437,046 | 486,197 | |||||||||||||||
|
| |||||||||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 13,248 | $ | 604,936 | $ | 754,961 | $ | 9,470,462 | $ | 1,067,458 | ||||||||||
|
|
See Notes to Financial Statements.
54 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Statements of Operations (concluded) |
Six Months Ended April 30, 2014 (Unaudited) | Treasury Trust Fund | MuniCash | MuniFund | California Money Fund | New York Money Fund | |||||||||||||||
Investment Income | ||||||||||||||||||||
Interest | $ | 2,445,960 | $ | 181,295 | $ | 830,542 | $ | 74,475 | $ | 70,151 | ||||||||||
|
| |||||||||||||||||||
Expenses | ||||||||||||||||||||
Management | 9,137,407 | 375,397 | 2,497,913 | 294,689 | 266,030 | |||||||||||||||
Service and distribution — class specific | 348,694 | 40,790 | 328,533 | 52,613 | 97,334 | |||||||||||||||
Transfer agent | 159,050 | 9,718 | 48,380 | 10,177 | 6,538 | |||||||||||||||
Custodian | 102,683 | 5,214 | 20,259 | 3,552 | 2,720 | |||||||||||||||
Officer and Trustees | 51,090 | 2,916 | 10,375 | 2,571 | 2,493 | |||||||||||||||
Professional | 45,050 | 21,110 | 23,529 | 26,450 | 29,669 | |||||||||||||||
Registration | 28,590 | 33,934 | 46,995 | 14,110 | 10,480 | |||||||||||||||
Printing | 12,912 | 3,051 | 4,768 | 3,173 | 3,467 | |||||||||||||||
Miscellaneous | 60,605 | 10,535 | 32,619 | 7,763 | 8,701 | |||||||||||||||
|
| |||||||||||||||||||
Total expenses | 9,946,081 | 502,665 | 3,013,371 | 415,098 | 427,432 | |||||||||||||||
Less management fees waived | (7,152,722 | ) | (292,235 | ) | (2,004,283 | ) | (290,260 | ) | (261,894 | ) | ||||||||||
Less service and distribution fees waived — class specific | (348,694 | ) | (40,558 | ) | (328,533 | ) | (52,613 | ) | (97,334 | ) | ||||||||||
Less expenses reimbursed by Manager | — | — | — | (5,608 | ) | (5,144 | ) | |||||||||||||
|
| |||||||||||||||||||
Total expenses after fees waived and/or reimbursed | 2,444,665 | 169,872 | 680,555 | 66,617 | 63,060 | |||||||||||||||
|
| |||||||||||||||||||
Net investment income | 1,295 | 11,423 | 149,987 | 7,858 | 7,091 | |||||||||||||||
|
| |||||||||||||||||||
Realized Gain | ||||||||||||||||||||
Net realized gain from investments | 148,087 | 8 | 30,966 | — | 918 | |||||||||||||||
|
| |||||||||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 149,382 | $ | 11,431 | $ | 180,953 | $ | 7,858 | $ | 8,009 | ||||||||||
|
|
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 55 |
Statements of Changes in Net Assets |
Federal Trust Fund | FedFund | |||||||||||||||
Increase (Decrease) in Net Assets: | Six Months April 30, 2014 | Year Ended October 31, 2013 | Six Months Ended April 30, 2014 (Unaudited) | Year Ended 2013 | ||||||||||||
Operations | ||||||||||||||||
Net investment income | $ | 8,629 | $ | 26,328 | $ | 474,830 | $ | 1,299,513 | ||||||||
Net realized gain | 4,619 | 10,944 | 130,106 | 336,727 | ||||||||||||
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | 13,248 | 37,272 | 604,936 | 1,636,240 | ||||||||||||
|
|
|
| |||||||||||||
Dividends and Distributions to Shareholders From | ||||||||||||||||
Net investment income: | ||||||||||||||||
Institutional | (8,050 | ) | (23,155 | )1 | (453,202 | ) | (1,239,359 | )1 | ||||||||
Dollar | (504 | ) | (2,992 | )1 | (16,914 | ) | (47,035 | )1 | ||||||||
Cash Management | — | — | (105 | ) | (243 | )1 | ||||||||||
Cash Reserve | — | — | (136 | ) | (565 | )1 | ||||||||||
Administration | (75 | ) | (181 | )1 | (530 | ) | (1,389 | )1 | ||||||||
Select | — | — | (3,664 | ) | (9,818 | )1 | ||||||||||
Private Client | — | — | (237 | ) | (1,097 | )1 | ||||||||||
Premier | — | — | (42 | ) | (106 | )1 | ||||||||||
Net realized gain: | ||||||||||||||||
Institutional | (10,235 | ) | (5,617 | )1 | (310,853 | ) | (90,123 | )1 | ||||||||
Dollar | (619 | ) | (1,058 | )1 | (15,708 | ) | (2,412 | )1 | ||||||||
Cash Management | — | — | (73 | ) | (16 | )1 | ||||||||||
Cash Reserve | — | — | (132 | ) | (1 | )1 | ||||||||||
Administration | (90 | ) | (43 | )1 | (326 | ) | (101 | )1 | ||||||||
Select | — | — | (2,701 | ) | (760 | )1 | ||||||||||
Private Client | — | — | (15 | ) | (120 | )1 | ||||||||||
Premier | — | — | (185 | ) | (8 | )1 | ||||||||||
|
|
|
| |||||||||||||
Decrease in net assets resulting from dividends and distributions to shareholders | (19,573 | ) | (33,046 | ) | (804,823 | ) | (1,393,153 | ) | ||||||||
|
|
|
| |||||||||||||
Capital Share Transactions | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (7,399,313 | ) | 52,038,107 | 819,786,404 | 834,766,039 | |||||||||||
|
|
|
| |||||||||||||
Net Assets | ||||||||||||||||
Total increase (decrease) in net assets | (7,405,638 | ) | 52,042,333 | 819,586,517 | 835,009,126 | |||||||||||
Beginning of period | 252,698,168 | 200,655,835 | 12,999,138,057 | 12,164,128,931 | ||||||||||||
|
|
|
| |||||||||||||
End of period | $ | 245,292,530 | $ | 252,698,168 | $ | 13,818,724,574 | $ | 12,999,138,057 | ||||||||
|
|
|
| |||||||||||||
Undistributed net investment income, end of period | $ | 583 | $ | 583 | $ | 98 | $ | 98 | ||||||||
|
|
|
|
1 | Determined in accordance with federal income tax regulations. |
See Notes to Financial Statements.
56 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Statements of Changes in Net Assets (continued) |
TempCash | TempFund | T-Fund | ||||||||||||||||||||||
Increase (Decrease) in Net Assets: | Six Months April 30, 2014 (Unaudited) | Year Ended 2013 | Six Months Ended April 30, 2014 (Unaudited) | Year Ended 2013 | Six Months Ended April 30, 2014 (Unaudited) | Year Ended 2013 | ||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income | $ | 597,094 | $ | 2,882,757 | $ | 7,033,416 | $ | 35,225,886 | $ | 581,261 | $ | 1,385,955 | ||||||||||||
Net realized gain | 157,867 | 384,590 | 2,437,046 | 3,292,448 | 486,197 | 1,291,978 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Net increase in net assets resulting from operations | 754,961 | 3,267,347 | 9,470,462 | 38,518,334 | 1,067,458 | 2,677,933 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Dividends and Distributions to Shareholders From | ||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||
Institutional | (574,927 | ) | (2,796,328 | )1 | (6,430,643 | ) | (34,560,130 | )1 | (507,974 | ) | (1,228,879 | )1 | ||||||||||||
Dollar | (22,167 | ) | (47,026 | )1 | (251,807 | ) | (190,832 | )1 | (26,734 | ) | (58,001 | )1 | ||||||||||||
Cash Management | — | — | (23,070 | ) | (23,861 | )1 | (38,791 | ) | (87,721 | )1 | ||||||||||||||
Cash Reserve | — | — | (1,709 | ) | (1,354 | )1 | — | — | ||||||||||||||||
Administration | — | — | (299,194 | ) | (449,469 | )1 | — | (54 | )1 | |||||||||||||||
Select | — | — | (25,160 | ) | (225 | )1 | (7,272 | ) | (9,408 | )1 | ||||||||||||||
Private Client | — | — | (873 | ) | (8 | )1 | — | — | ||||||||||||||||
Premier | — | — | (960 | ) | (7 | )1 | (490 | ) | (1,892 | )1 | ||||||||||||||
Net realized gain: | ||||||||||||||||||||||||
Institutional | (324,568 | ) | (396,397 | )1 | (2,759,314 | ) | (2,255,959 | )1 | (1,016,564 | ) | (332,109 | )1 | ||||||||||||
Dollar | (55,433 | ) | (43,006 | )1 | (134,259 | ) | (92,522 | )1 | (53,266 | ) | (14,070 | )1 | ||||||||||||
Cash Management | — | — | (12,727 | ) | (12,911 | )1 | (68,406 | ) | (26,088 | )1 | ||||||||||||||
Cash Reserve | — | — | (853 | ) | (606 | )1 | — | — | ||||||||||||||||
Administration | — | — | (161,395 | ) | (138,315 | )1 | — | (93 | )1 | |||||||||||||||
Select | — | — | (29,509 | ) | (25,228 | )1 | (13,873 | ) | (2,234 | )1 | ||||||||||||||
Private Client | — | — | (950 | ) | (876 | )1 | — | — | ||||||||||||||||
Premier | — | — | (998 | ) | (908 | )1 | (2,891 | ) | — | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Decrease in net assets resulting from dividends and distributions to shareholders | (977,095 | ) | (3,282,757 | ) | (10,133,421 | ) | (37,753,211 | ) | (1,736,261 | ) | (1,760,549 | ) | ||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Capital Share Transactions | ||||||||||||||||||||||||
Net decrease in net assets derived from capital share transactions | (722,180,425 | ) | (1,062,343,391 | ) | (1,586,288,422 | ) | (56,265,604 | ) | (1,165,973,333 | ) | (2,131,882,780 | ) | ||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Net Assets | ||||||||||||||||||||||||
Total decrease in net assets | (722,402,559 | ) | (1,062,358,801 | ) | (1,586,951,381 | ) | (55,500,481 | ) | (1,166,642,136 | ) | (2,130,965,396 | ) | ||||||||||||
Beginning of period | 3,112,407,312 | 4,174,766,113 | 48,354,857,989 | 48,410,358,470 | 17,572,115,530 | 19,703,080,926 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
End of period | $ | 2,390,004,753 | $ | 3,112,407,312 | $ | 46,767,906,608 | $ | 48,354,857,989 | $ | 16,405,473,394 | $ | 17,572,115,530 | ||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Undistributed net investment income, end of period | $ | 39,403 | $ | 39,403 | $ | 18,582 | $ | 18,582 | — | — | ||||||||||||||
|
|
|
|
|
|
1 | Determined in accordance with federal income tax regulations. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 57 |
Statements of Changes in Net Assets (continued) |
Treasury Trust Fund | MuniCash | MuniFund | ||||||||||||||||||||||
Increase (Decrease) in Net Assets: | Six Months 2014 | Year Ended October 31, 2013 | Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, 2013 | Six Months 2014 | Year Ended October 31, 2013 | ||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income | $ | 1,295 | $ | 2,259 | $ | 11,423 | $ | 77,193 | $ | 149,987 | $ | 295,099 | ||||||||||||
Net realized gain | 148,087 | 466,468 | 8 | 566 | 30,966 | 244,788 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Net increase in net assets resulting from operations | 149,382 | 468,727 | 11,431 | 77,759 | 180,953 | 539,887 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Dividends and Distributions to Shareholders From | ||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||
Institutional | (1,243 | ) | (2,126 | )1 | (9,884 | ) | (75,788 | )1 | (111,434 | ) | (241,239 | )1 | ||||||||||||
Dollar | (31 | ) | (68 | )1 | (1,539 | ) | (1,405 | )1 | (4,279 | ) | (6,484 | )1 | ||||||||||||
Cash Management | (2 | ) | (6 | )1 | — | — | (1,295 | ) | (1,163 | )1 | ||||||||||||||
Administration | (19 | ) | (59 | )1 | — | — | (30,877 | ) | (43,734 | )1 | ||||||||||||||
Select | — | — | — | — | (1,838 | ) | (2,144 | )1 | ||||||||||||||||
Private Client | — | — | — | — | (179 | ) | (239 | )1 | ||||||||||||||||
Premier | — | — | — | — | (85 | ) | (102 | )1 | ||||||||||||||||
Net realized gain: | ||||||||||||||||||||||||
Institutional | (452,556 | ) | (108,260 | )1 | (399 | ) | (1,042 | )1 | (178,452 | ) | (109,947 | )1 | ||||||||||||
Dollar | (7,420 | ) | (5,035 | )1 | (70 | ) | (401 | )1 | (7,210 | ) | (3,798 | )1 | ||||||||||||
Cash Management | (680 | ) | (311 | )1 | — | — | (2,537 | ) | (227 | )1 | ||||||||||||||
Administration | (5,841 | ) | (2,733 | )1 | — | — | (52,452 | ) | (31,496 | )1 | ||||||||||||||
Select | — | — | — | — | (2,767 | ) | (2,305 | )1 | ||||||||||||||||
Private Client | — | — | — | — | (298 | ) | (177 | )1 | ||||||||||||||||
Premier | — | — | — | — | (118 | ) | (61 | )1 | ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Decrease in net assets resulting from dividends and distributions to shareholders | (467,792 | ) | (118,598 | ) | (11,892 | ) | (78,636 | ) | (393,821 | ) | (443,116 | ) | ||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Capital Share Transactions | ||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 1,871,330,760 | 2,090,604,960 | (57,833,690 | ) | (53,315,904 | ) | 217,946,995 | (58,116,021 | ) | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Net Assets | ||||||||||||||||||||||||
Total increase (decrease) in net assets | 1,871,012,350 | 2,090,955,089 | (57,834,151 | ) | (53,316,781 | ) | 217,734,127 | (58,019,250 | ) | |||||||||||||||
Beginning of period | 7,333,903,916 | 5,242,948,827 | 230,312,143 | 283,628,924 | 1,544,567,079 | 1,602,586,329 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
End of period | $ | 9,204,916,266 | $ | 7,333,903,916 | $ | 172,477,992 | $ | 230,312,143 | $ | 1,762,301,206 | $ | 1,544,567,079 | ||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Undistributed net investment income, end of period | — | — | $ | 10,033 | $ | 10,033 | $ | 2,300 | $ | 2,300 | ||||||||||||||
|
|
|
|
|
|
1 | Determined in accordance with federal income tax regulations. |
See Notes to Financial Statements.
