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: 10/31/2017
Date of reporting period: 04/30/2017
Item 1 – Report to Stockholders
APRIL 30, 2017
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 |
The Markets in Review |
Dear Shareholder,
In the 12 months ended April 30, 2017, risk assets, such as stocks and high-yield bonds, delivered strong performance. These markets showed great resilience during a period with big surprises, including the United Kingdom’s vote to leave the European Union and the outcome of the U.S. presidential election, which brought only brief spikes in equity market volatility. However, high-quality assets with more interest rate sensitivity struggled. U.S. Treasuries posted negative returns as rising energy prices, modest wage increases and steady job growth led to expectations of higher inflation and anticipation of interest rate increases by the U.S. Federal Reserve (the “Fed”).
The global reflationary theme – rising nominal growth, wages and inflation – was the dominant driver of asset returns during the period, outweighing significant political upheavals and uncertainty. Reflationary expectations accelerated after the U.S. election and continued into the beginning of 2017, stoked by expectations that the new presidential administration’s policies would provide an extra boost to U.S. growth. More recently, however, growing skepticism about the likelihood of significant near-term U.S. tax reform and infrastructure spending has tempered enthusiasm around the reflation trade. Nonetheless, markets have remained generally positive thus far in 2017 and continue to exhibit low levels of volatility by historical standards. Although political uncertainty persisted, benign credit conditions and expectations for economic growth have kept markets fairly tranquil. The period ended with a global risk asset rally following centrist Emmanuel Macron’s win in the first round of the French presidential election and better-than-expected U.S. and European corporate earnings.
Although economic momentum is gaining traction, the capacity for rapid global growth is restrained by structural factors, including an aging population, low productivity growth and excess savings, as well as cyclical factors, like the Fed moving toward the normalization of monetary policy and the length of the current expansion. Tempered economic growth and high valuations across most assets have set the stage for muted returns going forward.
Equity markets still present opportunities, although the disparity between winners and losers is widening – a dynamic that increases both the risk and return potential of active investing. Fixed income investors are also facing challenges as many sectors are exhibiting higher valuations while rates remain at historically low levels.
In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
Rob Kapito
President, BlackRock Advisors, LLC
Total Returns as of April 30, 2017 | ||||||||
6-month | 12-month | |||||||
U.S. large cap equities (S&P 500® Index) | 13.32 | % | 17.92 | % | ||||
U.S. small cap equities (Russell 2000® Index) | 18.37 | 25.63 | ||||||
International equities (MSCI Europe, Australasia, Far East Index) | 11.47 | 11.29 | ||||||
Emerging market equities (MSCI Emerging Markets Index) | 8.88 | 19.13 | ||||||
3-month Treasury bills (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index) | 0.23 | 0.40 | ||||||
U.S. Treasury securities (BofA Merrill Lynch 10-Year U.S. Treasury Index) | (3.13 | ) | (2.68 | ) | ||||
U.S. investment-grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index) | (0.67 | ) | 0.83 | |||||
Tax-exempt municipal bonds (S&P Municipal Bond Index) | (0.41 | ) | 0.57 | |||||
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index) | 5.30 | 13.29 | ||||||
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
2 | THIS PAGE NOT PART OF YOUR FUND REPORT |
Table of Contents |
Page | ||||
2 | ||||
Semi-Annual Report: | ||||
4 | ||||
5 | ||||
8 | ||||
Financial Statements: | ||||
10 | ||||
55 | ||||
59 | ||||
61 | ||||
65 | ||||
95 | ||||
115 | ||||
116 |
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 3 |
Money Market Overview |
For the Six-Month Period Ended April 30, 2017 |
October 14, 2016 represented the final compliance date for money market reform. The movement of assets to government money market funds from prime funds was substantial at approximately $1 trillion. Fears that government money market funds would be unable to accommodate the large shift in assets were put to rest, in part due to increased issuance of U.S. Treasury bills and higher-than-usual utilization of the Federal Reserve Bank of New York’s Reverse Repo Program. The pace of outflows from prime funds and inflows to government funds both slowed as the month progressed, and London Inter-Bank Offered Rate (“LIBOR”) settings for the most part moved marginally higher as the odds of a rate hike prior to the end of 2016 increased.
The Federal Open Market Committee (“FOMC”), at its December 14, 2016 meeting, announced a 0.25% increase in the target range for the federal funds rate to 0.50% – 0.75%. The decision to raise interest rates was unanimous, and widely expected. This further reduction in monetary accommodation, in our view, is demonstrative of the FOMC’s conviction that the economy is on an upward trajectory. At this meeting, the FOMC’s summary of economic projections provided the indication that there would be three additional rate increases in 2017. Leading into the early months of 2017, the markets were weary and were not pricing in a first quarter rate increase. However, in the weeks immediately preceding its March 15, 2017 meeting, FOMC speakers were out in the public talking about the strength of the U.S. labor market and continued progress toward the FOMC’s inflation target of 2%. Within days, the market priced in a March rate increase and at the March 15 meeting, the FOMC delivered a 0.25% increase in the federal funds target range to 0.75% – 1.00%.
In our opinion, the FOMC appears to be on a steady path toward the normalization of monetary policy and another two 0.25% increases in the federal funds target range are possible during the balance of 2017. We also believe the FOMC will announce additional details regarding its plan to reduce the size of the Fed’s securities portfolio at the end of the year by ending the reinvestment of principal and interest payments on certain holdings. Nonetheless, we believe the federal funds rate will remain the primary policy tool. Factors that could impact our outlook for the removal of monetary accommodation include a material change in expectations for U.S. fiscal stimulus initiatives as well as the outcome of certain political tail risk events in Europe.
The short-term municipal market experienced stability in demand from traditional municipal money market fund buyers during the period as industry assets averaged around $130 billion. The steady base of tax-exempt money fund assets reflected investor comfort with money fund reform provisions that became effective on October 14, 2016. The combination of rate increases by the FOMC in December 2016 and in March 2017 lifted the target range for the federal funds rate to end the period at 0.75% – 1.00%. As a result, the SIFMA Index, which represents the average yield on 7-day variable rate demand note (“VRDN”) securities, began the period at 0.63% and increased to a 8-year high of 0.92% before ending April at 0.90%, well above the 12-month average of 0.61%.
New VRDN issuance remained light and seasonal tax-related redemptions were muted in April 2017 compared to years past. Also, higher yield offerings in the VRDN space attracted taxable crossover investors as well as short duration, separately managed account, and other non-traditional investors, which contributed to a healthy demand dynamic and a more diversified buyer base. In fact, in addition to Fed rate hikes, an important component to the rise in VRDN yield levels is as a result of participation from taxable money market fund crossover buyers. Notably, as the total amount of VRDNs outstanding, approximately $160 billion, is greater than the amount of tax-exempt money market fund industry assets at $130 billion, dealers remain reliant on taxable crossover buyers in order to maintain manageable VRDN inventory levels. For this reason, dealers have continued to reset VRDN yields to levels in excess of their taxable equivalents in order to continue to attract the crossover investor.
Yields on the Municipal Market Advisors AAA General Obligation One-Year Index, which began the period at 0.70%, reached a high of 0.98% before ending April 2017 at 0.86%. Looking ahead, the focus remains upon the target range for the federal funds rate, which is anticipated to increase in the near term as the FOMC assesses the current economic conditions. Many municipal money fund managers remain defensively positioned ahead of the June FOMC meeting and continue to maintain very short average weighted maturity profiles. Therefore, they are expected to remain highly selective with respect to one-year municipal note purchases in the primary note market as there is currently very little yield pickup versus VRDNs. For this reason, as municipalities begin to offer one-year municipal notes in June in order to address their operating cash needs for fiscal year 2018, they may need to offer higher yield levels in order to entice a buyer base that is factoring in multiple rate hikes over the course of the borrowing period.
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, 2017 |
Fund Information as of April 30, 2017 |
Federal Trust Fund |
Federal Trust Fund’s (the “Fund”) investment objective is to seek current income as is consistent with liquidity and stability of principal.
Yields |
7-Day SEC Yield | 7-Day Yield | ||||||||
Institutional | 0.59 | % | 0.59 | % | ||||||
Dollar | 0.34 | % | 0.34 | % | ||||||
Cash Management | 0.09 | % | 0.09 | % | ||||||
Cash Reserve | 0.19 | % | 0.19 | % | ||||||
Administration | 0.49 | % | 0.49 | % |
Portfolio Composition | Percent of Net Assets | ||||
U.S. Treasury Obligations | 59 | % | |||
U.S. Government Sponsored Agency Obligations | 41 | ||||
|
| ||||
Total | 100 | % | |||
|
|
FedFund |
FedFund’s (the “Fund”) investment objective is to seek current income as is consistent with liquidity and stability of principal.
Yields |
7-Day SEC Yield | 7-Day Yield | ||||||||
Institutional | 0.65 | % | 0.65 | % | ||||||
Dollar | 0.40 | % | 0.40 | % | ||||||
Cash Management | 0.15 | % | 0.15 | % | ||||||
Cash Reserve | 0.25 | % | 0.25 | % | ||||||
Administration | 0.55 | % | 0.55 | % | ||||||
Select | 0.00 | % | 0.00 | % | ||||||
Private Client | 0.17 | % | 0.17 | % | ||||||
Premier | 0.17 | % | 0.17 | % |
Portfolio Composition | Percent of Net Assets | ||||
Repurchase Agreements | 52 | % | |||
U.S. Government Sponsored Agency Obligations | 32 | ||||
U.S. Treasury Obligations | 14 | ||||
Other Assets Less Liabilities | 2 | ||||
|
| ||||
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 | 0.94 | % | 0.94 | % | ||||||
Dollar | 0.69 | % | 0.69 | % |
Portfolio Composition | Percent of Net Assets | ||||
Commercial Paper | 33 | % | |||
Time Deposits | 27 | ||||
Certificates of Deposit | 21 | ||||
Repurchase Agreements | 17 | ||||
Municipal Bonds | 2 | ||||
|
| ||||
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, 2017 | 5 |
Fund Information (continued) as of April 30, 2017 |
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 | 1.03 | % | 1.03 | % | ||||||
Dollar | 0.78 | % | 0.78 | % | ||||||
Cash Management | 0.53 | % | 0.53 | % | ||||||
Cash Reserve | 0.63 | % | 0.63 | % | ||||||
Administration | 0.93 | % | 0.93 | % | ||||||
Select | 0.21 | % | 0.21 | % | ||||||
Private Client | 0.53 | % | 0.53 | % | ||||||
Premier | 0.53 | % | 0.53 | % |
Portfolio Composition | Percent of Net Assets | ||||
Commercial Paper | 33 | % | |||
Time Deposits | 30 | ||||
Certificates of Deposit | 25 | ||||
Repurchase Agreements | 11 | ||||
Municipal Bonds | 1 | ||||
|
| ||||
Total | 100 | % | |||
|
|
T-Fund |
T-Fund’s (the “Fund”) investment objective is to seek current income as is consistent with liquidity and stability of principal.
Yields | 7-Day SEC Yield |
7-Day Yield | ||||||||
Institutional | 0.63 | % | 0.63 | % | ||||||
Dollar | 0.38 | % | 0.38 | % | ||||||
Cash Management | �� | 0.13 | % | 0.13 | % | |||||
Cash Reserve | 0.23 | % | 0.23 | % | ||||||
Administration | 0.53 | % | 0.53 | % | ||||||
Select | 0.00 | % | 0.00 | % | ||||||
Premier | 0.03 | % | 0.03 | % |
Portfolio Composition | Percent of Net Assets | ||||
Repurchase Agreements | 57 | % | |||
U.S. Treasury Obligations | 41 | ||||
Other Assets Less Liabilities | 2 | ||||
|
| ||||
Total | 100 | % | |||
|
|
Treasury Trust Fund |
Treasury Trust Fund’s (the “Fund”) investment objective is to seek current income as is consistent with liquidity and stability of principal.
Yields |
7-Day SEC Yield | 7-Day Yield | ||||||||
Institutional | 0.58 | % | 0.58 | % | ||||||
Dollar | 0.33 | % | 0.33 | % | ||||||
Cash Management | 0.08 | % | 0.08 | % | ||||||
Cash Reserve | 0.18 | % | 0.18 | % | ||||||
Administration | 0.48 | % | 0.48 | % | ||||||
Select | 0.00 | % | 0.00 | % |
Portfolio Composition | Percent of Net Assets | ||||
U.S. Treasury Obligations | 100 | % | |||
|
| ||||
Total | 100 | % | |||
|
|
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 | 0.71 | % | 0.71 | % | ||||||
Dollar | 0.46 | % | 0.46 | % |
Portfolio Composition | Percent of Net Assets | ||||
Variable Rate Demand Notes | 71 | % | |||
Municipal Bonds | 14 | ||||
Commercial Paper | 11 | ||||
Closed-Ended Investment Companies | 4 | ||||
|
| ||||
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.
6 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Fund Information (concluded) as of April 30, 2017 |
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 | 0.71 | % | 0.71 | % | ||||||
Dollar | 0.46 | % | 0.46 | % | ||||||
Cash Management | 0.21 | % | 0.21 | % | ||||||
Administration | 0.61 | % | 0.61 | % | ||||||
Select | 0.00 | % | 0.00 | % | ||||||
Private Client | 0.23 | % | 0.23 | % | ||||||
Premier | 0.23 | % | 0.23 | % |
Portfolio Composition | Percent of Net Assets | ||||
Variable Rate Demand Notes | 64 | % | |||
Municipal Bonds | 18 | ||||
Commercial Paper | 13 | ||||
Closed-Ended Investment Companies | 4 | ||||
Other Assets Less Liabilities | 1 | ||||
|
| ||||
Total | 100 | % | |||
|
|
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 | 0.70 | % | 0.70 | % | ||||||
Dollar | 0.45 | % | 0.45 | % | ||||||
Administration | 0.60 | % | 0.60 | % | ||||||
Select | 0.00 | % | 0.00 | % | ||||||
Private Client | 0.22 | % | 0.22 | % | ||||||
Premier | 0.22 | % | 0.22 | % |
Portfolio Composition | Percent of Net Assets | ||||
Variable Rate Demand Notes | 81 | % | |||
Commercial Paper | 7 | ||||
Municipal Bonds | 5 | ||||
Closed-Ended Investment Companies | 5 | ||||
Other Assets Less Liabilities | 2 | ||||
|
| ||||
Total | 100 | % | |||
|
|
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 | 0.73 | % | 0.73 | % | ||||||
Cash Management | 0.23 | % | 0.23 | % | ||||||
Administration | 0.63 | % | 0.63 | % | ||||||
Select | 0.00 | % | 0.00 | % | ||||||
Private Client | 0.25 | % | 0.25 | % | ||||||
Premier | 0.25 | % | 0.25 | % |
Portfolio Composition | Percent of Net Assets | ||||
Variable Rate Demand Notes | 97 | % | |||
Closed-End Investment Companies | 3 | ||||
|
| ||||
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, 2017 | 7 |
Disclosure of Expenses |
Shareholders of these Funds may incur the following charges: (a) transactional expenses 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, 2016 and held through April 30, 2017) 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 a 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 examples with the 5% hypothetical examples that appear in shareholder reports of other funds.
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, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
Expense Examples |
Actual | Hypothetical2 | ||||||||||||||||||||||||||||||||||
Beginning Account Value November 1, 2016 | Ending Account Value April 30, 2017 | Expenses Paid During the Period1 | Beginning Account Value November 1, 2016 | Ending Account Value April 30, 2017 | Expenses Paid During the Period1 | Annualized Expense Ratio | |||||||||||||||||||||||||||||
Federal Trust Fund | |||||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,002.00 | $ | 0.84 | $ | 1,000.00 | $ | 1,023.95 | $ | 0.85 | 0.17 | % | |||||||||||||||||||||
Dollar | $ | 1,000.00 | $ | 1,000.80 | $ | 2.03 | $ | 1,000.00 | $ | 1,022.76 | $ | 2.06 | 0.41 | % | |||||||||||||||||||||
Cash Management | $ | 1,000.00 | $ | 1,000.10 | $ | 2.68 | $ | 1,000.00 | $ | 1,022.12 | $ | 2.71 | 0.54 | % | |||||||||||||||||||||
Cash Reserve | $ | 1,000.00 | $ | 1,000.30 | $ | 2.58 | $ | 1,000.00 | $ | 1,022.22 | $ | 2.61 | 0.52 | % | |||||||||||||||||||||
Administration | $ | 1,000.00 | $ | 1,001.50 | $ | 1.34 | $ | 1,000.00 | $ | 1,023.46 | $ | 1.35 | 0.27 | % | |||||||||||||||||||||
FedFund | |||||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,002.30 | $ | 0.65 | $ | 1,000.00 | $ | 1,024.15 | $ | 0.65 | 0.13 | % | |||||||||||||||||||||
Dollar | $ | 1,000.00 | $ | 1,001.10 | $ | 1.89 | $ | 1,000.00 | $ | 1,022.91 | $ | 1.91 | 0.38 | % | |||||||||||||||||||||
Cash Management | $ | 1,000.00 | $ | 1,000.30 | $ | 2.73 | $ | 1,000.00 | $ | 1,022.07 | $ | 2.76 | 0.55 | % | |||||||||||||||||||||
Cash Reserve | $ | 1,000.00 | $ | 1,000.50 | $ | 2.63 | $ | 1,000.00 | $ | 1,022.17 | $ | 2.66 | 0.53 | % | |||||||||||||||||||||
Administration | $ | 1,000.00 | $ | 1,001.80 | $ | 1.19 | $ | 1,000.00 | $ | 1,023.60 | $ | 1.20 | 0.24 | % | |||||||||||||||||||||
Select | $ | 1,000.00 | $ | 1,000.20 | $ | 2.78 | $ | 1,000.00 | $ | 1,022.02 | $ | 2.81 | 0.56 | % | |||||||||||||||||||||
Private Client | $ | 1,000.00 | $ | 1,000.40 | $ | 2.63 | $ | 1,000.00 | $ | 1,022.17 | $ | 2.66 | 0.53 | % | |||||||||||||||||||||
TempCash | |||||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,003.00 | $ | 0.79 | $ | 1,000.00 | $ | 1,024.00 | $ | 0.80 | 0.16 | % | |||||||||||||||||||||
Dollar | $ | 1,000.00 | $ | 1,001.80 | $ | 1.99 | $ | 1,000.00 | $ | 1,022.81 | $ | 2.01 | 0.40 | % | |||||||||||||||||||||
TempFund | |||||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,004.50 | $ | 0.89 | $ | 1,000.00 | $ | 1,023.90 | $ | 0.90 | 0.18 | % | |||||||||||||||||||||
Dollar | $ | 1,000.00 | $ | 1,003.40 | $ | 2.14 | $ | 1,000.00 | $ | 1,022.66 | $ | 2.16 | 0.43 | % | |||||||||||||||||||||
Cash Management | $ | 1,000.00 | $ | 1,002.00 | $ | 3.38 | $ | 1,000.00 | $ | 1,021.42 | $ | 3.41 | 0.68 | % | |||||||||||||||||||||
Cash Reserve | $ | 1,000.00 | $ | 1,002.50 | $ | 2.88 | $ | 1,000.00 | $ | 1,021.92 | $ | 2.91 | 0.58 | % | |||||||||||||||||||||
Administration | $ | 1,000.00 | $ | 1,004.10 | $ | 1.39 | $ | 1,000.00 | $ | 1,023.41 | $ | 1.40 | 0.28 | % | |||||||||||||||||||||
Select | $ | 1,000.00 | $ | 1,000.70 | $ | 4.46 | $ | 1,000.00 | $ | 1,020.33 | $ | 4.51 | 0.90 | % | |||||||||||||||||||||
Private Client | $ | 1,000.00 | $ | 1,002.00 | $ | 3.38 | $ | 1,000.00 | $ | 1,021.42 | $ | 3.41 | 0.68 | % |
1 | 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). |
2 | Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365. |
8 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Expense Examples (concluded) | |||||||||||||||||||||||||||||||||||
Actual | Hypothetical2 | ||||||||||||||||||||||||||||||||||
Beginning Account Value November 1, 2016 | Ending Account Value April 30, 2017 | Expenses Paid During the Period1 | Beginning Account Value November 1, 2016 | Ending Account Value April 30, 2017 | Expenses Paid During the Period1 | Annualized Expense Ratio | |||||||||||||||||||||||||||||
T-Fund | |||||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,002.00 | $ | 0.84 | $ | 1,000.00 | $ | 1,023.95 | $ | 0.85 | 0.17 | % | |||||||||||||||||||||
Dollar | $ | 1,000.00 | $ | 1,000.80 | $ | 2.03 | $ | 1,000.00 | $ | 1,022.76 | $ | 2.06 | 0.41 | % | |||||||||||||||||||||
Cash Management | $ | 1,000.00 | $ | 1,000.20 | $ | 2.58 | $ | 1,000.00 | $ | 1,022.22 | $ | 2.61 | 0.52 | % | |||||||||||||||||||||
Cash Reserve | $ | 1,000.00 | $ | 1,000.30 | $ | 2.57 | $ | 1,000.00 | $ | 1,022.23 | $ | 2.59 | 0.52 | % | |||||||||||||||||||||
Administration | $ | 1,000.00 | $ | 1,001.60 | $ | 1.34 | $ | 1,000.00 | $ | 1,023.46 | $ | 1.35 | 0.27 | % | |||||||||||||||||||||
Select | $ | 1,000.00 | $ | 1,000.00 | $ | 2.83 | $ | 1,000.00 | $ | 1,021.97 | $ | 2.86 | 0.57 | % | |||||||||||||||||||||
Treasury Trust Fund | |||||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,001.90 | $ | 0.84 | $ | 1,000.00 | $ | 1,023.95 | $ | 0.85 | 0.17 | % | |||||||||||||||||||||
Dollar | $ | 1,000.00 | $ | 1,000.70 | $ | 2.03 | $ | 1,000.00 | $ | 1,022.76 | $ | 2.06 | 0.41 | % | |||||||||||||||||||||
Cash Management | $ | 1,000.00 | $ | 1,000.10 | $ | 2.83 | $ | 1,000.00 | $ | 1,021.97 | $ | 2.86 | 0.57 | % | |||||||||||||||||||||
Cash Reserve | $ | 1,000.00 | $ | 1,000.20 | $ | 2.39 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.42 | 0.48 | % | |||||||||||||||||||||
Administration | $ | 1,000.00 | $ | 1,001.40 | $ | 1.34 | $ | 1,000.00 | $ | 1,023.46 | $ | 1.35 | 0.27 | % | |||||||||||||||||||||
Select | $ | 1,000.00 | $ | 1,000.00 | $ | 2.69 | $ | 1,000.00 | $ | 1,022.11 | $ | 2.72 | 0.54 | % | |||||||||||||||||||||
MuniCash | |||||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,002.70 | $ | 0.94 | $ | 1,000.00 | $ | 1,023.85 | $ | 0.95 | 0.19 | % | |||||||||||||||||||||
Dollar | $ | 1,000.00 | $ | 1,001.40 | $ | 2.18 | $ | 1,000.00 | $ | 1,022.61 | $ | 2.21 | 0.44 | % | |||||||||||||||||||||
MuniFund | |||||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,002.80 | $ | 0.99 | $ | 1,000.00 | $ | 1,023.80 | $ | 1.00 | 0.20 | % | |||||||||||||||||||||
Dollar | $ | 1,000.00 | $ | 1,001.50 | $ | 2.23 | $ | 1,000.00 | $ | 1,022.56 | $ | 2.26 | 0.45 | % | |||||||||||||||||||||
Cash Management | $ | 1,000.00 | $ | 1,000.40 | $ | 3.32 | $ | 1,000.00 | $ | 1,021.47 | $ | 3.36 | 0.67 | % | |||||||||||||||||||||
Administration | $ | 1,000.00 | $ | 1,002.30 | $ | 1.49 | $ | 1,000.00 | $ | 1,023.31 | $ | 1.51 | 0.30 | % | |||||||||||||||||||||
Select | $ | 1,000.00 | $ | 1,000.20 | $ | 3.62 | $ | 1,000.00 | $ | 1,021.17 | $ | 3.66 | 0.73 | % | |||||||||||||||||||||
Private Client | $ | 1,000.00 | $ | 1,000.50 | $ | 3.27 | $ | 1,000.00 | $ | 1,021.52 | $ | 3.31 | 0.66 | % | |||||||||||||||||||||
California Money Fund | |||||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,003.40 | $ | 0.99 | $ | 1,000.00 | $ | 1,023.80 | $ | 1.00 | 0.20 | % | |||||||||||||||||||||
Dollar | $ | 1,000.00 | $ | 1,001.10 | $ | 2.23 | $ | 1,000.00 | $ | 1,022.56 | $ | 2.26 | 0.45 | % | |||||||||||||||||||||
Administration | $ | 1,000.00 | $ | 1,001.10 | $ | 1.49 | $ | 1,000.00 | $ | 1,023.31 | $ | 1.51 | 0.30 | % | |||||||||||||||||||||
Select | $ | 1,000.00 | $ | 1,001.10 | $ | 3.23 | $ | 1,000.00 | $ | 1,021.57 | $ | 3.26 | 0.65 | % | |||||||||||||||||||||
Private Client | $ | 1,000.00 | $ | 1,001.30 | $ | 3.13 | $ | 1,000.00 | $ | 1,021.67 | $ | 3.16 | 0.63 | % | |||||||||||||||||||||
New York Money Fund | |||||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,003.70 | $ | 0.99 | $ | 1,000.00 | $ | 1,023.80 | $ | 1.00 | 0.20 | % | |||||||||||||||||||||
Administration | $ | 1,000.00 | $ | 1,001.30 | $ | 1.49 | $ | 1,000.00 | $ | 1,023.31 | $ | 1.51 | 0.30 | % | |||||||||||||||||||||
Select | $ | 1,000.00 | $ | 1,001.30 | $ | 3.32 | $ | 1,000.00 | $ | 1,021.47 | $ | 3.36 | 0.67 | % | |||||||||||||||||||||
Private Client | $ | 1,000.00 | $ | 1,001.50 | $ | 3.18 | $ | 1,000.00 | $ | 1,021.62 | $ | 3.21 | 0.64 | % |
1 | 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). |
2 | Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365. |
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 9 |
Schedule of Investments April 30, 2017 (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: | ||||||||
1.00%, 11/06/17 | $ | 5,550 | $ | 5,549,402 | ||||
1.10%, 3/14/18 | 16,688 | 16,688,243 | ||||||
Federal Farm Credit Bank Discount Notes: (a) | ||||||||
0.50%, 5/04/17 | 33,490 | 33,488,605 | ||||||
0.64%, 6/08/17 | 18,070 | 18,057,793 | ||||||
0.60%, 7/11/17 | 800 | 799,053 | ||||||
0.86%, 11/06/17 | 47,590 | 47,375,131 | ||||||
0.92%, 12/11/17 | 20,000 | 19,885,511 | ||||||
0.86%, 1/11/18 | 16,095 | 15,996,955 | ||||||
Federal Farm Credit Bank Variable Rate Notes: (b) |
| |||||||
1.03%, 5/24/17 | 1,155 | 1,154,932 | ||||||
1.01%, 6/05/17 | 39,835 | 39,833,766 | ||||||
0.99%, 6/15/17 | 30,000 | 29,999,248 | ||||||
1.02%, 6/20/17 | 28,085 | 28,086,753 | ||||||
0.46%, 7/13/17 | 39,125 | 39,124,208 | ||||||
1.02%, 7/14/17 | 10,000 | 10,001,027 | ||||||
1.02%, 8/04/17 | 2,055 | 2,054,841 | ||||||
1.02%, 8/29/17 | 250 | 249,901 | ||||||
1.00%, 10/13/17 | 16,675 | 16,667,411 | ||||||
1.02%, 11/13/17 | 5,940 | 5,937,549 | ||||||
1.11%, 12/04/17 | 3,000 | 3,000,000 | ||||||
1.02%, 12/08/17 | 1,880 | 1,878,563 | ||||||
1.02%, 1/02/18 | 658 | 657,465 | ||||||
1.01%, 5/17/18 | 9,530 | 9,537,077 | ||||||
1.09%, 9/06/18 | 27,300 | 27,298,886 | ||||||
Federal Home Loan Bank Bonds: | ||||||||
0.57%, 5/04/17 | 11,865 | 11,864,990 | ||||||
4.88%, 5/17/17 | 16,135 | 16,164,245 | ||||||
1.38%, 3/09/18 | 25,905 | 25,964,539 | ||||||
Federal Home Loan Bank Discount Notes: (a) | ||||||||
0.55%, 5/12/17 | 27,500 | 27,495,378 | ||||||
0.55%, 5/15/17 | 30,065 | 30,058,569 | ||||||
0.58%, 5/22/17 | 36,000 | 35,987,925 | ||||||
0.78%, 6/02/17 | 37,840 | 37,813,932 | ||||||
0.57%, 6/09/17 | 31,155 | 31,135,762 | ||||||
0.78%, 6/14/17 | 37,840 | 37,804,157 | ||||||
0.79%, 6/21/17 | 21,535 | 21,511,051 | ||||||
0.85%, 7/14/17 | 48,975 | 48,889,933 | ||||||
0.85%, 7/19/17 | 16,900 | 16,868,366 | ||||||
0.85%, 7/21/17 | 21,500 | 21,458,688 |
U.S. Government Sponsored Agency Obligations | Par (000) | Value | ||||||
Federal Home Loan Bank Discount Notes: (continued) (a) |
| |||||||
0.66%, 8/03/17 | $ | 33,500 | $ | 33,442,268 | ||||
0.64%, 8/11/17 | 35,680 | 35,614,896 | ||||||
0.67%, 8/16/17 | 15,000 | 14,970,129 | ||||||
0.68%, 8/22/17 | 20,605 | 20,561,020 | ||||||
0.70%, 8/23/17 | 29,595 | 29,529,866 | ||||||
0.90%, 8/28/17 | 20,850 | 20,788,316 | ||||||
0.70%, 8/30/17 | 18,115 | 18,072,684 | ||||||
0.92%, 9/20/17 | 19,500 | 19,429,467 | ||||||
0.91%, 9/22/17 | 13,650 | 13,600,314 | ||||||
0.73%, 10/10/17 | 30,500 | 30,399,807 | ||||||
0.75%, 10/18/17 | 28,440 | 28,339,275 | ||||||
0.98%, 10/25/17 | 18,945 | 18,853,810 | ||||||
0.99%, 11/02/17 | 15,105 | 15,028,153 | ||||||
Federal Home Loan Bank Variable Rate Notes: (b) |
| |||||||
0.80%, 5/02/17 | 19,065 | 19,065,000 | ||||||
0.84%, 6/14/17 | 24,500 | 24,500,000 | ||||||
1.08%, 7/26/17 | 22,840 | 22,840,000 | ||||||
0.99%, 8/17/17 | 28,200 | 28,200,000 | ||||||
0.81%, 8/25/17 | 17,475 | 17,475,000 | ||||||
0.92%, 11/02/17 | 18,495 | 18,495,000 | ||||||
0.86%, 11/08/17 | 10,000 | 10,000,000 | ||||||
1.09%, 12/18/17 | 10,000 | 10,000,000 | ||||||
0.79%, 3/13/18 | 21,745 | 21,745,000 | ||||||
0.90%, 4/09/18 | 50,000 | 50,000,000 | ||||||
0.85%, 4/17/18 | 35,000 | 35,000,000 | ||||||
0.95%, 6/08/18 | 15,500 | 15,500,000 | ||||||
0.84%, 7/05/18 | 33,195 | 33,195,000 | ||||||
0.95%, 7/09/18 | 35,000 | 35,000,000 | ||||||
Total U.S. Government Sponsored Agency Obligations — 40.8% |
| 1,375,984,860 | ||||||
Portfolio Abbreviations | ||||||||||||||
AMT | Alternative Minimum Tax | LOC | Letter of Credit | SBPA | Stand-by Bond Purchase Agreement | VRDN | Variable Rate Demand Notes | |||||||
BAN | Bond Anticipation Notes | MB | Municipal Bonds | TAN | Tax Anticipation Notes | VRDP | Variable Rate Demand Preferred | |||||||
GO | General Obligation Bonds | PCRB | Pollution Control Revenue Bond | TRAN | Tax and Revenue Anticipation Notes | |||||||||
HFA | Housing Finance Agency | RAN | Revenue Anticipation Notes | TECP | Tax-Exempt Commercial Paper | |||||||||
IDRB | Industrial Development Revenue Bonds | RB | Revenue Bonds | |||||||||||
ROC | Reset Option Certificates |
See Notes to Financial Statements.
10 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Schedule of Investments (concluded) | Federal Trust Fund | |||
U.S. Treasury Obligations | Par (000) | Value | ||||||
U.S. Treasury Bills: (a) | ||||||||
0.53% - 0.65%, 5/11/17 | $ | 225,000 | $ | 224,964,375 | ||||
0.75%, 5/18/17 | 356,570 | 356,443,715 | ||||||
0.74%, 5/25/17 | 700,000 | 699,657,000 | ||||||
0.52% - 0.66%, 6/01/17 | 400,000 | 399,797,639 | ||||||
0.75%, 6/08/17 | 125,135 | 125,036,695 | ||||||
0.78%, 6/15/17 | 12,865 | 12,852,357 | ||||||
0.62%, 8/10/17 | 50,000 | 49,913,028 | ||||||
0.95%, 10/12/17 | 45,540 | 45,342,913 | ||||||
0.96%, 10/26/17 | 33,000 | 32,844,176 |
U.S. Treasury Obligations | Par (000) | Value | ||||||
U.S. Treasury Notes: (b) | ||||||||
0.99%, 10/31/17 | $ | 3,000 | $ | 2,999,271 | ||||
1.09%, 1/31/18 | 5,005 | 5,004,211 | ||||||
0.96%, 1/31/19 | 40,000 | 39,999,999 | ||||||
Total U.S. Treasury Obligations — 59.1% | 1,994,855,379 | |||||||
Total Investments (Cost — $3,370,840,239*) — 99.9% |
| 3,370,840,239 | ||||||
Other Assets Less Liabilities — 0.1% | 4,427,689 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 3,375,267,928 | ||||||
|
|
Notes to Schedule of Investments |
* | Cost for U.S. federal income tax purposes. |
(a) | Rates are discount rates or a range of discount rates at the time of purchase. |
(b) | Variable rate security. Rate as of period end. |
Fair Value Hierarchy as of Period End |
Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Assets: | ||||||||||||||||||||
Investments: | ||||||||||||||||||||
Short-Term Securities1 | — | $ | 3,370,840,239 | — | $ | 3,370,840,239 |
1 | See above Schedule of Investments for values in each security type. |
During the six months ended April 30, 2017, there were no transfers between levels.
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 11 |
Schedule of Investments April 30, 2017 (Unaudited) | FedFund | |||
(Percentages shown are based on Net Assets) |
U.S. Government Sponsored Agency Obligations | Par (000) | Value | ||||||
Fannie Mae Benchmark Notes: |
| |||||||
5.00%, 5/11/17 | $ | 129,711 | $ | 129,863,932 | ||||
5.38%, 6/12/17 | 187,139 | 188,134,255 | ||||||
0.88%, 8/28/17 | 160,000 | 160,098,427 | ||||||
1.00%, 9/27/17 | 640,737 | 641,287,073 | ||||||
0.88%, 10/26/17 | 98,800 | 98,783,062 | ||||||
0.88%, 2/08/18 | 86,176 | 86,141,937 | ||||||
Fannie Mae Discount Notes, 0.53%, 5/02/17 (a) | 155,000 | 154,997,718 | ||||||
Fannie Mae Variable Rate Notes: (b) |
| |||||||
1.00%, 8/16/17 | 25,000 | 24,999,259 | ||||||
0.99%, 10/05/17 | 730 | 729,716 | ||||||
1.13%, 1/11/18 | 42,000 | 42,000,000 | ||||||
1.10%, 3/21/18 | 53,120 | 53,238,755 | ||||||
Federal Farm Credit Bank Discount Notes: (a) |
| |||||||
0.64%, 5/17/17 | 50,000 | 49,985,777 | ||||||
0.58%, 6/23/17 | 84,055 | 83,983,226 | ||||||
0.60%, 7/11/17 | 6,810 | 6,801,941 | ||||||
0.67%, 8/04/17 | 25,000 | 24,955,799 | ||||||
Federal Farm Credit Bank Variable Rate Notes: (b) |
| |||||||
1.02%, 5/08/17 | 205 | 204,995 | ||||||
1.03%, 5/24/17 | 440 | 439,974 | ||||||
1.01%, 6/05/17 | 17,130 | 17,129,477 | ||||||
1.04%, 6/19/17 | 50,000 | 49,999,799 | ||||||
1.02%, 6/20/17 | 9,805 | 9,805,612 | ||||||
0.46%, 7/13/17 | 10,875 | 10,874,780 | ||||||
1.02%, 7/19/17 | 200,000 | 199,998,158 | ||||||
1.04%, 7/20/17 | 78,410 | 78,409,262 | ||||||
1.02%, 8/04/17 | 845 | 844,935 | ||||||
1.02%, 8/29/17 | 100 | 99,960 | ||||||
1.02%, 9/05/17 | 282,565 | 282,554,891 | ||||||
1.10%, 9/21/17 | 45,000 | 45,000,000 | ||||||
1.00%, 10/13/17 | 5,775 | 5,772,372 | ||||||
1.05%, 11/06/17 | 835 | 834,676 | ||||||
1.02%, 11/13/17 | 2,265 | 2,264,144 | ||||||
1.11%, 12/04/17 | 97,000 | 97,000,000 | ||||||
1.02%, 12/08/17 | 740 | 739,434 | ||||||
1.02%, 1/02/18 | 259 | 258,790 | ||||||
1.16%, 4/04/18 | 158,970 | 158,958,399 | ||||||
1.09%, 9/06/18 | 303,385 | 303,372,625 | ||||||
1.08%, 10/19/18 | 150,000 | 150,000,000 | ||||||
1.04%, 12/12/18 | 245,000 | 244,979,407 | ||||||
1.14%, 12/14/18 | 160,000 | 159,973,912 | ||||||
1.10%, 12/27/18 | 50,000 | 49,991,401 | ||||||
1.06%, 1/08/19 | 125,000 | 125,000,000 | ||||||
0.92%, 1/09/19 | 150,000 | 149,953,758 | ||||||
1.03%, 3/06/19 | 50,000 | 49,990,708 | ||||||
0.97%, 3/13/19 | 85,000 | 84,952,200 | ||||||
0.98%, 3/22/19 | 100,000 | 99,962,023 | ||||||
Federal Home Loan Bank Bonds: |
| |||||||
1.00%, 6/09/17 | 117,000 | 117,054,259 | ||||||
1.00%, 6/21/17 | 29,965 | 29,981,341 | ||||||
0.75%, 8/28/17 | 480,000 | 480,089,354 | ||||||
0.88%, 1/30/18 | 144,500 | 144,497,018 | ||||||
Federal Home Loan Bank Discount Notes: (a) |
| |||||||
0.54%, 5/03/17 | 40,000 | 39,998,784 | ||||||
0.55%, 5/03/17 | 351,665 | 351,654,310 | ||||||
0.58%, 5/04/17 | 101,055 | 101,054,912 | ||||||
0.55%, 5/10/17 | 550,000 | 549,924,787 | ||||||
0.55%, 5/15/17 | 150,000 | 149,967,917 | ||||||
0.58%, 5/22/17 | 107,670 | 107,633,886 | ||||||
0.64%, 7/26/17 | 147,000 | 146,775,605 | ||||||
0.63%, 7/28/17 | 250,000 | 249,615,000 | ||||||
0.64%, 8/02/17 | 64,759 | 64,651,125 | ||||||
0.65%, 8/02/17 | 200,000 | 199,666,843 | ||||||
0.64%, 8/04/17 | 387,095 | 386,445,872 | ||||||
0.64%, 8/09/17 | 100,000 | 99,822,222 |
U.S. Government Sponsored Agency Obligations | Par (000) | Value | ||||||
Federal Home Loan Bank Discount Notes: (a) (continued) |
| |||||||
0.64%, 8/11/17 | $ | 370,000 | $ | 369,324,873 | ||||
0.67%, 8/16/17 | 250,000 | 249,502,153 | ||||||
0.67%, 8/18/17 | 650,000 | 648,681,407 | ||||||
0.70%, 8/23/17 | 150,000 | 149,669,875 | ||||||
0.68%, 8/25/17 | 100,000 | 99,779,600 | ||||||
0.90%, 8/28/17 | 554,630 | 552,989,143 | ||||||
0.70%, 8/30/17 | 367,845 | 366,985,724 | ||||||
0.70%, 9/20/17 | 100,000 | 99,723,889 | ||||||
0.91%, 9/29/17 | 47,000 | 46,820,012 | ||||||
0.92%, 10/03/17 | 100,000 | 99,603,889 | ||||||
0.73%, 10/10/17 | 331,000 | 329,912,665 | ||||||
0.75%, 10/18/17 | 350,000 | 348,760,417 | ||||||
0.98%, 10/25/17 | 87,200 | 86,780,530 | ||||||
0.75%, 11/02/17 | 112,000 | 111,568,333 | ||||||
1.00%, 12/04/17 | 444,840 | 442,158,603 | ||||||
0.93%, 12/14/17 | 470,000 | 467,243,842 | ||||||
Federal Home Loan Bank Variable Rate Notes: (b) |
| |||||||
0.80%, 5/02/17 | 505,975 | 505,975,000 | ||||||
0.80%, 5/02/17 | 250,000 | 250,000,000 | ||||||
0.80%, 5/02/17 | 250,000 | 249,999,969 | ||||||
0.80%, 5/04/17 | 200,000 | 200,000,000 | ||||||
0.84%, 6/14/17 | 100,000 | 100,000,000 | ||||||
1.00%, 6/15/17 | 215,400 | 215,400,000 | ||||||
1.04%, 7/06/17 | 306,565 | 306,565,000 | ||||||
1.04%, 7/06/17 | 145,000 | 145,000,000 | ||||||
1.04%, 7/07/17 | 358,500 | 358,500,000 | ||||||
1.04%, 7/07/17 | 130,000 | 129,999,914 | ||||||
1.05%, 7/14/17 | 78,645 | 78,645,000 | ||||||
1.04%, 7/24/17 | 235,935 | 235,935,000 | ||||||
1.08%, 7/26/17 | 104,680 | 104,680,000 | ||||||
0.99%, 8/17/17 | 9,670 | 9,670,000 | ||||||
0.92%, 8/22/17 | 216,700 | 216,698,167 | ||||||
0.93%, 8/22/17 | 219,000 | 219,000,000 | ||||||
0.81%, 8/25/17 | 292,625 | 292,625,000 | ||||||
0.81%, 8/25/17 | 178,540 | 178,540,000 | ||||||
0.82%, 9/01/17 | 200,370 | 200,370,000 | ||||||
0.96%, 9/01/17 | 880,000 | 880,000,000 | ||||||
1.03%, 9/13/17 | 172,980 | 172,980,000 | ||||||
1.09%, 10/27/17 | 127,000 | 126,995,574 | ||||||
0.96%, 10/30/17 | 100,000 | 99,998,839 | ||||||
0.92%, 11/02/17 | 167,680 | 167,680,000 | ||||||
0.86%, 11/08/17 | 473,600 | 473,600,000 | ||||||
0.98%, 12/19/17 | 115,000 | 114,994,123 | ||||||
0.94%, 12/21/17 | 250,000 | 250,000,000 | ||||||
1.12%, 1/08/18 | 83,700 | 83,700,000 | ||||||
0.95%, 1/18/18 | 500,000 | 500,000,000 | ||||||
0.85%, 1/24/18 | 200,000 | 200,000,000 | ||||||
1.10%, 1/26/18 | 95,000 | 94,996,496 | ||||||
1.11%, 1/26/18 | 274,000 | 274,000,000 | ||||||
0.89%, 2/15/18 | 100,000 | 100,000,000 | ||||||
0.86%, 3/02/18 | 100,000 | 100,000,000 | ||||||
0.86%, 3/02/18 | 59,500 | 59,500,000 | ||||||
0.91%, 3/08/18 | 382,000 | 382,000,000 | ||||||
1.11%, 3/08/18 | 53,925 | 53,929,641 | ||||||
0.96%, 3/15/18 | 250,000 | 250,000,000 | ||||||
0.97%, 3/16/18 | 250,000 | 250,000,000 | ||||||
0.96%, 3/22/18 | 247,500 | 247,500,000 | ||||||
0.93%, 3/26/18 | 245,000 | 245,015,105 | ||||||
0.97%, 3/26/18 | 55,000 | 55,005,034 | ||||||
0.95%, 3/27/18 | 250,000 | 250,000,000 | ||||||
0.90%, 4/09/18 | 200,000 | 200,000,000 | ||||||
0.90%, 4/12/18 | 250,000 | 249,994,107 | ||||||
0.85%, 4/13/18 | 555,000 | 555,000,000 | ||||||
0.88%, 4/17/18 | 250,000 | 250,000,000 | ||||||
0.69%, 5/08/18 | 75,000 | 75,002,599 |
See Notes to Financial Statements.
12 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Schedule of Investments (continued) | FedFund |
U.S. Government Sponsored Agency Obligations | Par (000) | Value | ||||||
Federal Home Loan Bank Variable Rate Notes: (b) (continued) | ||||||||
0.69%, 5/09/18 | $ | 150,000 | $ | 150,000,000 | ||||
0.95%, 6/08/18 | 422,500 | 422,500,000 | ||||||
0.95%, 7/09/18 | 175,000 | 175,000,000 | ||||||
0.87%, 11/09/18 | 500,000 | 500,000,000 | ||||||
Freddie Mac Bonds: |
| |||||||
1.00%, 7/28/17 | 71,922 | 71,975,433 | ||||||
1.00%, 9/29/17 | 299,103 | 299,345,086 | ||||||
1.00%, 12/15/17 | 500,000 | 500,396,931 | ||||||
0.75%, 1/12/18 | 657,047 | 656,312,911 | ||||||
Freddie Mac Discount Notes: (a) |
| |||||||
0.50%, 5/01/17 | 23,650 | 23,650,000 | ||||||
0.80%, 8/02/17 | 696,955 | 695,514,626 | ||||||
0.83%, 8/03/17 | 595,400 | 594,109,636 | ||||||
0.90%, 9/26/17 | 236,000 | 235,127,770 | ||||||
Freddie Mac Variable Rate Notes: (b) |
| |||||||
1.12%, 7/21/17 | 137,000 | 136,996,872 | ||||||
1.13%, 1/08/18 | 113,360 | 113,360,000 | ||||||
1.13%, 1/12/18 | 100,000 | 100,000,000 | ||||||
1.13%, 3/08/18 | 84,000 | 84,000,000 | ||||||
Total U.S. Government Sponsored Agency Obligations — 32.4% |
| 27,331,488,592 | ||||||
U.S. Treasury Obligations | Par (000) | Value | ||||||
U.S. Treasury Bills: (a) |
| |||||||
0.52%, 5/04/17 | $ | 850,000 | $ | 849,963,521 | ||||
0.53%, 5/11/17 | 50,000 | 49,992,639 | ||||||
0.60%, 5/18/17 | 1,150,000 | 1,149,674,379 | ||||||
0.54%, 5/25/17 | 1,316,740 | 1,316,270,363 | ||||||
0.61%, 7/13/17 | 72,030 | 71,941,633 | ||||||
0.62%, 8/10/17 | 500,000 | 499,130,278 | ||||||
0.91%, 9/28/17 | 174,115 | 173,458,441 | ||||||
0.91%, 10/05/17 | 170,000 | 169,325,335 | ||||||
0.95%, 10/12/17 | 609,885 | 607,245,553 | ||||||
0.96%, 10/26/17 | 871,000 | 866,887,186 | ||||||
U.S. Treasury Notes: |
| |||||||
0.63%, 5/31/17 | 1,671,000 | 1,671,043,699 | ||||||
0.88%, 6/15/17 | 150,000 | 150,051,376 | ||||||
2.38%, 7/31/17 | 245,000 | 245,931,781 | ||||||
0.88% - 4.75%, 8/15/17 | 179,895 | 181,750,893 | ||||||
0.63%, 8/31/17 | 452,790 | 452,732,769 | ||||||
0.75% - 1.88%, 10/31/17 | 988,185 | 990,196,056 | ||||||
0.99%, 10/31/17 (b) | 32,363 | 32,338,435 | ||||||
0.88% - 4.25%, 11/15/17 | 522,360 | 523,881,006 | ||||||
0.88%, 11/30/17 | 63,790 | 63,813,946 | ||||||
2.63%, 1/31/18 | 150,000 | 151,857,784 | ||||||
0.75%, 2/28/18 | 200,000 | 199,735,089 | ||||||
1.00%, 3/15/18 | 1,015,000 | 1,015,644,065 | ||||||
0.96%, 1/31/19 (b) | 200,000 | 200,021,961 | ||||||
Total U.S. Treasury Obligations — 13.8% |
| 11,632,888,188 | ||||||
Total Repurchase Agreements — 52.3% | 44,167,432,539 | |||||||
Total Investments (Cost — $83,131,809,319*) — 98.5% |
| 83,131,809,319 | ||||||
Other Assets Less Liabilities — 1.5% |
| 1,224,760,348 | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 84,356,569,667 | ||||||
|
|
Notes to Schedule of Investments |
* | Cost for U.S. federal income tax purposes. |
(a) | Rates are discount rates or a range of discount rates at the time of purchase. |
(b) | Variable rate security. Rate as of period end. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 13 |
Schedule of Investments (continued) | FedFund |
Repurchase Agreements |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | at Value (000) | Proceeds including Interest | Position | Original Par | Position received, at Value | |||||||||||||||||||||||||||||
Bank of Montreal | 0.81% | 4/28/17 | 5/01/17 | $ | 87,400 | $ | 87,400 | $ | 87,405,900 | U.S. government sponsored agency obligations and U.S. Treasury obligations, 1.00% to 6.50% due from 6/13/18 to 9/15/46 | $ | 119,249,950 | $ | 89,460,038 | ||||||||||||||||||||||||
0.79% | 4/28/17 | 5/01/17 | 8,657 | 8,657 | 8,657,570 | U.S. Treasury obligations, 0.00% to 3.63% due from 9/28/17 to 8/15/19 | 8,638,300 | 8,830,232 | ||||||||||||||||||||||||||||||
0.60%(a) | 2/28/17 | 5/19/17 | 316,000 | 316,000 | 316,421,333 | U.S. Treasury obligations, 0.13% to 3.88% due from 9/30/18 to 2/15/47 | 319,382,300 | 322,320,082 | ||||||||||||||||||||||||||||||
0.88%(a) | 4/27/17 | 7/13/17 | 243,000 | 243,000 | 243,457,380 | U.S. Treasury obligations, 0.88% to 2.00% due from 6/15/17 to 8/15/26 | 247,150,000 | 247,860,059 | ||||||||||||||||||||||||||||||
0.85%(a) | 4/13/17 | 7/14/17 | 312,500 | 312,500 | 313,178,819 | U.S. Treasury obligations, 0.00% to 3.50% due from 10/31/17 to 2/15/47 | 318,344,500 | 318,750,065 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Bank of Montreal | $ | 967,557 | $ | 987,220,476 | ||||||||||||||||||||||||||||||||||
Bank of Nova Scotia | 0.80% | 4/28/17 | 5/01/17 | 29,000 | 29,000 | 29,001,933 | U.S. Treasury obligations, 0.13% to 2.50% due from 12/15/18 to 2/15/45 | 28,097,600 | 29,582,045 | |||||||||||||||||||||||||||||
Barclays Capital, Inc. | 0.80% | 4/28/17 | 5/01/17 | 600,000 | 600,000 | 600,040,000 | U.S. Treasury obligations, 0.00% to 2.88% due from 12/31/20 to 2/15/45 | 612,395,600 | 612,000,005 | |||||||||||||||||||||||||||||
0.80% | 4/28/17 | 5/01/17 | 193,610 | 193,610 | 193,622,907 | U.S. Treasury obligations, 2.00% to 3.13% due from 2/15/22 to 2/15/43 | 191,660,000 | 197,482,267 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Barclays Capital, Inc. | $ | 793,610 | $ | 809,482,272 | ||||||||||||||||||||||||||||||||||
BNP Paribas Securities Corp. | 0.87% | 4/28/17 | 5/01/17 | 1,000,000 | 1,000,000 | 1,000,072,500 | U.S. Treasury obligation, 3.63% due at 2/15/20 | 955,503,600 | 1,020,000,093 | |||||||||||||||||||||||||||||
0.87% | 4/28/17 | 5/01/17 | 500,000 | 500,000 | 500,036,250 | U.S. Treasury obligation, 1.63% due at 11/30/20 | 506,203,500 | 510,000,026 |
See Notes to Financial Statements.
