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: 10/31/2018
Date of reporting period: 04/30/2018
Item 1 – Report to Stockholders
APRIL 30, 2018
SEMI-ANNUAL REPORT (UNAUDITED) |
BlackRock Liquidity Funds
Ø | Federal Trust Fund |
Ø | FedFund |
Ø | TempCash |
Ø | TempFund |
Ø | T-Fund |
Ø | Treasury Trust Fund |
Ø | MuniCash |
Ø | MuniFund |
Ø | California Money Fund |
Ø | New York Money Fund |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Dear Shareholder,
In the 12 months ended April 30, 2018, the strongest corporate profits in seven years drove the equity market higher, while rising interest rates constrained bond returns. While the market’s appetite for risk remained healthy, risk taking varied by asset class, as bond investors cautiously shifted to higher-quality securities, and stock investors continued to embrace risk by investing abroad.
The largest global economies experienced sustained, synchronized growth for the first time since the financial crisis, leading to strong equity performance worldwide. Emerging markets stocks posted the highest return, as accelerating growth in China, the second-largest economy in the world, improved the outlook for corporate profits in most developing nations.
Short-term U.S. Treasury interest rates rose the fastest, while longer-term rates slightly increased, leading to a substantial flattening of the yield curve. The annual return for the three-month Treasury bill surpassed 1.0%, but remained well below the annual headline inflation rate of 2.5%. In contrast, the ten-year U.S. Treasury — a bellwether of the bond market — posted a negative return, as rising inflation expectations drove yields higher. In credit markets, the investment-grade and high-yield bond markets posted modest returns in a relatively benign credit environment.
Even though it faced rising pressure to boost interest rates in 2017, the U.S. Federal Reserve (the “Fed”) increased short-term interest rates just three times during the reporting period. The Fed also announced plans to reduce its $4.4 trillion balance sheet by $420 billion in 2018, which began the process of gradually reversing its unprecedented stimulus measures after the financial crisis. The economy continued to gain momentum despite the Fed’s modest reduction of economic stimulus, as unemployment dipped below 4.0%, wages increased, and job openings reached a record high. Strong economic performance may justify a more rapid pace of rate hikes in 2018, as the headline inflation rate and investors’ expectations for inflation surpassed the Fed’s target of 2.0%.
By contrast, the European Central Bank (“ECB”) and the Bank of Japan (“BoJ”) continued to expand their balance sheets despite nascent signs of sustained economic growth. Rising global growth, as well as limited bond supply, pressured other central banks to follow in the Fed’s footsteps. In October 2017, the ECB pledged to cut its bond purchases in half for 2018, while the BoJ reiterated its commitment to economic stimulus, even though the size of its balance sheet almost matched the total output of the Japanese economy.
The Fed’s measured pace of stimulus reduction could lead to moderately higher inflation, steadily rising interest rates, and improving real growth in 2018. We continue to believe the primary risks to economic expansion are trade protectionism, rapidly rising interest rates, and geopolitical tension. In particular, we are closely monitoring trade protectionism and the rise of populism in Western nations.
In December 2017, Congress passed a sweeping tax reform bill. The U.S. tax overhaul is likely to accentuate the existing reflationary themes, including corporate spending on stock buybacks, mergers & acquisitions and capital investment, which could extend the economic cycle if inflation and interest rates rise at a relatively modest pace.
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, 2018 | ||||
6-month | 12-month | |||
U.S. large cap equities | 3.82% | 13.27% | ||
U.S. small cap equities | 3.27 | 11.54 | ||
International equities | 3.41 | 14.51 | ||
Emerging market equities | 4.80 | 21.71 | ||
3-month Treasury bills | 0.68 | 1.17 | ||
U.S. Treasury securities | (3.79) | (3.64) | ||
U.S. investment grade bonds | (1.87) | (0.32) | ||
Tax-exempt municipal bonds | (0.76) | 1.44 | ||
U.S. high yield bonds | (0.17) | 3.27 | ||
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 PAGEISNOT PARTOF YOUR FUND REPORT |
Table of Contents
Page | ||||
2 | ||||
Semi-Annual Report: | ||||
4 | ||||
5 | ||||
8 | ||||
Financial Statements | ||||
10 | ||||
49 | ||||
53 | ||||
55 | ||||
60 | ||||
109 | ||||
121 | ||||
122 | ||||
123 |
3 |
Money Market Overview For the Six-Month Period Ended April 30, 2018
Notable conditions for the six-month period ended April 30, 2018 included the continued steady removal of monetary accommodation by the Federal Open Market Committee (“FOMC”), the gradual reduction of the balance sheet by the Fed, a series of short-term spending agreements to keep the government open, and the passage of U.S. tax reform. All of these factors contributed to defensive positioning by money market fund managers in preparation of potential asset and/or market volatility.
Jerome Powell was nominated as Chairman of the FOMC in November to replace Janet Yellen, who stepped down upon Powell’s confirmation in February 2018. Heading into the end of the first quarter of 2018, the FOMC continued their path of removing monetary policy accommodation with a 0.25% rate increase at their March 21, 2018 FOMC meeting, bringing the Fed Funds target rate range between 1.50% and 1.75%.
Following the resolution of the debt ceiling limit in early February, the U.S. Treasury increased net bill supply by an estimated $330 billion over a six-week period ending March 29, 2018. The massive amount of supply, in combination with the base erosion and anti-abuse tax stemming from the repatriation of U.S. dollars held offshore, pressured short term credit spreads wider. These pressures persisted until early April.
Money market fund managers generally maintained a defensive posture leading up to the December 2017 FOMC meeting and in advance of seasonal redemptions that occur at year-end. At the same time, certain banks had a strong need for dollar funding. The mismatch of needs resulted in credit spreads widening heading into the end of the year, as reflected in the differential between three-month London Inter-Bank Offered Rate (“LIBOR”) and overnight index swaps. The trend continued up until the better-than-expected tax-receipts in April where a contraction and stabilization of the credit spreads occurred. This was evidenced by the three-month LIBOR and overnight index swaps spread contracting to 53 basis points, down from a high of 60 basis points earlier in the year.
In our opinion, at least two additional 0.25% interest rate increases are possible during the balance of 2018. The first is expected to occur in June, with a second in September and, if warranted, a third in December. While income tax receipts have produced a temporary respite from the heavy Treasury bill issuance experienced during the first quarter of 2018, a projected decline in revenues from the tax overhaul along with an increase in federal spending are expected to result in a slightly elevated net Treasury bill supply in subsequent months.
The short-term municipal market experienced some volatility as demand from traditional municipal money market fund buyers steadily increased over the six-month period ended April 30, 2018. Uncertainty over tax reform resulted in a record amount of new long-term bond issuance brought in December as questions surrounded the impact on municipal issuers. Secondary bid-wanted activity increased as investors replaced holdings with higher yielding issues. The large amount of year-end issuance, combined with investor year-end portfolio adjusting, created a spike in floater yields as sales of variable rate demand notes (“VRDNs”) were elevated. Positive seasonal coupon flow in January and February reversed the effects of excess supply of VRDNs, and yields dropped as a result. In addition to investors becoming more comfortable with the money fund reform provisions that became effective on October 14, 2016, increasing yields have made tax-exempt money funds an attractive investor option. The new rules for money funds, addressing floating net asset value, liquidity rules and fund classification type, seem to have settled in without much additional concern as is evident by the increasing demand of tax-exempt money fund investors.
The Federal Open Market Committee continued to follow its determined path of normalization of interest rates by continuing to lift the target range for the federal funds rate by ending the period at 1.50% — 1.75%. As a result on these increases, the SIFMA Index, which represents the average yield on seven-day VRDN securities, began the period at 0.92%, hit an 8-year high of 1.81% before declining slightly to end the period at 1.75%.
New VRDN issuance remained light throughout the period as issuers instead opted to bond out of debt issuance and take advantage of continuing relative low longer-term bond yields. The total outstanding supply of VRDNs stood at $147 billion as of April 30, 2018, and continues to be significantly higher than total tax-exempt money fund assets, at $131 billion. This difference of $16 billion of outstanding VRDNs continues to be held by non-traditional buyers such as bond funds, separately managed accounts and crossover taxable money funds. For this reason, dealers have continued to reset VRDN yields to levels higher than normal levels in order to continue to attract the crossover investor.
As further rate hikes in 2018 by the FOMC have become evident and the U.S. economy strengthens further, short-term rates continued to rise as yields on the Municipal Market Advisors AAA General Obligation One-Year Index, which began the period at 1.01%, steadily increased over the period before ending at 1.74%. VRDNs, as stated above also crept higher offering little incentive to extend as the yield pickup from very short VRDNs to one-year term paper was barely a basis point.
Looking ahead, the actions of the FOMC remain front and center as the policy-making group continues to assess current market conditions to determine when and whether to raise rates again in 2018. Most municipal money fund managers remain defensively positioned ahead of the June Fed meeting and continue to maintain very short average weighted maturities. Fund managers are expected to remain highly selective with respect to one-year municipal note purchases in the secondary market as there is currently very little yield pickup versus VRDNs.
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.
4 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Information as of April 30, 2018
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.
CURRENT SEVEN-DAY YIELDS
|
| |||||||
7-Day SEC Yields | 7-Day Yields | |||||||
Institutional | 1.56 | % | 1.56 | % | ||||
Dollar | 1.31 | 1.31 | ||||||
Cash Management | 1.06 | 1.06 | ||||||
Cash Reserve | 1.16 | 1.16 | ||||||
Administration | 1.46 | 1.46 |
PORTFOLIO COMPOSITION
|
| |||
Asset Type | Percent of Net Assets | |||
U.S. Government Sponsored Agency Obligations | 53 | % | ||
U.S. Treasury Obligations | 46 | |||
Other Assets Less Liabilities | 1 |
FedFund
FedFund’s (the “Fund”) investment objective is to seek current income as is consistent with liquidity and stability of principal.
CURRENT SEVEN-DAY YIELDS
|
| |||||||
7-Day SEC Yields | 7-Day Yields | |||||||
Institutional | 1.59 | % | 1.59 | % | ||||
Dollar | 1.34 | 1.34 | ||||||
Cash Management | 1.09 | 1.09 | ||||||
Cash Reserve | 1.19 | 1.19 | ||||||
Administration | 1.49 | 1.49 | ||||||
Select | 0.76 | 0.76 | ||||||
Private Client | 1.08 | 1.08 | ||||||
Capital | 1.55 | 1.55 |
PORTFOLIO COMPOSITION
|
| |||
Asset Type | Percent of Net Assets | |||
Repurchase Agreements | 44 | % | ||
U.S. Government Sponsored Agency Obligations | 32 | |||
U.S. Treasury Obligations | 24 | |||
Other Assets Less Liabilities | — | (a) |
(a) | Representing less than 0.5% of the Fund’s net assets. |
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.
CURRENT SEVEN-DAY YIELDS
|
| |||||||
7-Day SEC Yields | 7-Day Yields | |||||||
Institutional | 1.87 | % | 1.87 | % | ||||
Dollar | 1.62 | 1.62 |
PORTFOLIO COMPOSITION
|
| |||
Asset Type | Percent of Net Assets | |||
Commercial Paper | 42 | % | ||
Certificates of Deposit | 25 | |||
Time Deposits | 23 | |||
Repurchase Agreements | 8 | |||
U.S. Treasury Obligations | — | (a) | ||
Other Assets Less Liabilities | 2 |
(a) | Representing less than 0.5% of the Fund’s net assets. |
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.
CURRENT SEVEN-DAY YIELDS
|
| |||||||
7-Day SEC Yields | 7-Day Yields | |||||||
Institutional | 1.87 | % | 1.87 | % | ||||
Dollar | 1.62 | 1.62 | ||||||
Cash Management | 1.37 | 1.37 | ||||||
Cash Reserve | 1.47 | 1.47 | ||||||
Administration | 1.77 | 1.77 | ||||||
Select | 1.15 | 1.15 | ||||||
Private Client | 1.37 | 1.37 |
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.
PORTFOLIO COMPOSITION
|
| |||
Asset Type | Percent of Net Assets | |||
Commercial Paper | 38 | % | ||
Certificates of Deposit | 26 | |||
Time Deposits | 19 | |||
Repurchase Agreements | 13 | |||
U.S. Treasury Obligations | 1 | |||
Other Assets Less Liabilities | 3 |
FUND INFORMATION | 5 |
Fund Information as of April 30, 2018 (continued) |
T-Fund
T-Fund’s (the “Fund”) investment objective is to seek current income as is consistent with liquidity and stability of principal.
CURRENT SEVEN-DAY YIELDS
|
| |||||||
7-Day SEC Yields | 7-Day Yields | |||||||
Institutional | 1.56 | % | 1.56 | % | ||||
Dollar | 1.31 | 1.31 | ||||||
Cash Management | 1.06 | 1.06 | ||||||
Cash Reserve | 1.16 | 1.16 | ||||||
Administration | 1.46 | 1.46 | ||||||
Select | 0.73 | 0.73 | ||||||
Capital | 1.52 | 1.52 |
PORTFOLIO COMPOSITION
|
| |||
Asset Type | Percent of Net Assets | |||
Repurchase Agreements | 63 | % | ||
U.S. Treasury Obligations | 37 | |||
Other Assets Less Liabilities | — | (a) |
(a) | Representing less than 0.5% of the Fund’s net assets. |
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.
CURRENT SEVEN-DAY YIELDS
|
| |||||||
7-Day SEC Yields | 7-Day Yields | |||||||
Institutional | 1.58 | % | 1.58 | % | ||||
Dollar | 1.33 | 1.33 | ||||||
Cash Management | 1.08 | 1.08 | ||||||
Cash Reserve | 1.18 | 1.18 | ||||||
Administration | 1.48 | 1.48 | ||||||
Select | 0.75 | 0.75 |
PORTFOLIO COMPOSITION
|
| |||
Asset Type | Percent of Net Assets | |||
U.S. Treasury Obligations | 101 | % | ||
Liabilities in Excess of Other Assets | (1 | ) |
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.
CURRENT SEVEN-DAY YIELDS
|
| |||||||
7-Day SEC Yields | 7-Day Yields | |||||||
Institutional | 1.48 | % | 1.48 | % | ||||
Dollar | 1.23 | 1.23 |
PORTFOLIO COMPOSITION
|
| |||
Asset Type | Percent of Net Assets | |||
Variable Rate Demand Notes | 76 | % | ||
Commercial Paper | 18 | |||
Municipal Bonds | 3 | |||
Closed-End Investment Companies | 3 | |||
Other Assets Less Liabilities | — | (a) |
(a) | Representing less than 0.5% of the Fund’s net assets. |
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.
CURRENT SEVEN-DAY YIELDS
|
| |||||||
7-Day SEC Yields | 7-Day Yields | |||||||
Institutional | 1.51 | % | 1.51 | % | ||||
Dollar | 1.26 | 1.26 | ||||||
Cash Management | 1.00 | 1.00 | ||||||
Administration | 1.41 | 1.41 | ||||||
Select | 0.71 | 0.71 | ||||||
Private Client | 1.03 | 1.03 |
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.
PORTFOLIO COMPOSITION
|
| |||
Asset Type | Percent of Net Assets | |||
Variable Rate Demand Notes | 72 | % | ||
Commercial Paper | 12 | |||
Municipal Bonds | 10 | |||
Closed-End Investment Companies | 6 | |||
Liabilities in Excess of Other Assets | — | (a) |
(a) | Representing less than 0.5% of the Fund’s net assets. |
6 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Information as of April 30, 2018 (continued) |
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.
CURRENT SEVEN-DAY YIELDS
|
| |||||||
7-Day SEC Yields | 7-Day Yields | |||||||
Institutional | 1.48 | % | 1.48 | % | ||||
Select | 0.68 | 0.68 | ||||||
Private Client | 1.00 | 1.00 |
PORTFOLIO COMPOSITION
|
| |||
Asset Type | Percent of Net Assets | |||
Variable Rate Demand Notes | 86 | % | ||
Municipal Bonds | 10 | |||
Closed-End Investment Companies | 4 | |||
Other Assets Less Liabilities | — | (a) |
(a) | Representing less than 0.5% of the Fund’s net assets. |
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.
CURRENT SEVEN-DAY YIELDS
|
| |||||||
7-Day SEC Yields | 7-Day Yields | |||||||
Institutional | 1.55 | % | 1.55 | % | ||||
Select | 0.76 | 0.76 | ||||||
Private Client | 1.07 | 1.07 |
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.
PORTFOLIO COMPOSITION
|
| |||
Asset Type | Percent of Net Assets | |||
Variable Rate Demand Notes | 98 | % | ||
Closed-End Investment Companies | 2 | |||
Other Assets Less Liabilities | — | (a) |
(a) | Representing less than 0.5% of the Fund’s net assets. |
FUND INFORMATION | 7 |
Disclosure of Expenses |
Shareholders of these Funds may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including advisory fees, service and distribution fees, including 12b-1 fees, and other fund expenses. The expense examples shown below (which are based on a hypothetical investment of $1,000 invested on November 1, 2017 and held through April 30, 2018, except for Capital, which are based on a hypothetical investment of $1,000 invested on November 10, 2017, the inception date of Capital and held through April 30, 2018) 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 | Hypothetical (a) | |||||||||||||||||||||||||||||||
Beginning Account Value (11/01/17) | Ending Account Value (04/30/18) | Expenses Paid During the Period (b) | Beginning Account Value (11/01/17) | Ending Account Value (04/30/18) | Expenses Paid During the Period (b) | Annualized Expense Ratio | ||||||||||||||||||||||||||
Federal Trust Fund | ||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,006.00 | $ | 0.85 | $ | 1,000.00 | $ | 1,023.95 | $ | 0.85 | 0.17 | % | ||||||||||||||||||
Dollar | 1,000.00 | 1,004.80 | 2.09 | 1,000.00 | 1,022.71 | 2.11 | 0.42 | |||||||||||||||||||||||||
Cash Management | 1,000.00 | 1,003.50 | 3.33 | 1,000.00 | 1,021.47 | 3.36 | 0.67 | |||||||||||||||||||||||||
Cash Reserve | 1,000.00 | 1,004.00 | 2.83 | 1,000.00 | 1,021.97 | 2.86 | 0.57 | |||||||||||||||||||||||||
Administration | 1,000.00 | 1,005.50 | 1.34 | 1,000.00 | 1,023.46 | 1.35 | 0.27 | |||||||||||||||||||||||||
FedFund | ||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,006.20 | $ | 0.85 | $ | 1,000.00 | $ | 1,023.95 | $ | 0.85 | 0.17 | % | ||||||||||||||||||
Dollar | 1,000.00 | 1,005.00 | 2.09 | 1,000.00 | 1,022.71 | 2.11 | 0.42 | |||||||||||||||||||||||||
Cash Management | 1,000.00 | 1,003.70 | 3.33 | 1,000.00 | 1,021.47 | 3.36 | 0.67 | |||||||||||||||||||||||||
Cash Reserve | 1,000.00 | 1,004.20 | 2.83 | 1,000.00 | 1,021.97 | 2.86 | 0.57 | |||||||||||||||||||||||||
Administration | 1,000.00 | 1,005.70 | 1.34 | 1,000.00 | 1,023.46 | 1.35 | 0.27 | |||||||||||||||||||||||||
Select | 1,000.00 | 1,002.10 | 4.96 | 1,000.00 | 1,019.84 | 5.01 | 1.00 | |||||||||||||||||||||||||
Private Client | 1,000.00 | 1,003.60 | 3.38 | 1,000.00 | 1,021.42 | 3.41 | 0.68 | |||||||||||||||||||||||||
Capital | 1,000.00 | 1,005.70 | 0.99 | 1,000.00 | 1,023.75 | 1.05 | 0.22 | |||||||||||||||||||||||||
TempCash | ||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,007.40 | $ | 0.90 | $ | 1,000.00 | $ | 1,023.90 | $ | 0.90 | 0.18 | % | ||||||||||||||||||
Dollar | 1,000.00 | 1,006.10 | 2.14 | 1,000.00 | 1,022.66 | 2.16 | 0.43 | |||||||||||||||||||||||||
TempFund | ||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,007.30 | $ | 0.90 | $ | 1,000.00 | $ | 1,023.90 | $ | 0.90 | 0.18 | % | ||||||||||||||||||
Dollar | 1,000.00 | 1,006.00 | 2.14 | 1,000.00 | 1,022.66 | 2.16 | 0.43 | |||||||||||||||||||||||||
Cash Management | 1,000.00 | 1,004.80 | 3.38 | 1,000.00 | 1,021.42 | 3.41 | 0.68 | |||||||||||||||||||||||||
Cash Reserve | 1,000.00 | 1,005.30 | 2.88 | 1,000.00 | 1,021.92 | 2.91 | 0.58 | |||||||||||||||||||||||||
Administration | 1,000.00 | 1,006.70 | 1.39 | 1,000.00 | 1,023.41 | 1.40 | 0.28 | |||||||||||||||||||||||||
Select | 1,000.00 | 1,002.90 | 4.97 | 1,000.00 | 1,019.84 | 5.01 | 1.00 | |||||||||||||||||||||||||
Private Client | 1,000.00 | 1,004.70 | 3.38 | 1,000.00 | 1,021.42 | 3.41 | 0.68 | |||||||||||||||||||||||||
T-Fund | ||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,006.20 | $ | 0.85 | $ | 1,000.00 | $ | 1,023.95 | $ | 0.85 | 0.17 | % | ||||||||||||||||||
Dollar | 1,000.00 | 1,004.90 | 2.09 | 1,000.00 | 1,022.71 | 2.11 | 0.42 | |||||||||||||||||||||||||
Cash Management | 1,000.00 | 1,003.70 | 3.33 | 1,000.00 | 1,021.47 | 3.36 | 0.67 | |||||||||||||||||||||||||
Cash Reserve | 1,000.00 | 1,004.20 | 2.83 | 1,000.00 | 1,021.97 | 2.86 | 0.57 | |||||||||||||||||||||||||
Administration | 1,000.00 | 1,005.70 | 1.34 | 1,000.00 | 1,023.46 | 1.35 | 0.27 | |||||||||||||||||||||||||
Select | 1,000.00 | 1,002.00 | 4.96 | 1,000.00 | 1,019.84 | 5.01 | 1.00 | |||||||||||||||||||||||||
Capital | 1,000.00 | 1,005.70 | 0.99 | 1,000.00 | 1,023.75 | 1.05 | 0.22 |
(a) | Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365. |
(b) | 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) except for Capital Shares, which is multiplied by 172/365 (to reflect the period since inception date of November 10, 2017). |
8 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Disclosure of Expenses (continued) |
Expense Examples (continued)
Actual | Hypothetical (a) | |||||||||||||||||||||||||||||||
Beginning Account Value (11/01/17) | Ending Account Value (04/30/18) | Expenses Paid During the Period (b) | Beginning Account Value (11/01/17) | Ending Account Value (04/30/18) | Expenses Paid During the Period (b) | Annualized Expense Ratio | ||||||||||||||||||||||||||
Treasury Trust Fund | ||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,006.10 | $ | 0.85 | $ | 1,000.00 | $ | 1,023.95 | $ | 0.85 | 0.17 | % | ||||||||||||||||||
Dollar | 1,000.00 | 1,004.90 | 2.09 | 1,000.00 | 1,022.71 | 2.11 | 0.42 | |||||||||||||||||||||||||
Cash Management | 1,000.00 | 1,003.60 | 3.33 | 1,000.00 | 1,021.47 | 3.36 | 0.67 | |||||||||||||||||||||||||
Cash Reserve | 1,000.00 | 1,004.10 | 2.83 | 1,000.00 | 1,021.97 | 2.86 | 0.57 | |||||||||||||||||||||||||
Administration | 1,000.00 | 1,005.60 | 1.34 | 1,000.00 | 1,023.46 | 1.35 | 0.27 | |||||||||||||||||||||||||
Select | 1,000.00 | 1,002.00 | 4.96 | 1,000.00 | 1,019.84 | 5.01 | 1.00 | |||||||||||||||||||||||||
MuniCash | ||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,005.10 | $ | 0.99 | $ | 1,000.00 | $ | 1,023.80 | $ | 1.00 | 0.20 | % | ||||||||||||||||||
Dollar | 1,000.00 | 1,003.80 | 2.24 | 1,000.00 | 1,022.56 | 2.26 | 0.45 | |||||||||||||||||||||||||
MuniFund | ||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,005.30 | $ | 0.99 | $ | 1,000.00 | $ | 1,023.80 | $ | 1.00 | 0.20 | % | ||||||||||||||||||
Dollar | 1,000.00 | 1,004.00 | 2.24 | 1,000.00 | 1,022.56 | 2.26 | 0.45 | |||||||||||||||||||||||||
Cash Management | 1,000.00 | 1,002.80 | 3.48 | 1,000.00 | 1,021.32 | 3.51 | 0.70 | |||||||||||||||||||||||||
Administration | 1,000.00 | 1,004.80 | 1.49 | 1,000.00 | 1,023.31 | 1.51 | 0.30 | |||||||||||||||||||||||||
Select | 1,000.00 | 1,001.30 | 4.96 | 1,000.00 | 1,019.84 | 5.01 | 1.00 | |||||||||||||||||||||||||
Private Client | 1,000.00 | 1,002.90 | 3.38 | 1,000.00 | 1,021.42 | 3.41 | 0.68 | |||||||||||||||||||||||||
California Money Fund | ||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,005.00 | $ | 0.99 | $ | 1,000.00 | $ | 1,023.80 | $ | 1.00 | 0.20 | % | ||||||||||||||||||
Select | 1,000.00 | 1,001.10 | 4.86 | 1,000.00 | 1,019.93 | 4.91 | 1.00 | |||||||||||||||||||||||||
Private Client | 1,000.00 | 1,002.60 | 3.38 | 1,000.00 | 1,021.42 | 3.41 | 0.68 | |||||||||||||||||||||||||
New York Money Fund | ||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,005.20 | $ | 0.99 | $ | 1,000.00 | $ | 1,023.80 | $ | 1.00 | 0.20 | % | ||||||||||||||||||
Select | 1,000.00 | 1,001.30 | 4.91 | 1,000.00 | 1,019.89 | 4.96 | 1.00 | |||||||||||||||||||||||||
Private Client | 1,000.00 | 1,002.80 | 3.38 | 1,000.00 | 1,021.42 | 3.41 | 0.68 |
(a) | Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365. |
(b) | 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) except for Capital Shares, which is multiplied by 172/365 (to reflect the period since inception date of November 10, 2017). |
DISCLOSURE OF EXPENSES | 9 |
Schedule of Investments (unaudited) April 30, 2018 | Federal Trust Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
U.S. Government Sponsored Agency Obligations — 53.0% | ||||||||||||
Federal Farm Credit Bank Discount Notes(a): | ||||||||||||
1.25%, 05/25/18 | USD | 30,930 | $ | 30,904,431 | ||||||||
1.26%, 06/06/18 | 7,695 | 7,685,381 | ||||||||||
1.29%, 07/13/18 | 19,570 | 19,519,205 | ||||||||||
2.27%, 03/11/19 | 15,295 | 14,998,838 | ||||||||||
2.28%, 03/19/19 | 15,295 | 14,989,924 | ||||||||||
Federal Farm Credit Bank Variable Rate Notes(b): | ||||||||||||
(LIBOR USD 1 Month + 0.02%), 1.92%, 05/17/18 | 9,530 | 9,530,297 | ||||||||||
(LIBOR USD 1 Month + 0.11%), 2.00%, 09/06/18 | 27,300 | 27,299,711 | ||||||||||
(LIBOR USD 1 Month - 0.09%), 1.81%, 05/07/19 | 45,000 | 44,997,774 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.09%), 1.92%, 03/26/20 | 2,935 | 2,934,834 | ||||||||||
Federal Home Loan Bank Discount Notes(a): | ||||||||||||
1.64%, 08/01/14 | 35,285 | 35,138,018 | ||||||||||
1.66%, 08/08/14 | 23,955 | 23,846,304 | ||||||||||
2.02%, 10/24/14 | 1,070 | 1,059,538 | ||||||||||
1.70%, 05/02/18 | 200,000 | 199,990,595 | ||||||||||
1.54%, 05/07/18 | 6,135 | 6,133,436 | ||||||||||
1.66%, 05/09/18 | 106,130 | 106,090,977 | ||||||||||
1.62%, 05/16/18 | 37,975 | 37,949,525 | ||||||||||
1.56%, 05/18/18 | 145,420 | 145,313,365 | ||||||||||
1.70%, 05/23/18 | 200,000 | 199,792,222 | ||||||||||
1.68%, 05/30/18 | 7,000 | 6,990,589 | ||||||||||
1.75%, 06/20/18 | 3,345 | 3,336,902 | ||||||||||
1.84%, 07/20/18 | 14,965 | 14,903,976 | ||||||||||
2.02%, 10/19/18 | 30,210 | 29,923,005 | ||||||||||
2.02%, 10/22/18 | 23,565 | 23,337,205 | ||||||||||
Federal Home Loan Bank Variable Rate Notes(b): | ||||||||||||
(LIBOR USD 1 Month - 0.14%), 1.75%, 05/18/18 | 23,860 | 23,860,000 | ||||||||||
(LIBOR USD 1 Month - 0.14%), 1.74%, 06/05/18 | 20,000 | 20,000,000 | ||||||||||
(LIBOR USD 3 Month - 0.16%), 1.89%, 06/08/18 | 15,500 | 15,500,000 | ||||||||||
(LIBOR USD 1 Month - 0.14%), 1.76%, 06/26/18 | 14,635 | 14,635,000 | ||||||||||
(LIBOR USD 1 Month - 0.14%), 1.74%, 07/05/18 | 33,195 | 33,195,000 | ||||||||||
(LIBOR USD 1 Month - 0.04%), 1.86%, 07/09/18 | 35,000 | 35,000,000 | ||||||||||
(LIBOR USD 1 Month - 0.15%), 1.75%, 07/27/18 | 20,250 | 20,250,000 | ||||||||||
(LIBOR USD 1 Month - 0.16%), 1.73%, 08/01/18 | 8,005 | 8,005,000 | ||||||||||
(LIBOR USD 1 Month - 0.15%), 1.75%, 08/15/18 | 11,720 | 11,720,000 | ||||||||||
(LIBOR USD 1 Month - 0.15%), 1.75%, 08/22/18 | 28,610 | 28,610,021 | ||||||||||
(LIBOR USD 1 Month - 0.12%), 1.77%, 10/03/18 | 26,000 | 26,000,000 | ||||||||||
(LIBOR USD 1 Month - 0.11%), 1.79%, 10/24/18 | 20,000 | 20,000,000 | ||||||||||
(LIBOR USD 1 Month - 0.13%), 1.77%, 11/15/18 | 35,000 | 35,000,000 | ||||||||||
(LIBOR USD 1 Month - 0.10%), 1.80%, 12/21/18 | 24,500 | 24,500,000 | ||||||||||
(LIBOR USD 1 Month - 0.08%), 1.82%, 12/21/18 | 17,780 | 17,778,068 | ||||||||||
(LIBOR USD 1 Month - 0.09%), 1.81%, 01/25/19 | 27,080 | 27,080,000 | ||||||||||
(LIBOR USD 1 Month - 0.07%), 1.83%, 02/11/19 | 7,095 | 7,096,963 | ||||||||||
(LIBOR USD 3 Month - 0.16%), 1.91%, 06/12/19 | 10,475 | 10,471,961 |
Security | Par (000) | Value | ||||||||||
U.S. Government Sponsored Agency Obligations (continued) | ||||||||||||
(LIBOR USD 3 Month - 0.16%), 2.04%, 06/20/19 | USD | 23,805 | $ | 23,805,000 | ||||||||
(LIBOR USD 3 Month - 0.16%), 2.13%, 06/27/19 | 8,520 | 8,518,967 | ||||||||||
(LIBOR USD 1 Month - 0.08%), 1.82%, 07/11/19 | 40,200 | 40,200,000 | ||||||||||
(LIBOR USD 1 Month - 0.08%), 1.82%, 08/22/19 | 11,870 | 11,868,404 | ||||||||||
(LIBOR USD 1 Month - 0.08%), 1.82%, 08/27/19 | 21,585 | 21,585,000 | ||||||||||
(LIBOR USD 1 Month - 0.04%), 1.86%, 04/17/20 | 18,590 | 18,590,000 | ||||||||||
|
| |||||||||||
Total U.S. Government Sponsored Agency Obligations — 53.0% (Cost: $1,509,935,436) |
| 1,509,935,436 | ||||||||||
|
| |||||||||||
U.S. Treasury Obligations — 46.5% | ||||||||||||
U.S. Treasury Bills(a): | ||||||||||||
1.66%, 05/03/18 | 306,000 | 305,971,802 | ||||||||||
1.56%, 05/10/18 | 230,000 | 229,910,525 | ||||||||||
1.58%, 05/17/18 | 53,000 | 52,962,900 | ||||||||||
1.65%, 05/24/18 | 115,000 | 114,878,954 | ||||||||||
1.45%, 05/31/18 | 11,510 | 11,496,236 | ||||||||||
1.46%, 06/07/18 | 27,530 | 27,488,973 | ||||||||||
1.46%, 06/14/18 | 22,800 | 22,759,593 | ||||||||||
1.50%, 06/21/18 | 2,720 | 2,714,278 | ||||||||||
1.54%, 06/28/18 | 22,020 | 21,965,721 | ||||||||||
1.59%, 07/12/18 | 65,000 | 64,795,250 | ||||||||||
1.61%, 07/19/18 | 30,500 | 30,392,911 | ||||||||||
0.76%, 08/02/18 | 140,000 | 139,379,250 | ||||||||||
1.69%, 08/09/18 | 24,990 | 24,873,449 | ||||||||||
1.84%, 08/23/18 | 30,855 | 30,677,172 | ||||||||||
1.89%, 09/13/18 | 70,200 | 69,707,230 | ||||||||||
1.91%, 09/27/18 | 95,000 | 94,254,897 | ||||||||||
2.01%, 10/25/18 | 33,870 | 33,539,283 | ||||||||||
U.S. Treasury Notes: | ||||||||||||
1.38%, 11/30/18 | 4,540 | 4,530,235 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 1.98%, 01/31/19(b) | 40,000 | 39,999,999 | ||||||||||
|
| |||||||||||
Total U.S. Treasury Obligations — 46.5% | 1,322,298,658 | |||||||||||
|
| |||||||||||
Total Investments — 99.5% |
| 2,832,234,094 | ||||||||||
Other Assets Less Liabilities — 0.5% |
| 15,529,701 | ||||||||||
|
| |||||||||||
Net Assets — 100.0% |
| $ | 2,847,763,795 | |||||||||
|
|
(a) | Rates are discount rates or a range of discount rates at the time of purchase. |
(b) | Variable rate security. Rate shown is the rate in effect 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 Securities(a) | $ | — | $ | 2,832,234,094 | $ | — | $ | 2,832,234,094 | ||||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in each security type. |
During the six months ended April 30, 2018, there were no transfers between levels.
See notes to financial statements.