58 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Statements of Changes in Net Assets (concluded) |
California Money Fund | New York Money Fund | |||||||||||||||
Increase (Decrease) in Net Assets: | Six Months April 30, 2014 | Year Ended October 31, 2013 | Six Months April 30, 2014 | Year Ended October 31, 2013 | ||||||||||||
Operations | ||||||||||||||||
Net investment income | $ | 7,858 | $ | 22,107 | $ | 7,091 | $ | 17,577 | ||||||||
Net realized gain | — | 14,071 | 918 | 800 | ||||||||||||
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | 7,858 | 36,178 | 8,009 | 18,377 | ||||||||||||
|
|
|
| |||||||||||||
Dividends and Distributions to Shareholders From | ||||||||||||||||
Net investment income: | ||||||||||||||||
Institutional | (7,009 | ) | (18,623 | )1 | (5,273 | ) | (14,183 | )1 | ||||||||
Dollar | (203 | ) | (677 | )1 | — | — | ||||||||||
Cash Management | — | — | (957 | ) | (1,774 | )1 | ||||||||||
Administration | (100 | ) | (171 | )1 | (311 | ) | (442 | )1 | ||||||||
Select | (329 | ) | (2,071 | )1 | (509 | ) | (1,131 | )1 | ||||||||
Private Client | (217 | ) | (421 | )1 | (24 | ) | (28 | )1 | ||||||||
Premier | — | (144 | )1 | (17 | ) | (19 | )1 | |||||||||
Net realized gain: | ||||||||||||||||
Institutional | (12,559 | ) | — | (615 | ) | — | ||||||||||
Dollar | (310 | ) | — | — | — | |||||||||||
Cash Management | — | — | (108 | ) | — | |||||||||||
Administration | (211 | ) | — | (42 | ) | — | ||||||||||
Select | (605 | ) | — | (60 | ) | — | ||||||||||
Private Client | (392 | ) | — | (3 | ) | — | ||||||||||
Premier | (2 | ) | — | (2 | ) | — | ||||||||||
|
|
|
| |||||||||||||
Decrease in net assets resulting from dividends and distributions to shareholders | (21,937 | ) | (22,107 | ) | (7,921 | ) | (17,577 | ) | ||||||||
|
|
|
| |||||||||||||
Capital Share Transactions | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (9,505,643 | ) | (38,716,728 | ) | (7,815,026 | ) | 5,240,817 | |||||||||
|
|
|
| |||||||||||||
Net Assets | ||||||||||||||||
Total increase (decrease) in net assets | (9,519,722 | ) | (38,702,657 | ) | (7,814,938 | ) | 5,241,617 | |||||||||
Beginning of period | 154,537,988 | 193,240,645 | 132,830,129 | 127,588,512 | ||||||||||||
|
|
|
| |||||||||||||
End of period | $ | 145,018,266 | $ | 154,537,988 | $ | 125,015,191 | $ | 132,830,129 | ||||||||
|
|
|
|
1 | Determined in accordance with federal income tax regulations. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 59 |
Financial Highlights | Federal Trust Fund |
Institutional | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0001 | 0.0043 | |||||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | 0.0003 | 0.0002 | ||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0002 | 0.0001 | 0.0004 | 0.0045 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0043 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0001 | )2 | (0.0003 | )2 | (0.0002 | )2 | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | (0.0004 | ) | (0.0045 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.02 | % | 0.01 | % | 0.05 | % | 0.45 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.32 | %6 | 0.32 | % | 0.33 | % | 0.33 | % | 0.32 | % | 0.33 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.08 | %6 | 0.11 | % | 0.11 | % | 0.15 | % | 0.18 | % | 0.23 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.01 | % | 0.47 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 227,366 | $ | 235,349 | $ | 188,110 | $ | 207,357 | $ | 217,013 | $ | 374,728 | ||||||||||||
|
| |||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0026 | ||||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | 0.0003 | 0.0002 | ||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0002 | 0.0001 | 0.0003 | 0.0028 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0026 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0001 | )2 | (0.0003 | )2 | (0.0002 | )2 | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | (0.0003 | ) | (0.0028 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.02 | % | 0.01 | % | 0.03 | % | 0.28 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.57 | %6 | 0.57 | % | 0.58 | % | 0.58 | % | 0.57 | % | 0.58 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.08 | %6 | 0.11 | % | 0.11 | % | 0.14 | % | 0.19 | % | 0.43 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.30 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 15,640 | $ | 15,061 | $ | 10,917 | $ | 16,579 | $ | 23,316 | $ | 19,993 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
60 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Financial Highlights (concluded) | Federal Trust Fund |
Administration | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | Period 2009 | ||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0000 | 2 | 0.0000 | 2 | 0.0002 | ||||||||||||||||
Net realized gain | 0.0000 | 2 | 0.0000 | 2 | 0.0001 | 0.0001 | 0.0003 | 0.0002 | ||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0002 | 0.0001 | 0.0003 | 0.0004 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )3 | (0.0001 | )3 | (0.0000 | )3,4 | (0.0000 | )3,4 | (0.0002 | )3 | ||||||||||||
Net realized gain | (0.0000 | )4 | (0.0000 | )3,4 | (0.0001 | )3 | (0.0001 | )3 | (0.0003 | )3 | (0.0002 | )3 | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | (0.0003 | ) | (0.0004 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return5 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %6 | 0.01 | % | 0.02 | % | 0.01 | % | 0.03 | % | 0.03 | %6 | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.42 | %7 | 0.42 | % | 0.43 | % | 0.43 | % | 0.42 | % | 0.43 | %7 | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.08 | %7 | 0.10 | % | 0.11 | % | 0.13 | % | 0.21 | % | 0.25 | %7 | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %7 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.00 | %7 | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,287 | $ | 2,289 | $ | 1,629 | $ | 858 | $ | 508 | $ | 99 | ||||||||||||
|
|
1 | There were no Administration Shares outstanding during the period August 13, 2008 to April 23, 2009. |
2 | Amount is less than $0.00005 per share. |
3 | Determined in accordance with federal income tax regulations. |
4 | Amount is greater than $(0.00005) per share. |
5 | Where applicable, assumes the reinvestment of dividends and distributions. |
6 | Aggregate total investment return. |
7 | Annualized. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 61 |
Financial Highlights | FedFund |
Institutional | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0002 | 0.0006 | 0.0042 | ||||||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | 0.0000 | 1 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0003 | 0.0007 | 0.0042 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0001 | )2 | (0.0002 | )2 | (0.0006 | )2 | (0.0042 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0003 | ) | (0.0007 | ) | (0.0042 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.01 | % | 0.03 | % | 0.07 | % | 0.42 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.21 | %6 | 0.21 | % | 0.21 | % | 0.21 | % | 0.21 | % | 0.23 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.14 | % | 0.17 | % | 0.17 | % | 0.20 | % | 0.22 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.02 | % | 0.07 | % | 0.39 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 13,303,563 | $ | 12,265,686 | $ | 11,698,677 | $ | 12,617,763 | $ | 13,129,908 | $ | 13,937,909 | ||||||||||||
|
| |||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0022 | ||||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | 0.0000 | 1 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0022 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0022 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0022 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.22 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.46 | %6 | 0.46 | % | 0.46 | % | 0.47 | % | 0.46 | % | 0.48 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.13 | % | 0.17 | % | 0.19 | % | 0.26 | % | 0.43 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.23 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 380,453 | $ | 593,574 | $ | 325,447 | $ | 494,151 | $ | 590,682 | $ | 778,298 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
62 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Financial Highlights (continued) | FedFund |
Cash Management | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0012 | ||||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | 0.0000 | 1 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0012 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0012 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0012 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.12 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.71 | %6 | 0.71 | % | 0.71 | % | 0.72 | % | 0.71 | % | 0.73 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.13 | % | 0.16 | % | 0.19 | % | 0.26 | % | 0.51 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.12 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 3,247 | $ | 2,947 | $ | 2,350 | $ | 11,720 | $ | 13,630 | $ | 26,633 | ||||||||||||
|
| |||||||||||||||||||||||
Cash Reserve | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0016 | ||||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | 0.0000 | 1 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0016 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0016 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0016 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.16 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.61 | %6 | 0.61 | % | 0.61 | % | 0.62 | % | 0.61 | % | 0.63 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.12 | % | 0.17 | % | 0.20 | % | 0.26 | % | 0.48 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.16 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 3,825 | $ | 4,863 | $ | 208 | $ | 1,693 | $ | 2,244 | $ | 4,046 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 63 |
Financial Highlights (continued) | FedFund |
Administration | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0032 | ||||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | 0.0000 | 1 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0032 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0032 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0032 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.32 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.31 | %6 | 0.31 | % | 0.31 | % | 0.32 | % | 0.31 | % | 0.33 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.14 | % | 0.17 | % | 0.20 | % | 0.26 | % | 0.32 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.34 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 16,945 | $ | 12,271 | $ | 18,664 | $ | 17,543 | $ | 47,616 | $ | 111,129 | ||||||||||||
|
|
Select | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0007 | ||||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | 0.0000 | 1 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0007 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0007 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0007 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.07 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.06 | %6 | 1.06 | % | 1.06 | % | 1.07 | % | 1.06 | % | 1.08 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.14 | % | 0.17 | % | 0.19 | % | 0.26 | % | 0.56 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.06 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 102,912 | $ | 111,589 | $ | 100,792 | $ | 107,781 | $ | 130,268 | $ | 181,556 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
64 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Financial Highlights (concluded) | FedFund |
Private Client | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0013 | ||||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | 0.0000 | 1 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0013 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0013 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0013 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.13 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.06 | %6 | 1.06 | % | 1.06 | % | 1.07 | % | 1.06 | % | 1.08 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.14 | % | 0.17 | % | 0.19 | % | 0.26 | % | 0.55 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.18 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 6,856 | $ | 7,729 | $ | 16,948 | $ | 24,454 | $ | 25,918 | $ | 41,179 | ||||||||||||
|
|
Premier | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0013 | ||||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | 0.0000 | 1 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0013 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0013 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0013 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.13 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.81 | %6 | 0.81 | % | 0.81 | % | 0.82 | % | 0.81 | % | 0.83 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.14 | % | 0.17 | % | 0.20 | % | 0.26 | % | 0.53 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.11 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 924 | $ | 479 | $ | 1,042 | $ | 953 | $ | 8,256 | $ | 86,563 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 65 |
Financial Highlights | TempCash |
Institutional | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0010 | 0.0015 | 0.0013 | 0.0019 | 0.0090 | ||||||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | 0.0000 | 1 | — | |||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0003 | 0.0010 | 0.0016 | 0.0014 | 0.0019 | 0.0090 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0003 | ) | (0.0010 | )2 | (0.0015 | )2 | (0.0013 | )2 | (0.0019 | )2 | (0.0090 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | — | |||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0003 | ) | (0.0010 | ) | (0.0016 | ) | (0.0014 | ) | (0.0019 | ) | (0.0090 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.03 | %5 | 0.10 | % | 0.16 | % | 0.14 | % | 0.19 | % | 0.90 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.31 | %6 | 0.31 | % | 0.28 | % | 0.24 | % | 0.25 | % | 0.27 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.18 | %6 | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.21 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.04 | %6 | 0.10 | % | 0.15 | % | 0.14 | % | 0.19 | % | 0.85 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,953,321 | $ | 2,647,717 | $ | 3,622,878 | $ | 4,139,893 | $ | 7,833,532 | $ | 6,992,221 | ||||||||||||
|