14 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Schedule of Investments (continued) | FedFund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | at Value (000) | Proceeds including Interest | Position | Original Par | Position received, at Value | |||||||||||||||||||||||||||||
0.82% | 4/28/17 | 5/01/17 | $ | 260,300 | $ | 260,300 | $ | 260,317,787 | U.S. Treasury obligations, 0.00% to 8.75% due from 8/24/17 to 5/15/45 | $ | 260,777,542 | $ | 265,506,000 | |||||||||||||||||||||||||
0.84% | 4/28/17 | 5/01/17 | 5,000 | 5,000 | 5,000,350 | U.S. government sponsored agency obligation and U.S. Treasury obligation, 0.75% to 1.67% due from 7/31/18 to 3/20/38 | 5,118,342 | 5,100,020 | ||||||||||||||||||||||||||||||
0.79% | 4/27/17 | 5/04/17 | 250,000 | 250,000 | 250,038,403 | U.S. government sponsored agency obligations and U.S. Treasury obligations, 0.00% to 8.00% due from 7/27/17 to 8/25/54 | 4,585,890,328 | 265,485,102 | ||||||||||||||||||||||||||||||
0.79%(a) | 4/06/17 | 5/05/17 | 1,301,000 | 1,301,000 | 1,301,827,942 | U.S. Treasury obligations, 0.00% to 3.88% due from 8/15/17 to 5/15/44 | 1,265,707,483 | 1,327,020,000 | ||||||||||||||||||||||||||||||
0.98%(a) | 4/28/17 | 5/05/17 | 600,000 | 600,000 | 600,114,333 | U.S. government sponsored agency obligations, 0.00% to 7.09% due from 9/25/18 to 2/01/67 | 7,803,389,861 | 637,065,246 | ||||||||||||||||||||||||||||||
0.61%(a) | 2/22/17 | 6/01/17 | 1,890,000 | 1,890,000 | 1,893,170,475 | U.S. Treasury obligations, 0.00% to 3.875% due from 5/31/17 to 2/15/47 | 1,927,516,708 | 1,927,800,000 | ||||||||||||||||||||||||||||||
1.15%(a) | 4/28/17 | 6/02/17 | 100,000 | 100,000 | 100,111,806 | U.S. government sponsored agency obligations, 0.00% to 7.09% due from 2/20/21 to 4/01/47 | 2,227,358,615 | 108,007,390 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total BNP Paribas Securities Corp. | $ | 5,906,300 | $ | 6,065,983,877 | ||||||||||||||||||||||||||||||||||
Citigroup Global Markets, Inc. | 0.81%(b) | 4/28/17 | 5/01/17 | 60,000 | 60,000 | 60,004,050 | U.S. Treasury obligations, 1.50% to 2.25% due from 11/15/25 to 8/15/26 | 62,344,885 | 61,200,012 | |||||||||||||||||||||||||||||
0.83% | 4/28/17 | 5/01/17 | 12,000 | 12,000 | 12,000,830 | U.S. government sponsored agency obligations, 3.50% to 4.00% due from 11/20/42 to 5/01/47 | 25,363,649 | 12,240,010 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 15 |
Schedule of Investments (continued) | FedFund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | at Value (000) | Proceeds including Interest | Position | Original Par | Position received, at Value | |||||||||||||||||||||||||||||
0.77% | 4/25/17 | 5/02/17 | $ | 126,000 | $ | 126,000 | $ | 126,018,865 | U.S. Treasury obligation, 1.38% due at 3/31/20 | $ | 128,635,600 | $ | 128,520,074 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Citigroup Global Markets, Inc. | $ | 198,000 | $ | 201,960,096 | ||||||||||||||||||||||||||||||||||
Credit Agricole Corporate & Investment Bank | 0.79% | 4/28/17 | 5/01/17 | 2,100,000 | 2,100,000 | 2,100,138,250 | U.S. Treasury obligations, 0.13% to 5.38% due from 11/15/18 to 2/15/31 | 1,935,614,700 | 2,142,000,012 | |||||||||||||||||||||||||||||
0.79%(b) | 4/28/17 | 5/01/17 | 1,100,000 | 1,100,000 | 1,100,072,417 | U.S. Treasury obligations, 1.50% to 2.25% due from 2/28/19 to 5/15/26 | 1,131,393,700 | 1,122,000,035 | ||||||||||||||||||||||||||||||
0.81% | 4/28/17 | 5/01/17 | 50,000 | 50,000 | 50,003,375 | U.S. Treasury obligation, 2.50% due at 2/15/46 | 55,940,000 | 51,000,015 | ||||||||||||||||||||||||||||||
0.78% | 4/26/17 | 5/03/17 | 350,000 | 350,000 | 350,053,083 | U.S. government sponsored agency obligations, 2.50% to 4.00% due from 2/01/28 to 2/01/47 | 470,623,843 | 360,500,000 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Credit Agricole Corporate & Investment Bank | $ | 3,600,000 | $ | 3,675,500,062 | ||||||||||||||||||||||||||||||||||
Deutsche Bank Securities Inc. | 0.84% | 4/28/17 | 5/01/17 | 250,000 | 250,000 | 250,017,500 | U.S. Treasury obligations, 0.00% due from 2/15/19 to 2/15/31 | 330,943,800 | 255,000,046 | |||||||||||||||||||||||||||||
Federal Reserve Bank of New York | 0.75% | 4/28/17 | 5/01/17 | 5,800,000 | 5,800,000 | 5,800,362,500 | U.S. Treasury obligations, 1.13% to 4.25% due from 11/15/20 to 5/15/42 | 5,568,410,200 | 5,800,362,543 | |||||||||||||||||||||||||||||
Goldman Sachs & Co. | 0.79% | 4/28/17 | 5/01/17 | 2,886,500 | 2,886,500 | 2,886,690,028 | U.S. government sponsored agency obligations and U.S. Treasury obligations, 0.00% to 18.83% due from 7/15/17 to 5/25/47 | 5,336,550,306 | 2,976,651,853 | |||||||||||||||||||||||||||||
0.79% | 4/28/17 | 5/01/17 | 50,000 | 50,000 | 50,003,292 | U.S. Treasury obligations, 0.00% due from 2/15/20 to 5/15/43 | 86,682,677 | 51,000,000 |
See Notes to Financial Statements.
16 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Schedule of Investments (continued) | FedFund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | at Value (000) | Proceeds including Interest | Position | Original Par | Position received, at Value | |||||||||||||||||||||||||||||
1.19%(a) | 4/28/17 | 6/02/17 | $ | 1,114,500 | $ | 1,114,500 | $ | 1,115,789,415 | U.S. government sponsored agency obligations, 0.00% to 8.00% due from 6/01/18 to 1/15/55 | $ | 11,683,587,173 | $ | 1,189,056,581 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Goldman Sachs & Co. | $ | 4,051,000 | $ | 4,216,708,434 | ||||||||||||||||||||||||||||||||||
HSBC Securities (USA) Inc. | 0.81%(c) | 4/28/17 | 5/01/17 | 380,000 | 380,000 | 380,025,650 | U.S. government sponsored agency obligations, 3.50% due from 12/01/46 to 2/01/47 | 382,937,694 | 391,403,703 | |||||||||||||||||||||||||||||
0.79%(c) | 4/28/17 | 5/01/17 | 335,000 | 335,000 | 335,022,054 | U.S. Treasury obligations, 1.50% due at 8/15/26 | 364,565,000 | 341,700,722 | ||||||||||||||||||||||||||||||
0.81% | 4/28/17 | 5/01/17 | 26,000 | 26,000 | 26,001,755 | U.S. government sponsored agency obligation, 3.50% due at 12/01/46 | 26,240,000 | 26,783,020 | ||||||||||||||||||||||||||||||
0.77% | 4/25/17 | 5/02/17 | 747,000 | 747,000 | 747,111,843 | U.S. Treasury obligations, 0.00% due from 5/15/40 to 5/15/46 | 1,688,974,900 | 761,941,552 | ||||||||||||||||||||||||||||||
0.77% | 4/26/17 | 5/03/17 | 198,290 | 198,290 | 198,319,688 | U.S. Treasury obligation, 2.13% due at 5/15/25 | 201,680,000 | 202,258,237 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total HSBC Securities (USA) Inc. | $ | 1,686,290 | $ | 1,724,087,234 | ||||||||||||||||||||||||||||||||||
JPMorgan Securities LLC | 0.83% | 4/28/17 | 5/01/17 | 1,000,000 | 1,000,000 | 1,000,069,167 | U.S. government sponsored agency obligations, 2.50% to 6.00% due from 11/01/17 to 4/01/47 | 1,450,904,416 | 1,030,000,545 | |||||||||||||||||||||||||||||
0.83% | 4/28/17 | 5/01/17 | 1,000,000 | 1,000,000 | 1,000,069,167 | U.S. government sponsored agency obligations, 2.00% to 7.00% due from 3/01/19 to 4/01/46 | 1,976,508,299 | 1,030,005,497 | ||||||||||||||||||||||||||||||
0.81% | 4/28/17 | 5/01/17 | 500,000 | 500,000 | 500,033,750 | U.S. Treasury obligations, 1.38% to 8.88% due from 9/30/18 to 8/15/41 | 480,161,700 | 510,004,384 | ||||||||||||||||||||||||||||||
0.90%(c) | 4/28/17 | 5/01/17 | 350,000 | 350,000 | 350,026,250 | U.S. government sponsored agency obligations, 2.00% to 6.00% due from 8/20/36 to 6/20/46 | 740,887,701 | 374,503,462 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 17 |
Schedule of Investments (continued) | FedFund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | at Value (000) | Proceeds including Interest | Position | Original Par | Position received, at Value | |||||||||||||||||||||||||||||
0.81% | 4/28/17 | 5/01/17 | $ | 31,000 | $ | 31,000 | $ | 31,002,093 | U.S. Treasury obligations, 0.00% to 1.88% due from 1/31/22 to 2/15/44 | $ | 46,945,000 | $ | 31,620,509 | |||||||||||||||||||||||||
1.00%(a) | 4/28/17 | 5/05/17 | 1,000,000 | 1,000,000 | 1,000,194,444 | U.S. government sponsored agency obligations, 1.75% to 7.00% due from 7/25/22 to 5/15/54 | 1,570,034,157 | 1,070,005,269 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total JPMorgan Securities LLC | $ | 3,881,000 | $ | 4,046,139,666 | ||||||||||||||||||||||||||||||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 0.82% | 4/28/17 | 5/01/17 | 355,000 | 355,000 | 355,024,258 | U.S. government sponsored agency obligations, 0.00% to 6.00% due from 3/25/33 to 3/20/67 | 4,065,514,052 | 384,459,763 | |||||||||||||||||||||||||||||
0.81% | 4/28/17 | 5/01/17 | 200,000 | 200,000 | 200,013,500 | U.S. Treasury obligations, 0.13% to 5.00% due from 4/15/18 to 8/15/45 | 186,389,200 | 204,000,025 | ||||||||||||||||||||||||||||||
0.81% | 4/28/17 | 5/01/17 | 60,000 | 60,000 | 60,004,050 | U.S. Treasury obligation, 2.00% due at 2/15/23 | 60,853,300 | 61,200,036 | ||||||||||||||||||||||||||||||
0.89% | 4/27/17 | 5/04/17 | 308,500 | 308,500 | 308,553,388 | U.S. government sponsored agency obligations, 1.31% to 3.00% due from 11/25/32 to 3/25/47 | 502,264,050 | 330,095,001 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Merrill Lynch, Pierce, Fenner & Smith, Inc. | $ | 923,500 | $ | 979,754,825 | ||||||||||||||||||||||||||||||||||
Mizuho Securities USA, Inc. | 0.85% | 4/28/17 | 5/01/17 | 995,098 | 995,098 | 995,168,525 | U.S. Treasury obligation, 2.25% due at 1/31/24 | 1,000,000,000 | 1,015,000,000 | |||||||||||||||||||||||||||||
0.83% | 4/28/17 | 5/01/17 | 57,500 | 57,500 | 57,503,977 | U.S. Treasury obligations, 1.63% to 2.13% due from 8/15/21 to 2/15/26 | 59,096,100 | 58,650,026 | ||||||||||||||||||||||||||||||
0.85% | 4/28/17 | 5/01/17 | 10,000 | 10,000 | 10,000,708 | U.S. Treasury obligation, 2.38% due at 8/15/24 | 10,000,000 | 10,200,000 | ||||||||||||||||||||||||||||||
0.80%(a) | 4/13/17 | 5/12/17 | 400,000 | 400,000 | 400,257,778 | U.S. government sponsored agency obligations, 0.00% to 22.44% due from 9/25/22 to 2/25/50 | 9,244,760,469 | 428,245,002 |
See Notes to Financial Statements.
18 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Schedule of Investments (continued) | FedFund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | at Value (000) | Proceeds including Interest | Position | Original Par | Position received, at Value | |||||||||||||||||||||||||||||
1.12%(a) | 4/28/17 | 6/02/17 | $ | 750,000 | $ | 750,000 | $ | 750,816,667 | U.S. government sponsored agency obligations and U.S. Treasury obligation, 0.00% to 9.48% due from 12/31/23 to 5/25/47 | $ | 5,579,006,111 | $ | 802,406,117 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Mizuho Securities USA, Inc. | $ | 2,212,598 | $ | 2,314,501,145 | ||||||||||||||||||||||||||||||||||
Morgan Stanley & Co. LLC | 0.76% | 4/28/17 | 5/01/17 | 6,000 | 6,000 | 6,000,380 | U.S. Treasury obligation, 2.25% due at 4/30/21 | 5,925,200 | 6,120,054 | |||||||||||||||||||||||||||||
MUFG Securities Americas, Inc. | 0.81% | 4/28/17 | 5/01/17 | 1,366,000 | 1,366,000 | 1,366,092,205 | U.S. government sponsored agency obligations, 1.83% to 6.50% due from 11/01/17 to 8/01/48 | 5,124,768,748 | 1,406,084,754 | |||||||||||||||||||||||||||||
0.80% | 4/28/17 | 5/01/17 | 150,000 | 150,000 | 150,010,000 | U.S. government sponsored agency obligations and U.S. Treasury obligations, 0.00% to 5.66% due from 6/16/17 to 5/15/44 | 171,038,900 | 153,000,089 | ||||||||||||||||||||||||||||||
0.81%(a) | 4/28/17 | 5/05/17 | 350,000 | 350,000 | 350,055,125 | U.S. Treasury obligations, 0.00% to 8.88% due from 12/07/17 to 5/15/45 | 323,664,100 | 357,000,010 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total MUFG Securities Americas, Inc. | $ | 1,866,000 | $ | 1,916,084,853 | ||||||||||||||||||||||||||||||||||
National Australia Bank Ltd. | 0.85% | 4/28/17 | 5/01/17 | 329,063 | 329,063 | 329,085,809 | U.S. Treasury obligation, 0.38% due at 7/15/25 | 325,000,000 | 335,643,750 | |||||||||||||||||||||||||||||
0.85% | 4/28/17 | 5/01/17 | 180,425 | 180,425 | 180,437,780 | U.S. Treasury obligation, 0.13% due at 4/15/20 | 175,000,000 | 184,033,500 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total National Australia Bank Ltd. | $ | 509,488 | $ | 519,677,250 | ||||||||||||||||||||||||||||||||||
Natixis SA | 0.82% | 4/28/17 | 5/01/17 | 640,000 | 640,000 | 640,043,733 | U.S. government sponsored agency obligations and U.S. Treasury obligations, 0.13% to 8.00% due from 5/15/19 to 11/01/47 | 721,122,697 | 654,123,510 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 19 |
Schedule of Investments (continued) | FedFund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | at Value (000) | Proceeds including Interest | Position | Original Par | Position received, at Value | |||||||||||||||||||||||||||||
Nomura Securities International, Inc. | 0.83 | % | 4/28/17 | 5/01/17 | $ | 2,970,000 | $ | 2,970,000 | $ | 2,970,205,425 | U.S. government sponsored agency obligations and U.S. Treasury obligations, 0.00% to 9.00% due from 5/12/17 to 4/01/67 | $ | 4,009,013,090 | $ | 3,038,587,126 | |||||||||||||||||||||||
Prudential Insurance Company of America | 0.86 | % | 4/28/17 | 5/01/17 | 110,725 | 110,725 | 110,732,935 | U.S. Treasury obligation, 0.00% due at 5/15/39 | 215,000,000 | 112,939,500 | ||||||||||||||||||||||||||||
0.86 | % | 4/28/17 | 5/01/17 | 65,438 | 65,438 | 65,442,190 | U.S. Treasury obligation, 0.00% due at 11/15/43 | 150,000,000 | 66,747,000 | |||||||||||||||||||||||||||||
0.86 | % | 4/28/17 | 5/01/17 | 57,750 | 57,750 | 57,754,139 | U.S. Treasury obligation, 0.00% due at 5/15/38 | 110,000,000 | 58,905,000 | |||||||||||||||||||||||||||||
0.86 | % | 4/28/17 | 5/01/17 | 47,813 | 47,813 | 47,815,927 | U.S. Treasury obligation, 2.75% due at 11/15/42 | 50,000,000 | 48,768,500 | |||||||||||||||||||||||||||||
0.86 | % | 4/28/17 | 5/01/17 | 38,438 | 38,438 | 38,440,255 | U.S. Treasury obligation, 0.00% due at 8/15/27 | 50,000,000 | 39,206,000 | |||||||||||||||||||||||||||||
0.86 | % | 4/28/17 | 5/01/17 | 38,160 | 38,160 | 38,162,735 | U.S. Treasury obligation, 0.00% due at 11/15/34 | 64,000,000 | 38,923,520 | |||||||||||||||||||||||||||||
0.86 | % | 4/28/17 | 5/01/17 | 32,906 | 32,906 | 32,908,608 | U.S. Treasury obligation, 0.00% due at 8/15/43 | 75,000,000 | 33,564,000 | |||||||||||||||||||||||||||||
0.86 | % | 4/28/17 | 5/01/17 | 29,312 | 29,312 | 29,314,601 | U.S. Treasury obligation, 0.00% due at 5/15/35 | 50,000,000 | 29,898,500 | |||||||||||||||||||||||||||||
0.86 | % | 4/28/17 | 5/01/17 | 28,812 | 28,812 | 28,814,565 | U.S. Treasury obligation, 0.00% due at 11/15/35 | 50,000,000 | 29,389,000 | |||||||||||||||||||||||||||||
0.86 | % | 4/28/17 | 5/01/17 | 22,006 | 22,006 | 22,007,827 | U.S. Treasury obligation, 0.00% due at 5/15/33 | 35,000,000 | 22,446,200 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Prudential Insurance Company of America | $ | 471,360 | $ | 480,787,220 | ||||||||||||||||||||||||||||||||||
RBC Capital Markets LLC | 0.80 | % | 4/28/17 | 5/01/17 | 28,000 | 28,000 | 28,001,867 | U.S. government sponsored agency obligations, 3.00% to 5.38% due from 10/15/36 to 3/15/47 | 152,470,309 | 29,960,001 | ||||||||||||||||||||||||||||
1.12%(a | ) | 4/28/17 | 6/02/17 | 825,000 | 825,000 | 825,898,333 | U.S. government sponsored agency obligations, 0.00% to 27.99% due from 1/25/25 to 3/25/47 | 10,264,459,462 | 885,079,192 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total RBC Capital Markets LLC | $ | 853,000 | $ | 915,039,193 |
See Notes to Financial Statements.
20 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Schedule of Investments (continued) | FedFund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | at Value (000) | Proceeds including Interest | Position | Original Par | Position received, at Value | |||||||||||||||||||||||||||||
Societe Generale SA | 0.82% | 4/28/17 | 5/01/17 | $ | 6,000 | $ | 6,000 | $ | 6,000,410 | U.S. Treasury obligation, 2.38% due at 8/15/24 | $ | 5,994,800 | $ | 6,120,054 | ||||||||||||||||||||||||
0.77% | 4/26/17 | 5/03/17 | 1,250,000 | 1,250,000 | 1,250,187,153 | U.S. Treasury obligations, 0.00% to 6.25% due from 7/15/17 to 1/15/25 | 1,219,712,800 | 1,275,000,084 | ||||||||||||||||||||||||||||||
0.79% | 4/27/17 | 5/04/17 | 700,000 | 700,000 | 700,107,528 | U.S. government sponsored agency obligations and U.S. Treasury obligations, 0.00% to 4.61% due from 10/12/17 to 11/20/64 | 1,300,822,264 | 714,000,004 | ||||||||||||||||||||||||||||||
0.81%(a) | 4/28/17 | 5/05/17 | 300,000 | 300,000 | 300,047,250 | U.S. Treasury obligations, 0.00% to 6.25% due from 4/30/17 to 11/15/45 | 285,940,800 | 306,000,047 | ||||||||||||||||||||||||||||||
0.79%(a) | 4/03/17 | 5/08/17 | 1,091,500 | 1,091,500 | 1,092,338,333 | U.S. Treasury obligations, 0.00% to 5.38% due from 7/15/17 to 2/15/47 | 1,103,039,456 | 1,113,330,000 | ||||||||||||||||||||||||||||||
0.78%(a) | 4/05/17 | 5/15/17 | 600,000 | 600,000 | 600,520,000 | U.S. Treasury obligations, 0.00% to 7.63% due from 1/15/18 to 8/15/41 | 570,169,800 | 612,000,004 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Societe Generale SA | $ | 3,947,500 | $ | 4,026,450,193 | ||||||||||||||||||||||||||||||||||
TD Securities (USA) LLC | 0.83% | 4/28/17 | 5/01/17 | 578,230 | 578,230 | 578,269,994 | U.S. government sponsored agency obligations and U.S. Treasury obligations, 1.00% to 4.50% due from 9/15/18 to 4/01/47 | 590,520,679 | 590,748,595 | |||||||||||||||||||||||||||||
Wells Fargo Securities LLC | 0.83%(c) | 4/28/17 | 5/01/17 | 450,000 | 450,000 | 450,031,125 | U.S. government sponsored agency obligations, 3.12% to 4.50% due from 11/01/25 to 6/01/56 | 444,888,419 | 463,500,001 | |||||||||||||||||||||||||||||
0.82%(b) | 4/28/17 | 5/01/17 | 325,000 | 325,000 | 325,022,208 | U.S. Treasury obligations, 1.50% to 3.13% due from 4/30/17 to 2/15/47 | 327,063,595 | 331,500,025 | ||||||||||||||||||||||||||||||
0.82% | 4/28/17 | 5/01/17 | 100,000 | 100,000 | 100,006,833 | U.S. Treasury obligations, 0.63% to 1.88% due from 5/31/17 to 8/31/22 | 101,763,200 | 102,000,030 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 21 |
Schedule of Investments (concluded) | FedFund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | at Value (000) | Proceeds including Interest | Position | Original Par | Position received, at Value | |||||||||||||||||||||||||||||
0.79% | 4/25/17 | 5/02/17 | $ | 517,000 | $ | 517,000 | $ | 517,079,417 | U.S. government sponsored agency obligations, 3.50% to 5.00% due from 8/01/26 to 5/01/47 | $ | 507,954,712 | $ | 532,510,001 | |||||||||||||||||||||||||
0.79% | 4/26/17 | 5/03/17 | 635,000 | 635,000 | 635,097,543 | U.S. government sponsored agency obligations, 3.00% to 4.00% due from 2/01/25 to 4/01/47 | 636,136,431 | 654,050,001 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Wells Fargo Securities LLC | $ | 2,027,000 | $ | 2,083,560,058 | ||||||||||||||||||||||||||||||||||
Total | $ | 44,167,433 | $ | 45,337,460,773 | ||||||||||||||||||||||||||||||||||
|
|
|
|
(a) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
(b) | Traded in a joint account. |
(c) | Variable rate security. Rate as of period end. |
During the period ended April 30, 2017, investments in issuers considered to be an affiliate of the Fund 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, 2016 | Par Purchased | Par Sold | Par held at April 30, 2017 | Income | |||||||||||||||
PNC Bank N.A. | — | $15,265,400,000 | $15,265,400,000 | — | $289,788 |
Fair Value Hierarchy as of Period End |
Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements. |
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy: |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Short-Term Securities1 | — | $ | 83,131,809,319 | — | $ | 83,131,809,319 |
1 See above Schedule of Investments for values in each security type. |
During the six months ended April 30, 2017, there were no transfers between levels. |
See Notes to Financial Statements.
22 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Schedule of Investments April 30, 2017 (Unaudited) | TempCash | |||
(Percentages shown are based on Net Assets) |
Certificates of Deposit | Par (000) | Value | ||||||
Domestic — 0.8% | ||||||||
Bank of America N.A., 1.18%, 10/03/17 | $ | 2,000 | $ | 1,999,917 | ||||
Yankee — 20.1% (a) | ||||||||
Bank of Montreal, Chicago, 1.33%, 3/15/18 | 2,000 | 2,001,080 | ||||||
Bank of Tokyo-Mitsubishi UFJ Ltd., New York, 1.50%, 10/16/17 | 2,000 | 2,001,459 | ||||||
Cooperatieve Rabobank UA, New York, 1.54%, 8/16/17 | 210 | 210,339 | ||||||
Credit Agricole Corporate & Investment Bank, 1.52%, 6/08/17 | 2,500 | 2,501,549 | ||||||
Dexia Credit Local, New York: | ||||||||
1.50%, 6/19/17 | 3,000 | 3,002,174 | ||||||
1.31%, 1/12/18 | 2,000 | 2,000,524 | ||||||
Mitsubishi UFJ Trust and Banking Corp., New York, 1.53%, 11/08/17 | 3,000 | 3,002,170 | ||||||
Mizuho Bank Ltd., New York: | ||||||||
1.60%, 7/06/17 | 3,000 | 3,003,261 | ||||||
1.38%, 8/29/17 | 4,000 | 4,002,848 | ||||||
1.29%, 10/06/17 | 2,000 | 2,000,424 | ||||||
Norinchukin Bank, New York: | ||||||||
1.34%, 8/24/17 | 1,000 | 1,000,679 | ||||||
1.50%, 10/27/17 | 2,000 | 2,001,163 | ||||||
Oversea Chinese Banking Corp., 1.02%, 5/30/17 | 4,500 | 4,500,329 | ||||||
Royal Bank of Canada, New York: | ||||||||
1.31%, 3/16/18 | 1,000 | 1,000,684 | ||||||
1.23%, 4/19/18 | 3,000 | 2,999,821 | ||||||
Societe Generale, New York, 1.47%, 6/12/17 | 2,500 | 2,501,518 | ||||||
Sumitomo Mitsui Banking Corp., New York: | ||||||||
1.28%, 10/04/17 | 5,000 | 5,001,067 | ||||||
1.27%, 11/10/17 | 2,000 | 2,000,007 | ||||||
Sumitomo Mitsui Trust Bank Ltd., New York: | ||||||||
1.33%, 9/15/17 | 2,250 | 2,250,914 | ||||||
1.26%, 10/10/17 | 3,000 | 3,000,199 | ||||||
Toronto Dominion Bank, New York: | ||||||||
1.14%, 6/22/17 | 2,000 | 2,000,448 | ||||||
1.33%, 3/13/18 | 2,000 | 2,001,405 | ||||||
|
| |||||||
53,984,062 | ||||||||
Total Certificates of Deposit — 20.9% | 55,983,979 | |||||||
Commercial Paper | ||||||||
Alpine Securitization Ltd., 1.20%, 7/13/17 (b) | 1,000 | 997,692 | ||||||
Antalis SA, 1.25%, 7/07/17 (b) | 1,000 | 997,881 | ||||||
Barton Capital SA, 1.25%, 7/05/17 (b) | 2,000 | 1,995,680 | ||||||
Cancara Asset Securitisation LLC, 1.13%, 7/17/17 (b) | 3,000 | 2,992,533 | ||||||
Collateralized Commercial Paper Co. LLC, 1.30%, 10/26/17 | 1,000 | 1,000,463 | ||||||
Commonwealth Bank of Australia, 1.31%, 3/16/18 | 3,000 | 3,002,665 | ||||||
CRC Funding LLC, 0.98%, 5/24/17 (b) | 1,000 | 999,298 | ||||||
DnB Bank ASA (New York Branch), 1.30%, 3/23/18 | 3,000 | 3,000,585 | ||||||
Erste Abwicklungsanstalt, 0.88%, 5/18/17 (b) | 1,000 | 999,541 | ||||||
Federation Des Caisses Desjardins, 0.91%, 5/05/17 (b) | 5,000 | 4,999,115 | ||||||
Gotham Funding, 1.16%, 6/21/17 (b) | 2,000 | 1,996,862 | ||||||
Kells Funding LLC, 1.01%, 6/09/17 (b) | 2,500 | 2,497,118 | ||||||
Korea Development Bank, New York, 1.24%, 7/18/17 (b) | 2,000 | 1,995,693 | ||||||
Korea Development Bank. New York, 1.24%, 7/20/17 (b) | 3,000 | 2,993,344 |
Commercial Paper | Par (000) | Value | ||||||
Liberty Street Funding LLC: | ||||||||
1.20%, 6/12/17 (b) | $ | 1,000 | $ | 998,719 | ||||
1.08%, 6/28/17 (b) | 3,500 | 3,493,696 | ||||||
1.23%, 8/03/17 (b) | 2,000 | 1,993,716 | ||||||
Manhattan Asset Funding Co. LLC, 0.97%, 5/25/17 (b) | 1,500 | 1,498,901 | ||||||
Mitsubishi UFJ Trust and Banking Corp., 1.15%, 6/09/17 (b) | 2,000 | 1,997,760 | ||||||
Nieuw Amsterdam Receivables Corp.: | ||||||||
0.91%, 5/05/17 (b) | 3,000 | 2,999,463 | ||||||
1.20%, 7/05/17 (b) | 3,000 | 2,993,744 | ||||||
NRW.Bank: | ||||||||
1.12%, 7/20/17 (b) | 2,000 | 1,995,057 | ||||||
1.12%, 7/21/17 (b) | 2,000 | 1,994,988 | ||||||
Ridgefield Funding Co. LLC, 1.48%, 10/05/17 (b) | 2,000 | 1,987,973 | ||||||
Standard Chartered Bank: | ||||||||
1.09%, 5/24/17 (b) | 1,385 | 1,384,082 | ||||||
1.11%, 6/28/17 (b) | 4,000 | 3,993,060 | ||||||
Starbird Funding Corp.: | ||||||||
0.94%, 5/01/17 (b) | 4,000 | 3,999,687 | ||||||
1.24%, 7/06/17 (b) | 2,000 | 1,995,527 | ||||||
1.50%, 10/02/17 (b) | 375 | 372,668 | ||||||
Suncorp Metway Ltd., 1.37%, 8/28/17 (b) | 3,000 | 2,986,743 | ||||||
Thunder Bay Funding LLC, 1.10%, 6/20/17 (b) | 3,459 | 3,453,683 | ||||||
United Overseas Bank Ltd.: | ||||||||
1.02%, 6/15/17 (b) | 3,500 | 3,495,800 | ||||||
1.13%, 7/14/17 (b) | 3,000 | 2,993,840 | ||||||
Victory Receivables Corp.: | ||||||||
1.03%, 5/02/17 (b) | 2,000 | 1,999,757 | ||||||
1.16%, 6/20/17 (b) | 3,000 | 2,994,506 | ||||||
Westpac Banking Corp., 1.31%, 3/15/18 | 3,000 | 3,002,258 | ||||||
Westpac Securities NZ Ltd., 1.34%, 7/31/17 (c) | 3,000 | 3,002,966 | ||||||
Total Commercial Paper — 32.9% | 88,097,064 | |||||||
Municipal Bonds (d) | ||||||||
Illinois Housing Development Authority RB | 3,000 | 3,000,000 | ||||||
Jets Stadium Development LLC | 2,000 | 2,000,000 | ||||||
Total Municipal Bonds — 1.9% | 5,000,000 | |||||||
Time Deposits | ||||||||
Credit Agricole Corporate & Investment Bank, 0.83%, 5/01/17 | 7,000 | 7,000,000 | ||||||
Credit Industriel Et Commercial, 0.82%, 5/01/17 | 2,000 | 2,000,000 | ||||||
DnB Bank ASA, 0.83%, 5/01/17 | 7,000 | 7,000,000 | ||||||
DZ Bank AG Deutsche Zentral Genoss, 0.83%, 5/01/17 | 7,000 | 7,000,000 | ||||||
ING Bank N.V. (Amsterdam Branch), 0.97%, 5/04/17 | 3,000 | 3,000,000 | ||||||
KBC Bank N.V. (New York Branch), 0.84%, 5/01/17 | 10,000 | 10,000,000 | ||||||
Lloyds Bank PLC, 0.82%, 5/02/17 | 5,000 | 5,000,000 | ||||||
Natixis S.A., 0.82%, 5/01/17 | 4,776 | 4,776,000 | ||||||
Nordea Bank AB, 0.83%, 5/01/17 | 10,000 | 10,000,000 | ||||||
Svenska Handelsbanken AB, 0.83%, 5/01/17 | 7,000 | 7,000,000 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 23 |
Schedule of Investments (continued) | TempCash |
Time Deposits | Par (000) | Value | ||||||
Swedbank AB, (New York Branch), 0.83%, 5/01/17 | $ | 10,000 | $ | 10,000,000 | ||||
Total Time Deposits — 27.1% | 72,776,000 | |||||||
Value | ||||||||
Total Repurchase Agreements — 17.3% | $ | 46,500,000 | ||||||
Total Investments (Cost — $268,327,291*) — 100.1% | 268,357,043 | |||||||
Liabilities in Excess of Other Assets — (0.1)% | (145,378 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 268,211,665 | ||||||
|
|
Notes to Schedule of Investments |
* | Cost for U.S. federal income tax purposes. |
(a) | Issuer is a U.S. branch of a foreign domiciled bank. |
(b) | Rates are discount rates or a range of discount rates at the time of purchase. |
(c) | Variable rate security. Rate as of period end. |
(d) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
Repurchase Agreements |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | at Value (000) | Proceeds including Interest | Position | Original Par | Position at Value | |||||||||||||||||||||||||||||
BNP Paribas Securities Corp. | 1.01%(a) | 4/28/17 | 5/01/17 | $ | 1,000 | $ | 1,000 | $ | 1,000,084 | Corporate/debt obligations, 1.28% to 8.36% due from 1/20/19 to 11/25/44 | $ | 1,013,981 | $ | 1,050,090 | ||||||||||||||||||||||||
Citigroup Global Markets, Inc. | 0.81%(b) | 4/28/17 | 5/01/17 | 10,000 | 10,000 | 10,000,675 | U.S. Treasury obligations, 1.50% to 2.25% due from 11/15/25 to 8/15/26 | 10,390,814 | 10,200,001 | |||||||||||||||||||||||||||||
1.49%(c) | 4/28/17 | 7/02/17 | 3,500 | 3,500 | 3,509,416 | Corporate/debt obligation, 5.50% due at 9/15/37 | 5,384,393 | 3,745,000 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Citigroup Global Markets, Inc. | $ | 13,500 | $ | 13,945,001 | ||||||||||||||||||||||||||||||||||
Credit Suisse Securities (USA) LLC | 1.16%(a) | 4/28/17 | 5/01/17 | 4,000 | 4,000 | 4,000,387 | Corporate/debt obligations, 0.00% to 6.11% due from 11/26/35 to 8/25/37 | 46,804,625 | 4,800,021 | |||||||||||||||||||||||||||||
1.45%(c) | 4/28/17 | 6/02/17 | 3,000 | 3,000 | 3,004,229 | Corporate/debt obligations, 4.46% to 6.19% due from 1/25/36 to 2/25/37 | 69,211,500 | 3,600,015 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Credit Suisse Securities (USA) LLC | $ | 7,000 | $ | 8,400,036 | ||||||||||||||||||||||||||||||||||
HSBC Securities (USA) Inc. | 1.11%(a) | 4/28/17 | 5/01/17 | 5,000 | 5,000 | 5,000,463 | U.S. government sponsored agency obligations & Corporate/debt obligation, 0.00% to 2.63% due from 8/12/17 to 4/01/43 | 8,010,000 | 5,340,111 |
See Notes to Financial Statements.
24 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Schedule of Investments (continued) | TempCash |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | at Value (000) | Proceeds including Interest | Position | Original Par | Position received, at Value | |||||||||||||||||||||||||||||
1.41 | %(c) | 4/28/17 | 5/29/17 | $ | 3,000 | $ | 3,000 | $ | 3,003,643 | U.S. government sponsored agency obligation & Corporate/debt obligation, 2.63% due at 4/01/43 | $ | 6,130,000 | $ | 3,091,960 | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total HSBC Securities (USA) Inc. | $ | 8,000 | $ | 8,432,071 | ||||||||||||||||||||||||||||||||||
JPMorgan Securities LLC | 1.03 | %(a) | 4/28/17 | 5/01/17 | 3,000 | 3,000 | 3,000,258 | Corporate/debt obligations, 0.00% due from 5/01/17 to 5/30/17 | 3,155,000 | 3,153,775 | ||||||||||||||||||||||||||||
1.09 | %(a) | 4/28/17 | 5/01/17 | 1,000 | 1,000 | 1,000,091 | Corporate/debt obligations, 0.12% to 0.44% due from 2/25/45 to 10/25/45 | 228,742,000 | 1,070,027 | |||||||||||||||||||||||||||||
1.67 | %(c) | 4/28/17 | 7/28/17 | 1,000 | 1,000 | 1,004,221 | Corporate/debt obligation, 4.28% due at 3/25/54 | 1,170,000 | 1,154,577 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total JPMorgan Securities LLC | $ | 5,000 | $ | 5,378,379 | ||||||||||||||||||||||||||||||||||
RBC Capital Markets LLC | 0.99 | %(a) | 4/28/17 | 5/01/17 | 2,000 | 2,000 | 2,000,165 | Corporate/debt obligations, 1.75% to 7.30% due from 5/02/17 to 5/15/67 | 1,895,017 | 2,101,300 | ||||||||||||||||||||||||||||
Wells Fargo Securities LLC | 1.06 | %(a) | 4/28/17 | 5/01/17 | 5,000 | 5,000 | 5,000,442 | Corporate/debt obligations, 3.06% to 4.50% due from 10/15/31 to 8/25/55 | 5,588,545 | 5,350,001 | ||||||||||||||||||||||||||||
0.82 | %(b) | 4/28/17 | 5/01/17 | 5,000 | 5,000 | 5,000,342 | U.S. Treasury obligations & Corporate/debt obligations, 1.50% to 3.13% due from 4/30/17 to 2/15/47 | 5,031,742 | 5,099,995 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Wells Fargo Securities LLC | $ | 10,000 | $ | 10,449,996 | ||||||||||||||||||||||||||||||||||
Total | $ | 46,500 | $ | 49,756,873 | ||||||||||||||||||||||||||||||||||
|
|
|
|
(a) | Variable rate security. Rate as of period end. |
(b) | Traded in a joint account. |
(c) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 25 |
Schedule of Investments (concluded) | TempCash |
Fair Value Hierarchy as of Period End |
Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Assets: | ||||||||||||||||||||
Investments: | ||||||||||||||||||||
Short-Term Securities1 | — | $ | 268,357,043 | — | $ | 268,357,043 |
1 | See above Schedule of Investments for values in each security type. |
During the six months ended April 30, 2017, there were no transfers between levels.
See Notes to Financial Statements.