10 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2018 | FedFund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
U.S. Government Sponsored Agency Obligations — 32.2% | ||||||||||||
Federal Farm Credit Bank Discount Notes(a): | ||||||||||||
2.02%, 12/04/18 | USD | 89,000 | $ | 87,932,420 | ||||||||
2.17%, 02/08/19 | 98,540 | 96,890,030 | ||||||||||
Federal Farm Credit Bank Variable Rate Notes(b): | ||||||||||||
(LIBOR USD 1 Month + 0.11%), 2.00%, 09/06/18 | 303,385 | 303,381,787 | ||||||||||
(LIBOR USD 1 Month + 0.09%), 1.99%, 10/19/18 | 150,000 | 150,000,000 | ||||||||||
(LIBOR USD 1 Month + 0.06%), 1.95%, 12/12/18 | 245,000 | 244,992,146 | ||||||||||
(Federal Reserve Bank Prime Loan Rate US - 2.86%), 1.89%, 12/14/18 | 160,000 | 159,989,997 | ||||||||||
(Federal Reserve Bank Prime Loan Rate US - 2.90%), 1.85%, 12/27/18 | 50,000 | 49,996,589 | ||||||||||
(LIBOR USD 1 Month + 0.07%), 1.97%, 01/08/19 | 125,000 | 125,000,000 | ||||||||||
(LIBOR USD 1 Month - 0.07%), 1.83%, 01/09/19 | 150,000 | 149,981,069 | ||||||||||
(Federal Reserve Bank Prime Loan Rate US - 2.97%), 1.78%, 03/06/19 | 50,000 | 49,995,740 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.15%), 1.99%, 03/13/19 | 85,000 | 84,977,819 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.16%), 2.00%, 03/22/19 | 100,000 | 99,982,112 | ||||||||||
(LIBOR USD 1 Month - 0.09%), 1.81%, 05/07/19 | 101,000 | 100,995,004 | ||||||||||
(LIBOR USD 1 Month - 0.08%), 1.82%, 07/30/19 | 461,575 | 461,221,444 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.09%), 1.92%, 03/26/20 | 95,915 | 95,909,565 | ||||||||||
Federal Home Loan Bank Bonds, 1.25%, 10/10/18 | 48,895 | 48,815,200 | ||||||||||
Federal Home Loan Bank Discount Notes(a): | ||||||||||||
1.79%, 07/18/14 | 192,500 | 191,755,089 | ||||||||||
1.92%, 09/19/14 | 338,400 | 335,875,113 | ||||||||||
1.98%, 10/02/14 | 536,400 | 531,891,111 | ||||||||||
2.02%, 10/24/14 | 38,595 | 38,217,627 | ||||||||||
1.48%, 05/01/18 | 274,010 | 274,010,000 | ||||||||||
1.71%, 05/02/18 | 330,336 | 330,320,367 | ||||||||||
1.54%, 05/07/18 | 188,305 | 188,256,982 | ||||||||||
1.73%, 05/09/18 | 411,905 | 411,746,682 | ||||||||||
1.68%, 05/11/18 | 431,165 | 430,964,135 | ||||||||||
1.65%, 05/17/18 | 114,400 | 114,316,615 | ||||||||||
1.41%, 05/18/18 | 192,000 | 191,873,067 | ||||||||||
1.68%, 05/25/18 | 250,000 | 249,721,667 | ||||||||||
1.67%, 05/30/18 | 218,337 | 218,043,846 | ||||||||||
1.72%, 06/13/18 | 395,000 | 394,193,212 | ||||||||||
1.80%, 06/15/18 | 1,156,000 | 1,153,414,895 | ||||||||||
1.75%, 06/20/18 | 73,000 | 72,823,487 | ||||||||||
1.75%, 07/05/18 | 100,000 | 99,684,931 | ||||||||||
1.84%, 07/20/18 | 504,840 | 502,781,375 | ||||||||||
1.93%, 08/03/18 | 90,288 | 89,835,356 | ||||||||||
1.74%, 08/10/18 | 272,000 | 270,680,581 | ||||||||||
1.89%, 08/20/18 | 142,000 | 141,176,873 | ||||||||||
1.90%, 08/22/18 | 108,000 | 107,362,680 | ||||||||||
1.94%, 08/29/18 | 195,480 | 194,228,928 | ||||||||||
2.02%, 10/22/18 | 96,010 | 95,081,903 | ||||||||||
Federal Home Loan Bank Variable Rate Notes(b): | ||||||||||||
(LIBOR USD 3 Month - 0.35%), 1.44%, 05/08/18 | 75,000 | 75,000,049 | ||||||||||
(LIBOR USD 3 Month - 0.35%), 1.45%, 05/09/18 | 150,000 | 150,000,000 | ||||||||||
(LIBOR USD 1 Month - 0.14%), 1.75% - 1.75%, 05/18/18 | 612,065 | 612,065,000 | ||||||||||
(LIBOR USD 1 Month - 0.14%), 1.76%, 05/22/18 | 420,000 | 420,000,000 | ||||||||||
(LIBOR USD 1 Month - 0.16%), 1.74%, 05/25/18 | 465,000 | 465,000,000 | ||||||||||
(LIBOR USD 1 Month - 0.14%), 1.74%, 06/05/18 | 288,100 | 288,100,000 | ||||||||||
(LIBOR USD 1 Month - 0.14%), 1.76%, 06/07/18 | 500,000 | 500,000,000 | ||||||||||
(LIBOR USD 3 Month - 0.16%), 1.89%, 06/08/18 | 422,500 | 422,500,000 | ||||||||||
(LIBOR USD 1 Month - 0.14%), 1.76%, 06/26/18 | 610,365 | 610,362,627 | ||||||||||
(LIBOR USD 1 Month - 0.04%), 1.86%, 07/09/18 | 175,000 | 175,000,000 |
Security | Par (000) | Value | ||||||||||
U.S. Government Sponsored Agency Obligations (continued) | ||||||||||||
(LIBOR USD 1 Month - 0.16%), 1.74%, 07/27/18 | USD | 1,016,630 | $ | 1,016,630,000 | ||||||||
(LIBOR USD 1 Month - 0.15%), 1.75%, 07/27/18 | 617,770 | 617,770,000 | ||||||||||
(LIBOR USD 1 Month - 0.16%), 1.73%, 08/01/18 | 234,985 | 234,985,000 | ||||||||||
(LIBOR USD 1 Month - 0.15%), 1.75%, 08/15/18 | 395,580 | 395,580,000 | ||||||||||
(LIBOR USD 1 Month - 0.15%), 1.75%, 08/22/18 | 762,075 | 762,075,562 | ||||||||||
(LIBOR USD 1 Month - 0.13%), 1.77%, 09/10/18 | 489,990 | 489,990,000 | ||||||||||
(LIBOR USD 1 Month - 0.12%), 1.77%, 10/01/18 | 250,000 | 250,000,000 | ||||||||||
(LIBOR USD 1 Month - 0.12%), 1.77%, 10/03/18 | 110,000 | 109,999,206 | ||||||||||
(LIBOR USD 1 Month - 0.13%), 1.76%, 10/15/18 | 862,705 | 862,705,000 | ||||||||||
(LIBOR USD 1 Month - 0.15%), 1.74%, 10/18/18 | 722,865 | 722,865,000 | ||||||||||
(LIBOR USD 1 Month - 0.11%), 1.79%, 10/19/18 | 250,000 | 250,000,000 | ||||||||||
(LIBOR USD 1 Month - 0.11%), 1.79%, 10/24/18 | 690,000 | 690,000,000 | ||||||||||
(LIBOR USD 1 Month - 0.14%), 1.76%, 10/26/18 | 371,250 | 371,250,000 | ||||||||||
(LIBOR USD 1 Month - 0.11%), 1.79%, 10/26/18 | 500,000 | 500,000,000 | ||||||||||
(LIBOR USD 1 Month - 0.10%), 1.79%, 11/02/18 | 202,500 | 202,500,000 | ||||||||||
(LIBOR USD 3 Month - 0.17%), 1.63%, 11/09/18 | 500,000 | 500,000,000 | ||||||||||
(LIBOR USD 1 Month - 0.08%), 1.82%, 11/13/18 | 210,000 | 209,975,642 | ||||||||||
(LIBOR USD 1 Month - 0.13%), 1.77%, 11/15/18 | 1,348,000 | 1,348,000,000 | ||||||||||
(LIBOR USD 1 Month - 0.07%), 1.83%, 12/19/18 | 589,000 | 589,000,000 | ||||||||||
(LIBOR USD 1 Month - 0.10%), 1.80%, 12/21/18 | 680,500 | 680,500,000 | ||||||||||
(LIBOR USD 1 Month - 0.09%), 1.81%, 01/14/19 | 175,000 | 175,000,158 | ||||||||||
(LIBOR USD 1 Month - 0.13%), 1.77%, 01/28/19 | 423,275 | 423,275,000 | ||||||||||
(LIBOR USD 1 Month - 0.07%), 1.83%, 02/11/19 | 191,250 | 191,302,905 | ||||||||||
(LIBOR USD 1 Month - 0.12%), 1.78%, 02/25/19 | 581,270 | 581,270,000 | ||||||||||
(LIBOR USD 1 Month - 0.12%), 1.78%, 02/27/19 | 500,000 | 500,000,000 | ||||||||||
(LIBOR USD 1 Month - 0.09%), 1.80%, 04/05/19 | 457,000 | 457,000,000 | ||||||||||
(LIBOR USD 3 Month - 0.16%), 1.91%, 06/12/19 | 296,920 | 296,833,854 | ||||||||||
(LIBOR USD 3 Month - 0.16%), 2.04%, 06/20/19 | 869,395 | 869,395,000 | ||||||||||
(LIBOR USD 3 Month - 0.16%), 2.13%, 06/27/19 | 198,980 | 198,955,874 | ||||||||||
(LIBOR USD 1 Month - 0.05%), 1.85%, 06/28/19 | 244,435 | 244,435,000 | ||||||||||
(LIBOR USD 1 Month - 0.08%), 1.82%, 07/11/19 | 1,185,425 | 1,185,425,000 | ||||||||||
(LIBOR USD 1 Month - 0.08%), 1.82%, 08/27/19 | 674,395 | 674,395,000 | ||||||||||
(LIBOR USD 1 Month - 0.06%), 1.84%, 09/11/19 | 221,800 | 221,800,000 | ||||||||||
(LIBOR USD 1 Month - 0.06%), 1.84%, 09/27/19 | 465,020 | 465,020,000 | ||||||||||
(LIBOR USD 3 Month - 0.14%), 2.04%, 12/19/19 | 386,860 | 386,860,000 | ||||||||||
(LIBOR USD 1 Month - 0.04%), 1.86%, 04/17/20 | 567,375 | 567,375,000 | ||||||||||
Federal National Mortgage Association: | ||||||||||||
0.88%, 05/21/18 | 100,000 | 99,980,260 | ||||||||||
1.00%, 02/26/19 | 80,429 | 79,660,325 | ||||||||||
|
| |||||||||||
Total U.S. Government Sponsored Agency Obligations — 32.2% (Cost: $31,078,153,906) |
| 31,078,153,906 | ||||||||||
|
| |||||||||||
U.S. Treasury Obligations — 24.1% | ||||||||||||
U.S. Treasury Bills(a): | ||||||||||||
1.27%, 05/03/18 | 1,283,350 | 1,283,260,165 | ||||||||||
1.31%, 05/10/18 | 1,693,775 | 1,693,223,722 | ||||||||||
1.58%, 05/17/18 | 2,663,850 | 2,661,991,225 | ||||||||||
1.45%, 05/31/18 | 497,910 | 497,314,583 | ||||||||||
1.46%, 06/07/18 | 996,610 | 995,124,773 | ||||||||||
1.47%, 06/14/18 | 211,300 | 210,924,238 | ||||||||||
1.54%, 06/28/18 | 1,531,065 | 1,527,290,925 | ||||||||||
1.59%, 07/05/18 | 751,000 | 748,864,344 | ||||||||||
1.59%, 07/12/18 | 756,325 | 753,942,576 | ||||||||||
1.70%, 07/19/18 | 966,890 | 963,302,030 | ||||||||||
1.64%, 08/02/18 | 447,460 | 445,581,600 | ||||||||||
1.69%, 08/09/18 | 2,027,840 | 2,018,422,322 | ||||||||||
1.76%, 08/16/18 | 953,505 | 948,573,743 | ||||||||||
1.84%, 08/30/18 | 115,000 | 114,294,587 | ||||||||||
1.87%, 09/13/18 | 136,100 | 135,155,806 | ||||||||||
1.97%, 09/20/18 | 2,300,000 | 2,282,309,167 | ||||||||||
1.91%, 09/27/18 | 951,500 | 944,037,200 | ||||||||||
1.59%, 10/11/18 | 303,730 | 301,571,381 | ||||||||||
6.27%, 10/25/18 | 379,215 | 375,499,166 | ||||||||||
2.04%, 11/01/18 | 2,028,275 | 2,007,869,427 |
SCHEDULES OF INVESTMENTS | 11 |
Schedule of Investments (unaudited) (continued) April 30, 2018 | FedFund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
U.S. Treasury Obligations (continued) | ||||||||||||
U.S. Treasury Notes: | ||||||||||||
0.75%, 07/31/18 | USD | 773,985 | $ | 772,844,557 | ||||||||
1.50%, 08/31/18 | 110,000 | 110,039,187 | ||||||||||
0.88%, 10/15/18 | 156,375 | 155,794,513 | ||||||||||
1.38%, 11/30/18 | 129,920 | 129,640,547 | ||||||||||
1.25% - 1.50%, 12/31/18 | 627,710 | 626,119,487 | ||||||||||
1.13% - 1.50%, 01/31/19 | 378,640 | 376,672,408 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 1.98%, 01/31/19(b) | 200,000 | 200,009,437 | ||||||||||
Total U.S. Treasury Obligations — 24.1% |
| 23,279,673,116 | ||||||||||
|
| |||||||||||
Total Repurchase Agreements — 43.6% |
| 42,036,522,892 | ||||||||||
|
| |||||||||||
Total Investments — 99.9% |
| 96,394,349,914 | ||||||||||
Other Assets Less Liabilities — 0.1% |
| 104,460,837 | ||||||||||
|
| |||||||||||
Net Assets — 100.0% |
| $ | 96,498,810,751 | |||||||||
|
|
(a) | Rates are discount rates or a range of discount rates at the time of purchase. |
(b) | Variable rate security. Rate shown is the rate in effect 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 | 1.71 | % | 04/30/18 | 05/01/18 | $ | 213,900 | $ | 213,900 | $213,910,160 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 2.13% to 5.50%, due 08/15/18 to 01/01/48 | $318,775,106 | $219,289,826 | ||||||||||||||||||
Barclays Capital, Inc. | 1.68 | 04/25/18 | 05/02/18 | 500,000 | 500,000 | 500,163,333 | U.S. Government Sponsored Agency Obligations, 3.50% to 4.00%, due 05/01/47 to 12/01/47 | 532,391,118 | 515,000,001 | |||||||||||||||||||||
1.70 | 04/26/18 | 05/03/18 | 500,000 | 500,000 | 500,165,278 | U.S. Government Sponsored Agency Obligations, 3.50% to 4.00%, due 06/01/31 to 01/01/48 | 516,608,946 | 515,000,001 | ||||||||||||||||||||||
1.71 | 04/30/18 | 05/01/18 | 50,000 | 50,000 | 50,002,375 | U.S. Treasury Obligations, 0.00%, due 05/15/18 to 05/15/46 | 79,532,339 | 51,000,000 | ||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Barclays Capital, Inc. |
| $ | 1,050,000 | $1,081,000,002 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
BNP Paribas SA | 1.71 | 04/30/18 | 05/01/18 | 204,000 | 204,000 | 204,009,690 | U.S. Treasury Obligations, 0.00% to 2.38%, due 06/30/21 to 05/15/34 | 241,307,468 | 208,080,000 | |||||||||||||||||||||
1.71 | (a) | 04/09/18 | 05/14/18 | 1,000,000 | 1,000,000 | 1,001,662,500 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 7.00%, due 02/15/19 to 11/25/57 | 3,276,132,754 | 1,033,665,219 | |||||||||||||||||||||
1.72 | (a) | 04/06/18 | 05/14/18 | 1,000,000 | 1,000,000 | 1,001,815,556 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 7.50%, due 08/01/18 to 11/25/57 | 1,810,927,640 | 1,027,441,855 |
12 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2018 | 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 | |||||||||||||||||||||
1.72 | %(a) | 04/24/18 | 05/14/18 | $ | 1,675,250 | $ | 1,675,250 | $1,676,850,794 | U.S. Treasury Obligations, 0.00% to 4.00%, due 05/24/18 to 11/15/45 | $1,734,961,001 | $1,708,755,000 | |||||||||||||||||||
1.72 | (a) | 04/26/18 | 05/14/18 | 600,000 | 600,000 | 600,516,000 | U.S. Treasury Obligations, 0.00% to 8.50%, due 07/15/18 to 11/15/44 | 532,808,500 | 612,000,000 | |||||||||||||||||||||
1.73 | 04/30/18 | 05/01/18 | 1,000,000 | 1,000,000 | 1,000,048,056 | U.S. Treasury Obligation, 2.25%, due 11/15/25 | 1,058,365,700 | 1,019,999,943 | ||||||||||||||||||||||
1.73 | 02/17/15 | 05/01/18 | 1,000,000 | 1,000,000 | 1,056,176,944 | U.S. Treasury Obligation, 2.00%, due 02/15/25 | 1,076,517,200 | 1,020,000,047 | ||||||||||||||||||||||
1.73 | 04/30/18 | 05/01/18 | 259,900 | 259,900 | 259,912,490 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.10% to 6.50%, due 07/15/19 to 01/01/48 | 469,206,992 | 267,052,405 | ||||||||||||||||||||||
1.73 | 04/30/18 | 05/01/18 | 1,000,000 | 1,000,000 | 1,000,048,056 | U.S. Treasury Obligation, 1.63%, due 05/15/26 | 1,117,808,300 | 1,020,000,074 | ||||||||||||||||||||||
1.73 | (a) | 04/24/18 | 05/14/18 | 250,000 | 250,000 | 250,240,278 | U.S. Government Sponsored Agency Obligations, 0.82% to 7.00%, due 08/01/19 to 11/25/57 | 598,257,373 | 257,266,648 | |||||||||||||||||||||
1.75 | (a) | 04/19/18 | 05/14/18 | 400,000 | 400,000 | 400,486,111 | U.S. Treasury Obligations, 0.00% to 8.50%, due 05/31/18 to 02/15/47 | 402,525,492 | 408,000,000 | |||||||||||||||||||||
1.75 | (a) | 04/18/18 | 05/14/18 | 500,000 | 500,000 | 500,631,944 | U.S. Treasury Obligations, 0.00% to 8.50%, due 06/15/18 to 02/15/47 | 482,289,900 | 510,000,013 | |||||||||||||||||||||
1.76 | (a) | 04/30/18 | 05/08/18 | 600,000 | 600,000 | 600,234,667 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 7.50%, due 05/31/18 to 11/25/57 | 8,447,433,616 | 623,984,807 | |||||||||||||||||||||
2.06 | (a) | 04/30/18 | 06/05/18 | 100,000 | 100,000 | 100,205,932 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 5.50%, due 11/15/18 to 12/01/47 | 1,148,324,571 | 103,400,898 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total BNP Paribas SA |
| $ | 9,589,150 | $9,819,646,909 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Citibank NA | 1.71 | 04/30/18 | 05/01/18 | 150,000 | 150,000 | 150,007,125 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 8.00%, due 05/10/18 to 05/15/47 | 156,908,624 | 153,000,048 | |||||||||||||||||||||
Citigroup Global Markets, Inc. | 1.67 | 04/24/18 | 05/01/18 | 126,000 | 126,000 | 126,040,915 | U.S. Treasury Obligation, 1.63%, due 03/31/19 | 129,114,600 | 128,520,023 | |||||||||||||||||||||
1.73 | 04/30/18 | 05/01/18 | 7,000 | 7,000 | 7,000,336 | U.S. Treasury Obligation, 2.00% to 4.12%, due 02/15/22 to 07/20/67 | 7,298,857 | 7,140,000 | ||||||||||||||||||||||
1.77 | (a) | 04/30/18 | 05/01/18 | 500,000 | 500,000 | 500,024,583 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 62.44%, due 09/13/18 to 02/20/67 | 14,381,579,246 | 543,992,326 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Citigroup Global Markets, Inc. |
| $ | 633,000 | $679,652,349 | ||||||||||||||||||||||||||
|
|
|
SCHEDULES OF INVESTMENTS | 13 |
Schedule of Investments (unaudited) (continued) April 30, 2018 | 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 | |||||||||||||||||||||
Credit Agricole Corporate and Investment Bank SA | 1.70 | % | 04/26/18 | 05/03/18 | $ | 50,000 | $ | 50,000 | $50,016,528 | U.S. Treasury Obligation, 2.00%, due 11/30/22 | $52,309,000 | $51,000,056 | ||||||||||||||||||
1.71 | (b) | 04/30/18 | 05/01/18 | 815,000 | 815,000 | 815,038,713 | U.S. Treasury Obligations, 0.38% to 5.38%, due 05/31/20 to 08/15/45 | 805,255,241 | 831,299,996 | |||||||||||||||||||||
1.72 | 04/30/18 | 05/01/18 | 15,000 | 15,000 | 15,000,717 | U.S. Treasury Obligation, 2.25%, due 11/15/24 | 15,752,900 | 15,300,094 | ||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Credit Agricole Corporate and Investment Bank SA |
| $ | 880,000 | $897,600,146 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Credit Suisse AG | 1.71 | 04/30/18 | 05/01/18 | 1,500,000 | 1,500,000 | 1,500,071,250 | U.S. Treasury Obligations, 0.00% to 3.00%, due 08/30/18 to 05/15/47 | 1,568,444,000 | 1,530,002,442 | |||||||||||||||||||||
1.98 | (a) | 04/30/18 | 06/05/18 | 1,000,000 | 1,000,000 | 1,001,979,320 | U.S. Government Sponsored Agency Obligations, 0.00% to 37.18%, due 02/01/23 to 12/25/57 | 15,264,555,586 | 1,105,998,946 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Credit Suisse AG |
| $ | 2,500,000 | $2,636,001,388 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Deutsche Bank Securities, Inc. | 1.70 | 04/30/18 | 05/01/18 | 565,010 | 565,010 | 565,036,681 | U.S. Treasury Obligations, 0.00%, due 05/15/18 to 02/15/48 | 1,031,266,442 | 576,310,200 | |||||||||||||||||||||
Federal Reserve Bank of New York | 1.50 | 04/30/18 | 05/01/18 | 850,000 | 850,000 | 850,035,417 | U.S. Treasury Obligation, 2.13%, due 07/31/24 | 884,095,700 | 850,035,425 | |||||||||||||||||||||
Goldman Sachs & Co. LLC | 1.67 | 04/25/18 | 05/02/18 | 500,000 | 500,000 | 500,162,361 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.0% to 6.00%, due 03/28/19 to 02/15/53 | 632,007,454 | 510,000,000 | |||||||||||||||||||||
1.71 | 04/30/18 | 05/01/18 | 5,000 | 5,000 | 5,000,238 | U.S. Government Sponsored Agency Obligation and U.S. Treasury Obligations, 0.00% to 3.50%, due 01/15/20 to 02/15/48 | 4,721,052 | 5,100,000 | ||||||||||||||||||||||
1.71 | 04/30/18 | 05/01/18 | 254,000 | 254,000 | 254,012,065 | U.S. Government Sponsored Agency Obligations, 2.50% to 5.50%, due 01/15/39 to 06/01/63 | 358,448,972 | 259,080,000 | ||||||||||||||||||||||
1.97 | (a) | 04/30/18 | 06/05/18 | 1,114,500 | 1,114,500 | 1,116,695,564 | U.S. Government Sponsored Agency Obligations, 2.50% to 6.50%, due 11/20/19 to 01/15/53 | 2,032,825,221 | 1,136,790,000 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Goldman Sachs & Co. LLC |
| $ | 1,873,500 | $1,910,970,000 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
HSBC Securities USA, Inc. | 1.68 | 04/25/18 | 05/02/18 | 446,000 | 446,000 | 446,145,693 | U.S. Treasury Obligation, 3.00%, due 05/15/47 | 459,735,000 | 454,924,793 | |||||||||||||||||||||
1.69 | 04/26/18 | 05/03/18 | 916,500 | 916,500 | 916,801,172 | U.S. Treasury Obligations, 2.00% to 3.00%, due 11/15/26 to 11/15/44 | 986,299,700 | 934,831,812 | ||||||||||||||||||||||
1.71 | (c) | 04/30/18 | 05/01/18 | 335,000 | 335,000 | 335,015,912 | U.S. Treasury Obligations, 2.88% to 3.00%, due 04/30/25 to 05/15/47 | 344,330,200 | 341,701,389 | |||||||||||||||||||||
1.72 | 04/30/18 | 05/01/18 | 10,000 | 10,000 | 10,000,478 | U.S. Government Sponsored Agency Obligations, 3.50% to 5.00%, due 03/01/41 to 11/01/42 | 22,735,215 | 10,301,899 | ||||||||||||||||||||||
1.72 | (c) | 04/30/18 | 05/01/18 | 380,000 | 380,000 | 380,018,156 | U.S. Government Sponsored Agency Obligations, 2.50% to 8.00%, due 04/01/22 to 11/01/47 | 710,249,118 | 391,403,120 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total HSBC Securities USA, Inc. |
| $ | 2,087,500 | $2,133,163,013 | ||||||||||||||||||||||||||
|
|
|
14 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2018 | 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 | |||||||||||||||||||||
JP Morgan Securities LLC | 1.71 | % | 04/30/18 | 05/01/18 | $ | 109,000 | $ | 109,000 | $109,005,177 | U.S. Treasury Obligations, 0.00%, due 11/15/18 to 08/15/40 | $164,864,227 | $111,181,893 | ||||||||||||||||||
1.73 | 04/30/18 | 05/01/18 | 2,000,000 | 2,000,000 | 2,000,096,111 | U.S. Government Sponsored Agency Obligations, 2.00% to 6.50%, due 10/01/18 to 05/01/48 | 2,859,264,789 | 2,060,008,372 | ||||||||||||||||||||||
1.73 | 04/30/18 | 05/01/18 | 200,000 | 200,000 | 200,009,611 | U.S. Government Sponsored Agency Obligations, 3.00% to 6.00%, due 08/01/20 to 04/01/48 | 402,044,845 | 206,000,996 | ||||||||||||||||||||||
1.73 | 04/30/18 | 05/01/18 | 500,000 | 500,000 | 500,024,028 | U.S. Government Sponsored Agency Obligation, 3.50%, due 01/01/48 | 524,985,000 | 515,002,435 | ||||||||||||||||||||||
1.80 | (c) | 04/30/18 | 05/01/18 | 350,000 | 350,000 | 350,017,500 | U.S. Government Sponsored Agency Obligations, 0.54% to 8.81%, due 06/25/20 to 03/20/48 | 11,097,976,383 | 388,500,048 | |||||||||||||||||||||
1.90 | (a) | 04/30/18 | 05/08/18 | 885,000 | 885,000 | 885,373,816 | U.S. Government Sponsored Agency Obligations, 1.50% to 11.34%, due 07/25/26 to 07/25/57 | 8,421,011,580 | 962,350,562 | |||||||||||||||||||||
1.91 | (a) | 04/30/18 | 05/08/18 | 1,000,000 | 1,000,000 | 1,000,424,294 | U.S. Government Sponsored Agency Obligations, 0.12% to 24.63%, due 05/15/25 to 05/16/55 | 12,255,735,292 | 1,101,750,407 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total JP Morgan Securities LLC |
| $ | 5,044,000 | $5,344,794,713 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 1.72 | 04/30/18 | 05/01/18 | 96,000 | 96,000 | 96,004,587 | U.S. Treasury Obligation, 2.75%, due 04/30/23 | 98,153,700 | 97,920,094 | |||||||||||||||||||||
1.72 | 04/30/18 | 05/01/18 | 3,000 | 3,000 | 3,000,143 | U.S. Treasury Obligation, 2.50%, due 02/15/45 | 3,430,700 | 3,060,015 | ||||||||||||||||||||||
1.74 | 04/30/18 | 05/01/18 | 152,000 | 152,000 | 152,007,347 | U.S. Government Sponsored Agency Obligations, 2.20% to 3.50%, due 09/15/45 to 05/15/48 | 164,441,441 | 159,600,001 | ||||||||||||||||||||||
1.78 | 04/25/18 | 05/02/18 | 215,250 | 215,250 | 215,324,500 | U.S. Government Sponsored Agency Obligations, 3.28% to 4.00%, due 06/01/46 to 11/01/47 | 228,982,344 | 221,707,501 | ||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Merrill Lynch, Pierce, Fenner & Smith, Inc. |
| $ | 466,250 | $482,287,611 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Mizuho Securities USA LLC | 1.72 | (a) | 04/20/18 | 05/14/18 | 609,000 | 609,000 | 609,698,320 | U.S. Treasury Obligations, 0.00% to 8.13%, due 06/07/18 to 08/15/43 | 566,647,200 | 621,180,538 | ||||||||||||||||||||
1.74 | 04/30/18 | 05/01/18 | 798,490 | 798,490 | 798,528,790 | U.S. Treasury Obligation, 2.38%, due 05/15/27 | 844,000,000 | 814,460,000 | ||||||||||||||||||||||
1.74 | 04/30/18 | 05/01/18 | 54,000 | 54,000 | 54,002,610 | U.S. Government Sponsored Agency Obligations, 4.50% to 5.50%, due 01/20/48 to 05/01/48 | 51,513,529 | 55,130,880 | ||||||||||||||||||||||
1.74 | 04/30/18 | 05/01/18 | 9,902 | 9,902 | 9,902,439 | U.S. Treasury Obligation, 2.75%, due 02/15/19 | 10,000,000 | 10,100,000 | ||||||||||||||||||||||
1.74 | 04/30/18 | 05/01/18 | 195,588 | 195,588 | 195,597,689 | U.S. Treasury Obligation, 2.75%, due 04/30/23 | 200,000,000 | 199,500,000 | ||||||||||||||||||||||
2.03 | (a) | 04/30/18 | 06/05/18 | 750,000 | 750,000 | 751,523,070 | U.S. Government Sponsored Agency Obligations, 1.38% to 18.81%, due 02/01/27 to 10/25/57 | 8,702,525,448 | 785,233,410 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Mizuho Securities USA LLC |
| $ | 2,416,980 | $2,485,604,828 | ||||||||||||||||||||||||||
|
|
|
SCHEDULES OF INVESTMENTS | 15 |
Schedule of Investments (unaudited) (continued) April 30, 2018 | 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 | |||||||||||||||||||||
MUFG Securities Americas, Inc. | 1.70 | % | 04/30/18 | 05/01/18 | $ | 75,000 | $ | 75,000 | $75,003,542 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 3.88%, due 04/30/19 to 08/15/46 | $137,096,420 | $76,522,601 | ||||||||||||||||||
1.71 | 04/30/18 | 05/01/18 | 1,129,000 | 1,129,000 | 1,129,053,628 | U.S. Government Sponsored Agency Obligations, 1.42% to 8.00%, due 01/01/19 to 02/20/68 | 4,255,783,561 | 1,164,266,475 | ||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total MUFG Securities Americas, Inc. |
| $ | 1,204,000 | $1,240,789,076 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
National Australia Bank Ltd. | 1.73 | 04/30/18 | 05/01/18 | 242,950 | 242,950 | 242,961,675 | U.S. Treasury Obligation, 2.25%, due 07/31/21 | 250,000,000 | 247,810,000 | |||||||||||||||||||||
1.73 | 04/30/18 | 05/01/18 | 258,250 | 258,250 | 258,262,410 | U.S. Treasury Obligation, 0.13%, due 04/15/20 | 250,000,000 | 263,415,000 | ||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total National Australia Bank Ltd. |
| $ | 501,200 | $511,225,000 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Natixis SA | 1.71 | (c) | 04/30/18 | 05/01/18 | 190,000 | 190,000 | 190,009,025 | U.S. Treasury Obligations, 0.00% to 8.75%, due 08/31/18 to 02/15/46 | 194,789,900 | 193,800,009 | ||||||||||||||||||||
1.72 | (c) | 04/30/18 | 05/01/18 | 650,000 | 650,000 | 650,031,056 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 8.75%, due 08/31/18 to 09/01/47 | 1,216,437,172 | 666,400,248 | |||||||||||||||||||||
1.90 | (a) | 04/30/18 | 05/08/18 | 1,000,000 | 1,000,000 | 1,000,422,391 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 27.98%, due 05/24/18 to 12/20/67 | 14,722,589,199 | 1,052,436,180 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Natixis SA | $ | 1,840,000 | $1,912,636,437 | |||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Nomura Securities International, Inc. | 1.72 | 04/30/18 | 05/01/18 | 500,000 | 500,000 | 500,023,889 | U.S. Treasury Obligations, 0.00% to 5.25%, due 08/30/18 to 11/15/46 | 495,955,000 | 510,000,000 | |||||||||||||||||||||
1.74 | 04/30/18 | 05/01/18 | 1,600,000 | 1,600,000 | 1,600,077,333 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 6.50%, due 06/30/18 to 04/20/68 | 1,875,515,848 | 1,637,920,042 | ||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Nomura Securities International, Inc. |
| $ | 2,100,000 | $2,147,920,042 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Prudential Insurance Co. of America | 1.75 | 04/30/18 | 05/01/18 | 298,376 | 298,376 | 298,390,754 | U.S. Treasury Obligation, 2.88%, due 08/15/45 | 317,000,000 | 304,342,190 | |||||||||||||||||||||
1.75 | 04/30/18 | 05/01/18 | 46,625 | 46,625 | 46,627,266 | U.S. Treasury Obligation, 2.75%, due 11/15/42 | 50,000,000 | 47,557,500 | ||||||||||||||||||||||
1.75 | 04/30/18 | 05/01/18 | 111,531 | 111,532 | 111,536,672 | U.S. Treasury Obligation, 0.00%, due 05/15/39 | 215,000,000 | 113,762,950 | ||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Prudential Insurance Co. of America |
| $ | 456,533 | $465,662,640 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
RBC Capital Markets LLC | 1.72 | 04/30/18 | 05/01/18 | 37,000 | 37,000 | 37,001,768 | U.S. Government Sponsored Agency Obligations, 0.00% to 4.20%, due 05/25/18 to 03/25/58 | 106,951,021 | 38,809,309 | |||||||||||||||||||||
2.03 | (a) | 04/30/18 | 06/05/18 | 825,000 | 825,000 | 826,675,377 | U.S. Government Sponsored Agency Obligations, 0.00% to 9.26%, due 07/25/19 to 01/15/55 | 13,809,922,198 | 866,250,000 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total RBC Capital Markets LLC |
| $ | 862,000 | $905,059,309 | ||||||||||||||||||||||||||
|
|
|
16 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2018 | 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 | 1.74 | %(a) | 04/30/18 | 05/08/18 | $ | 1,136,000 | $ | 1,136,000 | $1,136,439,253 | U.S. Treasury Obligations, 0.00% to 9.00%, due 05/03/18 to 02/15/41 | $1,160,744,457 | $1,158,720,002 | ||||||||||||||||||
1.74 | (a) | 04/30/18 | 05/08/18 | 284,000 | 284,000 | 284,109,813 | U.S. Treasury Obligations, 0.00% to 3.63%, due 06/21/18 to 02/15/47 | 287,269,900 | 289,680,039 | |||||||||||||||||||||
1.74 | 04/30/18 | 05/01/18 | 1,000,000 | 1,000,000 | 1,000,048,333 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 6.5%, due 05/03/18 to 03/20/68 | 2,701,644,873 | 1,021,857,087 | ||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Societe Generale SA |
| $ | 2,420,000 | $2,470,257,128 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
TD Securities USA LLC | 1.72 | 04/30/18 | 05/01/18 | 10,000 | 10,000 | 10,000,478 | U.S. Treasury Obligation, 1.13%, due 02/28/19 | 10,275,600 | 10,200,031 | |||||||||||||||||||||
1.74 | 04/30/18 | 05/01/18 | 322,000 | 322,000 | 322,015,563 | U.S. Government Sponsored Agency Obligations, 3.00% to 4.50%, due 03/20/41 to 07/01/47 | 475,672,044 | 331,438,420 | ||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total TD Securities USA LLC |
| $ | 332,000 | $341,638,451 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Wells Fargo Securities LLC | 1.69 | 04/25/18 | 05/02/18 | 671,500 | 671,500 | 671,720,662 | U.S. Government Sponsored Agency Obligations, 3.50% to 4.50%, due 03/01/28 to 02/01/48 | 684,842,078 | 691,645,001 | |||||||||||||||||||||
1.70 | 04/26/18 | 05/03/18 | 553,000 | 553,000 | 553,182,797 | U.S. Government Sponsored Agency Obligations, 4.00%, due 10/01/47 to 04/01/48 | 558,286,283 | 569,590,001 | ||||||||||||||||||||||
1.72 | (b) | 04/30/18 | 05/01/18 | 125,000 | 125,000 | 125,005,972 | U.S. Treasury Obligations, 0.00% to 8.13%, due 05/10/18 to 11/15/46 | 128,361,622 | 127,500,005 | |||||||||||||||||||||
1.72 | 04/30/18 | 05/01/18 | 2,000 | 2,000 | 2,000,096 | U.S. Treasury Obligations, 0.38% to 2.00%, due 07/15/23 to 01/15/28 | 2,046,400 | 2,040,006 | ||||||||||||||||||||||
1.74 | (c) | 04/30/18 | 05/01/18 | 450,000 | 450,000 | 450,021,750 | U.S. Government Sponsored Agency Obligations, 4.00%, due 04/01/48 | 453,001,145 | 463,500,000 | |||||||||||||||||||||
1.74 | 04/30/18 | 05/01/18 | 2,200,000 | 2,200,000 | 2,200,106,333 | U.S. Government Sponsored Agency Obligations, 4.00%, due 11/01/47 to 05/01/48 | 2,217,336,264 | 2,266,000,000 | ||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Wells Fargo Securities LLC |
| $ | 4,001,500 | $4,120,275,013 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total |
| $ | 42,036,523 | $43,384,819,554 | ||||||||||||||||||||||||||
|
|
|
(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 shown is the rate in effect 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 Securities(a) | $ | — | $ | 96,394,349,914 | $ | — | $ | 96,394,349,914 | ||||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in each security type. |
During the six months ended April 30, 2018, there were no transfers between levels.
See notes to financial statements.