| |||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0002 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0065 | ||||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | 0.0000 | 1 | — | |||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0002 | 0.0002 | 0.0002 | 0.0001 | 0.0000 | 0.0065 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0002 | ) | (0.0002 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0065 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | — | |||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0002 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | (0.0000 | ) | (0.0065 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.02 | %5 | 0.02 | % | 0.02 | % | 0.01 | % | 0.00 | % | 0.65 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.57 | %6 | 0.56 | % | 0.53 | % | 0.50 | % | 0.50 | % | 0.52 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.22 | %6 | 0.26 | % | 0.32 | % | 0.31 | % | 0.36 | % | 0.46 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.67 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 436,684 | $ | 464,691 | $ | 551,888 | $ | 677,156 | $ | 680,296 | $ | 879,332 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
66 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Financial Highlights | TempFund |
Institutional | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0008 | 0.0013 | 0.0012 | 0.0016 | 0.0086 | ||||||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | — | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0002 | 0.0008 | 0.0014 | 0.0012 | 0.0016 | 0.0086 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0002 | ) | (0.0008 | )2 | (0.0013 | )2 | (0.0012 | )2 | (0.0016 | )2 | (0.0086 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | — | |||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0002 | ) | (0.0008 | ) | (0.0014 | ) | (0.0012 | ) | (0.0016 | ) | (0.0086 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.02 | %5 | 0.08 | % | 0.14 | % | 0.12 | % | 0.16 | % | 0.87 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.19 | %6 | 0.19 | % | 0.19 | % | 0.19 | % | 0.19 | % | 0.21 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.17 | %6 | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.21 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.03 | %6 | 0.08 | % | 0.14 | % | 0.12 | % | 0.16 | % | 0.83 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 40,436,461 | $ | 42,517,741 | $ | 43,032,035 | $ | 41,826,560 | $ | 64,366,170 | $ | 58,792,099 | ||||||||||||
|
| |||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0062 | |||||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | — | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0002 | 0.0001 | 0.0002 | 0.0001 | 0.0000 | 0.0062 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0002 | ) | (0.0001 | )2 | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0062 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | — | |||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0002 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | (0.0000 | ) | (0.0062 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.02 | %5 | 0.02 | % | 0.02 | % | 0.01 | % | 0.00 | % | 0.62 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.44 | %6 | 0.44 | % | 0.44 | % | 0.44 | % | 0.44 | % | 0.46 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.18 | %6 | 0.25 | % | 0.31 | % | 0.30 | % | 0.34 | % | 0.45 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.02 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.68 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,717,593 | $ | 2,300,509 | $ | 1,941,890 | $ | 1,787,059 | $ | 1,820,807 | $ | 3,788,512 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 67 |
Financial Highlights (continued) | TempFund |
Cash Management | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0045 | |||||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | — | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0002 | 0.0001 | 0.0002 | 0.0001 | 0.0000 | 0.0045 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0002 | ) | (0.0001 | )2 | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0045 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | — | |||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0002 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | (0.0000 | ) | (0.0045 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.02 | %5 | 0.02 | % | 0.02 | % | 0.01 | % | 0.00 | % | 0.45 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.69 | %6 | 0.69 | % | 0.69 | % | 0.69 | % | 0.69 | % | 0.71 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.18 | %6 | 0.25 | % | 0.31 | % | 0.28 | % | 0.35 | % | 0.62 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.02 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.48 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 249,388 | $ | 231,804 | $ | 300,910 | $ | 270,280 | $ | 613,283 | $ | 835,930 | ||||||||||||
|
| |||||||||||||||||||||||
Cash Reserve | ||||||||||||||||||||||||
Six Months April 30, 2014 | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0051 | |||||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | — | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0002 | 0.0001 | 0.0002 | 0.0001 | 0.0000 | 0.0051 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0002 | ) | (0.0001 | )2 | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0051 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | — | |||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0002 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | (0.0000 | ) | (0.0051 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.02 | %5 | 0.02 | % | 0.02 | % | 0.01 | % | 0.00 | % | 0.51 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.59 | %6 | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.61 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.18 | %6 | 0.24 | % | 0.30 | % | 0.31 | % | 0.34 | % | 0.54 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.02 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.45 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 17,377 | $ | 15,031 | $ | 13,130 | $ | 16,695 | $ | 33,627 | $ | 16,312 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
68 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Financial Highlights (continued) | TempFund |
Administration | ||||||||||||||||||||||||
Six Months Ended April 30, | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0002 | 0.0004 | 0.0003 | 0.0006 | 0.0076 | ||||||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | — | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0002 | 0.0002 | 0.0005 | 0.0003 | 0.0006 | 0.0076 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0002 | ) | (0.0002 | )2 | (0.0004 | )2 | (0.0003 | )2 | (0.0006 | )2 | (0.0076 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | — | |||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0002 | ) | (0.0002 | ) | (0.0005 | ) | (0.0003 | ) | (0.0006 | ) | (0.0076 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.02 | %5 | 0.02 | % | 0.06 | % | 0.04 | % | 0.06 | % | 0.76 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.29 | %6 | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.31 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.18 | %6 | 0.24 | % | 0.27 | % | 0.27 | % | 0.28 | % | 0.31 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.02 | %6 | 0.01 | % | 0.05 | % | 0.03 | % | 0.06 | % | 0.75 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,848,198 | $ | 2,740,631 | $ | 2,548,103 | $ | 1,953,551 | $ | 1,681,583 | $ | 2,007,285 | ||||||||||||
|
| |||||||||||||||||||||||
Select | ||||||||||||||||||||||||
Six Months April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.00001 | 0.00001 | 0.00001 | 0.00001 | 0.0031 | ||||||||||||||||||
Net realized gain | 0.00001 | 0.00001 | 0.0001 | 0.00001 | 0.00001 | — | ||||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0000 | 0.0001 | 0.0000 | 0.0000 | 0.0031 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0031 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | — | |||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0000 | ) | (0.0001 | ) | (0.0000 | ) | (0.0000 | ) | (0.0031 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.31 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.04 | %6 | 1.04 | % | 1.04 | % | 1.04 | % | 1.04 | % | 1.06 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.19 | %6 | 0.26 | % | 0.32 | % | 0.30 | % | 0.34 | % | 0.77 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.32 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 469,199 | $ | 514,918 | $ | 536,971 | $ | 586,363 | $ | 563,559 | $ | 829,031 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 69 |
Financial Highlights (concluded) | TempFund |
Private Client | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0045 | ||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | — | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0000 | 0.0001 | 0.0000 | 0.0000 | 0.0045 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0045 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | — | |||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0000 | ) | (0.0001 | ) | (0.0000 | ) | (0.0000 | ) | (0.0045 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.45 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.04 | %6 | 1.04 | % | 1.04 | % | 1.04 | % | 1.04 | % | 1.07 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.19 | %6 | 0.26 | % | 0.32 | % | 0.30 | % | 0.34 | % | 0.66 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.65 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 15,078 | $ | 16,524 | $ | 19,248 | $ | 12,658 | $ | 19,942 | $ | 30,502 | ||||||||||||
|
| |||||||||||||||||||||||
Premier | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0045 | ||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | — | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0000 | 0.0001 | 0.0000 | 0.0000 | 0.0045 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0045 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | — | |||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0000 | ) | (0.0001 | ) | (0.0000 | ) | (0.0000 | ) | (0.0045 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.45 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.79 | %6 | 0.79 | % | 0.79 | % | 0.79 | % | 0.79 | % | 0.81 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.19 | %6 | 0.26 | % | 0.31 | % | 0.31 | % | 0.32 | % | 0.64 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.50 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 14,612 | $ | 17,700 | $ | 18,072 | $ | 20,011 | $ | 42,558 | $ | 220,876 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
See Notes to Financial Statements.
70 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Financial Highlights | T-Fund |
Institutional | ||||||||||||||||||||||||
Six Months 2014 | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0012 | ||||||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0002 | 0.0013 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0001 | )2 | (0.0001 | )2 | (0.0001 | )2 | (0.0012 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0001 | )2 | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0013 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | 0.13 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.20 | %6 | 0.21 | % | 0.20 | % | 0.22 | % | 0.22 | % | 0.25 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.06 | %6 | 0.11 | % | 0.12 | % | 0.11 | % | 0.18 | % | 0.23 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | 0.17 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 14,177,496 | $ | 15,448,264 | $ | 17,649,086 | $ | 12,586,527 | $ | 5,571,099 | $ | 5,753,138 | ||||||||||||
|
| |||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0002 | |||||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0003 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0002 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0001 | )2 | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0003 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.03 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.46 | %6 | 0.46 | % | 0.45 | % | 0.47 | % | 0.47 | % | 0.50 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.06 | %6 | 0.09 | % | 0.12 | % | 0.12 | % | 0.20 | % | 0.36 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.01 | % | 0.00 | % | 0.04 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 796,775 | $ | 855,847 | $ | 479,912 | $ | 497,029 | $ | 406,682 | $ | 339,493 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 71 |
Financial Highlights (continued) | T-Fund |
Cash Management | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0001 | |||||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0002 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0001 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0001 | )2 | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.71 | %6 | 0.71 | % | 0.70 | % | 0.72 | % | 0.72 | % | 0.74 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.06 | %6 | 0.11 | % | 0.12 | % | 0.13 | % | 0.20 | % | 0.34 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,219,858 | $ | 1,002,044 | $ | 1,454,450 | $ | 1,030,126 | $ | 254,091 | $ | 470,609 | ||||||||||||
|
| |||||||||||||||||||||||
Administration | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0000 | 1 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0005 | ||||||||||||||||
Net realized gain | — | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | ||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0006 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from:2 | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0000 | )2,3 | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0005 | )2 | ||||||||||||
Net realized gain | — | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0001 | )2 | |||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0006 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.06 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.00 | %6 | 0.30 | % | 0.30 | % | 0.32 | % | 0.32 | % | 0.34 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.00 | %6 | 0.15 | % | 0.12 | % | 0.13 | % | 0.20 | % | 0.29 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.00 | %6 | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.06 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | — | 7 | $ | — | 7 | $ | 16,431 | $ | 32,718 | $ | 35,370 | $ | 38,571 | ||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
7 | Net assets end of year are less than $500. |
See Notes to Financial Statements.