26 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Schedule of Investments April 30, 2017 (Unaudited) | TempFund | |||
(Percentages shown are based on Net Assets) |
Certificates of Deposit | Par (000) | Value | ||||||
Domestic — 2.9% | ||||||||
Bank of America Securities Ltd., 1.19%, 5/18/17 (a) | $ | 65,000 | $ | 65,010,251 | ||||
Citibank NA, New York: | ||||||||
1.37%, 5/08/17 (a) | 25,000 | 25,016,493 | ||||||
1.30%, 7/05/17 | 47,000 | 47,029,953 | ||||||
1.30%, 7/06/17 | 30,000 | 30,019,056 | ||||||
Wells Fargo Bank N.A.: | ||||||||
1.43%, 5/30/17 (a) | 25,000 | 25,017,750 | ||||||
1.58%, 7/17/17 (a) | 200,000 | 200,409,820 | ||||||
|
| |||||||
392,503,323 | ||||||||
Yankee — 22.3% (b) | ||||||||
Bank of Montreal, Chicago: | ||||||||
1.53%, 5/11/17 (a) | 50,000 | 50,101,155 | ||||||
1.52%, 5/30/17 (a) | 99,000 | 99,193,495 | ||||||
1.15%, 6/15/17 | 70,000 | 70,012,453 | ||||||
Bank of Tokyo-Mitsubishi UFJ Ltd., New York: | ||||||||
1.25%, 5/15/17 | 40,000 | 40,005,788 | ||||||
1.36%, 8/30/17 | 25,000 | 25,012,495 | ||||||
1.50%, 10/16/17 | 80,000 | 80,058,376 | ||||||
1.52%, 10/30/17 | 145,000 | 145,103,385 | ||||||
Canadian Imperial Bank of Commerce, New York: | ||||||||
1.53%, 5/01/17 (a) | 50,000 | 50,118,825 | ||||||
1.59%, 7/13/17 (a) | 150,000 | 150,323,715 | ||||||
Cooperatieve Rabobank UA New York, 1.51%, 5/22/17 (a) | 44,000 | 44,016,667 | ||||||
Dexia Credit Local, New York: | ||||||||
1.31%, 5/12/17 (a) | 115,000 | 115,030,130 | ||||||
1.40%, 5/22/17 (a) | 140,000 | 140,159,684 | ||||||
1.54%, 5/24/17 (a) | 70,000 | 70,029,820 | ||||||
DnB Bank ASA (New York Branch), 0.91%, 5/01/17 | 50,000 | 50,000,035 | ||||||
Dz Bank AG Deutsche Zentral, 1.20%, 8/28/17 | 55,000 | 54,982,642 | ||||||
Kookmin Bank, New York: | ||||||||
1.59%, 5/10/17 (a) | 25,500 | 25,528,907 | ||||||
1.59%, 5/15/17 (a) | 10,000 | 10,010,595 | ||||||
1.59%, 5/17/17 (a) | 10,000 | 10,010,234 | ||||||
Korea Development Bank (New York Branch), 1.35%, 8/17/17 | 25,000 | 25,012,125 | ||||||
Mitsubishi UFJ Trust and Banking Corp., New York: | ||||||||
1.58%, 5/08/17 (a) | 50,000 | 50,050,240 | ||||||
1.53%, 11/08/17 | 30,000 | 30,021,699 | ||||||
Mizuho Bank Ltd., New York: | ||||||||
1.38%, 5/01/17 (a) | 21,000 | 21,014,950 | ||||||
1.29%, 5/08/17 (a) | 125,000 | 125,026,475 | ||||||
1.59%, 5/17/17 (a) | 50,000 | 50,017,395 | ||||||
Norinchukin Bank, New York: | ||||||||
1.54%, 5/23/17 (a) | 50,000 | 50,056,695 | ||||||
1.54%, 7/20/17 (a) | 100,000 | 100,110,330 | ||||||
1.17%, 8/08/17 | 100,000 | 100,003,930 | ||||||
1.50%, 10/27/17 | 100,000 | 100,058,170 | ||||||
Oversea Chinese Banking Corp, 1.12%, 7/07/17 | 125,000 | 125,016,813 | ||||||
Sumitomo Mitsui Banking Corp., New York: | ||||||||
1.59%, 5/08/17 (a) | 99,700 | 99,792,332 | ||||||
1.59%, 5/09/17 (a) | 47,500 | 47,509,011 | ||||||
1.83%, 6/15/17 (a) | 75,000 | 75,182,355 | ||||||
1.58%, 7/05/17 (a) | 75,000 | 75,069,030 | ||||||
Sumitomo Mitsui Trust Bank Ltd., New York: | ||||||||
0.92%, 5/01/17 | 130,000 | 130,000,767 | ||||||
1.60%, 5/02/17 (a) | 25,000 | 25,014,150 | ||||||
1.58%, 5/03/17 (a) | 25,000 | 25,022,793 | ||||||
1.58%, 5/05/17 (a) | 49,700 | 49,745,729 | ||||||
1.59%, 5/19/17 (a) | 100,000 | 100,078,440 |
Certificates of Deposit | Par (000) | Value | ||||||
Yankee (continued) (b) | ||||||||
Svenska Handelsbanken, Inc., New York, 1.53%, 5/15/17 (a) | $ | 57,000 | $ | 57,016,239 | ||||
Toronto Dominion Bank, New York: | ||||||||
1.33%, 5/15/17 (a) | 75,000 | 75,052,673 | ||||||
1.51%, 5/22/17 (a) | 35,000 | 35,064,495 | ||||||
1.14%, 6/22/17 | 75,000 | 75,016,800 | ||||||
UBS AG Stamford Branch, 1.48%, 5/02/17 (a) | 75,000 | 75,092,460 | ||||||
|
| |||||||
2,950,744,497 | ||||||||
Total Certificates of Deposit — 25.2% | 3,343,247,820 | |||||||
Commercial Paper | ||||||||
Alpine Securitization Ltd.: | ||||||||
1.20%, 7/13/17 (c) | 174,000 | 173,598,356 | ||||||
1.22%, 7/27/17 (c) | 55,000 | 54,841,875 | ||||||
Antalis SA, 1.25%, 7/07/17 (c) | 66,700 | 66,558,636 | ||||||
ASB Finance Ltd., London, 1.46%, 2/12/18 (a) | 13,200 | 13,222,168 | ||||||
Bank of Nova Scotia, New York: | ||||||||
1.44%, 5/01/17 (a) | 50,000 | 50,048,145 | ||||||
1.42%, 5/04/17 (a) | 60,000 | 60,055,296 | ||||||
1.52%, 5/12/17 (a) | 60,000 | 60,013,854 | ||||||
1.51%, 5/22/17 (a) | 60,000 | 60,099,156 | ||||||
Bank of Tokyo-Mitsubishi UFJ Ltd., New York, 1.36%, 8/30/17 (c) | 50,000 | 49,791,440 | ||||||
Barton Capital SA: | ||||||||
1.25%, 7/05/17 (c) | 75,000 | 74,838,360 | ||||||
1.20%, 7/11/17 (c) | 25,000 | 24,940,543 | ||||||
BNZ International Funding Ltd., 1.37%, 5/05/17 (a) | 148,000 | 148,097,635 | ||||||
Canadian Imperial Bank of Commerce, New York, 1.52%, 5/19/17 (a) | 100,000 | 100,270,570 | ||||||
Cancara Asset Securitisation LLC, 1.13%, 7/07/17 (c) | 125,000 | 124,735,075 | ||||||
Commonwealth Bank of Australia: | ||||||||
1.42%, 5/16/17 (a) | 50,000 | 50,104,665 | ||||||
1.53%, 5/17/17 (a)(d) | 60,000 | 60,018,978 | ||||||
1.31%, 5/18/17 (a)(d) | 77,000 | 77,068,407 | ||||||
1.59%, 5/18/17 (a) | 40,000 | 40,047,952 | ||||||
1.56%, 7/18/17 (a) | 24,000 | 24,045,230 | ||||||
1.53%, 7/24/17 (a) | 40,000 | 40,072,404 | ||||||
1.52%, 7/26/17 (a)(d) | 25,000 | 25,045,220 | ||||||
Crown Point Capital LLC, 1.13%, 6/12/17 (c) | 50,000 | 49,935,940 | ||||||
DnB Bank ASA (New York Branch), 1.30%, 5/24/17 (a) | 100,000 | 100,019,500 | ||||||
HSBC Bank PLC, 1.33%, 2/09/18 (a) | 40,000 | 40,069,028 | ||||||
ING US Funding LLC, 1.28%, 7/05/17 (c) | 70,000 | 69,838,818 | ||||||
Kells Funding LLC: | ||||||||
1.34%, 5/08/17 (a) | 15,000 | 15,001,763 | ||||||
1.12%, 7/13/17 (c) | 100,000 | 99,775,420 | ||||||
1.12%, 7/14/17 (c) | 100,000 | 99,771,790 | ||||||
1.12%, 7/18/17 (c) | 100,000 | 99,754,080 | ||||||
Korea Development Bank (New York Branch): | ||||||||
1.24%, 7/18/17 (c) | 28,000 | 27,939,707 | ||||||
1.24%, 7/20/17 (c) | 27,000 | 26,940,098 | ||||||
Liberty Street Funding LLC: | ||||||||
1.08%, 6/28/17 (c) | 31,500 | 31,443,262 | ||||||
1.23%, 8/03/17 (c) | 98,000 | 97,692,113 | ||||||
Macquarie Bank Ltd.: | ||||||||
1.17%, 6/14/17 (c)(d) | 25,000 | 24,968,047 | ||||||
1.17%, 6/16/17 (c) | 100,000 | 99,865,390 | ||||||
Matchpoint Finance PLC: | ||||||||
0.94%, 5/02/17 (c) | 249,311 | 249,284,074 | ||||||
1.42%, 6/19/17 (c)(d) | 50,000 | 49,919,040 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 27 |
Schedule of Investments (continued) | TempFund | |||
Commercial Paper | Par (000) | Value | ||||||
National Australia Bank Ltd., New York, 1.53%, 7/17/17 (a) | $ | 50,000 | $ | 50,083,780 | ||||
Nieuw Amsterdam Receivables: | ||||||||
1.22%, 6/15/17 (c) | 100,000 | 99,859,730 | ||||||
1.22%, 6/19/17 (c) | 50,000 | 49,923,370 | ||||||
NRW.Bank: | ||||||||
1.12%, 7/20/17 (c) | 60,000 | 59,851,704 | ||||||
1.12%, 7/21/17 (c) | 100,000 | 99,749,400 | ||||||
1.14%, 8/17/17 (c) | 85,000 | 84,709,615 | ||||||
Old Line Funding LLC, 1.41%, 5/18/17 (a)(d) | 40,000 | 40,010,608 | ||||||
Oversea Chinese Banking Corp: | ||||||||
1.32%, 6/28/17 (a)(d) | 100,000 | 100,016,040 | ||||||
1.12%, 7/10/17 (c) | 50,000 | 49,900,640 | ||||||
1.12%, 7/12/17 (c)(d) | 75,000 | 74,846,093 | ||||||
Ridgefield Funding Co. LLC: | ||||||||
1.15%, 5/02/17 (c) | 22,000 | 21,997,820 | ||||||
1.15%, 5/03/17 (c) | 22,000 | 21,997,265 | ||||||
1.15%, 5/08/17 (c) | 22,000 | 21,994,451 | ||||||
1.15%, 5/09/17 (c) | 22,000 | 21,993,882 | ||||||
1.15%, 6/01/17 (c) | 1,111 | 1,109,952 | ||||||
1.42%, 7/07/17 (c) | 50,000 | 49,894,030 | ||||||
1.48%, 10/05/17 (c) | 98,000 | 97,410,696 | ||||||
Standard Chartered Bank: | ||||||||
1.17%, 5/22/17 (c) | 25,000 | 24,984,800 | ||||||
1.15%, 6/12/17 (c) | 25,000 | 24,969,533 | ||||||
Starbird Funding Corp.: | ||||||||
0.94%, 5/01/17 (c) | 46,000 | 45,996,282 | ||||||
1.42%, 6/19/17 (c)(d) | 60,000 | 59,902,848 | ||||||
1.24%, 7/06/17 (c) | 75,000 | 74,832,247 | ||||||
1.50%, 10/02/17 (c) | 24,000 | 23,850,746 | ||||||
Thunder Bay Funding LLC: | ||||||||
1.52%, 5/12/17 (a) | 57,000 | 57,013,161 | ||||||
1.41%, 5/18/17 (a)(d) | 68,000 | 68,018,033 | ||||||
Toyota Motor Credit Corp, 1.44%, 7/11/17 (a) | 25,000 | 25,020,115 | ||||||
Versailles Com Paper LLC, 1.18%, 7/24/17 (c) | 23,000 | 22,936,580 | ||||||
Victory Receivables Corp., 1.17%, 7/11/17 (c) | 50,000 | 49,866,185 | ||||||
Westpac Banking Corp.: | ||||||||
1.43%, 5/09/17 (a)(d) | 125,000 | 125,215,837 | ||||||
1.22%, 5/15/17 (a) | 123,000 | 122,978,537 | ||||||
1.31%, 5/18/17 (a)(d) | 50,000 | 50,037,630 | ||||||
1.49%, 5/22/17 (a) | 25,000 | 25,044,323 | ||||||
1.51%, 7/20/17 (a) | 60,000 | 60,101,514 | ||||||
Westpac Trust Securities Ltd., New Zealand: | ||||||||
1.51%, 5/18/17 (a) | 25,000 | 25,008,027 | ||||||
1.26%, 5/26/17 (a) | 35,000 | 35,065,713 | ||||||
Total Commercial Paper — 33.4% | 4,425,923,222 | |||||||
Municipal Bonds (e) | Par (000) | Value | ||||||
Eastern Municipal Water District RB Series 2014A VRDN (Wells Fargo Bank N.A. LOC), 0.84%, 5/05/17 | $ | 24,600 | $ | 24,600,000 | ||||
Illinois Housing Development Authority RB Series 2017A-2 VRDN (Federal Home Loan Bank Liquidity Facility), 0.89%, 5/05/17 | 22,000 | 22,000,000 | ||||||
Jets Stadium Development LLC Series 2007A-4C VRDN (Sumitomo Mitsui Bank Corp. LOC), 1.05%, 5/05/17 | 3,200 | 3,200,000 | ||||||
New York City GO Series 2008J-J8 VRDN (Sumitomo Mitsui Bank Corp. LOC), 0.92%, 5/05/17 | 20,000 | 20,000,000 | ||||||
North Hudson Sewerage Authority RB Series 2012C VRDN (TD Bank N.A. LOC), 0.94%, 5/05/17 | 40,000 | 40,000,000 | ||||||
Simmons College RB Series 2008 VRDN (TD Bank N.A. LOC), 1.00%, 5/05/17 | 7,890 | 7,890,000 | ||||||
Yonkers IDRB (Consumers Union of United States Project) Series 2005 VRDN (JPMorgan Chase Bank N.A. LOC), 0.89%, 5/05/17 | 23,375 | 23,375,000 | ||||||
Total Municipal Bonds — 1.1% | 141,065,000 | |||||||
Time Deposits | ||||||||
ANZ Bank New Zealand Ltd., 0.83%, 5/01/17 | 371,312 | 371,312,000 | ||||||
Credit Agricole Corporate & Investment Bank, 0.83%, 5/01/17 | 250,000 | 250,000,000 | ||||||
DnB Bank ASA, 0.83%, 5/01/17 | 200,000 | 200,000,000 | ||||||
Dz Bank AG Deutsche Zentral, 0.83%, 5/01/17 | 50,000 | 50,000,000 | ||||||
ING Bank N.V. (Amsterdam Branch), 0.97%, 5/04/17 | 350,000 | 350,000,000 | ||||||
KBC Bank NV (New York Branch), 0.84%, 5/01/17 | 550,000 | 550,000,000 | ||||||
Lloyds Bank PLC, 0.82%, 5/02/17 | 295,000 | 295,000,000 | ||||||
Natixis S.A., 0.82%, 5/01/17 | 275,000 | 275,000,000 | ||||||
Nordea Bank AB (New York Branch), 0.83%, 5/01/17 | 387,000 | 387,000,000 | ||||||
Skandinaviska Enskilda Banken AB, 0.83%, 5/01/17 | 475,000 | 475,000,000 | ||||||
Standard Chartered Bank, 0.92%, 5/04/17 | 200,000 | 200,000,000 | ||||||
Svenska Handelbanken AB, 0.83%, 5/01/17 | 157,000 | 157,000,000 | ||||||
Swedbank AB, New York, 0.83%, 5/01/17 | 385,500 | 385,500,000 | ||||||
Total Time Deposits — 29.8% | 3,945,812,000 | |||||||
Total Repurchase Agreements — 10.5% | 1,391,500,000 | |||||||
Total Investments (Cost — $13,242,908,348*) — 100.0% |
| 13,247,548,042 | ||||||
Liabilities in Excess of Other Assets — 0.0% |
| (520,958 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 13,247,027,084 | ||||||
|
|
Notes to Schedule of Investments |
* | Cost for U.S. federal income tax purposes. |
(a) | Variable rate security. Rate as of period end. |
(b) | Issuer is a U.S. branch of a foreign domiciled bank. |
(c) | Rates are discount rates or a range of discount rates at the time of purchase. |
(d) | 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. |
(e) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
See Notes to Financial Statements.
28 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Schedule of Investments (continued) | TempFund |
Repurchase Agreements |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | at Value (000) | Proceeds including Interest | Position | Original Par | Position received, at Value | |||||||||||||||||||||||||||||
Citigroup Global Markets, Inc. | 1.49 | %(a) | 4/28/17 | 7/02/17 | $ | 174,500 | $ | 174,500 | $ | 174,969,453 | various corporate/debt obligations, 1.13% to 3.92% due from 5/17/21 to 10/10/41 | $ | 654,859,570 | $ | 186,715,001 | |||||||||||||||||||||||
Credit Suisse Securities (USA) LLC | 1.16 | %(b) | 4/28/17 | 5/01/17 | 75,000 | 75,000 | 75,007,250 | various corporate/debt obligations, 0.00% to 6.00% due from 9/04/46 to 12/25/65 | 329,889,164 | 90,000,931 | ||||||||||||||||||||||||||||
1.45 | %(a) | 4/28/17 | 6/02/17 | 75,000 | 75,000 | 75,105,729 | various corporate/debt obligations, 0.00% to 7.46% due from 12/20/17 to 5/15/48 | 315,472,711 | 90,000,013 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Credit Suisse Securities (USA) LLC | $ | 150,000 | $ | 180,000,944 | ||||||||||||||||||||||||||||||||||
HSBC Securities (USA) Inc. | 1.03 | %(b) | 4/28/17 | 5/01/17 | 50,000 | 50,000 | 50,004,292 | various corporate/debt obligations, 0.00% to 11.75% due from 12/10/18 to 5/01/27 | 54,845,001 | 54,940,908 | ||||||||||||||||||||||||||||
1.11 | %(b) | 4/28/17 | 5/01/17 | 43,000 | 43,000 | 43,003,978 | various corporate/debt obligations, 1.20% to 9.30% due from 10/02/17 to 10/06/46 | 44,599,000 | 45,151,504 | |||||||||||||||||||||||||||||
1.41 | %(a) | 4/28/17 | 5/29/17 | 50,000 | 50,000 | 50,060,708 | various corporate/debt obligations, 1.50% to 7.63% due from 9/08/17 to 4/15/47 | 50,912,000 | 52,503,386 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total HSBC Securities (USA) Inc. | $ | 143,000 | $ | 152,595,798 | ||||||||||||||||||||||||||||||||||
JPMorgan Securities LLC | 1.03 | %(b) | 4/28/17 | 5/01/17 | 193,000 | 193,000 | 193,016,566 | various corporate/debt obligations, 0.00% due from 5/01/17 to 9/01/17 | 202,930,000 | 202,652,232 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 29 |
Schedule of Investments (continued) | TempFund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | at Value (000) | Proceeds including Interest | Position | Original Par | Position received, at Value | |||||||||||||||||||||||||||||
1.55 | %(a) | 4/28/17 | 7/28/17 | $ | 100,000 | $ | 100,000 | $ | 100,391,806 | U.S. government sponsored agency obligation and various corporate/debt obligations, 0.00% to 9.00% due from 5/15/18 to 12/26/50 | $ | 159,468,300 | $ | 119,668,277 | ||||||||||||||||||||||||
1.67 | %(a) | 4/28/17 | 7/28/17 | 100,000 | 100,000 | 100,422,139 | various corporate/debt obligations, 0.00% to 7.74% due from 8/25/28 to 11/25/57 | 297,259,923 | 115,002,645 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total JPMorgan Securities LLC | $ | 393,000 | $ | 437,323,154 | ||||||||||||||||||||||||||||||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 1.51 | %(a) | 4/28/17 | 6/12/17 | 68,000 | 68,000 | 68,128,350 | various corporate/debt obligations, 1.11% to 1.24% due from 10/03/39 to 8/10/45 | 91,872,435 | 85,000,001 | ||||||||||||||||||||||||||||
Mizuho Securities USA, Inc. | 1.11 | %(b) | 4/28/17 | 5/01/17 | 100,000 | 100,000 | 100,009,250 | various corporate/debt obligations, 2.13% to 7.57% due from 10/10/18 to 4/01/26 | 100,406,600 | 103,444,998 | ||||||||||||||||||||||||||||
RBC Capital Markets LLC | 0.99 | %(b) | 4/28/17 | 5/01/17 | 253,000 | 253,000 | 253,020,873 | U.S. government sponsored agency obligations and various corporate/debt obligations, 0.00% to 12.00% due from 6/15/17 to 4/01/47 | 261,259,053 | 269,152,536 | ||||||||||||||||||||||||||||
Wells Fargo Securities LLC | 1.06 | %(b) | 4/28/17 | 5/01/17 | 110,000 | 110,000 | 110,009,717 | various corporate/debt obligations, 1.55% to 6.06% due from 8/10/29 to 3/15/59 | 118,885,334 | 117,700,001 | ||||||||||||||||||||||||||||
Total | $ | 1,391,500 | $ | 1,531,932,433 | ||||||||||||||||||||||||||||||||||
|
|
|
|
(a) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
(b) | Variable rate security. Rate as of period end. |
Fair Value Hierarchy as of Period End |
Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.
See Notes to Financial Statements.
30 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Schedule of Investments (concluded) | TempFund |
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Assets: | ||||||||||||||||||||
Investments: | ||||||||||||||||||||
Short-Term Securities1 | — | $ | 13,247,548,042 | — | $ | 13,247,548,042 |
1 | See above Schedule of Investments for values in each security type. |
During the six months ended April 30, 2017, there were no transfers between levels.
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 31 |
Schedule of Investments April 30, 2017 (Unaudited) | T-Fund | |||
(Percentages shown are based on Net Assets) |
U.S. Treasury Obligations | Par (000) | Value | ||||||
U.S. Treasury Bills: (a) | ||||||||
0.50%, 5/11/17 | $ | 595,950 | $ | 595,867,893 | ||||
0.54%, 5/18/17 | 445,000 | 444,886,903 | ||||||
0.54% - 0.55%, 5/25/17 | 780,100 | 779,821,744 | ||||||
0.76%, 6/22/17 | 16,070 | 16,052,475 | ||||||
0.59% - 0.61%, 7/13/17 | 706,600 | 705,752,315 | ||||||
0.61%, 7/20/17 | 125,000 | 124,831,944 | ||||||
0.63%, 8/03/17 | 750,000 | 748,776,042 | ||||||
0.62%, 8/10/17 | 312,880 | 312,335,763 | ||||||
0.67%, 8/24/17 | 463,025 | 462,033,998 | ||||||
0.84%, 9/07/17 | 519,290 | 517,736,241 | ||||||
0.91%, 9/28/17 | 400,885 | 399,373,329 | ||||||
0.91%, 10/05/17 | 100,000 | 99,603,138 | ||||||
0.95%, 10/12/17 | 1,210,545 | 1,205,304,484 | ||||||
0.95%, 10/19/17 | 501,000 | 498,751,136 | ||||||
0.96%, 10/26/17 | 819,000 | 815,132,727 |
U.S. Treasury Obligations | Par (000) | Value | ||||||
U.S. Treasury Notes: | ||||||||
0.88% - 8.75%, 5/15/17 | $ | 547,830 | $ | 548,517,587 | ||||
0.63% - 2.75%, 5/31/17 | 397,690 | 398,323,281 | ||||||
0.63% - 2.50%, 6/30/17 | 294,150 | 294,320,677 | ||||||
0.88%, 7/15/17 | 234,380 | 234,547,425 | ||||||
0.50% - 2.38%, 7/31/17 | 484,045 | 484,395,069 | ||||||
0.90%, 7/31/17 (b) | 600,055 | 600,025,240 | ||||||
0.88% - 4.75%, 8/15/17 | 609,275 | 610,714,713 | ||||||
0.63% - 1.88%, 8/31/17 | 1,461,795 | 1,463,232,280 | ||||||
1.00%, 9/15/17 | 1,140,310 | 1,141,164,391 | ||||||
0.88%, 10/15/17 | 231,000 | 231,137,756 | ||||||
0.99%, 10/31/17 (b) | 840,447 | 840,344,662 | ||||||
0.88% - 4.25%, 11/15/17 | 313,340 | 318,035,440 | ||||||
0.88%, 11/30/17 | 36,585 | 36,598,733 | ||||||
0.88%, 1/15/18 | 160,000 | 159,889,073 | ||||||
1.09%, 1/31/18 (b) | 588,890 | 589,240,941 | ||||||
2.62%, 1/31/18 | 362,000 | 366,649,017 | ||||||
3.50%, 2/15/18 | 89,645 | 91,451,969 | ||||||
0.75%, 2/28/18 | 419,540 | 418,683,245 | ||||||
1.00%, 3/15/18 | 500,000 | 500,325,254 | ||||||
2.88%, 3/31/18 | 380,000 | 386,132,710 | ||||||
1.01%, 4/30/18 (b) | 2,269,580 | 2,269,994,144 | ||||||
1.00%, 7/31/18 (b) | 869,985 | 870,055,624 | ||||||
0.99%, 10/31/18 (b) | 1,159,385 | 1,159,344,355 | ||||||
0.96%, 1/31/19 (b) | 508,326 | 508,326,000 | ||||||
Total U.S. Treasury Obligations — 41.5% |
| 22,247,709,718 | ||||||
Total Repurchase Agreements — 57.0% | 30,570,967,353 | |||||||
Total Investments (Cost — $52,818,677,071*) — 98.5% |
| 52,818,677,071 | ||||||
Other Assets Less Liabilities — 1.5% |
| 830,673,840 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 53,649,350,911 | |||||
|
|
Notes to Schedule of Investments |
* | Cost for U.S. federal income tax purposes. |
(a) | Rates are discount rates or a range of discount rates at the time of purchase. |
(b) | Variable rate security. Rate as of period end. |
Repurchase Agreements |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | at Value (000) | Proceeds including Interest | Position | Original Par | Position received, at Value | |||||||||||||||||||||||||||||
Bank of Montreal | 0.60%(a) | 2/28/17 | 5/19/17 | $ | 184,000 | $ | 184,000 | $ | 184,245,333 | U.S. Treasury obligations, 0.00% to 3.38% due from 3/15/18 to 11/15/46 | $ | 230,183,700 | $ | 187,680,033 | ||||||||||||||||||||||||
0.86%(a) | 4/24/17 | 6/30/17 | 500,000 | 500,000 | 500,800,278 | U.S. Treasury obligations, 0.13% to 3.75% due from 9/15/17 to 2/15/47 | 503,051,400 | 510,000,035 | ||||||||||||||||||||||||||||||
0.84%(a) | 4/11/17 | 7/07/17 | 500,000 | 500,000 | 501,015,000 | U.S. Treasury obligations, 0.13% to 3.88% due from 7/31/17 to 4/15/29 | 506,021,000 | 510,000,068 |
See Notes to Financial Statements.
32 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Schedule of Investments (continued) | T-Fund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | at Value (000) | Proceeds including Interest | Position | Original Par | Position received, at Value | |||||||||||||||||||||||||||
0.88%(a) | 4/27/17 | 7/13/17 | $ | 157,000 | $ | 157,000 | $ | 157,295,509 | U.S. Treasury obligations, 0.63% to 2.25% due from 9/30/17 to 1/31/24 | $160,530,300 | $ | 160,140,040 | ||||||||||||||||||||||||
0.85%(a) | 4/13/17 | 7/14/17 | 187,500 | 187,500 | 187,907,292 | U.S. Treasury obligations, 0.63% to 2.88% due from 10/31/17 to 2/15/47 | 192,030,500 | 191,250,098 | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total Bank of Montreal | $ | 1,528,500 | $ | 1,559,070,274 | ||||||||||||||||||||||||||||||||
Bank of Nova Scotia | 0.80% | 4/28/17 | 5/01/17 | 11,000 | 11,000 | 11,000,733 | U.S. Treasury obligations, 0.13% to 2.00% due from 4/15/18 to 1/15/25 | 10,888,600 | 11,220,771 | |||||||||||||||||||||||||||
Barclays Capital, Inc. | 0.80% | 4/28/17 | 5/01/17 | 800,000 | 800,000 | 800,053,333 | U.S. Treasury obligations, 0.00% to 3.00% due from 4/30/17 to 2/15/47 | 825,745,467 | 816,000,082 | |||||||||||||||||||||||||||
0.80% | 4/28/17 | 5/01/17 | 226,390 | 226,390 | 226,405,093 | U.S. Treasury obligations, 1.13% to 8.75% due from 2/15/18 to 2/28/21 | 220,039,300 | 230,917,805 | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total Barclays Capital, Inc. | $ | 1,026,390 | $ | 1,046,917,887 | ||||||||||||||||||||||||||||||||
BNP Paribas Securities Corp. | 0.87% | 4/28/17 | 5/01/17 | 500,000 | 500,000 | 500,036,250 | U.S. Treasury obligation, 1.88% due at 5/31/22 | 505,576,300 | 510,000,093 | |||||||||||||||||||||||||||
0.87% | 4/28/17 | 5/01/17 | 500,000 | 500,000 | 500,036,250 | U.S. Treasury obligation, 1.63% due at 11/30/20 | 506,203,500 | 510,000,026 | ||||||||||||||||||||||||||||
0.87% | 4/28/17 | 5/01/17 | 500,000 | 500,000 | 500,036,250 | U.S. Treasury obligation, 1.75% due at 10/31/20 | 503,082,700 | 510,000,087 | ||||||||||||||||||||||||||||
0.82% | 4/28/17 | 5/01/17 | 30,230 | 30,230 | 30,232,066 | U.S. Treasury obligations, 0.00% to 8.75% due from 5/15/20 to 2/15/43 | 34,229,894 | 30,834,600 | ||||||||||||||||||||||||||||
0.79%(a) | 4/06/17 | 5/05/17 | 849,000 | 849,000 | 849,540,294 | U.S. Treasury obligations, 0.00% to 3.63% due from 7/15/17 to 8/15/35 | 776,536,660 | 865,980,000 | ||||||||||||||||||||||||||||
0.61%(a) | 2/22/17 | 6/01/17 | 1,110,000 | 1,110,000 | 1,111,862,025 | U.S. Treasury obligations, 0.00% to 2.50% due from 10/12/17 to 11/15/44 | 991,976,020 | 1,132,200,073 | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total BNP Paribas Securities Corp. | $ | 3,489,230 | $ | 3,559,014,879 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 33 |
Schedule of Investments (continued) | T-Fund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | at Value (000) | Proceeds including Interest | Position | Original Par | Position at Value | |||||||||||||||||||||||||||||
Citigroup Global Markets, Inc. | 0.81%(b) | 4/28/17 | 5/01/17 | $ | 355,000 | $ | 355,000 | $ | 355,023,963 | U.S. Treasury obligations, 1.50% to 2.25% due from 11/15/25 to 8/15/26 | $ | 368,873,902 | $ | 362,100,072 | ||||||||||||||||||||||||
0.81% | 4/28/17 | 5/01/17 | 10,000 | 10,000 | 10,000,675 | U.S. Treasury obligation, 2.13% due at 1/31/21 | 9,972,300 | 10,200,038 | ||||||||||||||||||||||||||||||
0.77% | 4/25/17 | 5/02/17 | 70,000 | 70,000 | 70,010,481 | U.S. Treasury obligation, 2.75% due at 2/15/24 | 68,152,100 | 71,400,066 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Citigroup Global Markets, Inc. | $ | 435,000 | $ | 443,700,176 | ||||||||||||||||||||||||||||||||||
Credit Agricole Corporate & Investment Bank | 0.79%(b) | 4/28/17 | 5/01/17 | 1,100,000 | 1,100,000 | 1,100,072,417 | U.S. Treasury obligations, 1.50% to 2.25% due from 2/28/19 to 5/15/26 | 1,131,393,700 | 1,122,000,035 | |||||||||||||||||||||||||||||
Credit Agricole Corporate and Investment Bank SA | 0.77% | 4/26/17 | 5/03/17 | 150,000 | 150,000 | 150,022,458 | U.S. Treasury obligations, 0.13% to 3.00% due from 4/15/21 to 11/15/45 | 148,746,500 | 153,000,040 | |||||||||||||||||||||||||||||
0.78% | 4/27/17 | 5/04/17 | 500,000 | 500,000 | 500,075,833 | U.S. Treasury obligations, 0.00% to 2.00% due from 5/18/17 to 11/15/26 | 513,133,000 | 510,000,086 | ||||||||||||||||||||||||||||||
0.79% | 4/28/17 | 5/05/17 | 250,000 | 250,000 | 250,038,403 | U.S. Treasury obligations, 0.38% to 2.50% due from 5/15/22 to 1/15/29 | 208,626,800 | 255,000,030 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Credit Agricole Corporate and Investment Bank SA | $ | 900,000 | $ | 918,000,156 | ||||||||||||||||||||||||||||||||||
Credit Suisse Securities (USA) LLC | 0.80% | 4/28/17 | 5/01/17 | 72,000 | 72,000 | 72,004,800 | U.S. Treasury obligation, 1.63% due at 6/30/20 | 72,795,000 | 73,444,831 | |||||||||||||||||||||||||||||
Deutsche Bank Securities Inc. | 0.84% | 4/28/17 | 5/01/17 | 100,000 | 100,000 | 100,007,000 | U.S. Treasury obligations, 0.00% to 4.63% due from 5/11/17 to 2/15/40 | 78,711,000 | 102,000,039 | |||||||||||||||||||||||||||||
Federal Reserve Bank of New York | 0.75% | 4/28/17 | 5/01/17 | 4,000,000 | 4,000,000 | 4,000,250,000 | U.S. Treasury obligations, 3.13% to 8.00% due from 11/15/21 to 11/15/41 | 3,613,062,800 | 4,000,250,093 | |||||||||||||||||||||||||||||
Goldman Sachs & Co. | 0.75% | 4/28/17 | 5/01/17 | 23,000 | 23,000 | 23,001,438 | U.S. Treasury obligation, 1.38% due at 1/31/20 | 23,397,400 | 23,460,095 |
See Notes to Financial Statements.
34 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Schedule of Investments (continued) | T-Fund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | at Value (000) | Proceeds including Interest | Position | Original Par | Position at Value | |||||||||||||||||||||||||||||
HSBC Securities (USA) Inc. | 0.79%(c) | 4/28/17 | 5/01/17 | $ | 751,000 | $ | 751,000 | $751,049,441 | U.S. Treasury obligations, 0.00% due from 5/15/27 to 5/15/46 | $ | 1,320,320,150 | $ | 766,022,522 | |||||||||||||||||||||||||
0.78% | 4/28/17 | 5/01/17 | 500,000 | 500,000 | 500,032,500 | U.S. Treasury obligations, 0.00% due from 5/15/29 to 8/15/42 | 811,888,306 | 510,002,347 | ||||||||||||||||||||||||||||||
0.79% | 4/28/17 | 5/01/17 | 114,000 | 114,000 | 114,007,505 | U.S. Treasury obligations, 0.00% due from 11/15/43 to 11/15/45 | 272,238,000 | 116,281,443 | ||||||||||||||||||||||||||||||
0.77% | 4/25/17 | 5/02/17 | 492,500 | 492,500 | 492,573,738 | U.S. Treasury obligations, 0.00% due from 5/15/28 to 8/15/41 | 802,893,831 | 502,352,982 | ||||||||||||||||||||||||||||||
0.77% | 4/26/17 | 5/03/17 | 116,200 | 116,200 | 116,217,398 | U.S. Treasury obligations, 0.00% due from 11/15/41 to 5/15/45 | 262,605,600 | 118,525,508 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total HSBC Securities (USA) Inc. | $ | 1,973,700 | $ | 2,013,184,802 | ||||||||||||||||||||||||||||||||||
JPMorgan Securities LLC | 0.81% | 4/28/17 | 5/01/17 | 543,000 | 543,000 | 543,036,652 | U.S. Treasury obligations, 0.00% due from 5/15/17 to 11/15/45 | 987,448,994 | 553,861,104 | |||||||||||||||||||||||||||||
0.81% | 4/28/17 | 5/01/17 | 500,000 | 500,000 | 500,033,750 | U.S. Treasury obligations, 0.63% to 4.25% due from 7/31/17 to 5/15/39 | 494,640,800 | 510,000,072 | ||||||||||||||||||||||||||||||
0.81%(c) | 4/28/17 | 5/01/17 | 250,000 | 250,000 | 250,016,875 | U.S. Treasury obligations, 0.88% to 1.63% due from 11/15/17 to 5/15/26 | 266,545,000 | 255,000,118 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total JPMorgan Securities LLC | $ | 1,293,000 | $ | 1,318,861,294 | ||||||||||||||||||||||||||||||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 0.81% | 4/28/17 | 5/01/17 | 800,000 | 800,000 | 800,054,000 | U.S. Treasury obligations, 0.13% to 5.00% due from 4/15/18 to 8/15/45 | 745,556,800 | 816,000,101 | |||||||||||||||||||||||||||||
0.81% | 4/28/17 | 5/01/17 | 10,000 | 10,000 | 10,000,675 | U.S. Treasury obligation, 1.38% due at 1/31/20 | 10,172,800 | 10,200,059 | ||||||||||||||||||||||||||||||
0.81% | 4/28/17 | 5/01/17 | 6,000 | 6,000 | 6,000,405 | U.S. Treasury obligation, 1.38% due at 1/31/20 | 6,103,700 | 6,120,055 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Merrill Lynch, Pierce, Fenner & Smith, Inc. | $ | 816,000 | $ | 832,320,215 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 35 |
Schedule of Investments (continued) | T-Fund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | at Value (000) | Proceeds including Interest | Position | Original Par | Position received, at Value | |||||||||||||||||||||||||||||
Mizuho Securities USA, Inc. | 0.85% | 4/28/17 | 5/01/17 | $ | 1,319,132 | $ | 1,319,132 | $ | 1,319,225,791 | U.S. Treasury obligation, 2.25% due at 11/15/24 | $ | 1,324,000,000 | $ | 1,345,515,000 | ||||||||||||||||||||||||
0.85% | 4/28/17 | 5/01/17 | 690,000 | 690,000 | 690,048,875 | U.S. Treasury obligation, 2.38% due at 8/15/24 | 690,000,000 | 703,800,000 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Mizuho Securities USA, Inc. | $ | 2,009,132 | $ | 2,049,315,000 | ||||||||||||||||||||||||||||||||||
Morgan Stanley & Co. LLC | 0.75% | 4/28/17 | 5/01/17 | 10,000 | 10,000 | 10,000,625 | U.S. Treasury obligation, 1.25% due at 3/31/21 | 10,355,200 | 10,200,041 | |||||||||||||||||||||||||||||
MUFG Securities Americas, Inc. | 0.79% | 4/28/17 | 5/01/17 | 995,000 | 995,000 | 995,065,504 | U.S. Treasury obligations, 0.00% to 8.88% due from 5/15/17 to 11/15/46 | 1,030,530,700 | 1,014,900,009 | |||||||||||||||||||||||||||||
0.81%(a) | 4/28/17 | 5/05/17 | 150,000 | 150,000 | 150,023,625 | U.S. Treasury obligations, 0.00% to 8.88% due from 4/26/18 to 5/15/44 | 144,577,100 | 153,000,021 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total MUFG Securities Americas, Inc. | $ | 1,145,000 | $ | 1,167,900,030 | ||||||||||||||||||||||||||||||||||
National Australia Bank Limited | 0.85% | 4/28/17 | 5/01/17 | 518,670 | 518,670 | 518,706,739 | U.S. Treasury obligation, 2.00% due at 11/15/26 | 540,000,000 | 529,043,400 | |||||||||||||||||||||||||||||
0.85% | 4/28/17 | 5/01/17 | 488,325 | 488,325 | 488,359,590 | U.S. Treasury obligation, 1.13% due at 1/15/21 | 425,000,000 | 498,091,500 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total National Australia Bank Limited | $ | 1,006,995 | $ | 1,027,134,900 | ||||||||||||||||||||||||||||||||||
Natixis SA | 0.81% | 4/28/17 | 5/01/17 | 1,956,000 | 1,956,000 | 1,956,132,030 | U.S. Treasury obligations, 0.13% to 8.13% due from 1/31/18 to 2/15/47 | 1,913,214,600 | 1,995,120,048 | |||||||||||||||||||||||||||||
Nomura Securities International Inc. | 0.82% | 4/28/17 | 5/01/17 | 1,700,000 | 1,700,000 | 1,700,116,167 | U.S. Treasury obligations, 0.00% to 7.88% due from 6/30/17 to 8/15/46 | 1,717,028,376 | 1,734,000,065 | |||||||||||||||||||||||||||||
Prudential Insurance Company of America | 0.86% | 4/28/17 | 5/01/17 | 69,750 | 69,750 | 69,754,999 | U.S. Treasury obligation, 0.00% due at 5/15/30 | 100,000,000 | 71,145,000 | |||||||||||||||||||||||||||||
0.86% | 4/28/17 | 5/01/17 | 61,250 | 61,250 | 61,254,390 | U.S. Treasury obligation, 8.75% due at 8/15/20 | 50,000,000 | 62,475,000 | ||||||||||||||||||||||||||||||
0.86% | 4/28/17 | 5/01/17 | 43,625 | 43,625 | 43,628,126 | U.S. Treasury obligation, 0.00% due at 11/15/43 | 100,000,000 | 44,498,000 | ||||||||||||||||||||||||||||||
0.86% | 4/28/17 | 5/01/17 | 38,381 | 38,381 | 38,384,001 | U.S. Treasury obligation, 0.00% due at 11/15/36 | 69,000,000 | 39,148,530 |
See Notes to Financial Statements.
36 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Schedule of Investments (continued) | T-Fund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | at Value (000) | Proceeds including Interest | Position | Original Par | Position received, at Value | |||||||||||||||||||||||||||
0.86% | 4/28/17 | 5/01/17 | $ | 34,650 | $ | 34,650 | $ | 34,652,483 | U.S. Treasury obligation, 0.00% due at 11/15/39 | $70,000,000 | $ | 35,343,000 | ||||||||||||||||||||||||
0.86% | 4/28/17 | 5/01/17 | 34,300 | 34,300 | 34,302,458 | U.S. Treasury obligation, 0.00% due at 2/15/40 | 70,000,000 | 34,986,000 | ||||||||||||||||||||||||||||
0.86% | 4/28/17 | 5/01/17 | 31,250 | 31,250 | 31,252,240 | U.S. Treasury obligation, 0.00% due at 8/15/33 | 50,000,000 | 31,875,000 | ||||||||||||||||||||||||||||
0.86% | 4/28/17 | 5/01/17 | 28,562 | 28,562 | 28,564,547 | U.S. Treasury obligation, 0.00% due at 2/15/36 | 50,000,000 | 29,133,500 | ||||||||||||||||||||||||||||
0.86% | 4/28/17 | 5/01/17 | 27,101 | 27,101 | 27,103,192 | U.S. Treasury obligation, 2.25% due at 3/31/21 | 27,000,000 | 27,643,140 | ||||||||||||||||||||||||||||
0.86% | 4/28/17 | 5/01/17 | 26,700 | 26,700 | 26,701,914 | U.S. Treasury obligation, 0.00% due at 2/15/43 | 60,000,000 | 27,234,000 | ||||||||||||||||||||||||||||
0.86% | 4/28/17 | 5/01/17 | 26,688 | 26,688 | 26,689,413 | U.S. Treasury obligation, 0.00% due at 11/15/37 | 50,000,000 | 27,221,500 | ||||||||||||||||||||||||||||
0.86% | 4/28/17 | 5/01/17 | 25,818 | 25,818 | 25,819,350 | U.S. Treasury obligation, 0.00% due at 8/15/36 | 46,000,000 | 26,334,080 | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total Prudential Insurance Company of America | $ | 448,075 | $ | 457,036,750 | ||||||||||||||||||||||||||||||||
RBC Capital Market LLC | 0.79% | 4/28/17 | 5/01/17 | 19,230 | 19,230 | 19,231,266 | U.S. Treasury obligations, 0.00% to 1.50% due from 8/15/18 to 5/31/20 | 19,489,902 | 19,614,680 | |||||||||||||||||||||||||||
Societe Generale SA | 0.78% | 4/24/17 | 5/01/17 | 200,000 | 200,000 | 200,030,333 | U.S. Treasury obligation, 1.50% due at 8/31/18 | 202,689,700 | 204,000,067 | |||||||||||||||||||||||||||
0.82% | 4/28/17 | 5/01/17 | 2,000 | 2,000 | 2,000,137 | U.S. Treasury obligation, 2.38% due at 8/15/24 | 1,998,300 | 2,040,052 | ||||||||||||||||||||||||||||
0.77% | 4/26/17 | 5/03/17 | 750,000 | 750,000 | 750,112,292 | U.S. Treasury obligations, 0.00% to 6.25% due from 7/15/17 to 2/15/45 | 755,628,700 | 765,000,025 | ||||||||||||||||||||||||||||
0.81%(a) | 4/28/17 | 5/05/17 | 200,000 | 200,000 | 200,031,500 | U.S. Treasury obligations, 0.00% to 6.25% due from 8/17/17 to 11/15/46 | 190,637,910 | 204,000,000 | ||||||||||||||||||||||||||||
0.79%(a) | 4/03/17 | 5/08/17 | 693,000 | 693,000 | 693,532,263 | U.S. Treasury obligations, 0.00% to 5.50% due from 10/12/17 to 8/15/44 | 606,384,200 | 706,860,010 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 37 |
Schedule of Investments (concluded) | T-Fund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | at Value (000) | Proceeds including Interest | Position | Original Par | Position received, at Value | |||||||||||||||||||||||||||||
0.78%(a) | 4/05/17 | 5/15/17 | $ | 900,000 | $ | 900,000 | $ | 900,780,000 | U.S. Treasury obligations, 0.00% to 8.50% due from 8/10/17 to 8/15/46 | $885,440,873 | $ | 918,000,000 | ||||||||||||||||||||||||||
0.87% | 4/21/17 | 6/15/17 | 686,715 | 686,715 | 687,627,759 | U.S. Treasury obligations, 0.00% to 8.00% due from 6/30/17 to 5/15/46 | 647,742,100 | 700,449,317 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Societe Generale SA | $ | 3,431,715 | $ | 3,500,349,471 | ||||||||||||||||||||||||||||||||||
TD Securities (USA), Inc. | 0.81% | 4/28/17 | 5/01/17 | 761,000 | 761,000 | 761,051,368 | U.S. Treasury obligations, 0.00% to 6.25% due from 4/30/17 to 2/15/47 | 757,656,300 | 776,220,094 | |||||||||||||||||||||||||||||
Wells Fargo Securities LLC | 0.82%(b) | 4/28/17 | 5/01/17 | 720,000 | 720,000 | 720,049,200 | U.S. Treasury obligations, 1.50% to 3.13% due from 4/30/17 to 2/15/47 | 724,571,659 | 734,400,060 | |||||||||||||||||||||||||||||
0.82% | 4/28/17 | 5/01/17 | 596,000 | 596,000 | 596,040,727 | U.S. Treasury obligations, 0.13% to 1.88% due from 6/30/18 to 1/15/27 | 603,002,600 | 607,920,100 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Wells Fargo Securities LLC | $ | 1,316,000 | $ | 1,342,320,160 | ||||||||||||||||||||||||||||||||||
Total | $ | 30,570,967 | $ | 31,102,656,786 | ||||||||||||||||||||||||||||||||||
|
|
|
|
(a) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
(b) | Traded in a joint account. |
(c) | Variable rate security. Rate as of period end. |
Fair Value Hierarchy as of Period End |
Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Short-Term Securities1 | — | $ | 52,818,677,071 | — | $ | 52,818,677,071 |
1 | See above Schedule of Investments for values in each security type. |
During the six months ended April 30, 2017, there were no transfers between levels.
See Notes to Financial Statements.
38 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Schedule of Investments April 30, 2017 (Unaudited) | Treasury Trust Fund | |||
(Percentages shown are based on Net Assets) |
U.S. Treasury Obligations | Par (000) | Value | ||||||
U.S. Treasury Bills: (a) | ||||||||
0.51%-0.68%, 5/04/17 | $ | 1,507,000 | $ | 1,506,928,449 | ||||
0.49%-0.76%, 5/11/17 | 3,473,685 | 3,522,972,005 | ||||||
0.71%-0.75%, 5/18/17 | 2,625,000 | 2,624,076,334 | ||||||
0.50%-0.74%, 5/25/17 | 3,581,000 | 3,579,339,609 | ||||||
0.52%-0.61%, 6/01/17 | 1,231,000 | 1,230,452,450 | ||||||
0.74%-0.75%, 6/08/17 | 1,922,291 | 1,920,780,106 | ||||||
0.78%, 6/15/17 | 87,450 | 87,364,636 | ||||||
0.76%, 6/22/17 | 283,800 | 283,488,451 | ||||||
0.78%, 6/29/17 | 116,560 | 116,410,997 | ||||||
0.61%, 7/13/17 | 19,430 | 19,406,163 | ||||||
0.60%, 7/20/17 | 225,000 | 224,699,250 | ||||||
0.63%, 8/03/17 | 400,000 | 399,347,222 | ||||||
0.62%, 8/10/17 | 700,000 | 698,782,389 | ||||||
0.67%, 8/24/17 | 60,000 | 59,871,583 | ||||||
0.84%, 9/07/17 | 300 | 299,102 | ||||||
0.91%, 9/28/17 | 600,000 | 597,737,500 | ||||||
0.95%, 10/12/17 | 364,835 | 363,256,075 | ||||||
0.95%, 10/19/17 | 200,000 | 199,102,250 | ||||||
0.96%, 10/26/17 | 312,000 | 310,526,753 |
U.S. Treasury Obligations | Par (000) | Value | ||||||
U.S. Treasury Notes: | ||||||||
0.90%, 4/30/17 (b) | $ | 592,677 | $ | 592,677,000 | ||||
4.50%-8.75%, 5/15/17 | 143,335 | 143,637,827 | ||||||
0.63%, 5/31/17 | 26,570 | 26,568,428 | ||||||
0.63%-2.50%, 6/30/17 | 158,855 | 158,948,959 | ||||||
0.90%, 7/31/17 (b) | 233,405 | 233,387,036 | ||||||
0.63%, 8/31/17 | 97,890 | 97,864,146 | ||||||
1.00%, 9/15/17 | 130,670 | 130,789,476 | ||||||
0.99%, 10/31/17 (b) | 324,140 | 324,081,324 | ||||||
4.25%, 11/15/17 | 203,500 | 207,166,998 | ||||||
0.88%, 11/30/17 | 16,690 | 16,696,265 | ||||||
1.09%, 1/31/18 (b) | 285,765 | 285,834,401 | ||||||
3.50%, 2/15/18 | 77,750 | 79,273,152 | ||||||
0.75%, 2/28/18 | 149,995 | 149,546,794 | ||||||
2.85%, 3/31/18 | 120,000 | 121,936,645 | ||||||
1.01%, 4/30/18 (b) | 478,295 | 478,304,266 | ||||||
1.00%, 7/31/18 (b) | 573,070 | 573,085,708 | ||||||
0.99%, 10/31/18 (b) | 465,255 | 465,242,061 | ||||||
0.96%, 1/31/19 (b) | 215,000 | 215,000,000 | ||||||
Total U.S. Treasury Obligations — 100.0% | 22,044,881,810 | |||||||
Total Investments (Cost — $22,044,881,810*) — 100.0% |
| 22,044,881,810 | ||||||
Other Assets Less Liabilities — 0.0% | 6,498,710 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 22,051,380,520 | ||||||
|
|
Notes to Schedule of Investments |
* | Cost for U.S. federal income tax purposes. |
(a) | Rates are discount rates or a range of discount rates at the time of purchase. |
(b) | Variable rate security. Rate as of period end. |
Fair Value Hierarchy as of Period End |
Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Short-Term Securities1 | — | $ | 22,044,881,810 | — | $ | 22,044,881,810 |
1 | See above Schedule of Investments for values in each security type. |
During the six months ended April 30, 2017, there were no transfers between levels.
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 39 |
Schedule of Investments April 30, 2017 (Unaudited) | MuniCash | |||
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | ||||||
Alabama — 0.6% | ||||||||
Alabama Federal Aid Highway Finance Authority Tender Option Bond Trust Receipts Certificates RB | $ | 5,000 | $ | 5,000,000 | ||||
Tuscaloosa County Industrial Development Authority RB (Hunt Refining Co. Project) Series 2011F VRDN (JPMorgan Chase Bank N.A. LOC), 0.92%, 5/05/17 (c) | 3,720 | 3,720,000 | ||||||
Tuscaloosa County Industrial Development Authority RB (Hunt Refining Project) Series 2011C VRDN (JPMorgan Chase Bank N.A. LOC), 0.92%, 5/05/17 (c) | 9,300 | 9,300,000 | ||||||
|
| |||||||
18,020,000 | ||||||||
Alaska — 3.4% | ||||||||
Alaska Housing Finance Corp RB Series 2007D VRDN (Landesbank Baden-Wurttemberg SBPA), 0.87%, 5/05/17 (c) | 15,020 | 15,020,000 | ||||||
Alaska Housing Finance Corp. RB Series 2009A VRDN, 0.86%, 5/05/17 (c) | 22,280 | 22,280,000 | ||||||
Alaska Housing Finance Corp. RB Series 2009A VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.87%, 5/05/17 (c) | 11,200 | 11,200,000 | ||||||
Alaska Housing Finance Corp. RB Series 2009B VRDN (Wells Fargo Bank N.A. SBPA), 0.87%, 5/05/17 (c) | 53,845 | 53,845,000 | ||||||
Valdez RB (Exxon Pipeline Co. Project) Series 1993B VRDN, 0.85%, 5/01/17 (c) | 550 | 550,000 | ||||||
|
| |||||||
102,895,000 | ||||||||
Arizona — 0.6% | ||||||||
Arizona Health Facilities Authority RB (Banner Health Project) Series 2015B VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.90%, 5/05/17 (c) | 8,745 | 8,745,000 | ||||||
Arizona Health Facilities Authority RB (Banner Health Project) Series 2015C VRDN (Bank of America N.A. LOC), 0.93%, 5/05/17 (c) | 5,725 | 5,725,000 | ||||||
Arizona State University RB Series A VRDN, 0.89%, 5/05/17 (c) | 3,600 | 3,600,000 | ||||||
|
| |||||||
18,070,000 | ||||||||
California — 9.5% | ||||||||
Bay Area Toll Authority Tender Option Bond Trust Receipts/Certificates RB Series 2016-XG0019 VRDN (Bank of America N.A. SBPA), | 5,250 | 5,250,000 | ||||||
California GO Series 2003B-3 VRDN (Bank of America N.A. LOC), 0.88%, 5/05/17 (c) | 4,775 | 4,775,000 | ||||||
California GO Series 2004B VRDN (Citibank N.A. LOC), 0.84%, 5/05/17 (c) | 6,885 | 6,885,000 | ||||||
California GO Series 2011A-1 TECP, 0.73%, 5/09/17 | 14,400 | 14,400,288 | ||||||
California GO Series 2011A-5 TECP (U.S. Bank N.A. SBPA), 0.76%, 6/05/17 | 27,045 | 27,045,541 | ||||||
California GO Series B1 VRDN (Mizuho Bank Ltd. LOC), 0.89%, 5/05/17 (c) | 38,500 | 38,500,000 | ||||||
California Health Facilities Financing Authority RB Series 2011C VRDN (Bank of Montreal LOC), 0.90%, 5/05/17 (c) | 400 | 400,000 | ||||||
California Health Facilities Funding Authority Tender Option Bond Trust Receipts/Certificates RB | 1,500 | 1,500,000 | ||||||
California Health Facility Financing Authority Tender Option Bond Trust Receipts/Certificates RB Series 2 VRDN (Morgan Stanley Bank N.A. SBPA), 0.92%, 5/05/17 (a)(c) | 1,875 | 1,875,000 |
Municipal Bonds | Par (000) | Value | ||||||
California (continued) | ||||||||
California Pollution Control Financing Authority RB (Air Products & Chemicals Project Series 1997B VRDN, 0.89%, 5/01/17 (c) | $ | 4,200 | $ | 4,200,000 | ||||
California Pollution Control Financing Authority RB (Pacific Gas & Electric Project) Series 1996C VRDN (Mizuho Bank Ltd. LOC), 0.87%, 5/01/17 (c) | 34,000 | 34,000,000 | ||||||
California School Cash Reserve Program Authority GO Series 2016B MB, 2.00%, 6/30/17 | 4,500 | 4,509,450 | ||||||
California School Cash Reserve Program Authority GO Series 2016D MB, 2.00%, 6/30/17 | 2,100 | 2,103,675 | ||||||
California Tender Option Bond Trust Receipts/Certificates GO Series 2015-XF2171 VRDN (Citibank N.A. LOC), 0.92%, 5/05/17 (a)(b)(c) | 800 | 800,000 | ||||||
California Tender Option Bond Trust Receipts/Certificates GO Series 2017XF-2 VRDN (Citibank N.A. SBPA), 0.91%, 5/05/17 (a)(c) | 3,000 | 3,000,000 | ||||||
Eastern Municipal Water District RB Series 2014C VRDN (Wells Fargo Bank N.A. SBPA), 0.88%, 5/05/17 (c) | 200 | 200,000 | ||||||
Eastern Municipal Water District RB Series 2017 VRDN (Sumitomo Mitsui Bank Corp. SBPA), 0.91%, 5/05/17 (c) | 19,475 | 19,475,000 | ||||||
Elsinore Valley Municipal Water District RB Series 2008B VRDN (Bank of America N.A. LOC), 0.91%, 5/05/17 (c) | 6,950 | 6,950,000 | ||||||
Fontana Unified School District Tender Option Bond Trust Receipts/Certificates GO Series 2015-XF0111 VRDN (JPMorgan Chase Bank N.A. LOC), | 5,500 | 5,500,000 | ||||||
Imperial Irrigation District Tender Option Bond Trust Receipts/Certificates RB Series 2017XM-0 VRDN (Royal Bank of Canada SBPA), 0.95%, 5/05/17 (a)(c) | 5,900 | 5,900,000 | ||||||
Kern County RB Series 2016-17 TRAN, 3.00%, 6/30/17 | 2,500 | 2,509,825 | ||||||
Los Angeles County GO Series 2016-17 TRAN, 3.00%, 6/30/17 | 4,000 | 4,014,520 | ||||||
Los Angeles County Housing Authority RB (Malibu Meadows Project) Series 1998C VRDN (FNMA Guarantor), 0.84%, 5/05/17 (c) | 200 | 200,000 | ||||||
Los Angeles County Schools RB Series A-2 TRAN, 2.00%, 6/01/17 | 7,000 | 7,007,560 | ||||||
Los Angeles County Schools RB Series A-3 TRAN, 2.00%, 6/30/17 | 1,050 | 1,051,764 | ||||||
Los Angeles GO Series 2016B TRAN, 3.00%, 6/29/17 | 8,000 | 8,028,560 | ||||||
Los Angeles Improvement Corp. RB Series A-4 TECP (U.S. Bank N.A. LOC), 0.75%, 5/08/17 | 3,000 | 3,000,030 | ||||||
Mountain View-Whisman School District Tender Option Bond Trust Receipts/Certificates GO Series 2016-XF2225 VRDN (Citibank N.A. SBPA), 0.92%, 5/05/17 (a)(b)(c) | 4,800 | 4,800,000 | ||||||
Northern California Power Agency RB Series 2008A VRDN (BMO Harris Bank N.A. LOC), 0.89%, 5/05/17 (c) | 200 | 200,000 | ||||||
Palomar Community Collage District Tender Option Bond Trust Receipts/Certificates GO Series 2015-XF0137 VRDN (JP Morgan Chase Bank N.A.SBPA), 0.93%, 5/05/17 (a)(b)(c) | 6,000 | 6,000,000 | ||||||
Riverside County RB Series 2016 TRAN, 3.00%, 6/30/17 | 34,605 | 34,727,502 | ||||||
Santa Clara Valley Transportation Authority RB | 400 | 400,000 |
See Notes to Financial Statements.