SCHEDULES OF INVESTMENTS | 17 |
Schedule of Investments (unaudited) April 30, 2018 | TempCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Certificates of Deposit — 24.9% |
| |||||||||||
Domestic — 3.1% | ||||||||||||
Bank of America NA, (LIBOR USD 3 Month + 0.08%), 2.40%, 10/12/18(a) | USD | 15,000 | $ | 14,999,738 | ||||||||
Mizuho Bank Ltd., (LIBOR USD 1 Month + 0.30%), 2.20%, 08/28/18(a) | 10,000 | 9,999,246 | ||||||||||
Svenska Handelsbanken AB, (LIBOR USD 1 Month + 0.18%), 2.08%, 10/26/18(a) | 5,000 | 4,997,471 | ||||||||||
Wells Fargo Bank NA: | ||||||||||||
1.60%, 07/27/18 | 6,000 | 5,989,717 | ||||||||||
(LIBOR USD 1 Month + 0.22%), | 20,000 | 19,994,544 | ||||||||||
(LIBOR USD 1 Month + 0.25%), 2.14%, 11/19/18(a) | 5,000 | 4,998,124 | ||||||||||
(LIBOR USD 3 Month + 0.21%), 2.57%, 04/23/19(a) | 17,000 | 16,998,328 | ||||||||||
|
| |||||||||||
77,977,168 | ||||||||||||
Euro — 1.1% | ||||||||||||
Credit Industriel et Commercial: | ||||||||||||
1.60%, 05/18/18 | 5,000 | 4,999,361 | ||||||||||
2.40%, 07/24/18 | 10,000 | 10,000,126 | ||||||||||
KBC Bank NV, 1.92%, 05/14/18 | 13,000 | 12,999,858 | ||||||||||
|
| |||||||||||
27,999,345 | ||||||||||||
Yankee — 20.7%(b) | ||||||||||||
Bank of Montreal, Chicago: | ||||||||||||
2.07%, 05/04/18(a) | 4,000 | 4,000,145 | ||||||||||
2.10%, 06/01/18 | 15,000 | 15,002,985 | ||||||||||
2.20%, 06/18/18 | 9,000 | 9,002,987 | ||||||||||
Bank of Nova Scotia (The), Houston, 2.28%, 06/22/18 | 4,400 | 4,402,117 | ||||||||||
Barclays Bank plc, New York, 2.43%, 08/01/18 | 30,000 | 30,001,107 | ||||||||||
BNP Paribas SA, New York(a): | ||||||||||||
(LIBOR USD 1 Month + 0.18%), 2.07%, 05/02/18 | 10,000 | 10,000,186 | ||||||||||
(LIBOR USD 1 Month + 0.20%), 2.10%, 07/16/18 | 10,000 | 10,001,522 | ||||||||||
(LIBOR USD 3 Month + 0.25%), 2.54%, 12/28/18 | 10,000 | 10,007,759 | ||||||||||
Canadian Imperial Bank of Commerce, New York, (LIBOR USD 1 Month + 0.19%), 2.09%, 08/31/18(a) | 15,000 | 14,993,879 | ||||||||||
Cooperatieve Rabobank UA, New York, | 10,000 | 9,992,474 | ||||||||||
Credit Industriel et Commercial, New York(a): | ||||||||||||
(LIBOR USD 1 Month + 0.16%), 2.05%, 06/01/18 | 20,000 | 20,003,802 | ||||||||||
(LIBOR USD 1 Month + 0.19%), 2.09%, 07/11/18 | 10,000 | 10,001,638 | ||||||||||
Dexia Credit Local SA, New York, (LIBOR USD 1 Month + 0.30%), 2.20%, 01/18/19(a) | 20,000 | 20,000,000 | ||||||||||
DNB Bank ASA, New York: | ||||||||||||
2.24%, 07/23/18 | 10,000 | 10,001,637 | ||||||||||
(LIBOR USD 1 Month + 0.16%), 2.05%, 08/06/18(a) | 20,000 | 19,997,125 | ||||||||||
Landesbank Hessen-Thueringen Girozentrale, New York, 1.75%, 05/02/18 | 17,000 | 16,999,982 | ||||||||||
Mitsubishi UFJ Trust & Banking Corp., New York, | 10,000 | 10,001,980 | ||||||||||
Mizuho Bank Ltd., New York: | ||||||||||||
2.05%, 05/29/18 | 10,000 | 10,001,512 | ||||||||||
(LIBOR USD 1 Month + 0.23%), 2.12%, 06/18/18(a) | 7,400 | 7,400,596 | ||||||||||
(LIBOR USD 1 Month + 0.44%), 2.34%, 10/10/18(a) | 22,000 | 22,010,336 | ||||||||||
Natixis SA, New York, 2.15%, 07/31/18 | 20,000 | 19,992,045 | ||||||||||
Norinchukin Bank (The), New York(a): | ||||||||||||
(LIBOR USD 1 Month + 0.20%), 2.10%, 05/31/18 | 15,000 | 15,003,149 | ||||||||||
(LIBOR USD 1 Month + 0.19%), 2.07%, 06/05/18 | 15,000 | 15,003,392 | ||||||||||
(LIBOR USD 1 Month + 0.20%), 2.09%, 08/01/18 | 20,000 | 20,000,425 | ||||||||||
Oversea-Chinese Banking Corp. Ltd., New York, | 2,000 | 2,000,085 | ||||||||||
Royal Bank of Canada, New York, | 3,850 | 3,849,837 |
Security | Par (000) | Value | ||||||||||
Yankee (continued) | ||||||||||||
Skandinaviska Enskilda Banken AB, New York, | USD | 13,000 | $ | 13,000,814 | ||||||||
Sumitomo Mitsui Trust Bank Ltd., New York: | ||||||||||||
1.95%, 05/14/18 | 15,000 | 15,000,767 | ||||||||||
(LIBOR USD 1 Month + 0.16%), 2.06%, 05/23/18(a) | 20,000 | 20,001,921 | ||||||||||
2.04%, 06/04/18 | 20,000 | 20,002,536 | ||||||||||
(LIBOR USD 3 Month + 0.12%), 2.44%, 10/05/18(a) | 10,000 | 10,001,655 | ||||||||||
Svenska Handelsbanken AB, New York: | ||||||||||||
(LIBOR USD 1 Month + 0.11%), 2.00%, 05/18/18(a) | 12,000 | 12,001,265 | ||||||||||
(LIBOR USD 1 Month + 0.14%), 2.03%, 07/02/18(a) | 5,000 | 5,000,606 | ||||||||||
1.55%, 07/13/18 | 7,000 | 6,992,021 | ||||||||||
(LIBOR USD 1 Month + 0.16%), 2.04%, 09/04/18(a) | 15,000 | 14,993,490 | ||||||||||
Swedbank AB, New York, | 10,000 | 10,001,269 | ||||||||||
Toronto-Dominion Bank (The), New York(a): | ||||||||||||
(LIBOR USD 1 Month + 0.20%), 2.10%, 08/17/18 | 6,000 | 5,998,949 | ||||||||||
(LIBOR USD 1 Month + 0.19%), 2.08%, 09/04/18 | 20,000 | 19,992,033 | ||||||||||
(LIBOR USD 1 Month + 0.40%), 2.30%, 04/23/19 | 24,000 | 23,995,412 | ||||||||||
UBS AG, Stamford, (LIBOR USD 1 Month + 0.27%), 2.16%, 06/01/18(a) | 5,000 | 5,001,438 | ||||||||||
|
| |||||||||||
521,656,878 | ||||||||||||
|
| |||||||||||
Total Certificates of Deposit — 24.9% |
| 627,633,391 | ||||||||||
|
| |||||||||||
Commercial Paper — 41.8% | ||||||||||||
Bank Nederlandse Gemeenten NV, 1.74%, 05/07/18(c) | 31,000 | 30,989,391 | ||||||||||
Bank of Nova Scotia (The)(c): | ||||||||||||
2.12%, 05/31/18 | 1,000 | 998,411 | ||||||||||
2.19%, 06/14/18 | 6,000 | 5,985,675 | ||||||||||
Banque et Caisse d’Epargne de l’Etat, 2.55%, 01/02/19(c) | 6,000 | 5,893,214 | ||||||||||
Barclays Bank plc, 1.75%, 05/01/18(c) | 50,000 | 49,997,996 | ||||||||||
Bennington Stark Capital Co. LLC(c)(d): | ||||||||||||
1.80%, 05/02/18 | 11,000 | 10,998,937 | ||||||||||
2.38%, 07/02/18 | 30,000 | 29,885,865 | ||||||||||
BPCE SA, 2.45%, 08/01/18(c) | 45,000 | 44,731,579 | ||||||||||
Canadian Imperial Bank of Commerce, | 20,000 | 20,001,188 | ||||||||||
CDP Financial, Inc.(c)(d): | ||||||||||||
2.29%, 07/19/18 | 40,000 | 39,808,622 | ||||||||||
2.29%, 07/20/18 | 6,750 | 6,717,195 | ||||||||||
Commonwealth Bank of Australia(a): | ||||||||||||
(LIBOR USD 1 Month + 0.19%), 2.09%, 09/10/18 | 10,750 | 10,745,424 | ||||||||||
(LIBOR USD 1 Month + 0.19%), 2.09%, 09/28/18 | 15,000 | 14,992,347 | ||||||||||
(LIBOR USD 1 Month + 0.20%), 2.10%, 10/10/18 | 15,000 | 14,992,568 | ||||||||||
CPPIB Capital, Inc., 1.80%, 05/07/18(c) | 17,000 | 16,994,215 | ||||||||||
DBS Bank Ltd.: | ||||||||||||
(LIBOR USD 1 Month + 0.12%), 2.02%, 05/17/18(a) | 10,000 | 10,001,048 | ||||||||||
2.11%, 06/01/18(c) | 15,000 | 14,973,426 | ||||||||||
2.31%, 07/03/18(c) | 25,000 | 24,905,911 | ||||||||||
Erste Abwicklungstl Corp., (LIBOR USD 1 Month + 0.15%), 2.05%, 07/30/18(a)(d) | 6,000 | 5,999,421 | ||||||||||
Federation des caisses Desjardins du Quebec (The)(c): | ||||||||||||
1.74%, 05/02/18 | 34,000 | 33,996,734 | ||||||||||
1.73%, 05/07/18 | 51,000 | 50,982,547 | ||||||||||
1.72%, 06/01/18 | 10,000 | 9,983,191 | ||||||||||
1.62%, 07/18/18 | 28,100 | 27,965,881 | ||||||||||
Gotham Funding Corp.(c): | ||||||||||||
2.25%, 06/12/18 | 19,400 | 19,354,003 | ||||||||||
2.33%, 07/06/18 | 20,000 | 19,920,531 | ||||||||||
HSBC Bank plc, (LIBOR USD 3 Month + 0.21%), 2.57%, 04/17/19(a) | 14,000 | 13,998,637 |
18 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2018 | TempCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Commercial Paper (continued) | ||||||||||||
ING US Funding LLC: | ||||||||||||
(LIBOR USD 1 Month + 0.13%), 2.02%, 05/01/18(a) | USD | 10,000 | $ | 10,000,080 | ||||||||
(LIBOR USD 1 Month + 0.16%), 2.05%, 06/18/18(a) | 7,000 | 7,001,353 | ||||||||||
(LIBOR USD 1 Month + 0.19%), 2.07%, 07/05/18(a) | 10,000 | 9,999,070 | ||||||||||
(LIBOR USD 1 Month + 0.19%), 2.09%, 07/13/18(a) | 5,000 | 5,000,743 | ||||||||||
(LIBOR USD 1 Month + 0.20%), 2.10%, 08/07/18(a) | 14,000 | 13,999,353 | ||||||||||
(LIBOR USD 3 Month + 0.16%), 2.52%, 01/07/19(a) | 30,000 | 29,997,938 | ||||||||||
2.57%, 01/11/19(c) | 11,000 | 10,797,326 | ||||||||||
Liberty Street Funding LLC, 2.07%, 06/01/18(c) | 5,700 | 5,690,125 | ||||||||||
Matchpoint Finance plc(c): | ||||||||||||
1.72%, 05/01/18 | 17,000 | 16,999,160 | ||||||||||
2.13%, 06/01/18 | 25,000 | 24,954,911 | ||||||||||
Mitsubishi UFJ Trust & Banking Corp., 2.34%, 07/12/18(c) | 10,000 | 9,956,727 | ||||||||||
National Australia Bank Ltd.(a): | ||||||||||||
(LIBOR USD 1 Month + 0.11%), 2.00%, 05/01/18 | 10,000 | 10,000,075 | ||||||||||
(LIBOR USD 1 Month + 0.18%), 2.08%, 09/13/18 | 18,000 | 17,995,453 | ||||||||||
Nieuw Amsterdam Receivables Corp.(c): | ||||||||||||
2.38%, 07/05/18 | 30,000 | 29,882,520 | ||||||||||
2.05%, 08/02/18 | 15,000 | 14,908,585 | ||||||||||
Old Line Funding LLC: | ||||||||||||
(LIBOR USD 1 Month + 0.23%), 2.12%, 06/21/18(a)(d) | 4,000 | 4,001,133 | ||||||||||
2.48%, 10/25/18(c) | 13,000 | 12,838,791 | ||||||||||
Oversea-Chinese Banking Corp. Ltd.(a): | ||||||||||||
(LIBOR USD 1 Month + 0.14%), 2.04%, 05/08/18 | 19,400 | 19,401,186 | ||||||||||
(LIBOR USD 1 Month + 0.20%), 2.10%, 05/10/18 | 3,000 | 3,000,275 | ||||||||||
(LIBOR USD 1 Month + 0.19%), 2.09%, 06/08/18 | 2,000 | 2,000,115 | ||||||||||
(LIBOR USD 1 Month + 0.22%), 2.12%, 07/13/18 | 3,000 | 3,000,077 | ||||||||||
(LIBOR USD 1 Month + 0.21%), 2.10%, 09/06/18 | 12,000 | 12,000,899 | ||||||||||
(LIBOR USD 3 Month + 0.17%), 2.53%, 04/23/19 | 12,000 | 11,999,976 | ||||||||||
PSP Capital, Inc., (LIBOR USD 1 Month + 0.15%), 2.04%, 06/01/18(a)(d) | 7,000 | 7,001,269 | ||||||||||
Starbird Funding Corp.(c): | ||||||||||||
1.72%, 05/01/18 | 13,000 | 12,999,386 | ||||||||||
2.36%, 07/09/18 | 10,000 | 9,957,864 | ||||||||||
Swedbank AB, 2.27%, 07/13/18(c) | 25,000 | 24,897,993 | ||||||||||
Thunder Bay Funding LLC, | 4,000 | 4,001,131 | ||||||||||
Toronto-Dominion Bank (The): | ||||||||||||
2.16%, 06/19/18(c) | 12,750 | 12,715,593 | ||||||||||
2.13%, 09/25/18(c) | 8,000 | 7,998,532 | ||||||||||
(LIBOR USD 1 Month + 0.19%), 2.07%, 10/02/18(a) | 10,000 | 9,996,317 | ||||||||||
(LIBOR USD 1 Month + 0.21%), 2.11%, 10/11/18(a) | 15,000 | 14,994,930 | ||||||||||
Toyota Motor Credit Corp., | 10,000 | 10,001,743 | ||||||||||
UBS AG, (LIBOR USD 1 Month + 0.21%), 2.11%, 07/24/18(a) | 15,000 | 15,001,681 | ||||||||||
United Overseas Bank Ltd., 2.03%, 06/08/18(c) | 25,000 | 24,945,535 | ||||||||||
Victory Receivables Corp., 2.21%, 06/05/18(c) | 25,000 | 24,951,350 | ||||||||||
Westpac Banking Corp.: | ||||||||||||
1.55%, 07/20/18(c) | 4,500 | 4,478,697 | ||||||||||
(LIBOR USD 1 Month + 0.19%), 2.08%, 09/06/18(a) | 20,000 | 19,992,105 | ||||||||||
(LIBOR USD 1 Month + 0.19%), 2.09%, 09/27/18(a) | 5,000 | 4,997,256 | ||||||||||
(LIBOR USD 1 Month + 0.19%), 2.07%, 10/05/18(a) | 15,000 | 14,991,196 | ||||||||||
(LIBOR USD 3 Month + 0.22%), 2.55%, 04/03/19(a) | 10,000 | 9,999,063 | ||||||||||
|
| |||||||||||
Total Commercial Paper — 41.8% |
| 1,055,161,469 | ||||||||||
|
| |||||||||||
Time Deposits — 22.6% |
| |||||||||||
ABN AMRO Bank NV, 1.75%, 05/02/18 | 75,000 | 75,000,000 | ||||||||||
Credit Agricole Corporate and Investment Bank SA, 1.68%, 05/01/18 | 55,000 | 55,000,000 |
Security | Par (000) | Value | ||||||||||
Time Deposits (continued) | ||||||||||||
DZ Bank AG Deutsche Zentral Genossenschaftsbank, 1.68%, 05/01/18 | USD | 75,000 | $ | 75,000,000 | ||||||||
KBC Bank NV, 1.70%, 05/01/18 | 80,000 | 80,000,000 | ||||||||||
Landesbank Hessen-Thuringen Girozentrale: | ||||||||||||
1.73%, 05/01/18 | 11,000 | 11,000,000 | ||||||||||
1.85%, 05/02/18 | 23,000 | 23,000,000 | ||||||||||
1.85%, 05/04/18 | 11,000 | 11,000,000 | ||||||||||
Natixis SA, 1.68%, 05/01/18 | 35,529 | 35,529,000 | ||||||||||
Royal Bank of Canada, 1.72%, 05/01/18 | 70,000 | 70,000,000 | ||||||||||
Skandinaviska Enskilda Banken AB, 1.69%, 05/01/18 | 65,000 | 65,000,000 | ||||||||||
Swedbank AB, 1.70%, 05/01/18 | 70,000 | 70,000,000 | ||||||||||
|
| |||||||||||
Total Time Deposits — 22.6% |
| 570,529,000 | ||||||||||
|
| |||||||||||
U.S. Treasury Obligations — 0.5% |
| |||||||||||
U.S. Treasury Bills, 1.93%, 09/20/18(c) | 12,000 | 11,909,771 | ||||||||||
|
| |||||||||||
Total U.S. Treasury Obligations — 0.5% |
| 11,909,771 | ||||||||||
|
| |||||||||||
Total Repurchase Agreements — 8.0% |
| 202,500,000 | ||||||||||
|
| |||||||||||
Total Investments — 97.8% |
| 2,467,733,631 | ||||||||||
Other Assets Less Liabilities — 2.2% |
| 55,119,939 | ||||||||||
|
| |||||||||||
Net Assets — 100.0% |
| $ | 2,522,853,570 | |||||||||
|
|
(a) | Variable rate security. Rate shown is the rate in effect 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. |
SCHEDULES OF INVESTMENTS | 19 |
Schedule of Investments (unaudited) (continued) April 30, 2018 | TempCash |
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 | |||||||||||||||||||||
BNP Paribas SA | 1.79 | %(a) | 04/30/18 | 05/01/18 | $ | 1,000 | $ | 1,000 | $1,000,050 | Corporate/Debt Obligations, 0.00% to 4.41%, due 03/15/24 to 09/25/46 | $15,730,638 | $1,070,026 | ||||||||||||||||||
Citigroup Global Markets, Inc. | 1.74 | (a) | 04/30/18 | 05/01/18 | 12,000 | 12,000 | 12,000,580 | U.S. Treasury Obligation, 0.63%, due 02/15/43 | 12,087,600 | 12,240,062 | ||||||||||||||||||||
2.52 | (b) | 04/30/18 | 07/05/18 | 20,500 | 20,500 | 20,594,545 | Corporate/Debt Obligations, 0.00% to 5.90%, due 05/25/19 to 05/25/57 | 417,776,913 | 21,935,001 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Citigroup Global Markets, Inc. |
| $ | 32,500 | $34,175,063 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Credit Suisse Securities USA LLC | 1.94 | (a) | 04/30/18 | 05/01/18 | 5,000 | 5,000 | 5,000,269 | Corporate/Debt Obligations, 2.09% to 2.26%, due 01/26/32 to 11/25/36 | 31,412,000 | 6,000,601 | ||||||||||||||||||||
2.36 | (b) | 04/30/18 | 06/05/18 | 5,000 | 5,000 | 5,011,797 | Corporate/Debt Obligation, 2.26%, due 01/26/32 | 9,590,000 | 6,002,844 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Credit Suisse Securities USA LLC |
| $ | 10,000 | $12,003,445 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
HSBC Securities USA, Inc. | 1.89 | (a) | 04/30/18 | 05/01/18 | 30,000 | 30,000 | 30,001,575 | U.S. Government Sponsored Agency Obligations, 3.00% to 4.50%, due 01/01/27 to 04/01/48 | 44,062,876 | 30,902,170 | ||||||||||||||||||||
1.94 | (b) | 04/30/18 | 06/01/18 | 1,000 | 1,000 | 1,001,724 | U.S. Government Sponsored Agency Obligation, 4.00%, due 03/01/48 | 1,020,000 | 1,031,878 | |||||||||||||||||||||
2.19 | (b) | 04/30/18 | 06/01/18 | 10,000 | 10,000 | 10,019,467 | U.S. Government Sponsored Agency Obligations, 3.00% to 4.00%, due 07/01/27 to 03/01/48 | 19,892,410 | 10,300,948 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total HSBC Securities USA, Inc. |
| $ | 41,000 | $42,234,996 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
JP Morgan Securities LLC | 1.81 | (a) | 04/30/18 | 05/01/18 | 8,000 | 8,000 | 8,000,402 | Corporate/Debt Obligation, 0.00%, due 05/07/18 | 8,410,000 | 8,404,817 | ||||||||||||||||||||
1.87 | (a) | 04/30/18 | 05/01/18 | 1,000 | 1,000 | 1,000,052 | U.S. Government Sponsored Agency Obligation, 4.75%, due 11/25/29 | 1,105,000 | 1,154,427 | |||||||||||||||||||||
2.86 | (b) | 04/30/18 | 07/31/18 | 1,000 | 1,000 | 1,007,316 | Corporate/Debt Obligation, 0.47%, due 08/26/47 | 50,055,000 | 1,070,041 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total JP Morgan Securities LLC |
| $ | 10,000 | $10,629,285 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 1.81 | (a) | 04/30/18 | 05/01/18 | 16,000 | 16,000 | 16,000,804 | Corporate/Debt Obligations, 3.50% to 4.50%, due 04/01/28 to 04/01/33 | 17,205,562 | 17,120,000 | ||||||||||||||||||||
2.39 | (b) | 04/30/18 | 07/05/18 | 10,000 | 10,000 | 10,043,817 | Corporate/Debt Obligations, 4.38% to 5.00%, due 06/05/27 to 01/27/45 | 11,465,170 | 11,000,000 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Merrill Lynch, Pierce, Fenner & Smith, Inc. |
| $ | 26,000 | $28,120,000 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Mizuho Securities USA LLC | 2.65 | (b) | 04/30/18 | 06/05/18 | 22,000 | 22,000 | 22,058,317 | Corporate/Debt Obligations, 2.57% to 5.75%, due 04/13/20 to 12/31/49 | 22,850,783 | 23,100,000 | ||||||||||||||||||||
RBC Capital Markets LLC | 1.77 | (a) | 04/30/18 | 05/01/18 | 2,000 | 2,000 | 2,000,098 | U.S. Government Sponsored Agency Obligations, 0.00% to 5.35%, due 06/01/22 to 04/01/48 | 21,158,561 | 2,095,866 | ||||||||||||||||||||
Scotia Capital USA, Inc. | 1.89 | (a) | 04/30/18 | 05/01/18 | 5,000 | 5,000 | 5,000,263 | Corporate/Debt Obligations, 1.75% to 4.63%, due 05/14/18 to 09/22/21 | 5,280,000 | 5,250,164 | ||||||||||||||||||||
TD Securities USA LLC | 1.81 | (a) | 04/30/18 | 05/01/18 | 3,000 | 3,000 | 3,000,151 | Corporate/Debt Obligations, 2.10%, due 10/14/20 to 02/25/21 | 3,226,000 | 3,150,960 |
20 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2018 | 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 | |||||||||||||||||||||
Wells Fargo Securities LLC | 1.84 | %(a) | 04/30/18 | 05/01/18 | $ | 39,000 | $ | 39,000 | $39,001,993 | Corporate/Debt Obligations, 2.33% to 3.50%, due 04/25/43 to 02/25/45 | $83,832,255 | $41,730,001 | ||||||||||||||||||
2.43 | 03/05/18 | 06/05/18 | 11,000 | 11,000 | 11,068,310 | Corporate/Debt Obligations, 2.65% to 5.78%, due 12/15/34 to 11/15/43 | 11,741,730 | 11,770,001 | ||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Wells Fargo Securities LLC |
| $ | 50,000 | $53,500,002 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total |
| $ | 202,500 | $215,329,807 | ||||||||||||||||||||||||||
|
|
|
(a) | Variable rate security. Rate shown is the rate in effect as of period end. |
(b) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
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 Securities(a) | $ | — | $ | 2,467,733,631 | $ | — | $ | 2,467,733,631 | ||||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in each security type. |
During the six months ended April 30, 2018, there were no transfers between levels.
See notes to financial statements.
SCHEDULES OF INVESTMENTS | 21 |
Schedule of Investments (unaudited) April 30, 2018 | TempFund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Certificates of Deposit — 25.5% |
| |||||||||||
Domestic — 3.6% | ||||||||||||
Bank of America NA, (LIBOR USD 3 Month + 0.08%), 2.40%, 10/12/18(a) | USD | 50,000 | $ | 49,999,128 | ||||||||
Wells Fargo Bank NA: | ||||||||||||
(LIBOR USD 1 Month + 0.16%), 2.06%, 07/02/18(a) | 40,000 | 40,005,806 | ||||||||||
1.60%, 07/27/18 | 73,000 | 72,874,888 | ||||||||||
(LIBOR USD 1 Month + 0.22%), | 170,000 | 169,942,229 | ||||||||||
(LIBOR USD 1 Month + 0.25%), 2.14%, 11/19/18(a) | 75,000 | 74,971,856 | ||||||||||
|
| |||||||||||
407,793,907 | ||||||||||||
Euro — 1.9% | ||||||||||||
Credit Industriel et Commercial: | ||||||||||||
1.60%, 05/18/18 | 75,000 | 74,990,416 | ||||||||||
2.40%, 07/24/18 | 50,000 | 50,000,628 | ||||||||||
KBC Bank NV, 1.92%, 05/14/18 | 91,000 | 90,999,011 | ||||||||||
|
| |||||||||||
215,990,055 | ||||||||||||
Yankee — 20.0%(b) | ||||||||||||
Bank of Montreal, Chicago, 2.20%, 06/18/18 | 49,000 | 49,016,260 | ||||||||||
Barclays Bank plc, New York, 2.43%, 08/01/18 | 150,000 | 150,005,534 | ||||||||||
BNP Paribas SA, New York(a): | ||||||||||||
(LIBOR USD 1 Month + 0.20%), 2.10%, 07/16/18 | 100,000 | 100,015,223 | ||||||||||
(LIBOR USD 3 Month + 0.25%), 2.54%, 12/28/18 | 100,000 | 100,077,586 | ||||||||||
Cooperatieve Rabobank UA, New York, (LIBOR USD 1 Month + 0.18%), 2.08%, 11/13/18(a) | 165,000 | 164,875,818 | ||||||||||
Credit Industriel et Commercial, New York, (LIBOR USD 1 Month + 0.19%), 2.09%, 07/11/18(a) | 65,000 | 65,010,645 | ||||||||||
Dexia Credit Local SA, New York, (LIBOR USD 1 Month + 0.30%), 2.20%, 01/18/19(a) | 80,000 | 80,000,000 | ||||||||||
DNB Bank ASA, New York: | ||||||||||||
2.24%, 07/23/18 | 50,000 | 50,008,186 | ||||||||||
(LIBOR USD 1 Month + 0.16%), 2.05%, 08/06/18(a) | 100,000 | 99,985,624 | ||||||||||
Landesbank Hessen-Thueringen Girozentrale, New York, 1.75%, 05/02/18 | 83,000 | 82,999,910 | ||||||||||
Mitsubishi UFJ Trust & Banking Corp., New York(a): | ||||||||||||
(LIBOR USD 1 Month + 0.22%), 2.12%, 05/24/18 | 90,000 | 90,017,817 | ||||||||||
(LIBOR USD 1 Month + 0.30%), 2.20%, 08/22/18 | 100,000 | 100,006,613 | ||||||||||
Mizuho Bank Ltd., New York: | ||||||||||||
(LIBOR USD 1 Month + 0.23%), 2.12%, 06/18/18(a) | 25,000 | 25,002,011 | ||||||||||
2.34%, 07/05/18 | 150,000 | 150,078,551 | ||||||||||
Natixis SA, New York: | ||||||||||||
2.15%, 06/05/18 - 07/31/18 | 225,000 | 224,981,822 | ||||||||||
Nordea Bank AB, New York, (LIBOR USD 3 Month + 0.20%), 2.53%, 04/05/19(a) | 55,000 | 54,994,742 | ||||||||||
Norinchukin Bank (The), New York, (LIBOR USD 1 Month + 0.20%), 2.10%, 07/10/18(a) | 40,000 | 40,007,574 | ||||||||||
Oversea-Chinese Banking Corp. Ltd., New York, (LIBOR USD 1 Month + 0.22%), 2.11%, 07/18/18(a) | 43,000 | 43,001,838 | ||||||||||
Skandinaviska Enskilda Banken AB, New York, (LIBOR USD 1 Month + 0.32%), 2.22%, 11/21/18(a) | 68,000 | 68,004,260 | ||||||||||
Sumitomo Mitsui Banking Corp., New York, | ||||||||||||
(LIBOR USD 1 Month + 0.21%), 2.11%, 05/07/18(a) | 80,000 | 80,005,486 | ||||||||||
Sumitomo Mitsui Trust Bank Ltd., New York: | ||||||||||||
2.04%, 06/04/18 | 75,000 | 75,009,511 | ||||||||||
(LIBOR USD 3 Month + 0.12%), 2.44%, 10/05/18(a) | 50,000 | 50,008,276 |
Security | Par (000) | Value | ||||||||||
Yankee (continued) | ||||||||||||
Svenska Handelsbanken AB, New York: | ||||||||||||
1.55%, 07/13/18 | USD | 147,000 | $ | 146,832,430 | ||||||||
(LIBOR USD 1 Month + 0.16%), 2.04%, 09/04/18(a) | 50,000 | 49,978,300 | ||||||||||
Toronto-Dominion Bank (The), New York, (LIBOR USD 1 Month + 0.40%), 2.30%, 04/23/19(a) | 120,000 | 119,977,060 | ||||||||||
UBS AG, Stamford, (LIBOR USD 1 Month + 0.27%), 2.16%, 06/01/18(a) | 30,000 | 30,008,632 | ||||||||||
|
| |||||||||||
2,289,909,709 | ||||||||||||
|
| |||||||||||
Total Certificates of Deposit — 25.5% |
| 2,913,693,671 | ||||||||||
|
| |||||||||||
Commercial Paper — 37.9% | ||||||||||||
Antalis SA, 2.42%, 07/06/18(c) | 42,000 | 41,833,114 | ||||||||||
Bank of Nova Scotia (The), 2.19%, 06/14/18(c) | 31,000 | 30,925,987 | ||||||||||
Banque et Caisse d’Epargne de l’Etat, 2.67%, 01/02/19(c) | 32,000 | 31,430,473 | ||||||||||
Barclays Bank plc, 1.75%, 05/01/18(c) | 300,000 | 299,987,976 | ||||||||||
Bedford Row Funding Corp., (LIBOR USD 1 Month + 0.45%), 2.35%, 09/20/18(a) | 75,000 | 75,036,863 | ||||||||||
Bennington Stark Capital Co. LLC(c)(d): | ||||||||||||
1.80%, 05/02/18 | 55,000 | 54,994,683 | ||||||||||
2.38%, 07/02/18 | 100,000 | 99,619,550 | ||||||||||
BPCE SA, 2.45%, 08/01/18(c) | 85,000 | 84,492,982 | ||||||||||
Canadian Imperial Bank of Commerce, (LIBOR USD 1 Month + 0.38%), 2.28%, 10/12/18(a) | 100,000 | 100,005,939 | ||||||||||
CDP Financial, Inc., 2.29%, 07/20/18(c)(d) | 34,280 | 34,113,399 | ||||||||||
Commonwealth Bank of Australia(a): | ||||||||||||
(LIBOR USD 1 Month + 0.19%), 2.09%, 09/10/18 | 75,000 | 74,968,075 | ||||||||||
(LIBOR USD 1 Month + 0.20%), 2.10%, 10/10/18 | 105,000 | 104,947,980 | ||||||||||
CPPIB Capital, Inc., 1.80%, 05/07/18(c) | 29,000 | 28,990,132 | ||||||||||
DBS Bank Ltd., (LIBOR USD 1 Month + 0.12%), 2.02%, 05/17/18(a) | 50,000 | 50,005,238 | ||||||||||
Erste Abwicklungstl Corp., (LIBOR USD 1 Month + 0.15%), 2.05%, 07/30/18(a)(d) | 54,000 | 53,994,786 | ||||||||||
Federation des caisses Desjardins du Quebec (The): | ||||||||||||
1.74%, 05/02/18(c) | 166,000 | 165,984,054 | ||||||||||
1.72%, 05/07/18(c) | 29,500 | 29,489,905 | ||||||||||
1.62%, 07/18/18(c) | 91,000 | 90,565,664 | ||||||||||
(LIBOR USD 1 Month + 0.24%), 2.14%, 10/19/18(a) | 75,000 | 74,961,819 | ||||||||||
Gotham Funding Corp., 2.33%, 07/06/18(c) | 23,000 | 22,908,610 | ||||||||||
HSBC Bank plc, (LIBOR USD 3 Month + 0.21%), 2.57%, 04/17/19(a) | 72,000 | 71,992,992 | ||||||||||
ING US Funding LLC: | ||||||||||||
(LIBOR USD 1 Month + 0.13%), 2.02%, 05/01/18(a) | 48,000 | 48,000,385 | ||||||||||
(LIBOR USD 1 Month + 0.19%), 2.07%, 07/05/18(a) | 149,550 | 149,579,409 | ||||||||||
(LIBOR USD 1 Month + 0.19%), 2.09%, 07/13/18(a) | 95,000 | 95,014,124 | ||||||||||
(LIBOR USD 3 Month + 0.16%), 2.52%, 01/07/19(a) | 52,000 | 51,996,425 | ||||||||||
2.57%, 01/11/19(c) | 56,230 | 55,193,968 | ||||||||||
Landesbank Hessen-Thueringen Girozentrale, 2.32%, 06/18/18(c) | 100,000 | 99,737,578 | ||||||||||
Matchpoint Finance plc, 1.72%, 05/01/18(c) | 83,000 | 82,995,896 | ||||||||||
Mitsubishi UFJ Trust & Banking Corp., 2.34%, 07/12/18(c) | 60,000 | 59,740,363 | ||||||||||
National Australia Bank Ltd.: | ||||||||||||
2.26%, 06/25/18(c) | 50,000 | 49,844,911 | ||||||||||
(LIBOR USD 3 Month + 0.20%), 2.52%, 04/05/19(a) | 60,000 | 60,005,233 |
22 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2018 | TempFund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Commercial Paper (continued) | ||||||||||||
Nieuw Amsterdam Receivables Corp.(c): | ||||||||||||
2.38%, 07/05/18 | USD | 150,000 | $ | 149,412,600 | ||||||||
2.05%, 08/02/18 | 35,000 | 34,786,698 | ||||||||||
2.05%, 08/09/18 | 46,000 | 45,695,687 | ||||||||||
Old Line Funding LLC, 2.48%, 10/25/18(c) | 66,500 | 65,675,355 | ||||||||||
Oversea-Chinese Banking Corp. Ltd.(a): | ||||||||||||
(LIBOR USD 1 Month + 0.20%), 2.10%, 05/10/18 | 50,000 | 50,004,588 | ||||||||||
(LIBOR USD 1 Month + 0.19%), 2.09%, 06/14/18 | 52,000 | 52,001,287 | ||||||||||
(LIBOR USD 1 Month + 0.22%), 2.12%, 07/13/18 | 54,000 | 54,001,388 | ||||||||||
(LIBOR USD 1 Month + 0.21%), 2.10%, 09/06/18 | 90,000 | 90,006,745 | ||||||||||
(LIBOR USD 3 Month + 0.17%), 2.53%, 04/23/19 | 62,000 | 61,999,875 | ||||||||||
Ridgefield Funding Co. LLC, 1.72%, 05/01/18(c)(d) | 50,026 | 50,023,686 | ||||||||||
Royal Bank of Canada, 2.19%, 06/14/18(c) | 50,000 | 49,875,312 | ||||||||||
Starbird Funding Corp.(c): | ||||||||||||
1.72%, 05/01/18 | 62,000 | 61,997,072 | ||||||||||
2.38%, 07/03/18 | 100,000 | 99,625,067 | ||||||||||
2.36%, 07/09/18 | 40,000 | 39,831,456 | ||||||||||
Sumitomo Mitsui Trust Bank Ltd., 2.31%, 06/21/18(c) | 66,000 | 65,811,717 | ||||||||||
Thunder Bay Funding LLC, 2.32%, 06/25/18(c) | 50,000 | 49,840,322 | ||||||||||
Toronto-Dominion Bank (The): | ||||||||||||
2.13%, 09/25/18(c) | 50,000 | 49,990,829 | ||||||||||
(LIBOR USD 1 Month + 0.19%), 2.08%, 10/02/18(a) | 100,000 | 99,963,172 | ||||||||||
Toyota Motor Credit Corp., (LIBOR USD 1 Month + 0.20%), 2.10%, 05/22/18(a) | 50,000 | 50,008,717 | ||||||||||
UBS AG, (LIBOR USD 1 Month + 0.21%), 2.11%, 07/24/18(a) | 250,000 | 250,028,015 | ||||||||||
United Overseas Bank Ltd., 2.32%, 07/03/18(c) | 100,000 | 99,617,956 | ||||||||||
Versailles Commercial Paper LLC(c)(d): | ||||||||||||
2.40%, 07/03/18 | 25,000 | 24,900,578 | ||||||||||
2.33%, 07/09/18 | 25,000 | 24,889,993 | ||||||||||
Victory Receivables Corp., 2.21%, 06/05/18(c) | 25,000 | 24,951,350 | ||||||||||
Westpac Banking Corp.: | ||||||||||||
(LIBOR USD 1 Month + 0.17%), 2.07%, 07/17/18(a) | 75,000 | 75,006,962 | ||||||||||
1.55%, 07/20/18(c) | 21,750 | 21,647,036 | ||||||||||
(LIBOR USD 1 Month + 0.19%), 2.08%, 09/06/18(a) | 105,000 | 104,958,552 | ||||||||||
(LIBOR USD 1 Month + 0.19%), 2.09%, 09/27/18(a) | 40,000 | 39,978,047 | ||||||||||
(LIBOR USD 3 Month + 0.22%), 2.55%, 04/03/19(a) | 80,000 | 79,992,503 | ||||||||||
|
| |||||||||||
Total Commercial Paper — 37.9% |
| 4,339,881,078 | ||||||||||
|
|
Security | Par (000) | Value | ||||||||||
Time Deposits — 19.4% | ||||||||||||
ABN AMRO Bank NV, 1.75%, 05/02/18 | USD | 300,000 | $ | 300,000,000 | ||||||||
Credit Agricole Corporate and Investment Bank SA, 1.68%, 05/01/18 | 300,000 | 300,000,000 | ||||||||||
DZ Bank AG Deutsche Zentral Genossenschaftsbank, 1.68%, 05/01/18 | 200,000 | 200,000,000 | ||||||||||
KBC Bank NV, 1.70%, 05/01/18 | 200,000 | 200,000,000 | ||||||||||
Landesbank Hessen-Thuringen Girozentrale: | ||||||||||||
1.73%, 05/01/18 | 52,000 | 52,000,000 | ||||||||||
1.85%, 05/02/18 | 112,000 | 112,000,000 | ||||||||||
1.85%, 05/04/18 | 57,000 | 57,000,000 | ||||||||||
Natixis SA, 1.68%, 05/01/18 | 229,554 | 229,554,000 | ||||||||||
Royal Bank of Canada, 1.72%, 05/01/18 | 130,000 | 130,000,000 | ||||||||||
Skandinaviska Enskilda Banken AB, 1.69%, 05/01/18 | 235,000 | 235,000,000 | ||||||||||
Swedbank AB, 1.70%, 05/01/18 | 400,000 | 400,000,000 | ||||||||||
|
| |||||||||||
Total Time Deposits — 19.4% |
| 2,215,554,000 | ||||||||||
|
| |||||||||||
U.S. Treasury Obligations — 0.5% | ||||||||||||
U.S. Treasury Bills, 1.93%,��09/20/18(c) | 60,000 | 59,548,854 | ||||||||||
|
| |||||||||||
Total U.S. Treasury Obligations — 0.5% |
| 59,548,854 | ||||||||||
|
| |||||||||||
Total Repurchase Agreements — 13.4% |
| 1,526,500,000 | ||||||||||
|
| |||||||||||
Total Investments — 96.7% |
| 11,055,177,603 | ||||||||||
Other Assets Less Liabilities — 3.3% |
| 372,828,856 | ||||||||||
|
| |||||||||||
Net Assets — 100.0% |
| $ | 11,428,006,459 | |||||||||
|
|
(a) | Variable rate security. Rate shown is the rate in effect 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. |
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. | 1.74 | %(a) | 04/30/18 | 05/01/18 | $ | 86,000 | $ | 86,000 | $ | 86,004,157 | Corporate/Debt Obligations, 0.00%, due 05/07/18 to 09/24/18 | $ | 91,090,923 | $90,300,000 | ||||||||||||||||||||
2.52 | (b) | 04/30/18 | 07/05/18 | 174,500 | 174,500 | 175,304,783 | Corporate/Debt Obligations, 3.25% to 6.50%, due 08/15/42 to 01/25/58 | 195,358,652 | 186,715,000 | |||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||||||
Total Citigroup Global Markets, Inc. |
| $ | 260,500 | $277,015,000 | ||||||||||||||||||||||||||||||
|
|
|
SCHEDULES OF INVESTMENTS | 23 |
Schedule of Investments (unaudited) (continued) April 30, 2018 | 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 | |||||||||||||||||||||||||||
Credit Suisse Securities USA LLC | 1.94 | %(a) | 04/30/18 | 05/01/18 | $ | 53,000 | $ | 53,000 | $ | 53,002,856 | Corporate/Debt Obligations, 0.00% to 7.52%, due 01/25/33 to 06/25/47 | $ | 306,280,300 | $ | 63,600,007 | |||||||||||||||||||||
2.36 | (b) | 04/30/18 | 06/05/18 | 50,000 | 50,000 | 50,117,966 | Corporate/Debt Obligations, 1.38% to 6.59%, due 12/25/34 to 09/25/45 | 679,816,894 | 60,000,604 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total Credit Suisse Securities USA LLC |
| $ | 103,000 | $ | 123,600,611 | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
HSBC Securities USA, Inc. | 1.81 | (a) | 04/30/18 | 05/01/18 | 28,000 | 28,000 | 28,001,408 | Corporate/Debt Obligations and U.S. Government Sponsored Agency Obligations, 0.00% to 7.72%, due 05/02/18 to 03/01/48 | 34,745,949 | 31,869,366 | ||||||||||||||||||||||||||
1.89 | (a) | 04/30/18 | 05/01/18 | 65,000 | 65,000 | 65,003,412 | Corporate/Debt Obligations, 1.25% to 2.38%, due 05/23/18 to 09/19/22 | 70,730,000 | 68,254,569 | |||||||||||||||||||||||||||
1.94 | (b) | 04/30/18 | 06/01/18 | 5,000 | 5,000 | 5,008,622 | Corporate/Debt Obligation, 2.05%, due 05/27/20 | 5,305,000 | 5,254,934 | |||||||||||||||||||||||||||
2.19 | (b) | 04/30/18 | 06/01/18 | 13,000 | 13,000 | 13,025,307 | Corporate/Debt Obligations, 1.38% to 2.05%, due 05/30/18 to 05/27/20 | 13,635,000 | 13,650,370 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total HSBC Securities USA, Inc. |
| $ | 111,000 | $ | 119,029,239 | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
JP Morgan Securities LLC | 1.81 | (a) | 04/30/18 | 05/01/18 | 51,000 | 51,000 | 51,002,564 | Corporate/Debt Obligations, 0.00%, due 05/01/18 to 05/07/18 | 53,570,000 | 53,550,768 | ||||||||||||||||||||||||||
1.90 | (b) | 04/30/18 | 05/08/18 | 117,000 | 117,000 | 117,049,420 | U.S. Government Sponsored Agency Obligations, 3.00% to 6.50%, due 12/20/33 to 08/15/59 | 155,368,506 | 119,340,936 | |||||||||||||||||||||||||||
2.74 | (b) | 04/30/18 | 07/31/18 | 50,000 | 50,000 | 50,350,487 | Corporate/Debt Obligations, 2.59% to 10.26%, due 12/15/21 to 10/25/57 | 68,399,500 | 57,502,766 | |||||||||||||||||||||||||||
2.86 | (b) | 04/30/18 | 07/31/18 | 100,000 | 100,000 | 100,731,640 | Corporate/Debt Obligations and U.S. Government Sponsored Agency Obligations, 0.00% to 30.83%, due 07/05/19 to 01/28/58 | 744,863,219 | 115,542,230 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total JP Morgan Securities LLC |
| $ | 318,000 | $ | 345,936,700 | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 1.81 | (a) | 04/30/18 | 05/01/18 | 85,000 | 85,000 | 85,004,274 | Corporate/Debt Obligations, 1.85% to 7.60%, due 07/01/18 to 10/15/65 | 83,036,374 | 90,950,000 | ||||||||||||||||||||||||||
2.39 | (b) | 04/30/18 | 07/05/18 | 60,000 | 60,000 | 60,262,900 | Corporate/Debt Obligations, 4.00% to 12.75%, due 06/10/19 to 01/25/56 | 66,042,322 | 69,818,395 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total Merrill Lynch, Pierce, Fenner & Smith, Inc. |
| $ | 145,000 | $ | 160,768,395 | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Mizuho Securities USA LLC | 1.84 | (a) | 04/30/18 | 05/01/18 | 55,000 | 55,000 | 55,002,811 | Corporate/Debt Obligations, 2.72% to 8.00%, due 07/23/19 to 12/31/49 | 57,071,500 | 57,825,955 | ||||||||||||||||||||||||||
2.09 | (a) | 04/30/18 | 05/01/18 | 45,000 | 45,000 | 45,002,612 | Corporate/Debt Obligations, 3.10% to 8.75%, due 07/23/19 to 12/31/49 | 42,658,000 | 47,997,477 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total Mizuho Securities USA LLC |
| $ | 100,000 | $ | 105,823,432 | |||||||||||||||||||||||||||||||
|
|
|
|
24 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2018 | 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 | |||||||||||||||||||||||||||
RBC Capital Markets LLC | 1.77 | %(a) | 04/30/18 | 05/01/18 | $ | 253,000 | $ | 253,000 | $ | 253,012,439 | Corporate/Debt Obligations and U.S. Government Sponsored Agency Obligations, 0.00% to 16.11%, due 03/01/20 to 04/01/48 | $ | 3,120,218,242 | $ | 262,248,701 | |||||||||||||||||||||
Scotia Capital USA, Inc. | 1.89 | (a) | 04/30/18 | 05/01/18 | 40,000 | 40,000 | 40,002,100 | Corporate/Debt Obligations, 1.13% to 4.63%, due 05/14/18 to 09/22/21 | 41,176,000 | 42,000,953 | ||||||||||||||||||||||||||
TD Securities USA LLC | 1.81 | (a) | 04/30/18 | 05/01/18 | 20,000 | 20,000 | 20,001,006 | Corporate/Debt Obligation, 2.10%, due 10/14/20 | 21,449,000 | 21,000,144 | ||||||||||||||||||||||||||
Wells Fargo Securities LLC | 1.84 | (a) | 04/30/18 | 05/01/18 | 176,000 | 176,000 | 176,008,995 | Corporate/Debt Obligations, 2.11% to 5.37%, due 11/25/30 to 01/15/60 | 251,631,828 | 188,320,000 | ||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total |
| $ | 1,526,500 | $ | 1,645,743,175 | |||||||||||||||||||||||||||||||
|
|
|
|
(a) | Variable rate security. Rate shown is the rate in effect as of period end. |
(b) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
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 Securities(a) | $ | — | $ | 11,055,177,603 | $ | — | $ | 11,055,177,603 | ||||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in each security type. |
During the six months ended April 30, 2018, there were no transfers between levels.
See notes to financial statements.