72 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Financial Highlights (concluded) | T-Fund |
Select | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0003 | |||||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0004 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0003 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0001 | )2 | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0004 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.04 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.06 | %6 | 1.06 | % | 1.05 | % | 1.07 | % | 1.07 | % | 1.10 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.06 | %6 | 0.11 | % | 0.12 | % | 0.13 | % | 0.19 | % | 0.32 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.03 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 211,344 | $ | 214,156 | $ | 103,189 | $ | 132,339 | $ | 261,679 | $ | 233,098 | ||||||||||||
|
| |||||||||||||||||||||||
Premier | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0003 | |||||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0004 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0003 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0001 | )2 | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0004 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.04 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.80 | %6 | 0.81 | % | 0.80 | % | 0.82 | % | 0.82 | % | 0.85 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.06 | %6 | 0.09 | % | 0.13 | % | 0.07 | % | 0.18 | % | 0.33 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.00 | %6 | 0.01 | % | 0.01 | % | 0.01 | % | 0.00 | % | 0.05 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | — | 7 | $ | 51,805 | $ | 13 | $ | 17 | $ | 684 | $ | 104,295 | |||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
7 | Net assets end of year are less than $500. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 73 |
Financial Highlights | Treasury Trust Fund |
Institutional | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0009 | ||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0002 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0000 | 0.0000 | 0.0000 | 0.0001 | 0.0011 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0009 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0002 | )2 | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions: | (0.0001 | ) | (0.0000 | ) | (0.0000 | ) | (0.0000 | ) | (0.0001 | ) | (0.0011 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.11 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.21 | %6 | 0.22 | % | 0.23 | % | 0.24 | % | 0.25 | % | 0.26 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.05 | %6 | 0.07 | % | 0.07 | % | 0.09 | % | 0.13 | % | 0.23 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.00 | %6 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.13 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 8,790,654 | $ | 7,021,176 | $ | 4,901,611 | $ | 4,836,239 | $ | 2,879,900 | $ | 4,229,992 | ||||||||||||
|
| |||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0003 | ||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0002 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0000 | 0.0000 | 0.0000 | 0.0001 | 0.0005 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0003 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0002 | )2 | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0000 | ) | (0.0000 | ) | (0.0000 | ) | (0.0001 | ) | (0.0005 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.05 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.46 | %6 | 0.47 | % | 0.48 | % | 0.49 | % | 0.50 | % | 0.51 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.05 | %6 | 0.08 | % | 0.08 | % | 0.10 | % | 0.14 | % | 0.36 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.00 | %6 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.08 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 129,931 | $ | 191,695 | $ | 198,062 | $ | 160,529 | $ | 220,837 | $ | 107,483 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
74 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Financial Highlights (concluded) | Treasury Trust Fund |
Cash Management | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | ||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0002 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0000 | 0.0000 | 0.0000 | 0.0001 | 0.0003 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0001 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0002 | )2 | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0000 | ) | (0.0000 | ) | (0.0000 | ) | (0.0001 | ) | (0.0003 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.03 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.71 | %6 | 0.72 | % | 0.73 | % | 0.74 | % | 0.75 | % | 0.76 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.05 | %6 | 0.08 | % | 0.07 | % | 0.10 | % | 0.14 | % | 0.35 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.00 | %6 | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 15,665 | $ | 12,942 | $ | 15,122 | $ | 7,792 | $ | 33,187 | $ | 42,613 | ||||||||||||
|
| |||||||||||||||||||||||
Administration | ||||||||||||||||||||||||
Six Months Ended April 30, 2014 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0005 | ||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0002 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0000 | 0.0000 | 0.0000 | 0.0001 | 0.0007 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0005 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0001 | )2 | (0.0002 | )2 | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0000 | ) | (0.0000 | ) | (0.0000 | ) | (0.0001 | ) | (0.0007 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.08 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.31 | %6 | 0.32 | % | 0.33 | % | 0.34 | % | 0.35 | % | 0.36 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.05 | %6 | 0.08 | % | 0.07 | % | 0.08 | % | 0.14 | % | 0.27 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.00 | %6 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.08 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 268,667 | $ | 108,091 | $ | 128,154 | $ | 152,459 | $ | 112,779 | $ | 137,760 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 75 |
Financial Highlights | MuniCash |
Institutional | ||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 1 | 0.0004 | 0.0009 | 0.0012 | 0.0018 | 0.0076 | |||||||||||||||||
Net realized gain | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | — | — | |||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0004 | 0.0009 | 0.0012 | 0.0018 | 0.0076 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0000 | )2 | (0.0004 | )3 | (0.0009 | )3 | (0.0012 | )3 | (0.0018 | )3 | (0.0076 | )3 | ||||||||||||
Net realized gain | (0.0001 | ) | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | — | — | ||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0004 | ) | (0.0009 | ) | (0.0012 | ) | (0.0018 | ) | (0.0076 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.04 | % | 0.09 | % | 0.12 | % | 0.18 | % | 0.76 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.43 | %6 | 0.42 | % | 0.40 | % | 0.38 | % | 0.37 | % | 0.42 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.16 | %6 | 0.19 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.24 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.04 | % | 0.09 | % | 0.13 | % | 0.18 | % | 0.70 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 146,338 | $ | 189,271 | $ | 233,569 | $ | 324,027 | $ | 736,547 | $ | 881,869 | ||||||||||||
|
| |||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0051 | |||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | — | — | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0051 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0000 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0051 | )3 | ||||||||||||
Net realized gain | (0.0000 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | — | — | ||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0000 | ) | (0.0000 | ) | (0.0000 | ) | (0.0000 | ) | (0.0000 | ) | (0.0051 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.51 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.68 | %6 | 0.66 | % | 0.65 | % | 0.63 | % | 0.62 | % | 0.67 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.16 | %6 | 0.23 | % | 0.29 | % | 0.32 | % | 0.38 | % | 0.49 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.46 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 26,140 | $ | 41,042 | $ | 50,060 | $ | 76,338 | $ | 86,389 | $ | 134,668 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Amount is greater than $(0.00005) per share. |
3 | Determined in accordance with federal income tax regulations. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
76 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Financial Highlights | MuniFund |
Institutional | ||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0002 | 0.0004 | 0.0009 | 0.0013 | 0.0063 | ||||||||||||||||||
Net realized gain | 0.0002 | 0.0001 | 0.0000 | 1 | — | — | — | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0003 | 0.0003 | 0.0004 | 0.0009 | 0.0013 | 0.0063 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0002 | )2 | (0.0004 | )2 | (0.0009 | )2 | (0.0013 | )2 | (0.0063 | )2 | ||||||||||||
Net realized gain | (0.0002 | ) | (0.0001 | )2 | (0.0000 | )2,3 | — | — | — | |||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0003 | ) | (0.0003 | ) | (0.0004 | ) | (0.0009 | ) | (0.0013 | ) | (0.0063 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.03 | %5 | 0.03 | % | 0.04 | % | 0.09 | % | 0.14 | % | 0.63 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.36 | %6 | 0.35 | % | 0.34 | % | 0.31 | % | 0.28 | % | 0.30 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.15 | % | 0.19 | % | 0.19 | % | 0.20 | % | 0.23 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.02 | %6 | 0.02 | % | 0.04 | % | 0.09 | % | 0.13 | % | 0.57 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,355,198 | $ | 1,159,440 | $ | 1,212,494 | $ | 1,479,126 | $ | 2,584,701 | $ | 4,233,114 | ||||||||||||
|
| |||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0039 | |||||||||||||||
Net realized gain | 0.0002 | 0.0001 | 0.0000 | 1 | — | — | — | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0003 | 0.0002 | 0.0000 | 0.0000 | 0.0000 | 0.0039 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0039 | )2 | ||||||||||||
Net realized gain | (0.0002 | ) | (0.0001 | )2 | (0.0000 | )2,3 | — | — | — | |||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0003 | ) | (0.0002 | ) | (0.0000 | ) | (0.0000 | ) | (0.0000 | ) | (0.0039 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.03 | %5 | 0.03 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.39 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.61 | %6 | 0.60 | % | 0.59 | % | 0.56 | % | 0.53 | % | 0.55 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.15 | % | 0.23 | % | 0.28 | % | 0.33 | % | 0.47 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.02 | %6 | 0.01 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.38 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 43,466 | $ | 58,832 | $ | 64,251 | $ | 134,835 | $ | 103,206 | $ | 188,188 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 77 |
Financial Highlights (continued) | MuniFund |
Cash Management | ||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0022 | |||||||||||||||
Net realized gain | 0.0002 | 0.0001 | 0.0000 | 1 | — | — | — | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0003 | 0.0002 | 0.0000 | 0.0000 | 0.0000 | 0.0022 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0022 | )2 | ||||||||||||
Net realized gain | (0.0002 | ) | (0.0001 | )2 | (0.0000 | )2,3 | — | — | — | |||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0003 | ) | (0.0002 | ) | (0.0000 | ) | (0.0000 | ) | (0.0000 | ) | (0.0022 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.03 | %5 | 0.03 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.22 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.86 | %6 | 0.86 | % | 0.84 | % | 0.81 | % | 0.78 | % | 0.81 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.11 | % | 0.23 | % | 0.30 | % | 0.33 | % | 0.66 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.02 | %6 | 0.02 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.26 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 11,422 | $ | 18,390 | $ | 1,287 | $ | 1,384 | $ | 22,811 | $ | 75,347 | ||||||||||||
|
| |||||||||||||||||||||||
Administration | ||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0000 | 1 | 0.0002 | 0.0004 | 0.0053 | |||||||||||||||||
Net realized gain | 0.0002 | 0.0001 | 0.0000 | 1 | — | — | — | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0003 | 0.0002 | 0.0000 | 0.0002 | 0.0004 | 0.0053 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0000 | )2,3 | (0.0002 | )2 | (0.0004 | )2 | (0.0053 | )2 | ||||||||||||
Net realized gain | (0.0002 | ) | (0.0001 | )2 | (0.0000 | )2,3 | — | — | — | |||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0003 | ) | (0.0002 | ) | (0.0000 | ) | (0.0002 | ) | (0.0004 | ) | (0.0053 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.03 | %5 | 0.03 | % | 0.00 | % | 0.02 | % | 0.03 | % | 0.53 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.46 | %6 | 0.45 | % | 0.44 | % | 0.41 | % | 0.38 | % | 0.40 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.16 | % | 0.22 | % | 0.27 | % | 0.30 | % | 0.33 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.02 | %6 | 0.01 | % | 0.00 | % | 0.02 | % | 0.04 | % | 0.49 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 330,291 | $ | 288,779 | $ | 306,763 | $ | 442,810 | $ | 481,305 | $ | 777,416 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
78 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Financial Highlights (continued) | MuniFund |
Select | ||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0009 | |||||||||||||||
Net realized gain | 0.0002 | 0.0001 | 0.0000 | 1 | — | — | — | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0003 | 0.0002 | 0.0000 | 0.0000 | 0.0000 | 0.0009 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0009 | )2 | ||||||||||||
Net realized gain | (0.0002 | ) | (0.0001 | )2 | (0.0000 | )2,3 | — | — | — | |||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0003 | ) | (0.0002 | ) | (0.0000 | ) | (0.0000 | ) | (0.0000 | ) | (0.0009 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.03 | %5 | 0.03 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.09 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.21 | %6 | 1.20 | % | 1.19 | % | 1.16 | % | 1.13 | % | 1.15 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.15 | % | 0.23 | % | 0.28 | % | 0.33 | % | 0.77 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.02 | %6 | 0.01 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.07 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 19,237 | $ | 16,299 | $ | 15,107 | $ | 18,857 | $ | 19,190 | $ | 30,169 | ||||||||||||
|
| |||||||||||||||||||||||
Private Client | ||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0023 | |||||||||||||||
Net realized gain | 0.0002 | 0.0001 | 0.0000 | 1 | — | — | — | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0003 | 0.0002 | 0.0000 | 0.0000 | 0.0000 | 0.0023 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0023 | )2 | ||||||||||||
Net realized gain | (0.0002 | ) | (0.0001 | )2 | (0.0000 | )2,3 | — | — | — | |||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0003 | ) | (0.0002 | ) | (0.0000 | ) | (0.0000 | ) | (0.0000 | ) | (0.0023 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.03 | %5 | 0.03 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.23 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.21 | %6 | 1.20 | % | 1.19 | % | 1.16 | % | 1.13 | % | 1.16 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.15 | % | 0.23 | % | 0.29 | % | 0.33 | % | 0.66 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.02 | %6 | 0.01 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.30 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,831 | $ | 1,787 | $ | 1,998 | $ | 2,130 | $ | 4,072 | $ | 5,575 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 79 |