40 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Schedule of Investments (continued) | MuniCash | |||
Municipal Bonds | Par (000) | Value | ||||||
California (continued) | ||||||||
Southern California Public Power Authority RB (Magnolia Power Project) Series 2009-2 VRDN (Wells Fargo Bank N.A. LOC), 0.87%, 5/05/17 (c) | $ | 10,200 | $ | 10,200,000 | ||||
University of California RB Series AL-4 VRDN, 0.88%, 5/05/17 (c) | 9,890 | 9,890,000 | ||||||
University of California RB VRDN, 0.89%, 5/05/17 (c) | 5,770 | 5,770,000 | ||||||
|
| |||||||
285,068,715 | ||||||||
Colorado — 1.7% | ||||||||
Colorado GO Series 2016 MB, 2.00%, 6/27/17 | 10,000 | 10,020,000 | ||||||
Colorado RB Series 2016A TRAN, 3.00%, 6/27/17 | 15,700 | 15,754,008 | ||||||
Colorado State Education Loan Program RB Series 2016B TRAN, 5.00%, 6/29/17 | 22,110 | 22,261,011 | ||||||
Sheridan Redevelopment Agency Tax Allocation RB (South Santa Fe Drive Project) Series 2011 VRDN (JPMorgan Chase Bank N.A. LOC), 0.95%, 5/05/17 (c) | 3,705 | 3,705,000 | ||||||
|
| |||||||
51,740,019 | ||||||||
Connecticut — 1.6% | ||||||||
Capital City Economic Development Authority RB Series 2004B VRDN (Bank of America N.A. SBPA), 0.97%, 5/05/17 (c) | 3,170 | 3,170,000 | ||||||
Connecticut Housing Finance Authority RB Series 2011E-3 VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.90%, 5/05/17 (c) | 5,505 | 5,505,000 | ||||||
Connecticut Housing Finance Authority RB Series 2015C-3 VRDN (Royal Bank of Canada LOC), 0.90%, 5/05/17 (c) | 2,300 | 2,300,000 | ||||||
Connecticut Housing Finance Authority RB Series 2016A-3 VRDN (Royal Bank of Canada LOC), 0.90%, 5/05/17 (c) | 2,355 | 2,355,000 | ||||||
Connecticut Housing Finance Authority RB VRDN (Landesbank Hessen Thueringen Girozentrale SBPA), 0.91%, 5/05/17 (c) | 22,900 | 22,900,000 | ||||||
Connecticut Special Tax Revenue RB Series A MB, 5.00%, 9/01/17 | 9,720 | 9,857,052 | ||||||
Manchester GO Series 2017 MB, 2.00%, 2/21/18 | 817 | 822,907 | ||||||
South Windsor GO BAN, 2.00%, 2/15/18 | 1,500 | 1,512,510 | ||||||
|
| |||||||
48,422,469 | ||||||||
Delaware — 0.0% | ||||||||
Delaware State Economic Development Authority RB Series 1997 VRDN (Manufacturers and Traders Trust Co. LOC), 0.95%, 5/05/17 (c) | 1,125 | 1,125,000 | ||||||
District of Columbia — 1.4% | ||||||||
District of Columbia RB Georgetown University Project Series 2007B-2 VRDN (Bank of America N.A. LOC), 0.91%, 5/05/17 (c) | 8,140 | 8,140,000 | ||||||
District of Columbia RB Series 2007-C1 VRDN (Sumitono Mitsui LOC), 0.91%, 5/05/17 (c) | 10,675 | 10,675,000 | ||||||
District of Columbia Water & Sewer Authority Tender Option Bond Trust Receipts/Certificates RB Series 2016-X VRDN (JPMorgan Chase Bank N.A. SBPA), 0.98%, 5/05/17 (a)(b)(c) | 6,675 | 6,675,000 | ||||||
Washington Airports Authority RB TECP (JPMorgan Chase Bank N.A. LOC), 0.74%, 5/08/17 | 16,000 | 16,000,000 | ||||||
|
| |||||||
41,490,000 |
Municipal Bonds | Par (000) | Value | ||||||
Florida — 4.9% | ||||||||
Escambia County Health Facilities Authority RB (Azalea Inc. Project) Series 2003B VRDN (TD Bank N.A. LOC), 0.95%, 5/01/17 (c) | $ | 4,535 | $ | 4,535,000 | ||||
Halifax Hospital Medical Center RB VRDN (JPMorgan Chase Bank N.A. LOC), 0.92%, 5/05/17 (c) | 8,000 | 8,000,000 | ||||||
Hillsborough County RB TECP (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.72%, 5/18/17 | 2,750 | 2,750,055 | ||||||
JEA Electric System Revenue RB MB, 2.00%, 10/01/17 | 3,000 | 3,013,770 | ||||||
Orlando Utilities Commission RB Series 2011 VRDN (TD Bank N.A. SBPA), 0.90%, 5/05/17 (c) | 45,800 | 45,800,000 | ||||||
Orlando-Orange County Expressway Authority RB Series 2007-0145 VRDN (Citibank N.A. Liquidity), 0.94%, 5/05/17 (a)(c) | 14,100 | 14,100,000 | ||||||
Palm Beach County RB (Pine Crest Preparatory School Inc. Project) Series 2012B VRDN (TD Bank N.A. LOC), 0.87%, 5/05/17 (c) | 11,755 | 11,755,000 | ||||||
Sunshine State Governmental Financing Commission RB Series 2010A VRDN (MUFG Union Bank N.A.LOC), 0.91%, 5/05/17 (c) | 35,705 | 35,705,000 | ||||||
Sunshine State Governmental Financing Commission RB Series 2010B VRDN (MUFG Union Bank N.A. LOC), 0.91%, 5/05/17 (c) | 20,405 | 20,405,000 | ||||||
|
| |||||||
146,063,825 | ||||||||
Georgia — 0.6% | ||||||||
Gainesville & Hall County Development Authority RB (ACTS Retirement-Life Communities Inc. Project) Series 2003B VRDN (TD Bank N.A. LOC), 0.95%, 5/01/17 (c) | 2,100 | 2,100,000 | ||||||
Glynn-Brunswick Memorial Hospital Authority RB Series 2008B VRDN (TD Bank N.A. LOC), 0.87%, 5/05/17 (c) | 15,400 | 15,400,000 | ||||||
|
| |||||||
17,500,000 | ||||||||
Hawaii — 0.1% | ||||||||
Hawaii Tender Option Bond Trust Receipts/Certificates GO Series 2016XF VRDN (Royal Bank of Canada Liquidity Agreement), 0.94%, 5/05/17 (a)(b)(c) | 1,900 | 1,900,000 | ||||||
Idaho — 0.9% | ||||||||
Idaho GO TAN, 2.00%, 6/30/17 | 28,350 | 28,403,015 | ||||||
Illinois — 2.1% | ||||||||
Illinois Finance Authority Puttable Floating Option Tax-Exempt Receipts RB (Bank of America N.A. Guaranty) Series PT-4702 VRDN, | 8,690 | 8,690,000 | ||||||
Illinois Finance Authority RB (Herman M Finch University Health Services Project) Series 2003 VRDN (JPMorgan Chase Bank N.A. LOC), 0.92%, 5/05/17 (c) | 14,820 | 14,820,000 | ||||||
Illinois Finance Authority RB Series 2004 VRDN (BMO Harris Bank N.A. LOC), 0.92%, 5/05/17 (c) | 7,100 | 7,100,000 | ||||||
Illinois Health Facilities Authority RB (Northshore University Health System Project) VRDN (Wells Fargo Bank N.A. LOC), 0.90%, 5/05/17 (c) | 3,830 | 3,830,000 | ||||||
Illinois Highway Authority Tender Option Bond Trust Receipt Floaters RB Series 2015-XF2202 VRDN (Citibank N.A. Liquidity Agreement), 0.93%, 5/05/17 (a)(b)(c) | 1,140 | 1,140,000 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 41 |
Schedule of Investments (continued) | MuniCash | |||
Municipal Bonds | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
Illinois State Toll Highway Authority RB Series 2007A1-A VRDN (Landesbank Hessen Thueringen Girozentrale LOC), 0.92%, 5/05/17 (c) | $ | 15,000 | $ | 15,000,000 | ||||
Illinois State Toll Highway Authority RB Series 2007A2-D VRDN (Bank of America N.A. LOC), 0.92%, 5/05/17 (c) | 9,000 | 9,000,000 | ||||||
University of Illinois RB Series 1997B VRDN (Wells Fargo Bank N.A. LOC), 0.93%, 5/05/17 (c) | 2,700 | 2,700,000 | ||||||
|
| |||||||
62,280,000 | ||||||||
Indiana — 1.0% | ||||||||
City of Rockport RB (AEP Generating Co. Project) | 22,025 | 22,025,000 | ||||||
Indiana Finance Authority RB Series 2008A-2 VRDN (BMO Harris Bank N.A. SBPA), 0.92%, 5/05/17 (c) | 5,855 | 5,855,000 | ||||||
Indianapolis Local Public Improvement Bond Bank RB Series 2009 ROC-RR-II-R-11779 VRDN (Citibank N.A. Liquidity Facility), 1.05%, 5/05/17 (a)(c) | 2,930 | 2,930,000 | ||||||
|
| |||||||
| 30,810,000 | |||||||
Iowa — 4.2% | ||||||||
Iowa Finance Authority RB (CJ Bio America Inc. Project) Series 2012 VRDN (Korea Development Bank LOC), 1.07%, 5/05/17 (c) | 57,440 | 57,440,000 | ||||||
Iowa Finance Authority RB (Midamerican Energy Company Project) Series 2016A VRDN, 0.93%, 5/05/17 (c) | 19,100 | 19,100,000 | ||||||
Iowa Finance Authority RB (Mid-American Energy Project) Series B VRDN, 0.93%, 5/05/17 (c) | 21,775 | 21,775,000 | ||||||
Iowa Finance Authority RB (Wesley Retirement Services Project) Series 2003B VRDN (Bank of America N.A. LOC), 0.91%, 5/05/17 (c) | 4,600 | 4,600,000 | ||||||
Iowa Finance Authority RB 2015 VRDN (Federal Home Loan Bank SBPA), 0.90%, 5/05/17 (c) | 8,600 | 8,600,000 | ||||||
Iowa Finance Authority RB Series 2016E VRDN (Federal Home Loan Bank SBPA), 0.90%, 5/05/17 (c) | 15,000 | 15,000,000 | ||||||
|
| |||||||
126,515,000 | ||||||||
Kansas — 1.5% | ||||||||
Burlington Environmental Improvement RB Series 2007B (Power & Light Project) VRDN (JPMorgan Chase Bank N.A. LOC), 0.93%, 5/05/17 (c) | 12,500 | 12,500,000 | ||||||
Burlington RB Series 2007A VRDN (Mizuho Bank Ltd. LOC), 0.93%, 5/05/17 (c) | 15,450 | 15,450,000 | ||||||
Wichita GO Series 284 MB, 1.50%, 4/13/18 | 15,525 | 15,560,087 | ||||||
|
| |||||||
43,510,087 | ||||||||
Kentucky — 1.7% | ||||||||
Louisville & Jefferson County Metropolitan Sewer District RB Series 2016 BAN, 3.50%, 11/15/17 | 50,000 | 50,719,000 | ||||||
Louisiana — 3.9% | ||||||||
Ascension Parish Industrial Development Board Inc. RB (BASF Corp. Project) Series 2009 VRDN, 0.96%, 5/05/17 (c) | 8,000 | 8,000,000 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority RB (BASF SE Project) Series 2000B VRDN, 0.96%, 5/05/17 (c) | 7,500 | 7,500,000 |
Municipal Bonds | Par (000) | Value | ||||||
Louisiana (continued) | ||||||||
Louisiana Public Facilities Authority RB (Air Products & Chemicals Project) Series 2006 VRDN, 0.90%, 5/01/17 (c) | $ | 11,200 | $ | 11,200,000 | ||||
Louisiana Public Facilities Authority RB (Air Products & Chemicals Project) Series 2009 VRDN, 0.92%, 5/05/17 (c) | 32,565 | 32,565,000 | ||||||
Louisiana Public Facilities Authority RB (Air Products & Chemicals Project) Series 2010 VRDN, 0.93%, 5/05/17 (c) | 13,100 | 13,100,000 | ||||||
Louisiana Public Facilities Authority RB (Air Products and Chemical Inc. Project) VRDN, 0.90%, 5/01/17 (c) | 21,350 | 21,350,000 | ||||||
Louisiana Public Facilities Authority RB (Air Products and Chemicals Inc. Project) Series 2004 VRDN, 0.92%, 5/05/17 (c) | 7,950 | 7,950,000 | ||||||
Louisiana Public Facilities Authority RB (Air Products and Chemicals Inc. Project) Series 2008C VRDN, 0.90%, 5/01/17 (c) | 15,250 | 15,250,000 | ||||||
|
| |||||||
116,915,000 | ||||||||
Maryland — 1.9% | ||||||||
Baltimore County RB Series 1996 VRDN | ||||||||
(Manufacturers and Traders Trust Co. LOC), 0.97%, 5/05/17 (c) | 2,085 | 2,085,000 | ||||||
Maryland Community Development Administration RB Series 2007-J VRDN (TD Bank N.A. SBPA), 0.89%, 5/05/17 (c) | 11,195 | 11,195,000 | ||||||
Maryland Health & Higher Educational Facilities Authority RB (Anne Arundel Health Systems Project) Series 2009B VRDN (Bank of America N.A. LOC), 0.90%, 5/05/17 (c) | 10,000 | 10,000,000 | ||||||
Maryland Health & Higher Educational Facilities Authority RB Series 2008 ROCS-RR-II- R-11415 VRDN (Citibank N.A. Liquidity Facility), 1.05%, 5/05/17 (a)(b)(c) | 10,940 | 10,940,000 | ||||||
Maryland Health & Higher Educational Facilities Authority RB Series 2008D VRDN (TD Bank N.A. LOC), 0.84%, 5/01/17 (c) | 12,520 | 12,520,000 | ||||||
Washington County RB (Homewood Williamsport Facility Project) Series 2007 VRDN (Manufacturers and Traders Trust Co. LOC), 0.97%, 5/05/17 (c) | 9,435 | 9,435,000 | ||||||
|
| |||||||
56,175,000 | ||||||||
Massachusetts — 3.7% | ||||||||
Danvers GO MB, 1.50%, 8/18/17 | 4,500 | 4,506,615 | ||||||
Gloucester GO Series 2017 MB, 2.00%, 2/02/18 | 4,796 | 4,833,744 | ||||||
Massachusetts Bay Transportation Authority RB Series 2010A-7 VRDN 7 Month Window, 0.99%, 11/24/17 (c) | 13,650 | 13,650,000 | ||||||
Massachusetts Clipper Tax-Exempt Certificates Trust RB Series 2007-2009-47 AMT VRDN (State Street Bank & Trust Co. Liquidity Facility), 0.94%, 5/05/17 (a)(b)(c) | 39,080 | 39,080,000 | ||||||
Massachusetts Development Finance Agency RB Series 2011K-1 VRDN (Wells Fargo Bank N.A. SBPA), 0.90%, 5/05/17 (c) | 8,250 | 8,250,000 | ||||||
Massachusetts Development Finance Agency RB Series VRDN (Royal Bank of Canada LOC, Liquidity), 0.92%, 5/05/17 (a)(c) | 18,435 | 18,435,000 | ||||||
Town of Scituate GO BAN, 2.00%, 2/02/18 | 8,018 | 8,081,102 | ||||||
University of Massachusetts Building Authority RB Series 2011-2 VRDN 7 Month Window (Massachusetts State Guaranteed), 1.20%, 11/24/17 (c) | 11,500 | 11,500,000 | ||||||
University of Massachusetts Building Authority RB Series 2017-3 MB, 3.00%, 11/01/17 | 2,920 | 2,951,974 | ||||||
|
| |||||||
111,288,435 |
See Notes to Financial Statements.
42 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Schedule of Investments (continued) | MuniCash | |||
Municipal Bonds | Par (000) | Value | ||||||
Michigan — 0.7% | ||||||||
Kent Hospital Finance Authority RB (Spectrum Health Project ) Series 2008C VRDN (Bank of New York Mellon LOC), 0.95%, 5/05/17 (c) | $ | 7,540 | $ | 7,540,000 | ||||
Oakland University RB Series 2008 VRDN (JPMorgan Chase Bank N.A. LOC), 0.90%, 5/05/17 (c) | 4,885 | 4,885,000 | ||||||
University of Michigan RB Series 2008B VRDN (U.S. Bank N.A. SBPA), 0.84%, 5/05/17 (c) | 9,335 | 9,335,000 | ||||||
|
| |||||||
21,760,000 | ||||||||
Minnesota — 1.1% | ||||||||
Housing & Redevelopment Authority of The City of St Paul Minnesota RB (Allina Health System) Series 2009C VRDN (Wells Fargo Bank N.A. LOC), 0.90%, 5/05/17 (c) | 5,700 | 5,700,000 | ||||||
Minneapolis Health Care System Revenue Authority RB (Fairview Health Services Project) RBC Municipal Products, Inc. Trust Series 2010C-E-19 VRDN (Royal Bank of Canada LOC, Royal Bank of Canada SBPA), 0.92%, 5/05/17 (c) | 14,600 | 14,600,000 | ||||||
Minnesota 911 Services Revenue RB Series 2016 MB, 5.00%, 6/01/17 | 9,000 | 9,035,100 | ||||||
Minnesota Housing Finance Agency RB | 4,800 | 4,800,000 | ||||||
|
| |||||||
34,135,100 | ||||||||
Mississippi — 3.4% | ||||||||
County of Jackson RB (Chevron USA, Inc. Project) Series 1993 VRDN, 0.87%, 5/01/17 (c) | 22,880 | 22,880,000 | ||||||
Mississippi Business Finance Corp RB (Chevron USA, Inc. Project) Series 2010A VRDN, 0.90%, 5/05/17 (c) | 11,890 | 11,890,000 | ||||||
Mississippi Business Finance Corp. RB (Chevron USA Inc. Project) Series 2009C VRDN, 0.87%, 5/01/17 (c) | 31,225 | 31,225,000 | ||||||
Mississippi Business Finance Corp. RB (Chevron USA, Inc. Project) Series 2009G VRDN, 0.87%, 5/01/17 (c) | 12,385 | 12,385,000 | ||||||
Mississippi Business Finance Corp. RB (Chevron USA, Inc. Project) Series 2010-I VRDN (Chevron Corp. Guaranty), 0.87%, 5/01/17 (c) | 24,085 | 24,085,000 | ||||||
|
| |||||||
102,465,000 | ||||||||
Missouri — 0.1% | ||||||||
Kansas City RB Series 2008E VRDN (Sumitomo Mitsui Bank Corp. LOC), 0.94%, 5/05/17 (c) | 4,025 | 4,025,000 | ||||||
Nevada — 1.0% | ||||||||
Clark County Highway Improvement RB Series 2015 MB, 5.00%, 7/01/17 | 710 | 715,154 | ||||||
Clark County RB VRDN (MUFG Union Bank N.A.LOC), 0.92%, 5/05/17 (c) | 10,625 | 10,625,000 | ||||||
Clark County School District RB Series 2007B MB, 5.00%, 12/15/17 | 1,000 | 1,026,000 | ||||||
County of Clark Department of Aviation RB Series 2 VRDN (Bank of America N.A. LOC), 0.92%, 5/05/17 (c) | 16,150 | 16,150,000 | ||||||
|
| |||||||
28,516,154 | ||||||||
New Hampshire — 0.2% | ||||||||
New Hampshire Health and Education Facilities Authority Act RB Series 2006 VRDN (TD Bank N.A. LOC), 0.87%, 5/05/17 (c) | 7,395 | 7,395,000 |
Municipal Bonds | Par (000) | Value | ||||||
New Jersey — 0.5% | ||||||||
Passaic County Improvement Authority RB | $ | 7,440 | $ | 7,451,234 | ||||
Passaic County Improvement Authority RB Series 2017 BAN, 2.50%, 6/28/17 | 1,000 | 1,002,450 | ||||||
Sussex County GO BAN, 2.25%, 6/28/17 | 7,500 | 7,517,550 | ||||||
|
| |||||||
15,971,234 | ||||||||
New York — 15.2% | ||||||||
Albany Industrial Development Agency RB (Corning Preserve Project) Series 2002 VRDN (KeyBank National Association LOC), 1.00%, 5/05/17 (c) | 240 | 240,000 | ||||||
Amherst Development Corp. Senior Living RB (Asbury Pointe Inc. Project ) Series 2011A VRDN (Manufacturers and Traders Trust Co. LOC), 0.95%, 5/05/17 (c) | 2,810 | 2,810,000 | ||||||
East Rochester Housing Authority RB Series 2008 VRDN (Manufacturers and Traders Trust Co. LOC), 0.95%, 5/05/17 (c) | 3,360 | 3,360,000 | ||||||
Erie County GO Series 2016 RAN, 2.00%, 6/30/17 | 11,000 | 11,019,030 | ||||||
Erie Industrial Development Agency School Facility Revenue Tender Option Bond Trust Receipts/Certificates RB Series 2015-XF0112 VRDN (JPMorgan Chase Bank N.A. SBPA), 1.02%, 5/05/17 (a)(b)(c) | 4,270 | 4,270,000 | ||||||
Metropolitan Transportation Authority RB Series 2005 VRDN (BMO Harris Bank N.A. LOC), 0.85%, 5/01/17 (c) | 4,605 | 4,605,000 | ||||||
Metropolitan Transportation Authority RB Series 2012G-2 VRDN (TD Bank N.A. LOC), 0.87%, 5/05/17 (c) | 14,650 | 14,650,000 | ||||||
Metropolitan Transportation Authority RB Series 2016 A-2 BAN, 4.00%, 6/01/17 | 14,400 | 14,441,328 | ||||||
Metropolitan Transportation Authority RB VRDN (Royal Bank of Canada LOC), 0.86%, 5/02/17 (c) | 15,900 | 15,900,000 | ||||||
Metropolitan Transportaton Authority Tender Option Bond Trust Receipts/Certificates RB Series 2016-XF0 VRDN (TD Bank N.A. SBPA), 1.05%, 5/05/17 (a)(b)(c) | 4,865 | 4,865,000 | ||||||
Nassau County Interim Finance Authority RB Series 2008D-1 VRDN (BMO Harris Bank N.A. SBPA), 0.88%, 5/05/17 (c) | 7,750 | 7,750,000 | ||||||
New York City GO Series 2012A-2 VRDN (Mizuho Bank Ltd. LOC), 0.90%, 5/01/17 (c) | 21,200 | 21,200,000 | ||||||
New York City GO Series I-4 VRDN (TD Bank N.A. LOC), 0.84%, 5/01/17 (c) | 33,305 | 33,305,000 | ||||||
New York City GO Series 2008J-J8 VRDN (Sumitomo Mitsui Bank Corp. LOC), 0.92%, 5/05/17 (c) | 8,100 | 8,100,000 | ||||||
New York City GO Series 2012G-4 VRDN (Citibank N.A. LOC), 0.90%, 5/05/17 (c) | 4,930 | 4,930,000 | ||||||
New York City GO Series 2012G-7 VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.84%, 5/01/17 (c) | 28,395 | 28,395,000 | ||||||
New York City GO Series 2014I-2 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.89%, 5/01/17 (c) | 13,600 | 13,600,000 | ||||||
New York City GO Series 2015F-6 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.89%, 5/01/17 (c) | 3,100 | 3,100,000 | ||||||
New York City Municipal Water Finance Authority RB Series 2013A-A3 VRDN (TD Bank N.A. SBPA), 0.84%, 5/01/17 (c) | 37,270 | 37,270,000 | ||||||
New York City RB Series 2011D-3A VRDN (Royal Bank of Canada LOC), 0.86%, 5/01/17 (c) | 12,950 | 12,950,000 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 43 |
Schedule of Investments (continued) | MuniCash | |||
Municipal Bonds | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York City Transitional Finance Authority Future Tax Secured Revenue RB Series 2016 VRDN (Royal Bank of Canada AGO), 0.86%, 5/01/17 (c) | $ | 10,950 | $ | 10,950,000 | ||||
New York City Transitional Finance Authority Future Tax Secured Revenue RB Series 2003A-4 VRDN (TD Bank N.A. SBPA), 0.84%, 5/01/17 (c) | 26,925 | 26,925,000 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue RB Series 2012A-4 VRDN (Northern Trust SBPA), 0.84%, 5/01/17 (c) | 12,440 | 12,440,000 | ||||||
New York City Water & Sewer System RB Series 2 VRDN (Royal Bank of Canada SBPA), 0.89%, 5/05/17 (c) | 10,425 | 10,425,000 | ||||||
New York City Water & Sewer System RB Series 2001F-1 VRDN (Mizuho Bank Ltd. SBPA), 0.90%, 5/01/17 (c) | 31,685 | 31,685,000 | ||||||
New York City Water & Sewer System RB Series 2008B-1A VRDN (Sumitomo Mitsui Banking Corp. SBPA), 0.89%, 5/05/17 (c) | 18,300 | 18,300,000 | ||||||
New York City Water & Sewer System RB Series 2010DD-1 VRDN (TD Bank N.A. SBPA), 0.84%, 5/01/17 (c) | 24,925 | 24,925,000 | ||||||
New York City Water & Sewer System RB VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.90%, 5/05/17 (c) | 6,820 | 6,820,000 | ||||||
New York Environmental Facilities Corp. Tender Option Bond Trust Receipts/Certificates RB Series 2016-XF2 VRDN (Citibank N.A. SBPA), 0.93%, 5/05/17 (a)(b)(c) | 3,600 | 3,600,000 | ||||||
New York Housing Finance Agency RB (Economic Development Project) Series 2005C VRDN (Dexia Credit Local SBPA), 0.92%, 5/05/17 (c) | 10,650 | 10,650,000 | ||||||
New York State Dormitory Authority RB Series D VRDN (TD Bank N.A. LOC), 0.87%, 5/05/17 (c) | 9,095 | 9,095,000 | ||||||
New York State Energy Research & Development Authority RB (Con Edison Project) Series 2005A-1 VRDN (Mizuho Bank Ltd. LOC), 0.91%, 5/05/17 (c) | 100 | 100,000 | ||||||
New York State Energy Research & Development Authority RB (Consolidated Edison Company of New York Inc. Project) Series 2005A-2 VRDN, 0.92%, 5/05/17 (c) | 16,700 | 16,700,000 | ||||||
New York State Housing Finance Agency RB | 5,080 | 5,080,000 | ||||||
New York State Housing Finance Agency RB Series 2016A VRDN (Manufacturers and Traders Trust Co. LOC), 0.91%, 5/05/17 (c) | 20,000 | 20,000,000 | ||||||
New York State Urban Development Corp RB | 100 | 100,000 | ||||||
Rensselaer County Industrial Development Agency RB Series A VRDN (Manufacturers and Traders Trust Co. LOC), 0.95%, 5/05/17 (c) | 3,895 | 3,895,000 | ||||||
|
| |||||||
458,450,358 | ||||||||
North Carolina — 2.0% | ||||||||
Charlotte-Mecklenburg Hospital Authority RB (Carolinas Healthcare System Project) Series 2007E VRDN (TD Bank N.A. LOC), 0.87%, 5/05/17 (c) | 23,220 | 23,220,000 | ||||||
North Carolina Capital Facilities Finance Agency RB (Meredith College Project) Series 2008-2 VRDN (Wells Fargo Bank N.A. LOC), 0.90%, 5/05/17 (c) | 7,270 | 7,270,000 |
Municipal Bonds | Par (000) | Value | ||||||
North Carolina (continued) | ||||||||
North Carolina Capital Facilities Finance Agency RB (Triangle Aquatic Center Project ) Series 2006 VRDN (Wells Fargo Bank N.A. LOC), 0.90%, 5/05/17 (c) | $ | 4,040 | $ | 4,040,000 | ||||
North Carolina Capital Facilities Finance Agency RB Eagle Trust Receipts Series 2014-0052A VRDN (Citibank N.A. Liquidity Facility), 0.94%, 5/05/17 (b)(c) | 2,580 | 2,580,000 | ||||||
North Carolina Medical Care Commission RB (Caromont Health Project ) Series 2003B VRDN (Wells Fargo Bank N.A. LOC), 0.90%, 5/05/17 (c) | 18,335 | 18,335,000 | ||||||
Raleigh Durham Airport Authority RB Series 2008C VRDN (Royal Bank of Canada LOC), 0.89%, 5/05/17 (c) | 3,400 | 3,400,000 | ||||||
|
| |||||||
58,845,000 | ||||||||
Ohio — 2.2% | ||||||||
American Municipal Power Series 2016 BAN, 1.25%, 5/02/17 | 1,000 | 1,000,050 | ||||||
Cleveland-Cuyahoga County Port Authority RB Series 2007A VRDN (JPMorgan Chase Bank N.A. LOC), 0.89%, 5/05/17 (c) | 6,900 | 6,900,000 | ||||||
Deer Park Community City School District GO BAN, 2.00%, 7/13/17 | 1,750 | 1,753,623 | ||||||
Franklin County RB (Nationwide Hospital Project) Series 2008B VRDN, 0.89%, 5/05/17 (c) | 12,900 | 12,900,000 | ||||||
Franklin County RB Series 2015B VRDN, 0.89%, 5/05/17 (c) | 9,800 | 9,800,000 | ||||||
Licking County GO BAN, 2.00%, 5/24/17 | 4,500 | 4,503,465 | ||||||
Lucas County GO Series 2016 BAN, 2.00%, 7/12/17 | 16,250 | 16,282,825 | ||||||
Ohio GO Series 2004A VRDN, 0.91%, 5/05/17 (c) | 1,790 | 1,790,000 | ||||||
Springfield GO Series 2016 BAN, 1.50%, 8/03/17 | 1,000 | 1,001,070 | ||||||
Winton Woods City School District GO Series 2016 MB, 2.50%, 7/27/17 | 2,800 | 2,809,324 | ||||||
Winton Woods City School District GO Series 2017 BAN, 1.75%, 7/27/17 | 5,300 | 5,309,858 | ||||||
Youngstown GO Series 2016TE BAN, 1.88%, 9/14/17 | 2,200 | 2,207,810 | ||||||
|
| |||||||
66,258,025 | ||||||||
Oregon — 0.7% | ||||||||
Oregon GO Series 2016A TAN, 2.00%, 6/30/17 | 21,000 | 21,031,290 | ||||||
Pennsylvania — 2.0% | ||||||||
Blair County Industrial Development Authority RB (Homewood at Martinsburg Project) VRDN (Manufacturers and Traders Trust Co. LOC), 0.97%, 5/05/17 (c) | 5,000 | 5,000,000 | ||||||
Bucks County Water & Sewer Authority RB Series 2016 MB, 1.50%, 6/01/17 | 1,215 | 1,215,632 | ||||||
Chester County Health & Education Facilities Authority RB Series 2013S-3 VRDN (Manufacturers and Traders Trust Co. LOC), 0.92%, 5/05/17 (c) | 13,165 | 13,165,000 | ||||||
General Authority of Southcentral Pennsylvania RB VRDN (Manufacturers and Traders Trust Co. LOC), 0.95%, 5/05/17 (c) | 3,945 | 3,945,000 | ||||||
Lycoming County Authority RB (Lycoming College Project ) Series 2013S-1 VRDN (Manufacturers and Traders Trust Co. LOC), 0.95%, 5/05/17 (c) | 4,175 | 4,175,000 | ||||||
Middletown Area School District GO Series 2017 MB, 0.85%, 6/01/17 | 300 | 299,955 |
See Notes to Financial Statements.
44 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Schedule of Investments (continued) | MuniCash | |||
Municipal Bonds | Par (000) | Value | ||||||
Pennsylvania (continued) | ||||||||
Montgomery County Industrial Development Authority RB (Big Little Associates Project) VRDN (Wells Fargo Bank N.A. LOC), 1.10%, 5/05/17 (c) | $ | 205 | $ | 205,000 | ||||
Montgomery County Industrial Development Authority RB (Retirement Life Community Project) Series 2002 VRDN (TD Bank N.A. AGO), 0.95%, 5/01/17 (c) | 900 | 900,000 | ||||||
Philadelphia RB Series 2016A TRAN, 2.00%, 6/30/17 | 21,650 | 21,687,021 | ||||||
University of Pittsburgh RB Series 2007-B TECP, 0.78%, 5/04/17 | 9,000 | 9,000,090 | ||||||
|
| |||||||
59,592,698 | ||||||||
Rhode Island — 0.1% | ||||||||
East Providence GO Series 2017 MB, 2.00%, 7/27/17 | 3,000 | 3,007,440 | ||||||
South Carolina — 0.8% | ||||||||
Columbia Waterworks & Sewer System Revenue RB Series 2009 VRDN (U.S. Bank N.A. LOC), 0.91%, 5/05/17 (c) | 7,925 | 7,925,000 | ||||||
Kershaw County School District GO Series 2017 BAN, 4.00%, 2/08/18 | 15,000 | 15,355,950 | ||||||
South Carolina Public Service Authority Tender Option Bond Trust Receipts/Certificates RB Series 2016X VRDN (JPMorgan Chase Bank N.A. LOC), 1.05%, 5/05/17 (a)(b)(c) | 2,000 | 2,000,000 | ||||||
|
| |||||||
25,280,950 | ||||||||
Tennessee — 0.9% | ||||||||
Clarksville Public Building Authority GO Series 1999 VRDN (Bank of America N.A. LOC), 0.93%, 5/05/17 (c) | 6,370 | 6,370,000 | ||||||
Nashville & Davidson County GO Series 2016A-2 TECP (Sumitomo Mitsui Bank Corp. LOC), 0.73%, 5/04/17 | 20,000 | 20,000,200 | ||||||
|
| |||||||
26,370,200 | ||||||||
Texas — 14.0% | ||||||||
Austin Electric Utility Tender Option Bond Trust Receipts/Certificates Floaters RB Series 2015-XF0220 VRDN (JPMorgan Chase Bank Liquidity Facility), 1.00%, 5/05/17 (a)(b)(c) | 27,745 | 27,745,000 | ||||||
Austin Water & Wastewater System Revenue RB VRDN (Citibank N.A. LOC), 0.90%, 5/05/17 (c) | 55,000 | 55,000,000 | ||||||
Fort Bend Independent School District GO Series A TECP (JPMorgan Chase Bank N.A. LOC): | ||||||||
0.89%, 5/17/17 | 7,000 | 7,000,000 | ||||||
0.92%, 5/17/17 | 17,500 | 17,499,825 | ||||||
Fort Bend Independent School District GO TECP (JPMorgan Chase Bank N.A. LOC), 0.77%, 5/17/17 | 10,000 | 10,000,000 | ||||||
Garland Water & Sewer RB TECP (Sumitomo Mitsui Bank Corp. LOC): | ||||||||
1.05%, 5/08/17 | 1,000 | 999,990 | ||||||
1.00%, 7/06/17 | 20,000 | 19,998,000 | ||||||
Harris County Cultural Education Facilities Finance Corp RB (Methodist University Hospital Project) Series C-2 VRDN, 0.87%, 5/01/17 (c) | 4,100 | 4,100,000 | ||||||
Harris County Cultural Education Facility GO (Methodist University Hospital Project) Series 2009C-1 TECP, 0.92%, 5/24/17 | 23,000 | 23,000,460 | ||||||
Harris County Cultural Education Facility GO Series 2009C-1 TECP, 0.76%, 5/03/17 | 5,000 | 5,000,000 |
Municipal Bonds | Par (000) | Value | ||||||
Texas (continued) | ||||||||
Harris County Cultural Education Facility RB (Methodist University Hospital Project) Series 2009C-2 TECP, 0.92%, 5/24/17 | $ | 28,570 | $ | 28,569,428 | ||||
Harris County Health Systems Inc. GO (Methodist University Hospital Project) Series 2009C-1 TECP, 0.83%, 5/10/17 | 35,500 | 35,500,000 | ||||||
Houston Combined Utility System Revenue RB VRDN (Wells Fargo Bank N.A. LOC), 0.91%, 5/05/17 (c) | 14,690 | 14,690,000 | ||||||
Houston GO Series E-2 TECP (Wells Fargo Bank N.A. SBPA), 0.75%, 5/08/17 | 8,000 | 8,000,080 | ||||||
North Texas Tollway Authority RB Series 2009D VRDN (Royal Bank of Canada LOC), 0.90%, 5/05/17 (c) | 4,650 | 4,650,000 | ||||||
Port of Arthur Navigation District Industrial Development Corp RB (Total Petrochemicals & Refinery USA, Inc. Guaranty) Series 2012 VRDN, 0.94%, 5/05/17 (c) | 6,000 | 6,000,000 | ||||||
Port of Corpus Christi Authority of Nueces County RB (Flint Hills Resources LLC Guaranty) Series 2002B VRDN, 0.96%, 5/05/17 (c) | 7,500 | 7,500,000 | ||||||
San Antonio Electric & Gas GO TECP (State Street Bank & Trust Co. and Wells Fargo Bank N.A. LOC), | 9,000 | 8,999,460 | ||||||
San Antonio Electric & Gas RB Series B TECP (State Street Bank & Trust Co. and Wells Fargo Bank N.A. LOC), 0.77%, 5/02/17 | 31,000 | 31,000,000 | ||||||
San Antonio RB Series A MB (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.76%, 5/01/17 | 9,000 | 9,000,000 | ||||||
San Antonio RB Series A TECP (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.75%, 5/02/17 | 20,000 | 20,000,200 | ||||||
San Antonio RB Series C TECP (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.76%, 5/04/17 | 30,000 | 30,000,000 | ||||||
San Jacinto College District GO Municipal Trust Receipts Floaters Series 2009-2976 VRDN (Morgan Stanley Bank SBPA), 0.93%, 5/05/17 (a)(b)(c) | 3,000 | 3,000,000 | ||||||
Texas Clipper Tax-Exempt Certificate Trust RB Series 2009-73 VRDN (State Street Bank & Trust Co. SBPA), 0.93%, 5/05/17 (a)(b)(c) | 9,540 | 9,540,000 | ||||||
Texas Department of Housing & Community Affairs RB Series 2016 MB, 0.80%, 6/01/17 | 2,600 | 2,600,000 | ||||||
Texas GO Series 2011C VRDN (Landesbank Hessen Thueringen Girozentrale SBPA), 0.94%, 5/05/17 (c) | 11,100 | 11,100,000 | ||||||
Texas Tender Option Bond Trust Receipts/Certificates Floaters RB Series 2015-XF2201 VRDN (Citibank N.A. Liquidity Facility), 0.93%, 5/05/17 (a)(b)(c) | 300 | 300,000 | ||||||
Texas Transportation Commission State Highway Fund RB Series 2014B-1 VRDN (Sumitomo Mitsui Bank Corp. SBPA), 0.88%, 5/05/17 (c) | 9,500 | 9,500,000 | ||||||
University of Texas RB Series 2008B VRDN, 0.87%, 5/05/17 (c) | 11,750 | 11,750,000 | ||||||
|
| |||||||
422,042,443 | ||||||||
Utah — 1.5% | ||||||||
Emery County PCRB (Pacific Corp.) Series 1994A VRDN (Canadian Imperial Bank LOC), 0.90%, 5/05/17 (c) | 26,935 | 26,935,000 | ||||||
Murray RB Series C VRDN, 0.83%, 5/01/17 (c) | 5,800 | 5,800,000 | ||||||
South Jordan RB Series 2017 MB, 3.00%, 8/15/17 | 75 | 75,477 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 45 |
Schedule of Investments (continued) | MuniCash | |||
Municipal Bonds | Par (000) | Value | ||||||
Utah (continued) | ||||||||
Weber County RB Series 2000B VRDN (U.S. Bank N.A. SBPA), 0.88%, 5/05/17 (c) | $ | 1,450 | $ | 1,450,000 | ||||
West Jordan RB Series 2004 VRDN (Freddie Mac Liquidity Agreement), 0.93%, 5/05/17 (c) | 9,675 | 9,675,000 | ||||||
|
| |||||||
43,935,477 | ||||||||
Vermont — 0.7% | ||||||||
Vermont Educational & Health Buildings Financing Agency RB (Norwich University Project) Series 2 VRDN (TD Bank N.A. LOC), 0.90%, 5/05/17 (c) | 20,650 | 20,650,000 | ||||||
Virginia — 1.0% | ||||||||
Alexandria IDRB (YMCA of Billings Project) Series 1998 VRDN (Manufacturers and Traders Trust Co. LOC), 1.02%, 5/05/17 (c) | 1,765 | 1,765,000 | ||||||
Commonwealth of Virginia GO Series 2014B MB, 5.00%, 6/01/17 | 4,000 | 4,015,560 | ||||||
Fairfax County Industrial Development Authority RB Series 2016C VRDN, 0.90%, 5/05/17 (c) | 14,525 | 14,525,000 | ||||||
University of Virginia RB Eagle Trust Receipts | 2,110 | 2,110,000 | ||||||
Virginia College Building Authority RB Series 2015B VRDN, 0.90%, 5/05/17 (c) | 3,800 | 3,800,000 | ||||||
Virginia Commonwealth Transportation Board RB Series 2014A MB, 5.00%, 5/15/17 | 4,660 | 4,669,460 | ||||||
|
| |||||||
30,885,020 | ||||||||
Washington — 0.3% | ||||||||
Washington State Housing Finance Commission RB (Living Care Centers Project) Series 2000 VRDN (Wells Fargo Bank N.A. LOC), 0.93%, 5/05/17 (c) | 9,490 | 9,490,000 | ||||||
Wisconsin — 1.0% | ||||||||
Wisconsin Housing & Economic Development Authority RB Series 2016C VRDN (Royal Bank of Canada SBPA), 0.90%, 5/05/17 (c) | 5,550 | 5,550,000 | ||||||
Wisconsin Housing & Economic Development Authority RB Series C VRDN (Royal Bank of Canada LOC), 0.90%, 5/05/17 (c) | 23,950 | 23,950,000 | ||||||
|
| |||||||
29,500,000 | ||||||||
Wyoming — 0.8% | ||||||||
Sweetwater County Pollution Control Revenue RB (Pacificorp Project) Series 1992B VRDN (Bank of Nova Scotia LOC), 0.91%, 5/05/17 (c) | 4,200 | 4,200,000 |
Municipal Bonds | Par (000) | Value | ||||||
Wyoming (continued) | ||||||||
Uinta County Pollution Control Revenue RB (Chevron USA, Inc. Project) Series 1 VRDN, 0.87%, 5/01/17 (c) | $ | 18,800 | $ | 18,800,000 | ||||
|
| |||||||
23,000,000 | ||||||||
Total Municipal Bonds — 95.5% | 2,871,516,954 | |||||||
Closed-End Investment Companies | ||||||||
California — 1.2% | ||||||||
Nuveen California AMT-Free Municipal Income Fund RB VRDN (Sumitomo Mitsui LOC), 0.98%, 5/05/17 (a)(c) | 25,000 | 25,000,000 | ||||||
Nuveen California AMT-Free Municipal Income Fund | 10,200 | 10,200,000 | ||||||
|
| |||||||
35,200,000 | ||||||||
New York — 2.5% | ||||||||
Nuveen New York AMT-Free Municipal Income Fund GO Series 2 VRDP (Citibank N.A. LOC), 0.98%, 5/05/17 (c) | 32,800 | 32,800,000 | ||||||
Nuveen New York AMT-Free Municipal Income Fund GO Series 3 VRDP (Citibank N.A. LOC), | 8,000 | 8,000,000 | ||||||
Nuveen New York AMT-Free Municipal Income Fund GO VRDN (Citibank LOC), 0.98%, 5/05/17 (a)(c) | 8,700 | 8,700,000 | ||||||
Nuveen New York AMT-Free Municipal Income Fund GO VRDN (TD Bank LOC), 0.98%, 5/05/17 (a)(c) | 27,000 | 27,000,000 | ||||||
|
| |||||||
76,500,000 | ||||||||
Ohio — 0.1% | ||||||||
Nuveen AMT-Free Quality Municipal Income Fund GO VRDN (Citibank LOC), 1.00%, 5/05/17 (a)(c) | 2,900 | 2,900,000 | ||||||
Total Closed-End Investment Companies — 3.8% | 114,600,000 | |||||||
Total Investments (Cost — $2,986,103,520*) — 99.3% | 2,986,116,954 | |||||||
Other Assets Less Liabilities — 0.7% | 21,326,313 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 3,007,443,267 | ||||||
|
|
Notes to Schedule of Investments |
* | Cost for U.S. 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 as of period end and maturity is the date the principal owed can be recovered through demand. |
See Notes to Financial Statements.
46 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Schedule of Investments (concluded) | MuniCash | |||
Fair Value Hierarchy as of Period Ended |
Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Short-Term Securities1 | — | $ | 2,986,116,954 | — | $ | 2,986,116,954 |
1 | See above Schedule of Investments for values in each state. |
During the six months ended April 30, 2017, there were no transfers between levels.