SCHEDULES OF INVESTMENTS | 25 |
Schedule of Investments (unaudited) April 30, 2018 | T-Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
U.S. Treasury Obligations — 36.8% | ||||||||||||
U.S. Treasury Bills(a): | ||||||||||||
1.29%, 05/03/18 | USD | 930,000 | $ | 929,933,983 | ||||||||
1.31%, 05/10/18 | 1,323,440 | 1,323,008,956 | ||||||||||
1.58%, 05/17/18 | 2,585,910 | 2,584,105,609 | ||||||||||
1.65%, 05/31/18 | 53,685 | 53,611,407 | ||||||||||
1.46%, 06/07/18 | 1,177,350 | 1,175,597,052 | ||||||||||
1.47%, 06/14/18 | 143,280 | 143,025,200 | ||||||||||
1.54%, 06/28/18 | 2,369,855 | 2,364,013,307 | ||||||||||
1.59%, 07/05/18 | 400,000 | 398,862,500 | ||||||||||
1.59%, 07/12/18 | 593,675 | 591,804,924 | ||||||||||
1.68%, 07/19/18 | 812,585 | 809,609,035 | ||||||||||
1.64%, 08/02/18 | 1,100,720 | 1,096,099,268 | ||||||||||
1.70%, 08/09/18 | 399,280 | 397,415,244 | ||||||||||
1.76%, 08/16/18 | 713,615 | 709,924,421 | ||||||||||
1.82%, 08/23/18 | — | (b) | 199 | |||||||||
1.84%, 08/30/18 | 85,000 | 84,478,608 | ||||||||||
1.87%, 09/13/18 | 309,320 | 307,171,772 | ||||||||||
1.97%, 09/20/18 | 1,455,000 | 1,443,808,625 | ||||||||||
1.91%, 09/27/18 | 885,000 | 878,058,773 | ||||||||||
1.60%, 10/11/18 | 219,530 | 217,962,018 | ||||||||||
6.30%, 10/25/18 | 289,860 | 287,019,602 | ||||||||||
2.04%, 11/01/18 | 1,673,110 | 1,656,277,584 | ||||||||||
3.14%, 04/25/19 | 212,550 | 207,907,960 | ||||||||||
U.S. Treasury Notes: | ||||||||||||
1.38%, 07/31/18 | 562,315 | 562,259,761 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.17%), 2.01%, 07/31/18(c) | 869,985 | 869,999,094 | ||||||||||
1.50%, 08/31/18 | 85,000 | 85,030,280 | ||||||||||
1.38%, 09/30/18 | 245,330 | 245,086,102 | ||||||||||
0.88%, 10/15/18 | 656,025 | 653,698,885 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.17%), 2.01%, 10/31/18(c) | 1,159,385 | 1,159,371,427 | ||||||||||
1.38%, 11/30/18 | 95,085 | 94,880,476 | ||||||||||
1.25% - 1.50%, 12/31/18 | 766,655 | 764,910,721 | ||||||||||
1.13%, 01/15/19 | 219,745 | 218,516,783 | ||||||||||
1.13% - 1.50%, 01/31/19 | 275,120 | 273,690,339 |
Security | Par (000) | Value | ||||||||||
U.S. Treasury Obligations — continued | ||||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 1.98%, 01/31/19(c) | USD | 704,326 | $ | 704,482,610 | ||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.07%), 1.91%, 04/30/19(c) | 577,775 | 577,774,643 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 1.90%, 07/31/19(c) | 200,000 | 200,014,780 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 1.89%, 10/31/19(c) | 1,831,335 | 1,831,633,859 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.01%), 1.84%, 01/31/20(c) | 2,231,020 | 2,229,647,298 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.03%), 1.87%, 04/30/20(c) | 150,000 | 149,979,158 | ||||||||||
|
| |||||||||||
Total U.S. Treasury Obligations — 36.8% |
| 28,280,672,263 | ||||||||||
|
| |||||||||||
Total Repurchase Agreements — 63.1% |
| 48,511,508,632 | ||||||||||
|
| |||||||||||
Total Investments — 99.9% |
| 76,792,180,895 | ||||||||||
Other Assets Less Liabilities — 0.1% |
| 65,673,190 | ||||||||||
|
| |||||||||||
Net Assets — 100.0% |
| $ | 76,857,854,085 | |||||||||
|
|
(a) | Rates are discount rates or a range of discount rates at the time of purchase. |
(b) | Amount is less than $500. |
(c) | Variable rate security. Rate shown is the rate in effect 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 | 1.70 | % | 04/30/18 | 05/01/18 | $ | 59,772 | $ | 59,772 | $ | 59,774,823 | U.S. Treasury Obligations, 1.38% to 2.88%, due 09/30/18 to 05/15/43 | $ | 56,993,700 | $ | 60,967,475 | |||||||||||||||||||||
1.75 | (a) | 04/20/18 | 05/14/18 | 350,000 | 350,000 | 350,408,333 | U.S. Treasury Obligations, 0.00% to 4.00%, due 05/31/18 to 11/15/46 | 365,687,500 | 357,000,003 | |||||||||||||||||||||||||||
1.82 | (a) | 04/24/18 | 05/14/18 | 300,000 | 300,000 | 300,303,333 | U.S. Treasury Obligations, 0.13% to 3.00%, due 04/15/19 to 02/15/44 | 290,963,300 | 306,000,049 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total Bank of Montreal |
| $ | 709,772 | $ | 723,967,527 | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Bank of Nova Scotia (The) | 1.71 | 04/30/18 | 05/01/18 | 3,000 | 3,000 | 3,000,142 | U.S. Treasury Obligation, 2.38%, due 01/15/25 | 2,078,000 | 3,060,262 | |||||||||||||||||||||||||||
Barclays Capital, Inc. | 1.71 | 04/30/18 | 05/01/18 | 4,000,000 | 4,000,000 | 4,000,190,000 | U.S. Treasury Obligations, 0.00% to 2.13%, due 05/15/18 to 02/15/48 | 6,076,862,163 | 4,080,000,092 | |||||||||||||||||||||||||||
BNP Paribas SA | 1.70 | (a) | 04/12/18 | 05/14/18 | 2,000,000 | 2,000,000 | 2,003,022,222 | U.S. Treasury Obligations, 0.00% to 9.13%, due 05/15/18 to 02/15/46 | 2,141,445,406 | 2,040,000,000 |
26 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2018 | 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 | |||||||||||||||||||||||||||
1.71 | % | 04/30/18 | 05/01/18 | $ | 2,190,000 | $ | 2,190,000 | $ | 2,190,104,025 | U.S. Treasury Obligations, 0.00% to 8.13%, due 09/13/18 to 08/15/46 | $ | 2,112,930,679 | $ | 2,233,800,076 | ||||||||||||||||||||||
1.71 | (a) | 04/20/18 | 05/14/18 | 1,000,000 | 1,000,000 | 1,001,140,000 | U.S. Treasury Obligations, 0.00% to 6.00%, due 05/31/18 to 08/15/47 | 1,016,009,549 | 1,020,000,029 | |||||||||||||||||||||||||||
1.72 | (a) | 04/24/18 | 05/14/18 | 1,324,750 | 1,324,750 | 1,326,015,872 | U.S. Treasury Obligations, 0.00% to 7.63%, due 11/15/18 to 02/15/47 | 1,240,514,014 | 1,351,245,000 | |||||||||||||||||||||||||||
1.72 | (a) | 04/26/18 | 05/14/18 | 400,000 | 400,000 | 400,344,000 | U.S. Treasury Obligations, 0.00% to 7.25%, due 07/31/18 to 05/15/45 | 413,168,307 | 408,000,000 | |||||||||||||||||||||||||||
1.73 | 04/30/18 | 05/01/18 | 1,000,000 | 1,000,000 | 1,000,048,056 | U.S. Treasury Obligation, 2.13%, due 08/15/21 | 1,034,220,600 | 1,020,000,067 | ||||||||||||||||||||||||||||
1.73 | 04/30/18 | 05/01/18 | 1,000,000 | 1,000,000 | 1,000,048,056 | U.S. Treasury Obligation, 2.00%, due 02/15/22 | 1,043,478,300 | 1,020,000,038 | ||||||||||||||||||||||||||||
1.73 | 04/30/18 | 05/01/18 | 1,000,000 | 1,000,000 | 1,000,048,056 | U.S. Treasury Obligation, 2.63%, due 11/15/20 | 1,007,407,500 | 1,020,000,094 | ||||||||||||||||||||||||||||
1.73 | 04/30/18 | 05/01/18 | 1,000,000 | 1,000,000 | 1,000,048,056 | U.S. Treasury Obligation, 2.13%, due 08/15/21 | 1,034,220,600 | 1,020,000,067 | ||||||||||||||||||||||||||||
1.73 | 04/30/18 | 05/01/18 | 1,000,000 | 1,000,000 | 1,000,048,056 | U.S. Treasury Obligation, 2.00%, due 11/15/26 | 1,086,956,600 | 1,020,000,073 | ||||||||||||||||||||||||||||
1.75 | (a) | 04/19/18 | 05/14/18 | 1,100,000 | 1,100,000 | 1,101,336,806 | U.S. Treasury Obligations, 0.00% to 6.00%, due 01/15/19 to 02/15/47 | 1,080,238,998 | 1,122,000,005 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total BNP Paribas SA |
| $ | 13,014,750 | $ | 13,275,045,449 | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Citibank NA | 1.71 | 04/30/18 | 05/01/18 | 100,000 | 100,000 | 100,004,750 | U.S. Treasury Obligations, 0.00% to 4.00%, due 05/15/18 to 11/30/24 | 105,190,700 | 102,000,005 | |||||||||||||||||||||||||||
Citigroup Global Markets, Inc. | 1.67 | 04/24/18 | 05/01/18 | 70,000 | 70,000 | 70,022,731 | U.S. Treasury Obligations, 1.25% to 1.50%, due 02/28/19 to 07/31/23 | 72,566,300 | 71,400,019 | |||||||||||||||||||||||||||
1.71 | 04/30/18 | 05/01/18 | 50,000 | 50,000 | 50,002,375 | U.S. Treasury Obligations, 0.00% to 4.00%, due 05/03/18 to 02/15/28 | 50,743,300 | 51,000,075 | ||||||||||||||||||||||||||||
1.71 | (b) | 04/30/18 | 05/01/18 | 625,000 | 625,000 | 625,029,688 | U.S. Treasury Obligations, 0.13% to 0.88%, due 04/15/19 to 02/15/47 | 619,358,700 | 637,500,030 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total Citigroup Global Markets, Inc. |
| $ | 745,000 | $ | 759,900,124 | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Credit Agricole Corporate and Investment Bank SA | 1.70 | 04/30/18 | 05/01/18 | 675,000 | 675,000 | 675,031,875 | U.S. Treasury Obligations, 1.38% to 3.63%, due 02/15/20 to 11/15/46 | 693,994,600 | 688,500,033 | |||||||||||||||||||||||||||
1.71 | 04/30/18 | 05/01/18 | 2,500,000 | 2,500,000 | 2,500,118,750 | U.S. Treasury Obligations, 0.38% to 2.75%, due 04/30/20 to 08/15/47 | 2,624,766,500 | 2,550,000,075 | ||||||||||||||||||||||||||||
1.71 | 04/30/18 | 05/01/18 | 100,000 | 100,000 | 100,004,750 | U.S. Treasury Obligation, 2.25%, due 08/15/46 | 121,379,600 | 102,000,066 | ||||||||||||||||||||||||||||
1.71 | (b) | 04/30/18 | 05/01/18 | 1,585,000 | 1,585,000 | 1,585,075,288 | U.S. Treasury Obligations, 0.38% to 5.38%, due 05/31/20 to 08/15/45 | 1,566,048,559 | 1,616,700,017 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total Credit Agricole Corporate and Investment Bank SA |
| $ | 4,860,000 | $ | 4,957,200,191 | |||||||||||||||||||||||||||||||
|
|
|
|
SCHEDULES OF INVESTMENTS | 27 |
Schedule of Investments (unaudited) (continued) April 30, 2018 | 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 | |||||||||||||||||||||||||||
Credit Suisse AG | 1.71 | % | 04/30/18 | 05/01/18 | $ | 1,665,000 | $ | 1,665,000 | $ | 1,665,079,087 | U.S. Treasury Obligations, 0.00% to 2.13%, due 07/15/18 to 02/15/48 | $ | 2,104,601,705 | $ | 1,698,300,055 | |||||||||||||||||||||
Deutsche Bank Securities, Inc. | 1.70 | 04/30/18 | 05/01/18 | 434,990 | 434,990 | 435,010,541 | U.S. Treasury Obligations, 0.00% to 3.13%, due 05/31/18 to 02/15/47 | 462,699,100 | 443,689,855 | |||||||||||||||||||||||||||
Federal Reserve Bank of New York | 1.50 | 04/30/18 | 05/01/18 | 550,000 | 550,000 | 550,022,917 | U.S. Treasury Obligations, 2.13%, due 08/31/20 to 07/31/24 | 554,194,100 | 550,023,000 | |||||||||||||||||||||||||||
HSBC Securities USA, Inc. | 1.68 | 04/25/18 | 05/02/18 | 305,500 | 305,500 | 305,599,797 | U.S. Treasury Obligations, 0.00%, due 05/15/43 to 02/15/45 | 700,393,100 | 311,611,880 | |||||||||||||||||||||||||||
1.68 | 04/25/18 | 05/02/18 | 900,000 | 900,000 | 900,294,000 | U.S. Treasury Obligations, 0.00%, due 05/15/28 to 08/15/47 | 1,645,747,020 | 918,000,368 | ||||||||||||||||||||||||||||
1.69 | 04/26/18 | 05/03/18 | 648,000 | 648,000 | 648,212,940 | U.S. Treasury Obligations, 0.00%, due 08/15/37 to 02/15/48 | 1,404,863,413 | 660,960,490 | ||||||||||||||||||||||||||||
1.71 | (c) | 04/30/18 | 05/01/18 | 651,000 | 651,000 | 651,030,922 | U.S. Treasury Obligations, 0.00%, due 05/15/29 to 11/15/45 | 1,163,156,519 | 664,022,198 | |||||||||||||||||||||||||||
1.71 | 04/30/18 | 05/01/18 | 2,000 | 2,000 | 2,000,095 | U.S. Treasury Obligation, 0.00%, due 08/15/47 | 5,055,000 | 2,040,956 | ||||||||||||||||||||||||||||
1.71 | 04/30/18 | 05/01/18 | 265,000 | 265,000 | 265,012,587 | U.S. Treasury Obligations, 0.00%, due 05/15/44 to 11/15/45 | 622,500,000 | 270,301,042 | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total HSBC Securities USA, Inc. |
| $ | 2,771,500 | $ | 2,826,936,934 | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
JP Morgan Securities LLC | 1.71 | (c) | 04/30/18 | 05/01/18 | 250,000 | 250,000 | 250,011,875 | U.S. Treasury Obligations, 0.00% to 2.63%, due 06/15/20 to 02/15/47 | 473,558,900 | 255,000,607 | ||||||||||||||||||||||||||
1.71 | 04/30/18 | 05/01/18 | 2,500,000 | 2,500,000 | 2,500,118,750 | U.S. Treasury Obligations, 0.00% to 8.88%, due 06/15/18 to 08/15/47 | 2,494,387,400 | 2,550,009,268 | ||||||||||||||||||||||||||||
1.71 | 04/30/18 | 05/01/18 | 463,000 | 463,000 | 463,021,992 | U.S. Treasury Obligations, 0.00%, due 11/15/18 to 02/15/48 | 680,509,973 | 472,261,964 | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total JP Morgan Securities LLC |
| $ | 3,213,000 | $ | 3,277,271,839 | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 1.72 | 04/30/18 | 05/01/18 | 3,000 | 3,000 | 3,000,143 | U.S. Treasury Obligation, 2.50%, due 02/15/45 | 3,430,700 | 3,060,015 | |||||||||||||||||||||||||||
1.72 | 04/30/18 | 05/01/18 | 50,000 | 50,000 | 50,002,389 | U.S. Treasury Obligation, 2.75%, due 04/30/23 | 51,121,700 | 51,000,030 | ||||||||||||||||||||||||||||
1.72 | 04/30/18 | 05/01/18 | 1,000,000 | 1,000,000 | 1,000,047,778 | U.S. Treasury Obligations, 1.38% to 3.63%, due 03/31/20 to 05/15/47 | 1,016,347,700 | 1,020,000,022 | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total Merrill Lynch, Pierce, Fenner & Smith, Inc. |
| $ | 1,053,000 | $ | 1,074,060,067 | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Mizuho Securities USA LLC | 1.73 | 04/30/18 | 05/01/18 | 250,000 | 250,000 | 250,012,014 | U.S. Treasury Obligations, 0.00% to 3.00%, due 01/31/19 to 02/15/48 | 259,241,700 | 255,000,070 | |||||||||||||||||||||||||||
1.74 | 04/30/18 | 05/01/18 | 89,118 | 89,118 | 89,121,954 | U.S. Treasury Obligation, 2.75%, due 02/15/19 | 90,000,000 | 90,900,000 | ||||||||||||||||||||||||||||
1.74 | 04/30/18 | 05/01/18 | 51,832 | 51,832 | 51,834,613 | U.S. Treasury Obligation, 2.13%, due 07/31/24 | 55,000,000 | 52,868,750 | ||||||||||||||||||||||||||||
1.74 | 04/30/18 | 05/01/18 | 251,471 | 251,471 | 251,482,743 | U.S. Treasury Obligation, 1.13%, due 09/30/21 | 270,000,000 | 256,500,000 |
28 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2018 | 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 | |||||||||||||||||||||||||||
1.74 | % | 04/30/18 | 05/01/18 | $ | 185,784 | $ | 185,784 | $ | 185,793,293 | U.S. Treasury Obligation, 2.00%, due 02/15/25 | $ | 200,000,000 | $ | 189,500,000 | ||||||||||||||||||||||
1.74 | 04/30/18 | 05/01/18 | 215,074 | 215,074 | 215,083,925 | U.S. Treasury Obligation, 1.88%, due 01/31/22 | 225,000,000 | 219,375,000 | ||||||||||||||||||||||||||||
1.74 | 04/30/18 | 05/01/18 | 284,926 | 284,926 | 284,940,242 | U.S. Treasury Obligation, 1.75%, due 05/31/22 | 300,000,000 | 290,625,000 | ||||||||||||||||||||||||||||
1.74 | 04/30/18 | 05/01/18 | 318,260 | 318,260 | 318,275,186 | U.S. Treasury Obligation, 1.38%, due 09/30/23 | 350,000,000 | 324,625,000 | ||||||||||||||||||||||||||||
1.74 | 04/30/18 | 05/01/18 | 93,750 | 93,750 | 93,754,531 | U.S. Treasury Obligation, 1.63%, due 08/31/22 | 100,000,000 | 95,625,000 | ||||||||||||||||||||||||||||
1.74 | 04/30/18 | 05/01/18 | 333,882 | 333,881 | 333,898,491 | U.S. Treasury Obligation, 0.75%, due 02/15/19 | 344,000,000 | 340,560,000 | ||||||||||||||||||||||||||||
1.74 | 04/30/18 | 05/01/18 | 179,297 | 179,297 | 179,305,235 | U.S. Treasury Obligation, 1.75%, due 05/15/23 | 191,000,000 | 182,882,500 | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total Mizuho Securities USA LLC |
| $ | 2,253,393 | $ | 2,298,461,320 | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
MUFG Securities Americas, Inc. | 1.69 | 04/30/18 | 05/01/18 | 461,000 | 461,000 | 461,021,641 | U.S. Treasury Obligations, 0.00% to 8.13%, due 06/30/18 to 08/15/46 | 468,626,703 | 470,220,884 | |||||||||||||||||||||||||||
National Australia Bank Ltd. | 1.73 | 04/30/18 | 05/01/18 | 518,350 | 518,350 | 518,374,910 | U.S. Treasury Obligation, 0.13%, due 04/15/19 | 500,000,000 | 528,715,000 | |||||||||||||||||||||||||||
1.73 | 04/30/18 | 05/01/18 | 501,200 | 501,200 | 501,224,085 | U.S. Treasury Obligation, 3.63%, due 08/15/19 | 500,000,000 | 511,225,000 | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total National Australia Bank Ltd. |
| $ | 1,019,550 | $ | 1,039,940,000 | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Natixis SA | 1.71 | (c) | 04/30/18 | 05/01/18 | 550,000 | 550,000 | 550,026,125 | U.S. Treasury Obligations, 0.00% to 8.75%, due 05/24/18 to 05/15/47 | 563,268,300 | 561,000,089 | ||||||||||||||||||||||||||
Nomura Securities International, Inc. | 1.72 | 04/30/18 | 05/01/18 | 1,200,000 | 1,200,000 | 1,200,057,333 | U.S. Treasury Obligations, 0.00% to 7.13%, due 05/15/18 to 02/15/48 | 1,256,598,235 | 1,224,000,093 | |||||||||||||||||||||||||||
Prudential Insurance Co. of America | 1.75 | 04/30/18 | 05/01/18 | 11,900 | 11,900 | 11,900,578 | U.S. Treasury Obligation, 0.00%, due 05/15/34 | 20,000,000 | 12,138,000 | |||||||||||||||||||||||||||
1.75 | 04/30/18 | 05/01/18 | 12,469 | 12,469 | 12,469,356 | U.S. Treasury Obligation, 0.00%, due 05/15/31 | 19,000,000 | 12,718,220 | ||||||||||||||||||||||||||||
1.75 | 04/30/18 | 05/01/18 | 14,280 | 14,280 | 14,280,694 | U.S. Treasury Obligation, 0.00%, due 11/15/39 | 28,000,000 | 14,565,600 | ||||||||||||||||||||||||||||
1.75 | 04/30/18 | 05/01/18 | 34,825 | 34,825 | 34,826,693 | U.S. Treasury Obligation, 0.00%, due 02/15/40 | 70,000,000 | 35,521,500 | ||||||||||||||||||||||||||||
1.75 | 04/30/18 | 05/01/18 | 39,375 | 39,375 | 39,376,914 | U.S. Treasury Obligation, 0.00%, due 05/15/38 | 75,000,000 | 40,162,500 | ||||||||||||||||||||||||||||
1.75 | 04/30/18 | 05/01/18 | 50,250 | 50,250 | 50,252,443 | U.S. Treasury Obligation, 0.00%, due 11/15/39 | 100,000,000 | 51,255,000 | ||||||||||||||||||||||||||||
1.75 | 04/30/18 | 05/01/18 | 26,258 | 26,258 | 26,258,776 | U.S. Treasury Obligation, 2.25%, due 03/31/21 | 27,000,000 | 26,782,650 | ||||||||||||||||||||||||||||
1.75 | 04/30/18 | 05/01/18 | 67,750 | 67,750 | 67,753,293 | U.S. Treasury Obligation, 0.00%, due 05/15/30 | 100,000,000 | 69,105,000 |
SCHEDULES OF INVESTMENTS | 29 |
Schedule of Investments (unaudited) (continued) April 30, 2018 | 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 | |||||||||||||||||||||||||||
1.75 | % | 04/30/18 | 05/01/18 | $ | 10,863 | $ | 10,862 | $ | 10,863,028 | U.S. Treasury Obligation, 0.00%, due 05/15/40 | $ | 22,000,000 | $ | 11,079,640 | ||||||||||||||||||||||
1.75 | 04/30/18 | 05/01/18 | 34,125 | 34,125 | 34,126,659 | U.S. Treasury Obligation, 0.00%, due 11/15/35 | 60,000,000 | 34,807,800 | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total Prudential Insurance Co. of America |
| $ | 302,094 | $ | 308,135,910 | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Societe Generale SA | 1.69 | 04/24/18 | 05/01/18 | 2,500,000 | 2,500,000 | 2,500,821,528 | U.S. Treasury Obligations, 0.00% to 8.50%, due 05/15/18 to 08/15/47 | 2,712,754,901 | 2,550,000,077 | |||||||||||||||||||||||||||
1.69 | 04/25/18 | 05/02/18 | 500,000 | 500,000 | 500,164,306 | U.S. Treasury Obligations, 0.00% to 7.50%, due 05/03/18 to 02/15/43 | 516,265,685 | 510,000,043 | ||||||||||||||||||||||||||||
1.69 | 04/26/18 | 05/03/18 | 971,000 | 971,000 | 971,319,081 | U.S. Treasury Obligations, 0.00% to 8.75%, due 06/21/18 to 02/15/47 | 997,458,908 | 990,420,000 | ||||||||||||||||||||||||||||
1.74 | (a) | 04/30/18 | 05/08/18 | 216,000 | 216,000 | 216,083,520 | U.S. Treasury Obligations, 0.00% to 2.38%, due 05/03/18 to 07/15/27 | 231,963,400 | 220,320,006 | |||||||||||||||||||||||||||
1.74 | (a) | 04/30/18 | 05/08/18 | 864,000 | 864,000 | 864,334,080 | U.S. Treasury Obligations, 0.00% to 8.50%, due 05/15/18 to 05/15/47 | 1,013,752,332 | 881,280,012 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total Societe Generale SA |
| $ | 5,051,000 | $ | 5,152,020,138 | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Standard Chartered Bank | 1.78 | 04/16/18 | 06/18/18 | 54,434 | 54,434 | 54,603,662 | U.S. Treasury Obligation, 3.63%, due 02/15/44 | 50,000,000 | 55,523,000 | |||||||||||||||||||||||||||
1.78 | 04/16/18 | 06/18/18 | 162,445 | 162,445 | 162,950,816 | U.S. Treasury Obligation, 3.63%, due 02/15/21 | 160,000,000 | 165,694,400 | ||||||||||||||||||||||||||||
1.78 | 04/16/18 | 06/18/18 | 96,089 | 96,089 | 96,388,317 | U.S. Treasury Obligation, 2.00%, due 10/31/22 | 100,000,000 | 98,011,000 | ||||||||||||||||||||||||||||
1.78 | 04/16/18 | 06/18/18 | 244,412 | 244,412 | 245,173,343 | U.S. Treasury Obligation, 2.38%, due 03/15/21 | 250,000,000 | 249,300,000 | ||||||||||||||||||||||||||||
1.78 | 04/16/18 | 06/18/18 | 193,080 | 193,080 | 193,681,043 | U.S. Treasury Obligation, 1.50%, due 06/15/20 | 200,000,000 | 196,942,000 | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total Standard Chartered Bank |
| $ | 750,460 | $ | 765,470,400 | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
TD Securities USA LLC | 1.72 | 04/30/18 | 05/01/18 | 110,000 | 110,000 | 110,005,256 | U.S. Treasury Obligations, 1.75% to 2.38%, due 09/30/22 to 05/15/27 | 116,846,400 | 112,200,083 | |||||||||||||||||||||||||||
Wells Fargo Securities LLC | 1.72 | 04/30/18 | 05/01/18 | 2,769,000 | 2,769,000 | 2,769,132,297 | U.S. Treasury Obligations, 0.00% to 3.00%, due 08/09/18 to 05/15/47 | 2,862,587,400 | 2,824,380,017 | |||||||||||||||||||||||||||
1.72 | (b) | 04/30/18 | 05/01/18 | 925,000 | 925,000 | 925,044,194 | U.S. Treasury Obligations, 0.00% to 8.13%, due 05/10/18 to 11/15/46 | 949,875,978 | 943,500,027 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total Wells Fargo Securities LLC |
| $ | 3,694,000 | $ | 3,767,880,044 | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total |
| $ | 48,511,509 | $ | 49,470,784,361 | |||||||||||||||||||||||||||||||
|
|
|
|
(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 shown is the rate in effect as of period end. |
30 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2018 | T-Fund |
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 Securities(a) | $ | — | $ | 76,792,180,895 | $ | — | $ | 76,792,180,895 | ||||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in each security type. |
During the six months ended April 30, 2018, there were no transfers between levels.
See notes to financial statements.
SCHEDULES OF INVESTMENTS | 31 |
Schedule of Investments (unaudited) April 30, 2018 | Treasury Trust Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
U.S. Treasury Obligations — 101.4% | ||||||||||||
U.S. Treasury Bills(a): | ||||||||||||
1.66%, 05/03/18 | USD | 3,249,000 | $ | 3,248,700,433 | ||||||||
1.54%, 05/10/18 | 2,536,940 | 2,535,965,125 | ||||||||||
1.61%, 05/17/18 | 2,583,860 | 2,582,019,669 | ||||||||||
1.66%, 05/24/18 | 1,445,725 | 1,444,196,039 | ||||||||||
1.61%, 05/31/18 | 1,307,180 | 1,305,428,706 | ||||||||||
1.54%, 06/07/18 | 333,005 | 332,482,136 | ||||||||||
1.46%, 06/14/18 | 214,410 | 214,030,018 | ||||||||||
1.78%, 06/21/18 | 627,255 | 625,681,411 | ||||||||||
1.54%, 06/28/18 | 837,590 | 835,525,341 | ||||||||||
1.59%, 07/05/18 | 33,000 | 32,906,156 | ||||||||||
1.59%, 07/12/18 | 200,000 | 199,370,000 | ||||||||||
1.77%, 07/19/18 | 1,610,995 | 1,604,780,783 | ||||||||||
1.83%, 07/26/18 | 536,930 | 534,591,272 | ||||||||||
0.82%, 08/02/18 | 2,000,000 | 1,991,163,610 | ||||||||||
1.67%, 08/09/18 | 25,000 | 24,885,069 | ||||||||||
1.84%, 08/23/18 | 128,400 | 127,659,988 | ||||||||||
1.87%, 09/13/18 | 500,000 | 496,526,562 | ||||||||||
1.97%, 09/20/18 | 600,000 | 595,385,000 | ||||||||||
1.91%, 09/27/18 | 900,000 | 892,941,125 | ||||||||||
1.92%, 10/04/18 | 611,500 | 606,452,069 | ||||||||||
1.90%, 10/11/18 | 384,020 | 380,752,346 | ||||||||||
2.01%, 10/25/18 | 300,280 | 297,348,655 | ||||||||||
2.04%, 11/01/18 | 280,000 | 277,183,044 | ||||||||||
U.S. Treasury Notes: | ||||||||||||
0.88%, 05/31/18 | 787,000 | 786,528,720 | ||||||||||
1.38%, 06/30/18 | 100,000 | 99,936,485 | ||||||||||
1.38%, 07/31/18 | 250,555 | 250,530,272 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.17%), 2.01%, 07/31/18(b) | 573,070 | 573,073,134 | ||||||||||
1.50%, 08/31/18 | 30,000 | 30,010,687 |
Security | Par (000) | Value | ||||||||||
U.S. Treasury Obligations (continued) | ||||||||||||
1.38%, 09/30/18 | USD | 821,025 | $ | 819,481,887 | ||||||||
0.88%, 10/15/18 | 44,900 | 44,733,325 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.17%), 2.01%, 10/31/18(b) | 465,255 | 465,250,679 | ||||||||||
1.38%, 11/30/18 | 36,865 | 36,785,705 | ||||||||||
1.25% - 1.50%, 12/31/18 | 60,055 | 59,884,865 | ||||||||||
1.13%, 01/15/19 | 88,875 | 88,378,252 | ||||||||||
1.13% - 1.50%, 01/31/19 | 110,605 | 110,030,242 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 1.98%, 01/31/19(b) | 298,000 | 298,067,122 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.07%), 1.91%, 04/30/19(b) | 288,895 | 288,892,067 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 1.89%, 10/31/19(b) | 905,570 | 905,694,303 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.01%), 1.84%, 01/31/20(b) | 1,028,970 | 1,028,424,378 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.03%), 1.87%, 04/30/20(b) | 150,000 | 150,029,780 | ||||||||||
|
| |||||||||||
Total U.S. Treasury Obligations — 101.4% |
| 27,221,706,460 | ||||||||||
|
| |||||||||||
Total Investments — 101.4% |
| 27,221,706,460 | ||||||||||
Liabilities in Excess of Other Assets — (1.4)% |
| (378,182,585 | ) | |||||||||
|
| |||||||||||
Net Assets — 100.0% |
| $ | 26,843,523,875 | |||||||||
|
|
(a) | Rates are discount rates or a range of discount rates at the time of purchase. |
(b) | Variable rate security. Rate shown is the rate in effect 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 | |||||||||||||
Investments: | ||||||||||||||||
Assets: | ||||||||||||||||
Short-Term Securities | ||||||||||||||||
U.S. Treasury Obligations | $ | — | $ | 27,221,706,460 | $ | — | $ | 27,221,706,460 | ||||||||
|
|
|
|
|
|
|
|
During the six months ended April 30, 2018, there were no transfers between levels.
See notes to financial statements.