Financial Highlights (concluded) | MuniFund |
Premier | ||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0023 | |||||||||||||||
Net realized gain | 0.0002 | 0.0001 | 0.0000 | 1 | — | — | — | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0003 | 0.0002 | 0.0000 | 0.0000 | 0.0000 | 0.0023 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0023 | )2 | ||||||||||||
Net realized gain | (0.0002 | ) | (0.0001 | )2 | (0.0000 | )2,3 | — | — | — | |||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0003 | ) | (0.0002 | ) | (0.0000 | ) | (0.0000 | ) | (0.0000 | ) | (0.0023 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.03 | %5 | 0.03 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.23 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.96 | %6 | 0.95 | % | 0.94 | % | 0.91 | % | 0.88 | % | 0.90 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.15 | % | 0.22 | % | 0.28 | % | 0.33 | % | 0.64 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.02 | %6 | 0.01 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.25 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 857 | $ | 1,040 | $ | 687 | $ | 15,026 | $ | 7,160 | $ | 153,956 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
80 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Financial Highlights | California Money Fund |
Institutional | ||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 1 | 0.0001 | 0.0002 | 0.0009 | 0.0016 | 0.0042 | |||||||||||||||||
Net realized gain | 0.0001 | — | — | 0.0013 | 0.0000 | 1 | — | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0002 | 0.0022 | 0.0016 | 0.0042 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0000 | )2 | (0.0001 | )3 | (0.0002 | )3 | (0.0009 | )3 | (0.0016 | )3 | (0.0042 | )3 | ||||||||||||
Net realized gain | (0.0001 | ) | — | — | (0.0013 | )3 | (0.0000 | )2,3 | — | |||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0022 | ) | (0.0016 | ) | (0.0042 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.02 | %5 | 0.01 | % | 0.02 | % | 0.22 | % | 0.16 | % | 0.43 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.46 | %6 | 0.45 | % | 0.43 | % | 0.42 | % | 0.41 | % | 0.44 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.08 | %6 | 0.13 | % | 0.18 | % | 0.19 | % | 0.20 | % | 0.24 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.02 | % | 0.09 | % | 0.16 | % | 0.44 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 126,726 | $ | 136,074 | $ | 162,188 | $ | 284,521 | $ | 280,309 | $ | 459,650 | ||||||||||||
|
| |||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 1 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0020 | |||||||||||||||
Net realized gain | 0.0001 | — | — | 0.0013 | 0.0000 | 1 | — | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0013 | 0.0000 | 0.0020 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0000 | )2 | (0.0001 | )3 | (0.0001 | )3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0020 | )3 | ||||||||||||
Net realized gain | (0.0001 | ) | — | — | (0.0013 | )3 | (0.0000 | )2,3 | — | |||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0013 | ) | (0.0000 | ) | (0.0020 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.02 | %5 | 0.01 | % | 0.01 | % | 0.13 | % | 0.00 | % | 0.20 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.71 | %6 | 0.69 | % | 0.68 | % | 0.67 | % | 0.66 | % | 0.69 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.14 | % | 0.19 | % | 0.29 | % | 0.36 | % | 0.47 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.19 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 3,335 | $ | 4,800 | $ | 15,876 | $ | 7,631 | $ | 15,957 | $ | 18,147 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Amount is greater than $(0.00005) per share. |
3 | Determined in accordance with federal income tax regulations. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 81 |
Financial Highlights (continued) | California Money Fund |
Administration | ||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 1 | 0.0001 | 0.0001 | 0.0003 | 0.0006 | 0.0033 | |||||||||||||||||
Net realized gain | 0.0001 | — | — | 0.0013 | 0.0000 | 1 | — | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0016 | 0.0006 | 0.0033 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0000 | )2 | (0.0001 | )3 | (0.0001 | )3 | (0.0003 | )3 | (0.0006 | )3 | (0.0033 | )3 | ||||||||||||
Net realized gain | (0.0001 | ) | — | — | (0.0013 | )3 | (0.0000 | )2,3 | — | |||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0016 | ) | (0.0006 | ) | (0.0033 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.02 | %5 | 0.01 | % | 0.01 | % | 0.16 | % | 0.06 | % | 0.33 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.56 | %6 | 0.55 | % | 0.53 | % | 0.52 | % | 0.51 | % | 0.54 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.08 | %6 | 0.13 | % | 0.19 | % | 0.26 | % | 0.30 | % | 0.34 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.04 | % | 0.06 | % | 0.34 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,728 | $ | 2,313 | $ | 1,191 | $ | 1,322 | $ | 2,545 | $ | 2,676 | ||||||||||||
|
| |||||||||||||||||||||||
Select | ||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 1 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0004 | |||||||||||||||
Net realized gain | 0.0001 | — | — | 0.0013 | 0.0000 | 1 | — | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0013 | 0.0000 | 0.0004 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0000 | )2 | (0.0001 | )3 | (0.0001 | )3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0004 | )3 | ||||||||||||
Net realized gain | (0.0001 | ) | — | — | (0.0013 | )3 | (0.0000 | )2,3 | — | |||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0013 | ) | (0.0000 | ) | (0.0004 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.02 | %5 | 0.01 | % | 0.01 | % | 0.13 | % | 0.00 | % | 0.04 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.31 | %6 | 1.29 | % | 1.28 | % | 1.27 | % | 1.26 | % | 1.29 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.13 | % | 0.19 | % | 0.28 | % | 0.36 | % | 0.62 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.04 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 8,927 | $ | 6,385 | $ | 7,600 | $ | 16,535 | $ | 16,658 | $ | 40,601 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Amount is greater than $(0.00005) per share. |
3 | Determined in accordance with federal income tax regulations. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
82 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Financial Highlights (concluded) | California Money Fund |
Private Client | ||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 1 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0008 | |||||||||||||||
Net realized gain | 0.0001 | — | — | 0.0013 | 0.0000 | 1 | — | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0013 | 0.0000 | 0.0008 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0000 | )2 | (0.0001 | )3 | (0.0001 | )3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0008 | )3 | ||||||||||||
Net realized gain | (0.0001 | ) | — | — | (0.0013 | )3 | (0.0000 | )2,3 | — | |||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0013 | ) | (0.0000 | ) | (0.0008 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.02 | %5 | 0.01 | % | 0.01 | % | 0.13 | % | 0.00 | % | 0.08 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.31 | %6 | 1.30 | % | 1.28 | % | 1.27 | % | 1.26 | % | 1.29 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.13 | % | 0.19 | % | 0.28 | % | 0.36 | % | 0.61 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.11 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,285 | $ | 4,949 | $ | 4,601 | $ | 5,009 | $ | 4,381 | $ | 5,403 | ||||||||||||
|
| |||||||||||||||||||||||
Premier | ||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 1 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0008 | |||||||||||||||
Net realized gain | 0.0001 | — | — | 0.0013 | 0.0000 | 1 | — | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0013 | 0.0000 | 0.0008 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0000 | )2 | (0.0001 | )3 | (0.0001 | )3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0008 | )3 | ||||||||||||
Net realized gain | (0.0001 | ) | — | — | (0.0013 | )3 | (0.0000 | )2,3 | — | |||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0013 | ) | (0.0000 | ) | (0.0008 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.02 | %5 | 0.01 | % | 0.01 | % | 0.13 | % | 0.00 | % | 0.08 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.05 | %6 | 1.05 | % | 1.03 | % | 1.02 | % | 1.01 | % | 1.04 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.14 | % | 0.19 | % | 0.28 | % | 0.36 | % | 0.63 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.00 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.08 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 17 | $ | 17 | $ | 1,786 | $ | 1,786 | $ | 2,274 | $ | 6,093 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Amount is greater than $(0.00005) per share. |
3 | Determined in accordance with federal income tax regulations. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 83 |
Financial Highlights | New York Money Fund |
Institutional | ||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0002 | 0.0006 | 0.0012 | 0.0044 | ||||||||||||||||||
Net realized gain | 0.0000 | 1 | — | 0.0000 | 1 | 0.0032 | 0.0000 | 1 | — | |||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0002 | 0.0038 | 0.0012 | 0.0044 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0002 | )2 | (0.0006 | )2 | (0.0012 | )2 | (0.0044 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | — | (0.0000 | )2,3 | (0.0032 | )2 | (0.0000 | )2,3 | — | ||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0038 | ) | (0.0012 | ) | (0.0044 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.02 | % | 0.03 | % | 0.37 | % | 0.12 | % | 0.44 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.47 | %6 | 0.46 | % | 0.45 | % | 0.43 | % | 0.41 | % | 0.45 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.14 | % | 0.18 | % | 0.19 | % | 0.20 | % | 0.24 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.02 | % | 0.06 | % | 0.11 | % | 0.44 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 96,361 | $ | 94,547 | $ | 106,194 | $ | 125,869 | $ | 192,928 | $ | 361,353 | ||||||||||||
|
| |||||||||||||||||||||||
Cash Management | ||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0010 | ||||||||||||||||
Net realized gain | 0.0000 | 1 | — | 0.0000 | 1 | 0.0032 | 0.0000 | 1 | — | |||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0032 | 0.0000 | 0.0010 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0010 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | — | (0.0000 | )2,3 | (0.0032 | )2 | (0.0000 | )2,3 | — | ||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0032 | ) | (0.0000 | ) | (0.0010 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.01 | % | 0.32 | % | 0.00 | % | 0.10 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.97 | %6 | 0.96 | % | 0.95 | % | 0.93 | % | 0.91 | % | 0.95 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.14 | % | 0.21 | % | 0.25 | % | 0.31 | % | 0.65 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.15 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 16,509 | $ | 21,079 | $ | 5,324 | $ | 5,171 | $ | 6,750 | $ | 6,968 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
84 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Financial Highlights (continued) | New York Money Fund |
Administration | ||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0002 | 0.0034 | |||||||||||||||||
Net realized gain | 0.0000 | 1 | — | 0.0000 | 1 | 0.0032 | 0.0000 | 1 | — | |||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0032 | 0.0002 | 0.0034 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0002 | )2 | (0.0034 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | — | (0.0000 | )2,3 | (0.0032 | )2 | (0.0000 | )2,3 | — | ||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0032 | ) | (0.0002 | ) | (0.0034 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.01 | % | 0.32 | % | 0.03 | % | 0.34 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.56 | %6 | 0.56 | % | 0.55 | % | 0.53 | % | 0.51 | % | 0.55 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.14 | % | 0.19 | % | 0.24 | % | 0.29 | % | 0.34 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.01 | % | 0.03 | % | 0.36 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 3,987 | $ | 7,233 | $ | 3,315 | $ | 11,153 | $ | 12,067 | $ | 11,997 | ||||||||||||
|
|
Select | ||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0005 | ||||||||||||||||
Net realized gain | 0.0000 | 1 | — | 0.0000 | 1 | 0.0032 | 0.0000 | 1 | — | |||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0032 | 0.0000 | 0.0005 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0005 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | — | (0.0000 | )2,3 | (0.0032 | )2 | (0.0000 | )2,3 | — | ||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0032 | ) | (0.0000 | ) | (0.0005 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.01 | % | 0.32 | % | 0.00 | % | 0.05 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.32 | %6 | 1.31 | % | 1.30 | % | 1.28 | % | 1.26 | % | 1.30 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.15 | % | 0.20 | % | 0.25 | % | 0.31 | % | 0.65 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.06 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 7,254 | $ | 9,473 | $ | 11,812 | $ | 10,281 | $ | 15,198 | $ | 4,512 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 85 |
Financial Highlights (concluded) | New York Money Fund |
Private Client | ||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0011 | ||||||||||||||||
Net realized gain | 0.0000 | 1 | — | 0.0000 | 1 | 0.0032 | 0.0000 | 1 | — | |||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0032 | 0.0000 | 0.0011 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0001 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0011 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | — | (0.0000 | )2,3 | (0.0032 | )2 | (0.0000 | )2,3 | — | ||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0032 | ) | (0.0000 | ) | (0.0011 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.01 | % | 0.32 | % | 0.00 | % | 0.11 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.32 | %6 | 1.31 | % | 1.30 | % | 1.28 | % | 1.26 | % | 1.30 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.16 | % | 0.20 | % | 0.26 | % | 0.32 | % | 0.60 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.14 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 560 | $ | 266 | $ | 506 | $ | 2,499 | $ | 8,648 | $ | 6,556 | ||||||||||||
|
|
Premier | ||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0011 | |||||||||||||||
Net realized gain | 0.0000 | 1 | — | 0.0000 | 1 | 0.0032 | 0.0000 | 1 | — | |||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0001 | 0.0032 | 0.0000 | 0.0011 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0001 | ) | (0.0001 | )2 | (0.0001 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0011 | )2 | ||||||||||||
Net realized gain | (0.0000 | )3 | — | (0.0000 | )2,3 | (0.0032 | )2 | (0.0000 | )2,3 | — | ||||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0032 | ) | (0.0000 | ) | (0.0011 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.01 | % | 0.01 | % | 0.32 | % | 0.00 | % | 0.11 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.07 | %6 | 1.06 | % | 1.05 | % | 1.04 | % | 1.01 | % | 1.05 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.09 | %6 | 0.16 | % | 0.20 | % | 0.24 | % | 0.32 | % | 0.58 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.01 | %6 | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.11 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 345 | $ | 232 | $ | 438 | $ | 264 | $ | 124 | $ | 2,418 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. |
See Notes to Financial Statements.