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 47 |
Schedule of Investments April 30, 2017 (Unaudited) | MuniFund | |||
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | ||||||
Alaska — 3.2% | ||||||||
Alaska Housing Finance Corp. RB Series 2009A VRDN, | $ | 7,300 | $ | 7,300,000 | ||||
Arizona — 0.5% | ||||||||
Arizona Health Facilities Authority RB (Banner Health Project) Series 2015B VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.90%, 5/05/17 (a) | 1,165 | 1,165,000 | ||||||
California — 5.0% | ||||||||
California GO Series 2011A-1 TECP, 0.73%, 5/09/17 | 2,000 | 2,000,000 | ||||||
Eastern Municipal Water District RB Series 2017 VRDN (Sumitomo Mitsui Bank Corp. SBPA), 0.91%, 5/05/17 (a) | 6,600 | 6,600,000 | ||||||
Riverside County RB Series 2016 TRAN, 3.00%, 6/30/17 | 3,000 | 3,010,375 | ||||||
|
| |||||||
11,610,375 | ||||||||
Colorado — 2.5% | ||||||||
Colorado HFA RB Series 2006-1A2 VRDN (Federal Home Loan Bank SBPA), 0.96%, 5/05/17 (a) | 100 | 100,000 | ||||||
Colorado RB Series 2016A TRAN, 3.00%, 6/27/17 | 300 | 300,971 | ||||||
Colorado Springs Utilities System Revenue RB Series 2006A VRDN (JPMorgan Chase Bank N.A. SBPA), | 2,115 | 2,115,000 | ||||||
Colorado State Education Loan Program RB Series 2016B TRAN, 5.00%, 6/29/17 | 1,000 | 1,006,715 | ||||||
Sheridan Redevelopment Agency Tax Allocation RB (South Santa Fe Drive Project) Series 2011 VRDN (JPMorgan Chase Bank N.A. LOC), 0.95%, 5/05/17 (a) | 2,205 | 2,205,000 | ||||||
|
| |||||||
5,727,686 | ||||||||
Connecticut — 4.0% | ||||||||
Connecticut Health and Educational Facilities Authority Tender Option Bond Trust Receipts/Certificates Floaters RB Series 2015-XF0247 VRDN (Bank of America N.A. Liquidity Facility), 0.96%, 5/05/17 (a)(b)(c) | 2,636 | 2,636,000 | ||||||
Connecticut Housing Finance Authority RB Series 2014C-2 VRDN (Bank of Tokyo Mitsubishi UFJ Ltd. SBPA), | 5,595 | 5,595,000 | ||||||
Manchester GO Series 2017 MB, 2.00%, 2/21/18 | 400 | 402,885 | ||||||
South Windsor GO BAN, 2.00%, 2/15/18 | 500 | 503,932 | ||||||
|
| |||||||
9,137,817 | ||||||||
Florida — 6.2% | ||||||||
Escambia County Health Facilities Authority RB (Azalea Inc. Project) Series 2003B VRDN (TD Bank N.A. LOC), | 3,190 | 3,190,000 | ||||||
Miami-Dade County Water & Sewer Authority GO Series B-1 MB (Sumitomo Mitsui Bank Corp. LOC), 0.95%, 6/08/17 | 6,000 | 6,000,000 | ||||||
Orlando-Orange County Expressway Authority RB | 5,000 | 5,000,000 | ||||||
|
| |||||||
14,190,000 | ||||||||
Hawaii — 0.9% | ||||||||
Hawaii Tender Option Bond Trust Receipts/Certificates GO Series 2016XF VRDN (Liquidity Agreement Royal Bank of Canada), 0.94%, 5/05/17 (a)(b)(c) | 2,000 | 2,000,000 | ||||||
Illinois — 2.0% |
Municipal Bonds | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
Illinois Finance Authority RB (Center on Deafness Project) Series 2008 VRDN (BMO Harris Bank N.A. LOC), | $ | 1,500 | $ | 1,500,000 | ||||
Illinois Finance Authority RB Series D VRDN (JPMorgan Chase Bank N.A. LOC), 0.90%, 5/05/17 (a) | 1,500 | 1,500,000 | ||||||
Illinois Health Facilities Authority RB (Northshore University Health System Project) VRDN (Wells Fargo Bank N.A. LOC), 0.90%, 5/05/17 (a) | 600 | 600,000 | ||||||
Illinois State Toll Highway Authority RB Series 2007A2-D VRDN (Bank of America N.A. LOC), 0.92%, 5/05/17 (a) | 1,000 | 1,000,000 | ||||||
|
| |||||||
4,600,000 | ||||||||
Indiana — 3.3% | ||||||||
Indiana Finance Authority RB Series 2008A-2 VRDN (BMO Harris Bank N.A. SBPA), 0.92%, 5/05/17 (a) | 5,060 | 5,060,000 | ||||||
Indianapolis Local Public Improvement Bond Bank RB | 2,600 | 2,600,000 | ||||||
|
| |||||||
7,660,000 | ||||||||
Iowa — 4.1% | ||||||||
Iowa Finance Authority RB (CJ Bio America Inc. Project) | 6,500 | 6,500,000 | ||||||
Iowa Finance Authority RB (Mid-American Energy Project) Series B VRDN, 0.93%, 5/05/17 (a) | 2,900 | 2,900,000 | ||||||
|
| |||||||
9,400,000 | ||||||||
Kentucky — 2.6% | ||||||||
Louisville & Jefferson County Metropolitan Sewer District RB Series 2016 BAN, 3.50%, 11/15/17 | 6,000 | 6,085,785 | ||||||
Louisiana — 4.0% | ||||||||
Louisiana Public Facilities Authority RB (Air Products & Chemicals Project) Series 2008C VRDN, | 200 | 200,000 | ||||||
Louisiana Public Facilities Authority RB (Air Products & Chemicals Project) Series 2010 VRDN, 0.93%, 5/05/17 (a) | 8,900 | 8,900,000 | ||||||
|
| |||||||
9,100,000 | ||||||||
Maryland — 2.6% | ||||||||
Baltimore County RB (Odyssey School Facility Project) | 1,275 | 1,275,000 | ||||||
Maryland Health & Higher Educational Facilities Authority RB (Glen Meadows Retirement Project) Series 1999A VRDN (TD Bank N.A. LOC), 0.90%, 5/05/17 (a) | 1,590 | 1,590,000 | ||||||
Maryland Health & Higher Educational Facilities Authority RB Series 2008 ROCS-RR-II- R-11415 VRDN (Citibank N.A. Liquidity Facility), 1.05%, 5/05/17 (a)(b)(c) | 3,020 | 3,020,000 | ||||||
|
| |||||||
5,885,000 | ||||||||
Massachusetts — 4.9% | ||||||||
Gloucester GO Series 2017 MB, 2.00%, 2/02/18 | 300 | 302,185 | ||||||
Massachusetts Development Finance Agency RB | 3,700 | 3,700,000 |
See Notes to Financial Statements.
48 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Schedule of Investments (continued) | MuniFund | |||
Municipal Bonds | Par (000) | Value | ||||||
Massachusetts (continued) | ||||||||
Massachusetts RB Series 2016B RAN, 2.00%, 5/22/17 | $ | 2,000 | $ | 2,001,299 | ||||
Town of Scituate GO BAN, 2.00%, 2/02/18 | 2,000 | 2,015,022 | ||||||
University of Massachusetts Building Authority RB | 3,235 | 3,235,000 | ||||||
|
| |||||||
11,253,506 | ||||||||
Michigan — 0.8% | ||||||||
Oakland University RB Series 2008 VRDN (JPMorgan Chase Bank N.A. LOC), 0.90%, 5/05/17 (a) | 1,900 | 1,900,000 | ||||||
Minnesota — 4.4% | ||||||||
Minnesota Housing Finance Agency RB Series 2015G VRDN (Royal Bank of Canada SBPA), 0.90%, 5/05/17 (a) | 5,225 | 5,225,000 | ||||||
University of Minnesota RB Series F MB, 0.78%, 7/06/17 | 5,000 | 5,000,000 | ||||||
|
| |||||||
10,225,000 | ||||||||
Mississippi — 0.5% | ||||||||
Mississippi Business Finance Corp RB (Chevron USA, Inc. Project) Series 2010F VRDN, 0.90%, 5/05/17 (a) | 1,245 | 1,245,000 | ||||||
Nebraska — 2.6% | ||||||||
Madison County Hospital Authority RB (Faith Regional Health Services Project ) Series 2008-B VRDN (U.S. Bank N.A. LOC), 0.90%, 5/05/17 (a) | 5,900 | 5,900,000 | ||||||
New Jersey — 2.8% | ||||||||
Burlington County Bridge Commission RB MB, | 4,000 | 4,024,858 | ||||||
Passaic County GO Series 2016A MB, 2.00%, 12/11/17 | 2,000 | 2,010,676 | ||||||
Passaic County Improvement Authority RB Series 2017 BAN, 2.50%, 6/28/17 | 500 | 501,278 | ||||||
|
| |||||||
6,536,812 | ||||||||
New York — 7.7% | ||||||||
Amherst Development Corp. Senior Living RB (Asbury Pointe Inc. Project ) Series 2011A VRDN (Manufacturers and Traders Trust Co. LOC), 0.95%, 5/05/17 (a) | 3,610 | 3,610,000 | ||||||
Erie County GO Series 2016 RAN, 2.00%, 6/30/17 | 2,000 | 2,003,580 | ||||||
Franklin County Civic Development Corp. RB (Alice Hyde Medical Center) Series 2013 VRDN (HSBC Bank USA N.A. LOC), 0.93%, 5/05/17 (a) | 400 | 400,000 | ||||||
Metropolitan Transportation Authority RB Series 2012G-2 VRDN (TD Bank N.A. LOC), 0.87%, 5/05/17 (a) | 3,300 | 3,300,000 | ||||||
New York City GO Series 2012A-3 VRDN (Mizuho Bank Ltd. LOC), 0.90%, 5/01/17 (a) | 100 | 100,000 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue RB Series 2 VRDN (Sumitomo Mitsui Bank Corp. LOC), 0.87%, 5/05/17 (a) | 3,400 | 3,400,000 | ||||||
New York City Water & Sewer System RB Series 2008BB-1 VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), | 75 | 75,000 | ||||||
Niagara Development Corp. RB (Niagara University Project) Series 2012B VRDN (LOC HSBC Bank USA N.A.), | 4,405 | 4,405,000 |
Municipal Bonds | Par (000) | Value | ||||||
New York (continued) | ||||||||
Triborough Bridge & Tunnel Authority Tender Option Bond Trust Receipts/Certificates RB Series 2017XF-0 VRDN (Royal Bank of Canada SBPA), 0.93%, 5/05/17 (a)(b)(c) | $ | 500 | $ | 500,000 | ||||
|
| |||||||
17,793,580 | ||||||||
North Carolina — 1.4% | ||||||||
Charlotte-Mecklenburg Hospital Authority RB (Carolinas Healthcare System Project) Series 2007E VRDN (TD Bank N.A. LOC), 0.87%, 5/05/17 (a) | 3,200 | 3,200,000 | ||||||
Ohio — 4.2% | ||||||||
American Municipal Power Inc. GO BAN, 2.25%, 4/26/18 | 790 | 797,798 | ||||||
American Municipal Power Series 2016 BAN, 1.25%, 5/02/17 | 1,000 | 1,000,014 | ||||||
Cleveland-Cuyahoga County Port Authority RB Series 2007A VRDN (JPMorgan Chase Bank N.A. LOC), | 500 | 500,000 | ||||||
Deer Park Community City School District GO BAN, | 1,000 | 1,002,077 | ||||||
Licking County GO BAN, 2.00%, 5/24/17 | 1,500 | 1,501,200 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund RB Series 2016A VRDN (BMO Harris Bank N.A. SBPA), 0.93%, 5/05/17 (a) | 1,305 | 1,305,000 | ||||||
Springfield GO Series 2016 BAN, 1.50%, 8/03/17 | 850 | 851,519 | ||||||
Winton Woods City School District GO Series 2016 MB, 2.50%, 7/27/17 | 300 | 300,962 | ||||||
Winton Woods City School District GO Series 2017 BAN, 1.75%, 7/27/17 | 1,800 | 1,803,463 | ||||||
Youngstown GO Series 2016TE BAN, 1.88%, 9/14/17 | 550 | 551,880 | ||||||
|
| |||||||
9,613,913 | ||||||||
Pennsylvania — 3.9% | ||||||||
Bucks County Industrial Development Authority RB (Grand View Hospital Project) Series 2008A VRDN (TD Bank N.A. LOC), 0.87%, 5/05/17 (a) | 3,000 | 3,000,000 | ||||||
Montgomery County Industrial Development Authority RB (Retirement Life Community Project) Series 2002 VRDN (TD Bank N.A. AGO), 0.95%, 5/01/17 (a) | 2,850 | 2,850,000 | ||||||
Philadelphia RB Series 2016A TRAN, 2.00%, 6/30/17 | 3,000 | 3,005,138 | ||||||
|
| |||||||
8,855,138 | ||||||||
South Carolina — 1.3% | ||||||||
Kershaw County School District GO Series 2017 BAN, 4.00%, 2/08/18 | 3,000 | 3,068,362 | ||||||
Texas — 11.8% | ||||||||
Garland Water & Sewer RB TECP (Sumitomo Mitsui Bank Corp. LOC): | ||||||||
1.05%, 5/08/17 | 1,000 | 1,000,000 | ||||||
1.00%, 7/06/17 | 5,000 | 5,000,000 | ||||||
Gulf Coast Industrial Development Authority RB (Exxon Mobil Project) VRDN, 0.83%, 5/01/17 (a) | 4,200 | 4,200,000 | ||||||
Harris County Cultural Education Facility GO (Methodist University Hospital Project) Series 2009C-1 TECP, 0.92%, 5/24/17 | 4,000 | 4,000,000 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 49 |
Schedule of Investments (concluded) | MuniFund | |||
Municipal Bonds | Par (000) | Value | ||||||
Texas (continued) | ||||||||
Harris County Health Systems Inc. GO (Methodist University Hospital Project) Series 2009C-1 TECP, 0.83%, 5/10/17 | $ | 4,500 | $ | 4,500,000 | ||||
Houston GO Series E-2 TECP (Wells Fargo Bank N.A. SBPA), 0.75%, 5/08/17 | 2,000 | 2,000,000 | ||||||
Port of Arthur Navigation District RB (Atofina Project) | 1,500 | 1,500,000 | ||||||
San Antonio RB Series A MB (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.76%, 5/01/17 | 1,000 | 1,000,000 | ||||||
Texas Department of Housing & Community Affairs RB | 2,900 | 2,900,000 | ||||||
Texas Transportation Commission State Highway Fund RB Series 2014B-1 VRDN (Sumitomo Mitsui Bank Corp. SBPA), 0.88%, 5/05/17 (a) | 1,000 | 1,000,000 | ||||||
|
| |||||||
27,100,000 | ||||||||
Utah — 3.8% | ||||||||
Emery County PCRB (Pacific Corp.) Series 1994A VRDN (Canadian Imperial Bank LOC), 0.90%, 5/05/17 (a) | 1,400 | 1,400,000 | ||||||
Utah County Hospital Revenue RB (IHC Health Services Inc. Project) Series 2016C VRDN (BMO Harris Bank N.A. LOC), 0.90%, 5/05/17 (a) | 1,600 | 1,600,000 | ||||||
Utah County Hospital Revenue RB (IHC Health Services Inc. Project) Series 2016E VRDN (JPMorgan Chase Bank N.A. SBPA), 0.92%, 5/05/17 (a) | 3,800 | 3,800,000 | ||||||
Weber County RB Series 2000B VRDN (U.S. Bank N.A. SBPA), 0.88%, 5/05/17 (a) | 1,900 | 1,900,000 | ||||||
|
| |||||||
8,700,000 |
Municipal Bonds | Par (000) | Value | ||||||
Virginia — 0.7% | ||||||||
Virginia College Building Authority RB Series 2015B VRDN, 0.90%, 5/05/17 (a) | $ | 1,600 | $ | 1,600,000 | ||||
Washington — 0.6% | ||||||||
Washington State Housing Finance RB (Pioneer Human Services Project) Series 2009A VRDN (U.S. Bank N.A. LOC), 1.00%, 5/05/17 (a) | 1,285 | 1,285,000 | ||||||
Wyoming — 2.8% | ||||||||
Uinta County Pollution Control Revenue RB (Chevron USA, Inc. Project) Series 1 VRDN, 0.87%, 5/01/17 (a) | 6,445 | 6,445,000 | ||||||
Total Municipal Bonds — 95.1% | 218,582,974 | |||||||
Closed-End Investment Companies (a)(b) | ||||||||
New York — 2.0% | ||||||||
Nuveen New York AMT-Free Municipal Income Fund GO VRDN, 0.98%, 5/05/17 | 4,500 | 4,500,000 | ||||||
Ohio — 1.7% | ||||||||
Nuveen AMT-Free Quality Municipal Income Fund GO VRDN, 1.00%, 5/05/17 | 4,000 | 4,000,000 | ||||||
Total Closed-End Investment Companies — 3.7% | 8,500,000 | |||||||
Total Investments (Cost — $227,082,974*) — 98.8% |
| 227,082,974 | ||||||
Other Assets Less Liabilities — 1.2% | 2,848,818 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 229,931,792 | ||||||
|
|
Notes to Schedule of Investments |
* | Cost for U.S. federal income tax purposes. |
(a) | Variable rate security. Rate as of period end and maturity 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. |
Fair Value Hierarchy as of Period End |
Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Assets: | ||||||||||||||||||||
Investments: | ||||||||||||||||||||
Short-Term Securities1 | — | $ | 227,082,974 | — | $ | 227,082,974 |
1 | See above Schedule of Investments for values in each state. |
During the six months ended April 30, 2017, there were no transfers between levels.
See Notes to Financial Statements.
50 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Schedule of Investments April 30, 2017 (Unaudited) | California Money Fund | |||
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | ||||||
California — 93.5% | ||||||||
Bay Area Toll Authority Toll Bridge RB (San Francisco Bay Area Project) RB Series 2008E-1 VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.86%, 5/05/17 (a) | $ | 200 | $ | 200,000 | ||||
Bay Area Toll Authority Toll Bridge RB (San Francisco Bay Area Project) Series 2007G-1 VRDN (US Bank N.A. LOC), 0.85%, 5/05/17 (a) | 900 | 900,000 | ||||||
California GO Series 2011A-1 TECP, 0.73%, 5/09/17 | 2,600 | 2,600,000 | ||||||
California Health Facilities Financing Authority RB (Scripps Health Project) VRDN (JPMorgan Chase Bank N.A. LOC), 0.88%, 5/05/17 (a) | 300 | 300,000 | ||||||
California Health Facilities Financing Authority RB | 1,600 | 1,600,000 | ||||||
California Health Facilities Funding Authority Tender Option Bond Trust Receipts/Certificates RB Series 2015-XF0152 VRDN (Bank of America N.A. SBPA), | 2,190 | 2,190,000 | ||||||
California Infrastructure & Economic Development Bank RB (Pacific Gas & Electric Project) Series 2009B VRDN (MUFG Union Bank N.A. LOC), | 700 | 700,000 | ||||||
California Municipal Finance Authority RB (Copper Square Apartments LP Project) Series A-1 VRDN (Federal Home Loan Bank LOC), 0.86%, 5/05/17 (a) | 750 | 750,000 | ||||||
California Pollution Control Financing Authority RB (Air Products & Chemicals Project Series 1997B VRDN, 0.89%, 5/01/17 (a) | 900 | 900,000 | ||||||
California Pollution Control Financing Authority RB (Pacific Gas & Electric Project) Series 1996C VRDN (Mizuho Bank Ltd. LOC), 0.87%, 5/01/17 (a) | 900 | 900,000 | ||||||
Eastern Municipal Water District RB Series 2014C VRDN (Wells Fargo Bank N.A. SBPA), 0.88%, 5/05/17 (a) | 1,600 | 1,600,000 | ||||||
Fontana Unified School District Tender Option Bond Trust Receipts/Certificates GO Series 2015-XF0111 VRDN (JPMorgan Chase Bank N.A. LOC), | 1,600 | 1,600,000 | ||||||
Imperial Irrigation District Tender Option Bond Trust Receipts/Certificates RB Series 2017XM-0 VRDN (Royal Bank of Canada SBPA), 0.95%, 5/05/17 (a)(b)(c) | 1,600 | 1,600,000 | ||||||
Los Angeles County Housing Authority RB (Lincoln Malibu Meadows II Project) Series 2015C VRDN (Federal National Mortgage Association Guarantor), | 1,599 | 1,599,000 | ||||||
Los Angeles Department of Water & Power RB | 1,150 | 1,150,000 | ||||||
Metropolitan Water District of Southern California RB | 100 | 100,000 | ||||||
Northern California Power Agency RB Series 2008A VRDN (BMO Harris Bank N.A. LOC), 0.89%, 5/05/17 (a) | 1,600 | 1,600,000 | ||||||
Palomar California Community College District Tender Option Bond Trust Receipts/Certificates GO Series 2015-XF0137 VRDN (JP Morgan Chase Bank N.A. SBPA), | 1,500 | 1,500,000 | ||||||
Riverside County RB Series 2016 TRAN, 3.00%, 6/30/17 | 1,900 | 1,906,571 |
Municipal Bonds | Par (000) | Value | ||||||
California (continued) | ||||||||
Riverside County Transportation Commission RB | $ | 1,675 | $ | 1,675,000 | ||||
Sacramento Suburban Water District RB Series 2009A VRDN (Sumitomo Mitsui Bank Corp. LOC), | 1,665 | 1,665,000 | ||||||
Sacramento Transportation Authority RB Series 2015 VRDN (Mizuho Bank Ltd.SBPA), 0.88%, 5/05/17 (a) | 1,300 | 1,300,000 | ||||||
San Diego County Regional Transportation Commission RB Series 2008C VRDN (Mizuho Corporate Bank SBPA), 0.89%, 5/05/17 (a) | 1,250 | 1,250,000 | ||||||
San Diego Housing Authority RB (Hillside Garden Apartments Project) Series 2004C VRDN (Fannie Mae LOC, Liquidity Agreement), 0.84%, 5/05/17 (a) | 1,085 | 1,085,000 | ||||||
Santa Clara Valley Transportation Authority RB | 1,600 | 1,600,000 | ||||||
Southern California Public Power Authority RB (Magnolia Power Project) Series 2009-2 VRDN (Wells Fargo Bank N.A. LOC), 0.87%, 5/05/17 (a) | 400 | 400,000 | ||||||
University of California RB Series AL-4 VRDN, | 1,400 | 1,400,000 | ||||||
University of California RB VRDN, 0.89%, 5/05/17 (a) | 200 | 200,000 | ||||||
Upland Community Redevelopment Agency RB Series 2007 VRDN (Federal Home Loan Bank LOC, East West Bank LOC), 0.86%, 5/05/17 (a) | 500 | 500,000 | ||||||
Total Municipal Bonds — 93.5% | 34,770,571 | |||||||
Closed-End Investment Companies (a)(b) | ||||||||
California — 4.8% | ||||||||
Nuveen California AMT-Free Municipal Income Fund | 1,800 | 1,800,000 | ||||||
Total Investments (Cost — $36,570,571*) — 98.3% |
| 36,570,571 | ||||||
Other Assets Less Liabilities — 1.7% | 634,244 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 37,204,815 | ||||||
|
|
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 51 |
Schedule of Investments (concluded) | California Money Fund |
Notes to Schedule of Investments |
* | Cost for U.S. federal income tax purposes. |
(a) | Variable rate security. Rate as of period end and maturity 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. |
Fair Value Hierarchy as of Period End |
Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Short-Term Securities1 | — | $ | 36,570,571 | — | $ | 36,570,571 |
1 | See above Schedule of Investments for values in the state. |
During the six months ended April 30, 2017, there were no transfers between levels.
See Notes to Financial Statements.
52 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Schedule of Investments April 30, 2017 (Unaudited) | New York Money Fund | |||
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | ||||||
New York — 97.3% | ||||||||
Albany Industrial Development Agency RB (Corning Preserve Project) Series 2002 VRDN (KeyBank National Association LOC), 1.00%, 5/05/17 (a) | $ | 490 | $ | 490,000 | ||||
Amherst Development Corp. Senior Living RB (Asbury Pointe Inc. Project ) Series 2011A VRDN (Manufacturers and Traders Trust Co. LOC), 0.95%, 5/05/17 (a) | 900 | 900,000 | ||||||
East Rochester Housing Authority RB Series 2008 VRDN (Manufacturers and Traders Trust Co. LOC), | 500 | 500,000 | ||||||
Franklin County Civic Development Corp. RB (Alice Hyde Medical Center) Series 2013 VRDN (HSBC Bank USA N.A. LOC), 0.93%, 5/05/17 (a) | 800 | 800,000 | ||||||
Metropolitan Transportation Authority RB Series 2002B-1 VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.89%, 5/05/17 (a) | 400 | 400,000 | ||||||
Metropolitan Transportation Authority RB Series 2015E-2 VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.91%, 5/05/17 (a) | 400 | 400,000 | ||||||
Nassau Health Care Corp RB Series 2009C-2 VRDN (Wells Fargo Bank N.A. LOC), 0.92%, 5/05/17 (a) | 200 | 200,000 | ||||||
Nassau Health Care Corp. RB Series 2009 VRDN (TD Bank N.A. LOC), 0.90%, 5/05/17 (a) | 600 | 600,000 | ||||||
New York City RB Series 2011D-3B VRDN (Royal Bank of Canada LOC), 0.86%, 5/01/17 (a) | 500 | 500,000 | ||||||
New York City Health & Hospital Corp. RB Series 2008C VRDN (TD Bank N.A. LOC), 0.90%, 5/05/17 (a) | 300 | 300,000 | ||||||
New York City RB Series 2011D-3A VRDN (Royal Bank of Canada LOC), 0.86%, 5/01/17 (a) | 300 | 300,000 | ||||||
New York City Water & Sewer System RB Series 2 VRDN (Royal Bank of Canada SBPA), 0.89%, 5/05/17 (a) | 100 | 100,000 | ||||||
New York City Water & Sewer System RB Series 2001F-1 VRDN (Mizuho Bank Ltd. SBPA), 0.90%, 5/01/17 (a) | 700 | 700,000 | ||||||
New York Dormitory Authority Non-State Supported Debt RB (Columbia University Project) Series 2003 VRDN, | 200 | 200,000 | ||||||
New York Dormitory Authority RB (Columbia University Project) Series 2009A VRDN, 0.88%, 5/05/17 (a) | 615 | 615,000 | ||||||
New York Dormitory Authority RB (Rockefeller University Project) Series 2009B VRDN (U.S. Bank N.A. SBPA), | 900 | 900,000 | ||||||
New York Housing Finance Agency RB Series 2003L VRDN (Bank of America N.A. LOC), 0.91%, 5/05/17 (a) | 700 | 700,000 | ||||||
New York Local Government Assistance Corp. RB Series 2003A-8V VRDN (JPMorgan Chase Bank N.A. SBPA), 0.92%, 5/05/17 (a) | 800 | 800,000 | ||||||
New York State Dormitory Authority RB (St. Johns University Project) Series 2008B-1 VRDN (Bank of America N.A. LOC), 0.89%, 5/05/17 (a) | 300 | 300,000 | ||||||
New York State Dormitory Authority RB Series D VRDN (TD Bank N.A. LOC), 0.87%, 5/05/17 (a) | 300 | 300,000 | ||||||
New York State Energy Research & Development Authority RB (Con Edison Project) Series 2005A-1 VRDN (Mizuho Bank Ltd. LOC), 0.91%, 5/05/17 (a) | 500 | 500,000 |
Municipal Bonds | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York State Energy Research & Development Authority RB (Consolidated Edison Company of New York Inc. Project) Series 2005A-2 VRDN (Mizuho Bank Ltd. LOC), | $ | 300 | $ | 300,000 | ||||
New York State HFA RB (Clinton Park Development LLC Project) Series 2010A VRDN (Freddie Mac Liquidity Agreement), 0.88%, 5/05/17 (a) | 800 | 800,000 | ||||||
New York State Housing Finance Agency RB Series 2004A VRDN (Fannie Mae LOC), 0.92%, 5/05/17 (a) | 300 | 300,000 | ||||||
New York State Housing Finance Agency RB Series 2016A VRDN (Wells Fargo Bank N.A. LOC), 0.89%, 5/05/17 (a) | 300 | 300,000 | ||||||
New York State Housing Finance Agency RB (Durst Pyramid LLC Project) Series 2014A VRDN (Bank of New York Mellon LOC), 0.89%, 5/05/17 (a) | 200 | 200,000 | ||||||
New York State Housing Finance Agency RB Series 2003A VRDN (Landesbank Hessen Thueringen Girozentrale LOC), 0.93%, 5/05/17 (a) | 300 | 300,000 | ||||||
New York State Housing Finance Agency RB Series 2008A VRDN (Federal Home Loan Mortgage Corporation LOC), 0.89%, 5/05/17 (a) | 650 | 650,000 | ||||||
New York State Urban Development Corp RB Series 2008A-1 VRDN (Wells Fargo Bank N.A. LOC), 0.92%, 5/05/17 (a) | 800 | 800,000 | ||||||
Onondaga County Industrial Development Agency RB (Syracuse University Project) Series 2008B VRDN (JPMorgan Chase Bank N.A. LOC), 0.90%, 5/05/17 (a) | 260 | 260,000 | ||||||
Rensselaer County Industrial Development Agency RB | 900 | 900,000 | ||||||
Syracuse Industrial Development Agency RB (Syracuse University Project) Series 2008A-1 VRDN (JPMorgan Chase Bank N.A. LOC), 0.87%, 5/01/17 (a) | 600 | 600,000 | ||||||
Triborough Bridge & Tunnel Authority Tender Option Bond Trust Receipts/Certificates RB Series 2017XF-0 VRDN (Royal Bank of Canada SBPA), 0.93%, 5/05/17 (a)(b)(c) | 1,000 | 1,000,000 | ||||||
Westchester County Industrial Development Agency RB | 500 | 500,000 | ||||||
Total Municipal Bonds — 97.3% | 17,415,000 | |||||||
Closed-End Investment Companies (a)(b) | ||||||||
New York — 2.8% | ||||||||
Nuveen New York AMT-Free Municipal Income Fund GO | 500 | 500,000 | ||||||
Total Investments (Cost — $17,915,000*) — 100.1% | 17,915,000 | |||||||
Liabilities in Excess of Other Assets — (0.1)% | (12,720) | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 17,902,280 | ||||||
|
|
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 53 |
Schedule of Investments (concluded) | New York Money Fund |
Notes to Schedule of Investments |
* | Cost for U.S. federal income tax purposes. |
(a) | Variable rate security. Rate as of period end and maturity 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. |
Fair Value Hierarchy as of Period End |
Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Short-Term Securities1 | — | $ | 17,915,000 | — | $ | 17,915,000 |
1 | See above Schedule of Investments for values in the state. |
During the six months ended April 30, 2017, there were no transfers between levels.
See Notes to Financial Statements.
54 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Statements of Assets and Liabilities |
April 30, 2017 (Unaudited) | Federal Trust Fund | FedFund | TempCash | TempFund | T-Fund | |||||||||||||||
Assets | ||||||||||||||||||||
Investments at value — unaffiliated1 | $ | 3,370,840,239 | $ | 38,964,376,780 | $ | 221,857,043 | $ | 11,856,048,042 | $ | 22,247,709,718 | ||||||||||
Repurchase agreements at value — unaffiliated2 | — | 44,167,432,539 | 46,500,000 | 1,391,500,000 | 30,570,967,353 | |||||||||||||||
Cash | 5,304,830 | 1,206,305,116 | 10,353 | 138,550 | 800,586,432 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Interest — unaffiliated | 971,500 | 55,820,296 | 66,043 | 5,137,796 | 53,271,313 | |||||||||||||||
Prepaid expenses | 145,495 | 1,062,445 | 90,335 | 297,965 | 413,327 | |||||||||||||||
Other assets | — | 292,454 | — | — | 107,099 | |||||||||||||||
|
| |||||||||||||||||||
Total assets | 3,377,262,064 | 84,395,289,630 | 268,523,774 | 13,253,122,353 | 53,673,055,242 | |||||||||||||||
|
| |||||||||||||||||||
Liabilities | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Custodian fees | 45,931 | 920,809 | 6,636 | 192,028 | 625,235 | |||||||||||||||
Income dividends | 1,050,880 | 23,398,059 | 117,141 | 2,833,655 | 13,974,064 | |||||||||||||||
Management fees | 429,131 | 10,625,472 | 15,899 | 1,896,403 | 6,775,918 | |||||||||||||||
Officer’s and Trustees’ fees | 73,808 | 106,134 | 2,823 | 36,645 | 109,695 | |||||||||||||||
Other accrued expenses | 116,007 | 35,950 | 17,266 | 245,662 | 50,183 | |||||||||||||||
Printing fees | 71,289 | 76,523 | 27,758 | 38,095 | 62,091 | |||||||||||||||
Professional fees | 56,127 | 346,530 | 28,776 | 266,786 | 222,651 | |||||||||||||||
Registration fees | — | — | 70,883 | — | — | |||||||||||||||
Service and distribution fees | 46,073 | 2,039,130 | 7,343 | 486,184 | 1,228,709 | |||||||||||||||
Transfer agent fees | 104,890 | 1,171,356 | 17,584 | 99,811 | 655,785 | |||||||||||||||
|
| |||||||||||||||||||
Total liabilities | 1,994,136 | 38,719,963 | 312,109 | 6,095,269 | 23,704,331 | |||||||||||||||
|
| |||||||||||||||||||
Net Assets | $ | 3,375,267,928 | $ | 84,356,569,667 | $ | 268,211,665 | $ | 13,247,027,084 | $ | 53,649,350,911 | ||||||||||
|
| |||||||||||||||||||
Net Assets Consist of | ||||||||||||||||||||
Paid-in capital | $ | 3,375,211,282 | $ | 84,356,005,478 | $ | 268,181,494 | $ | 13,241,912,390 | $ | 53,648,707,301 | ||||||||||
Undistributed (distributions in excess of) net investment income | 47,241 | 554,558 | (38,235 | ) | (2,155,236 | ) | 682,416 | |||||||||||||
Undistributed net realized gain | 9,405 | 9,631 | 38,654 | 2,630,236 | (38,806 | ) | ||||||||||||||
Net unrealized appreciation | — | — | 29,752 | 4,639,694 | — | |||||||||||||||
|
| |||||||||||||||||||
Net Assets | $ | 3,375,267,928 | $ | 84,356,569,667 | $ | 268,211,665 | $ | 13,247,027,084 | $ | 53,649,350,911 | ||||||||||
|
| |||||||||||||||||||
1 Investments at cost — unaffiliated | $ | 3,370,840,239 | $ | 38,964,376,780 | $ | 221,827,291 | $ | 11,851,408,348 | $ | 22,247,709,718 | ||||||||||
2 Repurchase agreements at cost — unaffiliated | — | $ | 44,167,432,539 | $ | 46,500,000 | $ | 1,391,500,000 | $ | 30,570,967,353 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 55 |
Statements of Assets and Liabilities (continued) |
April 30, 2017 (Unaudited) | Federal Trust Fund | FedFund | TempCash | TempFund | T-Fund | |||||||||||||||
Net Asset Value | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Net assets | $ | 3,133,826,014 | $ | 78,414,044,495 | $ | 242,743,637 | $ | 12,311,774,441 | $ | 48,256,168,261 | ||||||||||
|
| |||||||||||||||||||
Shares outstanding3 | 3,133,766,398 | 78,413,505,050 | 242,713,941 | 12,305,133,318 | 48,255,540,136 | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | $ | 1.0001 | $ | 1.0005 | $ | 1.00 | ||||||||||
|
| |||||||||||||||||||
Dollar | ||||||||||||||||||||
Net assets | $ | 136,452,523 | $ | 1,787,099,553 | $ | 25,468,028 | $ | 86,544,396 | $ | 4,225,104,799 | ||||||||||
|
| |||||||||||||||||||
Shares outstanding3 | 136,449,928 | 1,787,087,274 | 25,464,746 | 86,495,876 | 4,225,049,774 | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | $ | 1.0001 | $ | 1.0006 | $ | 1.00 | ||||||||||
|
| |||||||||||||||||||
Cash Management | ||||||||||||||||||||
Net assets | $ | 21,322,497 | $ | 147,046,238 | — | $ | 736,656,052 | $ | 596,042,313 | |||||||||||
|
| |||||||||||||||||||
Shares outstanding3 | 21,322,092 | 147,045,228 | — | 736,254,581 | 596,034,550 | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | — | $ | 1.0005 | $ | 1.00 | |||||||||||
|
| |||||||||||||||||||
Cash Reserve | ||||||||||||||||||||
Net assets | $ | 466,339 | $ | 1,049,447,578 | — | $ | 3,191,937 | $ | 56,185,821 | |||||||||||
|
| |||||||||||||||||||
Shares outstanding3 | 466,331 | 1,049,440,369 | — | 3,190,229 | $ | 56,185,090 | ||||||||||||||
|
| |||||||||||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | — | $ | 1.0005 | $ | 1.00 | |||||||||||
|
| |||||||||||||||||||
Administration | ||||||||||||||||||||
Net assets | $ | 83,200,555 | $ | 2,732,073,526 | — | $ | 107,431,975 | $ | 442,559,523 | |||||||||||
|
| |||||||||||||||||||
Shares outstanding3 | 83,198,972 | 2,732,054,754 | — | 107,372,079 | 442,553,760 | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | — | $ | 1.0006 | $ | 1.00 | |||||||||||
|
| |||||||||||||||||||
Select | ||||||||||||||||||||
Net assets | — | $ | 224,983,906 | — | $ | 54,371 | $ | 73,290,194 | ||||||||||||
|
| |||||||||||||||||||
Shares outstanding3 | — | 224,982,360 | — | 54,340 | 73,289,238 | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | — | $ | 1.00 | — | $ | 1.0006 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||
Private Client | ||||||||||||||||||||
Net assets | — | $ | 1,874,371 | — | $ | 1,373,912 | — | |||||||||||||
|
| |||||||||||||||||||
Shares outstanding3 | — | 1,874,358 | — | 1,373,165 | — | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | — | $ | 1.00 | — | $ | 1.0005 | — | |||||||||||||
|
| |||||||||||||||||||
Premier | ||||||||||||||||||||
Net assets | — | — | — | — | — | |||||||||||||||
|
| |||||||||||||||||||
Shares outstanding3 | — | — | — | — | — | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | — | — | — | — | — | |||||||||||||||
|
|
3 | Unlimited number of shares authorized, no par value. |
See Notes to Financial Statements.
56 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Statements of Assets and Liabilities (continued) |
April 30, 2017 (Unaudited) | Treasury Trust Fund | MuniCash | MuniFund | California Money Fund | New York Money Fund | |||||||||||||||
Assets | ||||||||||||||||||||
Investments at value — unaffiliated1 | $ | 22,044,881,810 | $ | 2,986,116,954 | $ | 227,082,974 | $ | 36,570,571 | $ | 17,915,000 | ||||||||||
Cash | 545,295 | 103,701 | 67,469 | — | 32,070 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Investments sold | — | 13,760,320 | 2,300,172 | 800,408 | — | |||||||||||||||
Interest — unaffiliated | 16,674,276 | 8,861,875 | 649,763 | 87,008 | 13,123 | |||||||||||||||
From the Manager | — | 8,161 | — | 3,078 | 4,600 | |||||||||||||||
Prepaid expenses | 630,930 | 194,943 | 67,856 | 24,134 | 28,233 | |||||||||||||||
Other assets | — | — | — | 5,487 | — | |||||||||||||||
|
| |||||||||||||||||||
Total assets | 22,062,732,311 | 3,009,045,954 | 230,168,234 | 37,490,686 | 17,993,026 | |||||||||||||||
|
| |||||||||||||||||||
Liabilities | ||||||||||||||||||||
Bank overdraft | — | — | — | 190,020 | — | |||||||||||||||
Payables: | ||||||||||||||||||||
Custodian fees | 220,250 | 34,066 | 17,213 | — | 3,615 | |||||||||||||||
Income dividends | 7,256,300 | 1,008,276 | 76,100 | 17,775 | 4,962 | |||||||||||||||
Management fees | 3,046,337 | 425,031 | 20,507 | — | — | |||||||||||||||
Officer’s and Trustees’ fees | 26,998 | — | 632 | 2,011 | 2,243 | |||||||||||||||
Other accrued expenses | 29,255 | 16,386 | 20,821 | 3,953 | 3,930 | |||||||||||||||
Printing fees | 42,565 | 26,103 | 27,557 | 26,929 | 31,011 | |||||||||||||||
Professional fees | 122,326 | 28,919 | 35,340 | 42,124 | 37,594 | |||||||||||||||
Registration fees | 1,126 | — | — | — | 16 | |||||||||||||||
Service and distribution fees | 404,056 | 2,327 | 8,924 | 3,059 | 1,495 | |||||||||||||||
Transfer agent fees | 202,578 | 61,579 | 29,348 | — | 5,880 | |||||||||||||||
|
| |||||||||||||||||||
Total liabilities | 11,351,791 | 1,602,687 | 236,442 | 285,871 | 90,746 | |||||||||||||||
|
| |||||||||||||||||||
Net Assets | $ | 22,051,380,520 | $ | 3,007,443,267 | $ | 229,931,792 | $ | 37,204,815 | $ | 17,902,280 | ||||||||||
|
| |||||||||||||||||||
Net Assets Consist of | ||||||||||||||||||||
Paid-in capital | $ | 22,050,938,299 | $ | 3,007,198,852 | $ | 229,925,023 | $ | 37,204,904 | $ | 17,925,603 | ||||||||||
Undistributed (distributions in excess of) net investment income | 50,828 | 68,292 | 2,300 | — | — | |||||||||||||||
Undistributed net realized gain (loss) | 391,393 | 162,689 | 4,469 | (89 | ) | (23,323 | ) | |||||||||||||
Net unrealized appreciation | — | 13,434 | — | — | — | |||||||||||||||
|
| |||||||||||||||||||
Net Assets | $ | 22,051,380,520 | $ | 3,007,443,267 | $ | 229,931,792 | $ | 37,204,815 | $ | 17,902,280 | ||||||||||
|
| |||||||||||||||||||
1 Investments at cost — unaffiliated | $ | 22,044,881,810 | $ | 2,986,103,520 | $ | 227,082,974 | $ | 36,570,571 | $ | 17,915,000 |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 57 |
Statements of Assets and Liabilities (concluded) |
April 30, 2017 (Unaudited) | Treasury Trust Fund | MuniCash | MuniFund | California Money Fund | New York Money Fund | |||||||||||||||
Net Asset Value | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Net assets | $ | 20,793,445,275 | $ | 3,006,189,051 | $ | 192,099,166 | $ | 30,135,381 | $ | 17,443,493 | ||||||||||
|
| |||||||||||||||||||
Shares outstanding2 | 20,793,028,283 | 3,005,625,381 | 191,942,642 | 30,134,557 | 17,443,485 | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | $ | 1.00 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
|
| |||||||||||||||||||
Dollar | ||||||||||||||||||||
Net assets | $ | 515,815,733 | $ | 1,254,216 | $ | 8,290,664 | — | 3 | — | |||||||||||
|
| |||||||||||||||||||
Shares outstanding2 | 515,805,388 | 1,254,004 | 8,283,909 | — | 4 | — | ||||||||||||||
|
| |||||||||||||||||||
Net asset value | $ | 1.00 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | — | |||||||||||
|
| |||||||||||||||||||
Cash Management | ||||||||||||||||||||
Net assets | $ | 36,532,009 | — | $ | 42,063 | — | — | |||||||||||||
|
| |||||||||||||||||||
Shares outstanding2 | 36,531,276 | — | 42,029 | — | — | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | $ | 1.00 | — | $ | 1.00 | — | — | |||||||||||||
|
| |||||||||||||||||||
Cash Reserve | ||||||||||||||||||||
Net assets | $ | 1,665,642 | — | — | — | — | ||||||||||||||
|
| |||||||||||||||||||
Shares outstanding2 | 1,665,610 | — | — | — | — | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | $ | 1.00 | — | — | — | — | ||||||||||||||
|
| |||||||||||||||||||
Administration | ||||||||||||||||||||
Net assets | $ | 606,845,045 | — | $ | 23,095,640 | — | 3 | — | 3 | |||||||||||
|
| |||||||||||||||||||
Shares outstanding2 | 606,832,874 | — | 23,076,829 | — | 4 | — | 4 | |||||||||||||
|
| |||||||||||||||||||
Net asset value | $ | 1.00 | — | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||||||
|
| |||||||||||||||||||
Select | ||||||||||||||||||||
Net assets | $ | 97,076,816 | — | $ | 6,070,339 | $ | 2,992,272 | $ | 129,117 | |||||||||||
|
| |||||||||||||||||||
Shares outstanding2 | 97,074,868 | — | 6,065,392 | 2,992,191 | 129,118 | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | $ | 1.00 | — | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||||||
|
| |||||||||||||||||||
Private Client | ||||||||||||||||||||
Net assets | — | — | $ | 333,920 | $ | 4,077,162 | $ | 329,670 | ||||||||||||
|
| |||||||||||||||||||
Shares outstanding2 | — | — | 333,648 | 4,077,051 | 329,670 | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | — | — | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||
Premier | ||||||||||||||||||||
Net assets | — | — | — | — | — | |||||||||||||||
|
| |||||||||||||||||||
Shares outstanding2 | — | — | — | — | — | |||||||||||||||
|
| |||||||||||||||||||
Net asset value | — | — | — | — | — | |||||||||||||||
|
|
2 | Unlimited number of shares authorized, no par value. |
3 | Net assets end of period are less than $1. |
4 | Shares end of period are less than 1. |
See Notes to Financial Statements.
58 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Statements of Operations |
Six Months Ended April 30, 2017 (Unaudited) | Federal Trust Fund | FedFund | TempCash | TempFund | T-Fund | |||||||||||||||
Investment Income | ||||||||||||||||||||
Interest — unaffiliated | $ | 9,923,751 | $ | 251,461,632 | $ | 623,309 | $ | 57,081,724 | $ | 146,307,683 | ||||||||||
Interest — affiliated | — | 289,788 | — | — | — | |||||||||||||||
|
| |||||||||||||||||||
Total investment income | 9,923,751 | 251,751,420 | 623,309 | 57,081,724 | 146,307,683 | |||||||||||||||
|
| |||||||||||||||||||
Expenses | ||||||||||||||||||||
Management | 3,932,565 | 77,217,120 | 267,553 | 11,684,806 | 47,074,187 | |||||||||||||||
Service and distribution — class specific | 299,116 | 6,720,179 | 31,855 | 2,125,963 | 8,011,963 | |||||||||||||||
Registration | 75,233 | 805,617 | 46,930 | 137,333 | 467,660 | |||||||||||||||
Custodian | 44,941 | 948,230 | 20,289 | 190,784 | 610,455 | |||||||||||||||
Professional | 32,814 | 254,837 | 17,181 | 27,066 | 114,815 | |||||||||||||||
Transfer agent | 22,778 | 1,040,764 | 9,286 | 56,668 | 494,114 | |||||||||||||||
Printing | — | 65,973 | 16,890 | 13,849 | 39,464 | |||||||||||||||
Officer and Trustees | — | 427,640 | 3,938 | 33,771 | 219,754 | |||||||||||||||
Miscellaneous | 13,175 | 126,022 | 12,195 | 46,325 | 96,511 | |||||||||||||||
|
| |||||||||||||||||||
Total expenses | 4,420,622 | 87,606,382 | 426,117 | 14,316,565 | 57,128,923 | |||||||||||||||
Less: | ||||||||||||||||||||
Expenses reimbursed by the Manager | — | — | (21,063 | ) | — | — | ||||||||||||||
Fees waived by the Manager | (1,139,058 | ) | (24,278,498 | ) | (251,448 | ) | (2,335,209 | ) | (6,144,252 | ) | ||||||||||
Service and distribution fees waived — class specific | (23,277 | ) | (702,771 | ) | (178 | ) | (2,839 | ) | (934,372 | ) | ||||||||||
Fees paid indirectly | — | (4,552 | ) | — | (3,536 | ) | — | |||||||||||||
|
| |||||||||||||||||||
Total expenses after fees waived and/or reimbursed | 3,258,287 | 62,620,561 | 153,428 | 11,974,981 | 50,050,299 | |||||||||||||||
|
| |||||||||||||||||||
Net investment income | 6,665,464 | 189,130,859 | 469,881 | 45,106,743 | 96,257,384 | |||||||||||||||
|
| |||||||||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||||
Net realized gain (loss) from investments | (15,910 | ) | (355,514 | ) | (402 | ) | 816,046 | (388,094 | ) | |||||||||||
Net change in unrealized appreciation on investments | — | — | 29,901 | 3,291,254 | — | |||||||||||||||
|
| |||||||||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 6,649,554 | $ | 188,775,345 | $ | 499,380 | $ | 49,214,043 | $ | 95,869,290 | ||||||||||
|
|
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 59 |
Statements of Operations (concluded) |
Six Months Ended April 30, 2017 (Unaudited) | Treasury Trust Fund | MuniCash | MuniFund | California Money Fund | New York Money Fund | |||||||||||||||
Investment Income | ||||||||||||||||||||
Interest — unaffiliated | $ | 62,796,070 | $ | 8,857,453 | $ | 803,811 | $ | 174,390 | $ | 67,087 | ||||||||||
|
| |||||||||||||||||||
Total investment income | 62,796,070 | 8,857,453 | 803,811 | 174,390 | 67,087 | |||||||||||||||
|
| |||||||||||||||||||
Expenses | ||||||||||||||||||||
Management | 21,532,654 | 3,790,884 | 387,611 | 98,482 | 36,398 | |||||||||||||||
Service and distribution — class specific | 1,375,880 | 1,849 | 45,565 | 43,806 | 2,723 | |||||||||||||||
Registration | 314,955 | 117,027 | 57,349 | 17,532 | 20,475 | |||||||||||||||
Custodian | 248,386 | 36,237 | 8,429 | 3,467 | 1,990 | |||||||||||||||
Transfer agent | 163,098 | 62,949 | 9,832 | 10,411 | 4,511 | |||||||||||||||
Officer and Trustees | 108,245 | 10,497 | 1,586 | 4,396 | 4,499 | |||||||||||||||
Professional | 92,401 | 21,423 | 36,528 | 30,297 | 24,771 | |||||||||||||||
Printing | 27,542 | 5,451 | 8,321 | 6,139 | 10,375 | |||||||||||||||
Miscellaneous | 62,720 | 10,218 | 11,435 | 1,533 | 2,105 | |||||||||||||||
|
| |||||||||||||||||||
Total expenses | 23,925,881 | 4,056,535 | 566,656 | 216,063 | 107,847 | |||||||||||||||
Less: | ||||||||||||||||||||
Expenses reimbursed by the Manager | — | (8,161 | ) | — | (21,252 | ) | (49,314 | ) | ||||||||||||
Fees waived by the Manager | (3,083,481 | ) | (1,674,766 | ) | (299,543 | ) | (98,482 | ) | (36,398 | ) | ||||||||||
Service and distribution fees waived — class specific | (272,773 | ) | — | (9,431 | ) | (20,861 | ) | (1,272 | ) | |||||||||||
Fees paid indirectly | (606 | ) | — | — | — | — | ||||||||||||||
|
| |||||||||||||||||||
Total expenses after fees waived and/or reimbursed | 20,569,021 | 2,373,608 | 257,682 | 75,468 | 20,863 | |||||||||||||||
|
| |||||||||||||||||||
Net investment income | 42,227,049 | 6,483,845 | 546,129 | 98,922 | 46,224 | |||||||||||||||
|
| |||||||||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||||
Net realized gain (loss) from investments | (16,665 | ) | 162,689 | 5,228 | — | — | ||||||||||||||
Net change in unrealized depreciation on investments | — | (4,042 | ) | — | — | — | ||||||||||||||
|
| |||||||||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 42,210,384 | $ | 6,642,492 | $ | 551,357 | $ | 98,922 | $ | 46,224 | ||||||||||
|
|
See Notes to Financial Statements.