32 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2018 | MuniCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Municipal Bonds — 96.9% |
| |||||||||||
Alabama — 1.0%(a)(b) | ||||||||||||
Alabama Federal Aid Highway Finance Authority Special Obligation Tender Option Bond Trust Receipts/Certificates Various States, Series 2016-XF2373, RB, VRDN (Citibank NA LIQ), 1.78%, 05/07/18(c) | USD | 5,000 | $ | 5,000,000 | ||||||||
Mobile Downtown Redevelopment Authority (Austal USA, LLC Project), Series 2011A, RB, VRDN (Bank of America NA LOC), 1.75%, 05/07/18 | 38,895 | 38,895,000 | ||||||||||
|
| |||||||||||
43,895,000 | ||||||||||||
Alaska — 1.5%(a) | ||||||||||||
Alaska Housing Finance Corp., Series 2001A, RB, VRDN, 1.69%, 05/07/18 | 8,100 | 8,100,000 | ||||||||||
Alaska Housing Finance Corp., Series 2007A, RB, VRDN (Federal Home Loan Bank SBPA), 1.72%, 05/07/18 | 29,700 | 29,700,000 | ||||||||||
Alaska Housing Finance Corp., Series 2007B, RB, VRDN (Federal Home Loan Bank SBPA), 1.72%, 05/07/18 | 18,315 | 18,315,000 | ||||||||||
Alaska Housing Finance Corp., Series 2009A, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 1.69%, 05/07/18 | 7,195 | 7,195,000 | ||||||||||
|
| |||||||||||
63,310,000 | ||||||||||||
Arizona — 0.7% | ||||||||||||
Arizona State University, Series 2008A, RB, VRDN, 1.75%, 05/07/18(a) | 100 | 100,000 | ||||||||||
Industrial Development Authority of the County of Yavapai (The) (Skanon Investments, Inc. Drake Cement Project), Series 2010, RB, VRDN (Citibank NA LOC), 1.78%, 05/07/18(a) | 26,000 | 26,000,000 | ||||||||||
Northern Arizona University, Series 2008, RB, 5.00%, 06/01/18(d) | 5,000 | 5,013,213 | ||||||||||
|
| |||||||||||
31,113,213 | ||||||||||||
California — 3.6% | ||||||||||||
California Health Facilities Funding Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2015-XF0152, RB, VRDN (Bank of America NA LIQ), 1.79%, 05/07/18(a)(b)(c) | 2,100 | 2,100,000 | ||||||||||
California State Department of Water, 1.58%, 05/11/18 | 18,604 | 18,603,481 | ||||||||||
California State University Institute, 1.32%, 07/09/18 | 2,965 | 2,962,430 | ||||||||||
California State Water Resources Control Board, 1.32%, 05/01/18 | 36,271 | 36,270,996 | ||||||||||
Chaffey California Joint Union High School District Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0548, GO, VRDN (Royal Bank of Canada LIQ), 1.78%, 05/07/18(a)(b)(c) | 2,500 | 2,500,000 | ||||||||||
Fontana California Unified School District Tender Option Bond Trust Receipts/Certificates Various States, Series 2015-XF0111, GO, VRDN (JP Morgan Chase Bank NA LIQ), 1.82%, 05/07/18(a)(b)(c) | 5,500 | 5,500,000 | ||||||||||
Hartnell Community College District Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0587, GO, VRDN (Toronto-Dominion Bank LIQ), 1.78%, 05/07/18(a)(c) | 300 | 300,000 | ||||||||||
Imperial Irrigation District Electric Revenue Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XM0488, RB, VRDN (Royal Bank of Canada LIQ), 1.80%, 05/07/18(a)(b)(c) | 6,300 | 6,300,000 | ||||||||||
Imperial Irrigation District Electric Revenue Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XM0611, RB, VRDN (JP Morgan Chase Bank NA LIQ), 1.80%, 05/07/18(a)(b)(c) | 3,300 | 3,300,000 | ||||||||||
Los Angeles County, Series 2018B, 1.27%, 05/01/18 | 4,000 | 3,999,983 |
Security | Par (000) | Value | ||||||||||
California (continued) | ||||||||||||
Los Angeles County Metropolitan Transportation Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2532, RB, VRDN (Citibank NA LIQ), 1.76%, 05/07/18(a)(b)(c) | USD | 1,600 | $ | 1,600,000 | ||||||||
Metropolitan Water District of Southern California (Securities Industry & Financial Markets Association Index Mode), Series 2017D, RB, VRDN, 1.80%, 07/18/18(a) | 11,000 | 11,000,000 | ||||||||||
Metropolitan Water District of Southern California (Securities Industry & Financial Markets Association Index Mode), Series 2017E, RB, VRDN, 1.80%, 07/18/18(a) | 10,000 | 10,000,000 | ||||||||||
Palomar County Community College District Tender Option Bond Trust Receipts/Certificates Various Trust, Series 2015-XF0137, GO, VRDN (JP Morgan Chase Bank NA LIQ), 1.76%, 05/07/18(a)(b)(c) | 6,100 | 6,100,000 | ||||||||||
Regents of the University of California (The), 1.20%, 06/04/18 | 34,000 | 33,983,571 | ||||||||||
San Francisco City & County Public Utilities Commission Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0607, RB, VRDN (TD Bank NA LIQ), 1.76%, 05/07/18(a)(b)(c) | 3,325 | 3,325,000 | ||||||||||
San Jose California Unified School District Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2534, GO, VRDN (Citibank NA LIQ), 1.76%, 05/07/18(a)(b)(c) | 1,400 | 1,400,000 | ||||||||||
University of California, 1.53%, 05/21/18 | 10,000 | 9,998,259 | ||||||||||
|
| |||||||||||
159,243,720 | ||||||||||||
Colorado — 1.6% | ||||||||||||
City of Colorado Springs Utilities System, Series 2006A, RB, VRDN (JP Morgan Chase Bank NA SBPA), 1.73%, 05/07/18(a) | 10,190 | 10,190,000 | ||||||||||
City of Colorado Springs Utilities System, Series 2009C, RB, VRDN (Sumitomo Mitsui Banking SBPA), 1.76%, 05/07/18(a) | 20,440 | 20,440,000 | ||||||||||
City of Colorado Springs Utilities System, Series 2010C, RB, VRDN (Barclays Bank plc SBPA), 1.72%, 05/07/18(a) | 23,290 | 23,290,000 | ||||||||||
Colorado Housing & Finance Authority, Series 2013B, RB, VRDN (Royal Bank of Canada SBPA), 1.76%, 05/07/18(a) | 8,550 | 8,550,000 | ||||||||||
RBC Municipal Products, Inc. Trust, Series 2017E-112, RB, VRDN (Royal Bank of Canada LOC), 1.80%, 05/07/18(a)(b) | 4,850 | 4,850,000 | ||||||||||
Sheridan Redevelopment Agency (South Santa Fe Drive Corridor Redevelopment Project), Series 2011A-1, VRDN (JP Morgan Chase Bank NA LOC), 1.82%, 05/07/18(a) | 3,515 | 3,515,000 | ||||||||||
State of Colorado, Series 2017A, RB, TAN, 3.00%, 06/27/18 | 1,115 | 1,117,289 | ||||||||||
|
| |||||||||||
71,952,289 | ||||||||||||
Connecticut — 1.6%(a) | �� | |||||||||||
Connecticut Housing Finance Authority, Series 2015C, Sub-Series C-3, RB, VRDN (Royal Bank of Canada SBPA), 1.76%, 05/07/18 | 16,200 | 16,200,000 | ||||||||||
Connecticut Housing Finance Authority, Series 2017F, Sub-Series F-3, RB, VRDN (Barclays Bank plc SBPA), 1.75%, 05/07/18 | 30,600 | 30,600,000 | ||||||||||
Connecticut Housing Finance Authority (Housing Mortgage Finance Program), Series 2018A, Sub-Series A-3, RB, VRDN (Bank of America NA SBPA), 1.69%, 05/07/18 | 18,910 | 18,910,000 |
SCHEDULES OF INVESTMENTS | 33 |
Schedule of Investments (unaudited) (continued) April 30, 2018 | MuniCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Connecticut (continued) | ||||||||||||
Connecticut State Health & Educational Facilities Authority, Series 2000A, RB, VRDN (TD Bank NA SBPA), 1.76%, 05/07/18 | USD | 5,095 | $ | 5,095,000 | ||||||||
|
| |||||||||||
70,805,000 | ||||||||||||
Delaware — 0.0% | ||||||||||||
Delaware State Economic Development Authority (Kentmere Nursing Care Center Project), Series 1997, RB, VRDN (M&T Bank LOC), 1.80%, 05/07/18(a) | 955 | 955,000 | ||||||||||
|
| |||||||||||
District of Columbia — 1.1% | ||||||||||||
District Columbia Water and Sewer Authority Public Utility Tender Option Bond Trust Receipts/Certificates Various States, Series 2016-XM0248, RB, VRDN (JP Morgan Chase Bank NA LIQ), 1.78%, 05/07/18(a)(b)(c) | 6,675 | 6,675,000 | ||||||||||
District of Columbia (AARP Foundation Issue), Series 2004, RB, VRDN (Bank of America NA LOC), 1.78%, 05/07/18(a) | 5,110 | 5,110,000 | ||||||||||
District of Columbia Water & Sewer Authority, 1.68%, 05/01/18 | 19,000 | 19,000,019 | ||||||||||
District of Columbia Water & Sewer Authority, 1.30%, 05/01/18 | 20,000 | 19,999,800 | ||||||||||
|
| |||||||||||
50,784,819 | ||||||||||||
Florida — 4.2% | ||||||||||||
Cape Coral Water & Sewer Revenue Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-YX1071, RB, VRDN (Barclays Bank plc LOC), 1.79%, 05/07/18(a)(b)(c) | 9,480 | 9,480,000 | ||||||||||
City of Gainesville Utilities System, Series 2012B, RB, VRDN (Citibank NA SBPA), 1.73%, 05/07/18(a) | 5,950 | 5,950,000 | ||||||||||
County of Hillsborough, 1.65%, 05/10/18 | 16,953 | 16,952,295 | ||||||||||
Escambia County Health Facilities Authority (Azalea Trace, Inc.), Series 2003B, RB, VRDN (TD Bank NA SBPA), 1.67%, 05/01/18(a) | 4,265 | 4,265,000 | ||||||||||
Halifax Hospital Medical Center (Halifax Hospital Medical Center Obligated Group), Series 2008, RB, VRDN (JP Morgan Chase Bank NA LOC), 1.73%, 05/07/18(a) | 10,195 | 10,195,000 | ||||||||||
Orange County Health Facilities Authority (Nemours Foundation Project (The)), Series 2009C-1, RB, VRDN (TD Bank NA LOC), 1.74%, 05/07/18(a) | 6,235 | 6,235,000 | ||||||||||
Orlando Utilities Commission, Series 2008-2, RB, VRDN (TD Bank NA SBPA), 1.74%, 05/07/18(a) | 50,000 | 50,000,000 | ||||||||||
Orlando Utilities Commission, Series 2015B, RB, VRDN (TD Bank NA SBPA), 1.75%, 05/07/18(a) | 71,095 | 71,095,000 | ||||||||||
Orlando-Orange County Expressway Authority (Central Florida Expressway Authority), Series 2007 0145, RB, VRDN (Citibank NA LIQ), 1.79%, 05/07/18(a)(b) | 14,100 | 14,100,000 | ||||||||||
Pinellas County Housing Finance Authority (Bayside Court), Series 2011, RB, VRDN (Freddie Mac LOC), 1.76%, 05/07/18(a) | 5,695 | 5,695,000 | ||||||||||
|
| |||||||||||
193,967,295 | ||||||||||||
Georgia — 3.3% | ||||||||||||
City of Atlanta, 1.60%, 06/05/18 | 18,835 | 18,831,436 | ||||||||||
City of Atlanta, 1.80%, 06/05/18 | 4,150 | 4,150,284 | ||||||||||
Gainesville & Hall County Development Authority (Lanier Village Estates, Inc.), Series 2003B, RB, VRDN (TD Bank NA SBPA), 1.67%, 05/01/18(a) | 2,000 | 2,000,000 | ||||||||||
Monroe County Development Authority (Oglethorpe Power Corp. Project), Series 2009B, RB, VRDN (JP Morgan Chase Bank NA LOC), 1.73%, 05/07/18(a) | 13,075 | 13,075,000 | ||||||||||
Municipal Electric Authority of Georgia (Municipal Electric Authority of Georgia Project), Series 2008B, Sub-Series B, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 1.77%, 05/07/18(a) | 101,895 | 101,895,000 |
Security | Par (000) | Value | ||||||||||
Georgia (continued) | ||||||||||||
RBC Municipal Products, Inc. Trust, Series 2017E-105, RB, VRDN (Royal Bank of Canada LOC), 1.81%, 05/07/18(a)(b) | USD | 2,075 | $ | 2,075,000 | ||||||||
RBC Municipal Products, Inc. Trust, Series 2017E-106, RB, VRDN (Royal Bank of Canada LOC), 1.81%, 05/07/18(a)(b) | 5,000 | 5,000,000 | ||||||||||
RBC Municipal Products, Inc. Trust, Series 2017E-107, RB, VRDN (Royal Bank of Canada LOC), 1.81%, 05/07/18(a)(b) | 5,000 | 5,000,000 | ||||||||||
|
| |||||||||||
152,026,720 | ||||||||||||
Hawaii — 0.4% | ||||||||||||
City & County of Honolulu, 1.75%, 05/14/18 | 18,000 | 18,000,000 | ||||||||||
Hawaii State Tender Option Bond Trust Receipts/Certificates Various States, Series 2016-XF0518, GO, VRDN (Royal Bank of Canada LIQ), 1.79%, 05/07/18(a)(b)(c) | 1,900 | 1,900,000 | ||||||||||
|
| |||||||||||
19,900,000 | ||||||||||||
Idaho — 0.2% | ||||||||||||
Idaho Housing & Finance Association (Traditions at Boise Apartments Project), Series 2011A, RB, VRDN (Freddie Mac Gty Agreement), | 7,220 | 7,220,000 | ||||||||||
|
| |||||||||||
Illinois — 5.1% | ||||||||||||
Chicago O’Hare International Airport, 1.37%, 06/14/18 | 3,618 | 3,616,206 | ||||||||||
Chicago O’Hare International Airport, Series 2005C, RB, VRDN (Bank of America NA LOC), 1.77%, 05/07/18(a) | 41,340 | 41,340,000 | ||||||||||
City of Chicago, 1.37%, 06/14/18 | 3,500 | 3,498,264 | ||||||||||
Illinois Finance Authority, Series 2007A-2, RB, VRDN (TD Bank NA SBPA), 1.53%, 05/01/18(a) | 10,375 | 10,375,000 | ||||||||||
Illinois Finance Authority, Series 2007A-4, RB, VRDN (TD Bank NA SBPA), 1.53%, 05/01/18(a) | 27,900 | 27,900,000 | ||||||||||
Illinois Finance Authority (Advocate Health Care Network), Series 2008C-1, RB, VRDN (JP Morgan Chase Bank NA SBPA), 1.73%, 05/07/18(a) | 44,990 | 44,990,000 | ||||||||||
Illinois Finance Authority (Advocate Health Care Network Obligated Group), Series 2008C, Sub-Series C-2B, RB, VRDN (JP Morgan Chase Bank NA SBPA), 1.73%, 05/07/18(a) | 6,355 | 6,355,000 | ||||||||||
Illinois Finance Authority (Center on Deafness Project), Series 2008, RB, VRDN (Harris Bank | 1,000 | 1,000,000 | ||||||||||
Illinois Finance Authority (OSF Healthcare System Obligated Group), Series 2009D, RB, VRDN (JP Morgan Chase Bank NA LOC), 1.75%, 05/07/18(a) | 14,725 | 14,725,000 | ||||||||||
Illinois Finance Authority (YMCA Met Chicago Project), Series 2001, RB, VRDN (BMO Harris Bank NA LOC), 1.73%, 05/07/18(a) | 12,000 | 12,000,000 | ||||||||||
Illinois Finance Authority (Young Men’s Christian Association of Metropolitan Chicago), Series 2004, RB, VRDN (BMO Harris Bank NA LOC), 1.73%, 05/07/18(a) | 9,025 | 9,025,000 | ||||||||||
Illinois Finance Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XG0133, RB, VRDN (JP Morgan Chase Bank NA LIQ), 1.79%, 05/07/18(a)(b)(c) | 27,605 | 27,605,000 | ||||||||||
Illinois State Toll Highway Authority, Series 2007A-1A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 1.79%, 05/07/18(a) | 15,000 | 15,000,000 | ||||||||||
Illinois State Toll Highway Authority, Series 2007A-2D, RB, VRDN (Bank of America NA LOC), 1.73%, 05/07/18(a) | 9,000 | 9,000,000 |
34 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2018 | MuniCash (Percentages shown are based on Net Assets) |
- Security | Par (000) | Value | ||||||||||
Illinois (continued) | ||||||||||||
Illinois Toll Highway Authority Toll Highway Tender Option Bond Trust Receipts/Certificates Various States, Series 2015-XF2202, RB, VRDN (Citibank NA LIQ), 1.78%, 05/07/18(a)(b)(c) | USD | 1,140 | $ | 1,140,000 | ||||||||
University of Illinois, Series 1997B, RB, VRDN (Wells Fargo Bank NA LOC), 1.73%, 05/07/18(a) | 700 | 700,000 | ||||||||||
|
| |||||||||||
228,269,470 | ||||||||||||
Indiana — 1.4%(a) | ||||||||||||
City of Indianapolis (Farh-Fox Lake Affordable Housing, Inc.), Series 2007, RB, VRDN (Fannie Mae LOC), 1.72%, 05/07/18 | 14,650 | 14,650,000 | ||||||||||
City of Rockport (AEP Generating Co. Project), Series 1995A, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 1.72%, 05/07/18 | 10,300 | 10,300,000 | ||||||||||
City of Rockport (AEP Generating Co. Project), Series 1995B, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 1.72%, 05/07/18 | 14,925 | 14,925,000 | ||||||||||
Indiana Finance Authority (Convention Center Expansion Project), Series 2008, RB, VRDN (BMO Harris Bank NA SBPA), 1.73%, 05/07/18 | 12,300 | 12,300,000 | ||||||||||
Indiana Finance Authority (Sisters of St. Francis Health Services, Inc.), Series 2008I, RB, VRDN (Barclays Bank plc LOC), 1.55%, 05/01/18 | 7,900 | 7,900,000 | ||||||||||
Indianapolis Local Public Improvement Bond Bank, Series 2016-XG0024, RB, VRDN (Citibank NA LIQ), 1.84%, 05/07/18(b) | 2,930 | 2,930,000 | ||||||||||
|
| |||||||||||
63,005,000 | ||||||||||||
Iowa — 3.3%(a) | ||||||||||||
Iowa Finance Authority (CJ Bio America, lnc.), Series 2012, RB, VRDN (Korea Development Bank LOC), 1.92%, 05/07/18(b) | 80,940 | 80,940,000 | ||||||||||
Iowa Finance Authority (MidAmerican Energy Co.), Series 2008B, RB, VRDN, 1.78%, 05/07/18 | 53,625 | 53,625,000 | ||||||||||
Iowa Finance Authority (Mortgage-Backed Securities Program), Series 2017D, RB, VRDN (Federal Home Loan Bank SBPA), 1.76%, 05/07/18 | 6,000 | 6,000,000 | ||||||||||
Iowa Finance Authority (Wesley Retirement Services, Inc.), Series 2003B, RB, VRDN (Bank of America NA LOC), 1.76%, 05/07/18 | 9,550 | 9,550,000 | ||||||||||
|
| |||||||||||
150,115,000 | ||||||||||||
Kansas — 0.6%(a)(e) | ||||||||||||
City of Burlington (Kansas City Power & Light Co. Project), Series 2007A, RB, VRDN (Mizuho Bank Ltd. LOC), 1.85%, 05/07/18 | 15,450 | 15,450,000 | ||||||||||
City of Burlington (Kansas City Power & Light Co. Project), Series 2007B, RB, VRDN (Mizuho Bank Ltd. LOC), 1.85%, 05/07/18 | 12,500 | 12,500,000 | ||||||||||
|
| |||||||||||
27,950,000 | ||||||||||||
Kentucky — 0.1% | ||||||||||||
Kentucky Economic Development Financing Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XG0161, RB, VRDN (Bank of America NA LIQ), 1.95%, 05/07/18(a)(b)(c) | 4,460 | 4,460,000 | ||||||||||
|
| |||||||||||
Louisiana — 6.6%(a) | ||||||||||||
Ascension Parish Industrial Development Board, Inc. (BASF Corp. Project), Series 2009, RB, VRDN, 1.82%, 05/07/18 | 8,000 | 8,000,000 | ||||||||||
East Baton Rouge Parish Industrial Development Board, Inc. (Exxon Mobil Corp. Project), Series 2010A, RB, VRDN, 1.55%, 05/01/18 | 93,600 | 93,600,000 |
Security | Par (000) | Value | ||||||||||
Louisiana (continued) | ||||||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority (BASF Corp. Project), Series 2000B, RB, VRDN, 1.82%, 05/07/18 | USD | 7,500 | $ | 7,500,000 | ||||||||
Louisiana Offshore Terminal Authority (Loop LLC Project), Series 2013B, RB, VRDN (JP Morgan Chase Bank NA LOC), 1.73%, 05/07/18 | 17,525 | 17,525,000 | ||||||||||
Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.), Series 2007, RB, VRDN, 1.57%, 05/01/18 | 11,950 | 11,950,000 | ||||||||||
Louisiana Public Facilities Authority (Air Products & Chemicals, Inc. Project), Series 2004, RB, VRDN, 1.79%, 05/07/18 | 17,550 | 17,550,000 | ||||||||||
Louisiana Public Facilities Authority (Air Products & Chemicals, Inc. Project), Series 2008B, RB, VRDN, 1.72%, 05/07/18 | 27,750 | 27,750,000 | ||||||||||
Louisiana Public Facilities Authority (Air Products & Chemicals, Inc. Project), Series 2008C, RB, VRDN, 1.57%, 05/01/18 | 5,320 | 5,320,000 | ||||||||||
Louisiana Public Facilities Authority (Air Products & Chemicals, Inc. Project), Series 2009A, RB, VRDN, 1.79%, 05/07/18 | 30,650 | 30,650,000 | ||||||||||
Louisiana Public Facilities Authority (Air Products & Chemicals, Inc. Project), Series 2010, RB, VRDN, 1.72%, 05/07/18 | 69,800 | 69,800,000 | ||||||||||
|
| |||||||||||
289,645,000 | ||||||||||||
Maryland — 2.3% | ||||||||||||
County of Baltimore (Paths at Loveton Farms LP (The)), Series 1996, RB, VRDN (Manufacturers & Traders LOC), 1.86%, 05/07/18(a) | 1,805 | 1,805,000 | ||||||||||
County of Montgomery, 1.30%, 05/22/18 | 30,000 | 29,990,901 | ||||||||||
County of Montgomery, 1.41%, 06/07/18 | 6,750 | 6,747,525 | ||||||||||
County of Washington (Homewood Williamsport Fac), Series 2007, RB, VRDN (Manufacturers & Traders LOC), 1.86%, 05/07/18(a) | 9,070 | 9,070,000 | ||||||||||
Maryland Community Development Administration, Series 2007M, RB, VRDN (TD Bank NA SBPA), 1.72%, 05/07/18(a) | 18,500 | 18,500,000 | ||||||||||
Maryland Economic Development Corp. (Howard Hughes Medical Institute Project), Series 2008A, RB, VRDN, 1.74%, 05/07/18(a) | 25,150 | 25,150,000 | ||||||||||
Maryland Health & Higher Educational Facilities Authority (Anne Arundel Health System Obligated Group), Series 2009B, RB, VRDN (Bank of America NA LOC), 1.75%, 05/07/18(a) | 1,850 | 1,850,000 | ||||||||||
Maryland Health & Higher Educational Facilities Authority (Pooled Loan Program Issue), Series 1985B, RB, VRDN (TD Bank NA LOC), 1.74%, 05/07/18(a) | 10,100 | 10,100,000 | ||||||||||
Maryland Stadium Authority (Baltimore City Public Schools), Series 2018A, RB, 5.00%, 05/01/18 | 1,000 | 1,000,000 | ||||||||||
|
| |||||||||||
104,213,426 | ||||||||||||
Massachusetts — 3.0% | ||||||||||||
Commonwealth of Massachusetts, Series 2017, GO, RAN, 2.00%, 06/25/18 | 9,000 | 9,003,744 | ||||||||||
Massachusetts Bay Transportation Authority, Series 2010A-7, RB, VRDN, 2.05%, 11/26/18(a) | 13,650 | 13,650,000 | ||||||||||
Massachusetts Department of Transportation, Series 2010A-6, RB, VRDN (Sumitomo Mitsui Banking SBPA), 1.82%, 05/07/18(a) | 1,220 | 1,220,000 | ||||||||||
Massachusetts Department of Transportation, Series 2010A-7, RB, VRDN (TD Bank NA SBPA), 1.74%, 05/07/18(a) | 25,300 | 25,300,000 |
SCHEDULES OF INVESTMENTS | 35 |
Schedule of Investments (unaudited) (continued) April 30, 2018 | MuniCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Massachusetts (continued) | ||||||||||||
Massachusetts Health & Educational Facilities Authority (Partners Healthcare System), Series 2005F-3, RB, VRDN (TD Bank NA LOC), 1.72%, 05/07/18(a) | USD | 2,135 | $ | 2,135,000 | ||||||||
Massachusetts State Transporting Fund Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0610, RB, VRDN (JP Morgan Chase Bank NA LIQ), 1.78%, 05/07/18(a)(b)(c) | 4,500 | 4,500,000 | ||||||||||
Massachusetts Water Resources Authority, 1.16%, 05/09/18 | 16,000 | 15,998,011 | ||||||||||
Massachusetts Water Resources Authority, 1.22%, 06/04/18 | 1,000 | 999,517 | ||||||||||
Massachusetts Water Resources Authority, Series 2008C-2, RB, VRDN (Barclays Bank plc SBPA), 1.70%, 05/07/18(a) | 15,855 | 15,855,000 | ||||||||||
RBC Municipal Products, Inc. Trust, Series 2017E-93, RB, VRDN (Royal Bank of Canada LOC), 1.78%, 05/07/18(a)(b) | 15,110 | 15,110,000 | ||||||||||
University of Massachusetts Building Authority, 1.69%, 07/10/18 | 7,900 | 7,897,824 | ||||||||||
University of Massachusetts Building Authority, Series 2011-1, RB, VRDN (Wells Fargo Bank NA SBPA), 1.76%, 05/07/18(a) | 9,190 | 9,190,000 | ||||||||||
University of Massachusetts Building Authority, Series 2011-2, RB, VRDN, 2.05%, 11/26/18(a) | 11,300 | 11,300,000 | ||||||||||
|
| |||||||||||
132,159,096 | ||||||||||||
Michigan — 1.4% | ||||||||||||
Board of Trustees of Michigan State University, 1.28%, 05/14/18 | 17,850 | 17,846,207 | ||||||||||
Board of Trustees of Michigan State University, 1.31%, 06/04/18 | 7,290 | 7,286,486 | ||||||||||
Kent Hospital Finance Authority (Spectrum Health System Obligated Group), Series 2008C, RB, VRDN (Bank of New York Mellon LOC), 1.81%, 05/07/18(a) | 6,685 | 6,685,000 | ||||||||||
Michigan State Building Authority (Facilities Program), Series 2017I, RB, VRDN (Citibank NA LOC), 1.79%, 05/07/18(a) | 6,000 | 6,000,000 | ||||||||||
Michigan State Building Authority (Facilities Program), Series II-B, RB, VRDN (Citibank NA LOC), 1.73%, 05/07/18(a) | 7,100 | 7,100,000 | ||||||||||
Michigan State Hospital Finance Authority (Ascension Health Senior Credit Group), Series 2010F-1, RB, VRDN, 2.00%, 05/30/18(a) | 2,000 | 2,000,318 | ||||||||||
Michigan State Hospital Finance Authority (Ascension Health Senior Credit Group), Series 2010F-3, RB, VRDN, 1.40%, 06/29/18(a) | 1,000 | 999,418 | ||||||||||
Oakland University, Series 2008, RB, VRDN (JP Morgan Chase Bank NA LOC), 1.75%, 05/07/18(a) | 17,420 | 17,420,000 | ||||||||||
|
| |||||||||||
65,337,429 | ||||||||||||
Minnesota — 1.7% | ||||||||||||
Minnesota Housing Finance Agency, Series 2015G, RB, VRDN (Royal Bank of Canada SBPA), 1.75%, 05/07/18(a) | 5,225 | 5,225,000 | ||||||||||
RBC Municipal Products, Inc. Trust, Series 2017E-89, RB, VRDN (Royal Bank of Canada LOC), 1.78%, 05/07/18(a)(b) | 38,000 | 38,000,000 | ||||||||||
Regents of the University of Minnesota, 1.66%, 05/01/18 | 17,100 | 17,100,017 | ||||||||||
Regents of the University of Minnesota, 1.24%, 05/03/18 | 3,000 | 2,999,911 | ||||||||||
Regents of the University of Minnesota, 1.30%, 06/05/18 | 8,000 | 7,996,429 |
Security | Par (000) | Value | ||||||||||
Minnesota (continued) | ||||||||||||
University of Minnesota, 1.30%, 06/05/18 | USD | 5,900 | $ | 5,897,366 | ||||||||
|
| |||||||||||
77,218,723 | ||||||||||||
Mississippi — 1.3%(a) | ||||||||||||
County of Jackson (Chevron Corp.), Series 1993, RB, VRDN, 1.55%, 05/01/18 | 36,800 | 36,800,000 | ||||||||||
Mississippi Business Finance Corp. (Chevron USA, Inc. Project), Series 2010G, RB, VRDN, 1.55%, 05/01/18 | 5,600 | 5,600,000 | ||||||||||
Mississippi Business Finance Corp. (Chevron USA, Inc. Project), Series 2010L, RB, VRDN, 1.60%, 05/01/18 | 20,000 | 20,000,000 | ||||||||||
|
| |||||||||||
62,400,000 | ||||||||||||
Missouri — 0.3%(a) | ||||||||||||
City of Kansas (H. Roe Bartle Convention Center Project), Series 2008E, RB, VRDN (Sumitomo Mitsui Banking LOC), 1.79%, 05/07/18 | 4,100 | 4,100,000 | ||||||||||
Missouri Health & Education Facilities Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XM0575, RB, VRDN (Royal Bank of Canada LIQ), 1.78%, 05/07/18(b)(c) | 8,000 | 8,000,000 | ||||||||||
|
| |||||||||||
12,100,000 | ||||||||||||
Nevada — 0.8%(a) | ||||||||||||
City of Reno (Renown Regional Medical Center Project), Series 2008B, RB, VRDN (Union Bank of California LOC), 1.75%, 05/07/18 | 17,600 | 17,600,000 | ||||||||||
County of Clark Department of Aviation (Nevada Airport System), Series 2008D-3, RB, VRDN (Bank of America NA LOC), 1.77%, 05/07/18 | 16,470 | 16,470,000 | ||||||||||
|
| |||||||||||
34,070,000 | ||||||||||||
New Jersey — 1.8% | ||||||||||||
New Jersey Health Care Facilities Financing Authority (Hospital Capital Asset Financing Program), Series 1985B, RB, VRDN (TD Bank NA LOC), 1.72%, 05/07/18(a) | 15,550 | 15,550,000 | ||||||||||
RBC Municipal Products, Inc. Trust, Series 2017E-103, RB, TAN, VRDN (Royal Bank of Canada LOC), 1.78%, 05/07/18(a)(b) | 36,000 | 36,000,000 | ||||||||||
RBC Municipal Products, Inc. Trust, Series 2018E-114, RB, TAN, VRDN (Royal Bank of Canada LOC), 1.65%, 05/01/18(a)(b) | 25,000 | 25,000,000 | ||||||||||
Somerset County Improvement Authority (Township of Montgomery Project), Series 2017, RB, 3.00%, 12/14/18 | 5,000 | 5,037,971 | ||||||||||
|
| |||||||||||
81,587,971 | ||||||||||||
New York — 14.6% | ||||||||||||
Amherst Development Corp. (Asbury Pointe, Inc. Project), Series 2011A, RB, VRDN (Manufacturers & Traders LOC), 1.80%, 05/07/18(a) | 2,105 | 2,105,000 | ||||||||||
City of New York, Series 2005F, Sub-Series F-3, GO, VRDN (Sumitomo Mitsui Banking LOC), 1.75%, 05/07/18(a) | 7,175 | 7,175,000 | ||||||||||
City of New York, Series 2007A, Sub-SeriesA-4, GO, VRDN (Citibank NA LOC), 1.75%, 05/07/18(a) | 43,200 | 43,200,000 | ||||||||||
City of New York, Series 2008, Sub-Series J-6, GO, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 1.58%, 05/01/18(a) | 62,900 | 62,900,000 | ||||||||||
City of New York, Series 2008J, Sub-Series J-8, GO, VRDN (Sumitomo Mitsui Banking LOC), 1.82%, 05/07/18(a)(e) | 8,100 | 8,100,000 | ||||||||||
City of New York, Series 2012A, Sub-Series A-4, GO, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 1.75%, 05/07/18(a) | 9,025 | 9,025,000 |
36 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2018 | MuniCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
New York (continued) | ||||||||||||
City of New York, Series 2012D, Sub-Series D-3A, GO, VRDN (Bank of New York Mellon SBPA), 1.61%, 05/01/18(a) | USD | 9,000 | $ | 9,000,000 | ||||||||
City of New York, Series 2012G, Sub-Series G-4, GO, VRDN (Citibank NA LOC), 1.75%, 05/07/18(a) | 15,970 | 15,970,000 | ||||||||||
City of New York, Series 2013A, Sub-Series A-2, GO, VRDN (Mizuho Bank Ltd. LOC), 1.64%, 05/01/18(a) | 11,300 | 11,300,000 | ||||||||||
City of New York, Series 2017A, Sub-Series A-5, GO, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 1.58%, 05/01/18(a) | 18,295 | 18,295,000 | ||||||||||
City of New York Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0552, GO, VRDN (Toronto-Dominion Bank LIQ), 1.77%, 05/07/18(a)(b)(c) | 4,525 | 4,525,000 | ||||||||||
East Rochester Housing Authority (Park Ridge Nursing Home, Inc. Project), Series 2008, RB, VRDN (M&T Bank LOC), 1.80%, 05/07/18(a) | 3,180 | 3,180,000 | ||||||||||
Erie County New York Industrial Development Agency School Facility Tender Option Bond Trust Receipts/Certificates Various States, Series 2015-XF0112, RB, VRDN (JP Morgan Chase Bank NA LIQ), 1.82%, 05/01/18(a)(b)(c)(d) | 4,270 | 4,270,000 | ||||||||||
Franklin County Civic Development Corp. (Alice Hyde Medical Center Project), Series 2013A, RB, VRDN (HSBC Bank USA NA LOC), 1.78%, 05/07/18(a) | 100 | 100,000 | ||||||||||
Hudson YDS Infrastructure Corp. New York Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0550, RB, VRDN (Toronto-Dominion Bank LIQ), 1.80%, 05/07/18(a)(b)(c) | 11,250 | 11,250,000 | ||||||||||
Metropolitan Transportation Authority, Series 2008A-1, RB, VRDN (TD Bank NA LOC), 1.59%, 05/01/18(a) | 22,000 | 22,000,000 | ||||||||||
Metropolitan Transportation Authority, Series 2015E-2, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 1.76%, 05/07/18(a) | 12,905 | 12,905,000 | ||||||||||
Metropolitan Transportation Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2016-XF0499, RB, VRDN (Toronto-Dominion Bank LIQ), 1.83%, 05/07/18(a)(b)(c) | 4,530 | 4,530,000 | ||||||||||
Metropolitan Transportation Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0564, RB, VRDN (Toronto-Dominion Bank LIQ), 1.77%, 05/07/18(a)(b)(c) | 3,650 | 3,650,000 | ||||||||||
Metropolitan Transportation Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0572, RB, VRDN (JP Morgan Chase Bank NA LIQ), 1.78%, 05/07/18(a)(b)(c) | 3,000 | 3,000,000 | ||||||||||
Nassau Health Care Corp., Series 2009C, Sub-Series C2, RB, VRDN (Wells Fargo Bank NA LOC), 1.73%, 05/07/18(a) | 10,915 | 10,915,000 | ||||||||||
New York City Municipal Water Finance Authority, Series 2001F, Sub-Series F-1, RB, VRDN (Mizuho Bank Ltd. SBPA), 1.64%, 05/01/18(a) | 11,550 | 11,550,000 | ||||||||||
New York City Municipal Water Finance Authority, Series 2008B, Sub-Series B-1A, RB, VRDN (Sumitomo Mitsui Banking SBPA), 1.75%, 05/07/18(a) | 27,050 | 27,050,000 | ||||||||||
New York City Municipal Water Finance Authority, Series 2009, Sub-Series BB-1, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 1.62%, 05/01/18(a) | 30,100 | 30,100,000 | ||||||||||
New York City Municipal Water Finance Authority, Series 2011DD-1, RB, VRDN (TD Bank NA SBPA), 1.59%, 05/01/18(a) | 12,700 | 12,700,000 |
Security | Par (000) | Value | ||||||||||
New York (continued) | ||||||||||||
New York City Municipal Water Finance Authority, Series 2011F, Sub-Series FF-2, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 1.59%, 05/01/18(a) | USD | 42,500 | $ | 42,500,000 | ||||||||
New York City Municipal Water Finance Authority, Series 2012B, RB, VRDN (State Street Bank & Trust Co. SBPA), 1.53%, 05/01/18(a) | 14,195 | 14,195,000 | ||||||||||
New York City Municipal Water Finance Authority, Series 2016BB-1B, RB, VRDN (State Street Bank & Trust Co. SBPA), 1.56%, 05/01/18(a) | 25,955 | 25,955,000 | ||||||||||
New York City Transitional Finance Authority Future Tax Secured, Series 2003, Sub-Series A-4, RB, VRDN (TD Bank NA SBPA), 1.59%, 05/01/18(a) | 10,400 | 10,400,000 | ||||||||||
New York City Transitional Finance Authority Future Tax Secured, Series 2013C, Sub-Series C-5, RB, VRDN (Sumitomo Mitsui Banking LOC), 1.73%, 05/07/18(a) | 40,000 | 40,000,000 | ||||||||||
New York City Transitional Finance Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0561, RB, TAN, VRDN (Toronto-Dominion Bank LIQ), 1.77%, 05/07/18(a)(b)(c) | 2,060 | 2,060,000 | ||||||||||
New York City Transitional Finance Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0566, RB, VRDN (Toronto-Dominion Bank LIQ), 1.77%, 05/07/18(a)(b)(c) | 2,000 | 2,000,000 | ||||||||||
New York City Transitional Finance Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XG0156, RB, VRDN (Citibank NA LIQ), 1.78%, 05/07/18(a)(c) | 2,050 | 2,050,000 | ||||||||||
New York City Transitional Finance Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0607, RB, VRDN (Citibank NA LIQ), 1.78%, 05/07/18(a)(b)(c) | 4,625 | 4,625,000 | ||||||||||
New York Dormitory Authority Sales Tax Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0567, RB, VRDN (Toronto-Dominion Bank LIQ), 1.77%, 05/07/18(a)(b)(c) | 5,600 | 5,600,000 | ||||||||||
New York Environmental Facilities Corporation Clean Water Tender Option Bond Trust Receipts/Certificates Various States, Series 2016-XF2344, RB, VRDN (Citibank NA LIQ), 1.78%, 05/07/18(a)(b)(c) | 2,500 | 2,500,000 | ||||||||||
New York Power Authority, 1.20%, 05/08/18 | 4,000 | 3,999,514 | ||||||||||
New York State Housing Finance Agency, Series 2003L, RB, VRDN (Bank of America NA LOC), 1.75%, 05/07/18(a) | 8,640 | 8,640,000 | ||||||||||
New York State Housing Finance Agency (33 Bond Street LLC), Series 2016A, RB, VRDN (Manufacturers & Traders LOC), 1.76%, 05/07/18(a) | 12,600 | 12,600,000 | ||||||||||
New York State Housing Finance Agency (625 West 57th Street Housing), Series 2015A-1, RB, VRDN (Bank of New York Mellon LOC), 1.75%, 05/07/18(a) | 3,035 | 3,035,000 | ||||||||||
New York State Housing Finance Agency (Barclay Street Realty LLC), Series 2004A, RB, VRDN (Fannie Mae LOC), 1.75%, 05/07/18(a) | 40,000 | 40,000,000 | ||||||||||
New York State Housing Finance Agency (Historic Front Street Housing), Series 2003A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 1.77%, 05/07/18(a) | 8,400 | 8,400,000 | ||||||||||
New York State Urban Development Corp., Series 2008A-1, RB, VRDN (Wells Fargo Bank NA LOC), 1.73%, 05/07/18(a) | 10,240 | 10,240,000 | ||||||||||
New York State Urban Development Corp. (State Facilities & Equipment), Series 2004A-3-C, RB, VRDN (JP Morgan Chase Bank NA SBPA), 1.74%, 05/07/18(a) | 15,000 | 15,000,000 |
SCHEDULES OF INVESTMENTS | 37 |
Schedule of Investments (unaudited) (continued) April 30, 2018 | MuniCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
New York (continued) | ||||||||||||
New York Urban Development Corporation Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2521, RB, VRDN (Citibank NA LIQ), 1.78%, 05/07/18(a)(b)(c) | USD | 6,400 | $ | 6,400,000 | ||||||||
New York Urban Development Corporation Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XM0580, RB, VRDN (JP Morgan Chase Bank NA LIQ), 1.78%, 05/07/18(a)(b)(c) | 3,750 | 3,750,000 | ||||||||||
Oneida County Industrial Development Agency (Mohawk Valley Community College Dormitory Corp. Project), Series 2004 A, RB, VRDN (Manufacturers & Traders LOC), 1.80%, 05/07/18(a) | 3,330 | 3,330,000 | ||||||||||
Port Authority New York and New Jersey Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0565, RB, VRDN (Toronto-Dominion Bank LIQ), 1.77%, 05/07/18(a)(b)(c) | 3,730 | 3,730,000 | ||||||||||
RBC Municipal Products, Inc. Trust, Series 2018E-118, GO, VRDN (Royal Bank of Canada LOC), 1.63%, 05/01/18(a)(b) | 20,000 | 20,000,000 | ||||||||||
Rensselaer County Industrial Development Agency (Sage Colleges (The)), Series 2002A, RB, VRDN (Manufacturers & Traders LOC), 1.80%, 05/07/18(a) | 3,900 | 3,900,000 | ||||||||||
Syracuse Industrial Development Agency (Syracuse University Project), Series 2008A-2, RB, VRDN (JP Morgan Chase Bank NA LOC), 1.50%, 05/01/18(a) | 300 | 300,000 | ||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridge & Tunnel Authority), Series 2005A, RB, VRDN (TD Bank NA LOC), 1.74%, 05/07/18(a) | 6,805 | 6,805,000 | ||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2001C, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 1.68%, 05/07/18(a) | 100 | 100,000 | ||||||||||
|
| |||||||||||
650,909,514 | ||||||||||||
North Carolina — 0.6% | ||||||||||||
Bay Area Toll Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2016-XG0019, RB, VRDN (Bank of America NA LIQ), 1.77%, 05/07/18(a)(b)(c) | 5,050 | 5,050,000 | ||||||||||
City of Charlotte (Government Facilities), Series 2003F, COP, VRDN (Bank of America NA SBPA), 1.74%, 05/07/18(a) | 7,385 | 7,385,000 | ||||||||||
County of Buncombe, Series 2014A, RB, 5.00%, 06/01/18 | 750 | 751,969 | ||||||||||
North Carolina Capital Facilities Finance Agency, Series 2014 0052, RB, VRDN (Citibank NA LIQ), 1.79%, 05/07/18(a)(b) | 2,580 | 2,580,000 | ||||||||||
North Carolina Medical Care Commission (Moses Cone Health System), Series 2001A, RB, VRDN (BMO Harris Bank NA SBPA), 1.70%, 05/07/18(a) | 6,990 | 6,990,000 | ||||||||||
|
| |||||||||||
22,756,969 | ||||||||||||
Ohio — 2.8% | ||||||||||||
American Municipal Power, Inc. (City of Newton Falls Project), Series 2017, RB, BAN, 2.00%, 06/21/18 | 1,495 | 1,495,596 | ||||||||||
American Municipal Power, Inc. (Village of Genoa Project), Series 2017, RB, BAN, 2.25%, 12/13/18 | 1,572 | 1,575,438 | ||||||||||
City of Berea, Series 2018, GO,BAN, 2.25%, 03/14/19 | 6,801 | 6,827,704 | ||||||||||
City of Kirtland, Series 2017, GO, BAN, 2.00%, 06/21/18 | 540 | 540,080 | ||||||||||
Cleveland-Cuyahoga County Port Authority (Carnegie/89th Garage and Service Center LLC Project), Series 2007, RB, VRDN (JP Morgan Chase Bank NA LOC), 1.70%, 05/07/18(a) | 25,895 | 25,895,000 |
Security | Par (000) | Value | ||||||||||
Ohio (continued) | ||||||||||||
Cleveland-Cuyahoga County Port Authority (SPC Buildings 1 & 3 LLC), Series 2007A, RB, VRDN (JP Morgan Chase Bank NA LOC), 1.70%, 05/07/18(a) | USD | 1,150 | $ | 1,150,000 | ||||||||
County of Franklin (Nationwide Children’s Hospital, Inc. Project), Series 2015B, RB, VRDN, 1.70%, 05/07/18(a) | 14,150 | 14,150,000 | ||||||||||
County of Franklin (OhioHealth Corp.), Series 2011DD-1, RB, VRDN, 1.73%, 05/07/18(a) | 27,140 | 27,140,000 | ||||||||||
Ohio Air Quality Development Authority (Ohio Valley Electric Corp. Project), Series 2009D, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 1.67%, 05/07/18(a) | 9,430 | 9,430,000 | ||||||||||
Ohio State University (The), Series 2008B, RB, VRDN, 1.70%, 05/07/18(a) | 40,100 | 40,100,000 | ||||||||||
|
| |||||||||||
128,303,818 | ||||||||||||
Oklahoma — 0.1% | ||||||||||||
Oklahoma County Independent School District No. 89, Series 2017B, GO, 5.00%, 07/01/18 | 4,230 | 4,252,545 | ||||||||||
|
| |||||||||||
Oregon — 0.2% | ||||||||||||
Oregon State Facilities Authority (Quatama Housing LP Project), Series 2005A, RB, VRDN (Fannie Mae LOC), 1.82%, 05/07/18(a) | 10,575 | 10,575,000 | ||||||||||
|
| |||||||||||
Pennsylvania — 2.4% | ||||||||||||
Blair County Industrial Development Authority (Homewood Retirement Centers Obligated Group), Series 2004, RB, VRDN (Manufacturers & Traders LOC), 1.86%, 05/07/18(a) | 4,700 | 4,700,000 | ||||||||||
Bucks County Industrial Development Authority (Grand View Hospital), Series 2008A, RB, VRDN (TD Bank NA LOC), 1.72%, 05/07/18(a) | 10,400 | 10,400,000 | ||||||||||
City of Philadelphia, Series 2017-18A, RB, TAN, 2.00%, 06/29/18 | 16,000 | 16,006,898 | ||||||||||
Geisinger Authority Pennsylvania Health System (Geisinger Health System Obligated Group), Series 2005A, RB, VRDN (TD Bank NA SBPA), 1.58%, 05/01/18(a) | 18,850 | 18,850,000 | ||||||||||
Geisinger Authority Pennsylvania Health System Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0543, RB, VRDN (Royal Bank of Canada LIQ), 1.78%, 05/07/18(a)(b)(c) | 4,000 | 4,000,000 | ||||||||||
General Authority of Southcentral Pennsylvania (Homewood Retirement Centers Obligated Group), Series 2003, RB, VRDN (Manufacturers & Traders LOC), 1.80%, 05/07/18(a) | 3,735 | 3,735,000 | ||||||||||
Lycoming County Authority (Lycoming College Project), Series 2013 S1, RB, VRDN (Manufacturers & Traders LOC), 1.80%, 05/07/18(a) | 4,175 | 4,175,000 | ||||||||||