86 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Notes to Financial Statements (Unaudited) |
1. Organization:
BlackRock Liquidity Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust. 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” or individually, a “Fund”). Each of the Funds, except California Money Fund and New York Money Fund, is diversified. Each Fund offers 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. During the period ended April 30, 2014, no Plus Shares, Cash Plus Shares or Premier Choice Shares were outstanding.
2. Significant Accounting Policies:
The Funds’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Funds:
Valuation: U.S. GAAP defines fair value as the price the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds’ investments are valued under the amortized cost method which approximates current market value in accordance with Rule 2a-7 under the 1940 Act. Under this method, investments are valued at cost when purchased and, thereafter, a constant proportionate accretion of discounts and amortization of premiums are recorded until the maturity of the security. Each Fund seeks to maintain its net asset value per share at $1.00, although there is no assurance that it will be able to do so on a continuing basis.
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 and accretion of premiums and discounts on debt securities, is recognized on the accrual basis. Income, expenses 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 are recorded on the ex-dividend date. The character and timing of dividends
and distributions are determined in accordance with federal income tax regulations, which may differ from U.S. 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 their shareholders. Therefore, no federal income tax provision is required.
The Funds file U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Funds’ U.S. federal tax returns remains open for each of the four years ended October 31, 2013. The statutes of limitations on the Funds’ state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Funds’ facts and circumstances and does not believe there are any uncertain tax positions that require recognition of a tax liability.
Other: Expenses directly related to a Fund or its classes are charged to that Fund or class. Other operating expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods. Expenses directly related to the Funds and other shared expenses pro rated to the Funds are allocated daily to each class based on its relative net assets or other appropriate methods.
The Funds have 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 Statements 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.
3. Securities and Other Investments:
Repurchase Agreements: Certain Funds may enter into repurchase agreements. In a repurchase agreement, the Funds purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain eligible collateral subject to the agreement and in value no less than the agreed repurchase amount. The agreements are conditioned upon the collateral being deposited under the Federal Reserve book entry system or held in a segregated account by the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.
The Funds, along with other affiliated investment companies, may transfer uninvested cash into joint trading accounts which are then invested in repurchase agreements. As of April 30, 2014, there were no joint trading accounts invested in repurchase agreements.
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.
Repurchase agreements are entered into by certain Funds under Master Repurchase Agreements (each, an “MRA”). The MRA permits each Fund,
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 87 |
Notes to Financial Statements (continued) |
under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, each Fund receives securities as collateral with a market value in excess of the repurchase price at maturity of the repurchase transaction. Upon a bankruptcy or insolvency of the MRA counterparty, each Fund would recognize a liability with respect to such excess collateral. The liability reflects each Fund’s obligation under bankruptcy law to return the excess to the counterparty.
4. Investment Advisory Agreement and Other Transactions with Affiliates:
The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate, for 1940 Act purposes, of BlackRock, Inc. (“BlackRock”).
The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Manager”), the Trust’s investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory, administration and accounting services to the Funds.
For the management and administration services provided and certain expenses assumed by it under the management agreement, the Manager 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 Billion1 | .175% of the first $1 Billion2 | |
.150% of the next $1 Billion1 | .150% of the next $1 Billion2 | |
.125% of the next $1 Billion1 | .125% of the next $1 Billion2 | |
.100% of the next $1 Billion1 | .100% of amounts in excess | |
.095% of the next $1 Billion1 | of $3 Billion2 | |
.090% of the next $1 Billion1 | ||
.085% of the next $1 Billion1 | ||
.080% of amounts in excess of $7 Billion1 |
(1) | Based on the combined average net assets of Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund. |
(2) | 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. |
The Manager has contractually agreed to waive fees and/or reimburse operating expenses in order to keep combined management fees and miscellaneous/other expenses (excluding: (i) interest, taxes, dividends tied to short sales, brokerage commissions, and other expenditures which are capitalized in accordance with generally accepted accounting principles; (ii) expenses incurred indirectly by a Fund as a result of investments in other investment companies and pooled investment vehicles; (iii) other expenses attributable to, and incurred as a result of, a Fund’s investments; and (iv) other extraordinary expenses (including litigation expenses) not incurred in the ordinary course of a Fund’s business) from exceeding 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 the Manager with respect to a particular fiscal year are not recoverable. The Manager has agreed not to reduce or discontinue this contractual waiver or reimbursement prior to March 1, 2015, unless approved by the Board of Trustees, including a majority of the independent Trustees.
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 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 the Manager, 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, Private Client and Premier Share classes are currently paying fees to service organizations, which may include affiliates of the Manager. 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 | % |
88 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Notes to Financial Statements (continued) |
Service Fee1 | Distribution Fee1 | |||||||
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. |
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, Private Client and Premier shareholders.
In addition, BRIL has contractually agreed to waive service and distribution fees until March 1, 2015 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. The agreement renews automatically for successive one-year periods and may be terminated by any party to the agreement upon written notice 75 days prior to the commencement of a successive one year period.
The Manager 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. The Manager and BRIL may discontinue the voluntary waiver at any time.
For the period ended ended April 30, 2014, 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 | ||||||||||||||||||||||||||||||||
Dollar | Cash Management | Cash Reserve | Administration | Select | Private Client | Premier | Total | |||||||||||||||||||||||||
Federal Trust Fund | $ | 18,847 | — | — | $ | 1,118 | — | — | — | $ | 19,965 | |||||||||||||||||||||
FedFund | $ | 679,070 | $ | 7,621 | $ | 8,903 | $ | 7,424 | $ | 461,252 | $ | 30,431 | $ | 3,100 | $ | 1,197,801 | ||||||||||||||||
TempCash | $ | 554,449 | — | — | — | — | — | — | $ | 554,449 | ||||||||||||||||||||||
TempFund | $ | 3,072,798 | $ | 564,793 | $ | 33,201 | $ | 1,459,357 | $ | 2,069,051 | $ | 70,485 | $ | 53,660 | $ | 7,323,345 | ||||||||||||||||
T-Fund | $ | 1,013,015 | $ | 2,823,206 | — | $ | — | $ | 922,558 | — | $ | 74,634 | $ | 4,833,413 | ||||||||||||||||||
Treasury Trust Fund | $ | 251,605 | $ | 33,747 | — | $ | 63,342 | — | — | — | $ | 348,694 | ||||||||||||||||||||
MuniCash | $ | 40,790 | — | — | — | — | — | — | $ | 40,790 | ||||||||||||||||||||||
MuniFund | $ | 53,495 | $ | 32,389 | — | $ | 154,396 | $ | 78,113 | $ | 7,590 | $ | 2,550 | $ | 328,533 | |||||||||||||||||
California Money Fund | $ | 5,085 | — | — | $ | 995 | $ | 27,991 | $ | 18,491 | $ | 51 | $ | 52,613 | ||||||||||||||||||
New York Money Fund | — | $ | 47,858 | — | $ | 3,113 | $ | 43,301 | $ | 2,026 | $ | 1,036 | $ | 97,334 | ||||||||||||||||||
Service and Distribution Fees Waived | ||||||||||||||||||||||||||||||||
Dollar | Cash Management | Cash Reserve | Administration | Select | Private Client | Premier | Total | |||||||||||||||||||||||||
Federal Trust Fund | $ | 18,847 | — | — | $ | 1,118 | — | — | — | $ | 19,965 | |||||||||||||||||||||
FedFund | $ | 679,070 | $ | 7,621 | $ | 8,903 | $ | 7,424 | $ | 461,252 | $ | 30,431 | $ | 3,100 | $ | 1,197,801 | ||||||||||||||||
TempCash | $ | 476,109 | — | — | — | — | — | — | $ | 476,109 | ||||||||||||||||||||||
TempFund | $ | 2,977,168 | $ | 555,935 | $ | 32,553 | $ | 1,343,852 | $ | 2,025,646 | $ | 69,018 | $ | 52,087 | $ | 7,056,259 | ||||||||||||||||
T-Fund | $ | 1,013,015 | $ | 2,823,206 | — | $ | — | $ | 922,558 | — | $ | 74,634 | $ | 4,833,413 | ||||||||||||||||||
Treasury Trust Fund | $ | 251,605 | $ | 33,747 | — | $ | 63,342 | — | — | — | $ | 348,694 | ||||||||||||||||||||
MuniCash | $ | 40,558 | — | — | — | — | — | — | $ | 40,558 | ||||||||||||||||||||||
MuniFund | $ | 53,495 | $ | 32,389 | — | $ | 154,396 | $ | 78,113 | $ | 7,590 | $ | 2,550 | $ | 328,533 | |||||||||||||||||
California Money Fund | $ | 5,085 | — | — | $ | 995 | $ | 27,991 | $ | 18,491 | $ | 51 | $ | 52,613 | ||||||||||||||||||
New York Money Fund | — | $ | 47,858 | — | $ | 3,113 | $ | 43,301 | $ | 2,026 | $ | 1,036 | $ | 97,334 |
Certain officers and/or Trustees of the Trust are officers and/or directors of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Trust’s Chief Compliance Officer, which is included in Officer and Trustees in the Statements of Operations.
The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the period ended April 30, 2014, the purchase and sale transactions with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:
Purchases | Sales | |||||||
TempFund | $ | 30,001,019 | $ | — | ||||
MuniCash | $ | 88,458,124 | $ | 93,490,596 | ||||
MuniFund | $ | 393,114,589 | $ | 504,950,753 | ||||
California Money Fund | $ | 97,753,179 | $ | 65,552,806 | ||||
New York Money Fund | $ | 53,700,765 | $ | 41,400,788 |
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 89 |
Notes to Financial Statements (continued) |
5. Market and Credit Risk:
MuniCash, MuniFund, 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.
Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation.
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 (issuer 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 issuer credit risk, the Funds may be exposed to counterparty credit risk, or the risk that an entity with which the Funds have unsettled or open transactions may fail to or be unable to perform on its commitments. The Funds manage counterparty credit risk by entering into transactions only with counterparties that they believe 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 market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
Certain obligations held by the Funds have a credit enhancement or liquidity feature that may, under certain circumstances, provide for repayment of principal and interest on the obligation when due. These enhancements, which may include letters of credit, stand-by bond purchase agreements and/or third party insurance, are issued by financial institutions. The value of the obligations may be affected by changes in creditworthiness of the entities that provide the credit enhancements or liquidity features. The Funds monitor their exposure by reviewing the creditworthiness of the issuers, as well as the financial institutions issuing the credit enhancements and by limiting the amount of holdings with credit enhancements from one financial institution.
6. Capital Share 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 the sale of shares, reinvestment of dividends and distributions and cost of shares redeemed, respectively, since shares are sold and redeemed at $1.00 per share.