60 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Statements of Changes in Net Assets |
Federal Trust Fund | FedFund | |||||||||||||||
Increase (Decrease) in Net Assets: | Six Months Ended April 30, 2017 (Unaudited) | Year Ended October 31, 2016 | Six Months Ended April 30, 2017 (Unaudited) | Year Ended October 31, 2016 | ||||||||||||
Operations | ||||||||||||||||
Net investment income | $ | 6,665,464 | $ | 3,514,270 | $ | 189,130,859 | $ | 67,321,979 | ||||||||
Net realized gain (loss) | (15,910 | ) | 151,382 | (355,514 | ) | 871,395 | ||||||||||
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | 6,649,554 | 3,665,652 | 188,775,345 | 68,193,374 | ||||||||||||
|
|
|
| |||||||||||||
Distributions to Shareholders1 | ||||||||||||||||
From net investment income: | ||||||||||||||||
Institutional | (6,474,889 | ) | (3,497,902 | ) | (181,990,331 | ) | (65,691,861 | ) | ||||||||
Dollar | (121,295 | ) | (47 | ) | (2,441,760 | ) | (689,996 | ) | ||||||||
Cash Management | (1,636 | ) | (7 | ) | (48,319 | ) | (31,489 | ) | ||||||||
Cash Reserve | (113 | ) | — | (435,531 | ) | (30,734 | ) | |||||||||
Administration | (67,531 | ) | (16,314 | ) | (4,165,956 | ) | (804,665 | ) | ||||||||
Select | — | — | (48,263 | ) | (72,196 | ) | ||||||||||
Private Client | — | — | (698 | ) | (1,001 | ) | ||||||||||
Premier | — | — | (1 | ) | (37 | ) | ||||||||||
From net realized gain: | ||||||||||||||||
Institutional | (74,237 | ) | (7,879 | ) | — | (437,757 | ) | |||||||||
Dollar | (3,457 | ) | (21 | ) | — | (42,760 | ) | |||||||||
Cash Management | (659 | ) | — | — | (1,815 | ) | ||||||||||
Cash Reserve | (10 | ) | — | — | (207 | ) | ||||||||||
Administration | (1,071 | ) | — | — | (12,578 | ) | ||||||||||
Select | — | — | — | (7,166 | ) | |||||||||||
Private Client | — | — | — | (139 | ) | |||||||||||
Premier | — | — | — | (5 | ) | |||||||||||
|
|
|
| |||||||||||||
Decrease in net assets resulting from distributions to shareholders | (6,744,898 | ) | (3,522,170 | ) | (189,130,859 | ) | (67,824,406 | ) | ||||||||
|
|
|
| |||||||||||||
Capital Share Transactions | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (83,936,571 | ) | 3,125,502,380 | (3,923,314,574 | ) | 75,374,520,238 | ||||||||||
|
|
|
| |||||||||||||
Net Assets | ||||||||||||||||
Total increase (decrease) in net assets | (84,031,915 | ) | 3,125,645,862 | (3,923,670,088 | ) | 75,374,889,206 | ||||||||||
Beginning of period | 3,459,299,843 | 333,653,981 | 88,280,239,755 | 12,905,350,549 | ||||||||||||
|
|
|
| |||||||||||||
End of period | $ | 3,375,267,928 | $ | 3,459,299,843 | $ | 84,356,569,667 | $ | 88,280,239,755 | ||||||||
|
|
|
| |||||||||||||
Undistributed net investment income, end of period | $ | 47,241 | $ | 47,241 | $ | 554,558 | $ | 554,558 | ||||||||
|
|
|
|
1 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 61 |
Statements of Changes in Net Assets (continued) |
TempCash | TempFund | T-Fund | ||||||||||||||||||||||
Increase (Decrease) in Net Assets: | Six Months Ended April 30, 2017 (Unaudited) | Year Ended October 31, 2016 | Six Months Ended April 30, 2017 (Unaudited) | Year Ended October 31, 2016 | Six Months Ended April 30, 2017 (Unaudited) | Year Ended 2016 | ||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income | $ | 469,881 | $ | 2,192,317 | $ | 45,106,743 | $ | 201,788,919 | $ | 96,257,384 | $ | 52,732,956 | ||||||||||||
Net realized gain (loss) | (402 | ) | 581 | 816,046 | 2,005,843 | (388,094 | ) | 1,652,855 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 29,901 | (149 | ) | 3,291,254 | 1,348,440 | — | — | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase in net assets resulting from operations | 499,380 | 2,192,749 | 49,214,043 | 205,143,202 | 95,869,290 | 54,385,811 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Distributions to Shareholders1 | ||||||||||||||||||||||||
From net investment income: | ||||||||||||||||||||||||
Institutional | (427,381 | ) | (2,155,187 | ) | (43,365,298 | ) | (192,915,859 | ) | (92,056,699 | ) | (52,057,188 | ) | ||||||||||||
Dollar | (42,500 | ) | (37,130 | ) | (239,132 | ) | (2,708,329 | ) | (3,508,635 | ) | (493,282 | ) | ||||||||||||
Cash Management | — | — | (1,357,208 | ) | (37,116 | ) | (92,008 | ) | (135,899 | ) | ||||||||||||||
Cash Reserve | — | — | (7,828 | ) | (1,478 | ) | (16,066 | ) | (8,258 | ) | ||||||||||||||
Administration | — | — | (134,767 | ) | (6,125,788 | ) | (583,300 | ) | (23,694 | ) | ||||||||||||||
Select | — | — | (34 | ) | (254 | ) | (676 | ) | (14,635 | ) | ||||||||||||||
Private Client | — | — | (2,476 | ) | (87 | ) | — | — | ||||||||||||||||
Premier | — | — | — | (8 | ) | — | — | |||||||||||||||||
From net realized gain: | ||||||||||||||||||||||||
Institutional | — | (115,449 | ) | — | (4,366,238 | ) | (607,517 | ) | (567,256 | ) | ||||||||||||||
Dollar | — | (9,105 | ) | — | (100,852 | ) | (48,075 | ) | (28,927 | ) | ||||||||||||||
Cash Management | — | — | — | (175,845 | ) | (13,602 | ) | (25,978 | ) | |||||||||||||||
Cash Reserve | — | — | — | (3,737 | ) | (725 | ) | (27 | ) | |||||||||||||||
Administration | — | — | — | (96,923 | ) | (3,539 | ) | — | ||||||||||||||||
Select | — | — | — | (8,805 | ) | (871 | ) | (7,050 | ) | |||||||||||||||
Private Client | — | — | — | (579 | ) | — | — | |||||||||||||||||
Premier | — | — | — | (317 | ) | — | — | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (469,881 | ) | (2,316,871 | ) | (45,106,743 | ) | (206,542,215 | ) | (96,931,713 | ) | (53,362,194 | ) | ||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Capital Share Transactions | ||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 169,877,573 | (1,128,023,833 | ) | 4,112,984,330 | (58,177,093,133 | ) | (5,282,723,135 | ) | 37,353,219,144 | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Net Assets | ||||||||||||||||||||||||
Total increase (decrease) in net assets | 169,907,072 | (1,128,147,955 | ) | 4,117,091,630 | (58,178,492,146 | ) | (5,283,785,558 | ) | 37,354,242,761 | |||||||||||||||
Beginning of period | 98,304,593 | 1,226,452,548 | 9,129,935,454 | 67,308,427,600 | 58,933,136,469 | 21,578,893,708 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
End of period | $ | 268,211,665 | $ | 98,304,593 | $ | 13,247,027,084 | $ | 9,129,935,454 | $ | 53,649,350,911 | $ | 58,933,136,469 | ||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Undistributed (distributions in excess of) net investment income, end of period | $ | (38,235 | ) | $ | (38,235 | ) | $ | (2,155,236 | ) | $ | (2,155,236 | ) | $ | 682,416 | $ | 682,416 | ||||||||
|
|
|
|
|
|
1 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See Notes to Financial Statements.
62 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Statements of Changes in Net Assets (continued) |
Treasury Trust Fund | MuniCash | MuniFund | ||||||||||||||||||||||
Increase (Decrease) in Net Assets: | Six Months Ended April 30, 2017 | Year Ended October 31, 2016 | Six Months Ended April 30, 2017 (Unaudited) | Year Ended October 31, 2016 | Six Months Ended April 30, 2017 (Unaudited) | Year Ended October 31, 2016 | ||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income | $ | 42,227,049 | $ | 22,862,269 | $ | 6,483,845 | $ | 3,042,352 | $ | 546,129 | $ | 1,054,340 | ||||||||||||
Net realized gain (loss) | (16,665 | ) | 1,402,702 | 162,689 | 19,069 | 5,228 | 38,704 | |||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | — | — | (4,042 | ) | 17,476 | — | — | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Net increase in net assets resulting from operations | 42,210,384 | 24,264,971 | 6,642,492 | 3,078,897 | 551,357 | 1,093,044 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Distributions to Shareholders1 | ||||||||||||||||||||||||
From net investment income: | ||||||||||||||||||||||||
Institutional | (41,162,280 | ) | (22,707,741 | ) | (6,413,646 | ) | (3,051,247 | ) | (485,000 | ) | (886,032 | ) | ||||||||||||
Dollar | (357,465 | ) | (42,202 | ) | (1,907 | ) | (1,138 | ) | (9,920 | ) | (7,296 | ) | ||||||||||||
Cash Management | (2,533 | ) | (1,938 | ) | — | — | (13 | ) | (194 | ) | ||||||||||||||
Administration | (704,420 | ) | (101,961 | ) | — | — | (51,087 | ) | (159,609 | ) | ||||||||||||||
Select | (17 | ) | (7,511 | ) | — | — | (1 | ) | (1,010 | ) | ||||||||||||||
Cash Reserve | (334 | ) | (916 | ) | — | — | — | — | ||||||||||||||||
Private Client | — | — | — | — | (108 | ) | (199 | ) | ||||||||||||||||
From net realized gain: | ||||||||||||||||||||||||
Institutional | (905,350 | ) | (564,501 | ) | — | (22,436 | ) | (31,493 | ) | (99,013 | ) | |||||||||||||
Dollar | (19,140 | ) | (15,034 | ) | — | (63 | ) | (871 | ) | (2,633 | ) | |||||||||||||
Cash Management | (587 | ) | (416 | ) | — | — | (10 | ) | (175 | ) | ||||||||||||||
Administration | (19,270 | ) | (9,724 | ) | — | — | (3,771 | ) | (33,097 | ) | ||||||||||||||
Select | (4,225 | ) | (666 | ) | — | — | (977 | ) | (729 | ) | ||||||||||||||
Cash Reserve | (17 | ) | (194 | ) | — | — | — | — | ||||||||||||||||
Private Client | — | — | — | — | (55 | ) | (120 | ) | ||||||||||||||||
From return of capital: | ||||||||||||||||||||||||
Institutional | — | — | — | (1,883,093 | ) | — | — | |||||||||||||||||
Dollar | — | — | — | (1,980 | ) | — | — | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (43,175,638 | ) | (23,452,804 | ) | (6,415,553 | ) | (4,959,957 | ) | (583,306 | ) | (1,190,107 | ) | ||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Capital Share Transactions | ||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 144,459,447 | 7,370,571,346 | 865,594,079 | 1,996,129,957 | 56,951,933 | (1,589,835,163 | ) | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Net Assets | ||||||||||||||||||||||||
Total increase (decrease) in net assets | 143,494,193 | 7,371,383,513 | 865,821,018 | 1,994,248,897 | 56,919,984 | (1,589,932,226 | ) | |||||||||||||||||
Beginning of period | 21,907,886,327 | 14,536,502,814 | 2,141,622,249 | 147,373,352 | 173,011,808 | 1,762,944,034 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
End of period | $ | 22,051,380,520 | $ | 21,907,886,327 | $ | 3,007,443,267 | $ | 2,141,622,249 | $ | 229,931,792 | $ | 173,011,808 | ||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Undistributed (distributions in excess of) net investment income, end of period | $ | 50,828 | $ | 50,828 | 68,292 | — | $ | 2,300 | $ | 2,300 | ||||||||||||||
|
|
|
|
|
|
1 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 63 |
Statements of Changes in Net Assets (concluded) |
California Money Fund | New York Money Fund | |||||||||||||||
Increase (Decrease) in Net Assets: | Six Months April 30, 2017 | Year Ended 2016 | Six Months Ended April 30, 2017 (Unaudited) | Year Ended October 31, 2016 | ||||||||||||
Operations | ||||||||||||||||
Net investment income | $ | 98,922 | $ | 199,008 | $ | 46,224 | $ | 77,092 | ||||||||
Net realized gain | — | 63,054 | — | 8,715 | ||||||||||||
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | 98,922 | 262,062 | 46,224 | 85,807 | ||||||||||||
|
|
|
| |||||||||||||
Distributions to Shareholders1 | ||||||||||||||||
From net investment income: | ||||||||||||||||
Institutional | (98,087 | ) | (197,733 | ) | (46,135 | ) | (75,344 | ) | ||||||||
Dollar | — | (4 | ) | — | — | |||||||||||
Cash Management | — | — | — | (379 | ) | |||||||||||
Administration | — | (489 | ) | — | (1,175 | ) | ||||||||||
Select | (1 | ) | (235 | ) | — | (129 | ) | |||||||||
Private Client | (834 | ) | (547 | ) | (89 | ) | (65 | ) | ||||||||
From net realized gain: | ||||||||||||||||
Institutional | (50,399 | ) | — | (22,443 | ) | (12,392 | ) | |||||||||
Dollar | — | — | — | — | ||||||||||||
Cash Management | — | — | — | (275 | ) | |||||||||||
Cash Reserve | — | — | — | — | ||||||||||||
Administration | — | — | — | (231 | ) | |||||||||||
Select | (8,364 | ) | — | (464 | ) | (607 | ) | |||||||||
Private Client | (4,304 | ) | — | (416 | ) | (270 | ) | |||||||||
From return of capital: | ||||||||||||||||
Institutional | — | — | — | (28,833 | ) | |||||||||||
Select | — | — | — | (1,681 | ) | |||||||||||
Private Client | — | — | — | (876 | ) | |||||||||||
|
|
|
| |||||||||||||
Decrease in net assets resulting from distributions to shareholders | (161,989 | ) | (199,008 | ) | (69,547 | ) | (122,257 | ) | ||||||||
|
|
|
| |||||||||||||
Capital Share Transactions | ||||||||||||||||
Net decrease in net assets derived from capital share transactions | (15,906,631 | ) | (190,058,850 | ) | (890,567 | ) | (95,480,948 | ) | ||||||||
|
|
|
| |||||||||||||
Net Assets | ||||||||||||||||
Total decrease in net assets | (15,969,698 | ) | (189,995,796 | ) | (913,890 | ) | (95,517,398 | ) | ||||||||
Beginning of period | 53,174,513 | 243,170,309 | 18,816,170 | 114,333,568 | ||||||||||||
|
|
|
| |||||||||||||
End of period | $ | 37,204,815 | $ | 53,174,513 | $ | 17,902,280 | $ | 18,816,170 | ||||||||
|
|
|
|
1 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See Notes to Financial Statements.
64 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Financial Highlights | Federal Trust Fund |
Institutional | ||||||||||||||||||||||||
Six Months April 30, 2017 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
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 | 0.0020 | 0.0016 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||
Net realized gain (loss) | (0.0000 | )2 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | |||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0020 | 0.0016 | 0.0001 | 0.0001 | 0.0001 | 0.0002 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:3 | ||||||||||||||||||||||||
From net investment income | (0.0020 | ) | (0.0016 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
From net realized gain | (0.0000 | )2 | (0.0000 | )2 | (0.0000 | )2 | (0.0000 | )2 | (0.0000 | )2 | (0.0001 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0020 | ) | (0.0016 | ) | (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 Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.20 | %5 | 0.16 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.23 | %6 | 0.28 | % | 0.33 | % | 0.33 | % | 0.32 | % | 0.33 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.17 | %6 | 0.18 | % | 0.08 | % | 0.07 | % | 0.11 | % | 0.11 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.40 | %6 | 0.19 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 3,133,826 | $3,142,077 | $331,549 | $236,113 | $235,349 | $188,110 | |||||||||||||||||
|
| |||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
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 | 0.0008 | 0.0000 | 1 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | |||||||||||||||||
Net realized gain (loss) | (0.0000 | )2 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | |||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0008 | 0.0000 | 0.0001 | 0.0001 | 0.0001 | 0.0002 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:3 | ||||||||||||||||||||||||
From net investment income | (0.0008 | ) | (0.0000 | )2 | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
From net realized gain | (0.0000 | )2 | (0.0000 | )2 | (0.0000 | )2 | (0.0000 | )2 | (0.0000 | )2 | (0.0001 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0008 | ) | (0.0000 | ) | (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 Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.08 | %5 | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.48 | %6 | 0.52 | % | 0.58 | % | 0.58 | % | 0.57 | % | 0.58 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.41 | %6 | 0.38 | % | 0.08 | % | 0.07 | % | 0.11 | % | 0.11 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.15 | %6 | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $136,453 | $242,959 | $ 2,105 | $ 3,683 | $ 15,061 | $ 10,917 | ||||||||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Amount is greater than $(0.00005) per share. |
3 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 65 |
Financial Highlights (continued) | Federal Trust Fund |
Cash Management | ||||||||
Six Months Ended April 30, 2017 (Unaudited) | Period October 31, 2016 | |||||||
Per Share Operating Performance | ||||||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | ||||||
|
| |||||||
Net investment income | 0.0001 | 0.0000 | 2 | |||||
Net realized gain (loss) | (0.0000 | )3 | — | |||||
|
| |||||||
Net increase from investment operations | 0.0001 | 0.0000 | ||||||
|
| |||||||
Distributions:4 | ||||||||
From net investment income | (0.0001 | ) | (0.0000 | )3 | ||||
From net realized gain | (0.0000 | )3 | — | |||||
|
| |||||||
Total distributions | (0.0001 | ) | (0.0000 | ) | ||||
|
| |||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | ||||||
|
| |||||||
Total Return5 | ||||||||
Based on net asset value | 0.01 | %6 | 0.00 | %6 | ||||
|
| |||||||
Ratios to Average Net Assets | ||||||||
Total expenses | 0.73 | %7 | 0.69 | %7 | ||||
|
| |||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.54 | %7 | 0.34 | %7 | ||||
|
| |||||||
Net investment income | 0.01 | %7 | 0.00 | %7 | ||||
|
| |||||||
Supplemental Data | ||||||||
Net assets, end of period (000) | $ 21,322 | $ 31,560 | ||||||
|
| |||||||
Cash Reserve | ||||||||
Six Months April 30, 2017 | Period April 18, 20161 October 31, 2016 | |||||||
Per Share Operating Performance | ||||||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | ||||||
|
| |||||||
Net investment income | 0.0003 | 0.0000 | 2 | |||||
Net realized gain (loss) | (0.0000 | )3 | — | |||||
|
| |||||||
Net increase from investment operations | 0.0003 | 0.0000 | ||||||
|
| |||||||
Distributions:4 | ||||||||
From net investment income | (0.0003 | ) | (0.0000 | )3 | ||||
From net realized gain | (0.0000 | )3 | — | |||||
|
| |||||||
Total distributions | (0.0003 | ) | (0.0000 | ) | ||||
|
| |||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | ||||||
|
| |||||||
Total Return5 | ||||||||
Based on net asset value | 0.03 | %6 | 0.00 | %6 | ||||
|
| |||||||
Ratios to Average Net Assets | ||||||||
Total expenses | 0.63 | %7 | 0.61 | %7 | ||||
|
| |||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.52 | %7 | 0.35 | %7 | ||||
|
| |||||||
Net investment income | 0.05 | %7 | 0.00 | %7 | ||||
|
| |||||||
Supplemental Data | ||||||||
Net assets, end of period (000) | $ 466 | $ 499 | ||||||
|
|
1 | Commencement of operations. |
2 | Amount is less than $0.00005 per share. |
3 | Amount is greater than $(0.00005) per share. |
4 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
5 | Where applicable, assumes the reinvestment of distributions. |
6 | Aggregate total return. |
7 | Annualized. |
See Notes to Financial Statements.
66 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Financial Highlights (concluded) | Federal Trust Fund |
Administration | ||||||||||||||||||||||||
Six Months April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
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 | 0.0015 | 0.0007 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||
Net realized gain (loss) | (0.0000 | )2 | — | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0015 | 0.0007 | 0.0001 | 0.0001 | 0.0001 | 0.0002 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:3 | ||||||||||||||||||||||||
From net investment income | (0.0015 | ) | (0.0007 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
From net realized gain | (0.0000 | )2 | — | (0.0000 | )2 | (0.0000 | )2 | (0.0000 | )2 | (0.0001 | ) | |||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0015 | ) | (0.0007 | ) | (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 Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.15 | %5 | 0.06 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.34 | %6 | 0.37 | % | 0.43 | % | 0.43 | % | 0.42 | % | 0.43 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.27 | %6 | 0.28 | % | 0.08 | % | 0.07 | % | 0.10 | % | 0.11 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.30 | %6 | 0.11 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 83,201 | $ | 42,205 | $ | — | 7 | $ | 2,183 | $ | 2,289 | $ | 1,629 | |||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Amount is greater than $(0.00005) per share. |
3 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
7 | Net assets end of period are less than $1,000. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 67 |
Financial Highlights | FedFund |
Institutional | ||||||||||||||||||||||||
Six Months Ended April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
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 | 0.0023 | 0.0023 | 0.0002 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||
Net realized gain (loss) | (0.0000 | )1 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | ||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0023 | 0.0023 | 0.0002 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:3 | ||||||||||||||||||||||||
From net investment income | (0.0023 | ) | (0.0023 | ) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
From net realized gain | — | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | |||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0023 | ) | (0.0023 | ) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.23 | %5 | 0.23 | % | 0.02 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.19 | %6 | 0.21 | % | 0.21 | % | 0.21 | % | 0.21 | % | 0.21 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.13 | %6 | 0.12 | % | 0.12 | % | 0.09 | % | 0.14 | % | 0.17 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.46 | %6 | 0.28 | % | 0.02 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $78,414,044 | $84,001,937 | $11,361,624 | $10,689,737 | $12,265,686 | $11,698,677 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
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 | 0.0011 | 0.0004 | 0.0002 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||
Net realized gain (loss) | (0.0000 | )1 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | ||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0011 | 0.0004 | 0.0002 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:3 | ||||||||||||||||||||||||
From net investment income | (0.0011 | ) | (0.0004 | ) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
From net realized gain | — | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | |||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0011 | ) | (0.0004 | ) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.11 | %5 | 0.04 | % | 0.02 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.44 | %6 | 0.46 | % | 0.46 | % | 0.46 | % | 0.46 | % | 0.46 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.38 | %6 | 0.34 | % | 0.13 | % | 0.09 | % | 0.13 | % | 0.17 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.21 | %6 | 0.04 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $1,787,100 | $2,029,496 | $917,631 | $748,382 | $593,574 | $325,447 | ||||||||||||||||||
|
|
1 | Amount is greater than $(0.00005) per share. |
2 | Amount is less than $0.00005 per share. |
3 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
See Notes to Financial Statements.
68 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Financial Highlights (continued) | FedFund |
Cash Management | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
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 | 0.0003 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||
Net realized gain (loss) | (0.0000 | )1 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | ||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0003 | 0.0003 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:3 | ||||||||||||||||||||||||
From net investment income | (0.0003 | ) | (0.0003 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
From net realized gain | — | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | |||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0003 | ) | (0.0003 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.03 | %5 | 0.04 | % | 0.02 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.69 | %6 | 0.71 | % | 0.71 | % | 0.71 | % | 0.71 | % | 0.71 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.55 | %6 | 0.36 | % | 0.13 | % | 0.09 | % | 0.13 | % | 0.16 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.06 | %6 | 0.03 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $147,046 | $ 90,565 | $ 64,483 | $ 3,547 | $ 2,947 | $ 2,350 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Cash Reserve | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.0005 | 0.0003 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||
Net realized gain (loss) | (0.0000 | )1 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | ||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0005 | 0.0003 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:3 | ||||||||||||||||||||||||
From net investment income | (0.0005 | ) | (0.0003 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
From net realized gain | — | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | |||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0005 | ) | (0.0003 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.05 | %5 | 0.04 | % | 0.02 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.59 | %6 | 0.62 | % | 0.61 | % | 0.61 | % | 0.61 | % | 0.61 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.53 | %6 | 0.31 | % | 0.13 | % | 0.09 | % | 0.12 | % | 0.17 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.14 | %6 | 0.09 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $1,049,448 | $220,572 | $ 5,442 | $ 4,561 | $ 4,863 | $ 208 | ||||||||||||||||||
|
|
1 | Amount is greater than $(0.00005) per share. |
2 | Amount is less than $0.00005 per share. |
3 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 69 |
Financial Highlights (continued) | FedFund |
Administration | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
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 | 0.0018 | 0.0014 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||
Net realized gain (loss) | (0.0000 | )1 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | ||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0018 | 0.0014 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:3 | ||||||||||||||||||||||||
From net investment income | (0.0018 | ) | (0.0014 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
From net realized gain | — | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | |||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0018 | ) | (0.0014 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.18 | %5 | 0.14 | % | 0.02 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.29 | %6 | 0.31 | % | 0.31 | % | 0.31 | % | 0.31 | % | 0.31 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.24 | %6 | 0.21 | % | 0.13 | % | 0.09 | % | 0.14 | % | 0.17 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.38 | %6 | 0.17 | % | 0.02 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $2,732,074 | $1,693,932 | $346,593 | $233,421 | $ 12,271 | $ 18,664 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Select | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
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 | 0.0003 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||
Net realized gain (loss) | (0.0000 | )1 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | ||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0002 | 0.0003 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:3 | ||||||||||||||||||||||||
From net investment income | (0.0002 | ) | (0.0003 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
From net realized gain | — | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | |||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0002 | ) | (0.0003 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.02 | %5 | 0.04 | % | 0.02 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.04 | %6 | 1.06 | % | 1.06 | % | 1.06 | % | 1.06 | % | 1.06 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.56 | %6 | 0.34 | % | 0.13 | % | 0.09 | % | 0.14 | % | 0.17 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.04 | %6 | 0.04 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $224,984 | $241,781 | $205,658 | $ 92,940 | $111,589 | $100,792 | ||||||||||||||||||
|
|
1 | Amount is greater than $(0.00005) per share. |
2 | Amount is less than $0.00005 per share. |
3 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
See Notes to Financial Statements.
70 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Financial Highlights (concluded) | FedFund |
Private Client | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
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 | 0.0004 | 0.0003 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||
Net realized gain (loss) | (0.0000 | )1 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | ||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0004 | 0.0003 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:3 | ||||||||||||||||||||||||
From net investment income | (0.0004 | ) | (0.0003 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
From net realized gain | — | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | |||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0004 | ) | (0.0003 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.04 | %5 | 0.04 | % | 0.02 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.04 | %6 | 1.06 | % | 1.06 | % | 1.06 | % | 1.06 | % | 1.06 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.53 | %6 | 0.35 | % | 0.13 | % | 0.09 | % | 0.14 | % | 0.17 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.07 | %6 | 0.03 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ 1,874 | $ 1,945 | $ 3,777 | $ 6,385 | $ 7,729 | $ 16,948 | ||||||||||||||||||
|
|
Premier | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
20167 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | |||||||||||||||
|
| |||||||||||||||||||
Net investment income | 0.0003 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | |||||||||||||||
Net realized gain (loss) | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | 0.0000 | 2 | ||||||||||
|
| |||||||||||||||||||
Net increase from investment operations | 0.0003 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | |||||||||||||||
|
| |||||||||||||||||||
Distributions:3 | ||||||||||||||||||||
From net investment income | (0.0003 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||
From net realized gain | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | (0.0000 | )1 | ||||||||||
|
| |||||||||||||||||||
Total distributions | (0.0003 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||
|
| |||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | |||||||||||||||
|
| |||||||||||||||||||
Total Return4 | ||||||||||||||||||||
Based on net asset value | 0.04 | % | 0.02 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||
|
| |||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses | 0.80 | % | 0.81 | % | 0.81 | % | 0.81 | % | 0.81 | % | ||||||||||
|
| |||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.36 | % | 0.13 | % | 0.09 | % | 0.14 | % | 0.17 | % | ||||||||||
|
| |||||||||||||||||||
Net investment income | 0.03 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||
|
| |||||||||||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000) | $ 12 | $ 143 | $ 1,951 | $ 479 | $ 1,042 | |||||||||||||||
|
|
1 | Amount is greater than $(0.00005) per share. |
2 | Amount is less than $0.00005 per share. |
3 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
7 | There were no Premier shares outstanding for the six months ended April 30, 2017. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 71 |
Financial Highlights | TempCash |
Institutional | ||||||||||||||||||||||||
Six Months Ended April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ 1.0000 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.0029 | 0.0027 | 0.0006 | 0.0004 | 0.0010 | 0.0015 | ||||||||||||||||||
Net realized and unrealized gain | 0.0001 | 0.0002 | 0.0002 | 0.0002 | 0.0000 | 1 | 0.0001 | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0030 | 0.0029 | 0.0008 | 0.0006 | 0.0010 | 0.0016 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||
From net investment income | (0.0029 | ) | (0.0027 | ) | (0.0006 | ) | (0.0004 | ) | (0.0010 | ) | (0.0015 | ) | ||||||||||||
From net realized gain | — | (0.0002 | ) | (0.0002 | ) | (0.0002 | ) | (0.0000 | )3 | (0.0001 | ) | |||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0029 | ) | (0.0029 | ) | (0.0008 | ) | (0.0006 | ) | (0.0010 | ) | (0.0016 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.0001 | $ 1.0000 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.30 | %5 | 0.29 | % | 0.08 | % | 0.06 | % | 0.10 | % | 0.16 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.51 | %6 | 0.39 | % | 0.35 | % | 0.33 | % | 0.31 | % | 0.28 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.16 | %6 | 0.13 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.67 | %6 | 0.26 | % | 0.06 | % | 0.05 | % | 0.10 | % | 0.15 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $242,744 | $ 72,311 | $1,142,790 | $1,489,543 | $2,647,717 | $3,622,878 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||
Six Months Ended April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ 1.0000 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.0017 | 0.0006 | 0.0001 | 0.0000 | 1 | 0.0002 | 0.0001 | |||||||||||||||||
Net realized and unrealized gain (loss) | 0.0001 | 0.0002 | 0.0002 | 0.0002 | 0.0000 | 1 | 0.0001 | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0018 | 0.0008 | 0.0003 | 0.0002 | 0.0002 | 0.0002 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||
From net investment income | (0.0017 | ) | (0.0006 | ) | (0.0001 | ) | (0.0000 | )3 | (0.0002 | ) | (0.0001 | ) | ||||||||||||
From net realized gain | — | (0.0002 | ) | (0.0002 | ) | (0.0002 | ) | (0.0000 | )3 | (0.0001 | ) | |||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0017 | ) | (0.0008 | ) | (0.0003 | ) | (0.0002 | ) | (0.0002 | ) | (0.0002 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.0001 | $ 1.0000 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.18 | %5 | 0.08 | % | 0.03 | % | 0.02 | % | 0.02 | % | 0.02 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.78 | %6 | 0.64 | % | 0.59 | % | 0.58 | % | 0.56 | % | 0.53 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.40 | %6 | 0.34 | % | 0.23 | % | 0.22 | % | 0.26 | % | 0.32 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.33 | %6 | 0.06 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ 25,468 | $ 25,994 | $ 83,662 | $213,086 | $464,691 | $551,888 | ||||||||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
See Notes to Financial Statements.
72 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Financial Highlights | TempFund |
Institutional | ||||||||||||||||||||||||
Six Months Ended April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ 1.0002 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.0042 | 0.0036 | 0.0008 | 0.0003 | 0.0008 | 0.0013 | ||||||||||||||||||
Net realized and unrealized gain | 0.0003 | 0.0004 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0001 | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0045 | 0.0040 | 0.0009 | 0.0004 | 0.0008 | 0.0014 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||
From net investment income | (0.0042 | ) | (0.0036 | ) | (0.0008 | ) | (0.0003 | ) | (0.0008 | ) | (0.0013 | ) | ||||||||||||
From net realized gain | — | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )3 | (0.0001 | ) | |||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0042 | ) | (0.0038 | ) | (0.0009 | ) | (0.0004 | ) | (0.0008 | ) | (0.0014 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.0005 | $ 1.0002 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.45 | %5 | 0.41 | % | 0.09 | % | 0.04 | % | 0.08 | % | 0.14 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.22 | %6 | 0.19 | % | 0.19 | % | 0.19 | % | 0.19 | % | 0.19 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.18 | %6 | 0.18 | % | 0.16 | % | 0.17 | % | 0.18 | % | 0.18 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.86 | %6 | 0.35 | % | 0.08 | % | 0.03 | % | 0.08 | % | 0.14 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $12,311,774 | $8,183,070 | $62,215,214 | $46,327,088 | $42,517,741 | $43,032,035 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||
Six Months Ended April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ 1.0002 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.0029 | 0.0013 | 0.0002 | 0.0002 | 0.0001 | 0.0001 | ||||||||||||||||||
Net realized and unrealized gain | 0.0004 | 0.0004 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0001 | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0033 | 0.0017 | 0.0003 | 0.0003 | 0.0001 | 0.0002 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||
From net investment income | (0.0029 | ) | (0.0013 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
From net realized gain | — | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )3 | (0.0001 | ) | |||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0029 | ) | (0.0015 | ) | (0.0003 | ) | (0.0003 | ) | (0.0001 | ) | (0.0002 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.0006 | $ 1.0002 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.34 | %5 | 0.17 | % | 0.03 | % | 0.03 | % | 0.02 | % | 0.02 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.47 | %6 | 0.44 | % | 0.44 | % | 0.44 | % | 0.44 | % | 0.44 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.43 | %6 | 0.42 | % | 0.22 | % | 0.18 | % | 0.25 | % | 0.31 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.61 | %6 | 0.13 | % | 0.02 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ 86,544 | $ 91,943 | $1,511,529 | $2,673,968 | $2,300,509 | $1,941,890 | ||||||||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 73 |
Financial Highlights (continued) | TempFund |
Cash Management | ||||||||||||||||||||||||
Six Months Ended April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ 1.0002 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.0017 | 0.0000 | 1 | 0.0002 | 0.0002 | 0.0001 | 0.0001 | |||||||||||||||||
Net realized and unrealized gain | 0.0003 | 0.0004 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0001 | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0020 | 0.0004 | 0.0003 | 0.0003 | 0.0001 | 0.0002 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||
From net investment income | (0.0017 | ) | (0.0000 | )3 | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
From net realized gain | — | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )3 | (0.0001 | ) | |||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0017 | ) | (0.0002 | ) | (0.0003 | ) | (0.0003 | ) | (0.0001 | ) | (0.0002 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.0005 | $ 1.0002 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.20 | %5 | 0.04 | % | 0.03 | % | 0.03 | % | 0.02 | % | 0.02 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.72 | %6 | 0.68 | % | 0.69 | % | 0.69 | % | 0.69 | % | 0.69 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.68 | %6 | 0.56 | % | 0.23 | % | 0.18 | % | 0.25 | % | 0.31 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.34 | %6 | 0.01 | % | 0.02 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $736,656 | $831,483 | $403,371 | $278,181 | $231,804 | $300,910 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Cash Reserve | ||||||||||||||||||||||||
Six Months Ended April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ 1.0002 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.0022 | 0.0004 | 0.0002 | 0.0002 | 0.0001 | 0.0001 | ||||||||||||||||||
Net realized and unrealized gain | 0.0003 | 0.0002 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0001 | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0025 | 0.0006 | 0.0003 | 0.0003 | 0.0001 | 0.0002 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||
From net investment income | (0.0022 | ) | (0.0002 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
From net realized gain | — | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )3 | (0.0001 | ) | |||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0022 | ) | (0.0004 | ) | (0.0003 | ) | (0.0003 | ) | (0.0001 | ) | (0.0002 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.0005 | $ 1.0002 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.25 | %5 | 0.06 | % | 0.03 | % | 0.03 | % | 0.02 | % | 0.02 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.62 | %6 | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.58 | %6 | 0.51 | % | 0.23 | % | 0.18 | % | 0.24 | % | 0.30 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.44 | %6 | 0.01 | % | 0.02 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ 3,192 | $ 5,630 | $ 16,693 | $ 19,977 | $ 15,031 | $ 13,130 | ||||||||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
See Notes to Financial Statements.
74 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Financial Highlights (continued) | TempFund |
Administration | ||||||||||||||||||||||||
Six Months Ended April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ 1.0002 | $ 1.00 | $ | 1.00 | $ 1.00 | $ | 1.00 | $ | 1.00 | |||||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.0037 | 0.0026 | 0.0002 | 0.0002 | 0.0002 | 0.0004 | ||||||||||||||||||
Net realized and unrealized gain | 0.0004 | 0.0004 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0001 | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0041 | 0.0030 | 0.0003 | 0.0003 | 0.0002 | 0.0005 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||
From net investment income | (0.0037 | ) | (0.0026 | ) | (0.0002 | ) | (0.0002 | ) | (0.0002 | ) | (0.0004 | ) | ||||||||||||
From net realized gain | — | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )3 | (0.0001 | ) | |||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0037 | ) | (0.0028 | ) | (0.0003 | ) | (0.0003 | ) | (0.0002 | ) | (0.0005 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.0006 | $ 1.0002 | $ | 1.00 | $ 1.00 | $ | 1.00 | $ | 1.00 | |||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.41 | %5 | 0.31 | % | 0.03 | % | 0.03 | % | 0.02 | % | 0.06 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.32 | %6 | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.28 | %6 | 0.28 | % | 0.23 | % | 0.18 | % | 0.24 | % | 0.27 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.85 | %6 | 0.24 | % | 0.02 | % | 0.02 | % | 0.01 | % | 0.05 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $107,432 | $ 15,197 | $ | 2,843,390 | $2,542,670 | $ | 2,740,631 | $ | 2,548,103 | |||||||||||||||
|
| |||||||||||||||||||||||
Select | ||||||||||||||||||||||||
Six Months Ended April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ 1.0002 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.0003 | 0.0000 | 1 | 0.0002 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | ||||||||||||||
Net realized and unrealized gain | 0.0004 | 0.0004 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0001 | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0007 | 0.0004 | 0.0003 | 0.0001 | 0.0000 | 0.0001 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||
From net investment income | (0.0003 | ) | (0.0000 | )3 | (0.0002 | ) | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | ||||||||||||
From net realized gain | — | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )3 | (0.0001 | ) | |||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0003 | ) | (0.0002 | ) | (0.0003 | ) | (0.0001 | ) | (0.0000 | ) | (0.0001 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.0006 | $ 1.0002 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.07 | %5 | 0.04 | % | 0.03 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.08 | %6 | 1.04 | % | 1.04 | % | 1.04 | % | 1.04 | % | 1.04 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.90 | %6 | 0.51 | % | 0.22 | % | 0.19 | % | 0.26 | % | 0.32 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.02 | %6 | 0.00 | % | 0.02 | % | 0.01 | % | 0.00 | % | 0.00 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ 54 | $ 963 | $295,371 | $424,555 | $514,918 | $536,971 | ||||||||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 75 |
Financial Highlights (concluded) | TempFund |
Private Client | ||||||||||||||||||||||||
Six Months Ended April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ 1.0002 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.0017 | 0.0000 | 1 | 0.0002 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | ||||||||||||||
Net realized and unrealized gain | 0.0003 | 0.0004 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0001 | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0020 | 0.0004 | 0.0003 | 0.0001 | 0.0000 | 0.0001 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||
From net investment income | (0.0017 | ) | (0.0000 | )3 | (0.0002 | ) | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | ||||||||||||
From net realized gain | — | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )3 | (0.0001 | ) | |||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0017 | ) | (0.0002 | ) | (0.0003 | ) | (0.0001 | ) | (0.0000 | ) | (0.0001 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.0005 | $ 1.0002 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.20 | %5 | 0.04 | % | 0.03 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.07 | %6 | 1.04 | % | 1.04 | % | 1.04 | % | 1.04 | % | 1.04 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.68 | %6 | 0.53 | % | 0.23 | % | 0.19 | % | 0.26 | % | 0.32 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.34 | %6 | 0.00 | % | 0.02 | % | 0.01 | % | 0.00 | % | 0.00 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ 1,374 | $ 1,649 | $ 9,855 | $ 14,738 | $ 16,524 | $ 19,248 | ||||||||||||||||||
|
|
Premier | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
20167 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | |||||||||||||||
|
| |||||||||||||||||||
Net investment income | 0.0000 | 1 | 0.0002 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | |||||||||||
Net realized and unrealized gain | 0.0004 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0001 | ||||||||||||||
|
| |||||||||||||||||||
Net increase from investment operations | 0.0004 | 0.0003 | 0.0001 | 0.0000 | 0.0001 | |||||||||||||||
|
| |||||||||||||||||||
Distributions:2 | ||||||||||||||||||||
From net investment income | (0.0000 | )3 | (0.0002 | ) | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | ||||||||||
From net realized gain | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )3 | (0.0001 | ) | ||||||||||
|
| |||||||||||||||||||
Total distributions | (0.0002 | ) | (0.0003 | ) | (0.0001 | ) | (0.0000 | ) | (0.0001 | ) | ||||||||||
|
| |||||||||||||||||||
Net asset value, end of period | $ 1.0002 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | |||||||||||||||
|
| |||||||||||||||||||
Total Return4 | ||||||||||||||||||||
Based on net asset value | 0.04 | % | 0.03 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||
|
| |||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses | 0.79 | % | 0.79 | % | 0.79 | % | 0.79 | % | 0.79 | % | ||||||||||
|
| |||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.45 | % | 0.24 | % | 0.19 | % | 0.26 | % | 0.31 | % | ||||||||||
|
| |||||||||||||||||||
Net investment income | 0.00 | % | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | ||||||||||
|
| |||||||||||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000) | $ — | 8 | $ 13,005 | $ 11,127 | $ 17,700 | $ 18,072 | ||||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
7 | There were no Premier shares outstanding for the six months ended April 30, 2017. |
8 | Net assets are less than $1,000. |
See Notes to Financial Statements.
76 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Financial Highlights | T-Fund |
Institutional | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
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 | 0.0020 | 0.0017 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||
Net realized gain (loss) | (0.0000 | )1 | 0.0000 | 2 | 0.0001 | 0.0001 | 0.0000 | 2 | 0.0000 | 2 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0020 | 0.0017 | 0.0002 | 0.0002 | 0.0001 | 0.0001 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:3 | ||||||||||||||||||||||||
From net investment income | (0.0020 | ) | (0.0017 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
From net realized gain | (0.0000 | )1 | (0.0000 | )1 | (0.0001 | ) | (0.0001 | ) | (0.0000 | )1 | (0.0000 | )1 | ||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0020 | ) | (0.0017 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.20 | %5 | 0.17 | % | 0.02 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.19 | %6 | 0.20 | % | 0.20 | % | 0.21 | % | 0.21 | % | 0.20 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.17 | %6 | 0.17 | % | 0.08 | % | 0.06 | % | 0.11 | % | 0.12 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.40 | %6 | 0.18 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 48,256,168 | $ | 53,764,049 | $ | 19,598,433 | $ | 18,501,009 | $ | 15,448,264 | $ | 17,649,086 | ||||||||||||
|
| |||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
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 | 0.0008 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||
Net realized gain (loss) | (0.0000 | )1 | 0.0000 | 2 | 0.0001 | 0.0001 | 0.0000 | 2 | 0.0000 | 2 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0008 | 0.0001 | 0.0002 | 0.0002 | 0.0001 | 0.0001 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:3 | ||||||||||||||||||||||||
From net investment income | (0.0008 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
From net realized gain | (0.0000 | )1 | (0.0000 | )1 | (0.0001 | ) | (0.0001 | ) | (0.0000 | )1 | (0.0000 | )1 | ||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0008 | ) | (0.0001 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.08 | %5 | 0.02 | % | 0.02 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.44 | %6 | 0.45 | % | 0.45 | % | 0.46 | % | 0.46 | % | 0.45 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.41 | %6 | 0.34 | % | 0.08 | % | 0.06 | % | 0.09 | % | 0.12 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.17 | %6 | 0.02 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,225,105 | $ | 3,807,290 | $ | 988,153 | $ | 755,491 | $ | 855,847 | $ | 479,912 | ||||||||||||
|
|
1 | Amount is greater than $(0.00005) per share. |
2 | Amount is less than $0.00005 per share. |
3 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 77 |
Financial Highlights (continued) | T-Fund |
Cash Management | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
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 | 0.0001 | ||||||||||||||||||
Net realized gain (loss) | (0.0000 | )1 | 0.0000 | 2 | 0.0001 | 0.0001 | 0.0000 | 2 | 0.0000 | 2 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0002 | 0.0002 | 0.0001 | 0.0001 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:3 | ||||||||||||||||||||||||
From net investment income | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
From net realized gain | (0.0000 | )1 | (0.0000 | )1 | (0.0001 | ) | (0.0001 | ) | (0.0000 | )1 | (0.0000 | )1 | ||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.02 | %5 | 0.02 | % | 0.02 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.69 | %6 | 0.70 | % | 0.70 | % | 0.71 | % | 0.71 | % | 0.70 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.52 | %6 | 0.32 | % | 0.08 | % | 0.06 | % | 0.11 | % | 0.12 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.02 | %6 | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $596,042 | $1,133,743 | $771,441 | $629,757 | $1,002,044 | $1,454,450 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Cash Reserve | ||||||||||||||||||||||||
Six Months Ended April 30, 2017 (Unaudited) | Year Ended October 31, 2016 | Period September 24, 20157 to October 31, 2015 | ||||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.0003 | 0.0001 | 0.0000 | 2 | ||||||||||||||||||||
Net realized gain (loss) | (0.0000 | )1 | 0.0000 | 2 | 0.0000 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Net increase (decrease) from investment operations | 0.0003 | 0.0001 | 0.0000 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:3 | ||||||||||||||||||||||||
From net investment income | (0.0003 | ) | (0.0001 | ) | (0.0000 | )1 | ||||||||||||||||||
From net realized gain | (0.0000 | )1 | (0.0000 | )1 | — | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0003 | ) | (0.0001 | ) | (0.0000 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.03 | %5 | 0.02 | % | 0.00 | %5 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.59 | %6 | 0.60 | % | 0.56 | %6 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.52 | %6 | 0.35 | % | 0.08 | %6 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.06 | %6 | 0.02 | % | 0.01 | %6 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ 56,186 | $ 68,784 | $ —8 | |||||||||||||||||||||
|
|
1 | Amount is greater than $(0.00005) per share. |
2 | Amount is less than $0.00005 per share. |
3 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
7 | Commencement of operations. |
8 | Net assets are less than $1,000. |
See Notes to Financial Statements.