Montgomery County Industrial Development Authority (ACTS Retirement-Life Communities, Inc.), Series 2002, RB, VRDN (TD Bank NA SBPA), 1.67%, 05/01/18(a) | 5,075 | 5,075,000 | ||||||||||
Montgomery County Industrial Development Authority (Big Little Associate Project), Series 1999A, RB, VRDN (Wells Fargo Bank NA LOC), 1.91%, 05/07/18(a) | 110 | 110,000 | ||||||||||
Pennsylvania Economic Development Financing Authority (PSEG Power LLC Project), Series 2007, RB, VRDN (TD Bank NA LOC), 1.74%, 05/07/18(a) | 11,200 | 11,200,000 | ||||||||||
RBC Municipal Products, Inc. Trust, Series 2017E-111, RB, VRDN (Royal Bank of Canada LOC), 1.63%, 05/01/18(a)(b) | 13,000 | 13,000,000 | ||||||||||
Westmoreland County Municipal Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-YX1075, RB, VRDN (Barclays Bank plc LOC), 1.78%, 05/07/18(a)(b)(c) | 7,595 | 7,595,000 |
38 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2018 | MuniCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Pennsylvania (continued) | ||||||||||||
Wisconsin Health & Education Facilities Tender Option Bond Trust Receipts/Certificates Various Trust, Series 2018-XM0613, RB, VRDN (JP Morgan Chase Bank NA LIQ), 1.78%, 05/07/18(a)(b)(c) | USD | 4,325 | $ | 4,325,000 | ||||||||
|
| |||||||||||
103,171,898 | ||||||||||||
Rhode Island — 0.2% | ||||||||||||
City of Cranston, Series 2017-1, GO, BAN, 2.00%, 09/06/18 | 7,340 | 7,344,927 | ||||||||||
|
| |||||||||||
South Carolina — 0.3% | ||||||||||||
City of Columbia, Series 2009, RB, VRDN (Sumitomo Mitsui Banking LOC), 1.75%, 05/07/18(a) | 13,175 | 13,175,000 | ||||||||||
|
| |||||||||||
Tennessee — 4.0% | ||||||||||||
City of Memphis, 1.60%, 05/03/18 | 20,000 | 20,000,046 | ||||||||||
City of Memphis, 1.55%, 05/15/18 | 33,350 | 33,345,851 | ||||||||||
Clarksville Public Building Authority (Tennessee Municipal Bond), Series 1999, RB, VRDN (Bank of America NA LOC), 1.86%, 05/07/18(a) | 5,505 | 5,505,000 | ||||||||||
Metropolitan Government Nashville & Davidson County Improvement District No 1, 1.28%, 05/07/18 | 12,500 | 12,498,794 | ||||||||||
Metropolitan Government Nashville & Davidson County Improvement District No 1, 1.30%, 05/17/18 | 27,500 | 27,493,560 | ||||||||||
Metropolitan Government Nashville & Davidson County Improvement District No 1, 1.45%, 05/22/18 | 33,300 | 33,293,929 | ||||||||||
Metropolitan Government of Nashville, 1.34%, 05/31/18 | 10,000 | 9,995,726 | ||||||||||
Metropolitan Government of Nashville, 1.75%, 05/31/18 | 35,500 | 35,493,912 | ||||||||||
|
| |||||||||||
177,626,818 | ||||||||||||
Texas — 15.5% | ||||||||||||
Austin Texas Electric Utility System Tender Option Bond Trust Receipts/Certificates Various States, Series 2015-XF0220, RB, VRDN (JP Morgan Chase Bank NA LIQ), 1.85%, 05/07/18(a)(b)(c) | 27,745 | 27,745,000 | ||||||||||
Bexar County Housing Finance Corp. (AAMHA LLC Project), Series 2000, RB, VRDN (Fannie Mae LOC), 1.76%, 05/07/18(a) | 3,005 | 3,005,000 | ||||||||||
City of Austin, Series 2008B, RB, VRDN (Sumitomo Mitsui Banking LOC), 1.79%, 05/07/18(a) | 4,700 | 4,700,000 | ||||||||||
City of Austin, Series 2017A, RB, VRDN (Citibank NA LOC), 1.76%, 05/07/18(a) | 7,345 | 7,345,000 | ||||||||||
City of Garland, 1.55%, 05/02/18 | 10,000 | 10,000,016 | ||||||||||
City of Garland, 1.65%, 05/04/18 | 34,000 | 34,000,143 | ||||||||||
City of Houston Combined Utility System, Series 2004B-5, RB, VRDN (Wells Fargo Bank NA LOC), 1.74%, 05/07/18(a) | 27,640 | 27,640,000 | ||||||||||
City of San Antonio, 1.28%, 05/14/18 | 20,000 | 19,996,142 | ||||||||||
City of San Antonio, 1.41%, 06/06/18 | 18,000 | 17,992,656 | ||||||||||
Fort Bend Independent School District, 1.75%, 06/05/18 | 5,000 | 5,000,147 | ||||||||||
Fort Bend Independent School District, 1.31%, 06/05/18 | 1,500 | 1,499,330 | ||||||||||
Gulf Coast Industrial Development Authority (Exxon Mobil Corp. Project), Series 2012, RB, VRDN, 1.55%, 05/01/18(a) | 27,285 | 27,285,000 | ||||||||||
Harris County Cultural Education Facilities Finance Corp., 1.26%, 05/02/18 | 86,000 | 85,998,289 | ||||||||||
Harris County Cultural Education Facilities Finance Corp., 1.38%, 05/23/18 | 63,670 | 63,655,853 | ||||||||||
Harris County Cultural Education Facilities Finance Corp., Series 2008, Sub-Series C-1, RB, VRDN, 1.62%, 05/01/18(a) | 2,300 | 2,300,000 | ||||||||||
Harris County Health Facilities Development Corp. (Methodist Hospital Obligated Group), Series 2008A-1, RB, VRDN, 1.62%, 05/01/18(a) | 47,510 | 47,510,000 |
Security | Par (000) | Value | ||||||||||
Texas (continued) | ||||||||||||
Katy Texas Independent School District Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XG0163, GO, VRDN (Bank of America NA LIQ), 1.79%, 05/07/18(a)(b)(c) | USD | 3,015 | $ | 3,015,000 | ||||||||
Lower Colorado River Authority (LCRA Transmission Corporation Project), Series 2011B, RB, 5.00%, 05/15/18 | 2,000 | 2,002,346 | ||||||||||
Lower Neches Valley Authority Industrial Development Corp. (Exxon Mobil Corp. Project), Series 2010, RB, VRDN, 1.57%, 05/01/18(a) | 25,055 | 25,055,000 | ||||||||||
North Texas Tollway Authority, Series 2009D, RB, VRDN (Royal Bank of Canada LOC), 1.80%, 05/07/18(a) | 61,665 | 61,665,000 | ||||||||||
Port of Arthur Navigation District Industrial Development Corp. (Total Petrochemicals & Refining USA, Inc.), Series 2012, RB, VRDN, 1.81%, 05/07/18(a) | 6,000 | 6,000,000 | ||||||||||
Port of Arthur Navigation District Industrial Development Corp. (Total Petrochemicals USA, Inc. Project), Series 2010 A, RB, VRDN, 1.81%, 05/07/18(a) | 3,000 | 3,000,000 | ||||||||||
Port of Corpus Christi Authority of Nueces County (Flint Hills Resources LP), Series 2002B, RB, VRDN, 1.83%, 05/07/18(a) | 7,500 | 7,500,000 | ||||||||||
San Antonio Electric & Gas, 1.73%, 06/06/18 | 12,300 | 12,297,224 | ||||||||||
San Antonio Water System, 1.28%, 05/07/18 | 9,000 | 8,999,131 | ||||||||||
State of Texas, Series 2011C, GO, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 1.70%, 05/07/18(a) | 15,000 | 15,000,000 | ||||||||||
State of Texas, Series 2015B, GO, VRDN (Federal Home Loan Bank SBPA), 1.73%, 05/07/18(a) | 8,055 | 8,055,000 | ||||||||||
State of Texas, Series 2017, RB, TAN, 4.00%, 08/30/18 | 84,995 | 85,642,874 | ||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Health Care System Project), Series 2011C, RB, VRDN (TD Bank NA LOC), 1.53%, 05/01/18(a) | 5,600 | 5,600,000 | ||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas Obligated Group), Series 2008-A, RB, VRDN (TD Bank NA LOC), 1.59%, 05/01/18(a) | 5,550 | 5,550,000 | ||||||||||
Tarrant County Housing Finance Corp. (Gateway Arlington Apartments Project), Series 2003, RB, VRDN (Fannie Mae LOC), 1.77%, 05/07/18(a) | 4,265 | 4,265,000 | ||||||||||
Texas A&M University, 1.22%, 05/03/18 | 1,255 | 1,254,973 | ||||||||||
Texas Transportation Commission, Series 2014-B1, RB, VRDN (Sumitomo Mitsui Banking LIQ), 1.78%, 05/07/18(a) | 24,965 | 24,965,000 | ||||||||||
Texas Water Development Board Tender Option Bond Trust Receipts/Certificates Various States, Series 2015-XF2201, RB, VRDN (Citibank NA LIQ), 1.78%, 05/07/18(a)(b)(c) | 300 | 300,000 | ||||||||||
University of Texas System (The), 1.22%, 05/15/18 | 25,000 | 24,994,307 | ||||||||||
|
| |||||||||||
690,833,431 | ||||||||||||
Utah — 4.0%(a) | ||||||||||||
City of Murray (IHC Health Services, Inc.), Series 2003A, RB, VRDN, 1.69%, 05/07/18 | 69,700 | 69,700,000 | ||||||||||
City of Murray (IHC Health Services, Inc.), Series 2003B, RB, VRDN, 1.69%, 05/07/18 | 49,725 | 49,725,000 | ||||||||||
City of West Jordan (Broadmoor Village Apartments LLC), Series 2004, RB, VRDN (Freddie Mac LIQ), 1.82%, 05/07/18 | 9,675 | 9,675,000 | ||||||||||
County of Emery (PacifiCorp Project), Series 1994, RB, VRDN (Canadian Imperial Bank LOC), 1.81%, 05/07/18 | 26,270 | 26,270,000 | ||||||||||
County of Weber (IHC Health Services, Inc.), Series 2000A, RB, VRDN (Bank of New York Mellon SBPA), 1.57%, 05/01/18 | 5,400 | 5,400,000 |
SCHEDULES OF INVESTMENTS | 39 |
Schedule of Investments (unaudited) (continued) April 30, 2018 | MuniCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Utah (continued) | ||||||||||||
County of Weber (IHC Health Services, Inc.), Series 2000B, RB, VRDN (U.S. Bank NA SBPA), 1.73%, 05/07/18 | USD | 4,900 | $ | 4,900,000 | ||||||||
County of Weber (IHC Health Services, Inc.), Series 2000C, RB, VRDN (Bank of New York Mellon SBPA), 1.57%, 05/01/18 | 15,200 | 15,200,000 | ||||||||||
|
| |||||||||||
180,870,000 | ||||||||||||
Virginia — 0.4%(a) | ||||||||||||
Alexandria Industrial Development Authority (Young Men’s Christian Association of Metropolitan Washington Facility), Series 1998, RB, VRDN (First National Bank of MD LOC), 1.91%, 05/07/18 | 1,545 | 1,545,000 | ||||||||||
Hampton Roads Transport Accountant Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0606, RB, VRDN (Bank of America NA LIQ), 1.80%, 05/07/18(b)(c) | 4,400 | 4,400,000 | ||||||||||
Lexington Industrial Development Authority (Washington & Lee University (The)), Series 2010, RB, VRDN, 1.77%, 05/07/18 | 4,200 | 4,200,000 | ||||||||||
Loudoun County Economic Development Authority (Howard Hughes Medical Institute Project), Series 2003F, RB, VRDN, 1.74%, 05/07/18 | 8,000 | 8,000,000 | ||||||||||
University of Virginia, Series 2014-48, RB, VRDN (Citibank NA LIQ), 1.79%, 05/07/18(b) | 2,110 | 2,110,000 | ||||||||||
|
| |||||||||||
20,255,000 | ||||||||||||
Washington — 1.0%(a) | ||||||||||||
Washington State Health Care Facilities Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2527, RB, VRDN (Citibank NA LIQ), 1.78%, 05/07/18(b)(c) | 1,875 | 1,875,000 | ||||||||||
Washington State Housing Finance Commission (Living Care Center Project), Series 2000, RB, VRDN (Wells Fargo Bank NA LOC), 1.78%, 05/07/18 | 9,000 | 9,000,000 | ||||||||||
Washington State Housing Finance Commission (Reserve at Renton Apartments Project), Series 2014, RB, VRDN (East West Bank LOC), 1.77%, 05/07/18 | 23,200 | 23,200,000 | ||||||||||
Washington State Housing Finance Commission (Traditions at South Hill Apartments Project), Series 2011A-B, RB, VRDN (Freddie Mac LOC), 1.75%, 05/07/18 | 3,630 | 3,630,000 | ||||||||||
Washington State Tender Options Bond Trust Receipts/Certificates Various States, Series 2016-XL0007, RB, VRDN (Barclays Bank plc LIQ), 1.90%, 05/07/18(b)(c) | 6,920 | 6,920,000 | ||||||||||
|
| |||||||||||
44,625,000 | ||||||||||||
Wisconsin — 1.9%(a) | ||||||||||||
Wisconsin Housing & Economic Development Authority, Series 2015C, RB, VRDN (Royal Bank of Canada SBPA), 1.75%, 05/07/18 | 25,450 | 25,450,000 | ||||||||||
Wisconsin Housing & Economic Development Authority, Series 2016C, RB, VRDN (Royal Bank of Canada SBPA), 1.75%, 05/07/18 | 16,100 | 16,100,000 | ||||||||||
Wisconsin Housing & Economic Development Authority, Series 2017D, RB, VRDN (Royal Bank of Canada SBPA), 1.75%, 05/07/18 | 19,800 | 19,800,000 | ||||||||||
Wisconsin Housing & Economic Development Authority, Series 2018C, RB, VRDN (Royal Bank of Canada SBPA), 1.75%, 05/07/18 | 24,105 | 24,105,000 | ||||||||||
|
| |||||||||||
85,455,000 | ||||||||||||
|
| |||||||||||
Total Municipal Bonds — 96.9% | 4,337,859,091 | |||||||||||
|
|
Security | Par (000) | Value | ||||||||||
Closed-End Investment Companies — 2.9%(b) |
| |||||||||||
California — 0.8%(a) | ||||||||||||
Nuveen California AMT-Free Quality Municipal Income Fund, Series 4, VRDP, (Citibank NA LIQ), 1.80%, 05/07/18 | USD | 10,200 | $ | 10,200,000 | ||||||||
Nuveen California AMT-Free Quality Municipal Income Fund, Series 6, VRDP, (Sumitomo Mitsui Banking LIQ), 1.80%, 05/07/18 | 25,000 | 25,000,000 | ||||||||||
|
| |||||||||||
35,200,000 | ||||||||||||
New York — 2.0%(a) | ||||||||||||
Nuveen New York AMT-Free Municipal Income Fund, Series 1, VRDP, (Citibank NA LIQ), 1.82%, 05/07/18 | 8,700 | 8,700,000 | ||||||||||
Nuveen New York AMT-Free Municipal Income Fund, Series 2, VRDP, (Citibank NA LIQ), 1.82%, 05/07/18 | 32,800 | 32,800,000 | ||||||||||
Nuveen New York AMT-Free Municipal Income Fund, Series 3, VRDP, (Citibank NA LIQ), 1.82%, 05/07/18 | 8,000 | 8,000,000 | ||||||||||
Nuveen New York AMT-Free Municipal Income Fund, Series 5, VRDP, (Sumitomo Mitsui Banking LOC), 1.85%, 05/07/18 | 14,300 | 14,300,000 | ||||||||||
Nuveen New York AMT-Free Quality Municipal Income Fund, Series 5, VRDP, (Toronto-Dominion Bank LIQ), 1.82%, 05/07/18 | 27,000 | 27,000,000 | ||||||||||
|
| |||||||||||
90,800,000 | ||||||||||||
Ohio — 0.1% | ||||||||||||
Nuveen AMT-Free Quality Municipal Income Fund, Series 2, VRDP, (Citibank NA LIQ), 1.85%, 05/07/18(a) | 2,900 | 2,900,000 | ||||||||||
|
| |||||||||||
Total Closed-End Investment Companies — 2.9% (Cost: $128,900,000) |
| 128,900,000 | ||||||||||
|
| |||||||||||
Total Investments — 99.8% |
| 4,466,759,091 | ||||||||||
Other Assets Less Liabilities — 0.2% |
| 6,956,066 | ||||||||||
|
| |||||||||||
Net Assets — 100.0% |
| $ | 4,473,715,157 | |||||||||
|
|
(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. |
(d) | U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(e) | When-issued security. |
40 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2018 | MuniCash |
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 Securities(a) | $ | — | $ | 4,466,759,091 | $ | — | $ | 4,466,759,091 | ||||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in each state. |
During the six months ended April 30, 2018, there were no transfers between levels.
See notes to financial statements.
SCHEDULES OF INVESTMENTS | 41 |
Schedule of Investments (unaudited) April 30, 2018 | MuniFund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Municipal Bonds — 94.1% |
| |||||||||||
Alaska — 1.7% | ||||||||||||
Alaska Housing Finance Corp., Series 2009B, RB, VRDN (Wells Fargo Bank NA SBPA), 1.69%, 05/07/18(a) | USD | 400 | $ | 400,000 | ||||||||
Municipality of Anchorage, Series 2018, GO, TAN, 4.00%, 09/17/18 | 2,000 | 2,019,568 | ||||||||||
|
| |||||||||||
2,419,568 | ||||||||||||
Arizona — 0.8% | ||||||||||||
Arizona Health Facilities Authority (Banner Health Obligated Group), Series 2008E, RB, VRDN (Bank of America NA LOC), 1.77%, 05/07/18(a) | 1,230 | 1,230,000 | ||||||||||
|
| |||||||||||
California — 3.4% | ||||||||||||
California State Department of Water, 1.58%, 05/11/18 | 2,000 | 2,000,000 | ||||||||||
Metropolitan Water District of Southern California (Securities Industry & Financial Markets Association Index Mode), Series 2017D, RB, VRDN, 1.80%, 07/18/18(a) | 3,000 | 3,000,000 | ||||||||||
|
| |||||||||||
5,000,000 | ||||||||||||
Colorado — 1.5%(a) | ||||||||||||
Colorado Housing & Finance Authority, Series 2006A-2, RB, VRDN (Federal Home Loan Bank SBPA), 1.85%, 05/07/18 | 100 | 100,000 | ||||||||||
Sheridan Redevelopment Agency (South Santa Fe Drive Corridor Redevelopment Project), Series 2011A-1, VRDN (JP Morgan Chase Bank NA LOC), 1.82%, 05/07/18 | 2,090 | 2,090,000 | ||||||||||
|
| |||||||||||
2,190,000 | ||||||||||||
Connecticut — 3.8% | ||||||||||||
Connecticut Housing Finance Authority, Series 2014C, Sub-Series 2014C-2, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 1.76%, 05/07/18(a) | 5,595 | 5,595,000 | ||||||||||
|
| |||||||||||
District of Columbia — 0.7% | ||||||||||||
District of Columbia (Community Connections Real Estate Foundation), Series 2007A, RB, RAN, VRDN (Manufacturers & Traders LOC), 1.80%, 05/07/18(a) | 1,000 | 1,000,000 | ||||||||||
|
| |||||||||||
Florida — 3.0%(a) | ||||||||||||
Cape Coral Water & Sewer Revenue Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-YX1071, RB, VRDN (Barclays Bank plc LOC), 1.79%, 05/07/18(b)(c) | 1,000 | 1,000,000 | ||||||||||
Escambia County Health Facilities Authority (Azalea Trace, Inc.), Series 2003B, RB, VRDN (TD Bank NA SBPA), 1.67%, 05/01/18 | 3,005 | 3,005,000 | ||||||||||
Halifax Hospital Medical Center (Halifax Hospital Medical Center Obligated Group), Series 2008, RB, VRDN (JP Morgan Chase Bank NA LOC), 1.73%, 05/07/18 | 400 | 400,000 | ||||||||||
|
| |||||||||||
4,405,000 | ||||||||||||
Hawaii — 1.4% | ||||||||||||
Hawaii State Tender Option Bond Trust Receipts/Certificates Various States, Series 2016-XF0518, GO, VRDN (Royal Bank of Canada LIQ), 1.79%, 05/07/18(a)(b)(c) | 2,000 | 2,000,000 | ||||||||||
|
| |||||||||||
Idaho — 0.8% | ||||||||||||
Idaho Housing & Finance Association (Traditions at Boise Apartments Project), Series 2011A, RB, VRDN (Freddie Mac Gty Agreement), 1.78%, 05/07/18(a) | 1,250 | 1,250,000 | ||||||||||
|
| |||||||||||
Illinois — 5.7% | ||||||||||||
City of Chicago, OHare International Airport CP (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 1.37%, 06/14/18 | 1,000 | 1,000,000 | ||||||||||
Illinois Finance Authority (Advocate Health Care Network Obligated Group), Series 2008C, Sub-Series C-2B, RB, VRDN (JP Morgan Chase Bank NA SBPA), 1.73%, 05/07/18(a) | 1,000 | 1,000,000 |
Security | Par (000) | Value | ||||||||||
Illinois (continued) | ||||||||||||
Illinois Finance Authority (OSF Healthcare System), Series 2007F, RB, VRDN (Barclays Bank plc LOC), 1.75%, 05/07/18(a) | USD | 3,900 | $ | 3,900,000 | ||||||||
Illinois Finance Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XG0133, RB, VRDN (JP Morgan Chase Bank NA LIQ), 1.79%, 05/07/18(a)(b)(c) | 1,420 | 1,420,000 | ||||||||||
Illinois State Toll Highway Authority, Series 2007A-2D, RB, VRDN (Bank of America NA LOC), 1.73%, 05/07/18(a) | 1,000 | 1,000,000 | ||||||||||
|
| |||||||||||
8,320,000 | ||||||||||||
Indiana — 4.0%(a) | ||||||||||||
City of Rockport (AEP Generating Co. Project), Series 1995B, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 1.72%, 05/07/18 | 2,000 | 2,000,000 | ||||||||||
Indiana Finance Authority (Convention Center Expansion Project), Series 2008, RB, VRDN (BMO Harris Bank NA SBPA), 1.73%, 05/07/18 | 1,165 | 1,165,000 | ||||||||||
Indianapolis Local Public Improvement Bond Bank, Series 2016-XG0024, RB, VRDN (Citibank NA LIQ), 1.84%, 05/07/18(c) | 2,600 | 2,600,000 | ||||||||||
|
| |||||||||||
5,765,000 | ||||||||||||
Iowa — 4.7% | ||||||||||||
Iowa Finance Authority (CJ Bio America, lnc.), Series 2012, RB, VRDN (Korea Development Bank LOC), 1.92%, 05/07/18(a)(c) | 7,000 | 7,000,000 | ||||||||||
|
| |||||||||||
Kentucky — 0.3% | ||||||||||||
Kentucky Economic Development Financing Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XG0161, RB, VRDN (Bank of America NA LIQ), 1.95%, 05/07/18(a)(b)(c) | 500 | 500,000 | ||||||||||
|
| |||||||||||
Louisiana — 1.7% | ||||||||||||
Louisiana Public Facilities Authority (Air Products & Chemicals, Inc. Project), Series 2010, RB, VRDN, 1.72%, 05/07/18(a) | 2,500 | 2,500,000 | ||||||||||
|
| |||||||||||
Maryland — 0.8% | ||||||||||||
County of Baltimore (Odyssey School Facility (The)), Series 2001, RB, VRDN (Manufacturers & Traders LOC), 1.80%, 05/07/18(a) | 1,170 | 1,170,000 | ||||||||||
|
| |||||||||||
Massachusetts — 2.0% | ||||||||||||
Town of Norwood, Series 2017, GO, BAN, 2.50%, 12/20/18 | 3,000 | 3,020,759 | ||||||||||
|
| |||||||||||
Michigan — 0.2% | ||||||||||||
Michigan State Hospital Finance Authority (Ascension Health Senior Credit Group), Series 2010F-1, RB, VRDN, 2.00%, 05/30/18(a) | 340 | 340,184 | ||||||||||
|
| |||||||||||
Nebraska — 2.0% | ||||||||||||
Omaha Public Power District Electric Revenue Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2551, RB, VRDN (Citibank NA LIQ), 1.80%, 05/07/18(a)(b)(c) | 3,000 | 3,000,000 | ||||||||||
|
| |||||||||||
New Jersey — 4.7% | ||||||||||||
RBC Municipal Products, Inc. Trust, Series 2017E-103, RB, TAN, VRDN (Royal Bank of Canada LOC), 1.78%, 05/07/18(a)(c) | 7,000 | 7,000,000 | ||||||||||
|
| |||||||||||
New York — 15.2% | ||||||||||||
City of New York, Series 2012A, Sub-Series A-4, GO, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 1.75%, 05/07/18(a) | 2,985 | 2,985,000 |
42 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2018 | MuniFund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
New York (continued) | ||||||||||||
City of New York, Series 2017A, Sub-Series A-5, GO, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 1.58%, 05/01/18(a) | USD | 2,000 | $ | 2,000,000 | ||||||||
City of New York Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0552, GO, VRDN (Toronto-Dominion Bank LIQ), 1.77%, 05/07/18(a)(b)(c) | 300 | 300,000 | ||||||||||
Franklin County Civic Development Corp. (Alice Hyde Medical Center Project), Series 2013A, RB, VRDN (HSBC Bank USA NA LOC), 1.78%, 05/07/18(a) | 385 | 385,000 | ||||||||||
Metropolitan Transportation Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0572, RB, VRDN (JP Morgan Chase Bank NA LIQ), 1.78%, 05/07/18(a)(b)(c) | 2,555 | 2,555,000 | ||||||||||
New York City Housing Development Corp. (Sustainable Neighborhood Bonds), Series 2017G-3, RB, VRDN (Wells Fargo Bank NA SBPA), 1.75%, 05/07/18(a) | 2,000 | 2,000,000 | ||||||||||
New York City Municipal Water Finance Authority, Series 2011F, Sub-Series FF-2, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 1.59%, 05/01/18(a) | 900 | 900,000 | ||||||||||
New York City Transitional Finance Authority Future Tax Secured, Series 2013C, Sub-Series C-5, RB, VRDN (Sumitomo Mitsui Banking LOC), 1.73%, 05/07/18(a) | 2,000 | 2,000,000 | ||||||||||
New York City Transitional Finance Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0566, RB, VRDN (Toronto-Dominion Bank LIQ), 1.77%, 05/07/18(a)(b)(c) | 1,000 | 1,000,000 | ||||||||||
New York City Transitional Finance Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0607, RB, VRDN (Citibank NA LIQ), 1.78%, 05/07/18(a)(b)(c) | 1,000 | 1,000,000 | ||||||||||
New York Power Authority (JP Morgan Chase Bank NA, Toronto-Dominion Bank, Wells Fargo Bank NA SBPA), 1.20%, 05/08/18 | 1,000 | 1,000,000 | ||||||||||
New York State Dormitory Authority, Series 2005B, RB, VRDN (Mizuho Bank Ltd. LOC), 1.82%, 05/07/18(a) | 1,350 | 1,350,000 | ||||||||||
Oneida County Industrial Development Agency (Mohawk Valley Community College Dormitory Corp. Project), Series 2004 A, RB, VRDN (Manufacturers & Traders LOC), 1.80%, 05/07/18(a) | 1,200 | 1,200,000 | ||||||||||
RBC Municipal Products, Inc. Trust, Series 2018E-118, GO, VRDN (Royal Bank of Canada LOC), 1.63%, 05/01/18(a)(c) | 2,000 | 2,000,000 | ||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridge & Tunnel Authority), Series 2005A, RB, VRDN (TD Bank NA LOC), 1.74%, 05/07/18(a) | 1,205 | 1,205,000 | ||||||||||
Triborough Bridge & Tunnel Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0536, RB, VRDN (Royal Bank of Canada LIQ), 1.78%, 05/07/18(a)(b)(c) | 500 | 500,000 | ||||||||||
|
| |||||||||||
22,380,000 | ||||||||||||
Ohio — 3.8% | ||||||||||||
American Municipal Power, Inc. (City of Newton Falls Project), Series 2017, RB, BAN, 2.00%, 06/21/18 | 100 | 100,112 | ||||||||||
American Municipal Power, Inc. (Village of Genoa Project), Series 2017, RB, BAN, 2.25%, 12/13/18 | 500 | 502,319 | ||||||||||
American Municipal Power, Inc. (Village of Holiday City Project), Series 2018, RB, BAN, 3.00%, 04/30/19(d) | 904 | 912,506 | ||||||||||
American Municipal Power, Inc. (Village of Monroeville Project), Series 2018, RB, BAN, 3.00%, 04/25/19(d) | 460 | 464,496 | ||||||||||
City of Berea, Series 2018, GO,BAN, 2.25%, 03/14/19 | 1,000 | 1,006,262 | ||||||||||
City of Kirtland, Series 2017, GO, BAN, 2.00%, 06/21/18 | 500 | 500,517 |
Security | Par (000) | Value | ||||||||||
Ohio (continued) | ||||||||||||
City of Uhrichsville, Series 2017, GO, BAN, 2.00%, 06/28/18 | USD | 925 | $ | 926,235 | ||||||||
Ohio State Hospital Facility Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0573, RB, VRDN (Toronto-Dominion Bank LIQ), 1.78%, 05/07/18(a)(b)(c) | 350 | 350,000 | ||||||||||
Village of Woodmere, Series 2017, GO, BAN, 2.00%, 10/03/18 | 765 | 768,054 | ||||||||||
|
| |||||||||||
5,530,501 | ||||||||||||
Pennsylvania — 5.5% | ||||||||||||
City of Philadelphia, Series 2017-18A, RB, TAN, 2.00%, 06/29/18 | 1,000 | 1,001,091 | ||||||||||
Montgomery County Industrial Development Authority (ACTS Retirement-Life Communities, Inc.), Series 2002, RB, VRDN (TD Bank NA SBPA), 1.67%, 05/01/18(a) | 4,065 | 4,065,000 | ||||||||||
RBC Municipal Products, Inc. Trust, Series 2017E-111, RB, VRDN (Royal Bank of Canada LOC), 1.63%, 05/01/18(a)(c) | 2,000 | 2,000,000 | ||||||||||
Westmoreland County Municipal Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-YX1075, RB, VRDN (Barclays Bank plc LOC), 1.78%, 05/07/18(a)(b)(c) | 1,000 | 1,000,000 | ||||||||||
|
| |||||||||||
8,066,091 | ||||||||||||
Rhode Island — 0.7% | ||||||||||||
City of Cranston, Series 2017-1, GO, BAN, 2.00%, 09/06/18 | 1,000 | 1,003,506 | ||||||||||
|
| |||||||||||
South Carolina — 1.1% | ||||||||||||
City of Columbia, Series 2009, RB, VRDN (Sumitomo Mitsui Banking LOC), 1.75%, 05/07/18(a) | 1,600 | 1,600,000 | ||||||||||
|
| |||||||||||
Tennessee — 0.7% | ||||||||||||
City of Memphis, 1.55%, 05/15/18 | 1,000 | 1,000,000 | ||||||||||
|
| |||||||||||
Texas — 15.4% | ||||||||||||
City of Austin, Series 2017A, RB, VRDN (Citibank NA LOC), 1.76%, 05/07/18(a) | 2,000 | 2,000,000 | ||||||||||
City of Austin Water & Wastewater System, Series 2008, RB, VRDN (Citibank NA LOC), 1.76%, 05/07/18(a) | 700 | 700,000 | ||||||||||
City of Garland, 1.65%, 05/04/18 | 5,000 | 5,000,000 | ||||||||||
Fort Bend Independent School District, 1.31%, 06/05/18 | 2,500 | 2,500,000 | ||||||||||
Harris County Cultural Education Facilities Finance Corp. (Methodist Health System), 1.38%, 05/23/18 | 4,000 | 4,000,000 | ||||||||||
Katy Texas Independent School District Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XG0163, GO, VRDN (Bank of America NA LIQ), 1.79%, 05/07/18(a)(b)(c) | 1,000 | 1,000,000 | ||||||||||
Port of Arthur Navigation District Industrial Development Corp. (Total Petrochemicals USA, Inc. Project), Series 2010 A, RB, VRDN, 1.81%, 05/07/18(a) | 1,000 | 1,000,000 | ||||||||||
Port of Port Arthur Navigation District (ATOFINA Petrochemicals, Inc.), Series 2002C, RB, VRDN, 1.81%, 05/07/18(a) | 1,500 | 1,500,000 | ||||||||||
San Antonio Electric & Gas (State Street Bank & Trust Co., Wells Fargo Bank), 1.73%, 06/06/18 | 1,000 | 1,000,000 | ||||||||||
San Antonio Water System (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 1.28%, 05/07/18 | 1,000 | 1,000,000 | ||||||||||
State of Texas, Series 2017, RB, TAN, 4.00%, 08/30/18 | 2,000 | 2,018,319 | ||||||||||
Texas Transportation Commission, Series 2014-B1, RB, VRDN (Sumitomo Mitsui Banking LIQ), 1.78%, 05/07/18(a) | 1,000 | 1,000,000 | ||||||||||
|
| |||||||||||
22,718,319 | ||||||||||||
Utah — 2.3%(a) | ||||||||||||
County of Emery (PacifiCorp Project), Series 1994, RB, VRDN (Canadian Imperial Bank LOC), 1.81%, 05/07/18 | 2,500 | 2,500,000 |
SCHEDULES OF INVESTMENTS | 43 |
Schedule of Investments (unaudited) (continued) April 30, 2018 | MuniFund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Utah (continued) | ||||||||||||
County of Weber (IHC Health Services, Inc.), Series 2000A, RB, VRDN (Bank of New York Mellon SBPA), 1.57%, 05/01/18 | USD | 500 | $ | 500,000 | ||||||||
County of Weber (IHC Health Services, Inc.), Series 2000C, RB, VRDN (Bank of New York Mellon SBPA), 1.57%, 05/01/18 | 400 | 400,000 | ||||||||||
|
| |||||||||||
3,400,000 | ||||||||||||
Virginia — 0.6%(a) | ||||||||||||
Hampton Roads Transport Accountant Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0606, RB, VRDN (Bank of America NA LIQ), 1.80%, 05/07/18(b)(c) | 700 | 700,000 | ||||||||||
Virginia College Building Authority (Washington & Lee University (The)), Series 2015B, RB, VRDN, 1.77%, 05/07/18 | 100 | 100,000 | ||||||||||
|
| |||||||||||
800,000 | ||||||||||||
Washington — 0.7% | ||||||||||||
Washington State Tender Options Bond Trust Receipts/Certificates Various States, Series 2016-XL0007, RB, VRDN (Barclays Bank plc LIQ), 1.90%, 05/07/18(a)(b)(c) | 1,000 | 1,000,000 | ||||||||||
|
| |||||||||||
Wisconsin — 4.9% | ||||||||||||
Wisconsin Housing & Economic Development Authority, Series 2017C-4, RB, VRDN (Federal Home Loan Bank SBPA), 1.78%, 05/07/18(a) | 7,255 | 7,255,000 | ||||||||||
|
| |||||||||||
Total Municipal Bonds — 94.1% |
| 138,458,928 | ||||||||||
|
| |||||||||||
Closed-End Investment Companies — 6.2%(c) | ||||||||||||
New York — 3.5%(a) | ||||||||||||
Nuveen New York AMT-Free Municipal Income Fund, Series 1, VRDP, (Citibank NA LIQ), 1.82%, 05/07/18 | 1,500 | 1,500,000 | ||||||||||
Nuveen New York AMT-Free Municipal Income Fund, Series 5, VRDP, (Citibank NA LIQ), 1.85%, 05/07/18 | 700 | 700,000 |
Security | Par (000) | Value | ||||||||||
Closed-End Investment Companies (continued) | ||||||||||||
New York (continued) | ||||||||||||
Nuveen New York AMT-Free Quality Municipal Income Fund, Series 5, VRDP, (Toronto-Dominion Bank LIQ), 1.82%, 05/07/18 | USD | 3,000 | $ | 3,000,000 | ||||||||
|
| |||||||||||
5,200,000 | ||||||||||||
Ohio — 2.7% | ||||||||||||
Nuveen AMT-Free Quality Municipal Income Fund, Series 2, VRDP, (Citibank NA LIQ), 1.85%, 05/07/18(a) | 4,000 | 4,000,000 | ||||||||||
|
| |||||||||||
Total Closed-End Investment Companies — 6.2% |
| 9,200,000 | ||||||||||
|
| |||||||||||
Total Investments — 100.3% |
| 147,658,928 | ||||||||||
Liabilities in Excess of Other Assets — (0.3)% |
| (458,278 | ) | |||||||||
|
| |||||||||||
Net Assets — 100.0% |
| $ | 147,200,650 | |||||||||
|
|
(a) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
(b) | These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | When-issued security. |
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 Securities(a) | $ | — | $ | 147,658,928 | $ | — | $ | 147,658,928 | ||||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in each state. |
During the six months ended April 30, 2018, there were no transfers between levels.
See notes to financial statements.
44 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2018 | California Money Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Municipal Bonds — 96.2% | ||||||||||||
California — 96.2% | ||||||||||||
Bay Area Toll Authority, Series 2007C-2, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 1.50%, 05/07/18(a) | USD | 850 | $ | 850,000 | ||||||||
Bay Area Toll Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2016-XG0019, RB, VRDN (Bank of America NA LIQ), 1.77%, 05/07/18(a)(b)(c) | 200 | 200,000 | ||||||||||
California Educational Facilities Authority (California Institute of Technology), Series 2006B, RB, VRDN, 1.65%, 05/07/18(a) | 400 | 400,000 | ||||||||||
California Health Facilities Financing Authority (Children’s Hospital of Orange County), Series 2009B, RB, VRDN (U.S. Bank NA LOC), 1.62%, 05/07/18(a) | 1,100 | 1,100,000 | ||||||||||
California Health Facilities Funding Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2015-XF0152, RB, VRDN (Bank of America NA LIQ), 1.79%, 05/07/18(a)(b)(c) | 1,590 | 1,590,000 | ||||||||||
California Infrastructure & Economic Development Bank (Pacific Gas and Electric Co.), Series 2009B, RB, VRDN (Union Bank NA LOC), 1.45%, 05/01/18(a) | 500 | 500,000 | ||||||||||
California Municipal Finance Authority (Copper Square Apartments LP), Series 2016A-1, RB, VRDN (East West Bank LOC), 1.67%, 05/07/18(a) | 2,025 | 2,025,000 | ||||||||||
California Pollution Control Financing Authority (Air Products & Chemicals, Inc.), Series 1997B, RB, RAN, VRDN, 1.38%, 05/01/18(a) | 2,000 | 2,000,000 | ||||||||||
California Pollution Control Financing Authority (Pacific Gas & Electric Co.), Series 1996C, RB, VRDN (Mizuho Bank Ltd. LOC), 1.45%, 05/01/18(a) | 1,000 | 1,000,000 | ||||||||||
City & County of San Francisco (1601 Mariposa Apartments), Series 2017B-2, RB, VRDN (Bank of America NA LOC), 1.77%, 05/07/18(a) | 890 | 890,000 | ||||||||||
City of Modesto, Series 2008A, COP, VRDN (JP Morgan Chase Bank NA LOC), 1.68%, 05/07/18(a) | 400 | 400,000 | ||||||||||
County of Los Angeles, Series 2017, RB, TAN, 5.00%, 06/29/18 | 400 | 402,367 | ||||||||||
County of Riverside (2009 Public Safety Communication And Woodcrest Library Project), Series 2009, COP, VRDN (Bank of America NA LOC), 1.67%, 05/07/18(a) | 700 | 700,000 | ||||||||||
Eastern Municipal Water District, Series 2017B, RB, VRDN (Sumitomo Mitsui Banking SBPA), 1.66%, 05/07/18(a) | 1,050 | 1,050,000 | ||||||||||
Fontana California Unified School District Tender Option Bond Trust Receipts/Certificates Various States, Series 2015-XF0111, GO, VRDN (JP Morgan Chase Bank NA LIQ), 1.82%, 05/07/18(a)(b)(c) | 1,600 | 1,600,000 | ||||||||||
Hartnell Community College District Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0587, GO, VRDN (Toronto-Dominion Bank LIQ), 1.78%, 05/07/18(a)(b) | 1,995 | 1,995,000 | ||||||||||
Imperial Irrigation District Electric Revenue Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XM0488, RB, VRDN (Royal Bank of Canada LIQ), 1.80%, 05/07/18(a)(b)(c) | 1,200 | 1,200,000 | ||||||||||
Imperial Irrigation District Electric Revenue Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XM0611, RB, VRDN (JP Morgan Chase Bank NA LIQ), 1.80%, 05/07/18(a)(b)(c) | 300 | 300,000 | ||||||||||
Los Angeles County, Series 2018B, 1.27%, 05/01/18 | 1,000 | 1,000,000 | ||||||||||
Los Angeles County Housing Authority (Lincoln Malibu Meadows II LP), Series 1998C, RB, VRDN (Fannie Mae LIQ), 1.73%, 05/07/18(a) | 2,399 | 2,399,000 |
Security | Par (000) | Value | ||||||||||
California (continued) | ||||||||||||
Los Angeles County Metropolitan Transportation Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2532, RB, VRDN (Citibank NA LIQ), 1.76%, 05/07/18(a)(b)(c) | USD | 370 | $ | 370,000 | ||||||||
Los Angeles Department of Water & Power, Series 2001, Sub-Series B-3, RB, VRDN (Barclays Bank plc SBPA), 1.29%, 05/01/18(a) | 800 | 800,000 | ||||||||||
Los Angeles Department of Water & Power (Water System Revenue Bonds), Series 2001B, Sub-Series B-1, RB, VRDN (Royal Bank of Canada SBPA), 1.60%, 05/07/18(a) | 1,500 | 1,500,000 | ||||||||||
Los Angeles Department of Water & Power (Water System Revenue Bonds), Series 2001B, Sub-Series B-5, RB, VRDN (TD Bank NA SBPA), 1.60%, 05/07/18(a) | 175 | 175,000 | ||||||||||
Metropolitan Water District of Southern California, Series 2015A-2, RB, VRDN, 1.61%, 05/07/18(a) | 1,700 | 1,700,000 | ||||||||||
Mission Viejo Community Development Financing Authority (Mall Improvement Project), Series 1999A, RB, VRDN (MUFG Union Bank NA LOC), 1.78%, 05/07/18(a) | 450 | 450,000 | ||||||||||
Northern California Power Agency (Hydroelectric Project), Series 2008A, RB, VRDN (Bank of Montreal LOC), 1.64%, 05/07/18(a) | 1,775 | 1,775,000 | ||||||||||
Palomar County Community College District Tender Option Bond Trust Receipts/Certificates Various Trust, Series 2015-XF0137, GO, VRDN (JP Morgan Chase Bank NA LIQ), 1.76%, 05/07/18(a)(b)(c) | 1,400 | 1,400,000 | ||||||||||
Riverside County Asset Leasing Corp. (Southwest Justice Center Refunding), Series 2008A, RB, VRDN (Wells Fargo Bank NA LOC), 1.72%, 05/07/18(a) | 1,900 | 1,900,000 | ||||||||||
Riverside County Transportation Commission, Series 2016-XF2297, RB, VRDN (Citibank NA LIQ), 1.80%, 05/07/18(a)(c)(d) | 1,075 | 1,075,000 | ||||||||||
Sacramento Transportation Authority, Series 2015A, RB, VRDN (Mizuho Bank Ltd. SBPA), 1.68%, 05/07/18(a) | 1,855 | 1,855,000 | ||||||||||
San Diego County Regional Transportation Commission, Series 2008C, RB, VRDN (Bank of America NA SBPA), 1.69%, 05/07/18(a) | 500 | 500,000 | ||||||||||
San Diego Housing Authority (Hillside Garden Apartment), Series 2004C, RB, VRDN (Fannie Mae LOC), 1.73%, 05/07/18(a) | 1,085 | 1,085,000 | ||||||||||
San Diego Housing Authority (Park & Market Apartments Obligated Group), Series 2017A, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 1.77%, 05/07/18(a) | 1,625 | 1,625,000 | ||||||||||
San Francisco California Bay Area Rapid Transit District Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF2449, GO, VRDN (Citibank NA LIQ), 1.76%, 05/07/18(a)(b)(c) | 200 | 200,000 | ||||||||||
San Francisco City & County Public Utilities Commission, 1.65%, 05/23/18 | 1,000 | 1,000,000 | ||||||||||
San Francisco City & County Redevelopment Agency Successor Agency, Series 2002, VRDN (Bank of America NA LOC), 1.66%, 05/07/18(a) | 500 | 500,000 | ||||||||||
San Jose California Unified School District Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2534, GO, VRDN (Citibank NA LIQ), 1.76%, 05/07/18(a)(b)(c) | 520 | 520,000 | ||||||||||
San Rafael Redevelopment Agency (Fairfax Street Apartments), Series 2001A, RB, VRDN (Citibank NA LOC), 1.79%, 05/07/18(a) | 300 | 300,000 | ||||||||||
Santa Clara Valley Transportation Authority, Series 2008C, RB, VRDN (Sumitomo Mitsui Banking SBPA), 1.68%, 05/07/18(a) | 1,525 | 1,525,000 |
SCHEDULES OF INVESTMENTS | 45 |
Schedule of Investments (unaudited) (continued) April 30, 2018 | California Money Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
California (continued) | ||||||||||||
Santa Clara Valley Transportation Authority, Series 2008D, RB, VRDN (Sumitomo Mitsui Banking SBPA), 1.66%, 05/07/18(a) | USD | 650 | $ | 650,000 | ||||||||
Sonoma Valley California Unified School District Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XG0151, GO, VRDN (TD Bank NA LIQ), 1.80%, 05/07/18(a)(b)(c) | 1,000 | 1,000,000 | ||||||||||
State of California, Series 2005A1-2, GO, VRDN (Royal Bank of Canada LOC), 1.60%, 05/07/18(a) | 900 | 900,000 | ||||||||||
State of California, Series 2005B1, GO, VRDN (Mizuho Bank Ltd. LOC), 1.59%, 05/07/18(a) | 200 | 200,000 | ||||||||||
State of California Department of Water Resources, 1.65%, 05/17/18 | 1,000 | 1,000,000 | ||||||||||
University of California, 1.38%, 07/11/18 | 1,500 | 1,500,000 | ||||||||||
University of California, Series 2013AL-4, RB, VRDN, 1.68%, 05/07/18(a) | 300 | 300,000 | ||||||||||
|
| |||||||||||
Total Municipal Bonds — 96.2% |
| 47,406,367 | ||||||||||
|
| |||||||||||
Closed-End Investment Companies — 3.7% |
| |||||||||||
California — 3.7% | ||||||||||||
Nuveen California AMT-Free Quality Municipal Income Fund, Series 4, VRDP, (Citibank NA LIQ), 1.80%, 05/07/18(a) | 1,800 | 1,800,000 | ||||||||||
|
| |||||||||||
Total Closed-End Investment Companies — 3.7% |
| 1,800,000 | ||||||||||
|
| |||||||||||
Total Investments — 99.9% |
| 49,206,367 | ||||||||||
|
| |||||||||||
Other Assets Less Liabilities — 0.1% |
| 56,376 | ||||||||||
|
| |||||||||||
Net Assets — 100.0% |
| $ | 49,262,743 | |||||||||
|
|
(a) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
(b) | These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | When-issued security. |
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 Securities(a) | $ | — | $ | 49,206,367 | $ | — | $ | 49,206,367 | ||||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in the state. |
During the six months ended April 30, 2018, there were no transfers between levels.