Transactions in capital shares for each class were as follows:
Six Months Ended April 30, | Year Ended October 31, | |||||||
|
| |||||||
Federal Trust Fund | 2014 | 2013 | ||||||
Institutional | ||||||||
Shares sold | 223,449,418 | 713,263,548 | ||||||
Shares issued in reinvestment of dividends and distributions | 2,184 | 4,437 | ||||||
Shares redeemed | (231,428,827 | ) | (666,029,581 | ) | ||||
|
| |||||||
Net increase (decrease) | (7,977,225 | ) | 47,238,404 | |||||
|
| |||||||
Dollar | ||||||||
Shares sold | 10,929,906 | 77,006,648 | ||||||
Shares issued in reinvestment of dividends and distributions | 906 | 2,961 | ||||||
Shares redeemed | (10,351,068 | ) | (72,869,288 | ) | ||||
|
| |||||||
Net increase | 579,744 | 4,140,321 | ||||||
|
| |||||||
Administration | ||||||||
Shares sold | 486,131 | 2,226,191 | ||||||
Shares issued in reinvestment of dividends and distributions | 165 | 224 | ||||||
Shares redeemed | (488,128 | ) | (1,567,033 | ) | ||||
|
| |||||||
Net increase (decrease) | (1,832 | ) | 659,382 | |||||
|
| |||||||
Total Net Increase (Decrease) | (7,399,313 | ) | 52,038,107 | |||||
|
| |||||||
FedFund | ||||||||
Institutional | ||||||||
Shares sold | 60,053,202,588 | 110,197,022,870 | ||||||
Shares issued in reinvestment of dividends and distributions | 503,140 | 862,392 | ||||||
Shares redeemed | (59,015,643,894 | ) | (109,631,102,492 | ) | ||||
|
| |||||||
Net increase | 1,038,061,834 | 566,782,770 | ||||||
|
| |||||||
Dollar | ||||||||
Shares sold | 4,191,597,490 | 9,871,507,153 | ||||||
Shares issued in reinvestment of dividends and distributions | 240 | 195 | ||||||
Shares redeemed | (4,404,707,078 | ) | (9,603,394,140 | ) | ||||
|
| |||||||
Net increase (decrease) | (213,109,348 | ) | 268,113,208 | |||||
|
| |||||||
Cash Management | ||||||||
Shares sold | 356,390 | 600,244 | ||||||
Shares redeemed | (56,214 | ) | (4,000 | ) | ||||
|
| |||||||
Net increase | 300,176 | 596,244 | ||||||
|
| |||||||
Cash Reserve | ||||||||
Shares sold | 6,451,991 | 17,487,937 | ||||||
Shares redeemed | (7,489,967 | ) | (12,833,521 | ) | ||||
|
| |||||||
Net increase (decrease) | (1,037,976 | ) | 4,654,416 | |||||
|
|
90 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Notes to Financial Statements (continued) |
Six Months Ended April 30, | Year Ended October 31, | |||||||
|
| |||||||
FedFund (concluded) | 2014 | 2013 | ||||||
Administration | ||||||||
Shares sold | 14,661,084 | 210,621,052 | ||||||
Shares issued in reinvestment of dividends and distributions | 1 | 64 | ||||||
Shares redeemed | (9,986,809 | ) | (217,014,477 | ) | ||||
|
| |||||||
Net increase (decrease) | 4,674,276 | (6,393,361 | ) | |||||
|
| |||||||
Select | ||||||||
Shares sold | 48,422,818 | 110,128,097 | ||||||
Shares issued in reinvestment of dividends and distributions | 6,366 | 10,576 | ||||||
Shares redeemed | (57,104,774 | ) | (99,343,497 | ) | ||||
|
| |||||||
Net increase (decrease) | (8,675,590 | ) | 10,795,176 | |||||
|
| |||||||
Private Client | ||||||||
Shares sold | 2,387,553 | 4,609,231 | ||||||
Shares issued in reinvestment of dividends and distributions | 423 | 1,220 | ||||||
Shares redeemed | (3,260,865 | ) | (13,829,557 | ) | ||||
|
| |||||||
Net decrease | (872,889 | ) | (9,219,106 | ) | ||||
|
| |||||||
Premier | ||||||||
Shares sold | 3,521,078 | 3,902,999 | ||||||
Shares issued in reinvestment of dividends and distributions | 57 | 114 | ||||||
Shares redeemed | (3,075,214 | ) | (4,466,421 | ) | ||||
|
| |||||||
Net increase (decrease) | 445,921 | (563,308 | ) | |||||
|
| |||||||
Total Net Increase | 819,786,404 | 834,766,039 | ||||||
|
| |||||||
TempCash | ||||||||
Institutional | ||||||||
Shares sold | 12,552,841,235 | 22,888,390,190 | ||||||
Shares issued in reinvestment of dividends and distributions | 382,015 | 1,151,513 | ||||||
Shares redeemed | (13,247,423,334 | ) | (23,864,668,734 | ) | ||||
|
| |||||||
Net decrease | (694,200,084 | ) | (975,127,031 | ) | ||||
|
| |||||||
Dollar | ||||||||
Shares sold | 58,645,792 | 810,333,878 | ||||||
Shares issued in reinvestment of dividends and distributions | 65,633 | 66,795 | ||||||
Shares redeemed | (86,691,766 | ) | (897,617,033 | ) | ||||
|
| |||||||
Net decrease | (27,980,341 | ) | (87,216,360 | ) | ||||
|
|
Six Months Ended April 30, | Year Ended October 31, | |||||||
|
| |||||||
TempCash (concluded) | 2014 | 2013 | ||||||
Administration | ||||||||
Shares sold | — | 8 | ||||||
Shares issued in reinvestment of dividends and distributions | — | — | ||||||
Shares redeemed | — | (8 | ) | |||||
|
| |||||||
Net increase | — | — | ||||||
|
| |||||||
Total Net Decrease | (722,180,425 | ) | (1,062,343,391 | ) | ||||
|
| |||||||
TempFund | ||||||||
Institutional | ||||||||
Shares sold | 311,386,856,733 | 619,713,221,579 | ||||||
Shares issued in reinvestment of dividends and distributions | 3,919,165 | 16,111,363 | ||||||
Shares redeemed | (313,471,432,882 | ) | (620,244,394,210 | ) | ||||
|
| |||||||
Net decrease | (2,080,656,984 | ) | (515,061,268 | ) | ||||
|
| |||||||
Dollar | ||||||||
Shares sold | 17,814,053,010 | 32,195,014,137 | ||||||
Shares issued in reinvestment of dividends and distributions | 6,583 | 9,074 | ||||||
Shares redeemed | (17,396,972,110 | ) | (31,836,488,686 | ) | ||||
|
| |||||||
Net increase | 417,087,483 | 358,534,525 | ||||||
|
| |||||||
Cash Management | ||||||||
Shares sold | 351,213,848 | 689,699,547 | ||||||
Shares issued in reinvestment of dividends and distributions | 31,547 | 32,164 | ||||||
Shares redeemed | (333,659,208 | ) | (758,671,981 | ) | ||||
|
| |||||||
Net increase (decrease) | 17,586,187 | (68,940,270 | ) | |||||
|
| |||||||
Cash Reserve | ||||||||
Shares sold | 63,928,269 | 40,135,815 | ||||||
Shares issued in reinvestment of dividends and distributions | 1,385 | 1,080 | ||||||
Shares redeemed | (61,582,963 | ) | (38,236,236 | ) | ||||
|
| |||||||
Net increase | 2,346,691 | 1,900,659 | ||||||
|
| |||||||
Administration | ||||||||
Shares sold | 6,509,782,423 | 13,561,200,519 | ||||||
Shares issued in reinvestment of dividends and distributions | 35,149 | 118,056 | ||||||
Shares redeemed | (6,402,225,775 | ) | (13,368,859,658 | ) | ||||
|
| |||||||
Net increase | 107,591,797 | 192,458,917 | ||||||
|
|
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 91 |
Notes to Financial Statements (continued) |
Six Months Ended April 30, | Year Ended October 31, | |||||||
|
| |||||||
TempFund (concluded) | 2014 | 2013 | ||||||
Select | ||||||||
Shares sold | 219,463,124 | 525,462,899 | ||||||
Shares issued in reinvestment of dividends and distributions | 54,582 | 25,684 | ||||||
Shares redeemed | (265,227,778 | ) | (547,550,927 | ) | ||||
|
| |||||||
Net decrease | (45,710,072 | ) | (22,062,344 | ) | ||||
|
| |||||||
Private Client | ||||||||
Shares sold | 15,028,539 | 31,073,176 | ||||||
Shares issued in reinvestment of dividends and distributions | 1,820 | 893 | ||||||
Shares redeemed | (16,476,011 | ) | (33,797,833 | ) | ||||
|
| |||||||
Net decrease | (1,445,652 | ) | (2,723,764 | ) | ||||
|
| |||||||
Premier | ||||||||
Shares sold | 10,352,681 | 30,571,799 | ||||||
Shares issued in reinvestment of dividends and distributions | 1,955 | 922 | ||||||
Shares redeemed | (13,442,508 | ) | (30,944,780 | ) | ||||
|
| |||||||
Net decrease | (3,087,872 | ) | (372,059 | ) | ||||
|
| |||||||
Total Net Decrease | (1,586,288,422 | ) | (56,265,604 | ) | ||||
|
| |||||||
T-Fund | ||||||||
Institutional | ||||||||
Shares sold | 56,429,136,255 | 100,705,062,309 | ||||||
Shares issued in reinvestment of dividends and distributions | 790,796 | 880,604 | ||||||
Shares redeemed | (57,700,099,000 | ) | (102,907,529,313 | ) | ||||
|
| |||||||
Net decrease | (1,270,171,949 | ) | (2,201,586,400 | ) | ||||
|
| |||||||
Dollar | ||||||||
Shares sold | 269,602,607 | 1,783,098,524 | ||||||
Shares issued in reinvestment of dividends and distributions | 3,318 | 3,945 | ||||||
Shares redeemed | (328,645,722 | ) | (1,407,222,958 | ) | ||||
|
| |||||||
Net increase (decrease) | (59,039,797 | ) | 375,879,511 | |||||
|
| |||||||
Cash Management | ||||||||
Shares sold | 1,875,007,498 | 4,558,450,090 | ||||||
Shares issued in reinvestment of dividends and distributions | 58,700 | 62,186 | ||||||
Shares redeemed | (1,657,222,002 | ) | (5,010,995,889 | ) | ||||
|
| |||||||
Net increase (decrease) | 217,844,196 | (452,483,613 | ) | |||||
|
|
Six Months Ended April 30, | Year Ended October 31, | |||||||
|
| |||||||
T-Fund (concluded) | 2014 | 2013 | ||||||
Administration | ||||||||
Shares sold | — | 321,449 | ||||||
Shares issued in reinvestment of dividends and distributions | — | 133 | ||||||
Shares redeemed | — | (16,752,114 | ) | |||||
|
| |||||||
Net decrease | — | (16,430,532 | ) | |||||
|
| |||||||
Select | ||||||||
Shares sold | 224,132,275 | 256,503,193 | ||||||
Shares issued in reinvestment of dividends and distributions | 21,145 | 11,610 | ||||||
Shares redeemed | (226,957,792 | ) | (145,564,842 | ) | ||||
|
| |||||||
Net increase (decrease) | (2,804,372 | ) | 110,949,961 | |||||
|
| |||||||
Premier | ||||||||
Shares sold | 10,999,840 | 79,995,162 | ||||||
Shares issued in reinvestment of dividends and distributions | 3,395 | 1,880 | ||||||
Shares redeemed | (62,804,646 | ) | (28,208,749 | ) | ||||
|
| |||||||
Net increase (decrease) | (51,801,411 | ) | 51,788,293 | |||||
|
| |||||||
Total Net Decrease | (1,165,973,333 | ) | (2,131,882,780 | ) | ||||
|
| |||||||
Treasury Trust Fund | ||||||||
Institutional | ||||||||
Shares sold | 15,927,533,878 | 25,075,472,986 | ||||||
Shares issued in reinvestment of dividends and distributions | 146,303 | 33,584 | ||||||
Shares redeemed | (14,157,897,216 | ) | (22,956,294,291 | ) | ||||
|
| |||||||
Net increase | 1,769,782,965 | 2,119,212,279 | ||||||
|
| |||||||
Dollar | ||||||||
Shares sold | 683,023,162 | 1,315,381,409 | ||||||
Shares issued in reinvestment of dividends and distributions | 379 | 290 | ||||||
Shares redeemed | (744,777,956 | ) | (1,321,743,981 | ) | ||||
|
| |||||||
Net decrease | (61,754,415 | ) | (6,362,282 | ) | ||||
|
| |||||||
Cash Management | ||||||||
Shares sold | 10,889,400 | 68,676,620 | ||||||
Shares redeemed | (8,166,212 | ) | (70,856,656 | ) | ||||
|
| |||||||
Net increase (decrease) | 2,723,188 | (2,180,036 | ) | |||||
|
|
92 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Notes to Financial Statements (continued) |
Six Months Ended April 30, | Year Ended October 31, | |||||||
|
| |||||||
Treasury Trust Fund (concluded) | 2014 | 2013 | ||||||
Administration | ||||||||
Shares sold | 830,150,348 | 553,556,616 | ||||||
Shares issued in reinvestment of dividends and distributions | 501 | 30 | ||||||
Shares redeemed | (669,571,827 | ) | (573,621,647 | ) | ||||
|
| |||||||
Net increase (decrease) | 160,579,022 | (20,065,001 | ) | |||||
|
| |||||||
Total Net Increase | 1,871,330,760 | 2,090,604,960 | ||||||
|
| |||||||
MuniCash | ||||||||
Institutional | ||||||||
Shares sold | 171,003,555 | 675,784,940 | ||||||
Shares issued in reinvestment of dividends and distributions | 830 | 5,319 | ||||||