78 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Financial Highlights (continued) | T-Fund |
Administration | ||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
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 | 0.0015 | 0.0008 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0001 | |||||||||||||||||
Net realized gain (loss) | (0.0000 | )2 | 0.0000 | 1 | 0.0001 | 0.0001 | 0.0001 | 0.0000 | 1 | |||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0015 | 0.0008 | 0.0002 | 0.0002 | 0.0001 | 0.0001 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:3 | ||||||||||||||||||||||||
From net investment income | (0.0015 | ) | (0.0008 | ) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )2 | (0.0001 | ) | ||||||||||||
From net realized gain | (0.0000 | )2 | (0.0000 | )2 | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )2 | ||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0015 | ) | (0.0008 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.16 | %5 | 0.08 | % | 0.02 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.29 | %6 | 0.30 | % | 0.30 | % | 0.00 | % | 0.30 | % | 0.30 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.27 | %6 | 0.26 | % | 0.08 | % | 0.00 | % | 0.15 | % | 0.12 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.35 | %6 | 0.12 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $442,560 | $ 75,294 | $ 5 | $ — | 7 | $ — | 7 | $ 16,431 | ||||||||||||||||
|
| |||||||||||||||||||||||
Select | ||||||||||||||||||||||||
Six Months Ended April 30, 2017 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0001 | |||||||||||||||||
Net realized gain (loss) | (0.0000 | )2 | 0.0000 | 1 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0000 | 0.0001 | 0.0002 | 0.0002 | 0.0001 | 0.0001 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:3 | ||||||||||||||||||||||||
From net investment income | (0.0000 | )2 | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
From net realized gain | (0.0000 | )2 | (0.0000 | )2 | (0.0001 | ) | (0.0001 | ) | (0.0000 | )2 | (0.0000 | )2 | ||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0000 | ) | (0.0001 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.00 | %5 | 0.02 | % | 0.02 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.04 | %6 | 1.05 | % | 1.05 | % | 1.06 | % | 1.06 | % | 1.05 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.57 | %6 | 0.31 | % | 0.08 | % | 0.06 | % | 0.11 | % | 0.12 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.00 | %6 | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ 73,290 | $ 83,975 | $220,861 | $196,531 | $214,156 | $103,189 | ||||||||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Amount is greater than $(0.00005) per share. |
3 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
7 | Net assets are less than $1,000. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 79 |
Financial Highlights (concluded) | T-Fund |
Premier | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
20161 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
|
| |||||||||||||||||||
Net investment income | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | |||||||||||||||
Net realized gain (loss) | 0.0000 | 2 | 0.0001 | 0.0001 | 0.0000 | 2 | 0.0000 | 2 | ||||||||||||
|
| |||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0002 | 0.0002 | 0.0001 | 0.0001 | |||||||||||||||
|
| |||||||||||||||||||
Distributions:3 | ||||||||||||||||||||
From net investment income | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||
From net realized gain | (0.0000 | )4 | (0.0001 | ) | (0.0001 | ) | (0.0000 | )4 | (0.0000 | )4 | ||||||||||
|
| |||||||||||||||||||
Total distributions | (0.0001 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||
|
| |||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
|
| |||||||||||||||||||
Total Return5 | ||||||||||||||||||||
Based on net asset value | 0.02 | % | 0.02 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||
|
| |||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses | 0.80 | % | 0.83 | % | 0.80 | % | 0.81 | % | 0.80 | % | ||||||||||
|
| |||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.31 | % | 0.08 | % | 0.06 | % | 0.09 | % | 0.13 | % | ||||||||||
|
| |||||||||||||||||||
Net investment income | 0.01 | % | 0.01 | % | 0.00 | % | 0.01 | % | 0.01 | % | ||||||||||
|
| |||||||||||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000) | $ | — | 6 | $ | — | 6 | $ | 1 | $ | 51,805 | $ | 13 | ||||||||
|
|
1 | There were no Premier shares outstanding for the six months ended April 30, 2017. |
2 | Amount is less than $0.00005 per share. |
3 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
4 | Amount is greater than $(0.00005) per share. |
5 | Where applicable, assumes the reinvestment of distributions. |
6 | Net assets are less than $1,000. |
See Notes to Financial Statements.
80 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Financial Highlights | Treasury Trust Fund |
Institutional | ||||||||||||||||||||||||
Six Months Ended April 30, 2017 (Unaudited) | ||||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
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 | 0.0019 | 0.0013 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | ||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | |||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0019 | 0.0013 | 0.0000 | 0.0001 | 0.0000 | 0.0000 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||
From net investment income | (0.0019 | ) | (0.0013 | ) | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | ||||||||||||
From net realized gain | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0001 | ) | (0.0000 | )3 | (0.0000 | )3 | ||||||||||||
|
| |||||||||||||||||||||||
Total distributions: | (0.0019 | ) | (0.0013 | ) | (0.0000 | ) | (0.0001 | ) | (0.0000 | ) | (0.0000 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.19 | %5 | 0.13 | % | 0.00 | % | 0.01 | % | 0.00 | % | 0.00 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.20 | %6 | 0.21 | % | 0.21 | % | 0.21 | % | 0.22 | % | 0.23 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.17 | %6 | 0.17 | % | 0.05 | % | 0.05 | % | 0.07 | % | 0.07 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.38 | %6 | 0.14 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $20,793,445 | $ | 20,911,540 | $ | 13,517,000 | $ | 10,367,067 | $ | 7,021,176 | $ | 4,901,611 | |||||||||||||
|
| |||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||
Six Months Ended April 30, 2017 (Unaudited) | ||||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
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 | 0.0007 | 0.0002 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | ||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | |||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0007 | 0.0002 | 0.0000 | 0.0001 | 0.0000 | 0.0000 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||
From net investment income | (0.0007 | ) | (0.0002 | ) | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | ||||||||||||
From net realized gain | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0001 | ) | (0.0000 | )3 | (0.0000 | )3 | ||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0007 | ) | (0.0002 | ) | (0.0000 | ) | (0.0001 | ) | (0.0000 | ) | (0.0000 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.07 | %5 | 0.02 | % | 0.00 | % | 0.01 | % | 0.00 | % | 0.00 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.45 | %6 | 0.46 | % | 0.46 | % | 0.46 | % | 0.47 | % | 0.48 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.41 | %6 | 0.28 | % | 0.05 | % | 0.04 | % | 0.08 | % | 0.08 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.14 | %6 | 0.01 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $515,816 | $420,095 | $428,958 | $439,496 | $191,695 | $198,062 | ||||||||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 81 |
Financial Highlights (continued) | Treasury Trust Fund |
Cash Management | ||||||||||||||||||||||||
Six Months Ended April 30, 2017 (Unaudited) | ||||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
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 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | ||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | |||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0002 | 0.0000 | 0.0001 | 0.0000 | 0.0000 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||
From net investment income | (0.0001 | ) | (0.0002 | ) | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | ||||||||||||
From net realized gain | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0001 | ) | (0.0000 | )3 | (0.0000 | )3 | ||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0001 | ) | (0.0002 | ) | (0.0000 | ) | (0.0001 | ) | (0.0000 | ) | (0.0000 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.01 | %5 | 0.02 | % | 0.00 | % | 0.01 | % | 0.00 | % | 0.00 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.70 | %6 | 0.71 | % | 0.71 | % | 0.71 | % | 0.72 | % | 0.73 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.57 | %6 | 0.29 | % | 0.05 | % | 0.05 | % | 0.08 | % | 0.07 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.02 | %6 | 0.01 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ 36,532 | $ 16,561 | $ 8,528 | $ 14,777 | $ 12,942 | $ 15,122 | ||||||||||||||||||
|
|
Cash Reserve | ||||||||||
Six Months | Period | |||||||||
Per Share Operating Performance | ||||||||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | ||||||||
|
| |||||||||
Net investment income | 0.0002 | 0.0001 | ||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | ||||||
|
| |||||||||
Net increase from investment operations | 0.0002 | 0.0001 | ||||||||
|
| |||||||||
Distributions:2 | ||||||||||
From net investment income | (0.0002 | ) | (0.0001 | ) | ||||||
From net realized gain | (0.0000 | )3 | (0.0000 | )3 | ||||||
|
| |||||||||
Total distributions | (0.0002 | ) | (0.0001 | ) | ||||||
|
| |||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | ||||||||
|
| |||||||||
Total Return4 | ||||||||||
Based on net asset value | 0.02 | %5 | 0.01 | %5 | ||||||
|
| |||||||||
Ratios to Average Net Assets | ||||||||||
Total expenses | 0.60 | %6 | 0.61 | %6 | ||||||
|
| |||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.48 | %6 | 0.29 | %6 | ||||||
|
| |||||||||
Net investment income | 0.04 | %6 | 0.01 | %6 | ||||||
|
| |||||||||
Supplemental Data | ||||||||||
Net assets, end of period (000) | $ 1,666 | $ 3,635 | ||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
7 | Commencement of operations. |
See Notes to Financial Statements.
82 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Financial Highlights (concluded) | Treasury Trust Fund |
Administration | ||||||||||||||||||||||||
Six Months Ended April 30, 2017 (Unaudited) | ||||||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
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 | 0.0014 | 0.0005 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | ||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | |||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0014 | 0.0005 | 0.0000 | 1 | 0.0001 | 0.0000 | 0.0000 | |||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||
From net investment income | (0.0014 | ) | (0.0005 | ) | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | ||||||||||||
From net realized gain | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0001 | ) | (0.0000 | )3 | (0.0000 | )3 | ||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0014 | ) | (0.0005 | ) | (0.0000 | ) | (0.0001 | ) | (0.0000 | ) | (0.0000 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.14 | %5 | 0.05 | % | 0.00 | % | 0.01 | % | 0.00 | % | 0.00 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.30 | %6 | 0.31 | % | 0.31 | % | 0.31 | % | 0.32 | % | 0.33 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.27 | %6 | 0.24 | % | 0.05 | % | 0.05 | % | 0.08 | % | 0.07 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.28 | %6 | 0.04 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $606,845 | $ | 476,145 | $ | 573,959 | $ | 335,524 | $ | 108,091 | $ | 128,154 | |||||||||||||
|
|
Select | ||||||||||||
Six Months Ended April 30, 2017 (Unaudited) | Year Ended October 31, 2016 | Period September 28, 20157 October 31, 2015 | ||||||||||
Per Share Operating Performance | ||||||||||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | |||||||||
|
| |||||||||||
Net investment income | 0.0000 | 1 | 0.0002 | 0.0000 | 1 | |||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | ||||||
|
| |||||||||||
Net increase from investment operations | 0.0000 | 0.0002 | 0.0000 | |||||||||
|
| |||||||||||
Distributions:2 | ||||||||||||
From net investment income | (0.0000 | )3 | (0.0002 | ) | (0.0000 | )3 | ||||||
From net realized gain | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | ||||||
|
| |||||||||||
Total distributions | (0.0000 | ) | (0.0002 | ) | (0.0000 | ) | ||||||
|
| |||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $1.00 | |||||||||
|
| |||||||||||
Total Return4 | ||||||||||||
Based on net asset value | 0.00 | %5 | 0.02 | % | 0.00 | %5 | ||||||
|
| |||||||||||
Ratios to Average Net Assets | ||||||||||||
Total expenses | 1.05 | %6 | 1.06 | % | 1.09 | %6 | ||||||
|
| |||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.54 | %6 | 0.31 | % | 0.06 | %6 | ||||||
|
| |||||||||||
Net investment income | 0.00 | %6 | 0.01 | % | 0.00 | %6 | ||||||
|
| |||||||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000) | $97,077 | $ 79,910 | $ 8,058 | |||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
7 | Commencement of operations. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 83 |
Financial Highlights | MuniCash |
Institutional | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ 1.0001 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.0026 | 0.0019 | 0.0001 | 0.0001 | 0.0004 | 0.0009 | ||||||||||||||||||
Net realized and unrealized gain | 0.0001 | 0.0013 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0027 | 0.0032 | 0.0001 | 0.0001 | 0.0004 | 0.0009 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||
From net investment income | (0.0026 | ) | (0.0019 | ) | (0.0001 | ) | (0.0001 | ) | (0.0004 | ) | (0.0009 | ) | ||||||||||||
From net realized gain | — | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | |||||||||||||
From return of capital | — | (0.0012 | ) | — | — | — | — | |||||||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0026 | ) | (0.0031 | ) | (0.0001 | ) | (0.0001 | ) | (0.0004 | ) | (0.0009 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.0002 | $ 1.0001 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.27 | %5 | 0.33 | % | 0.02 | % | 0.01 | % | 0.04 | % | 0.09 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.33 | %6 | 0.38 | %7 | 0.49 | % | 0.45 | % | 0.42 | % | 0.40 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.19 | %6 | 0.18 | % | 0.13 | % | 0.16 | % | 0.19 | % | 0.20 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.53 | %6 | 0.25 | % | 0.01 | % | 0.01 | % | 0.04 | % | 0.09 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $3,006,189 | $2,139,820 | $145,329 | $144,892 | $189,271 | $233,569 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ 1.0001 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.0013 | 0.0006 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | ||||||||||||||||
Net realized and unrealized gain | 0.0001 | 0.0013 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | ||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0014 | 0.0019 | 0.0001 | 0.0001 | 0.0000 | 0.0000 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||
From net investment income | (0.0013 | ) | (0.0006 | ) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )3 | (0.0000 | )3 | ||||||||||||
From net realized gain | — | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | |||||||||||||
From return of capital | — | (0.0012 | ) | — | — | — | — | |||||||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0013 | ) | (0.0018 | ) | (0.0001 | ) | (0.0001 | ) | (0.0000 | ) | (0.0000 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.0002 | $ 1.0001 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.14 | %5 | 0.19 | % | 0.02 | % | 0.01 | % | 0.01 | % | 0.00 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.59 | %6 | 0.63 | %7 | 0.74 | % | 0.69 | % | 0.66 | % | 0.65 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.44 | %6 | 0.30 | % | 0.13 | % | 0.17 | % | 0.23 | % | 0.29 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.27 | %6 | 0.05 | % | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ 1,254 | $ 1,802 | $ 2,045 | $ 3,513 | $ 41,042 | $ 50,060 | ||||||||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
7 | Includes reorganization costs associated with the Fund’s reorganization. Without these costs, total expenses for Institutional and Dollar classes would have been 0.38% and 0.63%, respectively. |
See Notes to Financial Statements.
84 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Financial Highlights | MuniFund |
Institutional | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
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 | 0.0026 | 0.0019 | 0.0002 | 0.0002 | 0.0002 | 0.0004 | ||||||||||||||||||
Net realized gain | 0.0002 | 0.0001 | 0.0001 | 0.0002 | 0.0001 | 0.0000 | 1 | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0028 | 0.0020 | 0.0003 | 0.0004 | 0.0003 | 0.0004 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||
From net investment income | (0.0026 | ) | (0.0019 | ) | (0.0002 | ) | (0.0002 | ) | (0.0002 | ) | (0.0004 | ) | ||||||||||||
From net realized gain | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | (0.0000 | )3 | ||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0028 | ) | (0.0020 | ) | (0.0003 | ) | (0.0004 | ) | (0.0003 | ) | (0.0004 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.28 | %5 | 0.20 | % | 0.03 | % | 0.04 | % | 0.03 | % | 0.04 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.47 | %6 | 0.37 | % | 0.36 | % | 0.36 | % | 0.35 | % | 0.34 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.20 | %6 | 0.11 | % | 0.06 | % | 0.08 | % | 0.15 | % | 0.19 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.53 | %6 | 0.10 | % | 0.02 | % | 0.02 | % | 0.02 | % | 0.04 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $192,099 | $141,458 | $1,369,069 | $1,219,566 | $1,159,440 | $1,212,494 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
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 | 0.0014 | 0.0006 | 0.0002 | 0.0002 | 0.0001 | 0.0000 | 1 | |||||||||||||||||
Net realized gain | 0.0002 | 0.0001 | 0.0001 | 0.0002 | 0.0001 | 0.0000 | 1 | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0016 | 0.0007 | 0.0003 | 0.0004 | 0.0002 | 0.0000 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||
From net investment income | (0.0014 | ) | (0.0006 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | (0.0000 | )3 | ||||||||||||
From net realized gain | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | (0.0000 | )3 | ||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0016 | ) | (0.0007 | ) | (0.0003 | ) | (0.0004 | ) | (0.0002 | ) | (0.0000 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.15 | %5 | 0.07 | % | 0.03 | % | 0.04 | % | 0.03 | % | 0.00 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.72 | %6 | 0.63 | % | 0.61 | % | 0.61 | % | 0.60 | % | 0.59 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.45 | %6 | 0.22 | % | 0.06 | % | 0.08 | % | 0.15 | % | 0.23 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.29 | %6 | 0.03 | % | 0.02 | % | 0.02 | % | 0.01 | % | 0.00 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ 8,291 | $ 5,724 | $ 41,554 | $ 49,420 | $ 58,832 | $ 64,251 | ||||||||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 85 |
Financial Highlights (continued) | MuniFund |
Cash Management | ||||||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||||||
April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
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 | 0.0001 | 0.0002 | 0.0002 | 0.0001 | 0.0000 | 1 | |||||||||||||||||||||||
Net realized gain | 0.0002 | 0.0001 | 0.0001 | 0.0002 | 0.0001 | 0.0000 | 1 | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net increase from investment operations | 0.0005 | 0.0002 | 0.0003 | 0.0004 | 0.0002 | 0.0000 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||||||||
From net investment income | (0.0003 | ) | (0.0001 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | (0.0000 | )3 | ||||||||||||||||||
From net realized gain | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | (0.0000 | )3 | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total distributions | (0.0005 | ) | (0.0002 | ) | (0.0003 | ) | (0.0004 | ) | (0.0002 | ) | (0.0000 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||||||||
Based on net asset value | 0.04 | %5 | 0.02 | % | 0.03 | % | 0.04 | % | 0.03 | % | 0.00 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Total expenses | 0.97 | %6 | 0.87 | % | 0.86 | % | 0.86 | % | 0.86 | % | 0.84 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.67 | %6 | 0.26 | % | 0.06 | % | 0.08 | % | 0.11 | % | 0.23 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.04 | %6 | 0.01 | % | 0.02 | % | 0.02 | % | 0.02 | % | 0.00 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ 42 | $ 63 | $ 2,261 | $ 8,693 | $ 18,390 | $ 1,287 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Administration | ||||||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||||||
April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
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 | 0.0021 | 0.0013 | 0.0002 | 0.0002 | 0.0001 | 0.0000 | 1 | |||||||||||||||||||||||
Net realized gain | 0.0002 | 0.0001 | 0.0001 | 0.0002 | 0.0001 | 0.0000 | 1 | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net increase from investment operations | 0.0023 | 0.0014 | 0.0003 | 0.0004 | 0.0002 | 0.0000 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||||||||
From net investment income | (0.0021 | ) | (0.0013 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | (0.0000 | )3 | ||||||||||||||||||
From net realized gain | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | (0.0000 | )3 | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total distributions | (0.0023 | ) | (0.0014 | ) | (0.0003 | ) | (0.0004 | ) | (0.0002 | ) | (0.0000 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||||||||
Based on net asset value | 0.23 | %5 | 0.14 | % | 0.03 | % | 0.04 | % | 0.03 | % | 0.00 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Total expenses | 0.57 | %6 | 0.46 | % | 0.46 | % | 0.46 | % | 0.45 | % | 0.44 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.30 | %6 | 0.15 | % | 0.06 | % | 0.08 | % | 0.16 | % | 0.22 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.43 | %6 | 0.05 | % | 0.02 | % | 0.02 | % | 0.01 | % | 0.00 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ 23,096 | $ 21,554 | $325,641 | $315,869 | $288,779 | $306,763 | ||||||||||||||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
See Notes to Financial Statements.
86 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Financial Highlights (continued) | MuniFund |
Select | ||||||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||||||
April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
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 | 0.0002 | 0.0001 | 0.0000 | 1 | ||||||||||||||||||||||
Net realized gain | 0.0002 | 0.0001 | 0.0001 | 0.0002 | 0.0001 | 0.0000 | 1 | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net increase from investment operations | 0.0002 | 0.0002 | 0.0003 | 0.0004 | 0.0002 | 0.0000 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||||||||
From net investment income | (0.0000 | )3 | (0.0001 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | (0.0000 | )3 | ||||||||||||||||||
From net realized gain | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | (0.0000 | )3 | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total distributions | (0.0002 | ) | (0.0002 | ) | (0.0003 | ) | (0.0004 | ) | (0.0002 | ) | (0.0000 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||||||||
Based on net asset value | 0.02 | %5 | 0.02 | % | 0.03 | % | 0.04 | % | 0.03 | % | 0.00 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Total expenses | 1.32 | %6 | 1.22 | % | 1.21 | % | 1.21 | % | 1.20 | % | 1.19 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.73 | %6 | 0.24 | % | 0.06 | % | 0.08 | % | 0.15 | % | 0.23 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.00 | %6 | 0.01 | % | 0.02 | % | 0.02 | % | 0.01 | % | 0.00 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ 6,070 | $ 3,863 | $ 22,769 | $ 17,580 | $ 16,299 | $ 15,107 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Private Client | ||||||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||||||
April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
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 | 0.0002 | 0.0002 | 0.0002 | 0.0001 | 0.0000 | 1 | |||||||||||||||||||||||
Net realized gain | 0.0002 | 0.0001 | 0.0001 | 0.0002 | 0.0001 | 0.0000 | 1 | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net increase from investment operations | 0.0005 | 0.0003 | 0.0003 | 0.0004 | 0.0002 | 0.0000 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||||||||
From net investment income | (0.0003 | ) | (0.0002 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | (0.0000 | )3 | ||||||||||||||||||
From net realized gain | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | (0.0000 | )3 | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total distributions | (0.0005 | ) | (0.0003 | ) | (0.0003 | ) | (0.0004 | ) | (0.0002 | ) | (0.0000 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||||||||
Based on net asset value | 0.05 | %5 | 0.03 | % | 0.03 | % | 0.04 | % | 0.03 | % | 0.00 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Total expenses | 1.32 | %6 | 1.22 | % | 1.21 | % | 1.21 | % | 1.20 | % | 1.19 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.66 | %6 | 0.25 | % | 0.06 | % | 0.08 | % | 0.15 | % | 0.23 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.06 | %6 | 0.02 | % | 0.02 | % | 0.02 | % | 0.01 | % | 0.00 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ 334 | $ 350 | $ 1,649 | $ 1,817 | $ 1,787 | $ 1,998 | ||||||||||||||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 87 |
Financial Highlights (concluded) | MuniFund |
Premier | ||||||||||||||||||||
Year Ended October 31, | ||||||||||||||||||||
20161 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
|
| |||||||||||||||||||
Net investment income | 0.0002 | 0.0002 | 0.0002 | 0.0001 | 0.0000 | 2 | ||||||||||||||
Net realized gain | 0.0001 | 0.0001 | 0.0002 | 0.0001 | 0.0000 | 2 | ||||||||||||||
|
| |||||||||||||||||||
Net increase from investment operations | 0.0003 | 0.0003 | 0.0004 | 0.0002 | 0.0000 | |||||||||||||||
|
| |||||||||||||||||||
Distributions:3 | ||||||||||||||||||||
From net investment income | (0.0002 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | (0.0000 | )4 | ||||||||||
From net realized gain | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | (0.0000 | )4 | ||||||||||
|
| |||||||||||||||||||
Total distributions | (0.0003 | ) | (0.0003 | ) | (0.0004 | ) | (0.0002 | ) | (0.0000 | ) | ||||||||||
|
| |||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
|
| |||||||||||||||||||
Total Return5 | ||||||||||||||||||||
Based on net asset value | 0.03 | % | 0.03 | % | 0.04 | % | 0.03 | % | 0.00 | % | ||||||||||
|
| |||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses | 0.97 | % | 0.95 | % | 0.96 | % | 0.95 | % | 0.94 | % | ||||||||||
|
| |||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.25 | % | 0.06 | % | 0.08 | % | 0.15 | % | 0.22 | % | ||||||||||
|
| |||||||||||||||||||
Net investment income | 0.02 | % | 0.02 | % | 0.02 | % | 0.01 | % | 0.00 | % | ||||||||||
|
| |||||||||||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000) | $ | — | 6 | $ | 1 | $ | 822 | $ | 1,040 | $ | 687 | |||||||||
|
|
1 | There were no Premier shares outstanding for the six months ended April 30, 2017. |
2 | Amount is less than $0.00005 per share. |
3 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
4 | Amount is greater than $(0.00005) per share. |
5 | Where applicable, assumes the reinvestment of distributions. |
6 | Net assets are less than $1,000. |
See Notes to Financial Statements.
88 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Financial Highlights | California Money Fund |
Institutional | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
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 | 0.0024 | 0.0019 | 0.0001 | 0.0001 | 0.0001 | 0.0002 | ||||||||||||||||||
Net realized gain (loss) | 0.0011 | 0.0000 | 1 | (0.0000 | )2 | 0.0001 | — | — | ||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0035 | 0.0019 | 0.0001 | 0.0002 | 0.0001 | 0.0002 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:3 | ||||||||||||||||||||||||
From net investment income | (0.0024 | ) | (0.0019 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | ||||||||||||
From net realized gain | (0.0011 | ) | — | — | (0.0001 | ) | — | — | ||||||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0035 | ) | (0.0019 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | (0.0002 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.34 | %5 | 0.19 | % | 0.01 | % | 0.02 | % | 0.01 | % | 0.02 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.66 | %6 | 0.47 | % | 0.47 | % | 0.46 | % | 0.45 | % | 0.43 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.20 | %6 | 0.12 | % | 0.05 | % | 0.08 | % | 0.13 | % | 0.18 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.46 | %6 | 0.12 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 30,135 | $ | 41,192 | $ | 227,884 | $ | 122,721 | $ | 136,074 | $ | 162,188 | ||||||||||||
|
| |||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | |||||||||||||||||
Net realized gain (loss) | 0.0011 | 0.0000 | 1 | (0.0000 | )2 | 0.0001 | — | — | ||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0011 | 0.0004 | 0.0001 | 0.0002 | 0.0001 | 0.0001 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:3 | ||||||||||||||||||||||||
From net investment income | (0.0000 | )2 | (0.0004 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
From net realized gain | (0.0011 | ) | — | — | (0.0001 | ) | — | — | ||||||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0011 | ) | (0.0004 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.11 | %5 | 0.04 | % | 0.01 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.91 | %6 | 0.73 | % | 0.72 | % | 0.71 | % | 0.69 | % | 0.68 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.45 | %6 | 0.06 | % | 0.05 | % | 0.08 | % | 0.14 | % | 0.19 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.21 | %6 | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | — | 7 | $ | — | 7 | $ | 2,182 | $ | 1,101 | $ | 4,800 | $ | 15,876 | ||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Amount is greater than $(0.00005) per share. |
3 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
7 | Net assets are less than $1,000. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 89 |
Financial Highlights (continued) | California Money Fund |
Administration | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
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 | 0.0011 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | |||||||||||||||||
Net realized gain (loss) | 0.0011 | 0.0000 | 1 | (0.0000 | )2 | 0.0001 | — | — | ||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0011 | 0.0011 | 0.0001 | 0.0002 | 0.0001 | 0.0001 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:3 | ||||||||||||||||||||||||
From net investment income | (0.0000 | )2 | (0.0011 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
From net realized gain | (0.0011 | ) | — | — | (0.0001 | ) | — | — | ||||||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0011 | ) | (0.0011 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.11 | %5 | 0.11 | % | 0.01 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.76 | %6 | 0.55 | % | 0.57 | % | 0.56 | % | 0.55 | % | 0.53 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.30 | %6 | 0.17 | % | 0.05 | % | 0.08 | % | 0.13 | % | 0.19 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.36 | %6 | 0.05 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | — | 7 | $ | — | 7 | $ | 1,696 | $ | 1,253 | $ | 2,313 | $ | 1,191 | ||||||||||
|
| |||||||||||||||||||||||
Select | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||
Net realized gain (loss) | 0.0011 | 0.0000 | 1 | (0.0000 | )2 | 0.0001 | — | — | ||||||||||||||||
|
| |||||||||||||||||||||||
Net increase from investment operations | 0.0011 | 0.0000 | 0.0001 | 0.0002 | 0.0001 | 0.0001 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Distributions:3 | ||||||||||||||||||||||||
From net investment income | (0.0000 | )2 | (0.0000 | )2 | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
From net realized gain | (0.0011 | ) | — | — | (0.0001 | ) | — | — | ||||||||||||||||
|
| |||||||||||||||||||||||
Total distributions | (0.0011 | ) | (0.0000 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
| |||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.11 | %5 | 0.00 | % | 0.01 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.51 | %6 | 1.39 | % | 1.32 | % | 1.32 | % | 1.29 | % | 1.28 | % | ||||||||||||
|
| |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.65 | %6 | 0.36 | % | 0.05 | % | 0.08 | % | 0.13 | % | 0.19 | % | ||||||||||||
|
| |||||||||||||||||||||||
Net investment income | 0.00 | %6 | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
|
| |||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,992 | $ | 7,906 | $ | 7,313 | $ | 10,228 | $ | 6,385 | $ | 7,600 | ||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Amount is greater than $(0.00005) per share. |
3 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
7 | Net assets are less than $1,000. |
See Notes to Financial Statements.
90 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Financial Highlights (concluded) | California Money Fund |
Private Client | ||||||||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
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 | 0.0001 | 0.0001 | ||||||||||||||||||||||||
Net realized gain (loss) | 0.0011 | 0.0000 | 1 | (0.0000 | )2 | 0.0001 | — | — | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net increase from investment operations | 0.0013 | 0.0001 | 0.0001 | 0.0002 | 0.0001 | 0.0001 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Distributions:3 | ||||||||||||||||||||||||||||||
From net investment income | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||||
From net realized gain | (0.0011 | ) | — | — | (0.0001 | ) | — | — | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total distributions | (0.0013 | ) | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||||||||
Based on net asset value | 0.13 | %5 | 0.01 | % | 0.01 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Total expenses | 1.51 | %6 | 1.39 | % | 1.32 | % | 1.32 | % | 1.30 | % | 1.28 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.63 | %6 | 0.31 | % | 0.05 | % | 0.08 | % | 0.13 | % | 0.19 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.04 | %6 | 0.02 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ 4,077 | $ 4,077 | $ 4,096 | $ 4,280 | $ 4,949 | $ 4,601 | ||||||||||||||||||||||||
|
|
Premier | |||||||||||||||||||||||||
Year Ended October 31, | |||||||||||||||||||||||||
20167 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Per Share Operating Performance | |||||||||||||||||||||||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||
Net investment income | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||
Net realized gain (loss) | 0.0000 | 1 | (0.0000 | )2 | 0.0001 | — | — | ||||||||||||||||||
|
| ||||||||||||||||||||||||
Net increase from investment operations | 0.0001 | 0.0001 | 0.0002 | 0.0001 | 0.0001 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||
Distributions:3 | |||||||||||||||||||||||||
From net investment income | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | |||||||||||||||
From net realized gain | — | — | (0.0001 | ) | — | — | |||||||||||||||||||
|
| ||||||||||||||||||||||||
Total distributions | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | |||||||||||||||
|
| ||||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||
Total Return4 | |||||||||||||||||||||||||
Based on net asset value | 0.01 | % | 0.01 | % | 0.02 | % | 0.01 | % | 0.01 | % | |||||||||||||||
|
| ||||||||||||||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||||
Total expenses | 1.06 | % | 1.06 | % | 1.05 | % | 1.05 | % | 1.03 | % | |||||||||||||||
|
| ||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.32 | % | 0.05 | % | 0.08 | % | 0.14 | % | 0.19 | % | |||||||||||||||
|
| ||||||||||||||||||||||||
Net investment income | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | |||||||||||||||
|
| ||||||||||||||||||||||||
Supplemental Data | |||||||||||||||||||||||||
Net assets, end of period (000) | — | 8 | — | 8 | $ 17 | $ 17 | $ 1,786 | ||||||||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Amount is greater than $(0.00005) per share. |
3 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
7 | There were no Premier shares outstanding for the six months ended April 30, 2017. |
8 | Net assets are less than $1,000. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 91 |
Financial Highlights | New York Money Fund |
Institutional | ||||||||||||||||||||||||||||||
Six Months Ended April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
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 | 0.0025 | 0.0019 | 0.0001 | 0.0001 | 0.0001 | 0.0002 | ||||||||||||||||||||||||
Net realized gain | 0.0013 | 0.0015 | 0.0000 | 1 | 0.0000 | 1 | — | 0.0000 | 1 | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net increase from investment operations | 0.0038 | 0.0034 | 0.0001 | 0.0001 | 0.0001 | 0.0002 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||||||||
From net investment income | (0.0025 | ) | (0.0019 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | ||||||||||||||||||
From net realized gain | (0.0013 | ) | (0.0003 | ) | (0.0000 | )3 | (0.0000 | )3 | — | (0.0000 | )3 | |||||||||||||||||||
From return of capital | — | (0.0012 | ) | — | — | — | — | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total distributions | (0.0038 | ) | (0.0034 | ) | (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 Return4 | ||||||||||||||||||||||||||||||
Based on net asset value | 0.37 | %5 | 0.34 | % | 0.01 | % | 0.01 | % | 0.02 | % | 0.03 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Total expenses | 1.08 | %6 | 0.58 | % | 0.49 | % | 0.48 | % | 0.46 | % | 0.45 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.20 | %6 | 0.14 | % | 0.09 | % | 0.09 | % | 0.14 | % | 0.18 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.49 | %6 | 0.10 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $17,443 | $17,838 | $92,999 | $118,278 | $94,547 | $106,194 | ||||||||||||||||||||||||
|
|
Cash Management | |||||||||||||||||||||||||
Year Ended October 31, | |||||||||||||||||||||||||
20167 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Per Share Operating Performance | |||||||||||||||||||||||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||
Net investment income | 0.0000 | 1 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | |||||||||||||||||||
Net realized gain | 0.0015 | 0.0000 | 1 | 0.0000 | 1 | — | 0.0000 | 1 | |||||||||||||||||
|
| ||||||||||||||||||||||||
Net increase from investment operations | 0.0015 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||
Distributions:2 | |||||||||||||||||||||||||
From net investment income | (0.0000 | )3 | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | |||||||||||||||
From net realized gain | (0.0015 | ) | (0.0000 | )3 | (0.0000 | )3 | — | (0.0000 | )3 | ||||||||||||||||
|
| ||||||||||||||||||||||||
Total distributions | (0.0015 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | |||||||||||||||
|
| ||||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||
Total Return4 | |||||||||||||||||||||||||
Based on net asset value | 0.16 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | |||||||||||||||
|
| ||||||||||||||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||||
Total expenses | 1.07 | % | 0.99 | % | 0.98 | % | 0.96 | % | 0.95 | % | |||||||||||||||
|
| ||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.27 | % | 0.09 | % | 0.09 | % | 0.14 | % | 0.21 | % | |||||||||||||||
|
| ||||||||||||||||||||||||
Net investment income | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | |||||||||||||||
|
| ||||||||||||||||||||||||
Supplemental Data | |||||||||||||||||||||||||
Net assets, end of period (000) | $ — | 8 | $ 9,335 | $ 20,752 | $ 21,079 | $ 5,324 | |||||||||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
7 | There were no Cash Management shares outstanding for the six months ended April 30, 2017. |
8 | Net assets are less than $1,000. |
See Notes to Financial Statements.
92 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Financial Highlights (continued) | New York Money Fund |
Administration | ||||||||||||||||||||||||||||||
Six Months Ended April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
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 | 0.0011 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | |||||||||||||||||||||||
Net realized gain | 0.0013 | 0.0015 | 0.0000 | 1 | 0.0000 | 1 | — | 0.0000 | 1 | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net increase from investment operations | 0.0013 | 0.0026 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||||||||
From net investment income | (0.0000 | )3 | (0.0011 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||||
From net realized gain | (0.0013 | ) | (0.0015 | ) | (0.0000 | )3 | (0.0000 | )3 | — | (0.0000 | )3 | |||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total distributions | (0.0013 | ) | (0.0026 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||||||||
Based on net asset value | 0.13 | %5 | 0.26 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Total expenses | 1.18 | %6 | 0.68 | % | 0.60 | % | 0.58 | % | 0.56 | % | 0.55 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.30 | %6 | 0.15 | % | 0.09 | % | 0.09 | % | 0.14 | % | 0.19 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.39 | %6 | 0.03 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ — | 7 | $ — | 7 | $ 7,396 | $ 5,417 | $ 7,233 | $ 3,315 | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Select | ||||||||||||||||||||||||||||||
Six Months Ended April 30, 2017 | Year Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
Net realized gain | 0.0013 | 0.0015 | 0.0000 | 1 | 0.0000 | 1 | — | 0.0000 | 1 | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net increase from investment operations | 0.0013 | 0.0015 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||||||||
From net investment income | (0.0000 | )3 | (0.0000 | )3 | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||||
From net realized gain | (0.0013 | ) | (0.0003 | ) | (0.0000 | )3 | (0.0000 | )3 | — | (0.0000 | )3 | |||||||||||||||||||
From return of capital | — | (0.0012 | ) | — | — | — | — | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total distributions | (0.0013 | ) | (0.0015 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||||||||
Based on net asset value | 0.13 | %5 | 0.16 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Total expenses | 2.01 | %6 | 1.43 | % | 1.34 | % | 1.33 | % | 1.31 | % | 1.30 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.67 | %6 | 0.31 | % | 0.09 | % | 0.09 | % | 0.15 | % | 0.20 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.02 | %6 | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ 129 | $ 569 | $ 3,911 | $ 7,493 | $ 9,473 | $ 11,812 | ||||||||||||||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
7 | Net assets are less than $1,000. |
See Notes to Financial Statements.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 93 |
Financial Highlights (concluded) | New York Money Fund |
Private Client | ||||||||||||||||||||||||||||||
Six Months (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
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 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||||
Net realized gain | 0.0013 | 0.0015 | 0.0000 | 1 | 0.0000 | 1 | — | 0.0000 | 1 | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net increase from investment operations | 0.0016 | 0.0016 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Distributions:2 | ||||||||||||||||||||||||||||||
From net investment income | (0.0003 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||||
From net realized gain | (0.0013 | ) | (0.0003 | ) | (0.0000 | )3 | (0.0000 | )3 | — | (0.0000 | )3 | |||||||||||||||||||
From return of capital | — | (0.0012 | ) | — | — | — | — | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total distributions | (0.0016 | ) | (0.0016 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Return4 | ||||||||||||||||||||||||||||||
Based on net asset value | 0.15 | %5 | 0.17 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Total expenses | 1.95 | %6 | 1.43 | % | 1.34 | % | 1.34 | % | 1.31 | % | 1.30 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.64 | %6 | 0.31 | % | 0.09 | % | 0.08 | % | 0.16 | % | 0.20 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.06 | %6 | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ 330 | $ 410 | $ 692 | $ 1,827 | $ 266 | $ 506 | ||||||||||||||||||||||||
|
|
Premier | |||||||||||||||||||||||||
Year Ended October 31, | |||||||||||||||||||||||||
20167 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Per Share Operating Performance | |||||||||||||||||||||||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||
Net investment income | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||
Net realized gain | 0.0015 | 0.0000 | 1 | 0.0000 | 1 | — | 0.0000 | 1 | |||||||||||||||||
|
| ||||||||||||||||||||||||
Net increase from investment operations | 0.0016 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||
Distributions:2 | |||||||||||||||||||||||||
From net investment income | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | |||||||||||||||
From net realized gain | (0.0015 | ) | (0.0000 | )3 | (0.0000 | )3 | — | (0.0000 | )3 | ||||||||||||||||
|
| ||||||||||||||||||||||||
Total distributions | (0.0016 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | |||||||||||||||
|
| ||||||||||||||||||||||||
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||
Total Return4 | |||||||||||||||||||||||||
Based on net asset value | 0.16 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | |||||||||||||||
|
| ||||||||||||||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||||
Total expenses | 1.18 | % | 1.07 | % | 1.08 | % | 1.06 | % | 1.05 | % | |||||||||||||||
|
| ||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.31 | % | 0.09 | % | 0.09 | % | 0.16 | % | 0.20 | % | |||||||||||||||
|
| ||||||||||||||||||||||||
Net investment income | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | |||||||||||||||
|
| ||||||||||||||||||||||||
Supplemental Data | |||||||||||||||||||||||||
Net assets, end of period (000) | $ — | 8 | $ — | 8 | $ 391 | $ 232 | $ 438 | ||||||||||||||||||
|
|
1 | Amount is less than $0.00005 per share. |
2 | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
7 | There were no Premier shares outstanding for the six months ended April 30, 2017. |
8 | Net assets are less than $1,000. |
See Notes to Financial Statements.
94 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Notes to Financial Statements |
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 following are referred to collectively as the “Funds” or individually, a “Fund”:
Fund Name | Diversification Classification | |
Federal Trust Fund | Diversified | |
FedFund | Diversified | |
TempCash | Diversified | |
TempFund | Diversified | |
T-Fund | Diversified | |
Treasury Trust Fund | Diversified | |
MuniCash | Diversified | |
MuniFund | Diversified | |
California Money Fund | Non-Diversified1 | |
New York Money Fund | Non-Diversified1 |
1 | California Money Fund and New York Money Fund must satisfy the diversification requirement set forth in Rule 2a-7 under the 1940 Act and will thereby be deemed to be diversified under the 1940 Act. |
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 Capital Shares (formerly known as 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. For the period ended April 30, 2017, no Plus Shares, Cash Plus Shares or Capital Shares were outstanding. Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.
Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund each operate as a “government money market fund” under Rule 2a-7 under the 1940 Act. Each Fund is not subject to liquidity fees or temporary suspensions of redemptions due to declines in the Fund’s weekly liquid assets.
California Money Fund, MuniFund and New York Money Fund each operate as a “retail money market fund” under Rule 2a-7 under the 1940 Act. With respect to each of California Money Fund, MuniFund and New York Money Fund, the Board of Trustees of the Trust (the “Board”) is permitted to impose a liquidity fee of up to 2% on the value redeemed or temporarily restrict redemptions from the Fund for up to 10 business days in a 90 day period, in the event that the Fund’s weekly liquid assets fall below certain thresholds.
TempCash, TempFund and MuniCash each price and transact in their shares at a net asset value (“NAV”) per share calculated to four decimal places, reflecting market-based values of their portfolio holdings (i.e., at a “floating” NAV). The NAV of TempFund is priced multiple times each day such Fund accepts purchase orders and redemption requests. Prior to the Funds’ adoption of the floating NAV, their portfolio holdings were valued at amortized cost.
With respect to each of TempCash, TempFund and MuniCash, the Board is permitted to impose a liquidity fee of up to 2% on the value redeemed or temporarily restrict redemptions from the Fund for up to 10 business days in a 90 day period, in the event that the Fund’s weekly liquid assets fall below certain thresholds.
Effective February 28, 2017, TempCash may invest in securities maturing in 397 days or less (with certain exceptions) and the portfolio will have a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. Between October 1, 2015 and February 28, 2017, TempCash operated under an investment policy such that it would invest only in securities that, under normal circumstances, would mature (without reference to interest rate adjustment dates), or are subject to an unconditional demand feature that is exercisable and payable, within 5 business days or less.
The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of open-end funds referred to as the Equity-Liquidity Complex.
Reorganizations:
The Board and shareholders of MuniCash, the Board and shareholders of FFI Institutional Tax-Exempt Fund, and the Board of Master Institutional Tax-Exempt Portfolio, approved the reorganization of FFI Institutional Tax-Exempt Fund into MuniCash. As a result, MuniCash acquired substantially all of the assets and assumed substantially all of the liabilities of FFI Institutional Tax-Exempt Fund in exchange for an equal aggregate value of MuniCash shares. The reorganization was preceded by an in-kind liquidation of Master Institutional Tax-Exempt Portfolio into FFI Institutional Tax-Exempt Fund.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 95 |
Notes to Financial Statements (continued) |
Each Shareholder of FFI Institutional Tax-Exempt Fund received shares of MuniCash in an amount equal to the aggregate net asset value (“NAV”) of such shareholder’s FFI Institutional Tax-Exempt shares, as determined at the close of business on January 22, 2016.
The reorganization was accomplished by a tax-free exchange of shares of MuniCash in the following amounts and at the following conversion ratios:
FFI Institutional Tax-Exempt Fund’s Share Class | FFI Institutional Tax-Exempt Fund’s Shares Prior to Reorganization | Conversion Ratio | MuniCash’s Share Class | Shares of MuniCash | ||||||
Institutional | 973,844,721 | 1.00 | Institutional | 973,844,721 |
FFI Institutional Tax-Exempt Fund’s net assets and composition of net assets on January 22, 2016, the valuation date of the reorganization, were as follows:
Fund | Net Assets | Paid-in Capital | Accumulated Net Investment Income | Accumulated Realized | Net Unrealized Appreciation | |||||
FFI Institutional Tax-Exempt Fund | $975,867,477 | $975,867,477 | — | — | — |
For financial reporting purposes, assets received and shares issued by MuniCash were recorded at fair value; however, the cost basis of the investments received from Master Institutional Tax-Exempt Portfolio was carried forward to align ongoing reporting of MuniCash’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
The aggregate net assets of MuniCash immediately after the acquisition amounted to $1,606,383,609. Master Institutional Tax-Exempt Portfolio’s fair value and cost of investments prior to the reorganization were as follows:
Fund | Fair Value of Investments | Cost of Investments | ||||||||
Master Institutional Tax-Exempt Portfolio | $ | 972,843,985 | $ | 972,843,985 |
The purpose of the transaction was to combine three funds managed by the Manager with the same or substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. The reorganization was a tax-free event and was effective on January 25, 2016.
Assuming the acquisition had been completed on November 1, 2015 the beginning of the fiscal reporting year of MuniCash, the pro forma results of operations for the year ended October 31, 2016, are as follows:
• Net investment income: $3,107,636
• Net realized and change in unrealized gain on investments: $48,846
• Net increase in net assets resulting from operations: $3,156,482
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of FFI Institutional Tax-Exempt Fund and Master Institutional Tax-Exempt Portfolio that have been included in MuniCash’s Statement of Operations since January 22, 2016.
Reorganization costs incurred by MuniCash in connection with the reorganization were expensed by MuniCash. During the year ended October 31, 2016, the Manager reimbursed MuniCash $131,802 in reorganization costs.
BofA Global Capital Management, Inc. (BofA) reached an agreement to transfer its investment management responsibilities to the Manager and its affiliates. In connection with this transaction, the Manager reorganized (the “Reorganizations”) certain series of the BofA Funds Series Trust into certain funds managed by the Manager, as discussed below:
The Board and shareholders of Federal Trust Fund and the Board and shareholders of BofA Government Reserves approved the reorganization of BofA Government Reserves into Federal Trust Fund. As a result, Federal Trust Fund acquired substantially all of the assets and assumed substantially all of the liabilities of BofA Government Reserves in exchange for an equal aggregate value of Federal Trust Fund shares.
Each Shareholder of BofA Government Reserves received shares of Federal Trust Fund in an amount equal to the aggregate NAV of such shareholder’s BofA Government Reserves shares, as determined at the close of business on April 15, 2016.
96 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Notes to Financial Statements (continued) |
The reorganization was accomplished by a tax-free exchange of shares of Federal Trust Fund in the following amounts and at the following conversion ratios:
BofA Government Reserves’ Share Class | BofA Government Reserves’ Shares Prior to Reorganization | Conversion Ratio | Federal Trust Fund’s Share Class | Shares of Federal Trust Fund | ||||||||
Capital | 2,492,360,838 | 1.00 | Institutional | 2,492,360,838 | ||||||||
Institutional Capital | 33,058,382 | 1.00 | Institutional | 33,058,382 | ||||||||
Institutional | 76,010,004 | 1.00 | Institutional | 76,010,004 | ||||||||
Trust | 843,373,241 | 1.00 | Institutional | 843,373,241 | ||||||||
Liquidity | 22,113,378 | 1.00 | Administration | 22,113,378 | ||||||||
Adviser | 238,870,923 | 1.00 | Dollar | 238,870,923 | ||||||||
Investor | 1,241,087 | 1.00 | Dollar | 1,241,087 | ||||||||
Investor II | 697,139 | 1.00 | Cash Reserve | 697,139 | ||||||||
Daily | 49,348,361 | 1.00 | Cash Management | 49,348,361 |
BofA Government Reserves’ net assets and composition of net assets on April 15, 2016, the valuation date of the reorganization, were as follows:
Fund | Net Assets | Paid-in Capital | Accumulated Net Investment Income | Accumulated Realized | Net Unrealized Appreciation | |||||
BofA Government Reserves | $3,757,081,536 | $3,757,081,536 | — | — | — |
For financial reporting purposes, assets received and shares issued by Federal Trust Fund were recorded at fair value; however, the cost basis of the investments received from Federal Trust Fund was carried forward to align ongoing reporting of Federal Trust Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
The aggregate net assets of Federal Trust Fund immediately after the acquisition amounted to $4,070,767,577. BofA Government Reserves’ fair value and cost of investments prior to the reorganization were as follows:
Fund | Fair Value of Investments | Cost of Investments | ||||
BofA Government Reserves | $3,062,006,646 | $3,062,006,646 |
The purpose of the transaction was to combine two funds managed by the Manager with the same or substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. The reorganization was a tax-free event and was effective on April 18, 2016.
Assuming the acquisition had been completed on November 1, 2015 the beginning of the fiscal reporting year of Federal Trust Fund, the pro forma results of operations for the year ended October 31, 2016, are as follows:
• Net investment income: $4,979,626
• Net realized and change in unrealized gain on investments: $170,735
• Net increase in net assets resulting from operations: $5,150,361
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of BofA Government Reserves that have been included in Federal Trust Fund’s Statement of Operations since April 15, 2016.
The Board and shareholders of FedFund and the Board and shareholders of BofA Government Plus Reserves approved the reorganization of BofA Government Plus Reserves into FedFund. As a result, FedFund acquired substantially all of the assets and assumed substantially all of the liabilities of BofA Government Plus Reserves in exchange for an equal aggregate value of FedFund shares.
Each Shareholder of BofA Government Plus Reserves received shares of FedFund in an amount equal to the aggregate NAV of such shareholder’s BofA Government Plus Reserves shares, as determined at the close of business on April 15, 2016.
The reorganization was accomplished by a tax-free exchange of shares of FedFund in the following amounts and at the following conversion ratios:
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 97 |
Notes to Financial Statements (continued) |
BofA Government Plus Reserves’ Share Class | BofA Government Prior to | Conversion Ratio | FedFund’s Share Class | Shares of FedFund | ||||||||||
Capital | 1,700,717,861 | 1.00 | Institutional | 1,700,717,861 | ||||||||||
Institutional Capital | 815,152 | 1.00 | Institutional | 815,152 | ||||||||||
Institutional | 5,100,324 | 1.00 | Institutional | 5,100,324 | ||||||||||
Trust | 34,702,920 | 1.00 | Institutional | 34,702,920 | ||||||||||
Liquidity | 11,327 | 1.00 | Administration | 11,327 | ||||||||||
Adviser | 2,639,203 | 1.00 | Dollar | 2,639,203 | ||||||||||
Investor | 21,312,408 | 1.00 | Dollar | 21,312,408 | ||||||||||
Investor II | 5,773,677 | 1.00 | Cash Reserve | 5,773,677 | ||||||||||
Daily | 218,482 | 1.00 | Cash Management | 218,482 |
BofA Government Plus Reserves’ net assets and composition of net assets on April 15, 2016, the valuation date of the reorganization, were as follows:
Fund | Net Assets | Paid-in Capital | Accumulated Net Investment Income | Accumulated Realized | Net Unrealized Appreciation | |||||
BofA Government Plus Reserves | $1,771,307,438 | $1,771,307,438 | — | — | — |
For financial reporting purposes, assets received and shares issued by FedFund were recorded at fair value: however, the cost basis of the investments received from BofA Government Plus Reserves was carried forward to align ongoing reporting of FedFund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
The aggregate net assets of FedFund immediately after the acquisition amounted to $15,267,743,671. BofA Government Plus Reserves’ fair value and cost of investments prior to the reorganization were as follows:
Fund | Fair Value of Investments | Cost of Investments | ||||
BofA Government Plus Reserves | $1,408,220,303 | $1,408,220,303 |
The purpose of the transaction was to combine two funds managed by the Manager with the same or substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. The reorganization was a tax-free event and was effective on April 18, 2016.