See notes to financial statements.
46 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2018 | New York Money Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Municipal Bonds — 97.4% | ||||||||||||
New York — 97.4%(a) | ||||||||||||
Albany Industrial Development Agency (Corning Preserve/Hudson Riverfront Development Project), Series 2002, RB, VRDN (Keybank NA LOC), 1.90%, 05/07/18 | USD | 730 | $ | 730,000 | ||||||||
Amherst Development Corp. (Asbury Pointe, Inc. Project), Series 2011A, RB, VRDN (Manufacturers & Traders LOC), 1.80%, 05/07/18 | 1,600 | 1,600,000 | ||||||||||
City of New York, Series 2008, Sub-Series J-6, GO, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 1.58%, 05/01/18 | 200 | 200,000 | ||||||||||
City of New York, Series 2012G, Sub-Series G-7, GO, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 1.59%, 05/01/18 | 100 | 100,000 | ||||||||||
East Rochester Housing Authority (Park Ridge Nursing Home, Inc. Project), Series 2008, RB, VRDN (M&T Bank LOC), 1.80%, 05/07/18 | 585 | 585,000 | ||||||||||
Franklin County Civic Development Corp. (Alice Hyde Medical Center Project), Series 2013A, RB, VRDN (HSBC Bank USA NA LOC), 1.78%, 05/07/18 | 675 | 675,000 | ||||||||||
Metropolitan Transportation Authority, Series 2005, Sub-Series E-1, RB, VRDN (Bank of Montreal LOC), 1.56%, 05/01/18 | 340 | 340,000 | ||||||||||
Metropolitan Transportation Authority, Series 2016B, Sub-Series B-1, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 1.75%, 05/07/18 | 700 | 700,000 | ||||||||||
Nassau Health Care Corp., Series 2009C, Sub-Series C2, RB, VRDN (Wells Fargo Bank NA LOC), 1.73%, 05/07/18 | 535 | 535,000 | ||||||||||
New York City Health & Hospital Corp., Series 2008B, RB, VRDN (TD Bank NA LOC), 1.71%, 05/07/18 | 500 | 500,000 | ||||||||||
New York City Health & Hospital Corp. (HHC Capital Corp.), Series 2008C, RB, VRDN (TD Bank NA LOC), 1.76%, 05/07/18 | 300 | 300,000 | ||||||||||
New York City Municipal Water Finance Authority, Series 2012B, RB, VRDN (State Street Bank & Trust Co. SBPA), 1.53%, 05/01/18 | 100 | 100,000 | ||||||||||
New York City Municipal Water Finance Authority, Series 2013AA, Sub-Series AA-2, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 1.75%, 05/07/18 | 150 | 150,000 | ||||||||||
New York City Municipal Water Finance Authority, Series 2016BB-1B, RB, VRDN (State Street Bank & Trust Co. SBPA), 1.56%, 05/01/18 | 200 | 200,000 | ||||||||||
New York City Transitional Finance Authority Future Tax Secured, Series 2002, Sub-Series 3-H, RB, VRDN (Royal Bank of Canada SBPA), 1.55%, 05/01/18 | 300 | 300,000 | ||||||||||
New York City Transitional Finance Authority Future Tax Secured, Series 2012A, Sub-Series 2012A-4, RB, VRDN (Northern Trust Company SBPA), 1.59%, 05/01/18 | 100 | 100,000 | ||||||||||
New York Environmental Facilities Corporation Clean Water Tender Option Bond Trust Receipts/Certificates Various States, Series 2016-XF2344, RB, VRDN (Citibank NA LIQ), 1.78%, 05/07/18(b)(c) | 1,100 | 1,100,000 | ||||||||||
New York Local Government Assistance Corp., Series 2008B-7V, RB, VRDN (JP Morgan Chase Bank NA SBPA), 1.73%, 05/07/18 | 500 | 500,000 | ||||||||||
New York Local Government Assistance Corp. (A Public Benefit Corporation Of The State Of New York), Series 2003A-8V, RB, VRDN (JP Morgan Chase Bank NA SBPA), 1.73%, 05/07/18 | 500 | 500,000 | ||||||||||
New York State Dormitory Authority, Series 2005B, RB, VRDN (Mizuho Bank Ltd. LOC), 1.82%, 05/07/18 | 200 | 200,000 | ||||||||||
New York State Dormitory Authority (City University System, Consolidated Fifth), Series 2008C, RB, VRDN (Bank of America NA LOC), 1.74%, 05/07/18 | 190 | 190,000 |
Security | Par (000) | Value | ||||||||||
New York (continued) | ||||||||||||
New York State Dormitory Authority (City University System, Consolidated Fifth), Series 2008D, RB, VRDN (TD Bank NA LOC), 1.72%, 05/07/18 | USD | 585 | $ | 585,000 | ||||||||
New York State Dormitory Authority (St John’s University), Series 2008B-1, RB, VRDN (Bank of America NA LOC), 1.74%, 05/07/18 | 295 | 295,000 | ||||||||||
New York State Dormitory Authority (Trustees of Columbia University), Series 2003B, RB, VRDN, 1.50%, 05/07/18 | 600 | 600,000 | ||||||||||
New York State Dormitory Authority (University of Rochester), Series 2003A, RB, VRDN (JP Morgan Chase Bank NA LOC), 1.55%, 05/01/18 | 100 | 100,000 | ||||||||||
New York State Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.), Series 2005A, Sub-Series A-1, RB, VRDN (Mizuho Bank Ltd. LOC), 1.77%, 05/07/18 | 600 | 600,000 | ||||||||||
New York State Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.), Series 2005A, Sub-Series A-2, RB, VRDN (Mizuho Bank Ltd. LOC), 1.69%, 05/07/18 | 300 | 300,000 | ||||||||||
New York State Housing Finance Agency, Series 2003L, RB, VRDN (Bank of America NA LOC), 1.75%, 05/07/18 | 525 | 525,000 | ||||||||||
New York State Housing Finance Agency (42nd and 10th Associates LLC), Series 2008A, RB, VRDN (Freddie Mac LOC), 1.75%, 05/07/18 | 250 | 250,000 | ||||||||||
New York State Housing Finance Agency (42nd and 10th Associates LLC), Series 2010A, RB, VRDN (Freddie Mac LOC), 1.75%, 05/07/18 | 500 | 500,000 | ||||||||||
New York State Housing Finance Agency (606 West 57th Street Housing), Series 2016A, RB, VRDN (Wells Fargo Bank NA LOC), 1.76%, 05/07/18 | 800 | 800,000 | ||||||||||
New York State Housing Finance Agency (625 West 57th Street Housing), Series 2014A, RB, VRDN (Bank of New York Mellon LOC), 1.75%, 05/07/18 | 300 | 300,000 | ||||||||||
New York State Housing Finance Agency (625 West 57th Street Housing), Series 2015A-1, RB, VRDN (Bank of New York Mellon LOC), 1.75%, 05/07/18 | 100 | 100,000 | ||||||||||
New York State Housing Finance Agency (Barclay Street Realty LLC), Series 2004A, RB, VRDN (Fannie Mae LOC), 1.75%, 05/07/18 | 950 | 950,000 | ||||||||||
New York State Housing Finance Agency (Clinton Park Development LLC), Series 2010A, RB, VRDN (Freddie Mac LIQ), 1.77%, 05/07/18 | 800 | 800,000 | ||||||||||
New York State Housing Finance Agency (Historic Front Street Housing), Series 2003A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 1.77%, 05/07/18 | 850 | 850,000 | ||||||||||
New York State Housing Finance Agency (River Terrace Associates LLC), Series 2004A, RB, VRDN (Fannie Mae LOC), 1.73%, 05/07/18 | 400 | 400,000 | ||||||||||
New York State Urban Development Corp., Series 2008A-1, RB, VRDN (Wells Fargo Bank NA LOC), 1.73%, 05/07/18 | 300 | 300,000 | ||||||||||
Oneida County Industrial Development Agency (Mohawk Valley Community College Dormitory Corp. Project), Series 2004 A, RB, VRDN (Manufacturers & Traders LOC), 1.80%, 05/07/18 | 500 | 500,000 | ||||||||||
Rensselaer County Industrial Development Agency (Sage Colleges (The)), Series 2002A, RB, VRDN (Manufacturers & Traders LOC), 1.80%, 05/07/18 | 560 | 560,000 | ||||||||||
Syracuse Industrial Development Agency (Syracuse University Project), Series 2005B, RB, VRDN (U.S. Bank NA LOC), 1.73%, 05/07/18 | 400 | 400,000 |
SCHEDULES OF INVESTMENTS | 47 |
Schedule of Investments (unaudited) (continued) April 30, 2018 | New York Money Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
New York (continued) | ||||||||||||
Triborough Bridge & Tunnel Authority Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0536, RB, VRDN (Royal Bank of Canada LIQ), 1.78%, 05/07/18(b)(c) | USD | 1,000 | $ | 1,000,000 | ||||||||
Westchester County Industrial Development Agency (Northern Westchester Hospital Association), Series 2004, RB, VRDN (TD Bank NA LOC), 1.72%, 05/07/18 | 600 | 600,000 | ||||||||||
|
| |||||||||||
Total Municipal Bonds — 97.4% |
| 20,920,000 | ||||||||||
|
| |||||||||||
Closed-End Investment Companies — 2.3% |
| |||||||||||
New York — 2.3% | ||||||||||||
Nuveen New York AMT-Free Municipal Income Fund, Series 3, VRDP, (Citibank NA LIQ), 1.82%, 05/07/18(a)(c) | 500 | 500,000 | ||||||||||
|
| |||||||||||
Total Closed-End Investment Companies — 2.3% |
| 500,000 | ||||||||||
|
| |||||||||||
Total Investments — 99.7% |
| 21,420,000 | ||||||||||
Other Assets Less Liabilities — 0.3% |
| 60,267 | ||||||||||
|
| |||||||||||
Net Assets — 100.0% |
| $ | 21,480,267 | |||||||||
|
|
(a) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
(b) | These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. |
(c) | Security exempt from registration 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. |
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 Securities(a) | $ | — | $ | 21,420,000 | $ | — | $ | 21,420,000 | ||||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in each state. |
During the six months ended April 30, 2018, there were no transfers between levels.
See notes to financial statements.
48 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (unaudited)
April 30, 2018
Federal Trust Fund | FedFund | TempCash | TempFund | T-Fund | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Investments at value — unaffiliated(a) | $ | 2,832,234,094 | $ | 54,357,827,022 | $ | 2,265,233,631 | $ | 9,528,677,603 | $ | 28,280,672,263 | ||||||||||
Cash | 92,772,413 | 1,354,706,156 | 57,082,317 | 330,419,765 | 1,061,543,262 | |||||||||||||||
Repurchase agreements at value — unaffiliated(b) | — | 42,036,522,892 | 202,500,000 | 1,526,500,000 | 48,511,508,632 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Investments sold | — | 798,369,104 | — | 39,904,667 | 698,050,925 | |||||||||||||||
Interest — unaffiliated | 617,201 | 36,732,912 | 1,638,357 | 9,990,062 | 16,841,263 | |||||||||||||||
From the Manager | 5,968 | 49,420 | — | 3,102 | 34,872 | |||||||||||||||
Prepaid expenses | 78,600 | 663,040 | 294,156 | 92,506 | 1,167,369 | |||||||||||||||
Other assets | — | — | 1,580 | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total assets | 2,925,708,276 | 98,584,870,546 | 2,526,750,041 | 11,435,587,705 | 78,569,818,586 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LIABILITIES | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Investments purchased | 74,652,115 | 2,007,869,427 | — | — | 1,656,277,584 | |||||||||||||||
Board consolidation | 388 | 6,128 | 437 | 3,819 | 7,061 | |||||||||||||||
Printing fees | 51,208 | 63,762 | 17,144 | 26,672 | 40,097 | |||||||||||||||
Custodian fees | 16,702 | 401,079 | 8,091 | 48,642 | 148,933 | |||||||||||||||
Income dividends | 2,620,717 | 61,247,724 | 3,518,645 | 5,027,611 | 43,832,464 | |||||||||||||||
Management fees | 366,603 | 12,968,789 | 282,453 | 1,673,626 | 9,739,208 | |||||||||||||||
Trustees’ and Officer’s fees | 50,037 | 107,582 | — | 5,707 | 45,102 | |||||||||||||||
Other accrued expenses | 75,005 | 150,732 | 40,660 | 139,036 | 210,184 | |||||||||||||||
Professional fees | 30,110 | 351,470 | 21,174 | 88,257 | 262,771 | |||||||||||||||
Service and distribution fees | 38,791 | 2,426,144 | 4,667 | 447,001 | 1,078,230 | |||||||||||||||
Transfer agent fees | 42,805 | 466,958 | 3,200 | 120,875 | 322,867 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total liabilities | 77,944,481 | 2,086,059,795 | 3,896,471 | 7,581,246 | 1,711,964,501 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET ASSETS | $ | 2,847,763,795 | $ | 96,498,810,751 | $ | 2,522,853,570 | $ | 11,428,006,459 | $ | 76,857,854,085 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET ASSETS CONSIST OF | ||||||||||||||||||||
Paid-in capital | $ | 2,847,654,227 | $ | 96,498,806,630 | $ | 2,522,829,408 | $ | 11,427,253,348 | $ | 76,856,948,546 | ||||||||||
Undistributed (distributions in excess of) net investment income | 82,371 | 932,065 | (37,900 | ) | (340,835 | ) | 1,057,109 | |||||||||||||
Accumulated net realized gain (loss) | 27,197 | (927,944 | ) | 72,142 | 1,472,992 | (151,570 | ) | |||||||||||||
Net unrealized appreciation (depreciation) | — | — | (10,080 | ) | (379,046 | ) | — | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET ASSETS | $ | 2,847,763,795 | $ | 96,498,810,751 | $ | 2,522,853,570 | $ | 11,428,006,459 | $ | 76,857,854,085 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
(a) Investments at cost — unaffiliated | $ | 2,832,234,094 | $ | 54,357,827,022 | $ | 2,265,243,711 | $ | 9,529,056,649 | $ | 28,280,672,263 | ||||||||||
(b) Repurchase agreements at cost — unaffiliated | $ | — | $ | 42,036,522,892 | $ | 202,500,000 | $ | 1,526,500,000 | $ | 48,511,508,632 |
See notes to financial statements.
FINANCIAL STATEMENTS | 49 |
Statements of Assets and Liabilities (unaudited) (continued)
April 30, 2018
Federal Trust Fund | FedFund | TempCash | TempFund | T-Fund | ||||||||||||||||
NET ASSET VALUE | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Net assets | $ | 2,652,515,694 | $ | 84,067,772,479 | $ | 2,510,402,621 | $ | 10,573,147,488 | $ | 63,377,048,504 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(c) | 2,652,406,595 | 84,067,754,876 | 2,509,952,588 | 10,570,939,549 | 63,376,256,669 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | $ | 1.0002 | $ | 1.0002 | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Dollar | ||||||||||||||||||||
Net assets | $ | 118,102,533 | $ | 1,945,785,865 | $ | 12,450,949 | $ | 105,172,020 | $ | 2,650,486,062 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(c) | 118,097,674 | 1,945,785,458 | 12,448,422 | 105,146,688 | 2,650,452,935 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | $ | 1.0002 | $ | 1.0002 | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Cash Management | ||||||||||||||||||||
Net assets | $ | 14,350,330 | $ | 142,621,956 | $ | — | $ | 644,426,255 | $ | 602,475,191 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(c) | 14,349,740 | 142,621,927 | — | 644,288,652 | 602,467,663 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | $ | — | $ | 1.0002 | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Cash Reserve | ||||||||||||||||||||
Net assets | $ | 376,027 | $ | 1,205,858,332 | $ | — | $ | 4,257,683 | $ | 73,042,288 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(c) | 376,012 | 1,205,858,079 | — | 4,256,754 | 73,041,374 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | $ | — | $ | 1.0002 | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Administration | ||||||||||||||||||||
Net assets | $ | 62,419,211 | $ | 2,717,389,012 | $ | — | $ | 99,544,022 | $ | 748,955,074 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(c) | 62,416,645 | 2,717,388,443 | — | 99,520,616 | 748,945,716 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | $ | — | $ | 1.0002 | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Select | ||||||||||||||||||||
Net assets | $ | — | $ | 175,828,896 | $ | — | $ | 633.35 | $ | 33,487,702 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(c) | — | 175,828,859 | — | 633.15 | 33,487,284 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | — | $ | 1.00 | $ | — | $ | 1.0003 | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Private Client | ||||||||||||||||||||
Net assets | $ | — | $ | 770,930 | $ | — | $ | 1,458,358 | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(c) | — | 770,929 | — | 1,458,011 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | — | $ | 1.00 | $ | — | $ | 1.0002 | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Capital | ||||||||||||||||||||
Net assets | $ | — | $ | 6,242,783,281 | $ | — | $ | — | $ | 9,372,359,264 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(c) | — | 6,242,781,974 | — | — | 9,372,242,152 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | — | $ | 1.00 | $ | — | $ | — | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
(c) | Unlimited number of shares authorized, no par value. |
See notes to financial statements.
50 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (unaudited) (continued)
April 30, 2018
Treasury Trust Fund | MuniCash | MuniFund | California Money Fund | New York Money Fund | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Investments at value — unaffiliated(a) | $ | 27,221,706,460 | $ | 4,466,759,091 | $ | 147,658,928 | $ | 49,206,367 | $ | 21,420,000 | ||||||||||
Cash | 917,798,582 | 8,283,369 | 58,291 | 7,307 | 7,737 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Investments sold | — | 311,546 | — | — | — | |||||||||||||||
Interest — unaffiliated | 6,902,857 | 10,978,573 | 487,350 | 111,166 | 37,507 | |||||||||||||||
From the Manager | 17,649 | — | 3,476 | 22,958 | 41,030 | |||||||||||||||
Prepaid expenses | 643,534 | 238,115 | 82,729 | 20,978 | 33,881 | |||||||||||||||
Other assets | 83,259 | 51,331 | — | 1,550 | 2,351 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total assets | 28,147,152,341 | 4,486,622,025 | 148,290,774 | 49,370,326 | 21,542,506 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LIABILITIES | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Investments purchased | 1,272,544,572 | 8,451,131 | 912,507 | — | — | |||||||||||||||
Printing fees | 33,371 | 17,907 | 18,593 | 18,662 | 18,557 | |||||||||||||||
Board consolidation | 2,029 | 717 | 232 | 206 | 217 | |||||||||||||||
Custodian fees | 76,882 | 5,288 | 8,151 | 1,213 | 1,143 | |||||||||||||||
Income dividends | 26,562,944 | 3,732,453 | 100,150 | 39,545 | 14,163 | |||||||||||||||
Management fees | 3,576,182 | 622,447 | — | 2,983 | 5,149 | |||||||||||||||
Trustees’ and Officer’s fees | 29,720 | 4,891 | 1,490 | — | 402 | |||||||||||||||
Other accrued expenses | 20,994 | 12,281 | 4,507 | 173 | 529 | |||||||||||||||
Professional fees | 125,378 | 37,557 | 28,740 | 42,132 | 19,132 | |||||||||||||||
Service and distribution fees | 550,844 | 2,379 | 5,898 | 842 | 1,590 | |||||||||||||||
Transfer agent fees | 105,550 | 19,817 | 9,856 | 1,827 | 1,357 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total liabilities | 1,303,628,466 | 12,906,868 | 1,090,124 | 107,583 | 62,239 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET ASSETS | $ | 26,843,523,875 | $ | 4,473,715,157 | $ | 147,200,650 | $ | 49,262,743 | $ | 21,480,267 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET ASSETS CONSIST OF | ||||||||||||||||||||
Paid-in capital | $ | 26,843,027,362 | $ | 4,474,031,346 | $ | 147,211,048 | $ | 49,262,387 | $ | 21,480,267 | ||||||||||
Undistributed net investment income | 514,324 | — | 2,295 | 356 | — | |||||||||||||||
Accumulated net realized gain (loss) | (17,811 | ) | 9,135 | (12,693 | ) | — | — | |||||||||||||
Net unrealized appreciation (depreciation) | — | (325,324 | ) | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET ASSETS | $ | 26,843,523,875 | $ | 4,473,715,157 | $ | 147,200,650 | $ | 49,262,743 | $ | 21,480,267 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
(a) Investments at cost — unaffiliated | $ | 27,221,706,460 | $ | 4,467,084,415 | $ | 147,658,928 | $ | 49,206,367 | $ | 21,420,000 |
See notes to financial statements.
FINANCIAL STATEMENTS | 51 |
Statements of Assets and Liabilities (unaudited) (continued)
April 30, 2018
Treasury Trust Fund | MuniCash | MuniFund | California Money Fund | New York Money Fund | ||||||||||||||||
NET ASSET VALUE | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Net assets | $ | 25,809,700,413 | $ | 4,472,327,640 | $ | 123,053,624 | $ | 46,458,035 | $ | 20,759,293 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(b) | 25,809,222,900 | 4,472,177,386 | 122,911,357 | 46,456,657 | 20,759,285 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | 1.0000 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Dollar | ||||||||||||||||||||
Net assets | $ | 461,877,503 | $ | 1,387,517 | $ | 4,608,551 | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(b) | 461,869,015 | 1,387,488 | 4,603,221 | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | 1.0000 | $ | 1.00 | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Cash Management | ||||||||||||||||||||
Net assets | $ | 19,703,678 | $ | — | $ | 132,098 | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(b) | 19,703,316 | — | 131,945 | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | — | $ | 1.00 | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Cash Reserve | ||||||||||||||||||||
Net assets | $ | 2,061,416 | $ | — | $ | — | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(b) | 2,061,378 | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | — | $ | — | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Administration | ||||||||||||||||||||
Net assets | $ | 518,365,481 | $ | — | $ | 16,301,442 | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(b) | 518,355,953 | — | 16,282,606 | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | — | $ | 1.00 | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Select | ||||||||||||||||||||
Net assets | $ | 31,815,384 | $ | — | $ | 2,780,380 | $ | 2,029,497 | $ | 389,457 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(b) | 31,814,800 | — | 2,777,165 | 2,029,437 | 389,457 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Private Client | ||||||||||||||||||||
Net assets | $ | — | $ | — | $ | 324,555 | $ | 775,211 | $ | 331,517 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(b) | — | — | 324,180 | 775,188 | 331,517 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | — | $ | — | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
(b) | Unlimited number of shares authorized, no par value. |
See notes to financial statements.
52 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Operations (unaudited)
April 30, 2018
Federal Trust Fund | FedFund | TempCash | TempFund | T-Fund | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||
Interest — unaffiliated | $ | 20,796,855 | $ | 658,601,596 | $ | 16,667,629 | $ | 108,054,621 | $ | 479,750,291 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investment income | 20,796,855 | 658,601,596 | 16,667,629 | 108,054,621 | 479,750,291 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
EXPENSES | ||||||||||||||||||||
Management | 3,488,994 | 84,700,650 | 3,189,982 | 13,468,592 | 61,941,588 | |||||||||||||||
Service and distribution — class specific | 241,991 | 7,414,249 | 19,569 | 1,858,848 | 5,883,455 | |||||||||||||||
Registration | 76,997 | 596,983 | 229,263 | 364,620 | 860,104 | |||||||||||||||
Professional | 47,827 | 302,808 | 36,899 | 99,277 | 209,462 | |||||||||||||||
Transfer agent | 32,654 | 291,376 | 9,652 | 329,083 | 138,914 | |||||||||||||||
Custodian | 23,432 | 260,662 | 27,071 | 89,041 | 262,969 | |||||||||||||||
Printing | 10,074 | 27,577 | 15,509 | 30,531 | 28,445 | |||||||||||||||
Trustees and Officer | 9,438 | 285,339 | 6,694 | 53,027 | 186,947 | |||||||||||||||
Board consolidation | 388 | 6,127 | 437 | 3,819 | 7,061 | |||||||||||||||
Miscellaneous | 28,439 | 298,492 | 29,289 | 94,688 | 225,260 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses | 3,960,234 | 94,184,263 | 3,564,365 | 16,391,526 | 69,744,205 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less: | ||||||||||||||||||||
Fees waived and/or reimbursed by the Manager | (1,136,832 | ) | (8,058,494 | ) | (1,764,091 | ) | (2,787,283 | ) | (6,487,521 | ) | ||||||||||
Service and distribution fees waived — class specific | — | (47,907 | ) | — | (3,227 | ) | (38,988 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses after fees waived and/or reimbursed | 2,823,402 | 86,077,862 | 1,800,274 | 13,601,016 | 63,217,696 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 17,973,453 | 572,523,734 | 14,867,355 | 94,453,605 | 416,532,595 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||
Net realized gain (loss) from investments | 55,096 | (1,132,782 | ) | 27,493 | 211,431 | (691,620 | ) | |||||||||||||
Net change in unrealized depreciation on investments | — | — | (42,666 | ) | (1,756,034 | ) | — | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 18,028,549 | $ | 571,390,952 | $ | 14,852,182 | $ | 92,909,002 | $ | 415,840,975 | ||||||||||
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 53 |
Statements of Operations (unaudited) (continued)
April 30, 2018
Treasury Trust Fund | MuniCash | MuniFund | California Money Fund | New York Money Fund | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||
Interest — unaffiliated | $ | 191,732,076 | $ | 25,041,964 | $ | 996,325 | $ | 281,073 | $ | 139,515 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investment income | 191,732,076 | 25,041,964 | 996,325 | 281,073 | 139,515 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
EXPENSES | ||||||||||||||||||||
Management | 25,514,324 | 5,537,804 | 279,380 | 87,623 | 41,608 | |||||||||||||||
Service and distribution — class specific | 1,180,760 | 1,853 | 28,893 | 11,909 | 2,356 | |||||||||||||||
Registration | 821,316 | 228,224 | 77,100 | 21,422 | 37,182 | |||||||||||||||
Custodian | 153,048 | 46,803 | 5,127 | 2,955 | 1,992 | |||||||||||||||
Transfer agent | 135,883 | 25,485 | 4,722 | 2,522 | 1,592 | |||||||||||||||
Professional | 100,976 | 45,631 | 34,226 | 32,134 | 32,883 | |||||||||||||||
Trustees and Officer | 85,382 | 13,261 | 3,873 | 4,466 | 3,441 | |||||||||||||||
Printing | 19,395 | 14,266 | 14,895 | 14,490 | 14,393 | |||||||||||||||
Board consolidation | 2,029 | 717 | 232 | 206 | 217 | |||||||||||||||
Miscellaneous | 106,376 | 14,988 | 11,541 | 5,393 | 6,726 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses | 28,119,489 | 5,929,032 | 459,989 | 183,120 | 142,390 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less: | ||||||||||||||||||||
Fees waived and/or reimbursed by the Manager | (3,714,382 | ) | (1,870,657 | ) | (271,160 | ) | (124,422 | ) | (117,787 | ) | ||||||||||
Service and distribution fees waived — class specific | (3,630 | ) | — | (1,455 | ) | (2,116 | ) | (675 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses after fees waived and/or reimbursed | 24,401,477 | 4,058,375 | 187,374 | 56,582 | 23,928 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 167,330,599 | 20,983,589 | 808,951 | 224,491 | 115,587 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||
Net realized gain (loss) from investments | (424,231 | ) | 9,139 | (12,687 | ) | — | — | |||||||||||||
Net change in unrealized depreciation on investments | — | (259,627 | ) | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 166,906,368 | $ | 20,733,101 | $ | 796,264 | $ | 224,491 | $ | 115,587 | ||||||||||
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
54 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets (unaudited)
Federal Trust Fund | FedFund | |||||||||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended 10/31/2017 | Six Months Ended 04/30/2018 (Unaudited) | Year Ended 10/31/2017 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 17,973,453 | $ | 18,960,887 | $ | 572,523,734 | $ | 540,085,826 | ||||||||||||
Net realized gain (loss) | 55,096 | (17,999 | ) | (1,132,782 | ) | 216,511 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | 18,028,549 | 18,942,888 | 571,390,952 | 540,302,337 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
From net investment income: | ||||||||||||||||||||
Institutional | (16,967,978 | ) | (18,006,882 | ) | (538,885,279 | ) | (516,065,493 | ) | ||||||||||||
Dollar | (673,536 | ) | (577,738 | ) | (9,625,827 | ) | (8,000,675 | ) | ||||||||||||
Cash Management | (51,846 | ) | (26,481 | ) | (609,990 | ) | (298,553 | ) | ||||||||||||
Cash Reserve | (1,657 | ) | (1,047 | ) | (4,885,116 | ) | (2,599,156 | ) | ||||||||||||
Administration | (278,403 | ) | (348,739 | ) | (14,686,572 | ) | (12,986,829 | ) | ||||||||||||
Select | — | — | (431,834 | ) | (130,869 | ) | ||||||||||||||
Private Client | — | — | (5,028 | ) | (3,699 | ) | ||||||||||||||
Premier | — | — | — | (1 | ) | |||||||||||||||
Capital | — | — | (3,393,950 | ) | — | |||||||||||||||
From net realized gain: | ||||||||||||||||||||
Institutional | — | (74,346 | ) | — | — | |||||||||||||||
Dollar | — | (3,463 | ) | — | — | |||||||||||||||
Cash Management | — | (660 | ) | — | — | |||||||||||||||
Cash Reserve | — | (10 | ) | — | — | |||||||||||||||
Administration | — | (1,073 | ) | — | — | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Decrease in net assets resulting from distributions to shareholders | (17,973,420 | ) | (19,040,439 | ) | (572,523,596 | ) | (540,085,275 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (126,536,833 | ) | (484,956,793 | ) | 13,079,746,335 | (4,860,259,757 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | (126,481,704 | ) | (485,054,344 | ) | 13,078,613,691 | (4,860,042,695 | ) | |||||||||||||
Beginning of period | 2,974,245,499 | 3,459,299,843 | 83,420,197,060 | 88,280,239,755 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 2,847,763,795 | $ | 2,974,245,499 | $ | 96,498,810,751 | $ | 83,420,197,060 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Undistributed net investment income, end of period | $ | 82,371 | $ | 82,338 | $ | 932,065 | $ | 931,927 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL STATEMENTS | 55 |
Statements of Changes in Net Assets (unaudited) (continued)
TempCash | TempFund | |||||||||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended 10/31/2017 | Six Months Ended 04/30/2018 (Unaudited) | Year Ended 10/31/2017 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 14,867,355 | $ | 5,571,207 | $ | 94,453,605 | $ | 127,271,612 | ||||||||||||
Net realized gain | 27,493 | 5,593 | 211,431 | 1,261,561 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) | (42,666 | ) | 32,735 | (1,756,034 | ) | 28,548 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | 14,852,182 | 5,609,535 | 92,909,002 | 128,561,721 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
From net investment income: | ||||||||||||||||||||
Institutional | (14,774,534 | ) | (5,431,359 | ) | (89,771,457 | ) | (122,153,526 | ) | ||||||||||||
Dollar | (92,819 | ) | (139,515 | ) | (656,210 | ) | (715,698 | ) | ||||||||||||
Cash Management | — | — | (3,277,986 | ) | (3,666,913 | ) | ||||||||||||||
Cash Reserve | — | — | (22,949 | ) | (19,274 | ) | ||||||||||||||
Administration | — | — | (715,042 | ) | (709,042 | ) | ||||||||||||||
Select | — | — | (2 | ) | (119 | ) | ||||||||||||||
Private Client | — | — | (9,959 | ) | (6,829 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Decrease in net assets resulting from distributions to shareholders | (14,867,353 | ) | (5,570,874 | ) | (94,453,605 | ) | (127,271,401 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 786,950,699 | 1,637,574,788 | (2,397,107,288 | ) | 4,695,432,576 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | 786,935,528 | 1,637,613,449 | (2,398,651,891 | ) | 4,696,722,896 | |||||||||||||||
Beginning of period | 1,735,918,042 | 98,304,593 | 13,826,658,350 | 9,129,935,454 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 2,522,853,570 | $ | 1,735,918,042 | $ | 11,428,006,459 | $ | 13,826,658,350 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions in excess of net investment income, end of period | $ | (37,900 | ) | $ | (37,902 | ) | $ | (340,835 | ) | $ | (340,835 | ) | ||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
56 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets (unaudited) (continued)
T-Fund | Treasury Trust Fund | |||||||||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended 10/31/2017 | Six Months Ended 04/30/2018 (Unaudited) | Year Ended 10/31/2017 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 416,532,595 | $ | 316,625,193 | $ | 167,330,599 | $ | 139,395,282 | ||||||||||||
Net realized gain (loss) | (691,620 | ) | 846,876 | (424,231 | ) | 525,467 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | 415,840,975 | 317,472,069 | 166,906,368 | 139,920,749 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
From net investment income: | ||||||||||||||||||||
Institutional | (391,314,005 | ) | (298,983,476 | ) | (160,984,646 | ) | (134,460,068 | ) | ||||||||||||
Dollar | (13,794,302 | ) | (13,410,645 | ) | (2,536,991 | ) | (1,840,959 | ) | ||||||||||||
Cash Management | (2,181,694 | ) | (1,091,951 | ) | (79,197 | ) | (48,000 | ) | ||||||||||||
Cash Reserve | (255,418 | ) | (170,419 | ) | (15,340 | ) | (2,508 | ) | ||||||||||||
Administration | (4,000,385 | ) | (2,952,813 | ) | (3,642,843 | ) | (3,037,521 | ) | ||||||||||||
Select | (124,818 | ) | (15,889 | ) | (71,581 | ) | (6,226 | ) | ||||||||||||
Capital | (4,861,970 | ) | — | — | — | |||||||||||||||
From net realized gain: | ||||||||||||||||||||
Institutional | (255,001 | ) | (613,939 | ) | (57,899 | ) | (905,350 | ) | ||||||||||||
Dollar | (9,951 | ) | (51,020 | ) | (1,043 | ) | (22,085 | ) | ||||||||||||
Cash Management | (2,359 | ) | (13,602 | ) | (45 | ) | (587 | ) | ||||||||||||
Cash Reserve | (225 | ) | (778 | ) | (2 | ) | (17 | ) | ||||||||||||
Administration | (2,691 | ) | (4,903 | ) | (1,596 | ) | (19,270 | ) | ||||||||||||
Select | (314 | ) | (969 | ) | (80 | ) | (4,225 | ) | ||||||||||||
Capital | (1 | ) | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Decrease in net assets resulting from distributions to shareholders | (416,803,134 | ) | (317,310,404 | ) | (167,391,263 | ) | (140,346,816 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 19,443,642,124 | (1,518,124,014 | ) | 1,504,308,603 | 3,432,239,907 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | 19,442,679,965 | (1,517,962,349 | ) | 1,503,823,708 | 3,431,813,840 | |||||||||||||||
Beginning of period | 57,415,174,120 | 58,933,136,469 | 25,339,700,167 | 21,907,886,327 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 76,857,854,085 | $ | 57,415,174,120 | $ | 26,843,523,875 | $ | 25,339,700,167 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Undistributed net investment income, end of period | $ | 1,057,109 | $ | 1,057,106 | $ | 514,324 | $ | 514,323 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL STATEMENTS | 57 |
Statements of Changes in Net Assets (unaudited) (continued)
MuniCash | MuniFund | |||||||||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended 10/31/2017 | Six Months Ended 04/30/2018 (Unaudited) | Year Ended 10/31/2017 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 20,983,589 | $ | 18,758,580 | $ | 808,951 | $ | 1,294,036 | ||||||||||||
Net realized gain (loss) | 9,139 | 785,746 | (12,687 | ) | 5,403 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | (259,627 | ) | (83,173 | ) | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | 20,733,101 | 19,461,153 | 796,264 | 1,299,439 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
From net investment income: | ||||||||||||||||||||
Institutional | (21,045,581 | ) | (18,685,907 | ) | (703,553 | ) | (1,157,288 | ) | ||||||||||||
Dollar | (5,757 | ) | (4,924 | ) | (18,138 | ) | (24,198 | ) | ||||||||||||
Cash Management | — | — | (86 | ) | (52 | ) | ||||||||||||||
Administration | — | — | (82,350 | ) | (112,066 | ) | ||||||||||||||
Select | — | — | (3,891 | ) | (2 | ) | ||||||||||||||
Private Client | — | — | (938 | ) | (430 | ) | ||||||||||||||
From net realized gain: | ||||||||||||||||||||
Institutional | (785,399 | ) | — | (4,353 | ) | (31,041 | ) | |||||||||||||
Dollar | (351 | ) | — | (139 | ) | (862 | ) | |||||||||||||
Cash Management | — | — | — | (10 | ) | |||||||||||||||
Administration | — | — | (552 | ) | (3,723 | ) | ||||||||||||||
Select | — | — | (105 | ) | (977 | ) | ||||||||||||||
Private Client | — | — | (10 | ) | (55 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Decrease in net assets resulting from distributions to shareholders | (21,837,088 | ) | (18,690,831 | ) | (814,115 | ) | (1,330,704 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 376,295,905 | 1,956,130,668 | (25,543,945 | ) | (218,097 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | 375,191,918 | 1,956,900,990 | (25,561,796 | ) | (249,362 | ) | ||||||||||||||
Beginning of period | 4,098,523,239 | 2,141,622,249 | 172,762,446 | 173,011,808 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 4,473,715,157 | $ | 4,098,523,239 | $ | 147,200,650 | $ | 172,762,446 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Undistributed net investment income, end of period | $ | — | $ | 67,749 | $ | 2,295 | $ | 2,300 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
58 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets (unaudited) (continued)
California Money Fund | New York Money Fund | |||||||||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended 10/31/2017 | Six Months Ended 04/30/2018 (Unaudited) | Year Ended 10/31/2017 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 224,491 | $ | 208,194 | $ | 115,587 | $ | 98,319 | ||||||||||||
Net realized gain | — | 433 | — | — | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | 224,491 | 208,627 | 115,587 | 98,319 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
From net investment income: | ||||||||||||||||||||
Institutional | (220,266 | ) | (205,434 | ) | (114,285 | ) | (97,981 | ) | ||||||||||||
Select | (2,224 | ) | (2 | ) | (380 | ) | — | |||||||||||||
Private Client | (2,001 | ) | (2,758 | ) | (922 | ) | (338 | ) | ||||||||||||
From net realized gain: | ||||||||||||||||||||
Institutional | — | (50,387 | ) | — | — | |||||||||||||||
Select | — | (8,364 | ) | — | — | |||||||||||||||
Private Client | — | (4,304 | ) | — | — | |||||||||||||||
From return of capital: | ||||||||||||||||||||
Institutional | — | — | — | (22,442 | ) | |||||||||||||||
Select | — | — | — | (464 | ) | |||||||||||||||
Private Client | — | — | — | (416 | ) | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Decrease in net assets resulting from distributions to shareholders | (224,491 | ) | (271,249 | ) | (115,587 | ) | (121,641 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 15,936,544 | (19,785,692 | ) | 4,046,200 | (1,358,781 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | 15,936,544 | (19,848,314 | ) | 4,046,200 | (1,382,103 | ) | ||||||||||||||
Beginning of period | 33,326,199 | 53,174,513 | 17,434,067 | 18,816,170 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 49,262,743 | $ | 33,326,199 | $ | 21,480,267 | $ | 17,434,067 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Undistributed net investment income, end of period | $ | 356 | $ | 356 | $ | — | $ | — | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL STATEMENTS | 59 |
(For a share outstanding throughout each period)
Federal Trust Fund | ||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0060 | 0.0059 | 0.0016 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
Net realized gain | 0.0000 | (a) | 0.0001 | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0060 | 0.0060 | 0.0016 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0060 | ) | (0.0060 | ) | (0.0016 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | — | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0060 | ) | (0.0060 | ) | (0.0016 | ) | (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 Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.60 | %(e) | 0.61 | % | 0.16 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.25 | %(f) | 0.24 | % | 0.28 | % | 0.33 | % | 0.33 | % | 0.32 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.17 | %(f) | 0.17 | % | 0.18 | % | 0.08 | % | 0.07 | % | 0.11 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.20 | %(f) | 0.59 | % | 0.19 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,652,516 | $ | 2,756,560 | $ | 3,142,077 | $ | 331,549 | $ | 236,113 | $ | 235,349 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
60 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
Federal Trust Fund (continued) | ||||||||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0047 | 0.0035 | 0.0000 | (a) | 0.0001 | 0.0001 | 0.0001 | |||||||||||||||||||||
Net realized gain | 0.0001 | 0.0001 | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0048 | 0.0036 | 0.0000 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0048 | ) | (0.0036 | ) | (0.0000 | )(c) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | — | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0048 | ) | (0.0036 | ) | (0.0000 | ) | (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 Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.48 | %(e) | 0.36 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.50 | %(f) | 0.49 | % | 0.52 | % | 0.58 | % | 0.58 | % | 0.57 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.42 | %(f) | 0.42 | % | 0.38 | % | 0.08 | % | 0.07 | % | 0.11 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.94 | %(f) | 0.35 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 118,103 | $ | 133,962 | $ | 242,959 | $ | 2,105 | $ | 3,683 | $ | 15,061 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 61 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
Federal Trust Fund (continued) | ||||||||||||
Cash Management | ||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended 10/31/2017 | Period from to 10/31/2016 | ||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
|
|
|
|
|
| |||||||
Net investment income | 0.0035 | 0.0012 | �� | 0.0000 | (b) | |||||||
Net realized gain | 0.0000 | (b) | 0.0004 | — | ||||||||
|
|
|
|
|
| |||||||
Net increase from investment operations | 0.0035 | 0.0016 | 0.0000 | |||||||||
|
|
|
|
|
| |||||||
Distributions(c) | ||||||||||||
From net investment income | (0.0035 | ) | (0.0016 | ) | (0.0000 | )(d) | ||||||
From net realized gain | — | (0.0000 | )(d) | — | ||||||||
|
|
|
|
|
| |||||||
Total distributions | (0.0035 | ) | (0.0016 | ) | (0.0000 | ) | ||||||
|
|
|
|
|
| |||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
|
|
|
|
|
| |||||||
Total Return(e) | ||||||||||||
Based on net asset value | 0.35 | %(f) | 0.16 | % | 0.00 | %(f) | ||||||
|
|
|
|
|
| |||||||
Ratios to Average Net Assets | ||||||||||||
Total expenses | 0.75 | %(g) | 0.74 | % | 0.69 | %(g) | ||||||
|
|
|
|
|
| |||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.67 | %(g) | 0.59 | % | 0.34 | %(g) | ||||||
|
|
|
|
|
| |||||||
Net investment income | 0.71 | %(g) | 0.12 | % | 0.00 | %(g) | ||||||
|
|
|
|
|
| |||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000) | $ | 14,350 | $ | 15,174 | $ | 31,560 | ||||||
|
|
|
|
|
|
(a) | Commencement of operations. |
(b) | Amount is less than $0.00005 per share. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Amount is greater than $(0.00005) per share. |
(e) | Where applicable, assumes the reinvestment of distributions. |
(f) | Aggregate total return. |
(g) | Annualized. |
See notes to financial statements.