Shares redeemed | (213,938,500 | ) | (720,107,898 | ) | ||||
|
| |||||||
Net decrease | (42,934,115 | ) | (44,317,639 | ) | ||||
|
| |||||||
Dollar | ||||||||
Shares sold | 27,886,148 | 135,231,115 | ||||||
Shares issued in reinvestment of dividends and distributions | 1,362 | 1,571 | ||||||
Shares redeemed | (42,787,085 | ) | (144,230,951 | ) | ||||
|
| |||||||
Net decrease | (14,899,575 | ) | (8,998,265 | ) | ||||
|
| |||||||
Cash Reserve | ||||||||
Shares sold | — | 11 | ||||||
Shares redeemed | — | (11 | ) | |||||
|
| |||||||
Net increase (decrease) | — | — | ||||||
|
| |||||||
Total Net Decrease | (57,833,690 | ) | (53,315,904 | ) | ||||
|
| |||||||
MuniFund | ||||||||
Institutional | ||||||||
Shares sold | 2,581,114,190 | 7,375,361,885 | ||||||
Shares issued in reinvestment of dividends and distributions | 76,329 | 82,048 | ||||||
Shares redeemed | (2,385,277,041 | ) | (7,428,563,984 | ) | ||||
|
| |||||||
Net increase (decrease) | 195,913,478 | (53,120,051 | ) | |||||
|
| |||||||
Dollar | ||||||||
Shares sold | 109,957,579 | 230,598,154 | ||||||
Shares issued in reinvestment of dividends and distributions | 1 | 14 | ||||||
Shares redeemed | (125,312,640 | ) | (236,035,610 | ) | ||||
|
| |||||||
Net decrease | (15,355,060 | ) | (5,437,442 | ) | ||||
|
|
Six Months Ended April 30, | Year Ended October 31, | |||||||
|
| |||||||
MuniFund (concluded) | 2014 | 2013 | ||||||
Cash Management | ||||||||
Shares sold | 3,370,409 | 38,898,023 | ||||||
Shares issued in reinvestment of dividends and distributions | 1,650 | 662 | ||||||
Shares redeemed | (10,335,908 | ) | (21,800,161 | ) | ||||
|
| |||||||
Net increase (decrease) | (6,963,849 | ) | 17,098,524 | |||||
|
| |||||||
Administration | ||||||||
Shares sold | 311,583,182 | 1,271,975,240 | ||||||
Shares issued in reinvestment of dividends and distributions | 11,728 | 6,332 | ||||||
Shares redeemed | (270,043,908 | ) | (1,289,971,610 | ) | ||||
|
| |||||||
Net increase (decrease) | 41,551,002 | (17,990,038 | ) | |||||
|
| |||||||
Select | ||||||||
Shares sold | 17,393,724 | 44,467,155 | ||||||
Shares issued in reinvestment of dividends and distributions | 4,603 | 4,444 | ||||||
Shares redeemed | (14,458,812 | ) | (43,280,212 | ) | ||||
|
| |||||||
Net increase | 2,939,515 | 1,191,387 | ||||||
|
| |||||||
Private Client | ||||||||
Shares sold | 83,935 | 124,897 | ||||||
Shares issued in reinvestment of dividends and distributions | 477 | 416 | ||||||
Shares redeemed | (40,418 | ) | (336,868 | ) | ||||
|
| |||||||
Net increase (decrease) | 43,994 | (211,555 | ) | |||||
|
| |||||||
Premier | ||||||||
Shares sold | 233,469 | 370,799 | ||||||
Shares issued in reinvestment of dividends and distributions | 203 | 163 | ||||||
Shares redeemed | (415,757 | ) | (17,808 | ) | ||||
|
| |||||||
Net increase (decrease) | (182,085 | ) | 353,154 | |||||
|
| |||||||
Total Net Increase (Decrease) | 217,946,995 | (58,116,021 | ) | |||||
|
| |||||||
California Money Fund | ||||||||
Institutional | ||||||||
Shares sold | 260,308,107 | 586,232,484 | ||||||
Shares issued in reinvestment of dividends and distributions | 891 | 733 | ||||||
Shares redeemed | (269,644,598 | ) | (612,359,614 | ) | ||||
|
| |||||||
Net decrease | (9,335,600 | ) | (26,126,397 | ) | ||||
|
|
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 93 |
Notes to Financial Statements (concluded) | ||
Six Months Ended April 30, | Year Ended October 31, | |||||||
|
| |||||||
California Money Fund (concluded) | 2014 | 2013 | ||||||
Dollar | ||||||||
Shares sold | 12,205,297 | 39,519,971 | ||||||
Shares issued in reinvestment of dividends and distributions | 505 | 634 | ||||||
Shares redeemed | (13,670,127 | ) | (50,596,473 | ) | ||||
|
| |||||||
Net decrease | (1,464,325 | ) | (11,075,868 | ) | ||||
|
| |||||||
Administration | ||||||||
Shares sold | 1,195,649 | 3,770,997 | ||||||
Shares redeemed | (1,780,599 | ) | (2,648,825 | ) | ||||
|
| |||||||
Net increase (decrease) | (584,950 | ) | 1,122,172 | |||||
|
| |||||||
Select | ||||||||
Shares sold | 7,863,839 | 39,808,617 | ||||||
Shares issued in reinvestment of dividends and distributions | 934 | 2,069 | ||||||
Shares redeemed | (5,322,414 | ) | (41,026,311 | ) | ||||
|
| |||||||
Net increase (decrease) | 2,542,359 | (1,215,625 | ) | |||||
|
| |||||||
Private Client | ||||||||
Shares sold | 64,889 | 4,247,763 | ||||||
Shares issued in reinvestment of dividends and distributions | 609 | 419 | ||||||
Shares redeemed | (728,626 | ) | (3,900,662 | ) | ||||
|
| |||||||
Net increase (decrease) | (663,128 | ) | 347,520 | |||||
|
| |||||||
Premier | ||||||||
Shares sold | — | 1 | ||||||
Shares issued in reinvestment of dividends and distributions | 1 | 144 | ||||||
Shares redeemed | — | (1,768,675 | ) | |||||
|
| |||||||
Net increase (decrease) | 1 | (1,768,530 | ) | |||||
|
| |||||||
Total Net Decrease | (9,505,643 | ) | (38,716,728 | ) | ||||
|
|
Six Months Ended April 30, | Year Ended October 31, | |||||||
|
| |||||||
New York Money Fund | 2014 | 2013 | ||||||
Institutional | ||||||||
Shares sold | 123,278,790 | 282,678,587 | ||||||
Shares issued in reinvestment of dividends and distributions | 425 | 1,293 | ||||||
Shares redeemed | (121,468,484 | ) | (294,319,115 | ) | ||||
|
| |||||||
Net increase (decrease) | 1,810,731 | (11,639,235 | ) | |||||
|
| |||||||
Cash Management | ||||||||
Shares sold | 33,720,181 | 86,462,934 | ||||||
Shares redeemed | (38,289,157 | ) | (70,715,672 | ) | ||||
|
| |||||||
Net increase (decrease) | (4,568,976 | ) | 15,747,262 | |||||
|
| |||||||
Administration | ||||||||
Shares sold | 7,181,604 | 16,935,482 | ||||||
Shares redeemed | (10,425,732 | ) | (13,018,080 | ) | ||||
|
| |||||||
Net increase (decrease) | (3,244,128 | ) | 3,917,402 | |||||
|
| |||||||
Select | ||||||||
Shares sold | 5,673,628 | 24,074,856 | ||||||
Shares issued in reinvestment of dividends and distributions | 570 | 1,122 | ||||||
Shares redeemed | (7,893,349 | ) | (26,415,854 | ) | ||||
|
| |||||||
Net decrease | (2,219,151 | ) | (2,339,876 | ) | ||||
|
| |||||||
Private Client | ||||||||
Shares sold | 312,044 | 1,057,395 | ||||||
Shares issued in reinvestment of dividends and distributions | 26 | 25 | ||||||
Shares redeemed | (18,371 | ) | (1,296,651 | ) | ||||
|
| |||||||
Net increase (decrease) | 293,699 | (239,231 | ) | |||||
|
| |||||||
Premier | ||||||||
Shares sold | 324,964 | 698,565 | ||||||
Shares issued in reinvestment of dividends and distributions | 19 | 19 | ||||||
Shares redeemed | (212,184 | ) | (904,089 | ) | ||||
|
| |||||||
Net increase (decrease) | 112,799 | (205,505 | ) | |||||
|
| |||||||
Total Net Increase (Decrease) | (7,815,026 | ) | 5,240,817 | |||||
|
|
7. 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.
94 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
Officers and Trustees |
Ronald W. Forbes, Co-Chairman of the Board and Trustee
Rodney D. Johnson, Co-Chairman of the Board and Trustee
Paul L. Audet, Trustee
David O. Beim, Trustee
Frank J. Fabozzi, Trustee
Henry Gabbay, Trustee
Dr. Matina S. Horner, Trustee
Herbert I. London, Trustee
Ian A. MacKinnon, Trustee
Cynthia A. Montgomery, Trustee
Joseph P. Platt, Trustee
Robert C. Robb, Jr., Trustee
Toby Rosenblatt, Trustee
Kenneth L. Urish, Trustee
Frederick W. Winter, Trustee
John M. Perlowski, President and Chief Executive Officer
Richard Hoerner, CFA, Vice President
Brendan Kyne, Vice President
Neal Andrews, Chief Financial Officer
Jay Fife, Treasurer
Brian Kindelan, Chief Compliance Officer and Anti-Money Laundering Officer
Benjamin Archibald, Secretary
Investment Advisor and Administrator
BlackRock Advisors, LLC
Wilmington, DE 19809
Accounting Agent, Sub-Administrator and Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
Wilmington, DE 19809
Distributor
BlackRock Investments, LLC
New York, NY 10022
Custodian
The Bank of New York Mellon
New York, NY 10286
Legal Counsel
Sidley Austin LLP
New York, NY 10019
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Philadelphia, PA 19103
Address of the Trust
100 Bellevue Parkway
Wilmington, DE 19809
Effective May 14, 2014, Brian Kindelan resigned as Chief Compliance Officer and Anti-Money Laundering Officer of the Fund and Charles Park became Chief Compliance Officer and Anti-Money Laundering Officer of the Fund. Mr. Park joined BlackRock in 2009 and is the current Chief Compliance Officer of BlackRock’s iShares exchange traded funds. |
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 | 95 |
Additional Information |
General Information |
Electronic Delivery
Electronic copies of most financial reports and prospectuses are available on the Trust’s website or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports and prospectuses by enrolling in the Trust’s electronic delivery program.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information how to access documents on the SEC’s website without charge may be obtained by calling (800) SEC-0330. The Funds’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7450.
Availability of Proxy Voting Policies and Procedures
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) 441-7450; (2) at http://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 http://www.blackrock.com or by calling (800) 441-7450 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.
96 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2014 |
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 a Fund unless accompanied or preceded by that Fund’s current prospectus. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although each Fund seeks 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 should not be considered a representation of future performance. 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) 441-7450. 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.
BRLF-4/14-SAR | ![]() |
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 –There have been no material changes to these procedures. | |
Item 11 – | Controls and Procedures | |
(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of 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 15d-15(b) under the Securities Exchange Act of 1934, as amended. | ||
(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) 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 | |
(a)(1) – Code of Ethics – Not Applicable to this semi-annual report | ||
(a)(2) – Certifications – Attached hereto | ||
(a)(3) – Not Applicable | ||
(b) – Certifications – Attached hereto |
2
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/ John M. Perlowski | |
John M. Perlowski | ||
Chief Executive Officer (principal executive officer) of | ||
BlackRock Liquidity Funds | ||
Date: July 1, 2014 |
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/ John M. Perlowski | |
John M. Perlowski | ||
Chief Executive Officer (principal executive officer) of | ||
BlackRock Liquidity Funds | ||
Date: July 1, 2014 | ||
By: | /s/ Neal J. Andrews | |
Neal J. Andrews | ||
Chief Financial Officer (principal financial officer) of | ||
BlackRock Liquidity Funds | ||
Date: July 1, 2014 |
3