Assuming the acquisition had been completed on November 1, 2015 the beginning of the fiscal reporting year of FedFund, the pro forma results of operations for the year ended October 31, 2016, are as follows:
• Net investment income: $68,499,989
• Net realized and change in unrealized gain on investments: $872,670
• Net increase in net assets resulting from operations: $69,372,659
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of BofA Government Plus Reserves that have been included in FedFund’s Statement of Operations since April 15, 2016.
The Board and shareholders of TempFund and the Board and shareholders of BofA Cash Reserves and BofA Money Market Reserves approved the reorganization of BofA Cash Reserves and BofA Money Market Reserves into TempFund. As a result, TempFund acquired substantially all of the assets and assumed substantially all of the liabilities of BofA Cash Reserves and BofA Money Market Reserves in exchange for an equal aggregate value of TempFund shares.
Each Shareholder of BofA Cash Reserves and BofA Money Market Reserves received shares of TempFund in an amount equal to the aggregate NAV of such shareholder’s BofA Cash Reserves and BofA Money Market Reserves shares, as determined at the close of business on April 15, 2016.
The reorganization was accomplished by a tax-free exchange of shares of TempFund in the following amounts and at the following conversion ratios:
98 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Notes to Financial Statements (continued) |
Fund | Fund’s Share Class | Shares Prior to | Conversion Ratio | TempFund’s Share Class | Shares of TempFund | |||||||||
BofA Cash Reserves | Capital | 5,233,416,674 | 1.00 | Institutional | 5,233,416,674 | |||||||||
BofA Cash Reserves | Institutional Capital | 50,866,374 | 1.00 | Institutional | 50,866,374 | |||||||||
BofA Cash Reserves | Institutional | 144,124,349 | 1.00 | Institutional | 144,124,349 | |||||||||
BofA Cash Reserves | Trust | 631,050,581 | 1.00 | Institutional | 631,050,581 | |||||||||
BofA Cash Reserves | Liquidity | 20,791,582 | 1.00 | Administration | 20,791,582 | |||||||||
BofA Cash Reserves | Adviser | 1,082,806,080 | 1.00 | Dollar | 1,082,806,080 | |||||||||
BofA Cash Reserves | Investor | 3,197,910 | 1.00 | Dollar | 3,197,910 | |||||||||
BofA Cash Reserves | Marsico | 10,003 | 1.00 | Dollar | 10,003 | |||||||||
BofA Cash Reserves | Investor II | 5,207,912 | 1.00 | Cash Reserve | 5,207,912 | |||||||||
BofA Cash Reserves | Daily | 459,097,449 | 1.00 | Cash Management | 459,097,449 | |||||||||
BofA Money Market Reserves | Capital | 14,413,178,009 | 1.00 | Institutional | 14,413,178,009 | |||||||||
BofA Money Market Reserves | Institutional Capital | 689,942,813 | 1.00 | Institutional | 689,942,813 | |||||||||
BofA Money Market Reserves | Institutional | 289,940,077 | 1.00 | Institutional | 289,940,077 | |||||||||
BofA Money Market Reserves | Trust | 250,460,764 | 1.00 | Institutional | 250,460,764 | |||||||||
BofA Money Market Reserves | Liquidity | 5,535,183 | 1.00 | Administration | 5,535,183 | |||||||||
BofA Money Market Reserves | Adviser | 310,015,551 | 1.00 | Dollar | 310,015,551 |
BofA Cash Reserves and BofA Money Market Reserves’ net assets and composition of net assets on April 15, 2016, the valuation date of the reorganization, were as follows:
Fund | Net Assets | Paid-in Capital | Accumulated Net Investment Income | Accumulated Realized | Net Unrealized Appreciation | ||||||||||||||||||||
BofA Cash Reserves | $ | 7,630,748,025 | $ | 7,630,936,384 | — | $ | (188,359 | ) | — | ||||||||||||||||
BofA Money Market Reserves | $ | 15,959,115,200 | $ | 15,959,115,200 | — | — | — |
For financial reporting purposes, assets received and shares issued by TempFund were recorded at fair value; however, the cost basis of the investments received from BofA Cash Reserves and BofA Money Market Reserves were carried forward to align ongoing reporting of TempFund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
The aggregate net assets of TempFund immediately after the acquisition amounted to $79,065,952,628. BofA Cash Reserves and BofA Money Market Reserves’ fair value and cost of investments prior to the reorganization were as follows:
Fund | Fair Value of Investments | Cost of Investments | ||||||||
BofA Cash Reserves | $ | 6,599,290,161 | $ | 6,599,290,161 | ||||||
BofA Money Market Reserves | $ | 14,081,447,742 | $ | 14,081,447,742 |
The purpose of these transactions was to combine three funds managed by the Manager with the same or substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. The reorganization was a tax-free event and was effective on April 18, 2016.
Assuming the acquisition had been completed on November 1, 2015 the beginning of the fiscal reporting year of TempFund, the pro forma results of operations for the year ended October 31, 2016, are as follows:
• | Net investment income: $235,496,383 |
• | Net realized and change in unrealized gain on investments: $3,421,521 |
• | Net increase in net assets resulting from operations: $238,917,904 |
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of BofA Cash Reserves and BofA Money Market Reserves that have been included in TempFund’s Statement of Operations since April 15, 2016.
The Board and shareholders of T-Fund and the Board and shareholders of BofA Treasury Reserves approved the reorganization of BofA Treasury Reserves into T-Fund. As a result, T-Fund acquired substantially all of the assets and assumed substantially all of the liabilities of BofA Treasury Reserves in exchange for an equal aggregate value of T-Fund shares.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 99 |
Notes to Financial Statements (continued) |
Each Shareholder of BofA Treasury Reserves received shares of T-Fund in an amount equal to the aggregate NAV of such shareholder’s BofA Treasury Reserves shares, as determined at the close of business on April 15, 2016.
The reorganization was accomplished by a tax-free exchange of shares of T-Fund in the following amounts and at the following conversion ratios:
BofA Treasury Reserves’ Share Class | BofA Treasury Reserves’ Shares Reorganization | Conversion Ratio | T-Fund’s Share Class | Shares of T-Fund | ||||||||
Capital | 4,871,525,139 | 1.00 | Institutional | 4,871,525,139 | ||||||||
Institutional Capital | 355,867,754 | 1.00 | Institutional | 355,867,754 | ||||||||
Institutional Class | 214,682,063 | 1.00 | Institutional | 214,682,063 | ||||||||
Trust | 638,500,984 | 1.00 | Institutional | 638,500,984 | ||||||||
Liquidity | 26,084,388 | 1.00 | Administration | 26,084,388 | ||||||||
Adviser | 3,493,590,243 | 1.00 | Dollar | 3,493,590,243 | ||||||||
Investor | 6,889,229 | 1.00 | Dollar | 6,889,229 | ||||||||
Investor II | 66,628,684 | 1.00 | Cash Reserve | 66,628,684 | ||||||||
Daily | 168,559,475 | 1.00 | Cash Management | 168,559,475 |
BofA Treasury Reserves’ net assets and composition of net assets on April 15, 2016, the valuation date of the reorganization were as follows:
Fund | Net Assets | Paid-in Capital | Accumulated Net Investment Income | Accumulated Realized | Net Unrealized Appreciation | |||||
BofA Treasury Reserves | $9,842,382,711 | $9,842,382,711 | — | — | — |
For financial reporting purposes, assets received and shares issued by T-Fund were recorded at fair value; however, the cost basis of the investments received from BofA Treasury Reserves was carried forward to align ongoing reporting of T-Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
The aggregate net assets of T-Fund immediately after the acquisition amounted to $31,400,843,204. BofA Treasury Reserves’ fair value and cost of investments prior to the reorganization were as follows:
Fund | Fair Value of Investments | Cost of Investments | ||||||
BofA Treasury Reserves | $ | 8,926,722,556 | $ | 8,926,722,556 |
The purpose of these transactions was to combine two funds managed by the Manager with the same or substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. The reorganization was a tax-free event and was effective on April 18, 2016.
Assuming the acquisition had been completed on November 1, 2015 the beginning of the fiscal reporting year of T-Fund, the pro forma results of operations for the year ended October 31, 2016, are as follows:
• | Net investment income: $55,467,363 |
• | Net realized and change in unrealized gain on investments: $1,657,272 |
• | Net increase in net assets resulting from operations: $57,124,635 |
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of BofA Treasury Reserves that has been included in T-Fund’s Statement of Operations since April 15, 2016.
The Manager and BofA and/or their respective affiliates have agreed to pay all of the expenses incurred in connection with the Reorganizations. During the period ended April 30, 2016, the Manager incurred $1,843,027 in connection with the Reorganizations.
2. Significant Accounting Policies:
The 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, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net
100 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Notes to Financial Statements (continued) |
assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
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 and unrealized gains and losses are allocated daily to each class based on its relative net assets.
Distributions: Distributions from net investment income are declared and reinvested daily. Distributions of capital gains are distributed at least annually and are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Liquidity Fees: Any liquidity fees imposed on the value of shares redeemed in the event that a Fund’s weekly liquid assets fall below certain thresholds are recorded as paid-in-capital. The liquidity fees are collected and retained by each Fund for the benefit of the remaining shareholders.
Recent Accounting Standards: In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization of Purchased Callable Debt Securities”, which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Funds.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.
Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods. Expenses directly related to the Funds and other shared expenses prorated 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 their custodian whereby credits are earned on uninvested cash balances, which could be used to reduce custody fees and/or overdraft charges. The Funds may incur charges on certain uninvested cash balances and overdrafts, subject to certain conditions.
3. Investment Valuation and Fair Value Measurements:
Investment Valuation Policies (TempCash, TempFund and MuniCash): The Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of 3:00 p.m. (Eastern time). U.S. GAAP defines fair value as the price the Funds 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 determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of TempCash, TempFund and MuniCash assets and liabilities:
• | Investments are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments. |
Investment Valuation Policies (Federal Trust Fund, FedFund, T-Fund, Treasury Trust Fund, California Money Fund, MuniFund and New York Money Fund): U.S. GAAP defines fair value as the price the Funds 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 NAV per share at $1.00, although there is no assurance that it will be able to do so on a continuing basis.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 101 |
Notes to Financial Statements (continued) |
Fair Value Hierarchy: Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:
• | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access |
• | Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs) |
• | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including each 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 hierarchy. In accordance with each Fund’s policy, transfers between different levels of the fair value 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 investments and is not necessarily an indication of the risks associated with investing in those securities.
4. Securities and Other Investments:
Repurchase Agreements: Repurchase agreements are commitments to 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 upon repurchase amount. Pursuant to the custodial undertaking associated with a tri-party repurchase arrangement, an unaffiliated third party custodian maintains accounts to hold collateral for a Fund and its counterparties. Typically, a Fund and counterparty are not permitted to sell, re-pledge or use the collateral absent a default by the counterparty or a Fund, respectively. Certain Funds, along with other registered investment companies advised by the Manager, may transfer uninvested cash into a single joint trading account which is then invested in one or more repurchase agreements. As of period end, FedFund, TempCash, TempFund and T-Fund invested in repurchase agreements through joint trading accounts.
In the event the counterparty defaults and the fair value of the collateral declines, a Fund could experience losses, delays and costs in liquidating the collateral.
Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (each, an “MRA”). The MRA permits a Fund, 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. Based on the terms of the MRA, a Fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, a Fund would recognize a liability with respect to such excess collateral. The liability reflects a Fund’s obligation under bankruptcy law to return the excess to the counterparty.
5. Investment Advisory Agreement and Other Transactions with Affiliates:
The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock, Inc. (“BlackRock”) for 1940 Act purposes.
Investment Advisory: The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement with the Manager, the Trust’s investment adviser, an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund. For such services, each Fund pays the Manager a monthly fee, which is determined by calculating a percentage of each Fund’s average daily net assets, based on the following annual rates:
102 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Notes to Financial Statements (continued) |
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 of $3 Billion2 | |||
.095% of the next $1 Billion1 | ||||
.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 |
Service and Distribution Fees: The Trust, on behalf of the Funds, entered into a Distribution Agreement, Distribution Plans and Shareholder Service Plans with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. 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 relevant share class of the Fund 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 | % | ||||||||
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. |
BRIL and broker-dealers, pursuant to sub-agreements with 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.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 103 |
Notes to Financial Statements (continued) |
For the period ended April 30, 2017, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:
Service and Distribution Fees | ||||||||||||||||||||||||||||||||||||||||
Dollar | Cash Management | Cash Reserve | Administration | Select | Private Client | Premier | Total | |||||||||||||||||||||||||||||||||
Federal Trust Fund | $ | 206,601 | $ | 69,209 | $ | 956 | $ 22,350 | — | — | — | $ | 299,116 | ||||||||||||||||||||||||||||
FedFund | $ | 2,864,041 | $ | 373,718 | $ | 1,272,621 | $1,085,854 | $ | 1,115,690 | $ | 8,240 | $15 | $ | 6,720,179 | ||||||||||||||||||||||||||
TempCash | $ | 31,855 | — | — | — | — | — | — | $ | 31,855 | ||||||||||||||||||||||||||||||
TempFund | $ | 98,536 | $ | 1,996,783 | $ | 7,087 | $ 15,605 | $ | 1,671 | $ | 6,281 | — | $ | 2,125,963 | ||||||||||||||||||||||||||
T-Fund | $ | 5,163,785 | $ | 2,229,585 | $ | 111,557 | $ 165,349 | $ | 341,687 | — | — | $ | 8,011,963 | |||||||||||||||||||||||||||
Treasury Trust Fund | $ | 632,675 | $ | 58,161 | $ | 3,014 | $ 251,680 | $ | 430,350 | — | — | $ | 1,375,880 | |||||||||||||||||||||||||||
MuniCash | $ | 1,849 | — | — | — | — | — | — | $ | 1,849 | ||||||||||||||||||||||||||||||
MuniFund | $ | 8,619 | $ | 155 | — | $ 12,010 | $ | 23,337 | $ | 1,444 | — | $ | 45,565 | |||||||||||||||||||||||||||
California Money Fund | — | — | — | — | $ | 26,624 | $ | 17,182 | — | $ | 43,806 | |||||||||||||||||||||||||||||
New York Money Fund | — | — | — | — | $ | 1,268 | $ | 1,455 | — | $ | 2,723 |
Expense Limitations, Waivers and Reimbursements: 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, 0.17% of the average daily net assets of Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund and 0.20% of the average daily net assets of 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, 2019, unless approved by the Board of Trustees, including a majority of the independent Trustees, or by a vote of a majority of the outstanding voting securities of such fund. These amounts are reported in the Statements of Operations as fees waived by the Manager.
In addition, BRIL has contractually agreed to waive service and/or distribution fees until March 1, 2018 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 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 daily net investment income. These amounts are reported in the Statements of Operations as fees waived by the Manager and service and distribution fees waived — class specific. The Manager and BRIL may discontinue the voluntary waiver at any time.
Class specific expense waivers and/or reimbursements are as follows:
Service and Distribution Fees Waived | ||||||||||||||||||||||||||||||||||||||||
Dollar | Cash Management | Cash Reserve | Administration | Select | Private Client | Premier | Total | |||||||||||||||||||||||||||||||||
Federal Trust Fund | $ | 5,696 | $ | 17,462 | $ | 119 | — | — | — | — | $ | 23,277 | ||||||||||||||||||||||||||||
FedFund | $ | 17,057 | $ | 67,603 | $ | 52,371 | — | $ | 561,301 | $ | 4,432 | $ | 7 | $ | 702,771 | |||||||||||||||||||||||||
TempCash | $ | 178 | — | — | — | — | — | — | $ | 178 | ||||||||||||||||||||||||||||||
TempFund | — | — | — | — | $ | 253 | $ | 2,586 | — | $ | 2,839 | |||||||||||||||||||||||||||||
T-Fund | $ | 99,812 | $ | 642,003 | $ | 14,232 | — | $ | 178,325 | — | — | $ | 934,372 | |||||||||||||||||||||||||||
Treasury Trust Fund | $ | 18,585 | $ | 11,645 | $ | 663 | — | $ | 241,880 | — | — | $ | 272,773 | |||||||||||||||||||||||||||
MuniCash | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
MuniFund | — | $ | 8 | — | — | �� | $ | 8,760 | $ | 663 | — | $ | 9,431 | |||||||||||||||||||||||||||
California Money Fund | — | — | — | — | $ | 12,425 | $ | 8,436 | — | $ | 20,861 | |||||||||||||||||||||||||||||
New York Money Fund | — | — | — | — | $ | 565 | $ | 707 | — | $ | 1,272 |
Officers and Trustees: 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.
104 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Notes to Financial Statements (continued) |
Other Transactions: 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, 2017, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:
Purchases | Sales | Net Realized Gain (Loss) | ||||||||
TempFund | — | $ | 54,533,013 | — | ||||||
MuniCash | $ | 306,947,888 | $ | 16,005,693 | — | |||||
MuniFund | $ | 5,200,477 | $ | 35,314,426 | — | |||||
California Money Fund | $ | 2,902,535 | $ | 30,437,196 | — | |||||
New York Money Fund | $ | 8,302,681 | $ | 9,041,474 | — |
During the six months ended April 30, 2017, TempFund received a reimbursement of $1,410 from an affiliate, which is included in fees paid indirectly in the Statements of Operations, related to unfunded purchase orders.
6. Income Tax Information:
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 U.S. federal income tax provision is required.
Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remain open for each of the four years ended October 31, 2016. The statutes of limitations on each Fund’s 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 as of October 31, 2016, inclusive of open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
7. Principal Risks:
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.
Inventories of municipal bonds held by brokers and dealers may decrease, which would lessen their ability to make a market in these securities. Such a reduction in market making capacity could potentially decrease a Fund’s ability to buy or sell bonds. As a result, a Fund may sell a security at a lower price, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative impact on performance. If a Fund needed to sell large blocks of bonds, those sales could further reduce the bonds’ prices and impact performance.
In the normal course of business, certain Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer to meet all its obligations, including the ability to pay principal and interest when due (issuer credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers of securities owned by the Funds. Changes arising from the general economy, the overall market and local, regional or global political and/or social instability, as well as currency, interest rate and price fluctuations, may also affect the securities’ value.
Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.
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.
Counterparty Credit Risk: Similar to issuer credit risk, the Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 105 |
Notes to Financial Statements (continued) |
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 approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
Concentration 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. This may subject each Fund to the risk that economic, political or social issues impacting a particular state or group of states could have an adverse and disproportionate impact on the income from, or the value or liquidity of, each Fund’s respective portfolios. Investment percentages in specific states or U.S. territories are presented in the Schedules of investments.
8. 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 all distributions and cost of shares redeemed, respectively, since shares are sold and redeemed at $1.00 per share for Federal Trust Fund, FedFund, T-Fund, Treasury Trust Fund, MuniFund, California Money Fund, and New York Money Fund.
Transactions in capital shares for each class were as follows:
Federal Trust Fund | Six Months Ended 2017 | Year Ended October 31, 2016 | ||||||
Institutional | ||||||||
Shares issued in the reorganization1 | — | 3,444,802,465 | ||||||
Shares sold | 6,220,042,165 | 9,433,086,256 | ||||||
Shares issued in reinvestment of distributions | 1,688,380 | 1,051,520 | ||||||
Shares redeemed | (6,229,895,873 | ) | (10,068,549,410 | ) | ||||
|
| |||||||
Net increase (decrease) | (8,165,328 | ) | 2,810,390,831 | |||||
|
| |||||||
Dollar | ||||||||
Shares issued in the reorganization1 | — | 240,112,010 | ||||||
Shares sold | 642,415,599 | 1,033,307,909 | ||||||
Shares issued in reinvestment of distributions | 6,357 | 2 | ||||||
Shares redeemed | (748,919,974 | ) | (1,032,577,175 | ) | ||||
|
| |||||||
Net increase (decrease) | (106,498,018 | ) | 240,842,746 | |||||
|
| |||||||
Cash Management | ||||||||
Shares issued in the reorganization1 | — | 49,348,361 | ||||||
Shares sold | 22,574 | 27,877,851 | ||||||
Shares redeemed | (10,259,134 | ) | (45,667,560 | ) | ||||
|
| |||||||
Net increase (decrease) | (10,236,560 | ) | 31,558,652 | |||||
|
| |||||||
Cash Reserve | ||||||||
Shares issued in the reorganization1 | — | 697,139 | ||||||
Shares sold | 6 | 243,907 | ||||||
Shares issued in reinvestment of distributions | 82 | — | ||||||
Shares redeemed | (32,789 | ) | (442,014 | ) | ||||
|
| |||||||
Net increase (decrease) | (32,701 | ) | 499,032 | |||||
|
|
106 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Notes to Financial Statements (continued) |
Federal Trust Fund | Six Months Ended 2017 | Year Ended October 31, 2016 | ||||||
Administration | ||||||||
Shares issued in the reorganization1 | — | 22,113,378 | ||||||
Shares sold | 72,862,218 | 62,653,569 | ||||||
Shares issued in reinvestment of distributions | 68,573 | 16,313 | ||||||
Shares redeemed | (31,934,755 | ) | (42,580,325 | ) | ||||
|
| |||||||
Net increase | 40,996,036 | 42,202,935 | ||||||
|
| |||||||
Total Net Increase (Decrease) | (83,936,571 | ) | 3,125,494,196 | |||||
|
| |||||||
FedFund | ||||||||
Institutional | ||||||||
Shares issued in the reorganization1 | — | 1,741,336,257 | ||||||
Shares sold | 429,587,310,514 | 309,108,001,853 | ||||||
Shares issued in reinvestment of distributions | 78,629,616 | 28,160,144 | ||||||
Shares redeemed | (435,253,481,535 | ) | (238,237,591,408 | ) | ||||
|
| |||||||
Net increase (decrease) | (5,587,541,405 | ) | 72,639,906,846 | |||||
|
| |||||||
Dollar | ||||||||
Shares issued in the reorganization1 | — | 23,951,611 | ||||||
Shares sold | 20,998,302,658 | 36,103,556,345 | ||||||
Shares issued in reinvestment of distributions | 185,078 | 6,060 | ||||||
Shares redeemed | (21,240,874,501 | ) | (35,015,631,238 | ) | ||||
|
| |||||||
Net increase (decrease) | (242,386,765 | ) | 1,111,882,778 | |||||
|
| |||||||
Cash Management | ||||||||
Shares issued in the reorganization1 | — | 218,482 | ||||||
Shares sold | 356,983,951 | 639,408,625 | ||||||
Shares issued in reinvestment of distributions | 31,237 | 26,232 | ||||||
Shares redeemed | (300,533,799 | ) | (613,569,384 | ) | ||||
|
| |||||||
Net increase | 56,481,389 | 26,083,955 | ||||||
|
| |||||||
Cash Reserve | ||||||||
Shares issued in the reorganization1 | — | 5,773,677 | ||||||
Shares sold | 1,303,682,114 | 264,870,895 | ||||||
Shares issued in reinvestment of distributions | 17 | 5 | ||||||
Shares redeemed | (474,811,735 | ) | (55,516,214 | ) | ||||
|
| |||||||
Net increase | 828,870,396 | 215,128,363 | ||||||
|
| |||||||
Administration | ||||||||
Shares issued in the reorganization1 | — | 11,327 | ||||||
Shares sold | 4,352,764,648 | 2,070,299,999 | ||||||
Shares issued in reinvestment of distributions | 355,035 | 40,947 | ||||||
Shares redeemed | (3,314,978,557 | ) | (723,017,079 | ) | ||||
|
| |||||||
Net increase | 1,038,141,126 | 1,347,335,194 | ||||||
|
| |||||||
Select | ||||||||
Shares sold | 207,179,436 | 325,378,104 | ||||||
Shares issued in reinvestment of distributions | 48,789 | 78,944 | ||||||
Shares redeemed | (224,024,183 | ) | (289,327,824 | ) | ||||
|
| |||||||
Net increase (decrease) | (16,795,958 | ) | 36,129,224 | |||||
|
|
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 107 |
Notes to Financial Statements (continued) |
FedFund | Six Months Ended 2017 | Year Ended October 31, 2016 | ||||||
Private Client | ||||||||
Shares sold | 853,056 | 1,049,042 | ||||||
Shares issued in reinvestment of distributions | 676 | 1,137 | ||||||
Shares redeemed | (924,671 | ) | (2,881,559 | ) | ||||
|
| |||||||
Net decrease | (70,939 | ) | (1,831,380 | ) | ||||
|
| |||||||
Premier2 | ||||||||
Shares sold | — | 87,842 | ||||||
Shares issued in reinvestment of distributions | — | 42 | ||||||
Shares redeemed | — | (218,712 | ) | |||||
|
| |||||||
Net increase (decrease) | — | (130,828 | ) | |||||
|
| |||||||
Total Net Increase (Decrease) | (3,923,314,574 | ) | 75,374,504,152 | |||||
|
| |||||||
T-Fund | ||||||||
Institutional | ||||||||
Shares issued in the reorganization1 | 6,080,575,940 | |||||||
Shares sold | 156,284,720,765 | 240,296,278,288 | ||||||
Shares issued in reinvestment of distributions | 43,601,578 | 24,218,841 | ||||||
Shares redeemed | (161,835,224,936 | ) | (212,236,443,972 | ) | ||||
|
| |||||||
Net increase (decrease) | (5,506,902,593 | ) | 34,164,629,097 | |||||
|
| |||||||
Dollar | ||||||||
Shares issued in the reorganization1 | — | 3,500,479,472 | ||||||
Shares sold | 8,172,200,461 | 8,578,433,384 | ||||||
Shares issued in reinvestment of distributions | 283,853 | 13,060 | ||||||
Shares redeemed | (7,754,611,258 | ) | (9,259,871,164 | ) | ||||
|
| |||||||
Net increase | 417,873,056 | 2,819,054,752 | ||||||
|
| |||||||
Cash Management | ||||||||
Shares issued in the reorganization1 | 168,559,475 | |||||||
Shares sold | 1,687,459,895 | 3,779,653,664 | ||||||
Shares issued in reinvestment of distributions | 66,668 | 82,485 | ||||||
Shares redeemed | (2,225,201,300 | ) | (3,586,002,891 | ) | ||||
|
| |||||||
Net increase (decrease) | (537,674,737 | ) | 362,292,733 | |||||
|
| |||||||
Cash Reserve | ||||||||
Shares issued in the reorganization1 | — | 66,628,684 | ||||||
Shares sold | 36,242,929 | 218,626,783 | ||||||
Shares issued in reinvestment of distributions | 59 | 200 | ||||||
Shares redeemed | (48,840,112 | ) | (216,473,453 | ) | ||||
|
| |||||||
Net increase (decrease) | (12,597,124 | ) | 68,782,214 | |||||
|
| |||||||
Administration | ||||||||
Shares issued in the reorganization1 | — | 26,084,388 | ||||||
Shares sold | 523,244,382 | 82,059,559 | ||||||
Shares issued in reinvestment of distributions | 78,722 | 16,634 | ||||||
Shares redeemed | (156,061,203 | ) | (32,873,463 | ) | ||||
|
| |||||||
Net increase | 367,261,901 | 75,287,118 | ||||||
|
|
108 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Notes to Financial Statements (continued) |
T-Fund | Six Months Ended 2017 | Year Ended October 31, 2016 | ||||||
Select | ||||||||
Shares sold | 106,286,812 | 329,335,389 | ||||||
Shares issued in reinvestment of distributions | 1,570 | 21,784 | ||||||
Shares redeemed | (116,972,020 | ) | (466,238,695 | ) | ||||
|
| |||||||
Net decrease | (10,683,638 | ) | (136,881,522 | ) | ||||
|
| |||||||
Total Net Increase (Decrease) | (5,282,723,135 | ) | 37,353,164,392 | |||||
|
| |||||||
Treasury Trust Fund | ||||||||
Institutional | ||||||||
Shares sold | 29,199,595,010 | 51,666,627,831 | ||||||
Shares issued in reinvestment distributions | 12,511,237 | 6,954,163 | ||||||
Shares redeemed | (29,329,274,696 | ) | (44,279,832,109 | ) | ||||
|
| |||||||
Net increase (decrease) | (117,168,449 | ) | 7,393,749,885 | |||||
|
| |||||||
Dollar | ||||||||
Shares sold | 1,210,602,381 | 2,074,421,866 | ||||||
Shares issued in reinvestment of distributions | 82,097 | 7,761 | ||||||
Shares redeemed | (1,114,947,069 | ) | (2,083,301,791 | ) | ||||
|
| |||||||
Net increase (decrease) | 95,737,409 | (8,872,164 | ) | |||||
|
| |||||||
Cash Management | ||||||||
Shares sold | 26,724,445 | 13,990,024 | ||||||
Shares redeemed | (6,752,886 | ) | (5,958,126 | ) | ||||
|
| |||||||
Net increase | 19,971,559 | 8,031,898 | ||||||
|
| |||||||
Cash Reserve | ||||||||
Shares sold | 4,663,730 | 288,877,965 | ||||||
Shares issued in reinvestment of distributions | 351 | 1,110 | ||||||
Shares redeemed | (6,633,447 | ) | (285,244,099 | ) | ||||
|
| |||||||
Net increase (decrease) | (1,969,366 | ) | 3,634,976 | |||||
|
| |||||||
Administration | ||||||||
Shares sold | 2,403,324,309 | 5,784,997,854 | ||||||
Shares issued in reinvestment of distributions | 54,412 | 20,567 | ||||||
Shares redeemed | (2,272,660,351 | ) | (5,882,839,025 | ) | ||||
|
| |||||||
Net increase (decrease) | 130,718,370 | (97,820,604 | ) | |||||
|
| |||||||
Select | ||||||||
Shares sold | 110,733,556 | 270,670,451 | ||||||
Shares issued in reinvestment of distributions | 4,242 | 8,184 | ||||||
Shares redeemed | (93,567,874 | ) | (198,831,280 | ) | ||||
|
| |||||||
Net increase | 17,169,924 | 71,847,355 | ||||||
|
| |||||||
Total Net Increase | 144,459,447 | 7,370,571,346 | ||||||
|
|
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 109 |
Notes to Financial Statements (continued) |
Munifund | Six Months Ended 2017 | Year Ended 2016 | ||||||
Institutional | ||||||||
Shares sold | 216,300,791 | 3,928,544,654 | ||||||
Shares issued in reinvestment of distributions | 166,157 | 225,673 | ||||||
Shares redeemed | (165,802,750 | ) | (5,156,315,326 | ) | ||||
|
| |||||||
Net increase (decrease) | 50,664,198 | (1,227,544,999 | ) | |||||
|
| |||||||
Dollar | ||||||||
Shares sold | 4,352,360 | 91,814,629 | ||||||
Shares redeemed | (1,785,000 | ) | (127,644,664 | ) | ||||
|
| |||||||
Net increase (decrease) | 2,567,360 | (35,830,035 | ) | |||||
|
| |||||||
Cash Management | ||||||||
Shares sold | 72,355 | 3,937,532 | ||||||
Shares issued in reinvestment of distributions | — | 253 | ||||||
Shares redeemed | (93,235 | ) | (6,135,618 | ) | ||||
|
| |||||||
Net decrease | (20,880 | ) | (2,197,833 | ) | ||||
|
| |||||||
Administration | ||||||||
Shares sold | 16,866,182 | 388,584,053 | ||||||
Shares issued in reinvestment of distributions | 54,543 | 35,622 | ||||||
Shares redeemed | (15,370,725 | ) | (692,675,561 | ) | ||||
|
| |||||||
Net increase (decrease) | 1,550,000 | (304,055,886 | ) | |||||
|
| |||||||
Select | ||||||||
Shares sold | 14,679,431 | 63,937,512 | ||||||
Shares issued in reinvestment of distributions | 979 | 1,764 | ||||||
Shares redeemed | (12,472,929 | ) | (82,845,943 | ) | ||||
|
| |||||||
Net increase (decrease) | 2,207,481 | (18,906,667 | ) | |||||
|
| |||||||
Private Client | ||||||||
Shares sold | 1 | 1,437 | ||||||
Shares issued in reinvestment of distributions | 157 | 321 | ||||||
Shares redeemed | (16,384 | ) | (1,300,458 | ) | ||||
|
| |||||||
Net decrease | (16,226 | ) | (1,298,700 | ) | ||||
|
| |||||||
Premier2 | ||||||||
Shares sold | — | 3 | ||||||
Shares redeemed | — | (1,046 | ) | |||||
|
| |||||||
Net increase (decrease) | — | (1,043 | ) | |||||
|
| |||||||
Total Net Increase (Decrease) | 56,951,933 | (1,589,835,163 | ) | |||||
|
| |||||||
California Money Fund | ||||||||
Institutional | ||||||||
Shares sold | 44,492,174 | 544,935,840 | ||||||
Shares issued in reinvestment of distributions | 12,282 | 9,712 | ||||||
Shares redeemed | (55,512,000 | ) | (731,686,840 | ) | ||||
|
| |||||||
Net decrease | (11,007,544 | ) | (186,741,288 | ) | ||||
|
|
110 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Notes to Financial Statements (continued) |
California Money Fund | Six Months Ended 2017 | Year Ended October 31, 2016 | ||||||
Dollar | ||||||||
Shares sold | — | 390,835 | ||||||
Shares issued in reinvestment of distributions | — | 2 | ||||||
Shares redeemed | — | (2,572,422 | ) | |||||
|
| |||||||
Net increase (decrease) | — | (2,181,585 | ) | |||||
|
| |||||||
Administration | ||||||||
Shares sold | — | 1,973,022 | ||||||
Shares redeemed | — | (3,668,518 | ) | |||||
|
| |||||||
Net increase (decrease) | — | (1,695,496 | ) | |||||
|
| |||||||
Select | ||||||||
Shares sold | 6,995,890 | 45,783,433 | ||||||
Shares issued in reinvestment of distributions | 8,366 | 239 | ||||||
Shares redeemed | (11,908,409 | ) | (45,200,415 | ) | ||||
|
| |||||||
Net increase (decrease) | (4,904,153 | ) | 583,257 | |||||
|
| |||||||
Private Client | ||||||||
Shares sold | 6 | 2 | ||||||
Shares issued in reinvestment of distributions | 5,065 | 549 | ||||||
Shares redeemed | (5 | ) | (24,280 | ) | ||||
|
| |||||||
Net increase (decrease) | 5,066 | (23,729 | ) | |||||
|
| |||||||
Premier2 | ||||||||
Shares redeemed | — | (9 | ) | |||||
|
| |||||||
Net increase (decrease) | — | (9 | ) | |||||
|
| |||||||
Total Net Decrease | (15,906,631 | ) | (190,058,850 | ) | ||||
|
| |||||||
New York Money Fund | ||||||||
Institutional | ||||||||
Shares sold | 18,897,157 | 294,695,511 | ||||||
Shares issued in reinvestment of distributions | 42,152 | 28,114 | ||||||
Shares redeemed | (19,311,358 | ) | (369,858,621 | ) | ||||
|
| |||||||
Net decrease | (372,049 | ) | (75,134,996 | ) | ||||
|
| |||||||
Cash Management | ||||||||
Shares sold | — | 51,505,025 | ||||||
Shares redeemed | — | (60,835,353 | ) | |||||
|
| |||||||
Net increase (decrease) | — | (9,330,328 | ) | |||||
|
| |||||||
Administration | ||||||||
Shares sold | — | 8,577,895 | ||||||
Shares redeemed | — | (15,969,617 | ) | |||||
|
| |||||||
Net increase (decrease) | — | (7,391,722 | ) | |||||
|
| |||||||
Select | ||||||||
Shares sold | 513,700 | 2,129,893 | ||||||
Shares issued in reinvestment of distributions | 464 | 2,420 | ||||||
Shares redeemed | (953,304 | ) | (5,473,470 | ) | ||||
|
| |||||||
Net decrease | (439,140 | ) | (3,341,157 | )�� | ||||
|
|
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 111 |
Notes to Financial Statements (continued) |
New York Money Fund | Six Months Ended 2017 | Year Ended 2016 | ||||||
Private Client | ||||||||
Shares sold | 1,238 | 69,608 | ||||||
Shares issued in reinvestment of distributions | 499 | 1,211 | ||||||
Shares redeemed | (81,115 | ) | (353,565 | ) | ||||
|
| |||||||
Net decrease | (79,378 | ) | (282,746 | ) | ||||
|
| |||||||
Premier2 | ||||||||
Shares issued in reinvestment of distributions | — | 1 | ||||||
|
| |||||||
Net increase (decrease) | — | 1 | ||||||
|
| |||||||
Total Net Decrease | (890,567 | ) | (95,480,948 | ) | ||||
|
|
Effective October 11, 2016, the number of shares sold, reinvested and redeemed for TempCash, TempFund and MuniCash were transacted at each class’ floating NAV per share calculated to four decimal places.
Transactions in capital shares for each class of TempCash, TempFund and MuniCash were as follows:
Six Months Ended April 30, 2017 | Year Ended October 31, 2016 | |||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||
TempCash | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Shares sold | 242,827,114 | 242,832,188 | 6,911,703,331 | 6,911,703,331 | ||||||||||||||||
Shares issued in reinvestment of distributions | 217,412 | 217,417 | 1,178,947 | 1,178,947 | ||||||||||||||||
Shares redeemed | (72,640,914 | ) | (72,643,186 | ) | (7,983,245,903 | ) | (7,983,245,903 | ) | ||||||||||||
|
|
|
| |||||||||||||||||
Net increase (decrease) | 170,403,612 | 170,406,419 | (1,070,363,625 | ) | (1,070,363,625 | ) | ||||||||||||||
|
|
|
| |||||||||||||||||
Dollar | ||||||||||||||||||||
Shares sold | — | — | 20,997,367 | 20,997,367 | ||||||||||||||||
Shares issued in reinvestment of distributions | 38,525 | 38,525 | 35,212 | 35,212 | ||||||||||||||||
Shares redeemed | (567,371 | ) | (567,371 | ) | (78,692,787 | ) | (78,692,787 | ) | ||||||||||||
|
|
|
| |||||||||||||||||
Net increase (decrease) | (528,846 | ) | (528,846 | ) | (57,660,208 | ) | (57,660,208 | ) | ||||||||||||
|
|
|
| |||||||||||||||||
Total Net Decrease | 169,874,766 | 169,877,573 | (1,128,023,833 | ) | (1,128,023,833 | ) | ||||||||||||||
|
|
|
| |||||||||||||||||
TempFund | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Shares issued in the reorganization1 | — | — | 21,702,979,641 | 21,703,313,407 | ||||||||||||||||
Shares sold | 35,650,281,418 | 35,665,154,554 | 667,085,782,288 | 667,085,908,200 | ||||||||||||||||
Shares issued in reinvestment of distributions | 36,385,230 | 36,400,664 | 87,483,059 | 87,483,059 | ||||||||||||||||
Shares redeemed | (31,563,344,437 | ) | (31,576,595,144 | ) | (742,907,248,975 | ) | (742,907,533,285 | ) | ||||||||||||
|
|
|
| |||||||||||||||||
Net increase (decrease) | 4,123,322,211 | 4,124,960,074 | (54,031,003,987 | ) | (54,030,828,619 | ) | ||||||||||||||
|
|
|
| |||||||||||||||||
Dollar | ||||||||||||||||||||
Shares issued in the reorganization1 | — | — | 1,396,029,544 | 1,396,082,675 | ||||||||||||||||
Shares sold | 70,429,480 | 70,464,433 | 6,784,854,129 | 6,784,821,978 | ||||||||||||||||
Shares issued in reinvestment of distributions | 212,771 | 212,869 | 105,183 | 105,183 | ||||||||||||||||
Shares redeemed | (76,075,086 | ) | (76,106,605 | ) | (9,600,531,327 | ) | (9,600,532,354 | ) | ||||||||||||
|
|
|
| |||||||||||||||||
Net decrease | (5,432,835 | ) | (5,429,303 | ) | (1,419,542,471 | ) | (1,419,522,518 | ) | ||||||||||||
|
|
|
|
112 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Notes to Financial Statements (continued) |
Six Months Ended April 30, 2017 | Year Ended October 31, 2016 | |||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||
TempFund (continued) | ||||||||||||||||||||
Cash Management | ||||||||||||||||||||
Shares issued in the reorganization1 | — | — | 459,097,449 | 459,119,558 | ||||||||||||||||
Shares sold | 78,767,254 | 78,797,976 | 976,774,761 | 976,765,235 | ||||||||||||||||
Shares issued in reinvestment of distributions | 1,393,040 | 1,393,650 | 175,703 | 175,703 | ||||||||||||||||
Shares redeemed | (175,263,241 | ) | (175,337,251 | ) | (1,008,045,540 | ) | (1,008,046,567 | ) | ||||||||||||
|
|
|
| |||||||||||||||||
Net increase (decrease) | (95,102,947 | ) | (95,145,625 | ) | 428,002,373 | 428,013,929 | ||||||||||||||
|
|
|
| |||||||||||||||||
Cash Reserve | ||||||||||||||||||||
Shares issued in the reorganization1 | 5,207,912 | 5,208,163 | ||||||||||||||||||
Shares sold | 1,489,874 | 1,490,373 | 377,803,247 | 377,802,849 | ||||||||||||||||
Shares issued in reinvestment of distributions | 7,740 | 7,743 | 1,473 | 1,473 | ||||||||||||||||
Shares redeemed | (3,936,900 | ) | (3,938,040 | ) | (394,075,483 | ) | (394,075,649 | ) | ||||||||||||
|
|
|
| |||||||||||||||||
Net decrease | (2,439,286 | ) | (2,439,924 | ) | (11,062,851 | ) | (11,063,164 | ) | ||||||||||||
|
|
|
| |||||||||||||||||
Administration | ||||||||||||||||||||
Shares issued in the reorganization1 | — | — | 26,326,765 | 26,327,781 | ||||||||||||||||
Shares sold | 100,208,530 | 100,257,621 | 17,805,982,215 | 17,805,981,716 | ||||||||||||||||
Shares issued in reinvestment of distributions | 60,085 | 60,111 | 875,143 | 875,143 | ||||||||||||||||
Shares redeemed | (8,090,644 | ) | (8,093,771 | ) | (20,661,270,010 | ) | (20,661,270,017 | ) | ||||||||||||
|
|
|
| |||||||||||||||||
Net increase (decrease) | 92,177,971 | 92,223,961 | (2,828,085,887 | ) | (2,828,085,377 | ) | ||||||||||||||
|
|
|
| |||||||||||||||||
Select | ||||||||||||||||||||
Shares sold | 9 | 18 | 253,973,426 | 253,973,135 | ||||||||||||||||
Shares issued in reinvestment of distributions | 33 | 33 | 9,220 | 9,220 | ||||||||||||||||
Shares redeemed | (908,572 | ) | (908,882 | ) | (548,379,380 | ) | (548,379,380 | ) | ||||||||||||
|
|
|
| |||||||||||||||||
Net decrease | (908,530 | ) | (908,831 | ) | (294,396,734 | ) | (294,397,025 | ) | ||||||||||||
|
|
|
| |||||||||||||||||
Private Client | ||||||||||||||||||||
Shares sold | 835 | 835 | 8,866,084 | 8,866,085 | ||||||||||||||||
Shares issued in reinvestment of distributions | 2,381 | 2,381 | 664 | 664 | ||||||||||||||||
Shares redeemed | (279,132 | ) | (279,238 | ) | (17,072,728 | ) | (17,072,732 | ) | ||||||||||||
|
|
|
| |||||||||||||||||
Net decrease | (275,916 | ) | (276,022 | ) | (8,205,980 | ) | (8,205,983 | ) | ||||||||||||
|
|
|
| |||||||||||||||||
Premier2 | ||||||||||||||||||||
Shares sold | — | — | 16,449,311 | 16,449,312 | ||||||||||||||||
Shares issued in reinvestment of distributions | — | — | 332 | 332 | ||||||||||||||||
Shares redeemed | — | — | (29,454,020 | ) | (29,454,020 | ) | ||||||||||||||
|
|
|
| |||||||||||||||||
Net increase (decrease) | — | — | (13,004,377 | ) | (13,004,376 | ) | ||||||||||||||
|
|
|
| |||||||||||||||||
Total Net Increase (Decrease) | 4,111,340,668 | 4,112,984,330 | (58,177,299,914 | ) | (58,177,093,133 | ) | ||||||||||||||
|
|
|
|
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 113 |
Notes to Financial Statements (concluded) |
Six Months Ended April 30, 2017 | Year Ended October 31, 2016 | |||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||
MuniCash | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Shares issued in the reorganization1 | — | — | 973,844,721 | 975,867,477 | ||||||||||||||||
Shares sold | 14,128,178,859 | 14,129,581,060 | 14,693,254,630 | 14,693,344,893 | ||||||||||||||||
Shares issued in reinvestment of distributions | 2,408,014 | 2,408,341 | 1,235,510 | 1,235,510 | ||||||||||||||||
Shares redeemed | (13,264,559,917 | ) | (13,265,847,131 | ) | (13,674,004,329 | ) | (13,674,076,417 | ) | ||||||||||||
|
|
|
| |||||||||||||||||
Net increase | 866,026,956 | 866,142,270 | 1,994,330,532 | 1,996,371,463 | ||||||||||||||||
|
|
|
| |||||||||||||||||
Dollar | ||||||||||||||||||||
Shares sold | 840,710 | 840,793 | 2,320,856 | 2,320,857 | ||||||||||||||||
Shares issued in reinvestment of distributions | 2,394 | 2,394 | 2,695 | 2,695 | ||||||||||||||||
Shares redeemed | (1,391,258 | ) | (1,391,378 | ) | (2,565,056 | ) | (2,565,058 | ) | ||||||||||||
|
|
|
| |||||||||||||||||
Net decrease | (548,154 | ) | (548,191 | ) | (241,505 | ) | (241,506 | ) | ||||||||||||
|
|
|
| |||||||||||||||||
Total Net Increase | 865,478,802 | 865,594,079 | 1,994,089,027 | 1,996,129,957 | ||||||||||||||||
|
|
|
|
1 | See Note 1 regarding the reorganization. |
2 | There were no Premier shares outstanding for the six months ended April 30, 2017. |
9. 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.
114 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Officers and Trustees |
Rodney D. Johnson, Chair of the Board and Trustee
Susan J. Carter, Trustee
Collette Chilton, Trustee
Neil A. Cotty, Trustee
Cynthia A. Montgomery, Trustee
Joseph P. Platt, Trustee
Robert C. Robb, Jr., Trustee
Mark Stalnecker, Trustee
Kenneth L. Urish, Trustee
Claire A. Walton, Trustee
Frederick W. Winter, Trustee
Barbara G. Novick, Trustee
John M. Perlowski, Trustee, President and Chief Executive Officer
Thomas Callahan, Vice President
Jennifer McGovern, Vice President
Neal J. Andrews, Chief Financial Officer
Jay M. Fife, Treasurer
Charles Park, Chief Compliance Officer
Fernanda Piedra, Anti-Money Laundering Compliance Officer
Benjamin Archibald, Secretary
Effective December 31, 2016, David O. Beim and Dr. Matina S. Horner retired as Trustees of the Trust.
Investment Adviser and Administrator BlackRock Advisors, LLC Wilmington, DE 19809 | Accounting Agent, Sub-Administrator and Transfer Agent BNY Mellon Investment Servicing (US) Inc. Wilmington, DE 19809 | Distributor BlackRock Investments, LLC New York, NY 10022 | Address of the Trust 100 Bellevue Parkway Wilmington, DE 19809 | |||
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 |
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 115 |
Additional Information |
General Information |
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program. Electronic copies of shareholder reports and prospectuses are available on BlackRock’s website.
To enroll in electronic delivery:
Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.
Householding
The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7450.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with 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, D.C. Information on the operation of the Public Reference Room or 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 upon request and without charge, (1) by calling (800) 441-7450; (2) at http://www.blackrock.com; and (3) on the SEC’s 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 such 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 requests or to 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.
116 | BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 |
Additional Information (concluded) |
Notice to Shareholders |
The following applies to TempCash, TempFund and MuniCash: This report is intended for existing current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. You could lose money by investing in a Fund. Because the share price of the Funds will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Funds may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Funds’ liquidity falls below required minimums because of market conditions or other factors. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds at any time.
The following applies to Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund: This report is intended for existing current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. You could lose money by investing in a Fund. Although the Funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they will do so. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds at any time.
The following applies to California Money Fund, MuniFund and New York Money Fund: This report is intended for existing current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. You could lose money by investing in a Fund. Although the Funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they will do so. The Funds may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Funds’ liquidity falls below required minimums because of market conditions or other factors. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds at any time.
BLACKROCK LIQUIDITY FUNDS | APRIL 30, 2017 | 117 |
Performance data quoted represents past performance and does not guarantee future results. Total return information assumes reinvestment of all distributions. Current performance may be higher or lower than the performance data quoted. For current month-end performance information, call (800) 441-7762. Each Fund’s current 7-day yield more closely reflects the current earnings of a Fund than the total returns quoted. Statements and other information herein are as dated and are subject to change.
BRLF-4/17-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 5, 2017
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 5, 2017
By: | /s/ Neal J. Andrews | |||
Neal J. Andrews | ||||
Chief Financial Officer (principal financial officer) of | ||||
BlackRock Liquidity Funds |
Date: July 5, 2017
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