62 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
Federal Trust Fund (continued) | ||||||||||||
Cash Reserve | ||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended 10/31/2017 | Period from to 10/31/2016 | ||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
|
|
|
|
|
| |||||||
Net investment income | 0.0040 | 0.0022 | 0.0000 | (b) | ||||||||
Net realized gain | 0.0000 | (b) | 0.0001 | — | ||||||||
|
|
|
|
|
| |||||||
Net increase from investment operations | 0.0040 | 0.0023 | 0.0000 | |||||||||
|
|
|
|
|
| |||||||
Distributions(c) | ||||||||||||
From net investment income | (0.0040 | ) | (0.0023 | ) | (0.0000 | )(d) | ||||||
From net realized gain | — | (0.0000 | )(d) | — | ||||||||
|
|
|
|
|
| |||||||
Total distributions | (0.0040 | ) | (0.0023 | ) | (0.0000 | ) | ||||||
|
|
|
|
|
| |||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
|
|
|
|
|
| |||||||
Total Return(e) | ||||||||||||
Based on net asset value | 0.40 | %(f) | 0.23 | % | 0.00 | %(f) | ||||||
|
|
|
|
|
| |||||||
Ratios to Average Net Assets | ||||||||||||
Total expenses | 0.64 | %(g) | 0.64 | % | 0.61 | %(g) | ||||||
|
|
|
|
|
| |||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.57 | %(g) | 0.54 | % | 0.35 | %(g) | ||||||
|
|
|
|
|
| |||||||
Net investment income | 0.80 | %(g) | 0.22 | % | 0.00 | %(g) | ||||||
|
|
|
|
|
| |||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000) | $ | 376 | $ | 447 | $ | 499 | ||||||
|
|
|
|
|
|
(a) | Commencement of operations. |
(b) | Amount is less than $0.00005 per share. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Amount is greater than $(0.00005) per share. |
(e) | Where applicable, assumes the reinvestment of distributions. |
(f) | Aggregate total return. |
(g) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 63 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
Federal Trust Fund (continued) | ||||||||||||||||||||||||||||
Administration | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0053 | 0.0056 | 0.0007 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
Net realized gain (loss) | 0.0002 | (0.0006 | ) | — | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0055 | 0.0050 | 0.0007 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0055 | ) | (0.0050 | ) | (0.0007 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | — | (0.0000 | )(c) | — | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0055 | ) | (0.0050 | ) | (0.0007 | ) | (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 Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.55 | %(e) | 0.51 | % | 0.06 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.35 | %(f) | 0.34 | % | 0.37 | % | 0.43 | % | 0.43 | % | 0.42 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.27 | %(f) | 0.27 | % | 0.28 | % | 0.08 | % | 0.07 | % | 0.10 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.08 | %(f) | 0.56 | % | 0.11 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 62,419 | $ | 68,102 | $ | 42,205 | $ | — | (g) | $ | 2,183 | $ | 2,289 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
(g) | Net assets are less than $500. |
See notes to financial statements.
64 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
FedFund | ||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0062 | 0.0065 | 0.0023 | 0.0002 | 0.0001 | 0.0001 | ||||||||||||||||||||||
Net realized gain | 0.0000 | (a) | 0.0001 | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0062 | 0.0066 | 0.0023 | 0.0002 | 0.0001 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0062 | ) | (0.0066 | ) | (0.0023 | ) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | — | — | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0062 | ) | (0.0066 | ) | (0.0023 | ) | (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 Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.62 | %(e) | 0.66 | % | 0.23 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.19 | %(f) | 0.19 | % | 0.21 | % | 0.21 | % | 0.21 | % | 0.21 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.17 | %(f) | 0.15 | % | 0.12 | % | 0.12 | % | 0.09 | % | 0.14 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.25 | %(f) | 0.65 | % | 0.28 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 84,067,773 | $ | 78,004,801 | $ | 84,001,937 | $ | 11,361,624 | $ | 10,689,737 | $ | 12,265,686 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 65 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
FedFund (continued) | ||||||||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0050 | 0.0039 | 0.0004 | 0.0002 | 0.0001 | 0.0001 | ||||||||||||||||||||||
Net realized gain (loss) | (0.0001 | ) | 0.0002 | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0049 | 0.0041 | 0.0004 | 0.0002 | 0.0001 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0049 | ) | (0.0041 | ) | (0.0004 | ) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | — | — | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0049 | ) | (0.0041 | ) | (0.0004 | ) | (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 Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.50 | %(e) | 0.41 | % | 0.04 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.44 | %(f) | 0.44 | % | 0.46 | % | 0.46 | % | 0.46 | % | 0.46 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.42 | %(f) | 0.40 | % | 0.34 | % | 0.13 | % | 0.09 | % | 0.13 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.00 | %(f) | 0.39 | % | 0.04 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,945,786 | $ | 1,714,598 | $ | 2,029,496 | $ | 917,631 | $ | 748,382 | $ | 593,574 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
66 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
FedFund (continued) | ||||||||||||||||||||||||||||
Cash Management | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0037 | 0.0020 | 0.0003 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
Net realized gain | 0.0000 | (a) | 0.0001 | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0037 | 0.0021 | 0.0003 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0037 | ) | (0.0021 | ) | (0.0003 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | — | — | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0037 | ) | (0.0021 | ) | (0.0003 | ) | (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 Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.37 | %(e) | 0.21 | % | 0.04 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.69 | %(f) | 0.69 | % | 0.71 | % | 0.71 | % | 0.71 | % | 0.71 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.67 | %(f) | 0.61 | % | 0.36 | % | 0.13 | % | 0.09 | % | 0.13 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.74 | %(f) | 0.20 | % | 0.03 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 142,622 | $ | 106,798 | $ | 90,565 | $ | 64,483 | $ | 3,547 | $ | 2,947 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 67 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
FedFund (continued) | ||||||||||||||||||||||||||||
Cash Reserve | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0043 | 0.0032 | 0.0003 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
Net realized (loss) | (0.0001 | ) | (0.0004 | ) | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0042 | 0.0028 | 0.0003 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0042 | ) | (0.0028 | ) | (0.0003 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | — | — | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0042 | ) | (0.0028 | ) | (0.0003 | ) | (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 Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.42 | %(e) | 0.28 | % | 0.04 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.59 | %(f) | 0.59 | % | 0.62 | % | 0.61 | % | 0.61 | % | 0.61 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.57 | %(f) | 0.55 | % | 0.31 | % | 0.13 | % | 0.09 | % | 0.12 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.87 | %(f) | 0.32 | % | 0.09 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,205,858 | $ | 814,974 | $ | 220,572 | $ | 5,442 | $ | 4,561 | $ | 4,863 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
68 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
FedFund (continued) | ||||||||||||||||||||||||||||
Administration | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0058 | 0.0057 | 0.0014 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
Net realized (loss) | (0.0001 | ) | (0.0001 | ) | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0057 | 0.0056 | 0.0014 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0057 | ) | (0.0056 | ) | (0.0014 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | — | — | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0057 | ) | (0.0056 | ) | (0.0014 | ) | (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 Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.57 | %(e) | 0.56 | % | 0.14 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.29 | %(f) | 0.29 | % | 0.31 | % | 0.31 | % | 0.31 | % | 0.31 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.27 | %(f) | 0.26 | % | 0.21 | % | 0.13 | % | 0.09 | % | 0.14 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.17 | %(f) | 0.57 | % | 0.17 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,717,389 | $ | 2,436,503 | $ | 1,693,932 | $ | 346,593 | $ | 233,421 | $ | 12,271 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 69 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
FedFund (continued) | ||||||||||||||||||||||||||||
Select | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0018 | 0.0005 | 0.0003 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
Net realized gain (loss) | 0.0003 | (0.0001 | ) | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0021 | 0.0004 | 0.0003 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0021 | ) | (0.0004 | ) | (0.0003 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | — | — | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0021 | ) | (0.0004 | ) | (0.0003 | ) | (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 Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.21 | %(e) | 0.04 | % | 0.04 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 1.04 | %(f) | 1.04 | % | 1.06 | % | 1.06 | % | 1.06 | % | 1.06 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 1.00 | %(f) | 0.77 | % | 0.34 | % | 0.13 | % | 0.09 | % | 0.14 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.37 | %(f) | 0.05 | % | 0.04 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 175,829 | $ | 340,742 | $ | 241,781 | $ | 205,658 | $ | 92,940 | $ | 111,589 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
70 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
FedFund (continued) | ||||||||||||||||||||||||||||
Private Client | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0034 | 0.0020 | 0.0003 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
Net realized gain | 0.0002 | 0.0001 | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0036 | 0.0021 | 0.0003 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0036 | ) | (0.0021 | ) | (0.0003 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | — | — | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0036 | ) | (0.0021 | ) | (0.0003 | ) | (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 Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.36 | %(e) | 0.21 | % | 0.04 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 1.04 | %(f) | 1.04 | % | 1.06 | % | 1.06 | % | 1.06 | % | 1.06 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.68 | %(f) | 0.60 | % | 0.35 | % | 0.13 | % | 0.09 | % | 0.14 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.68 | %(f) | 0.20 | % | 0.03 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 771 | $ | 1,782 | $ | 1,945 | $ | 3,777 | $ | 6,385 | $ | 7,729 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 71 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
FedFund (continued) | ||||
Capital | ||||
Period from to 04/30/2018 (Unaudited) | ||||
Net asset value, beginning of period | $ | 1.00 | ||
|
| |||
Net investment income | 0.0073 | |||
Net realized (loss) | (0.0016 | ) | ||
|
| |||
Net increase from investment operations | 0.0057 | |||
|
| |||
Distributions(b) | ||||
From net investment income | (0.0057 | ) | ||
|
| |||
Net asset value, end of period | $ | 1.00 | ||
|
| |||
Total Return(c) | ||||
Based on net asset value | 0.57 | %(d) | ||
|
| |||
Ratios to Average Net Assets | ||||
Total expenses | 0.25 | %(e) | ||
|
| |||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.22 | %(e) | ||
|
| |||
Net investment income | 1.54 | %(e) | ||
|
| |||
Supplemental Data | ||||
Net assets, end of period (000) | $ | 6,242,783 | ||
|
|
(a) | Commencement of operations. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Aggregate total return. |
(e) | Annualized. |
See notes to financial statements.
72 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
TempCash | ||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0002 | $ | 1.0000 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.0000 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0075 | 0.0108 | 0.0027 | 0.0006 | 0.0004 | 0.0010 | ||||||||||||||||||||||
Net realized and unrealized gain | (0.0001 | ) | (0.0022 | ) | 0.0002 | 0.0002 | 0.0002 | 0.0000 | (a) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0074 | 0.0086 | 0.0029 | 0.0008 | 0.0006 | 0.0010 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0074 | ) | (0.0084 | ) | (0.0027 | ) | (0.0006 | ) | (0.0004 | ) | (0.0010 | ) | ||||||||||||||||
From net realized gain | — | — | (0.0002 | ) | (0.0002 | ) | (0.0002 | ) | (0.0000 | )(c) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0074 | ) | (0.0084 | ) | (0.0029 | ) | (0.0008 | ) | (0.0006 | ) | (0.0010 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.0002 | $ | 1.0002 | $ | 1.0000 | $ | 1.00 | $ | 1.00 | $ | 1.0000 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.74 | %(e) | 0.87 | % | 0.29 | % | 0.08 | % | 0.06 | % | 0.10 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.36 | %(f) | 0.39 | % | 0.39 | % | 0.35 | % | 0.33 | % | 0.31 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.18 | %(f) | 0.18 | % | 0.13 | % | 0.18 | % | 0.18 | % | 0.18 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.51 | %(f) | 1.08 | % | 0.26 | % | 0.06 | % | 0.05 | % | 0.10 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,510,403 | $ | 1,713,352 | $ | 72,311 | $ | 1,142,790 | $ | 1,489,543 | $ | 2,647,717 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 73 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
TempCash (continued) | ||||||||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0002 | $ | 1.0000 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0059 | 0.0058 | 0.0006 | 0.0001 | 0.0000 | (a) | 0.0002 | |||||||||||||||||||||
Net realized and unrealized gain | 0.0002 | 0.0004 | 0.0002 | 0.0002 | 0.0002 | 0.0000 | (a) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0061 | 0.0062 | 0.0008 | 0.0003 | 0.0002 | 0.0002 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0061 | ) | (0.0060 | ) | (0.0006 | ) | (0.0001 | ) | (0.0000 | )(c) | (0.0002 | ) | ||||||||||||||||
From net realized gain | — | — | (0.0002 | ) | (0.0002 | ) | (0.0002 | ) | (0.0000 | )(c) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0061 | ) | (0.0060 | ) | (0.0008 | ) | (0.0003 | ) | (0.0002 | ) | (0.0002 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.0002 | $ | 1.0002 | $ | 1.0000 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.61 | %(e) | 0.62 | % | 0.08 | % | 0.03 | % | 0.02 | % | 0.02 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.61 | %(f) | 0.71 | % | 0.64 | % | 0.59 | % | 0.58 | % | 0.56 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.43 | %(f) | 0.42 | % | 0.34 | % | 0.23 | % | 0.22 | % | 0.26 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.19 | %(f) | 0.58 | % | 0.06 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 12,451 | $ | 22,566 | $ | 25,994 | $ | 83,662 | $ | 213,086 | $ | 464,691 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
74 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
TempFund | ||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0003 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0073 | 0.0100 | 0.0036 | 0.0008 | 0.0003 | 0.0008 | ||||||||||||||||||||||
Net realized and unrealized gain | — | 0.0001 | 0.0004 | 0.0001 | 0.0001 | 0.0000 | (a) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0073 | 0.0101 | 0.0040 | 0.0009 | 0.0004 | 0.0008 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0074 | ) | (0.0100 | ) | (0.0036 | ) | (0.0008 | ) | (0.0003 | ) | (0.0008 | ) | ||||||||||||||||
From net realized gain | — | — | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )(c) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0074 | ) | (0.0100 | ) | (0.0038 | ) | (0.0009 | ) | (0.0004 | ) | (0.0008 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.0002 | $ | 1.0003 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.73 | %(e) | 1.01 | % | 0.41 | % | 0.09 | % | 0.04 | % | 0.08 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.22 | %(f) | 0.22 | % | 0.19 | % | 0.19 | % | 0.19 | % | 0.19 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.18 | %(f) | 0.18 | % | 0.18 | % | 0.16 | % | 0.17 | % | 0.18 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.48 | %(f) | 1.03 | % | 0.35 | % | 0.08 | % | 0.03 | % | 0.08 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 10,573,147 | $ | 12,940,766 | $ | 8,183,070 | $ | 62,215,214 | $ | 46,327,088 | $ | 42,517,741 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 75 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
TempFund (continued) | ||||||||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0004 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0062 | 0.0075 | 0.0013 | 0.0002 | 0.0002 | 0.0001 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.0002 | ) | 0.0002 | 0.0004 | 0.0001 | 0.0001 | 0.0000 | (a) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0060 | 0.0077 | 0.0017 | 0.0003 | 0.0003 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0062 | ) | (0.0075 | ) | (0.0013 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | — | — | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )(c) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0062 | ) | (0.0075 | ) | (0.0015 | ) | (0.0003 | ) | (0.0003 | ) | (0.0001 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.0002 | $ | 1.0004 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.60 | %(e) | 0.77 | % | 0.17 | % | 0.03 | % | 0.03 | % | 0.02 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.47 | %(f) | 0.47 | % | 0.44 | % | 0.44 | % | 0.44 | % | 0.44 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.43 | %(f) | 0.43 | % | 0.42 | % | 0.22 | % | 0.18 | % | 0.25 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.26 | %(f) | 0.78 | % | 0.13 | % | 0.02 | % | 0.02 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 105,172 | $ | 86,362 | $ | 91,943 | $ | 1,511,529 | $ | 2,673,968 | $ | 2,300,509 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
76 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
TempFund (continued) | ||||||||||||||||||||||||||||
Cash Management | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0003 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0049 | 0.0050 | 0.0000 | (a) | 0.0002 | 0.0002 | 0.0001 | |||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.0001 | ) | 0.0001 | 0.0004 | 0.0001 | 0.0001 | 0.0000 | (a) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0048 | 0.0051 | 0.0004 | 0.0003 | 0.0003 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0049 | ) | (0.0050 | ) | (0.0000 | )(c) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | — | — | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )(c) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0049 | ) | (0.0050 | ) | (0.0002 | ) | (0.0003 | ) | (0.0003 | ) | (0.0001 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.0002 | $ | 1.0003 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.48 | %(e) | 0.51 | % | 0.04 | % | 0.03 | % | 0.03 | % | 0.02 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.72 | %(f) | 0.72 | % | 0.68 | % | 0.69 | % | 0.69 | % | 0.69 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.68 | %(f) | 0.68 | % | 0.56 | % | 0.23 | % | 0.18 | % | 0.25 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.99 | %(f) | 0.49 | % | 0.01 | % | 0.02 | % | 0.02 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 644,426 | $ | 688,373 | $ | 831,483 | $ | 403,371 | $ | 278,181 | $ | 231,804 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 77 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
TempFund (continued) | ||||||||||||||||||||||||||||
Cash Reserve | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0003 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0054 | 0.0060 | 0.0004 | 0.0002 | 0.0002 | 0.0001 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.0001 | ) | 0.0001 | 0.0002 | 0.0001 | 0.0001 | 0.0000 | (a) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0053 | 0.0061 | 0.0006 | 0.0003 | 0.0003 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0054 | ) | (0.0060 | ) | (0.0002 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | — | — | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )(c) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0054 | ) | (0.0060 | ) | (0.0004 | ) | (0.0003 | ) | (0.0003 | ) | (0.0001 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.0002 | $ | 1.0003 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.53 | %(e) | 0.61 | % | 0.06 | % | 0.03 | % | 0.03 | % | 0.02 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.62 | %(f) | 0.62 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.58 | %(f) | 0.58 | % | 0.51 | % | 0.23 | % | 0.18 | % | 0.24 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.09 | %(f) | 0.59 | % | 0.01 | % | 0.02 | % | 0.02 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,258 | $ | 3,341 | $ | 5,630 | $ | 16,693 | $ | 19,977 | $ | 15,031 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
78 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
TempFund (continued) | ||||||||||||||||||||||||||||
Administration | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0004 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0069 | 0.0090 | 0.0026 | 0.0002 | 0.0002 | 0.0002 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.0002 | ) | 0.0002 | 0.0004 | 0.0001 | 0.0001 | 0.0000 | (a) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0067 | 0.0092 | 0.0030 | 0.0003 | 0.0003 | 0.0002 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0069 | ) | (0.0090 | ) | (0.0026 | ) | (0.0002 | ) | (0.0002 | ) | (0.0002 | ) | ||||||||||||||||
From net realized gain | — | — | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )(c) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0069 | ) | (0.0090 | ) | (0.0028 | ) | (0.0003 | ) | (0.0003 | ) | (0.0002 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.0002 | $ | 1.0004 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.67 | %(e) | 0.93 | % | 0.31 | % | 0.03 | % | 0.03 | % | 0.02 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.32 | %(f) | 0.31 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.28 | %(f) | 0.28 | % | 0.28 | % | 0.23 | % | 0.18 | % | 0.24 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.39 | %(f) | 1.01 | % | 0.24 | % | 0.02 | % | 0.02 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 99,544 | $ | 106,520 | $ | 15,197 | $ | 2,843,390 | $ | 2,542,670 | $ | 2,740,631 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 79 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
TempFund (continued) | ||||||||||||||||||||||||||||
Select | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0004 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0036 | 0.0021 | 0.0000 | (a) | 0.0002 | 0.0000 | (a) | 0.0000 | (a) | |||||||||||||||||||
Net realized and unrealized gain (loss) | (0.0007 | ) | 0.0002 | 0.0004 | 0.0001 | 0.0001 | 0.0000 | (a) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0029 | 0.0023 | 0.0004 | 0.0003 | 0.0001 | 0.0000 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0030 | ) | (0.0021 | ) | (0.0000 | )(c) | (0.0002 | ) | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||
From net realized gain | — | — | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )(c) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0030 | ) | (0.0021 | ) | (0.0002 | ) | (0.0003 | ) | (0.0001 | ) | (0.0000 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.0003 | $ | 1.0004 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.29 | %(e) | 0.23 | % | 0.04 | % | 0.03 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 1.08 | %(f) | 1.08 | % | 1.04 | % | 1.04 | % | 1.04 | % | 1.04 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 1.00 | %(f) | 0.91 | % | 0.51 | % | 0.22 | % | 0.19 | % | 0.26 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.72 | %(f) | 0.05 | % | 0.00 | % | 0.02 | % | 0.01 | % | 0.00 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1 | $ | 1 | $ | 963 | $ | 295,371 | $ | 424,555 | $ | 514,918 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
80 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
TempFund (continued) | ||||||||||||||||||||||||||||
Private Client | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0003 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0054 | 0.0050 | 0.0000 | (a) | 0.0002 | 0.0000 | (a) | 0.0000 | (a) | |||||||||||||||||||
Net realized and unrealized gain (loss) | (0.0006 | ) | 0.0001 | 0.0004 | 0.0001 | 0.0001 | 0.0000 | (a) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0048 | 0.0051 | 0.0004 | 0.0003 | 0.0001 | 0.0000 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0049 | ) | (0.0050 | ) | (0.0000 | )(c) | (0.0002 | ) | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||
From net realized gain | — | — | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )(c) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0049 | ) | (0.0050 | ) | (0.0002 | ) | (0.0003 | ) | (0.0001 | ) | (0.0000 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.0002 | $ | 1.0003 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.47 | %(e) | 0.52 | % | 0.04 | % | 0.03 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 1.07 | %(f) | 1.07 | % | 1.04 | % | 1.04 | % | 1.04 | % | 1.04 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.68 | %(f) | 0.68 | % | 0.53 | % | 0.23 | % | 0.19 | % | 0.26 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.09 | %(f) | 0.49 | % | 0.00 | % | 0.02 | % | 0.01 | % | 0.00 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,458 | $ | 1,295 | $ | 1,649 | $ | 9,855 | $ | 14,738 | $ | 16,524 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 81 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
T-Fund | ||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0062 | 0.0063 | 0.0017 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
Net realized gain (loss) | (0.0001 | ) | (0.0001 | ) | 0.0000 | (a) | 0.0001 | 0.0001 | 0.0000 | (a) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0061 | 0.0062 | 0.0017 | 0.0002 | 0.0002 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0061 | ) | (0.0062 | ) | (0.0017 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )(c) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0061 | ) | (0.0062 | ) | (0.0017 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.62 | %(e) | 0.62 | % | 0.17 | % | 0.02 | % | 0.02 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.19 | %(f) | 0.19 | % | 0.20 | % | 0.20 | % | 0.21 | % | 0.21 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.17 | %(f) | 0.17 | % | 0.17 | % | 0.08 | % | 0.06 | % | 0.11 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.25 | %(f) | 0.63 | % | 0.18 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 63,377,049 | $ | 53,092,342 | $ | 53,764,049 | $ | 19,598,433 | $ | 18,501,009 | $ | 15,448,264 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
82 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
T-Fund (continued) | ||||||||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0049 | 0.0035 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
Net realized gain | 0.0000 | (a) | 0.0002 | 0.0000 | (a) | 0.0001 | 0.0001 | 0.0000 | (a) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0049 | 0.0037 | 0.0001 | 0.0002 | 0.0002 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0049 | ) | (0.0037 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )(c) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0049 | ) | (0.0037 | ) | (0.0001 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.49 | %(e) | 0.38 | % | 0.02 | % | 0.02 | % | 0.02 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.44 | %(f) | 0.44 | % | 0.45 | % | 0.45 | % | 0.46 | % | 0.46 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.42 | %(f) | 0.42 | % | 0.34 | % | 0.08 | % | 0.06 | % | 0.09 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.99 | %(f) | 0.35 | % | 0.02 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,650,486 | $ | 2,927,646 | $ | 3,807,290 | $ | 988,153 | $ | 755,491 | $ | 855,847 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 83 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
T-Fund (continued) | ||||||||||||||||||||||||||||
Cash Management | ||||||||||||||||||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0037 | 0.0015 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
Net realized gain | 0.0000 | (a) | 0.0003 | 0.0000 | (a) | 0.0001 | 0.0001 | 0.0000 | (a) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0037 | 0.0018 | 0.0001 | 0.0002 | 0.0002 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0037 | ) | (0.0018 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )(c) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0037 | ) | (0.0018 | ) | (0.0001 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.37 | %(e) | 0.18 | % | 0.02 | % | 0.02 | % | 0.02 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.69 | %(f) | 0.69 | % | 0.70 | % | 0.70 | % | 0.71 | % | 0.71 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.67 | %(f) | 0.58 | % | 0.32 | % | 0.08 | % | 0.06 | % | 0.11 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.74 | %(f) | 0.15 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 602,475 | $ | 576,284 | $ | 1,133,743 | $ | 771,441 | $ | 629,757 | $ | 1,002,044 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
84 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
T-Fund (continued) | ||||||||||||||||||||||||
Cash Reserve | ||||||||||||||||||||||||
Six Months Ended 04/30/2018 (Unaudited) |
| Year Ended October 31, | Period from to 10/31/2015 | |||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0042 | 0.0027 | 0.0001 | 0.0000 | (b) | |||||||||||||||||||
Net realized gain (loss) | 0.0000 | (a) | (0.0002 | ) | 0.0000 | (b) | 0.0000 | |||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0042 | 0.0025 | 0.0001 | 0.0000 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.0042 | ) | (0.0025 | ) | (0.0001 | ) | (0.0000 | )(d) | ||||||||||||||||
From net realized gain | (0.0000 | )(d) | (0.0000 | )(d) | (0.0000 | )(d) | — | |||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0042 | ) | (0.0025 | ) | (0.0001 | ) | (0.0000 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(e) | ||||||||||||||||||||||||
Based on net asset value | 0.42 | %(f) | 0.25 | % | 0.02 | % | 0.00 | %(f) | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.59 | %(g) | 0.59 | % | 0.60 | % | 0.56 | %(g) | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.57 | %(g) | 0.55 | % | 0.35 | % | 0.08 | %(g) | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.85 | %(g) | 0.27 | % | 0.02 | % | 0.01 | %(g) | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 73,042 | $ | 57,894 | $ | 68,784 | $ | — | (h) | |||||||||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of operations. |
(b) | Amount is less than $0.00005 per share. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Amount is greater than $(0.00005) per share. |
(e) | Where applicable, assumes the reinvestment of distributions. |
(f) | Aggregate total return. |
(g) | Annualized. |
(h) | Net assets are less than $500. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 85 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
T-Fund (continued) | ||||||||||||||||||||||||||||
Administration | ||||||||||||||||||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0057 | 0.0061 | 0.0008 | 0.0001 | 0.0001 | 0.0000 | (a) | |||||||||||||||||||||
Net realized gain (loss) | 0.0000 | (a) | (0.0009 | ) | 0.0000 | (a) | 0.0001 | 0.0001 | 0.0001 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0057 | 0.0052 | 0.0008 | 0.0002 | 0.0002 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0057 | ) | (0.0052 | ) | (0.0008 | ) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )(c) | ||||||||||||||||
From net realized gain | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0057 | ) | (0.0052 | ) | (0.0008 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.57 | %(e) | 0.52 | % | 0.08 | % | 0.02 | % | 0.02 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.29 | %(f) | 0.29 | % | 0.30 | % | 0.30 | % | 0.00 | % | 0.30 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.27 | %(f) | 0.27 | % | 0.26 | % | 0.08 | % | 0.00 | % | 0.15 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.15 | %(f) | 0.61 | % | 0.12 | % | 0.01 | % | 0.00 | % | 0.00 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 748,955 | $ | 685,250 | $ | 75,294 | $ | 5 | $ | — | (g) | $ | — | (g) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
(g) | Net assets are less than $500. |
See notes to financial statements.
86 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
T-Fund (continued) | ||||||||||||||||||||||||||||
Select | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0018 | 0.0002 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
Net realized gain (loss) | 0.0002 | 0.0000 | (a) | 0.0000 | (a) | 0.0001 | 0.0001 | 0.0000 | (a) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0020 | 0.0002 | 0.0001 | 0.0002 | 0.0002 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0020 | ) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )(c) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0020 | ) | (0.0002 | ) | (0.0001 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.20 | %(e) | 0.02 | % | 0.02 | % | 0.02 | % | 0.02 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 1.04 | %(f) | 1.04 | % | 1.05 | % | 1.05 | % | 1.06 | % | 1.06 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 1.00 | %(f) | 0.75 | % | 0.31 | % | 0.08 | % | 0.06 | % | 0.11 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.37 | %(f) | 0.02 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 33,488 | $ | 75,759 | $ | 83,975 | $ | 220,861 | $ | 196,531 | $ | 214,156 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 87 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
T-Fund (continued) | ||||
Capital | ||||
Period from to 04/30/2018 | ||||
Net asset value, beginning of period | $ | 1.00 | ||
|
| |||
Net investment income | 0.0071 | |||
Net realized (loss) | (0.0015 | ) | ||
|
| |||
Net increase from investment operations | 0.0056 | |||
|
| |||
Distributions(b) | ||||
From net investment income | (0.0056 | ) | ||
From net realized gain | (0.0000 | )(c) | ||
|
| |||
Total distributions | (0.0056 | ) | ||
|
| |||
Net asset value, end of period | $ | 1.00 | ||
|
| |||
Total Return(d) | ||||
Based on net asset value | 0.57 | %(e) | ||
|
| |||
Ratios to Average Net Assets | ||||
Total expenses | 0.25 | %(f) | ||
|
| |||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.22 | %(f) | ||
|
| |||
Net investment income | 1.51 | %(f) | ||
|
| |||
Supplemental Data | ||||
Net assets, end of period (000) | $ | 9,372,359 | ||
|
|
(a) | Commencement of operations. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
88 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
Treasury Trust Fund | ||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0061 | 0.0060 | 0.0013 | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | |||||||||||||||||||
Net realized gain | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | 0.0001 | 0.0000 | (a) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0061 | 0.0060 | 0.0013 | 0.0000 | 0.0001 | 0.0000 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0061 | ) | (0.0060 | ) | (0.0013 | ) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||
From net realized gain | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0001 | ) | (0.0000 | )(c) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0061 | ) | (0.0060 | ) | (0.0013 | ) | (0.0000 | ) | (0.0001 | ) | (0.0000 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.61 | %(e) | 0.60 | % | 0.13 | % | 0.00 | % | 0.01 | % | 0.00 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.20 | %(f) | 0.20 | % | 0.21 | % | 0.21 | % | 0.21 | % | 0.22 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.17 | %(f) | 0.17 | % | 0.17 | % | 0.05 | % | 0.05 | % | 0.07 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.23 | %(f) | 0.60 | % | 0.14 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 25,809,700 | $ | 24,157,325 | $ | 20,911,540 | $ | 13,517,000 | $ | 10,367,067 | $ | 7,021,176 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 89 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
Treasury Trust Fund (continued) | ||||||||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0049 | 0.0035 | 0.0002 | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | |||||||||||||||||||
Net realized gain | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | 0.0001 | 0.0000 | (a) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0049 | 0.0035 | 0.0002 | 0.0000 | 0.0001 | 0.0000 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0049 | ) | (0.0035 | ) | (0.0002 | ) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||
From net realized gain | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0001 | ) | (0.0000 | )(c) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0049 | ) | (0.0035 | ) | (0.0002 | ) | (0.0000 | ) | (0.0001 | ) | (0.0000 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.49 | %(e) | 0.35 | % | 0.02 | % | 0.00 | % | 0.01 | % | 0.00 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.45 | %(f) | 0.45 | % | 0.46 | % | 0.46 | % | 0.46 | % | 0.47 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.42 | %(f) | 0.42 | % | 0.28 | % | 0.05 | % | 0.04 | % | 0.08 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.99 | %(f) | 0.35 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 461,878 | $ | 483,138 | $ | 420,095 | $ | 428,958 | $ | 439,496 | $ | 191,695 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
90 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
Treasury Trust Fund (continued) | ||||||||||||||||||||||||||||
Cash Management | ||||||||||||||||||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0037 | 0.0018 | 0.0002 | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | |||||||||||||||||||
Net realized gain (loss) | (0.0001 | ) | (0.0002 | ) | 0.0000 | (a) | 0.0000 | (a) | 0.0001 | 0.0000 | (a) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0036 | 0.0016 | 0.0002 | 0.0000 | 0.0001 | 0.0000 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0036 | ) | (0.0016 | ) | (0.0002 | ) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||
From net realized gain | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0001 | ) | (0.0000 | )(c) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0036 | ) | (0.0016 | ) | (0.0002 | ) | (0.0000 | ) | (0.0001 | ) | (0.0000 | )�� | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.36 | %(e) | 0.16 | % | 0.02 | % | 0.00 | % | 0.01 | % | 0.00 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.70 | %(f) | 0.70 | % | 0.71 | % | 0.71 | % | 0.71 | % | 0.72 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.67 | %(f) | 0.63 | % | 0.29 | % | 0.05 | % | 0.05 | % | 0.08 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.74 | %(f) | 0.18 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 19,704 | $ | 21,110 | $ | 16,561 | $ | 8,528 | $ | 14,777 | $ | 12,942 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 91 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
Treasury Trust Fund (continued) | ||||||||||||||||
Cash Reserve | ||||||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended 10/31/2017 | Period from to 10/31/2016 | ||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
|
|
|
|
|
| |||||||||||
Net investment income | 0.0049 | 0.0019 | 0.0001 | |||||||||||||
Net realized gain (loss) | (0.0008 | ) | 0.0003 | 0.0000 | (b) | |||||||||||
|
|
|
|
|
| |||||||||||
Net increase from investment operations | 0.0041 | 0.0022 | 0.0001 | |||||||||||||
|
|
|
|
|
| |||||||||||
Distributions(c) | ||||||||||||||||
From net investment income | (0.0041 | ) | (0.0022 | ) | (0.0001 | ) | ||||||||||
From net realized gain | (0.0000 | )(d) | (0.0000 | )(d) | (0.0000 | )(d) | ||||||||||
|
|
|
|
|
| |||||||||||
Total distributions | (0.0041 | ) | (0.0022 | ) | (0.0001 | ) | ||||||||||
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
|
|
|
|
|
| |||||||||||
Total Return(e) | ||||||||||||||||
Based on net asset value | 0.41 | %(f) | 0.22 | % | 0.01 | %(f) | ||||||||||
|
|
|
|
|
| |||||||||||
Ratios to Average Net Assets | ||||||||||||||||
Total expenses | 0.60 | %(g) | 0.60 | % | 0.61 | %(g) | ||||||||||
|
|
|
|
|
| |||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.57 | %(g) | 0.52 | % | 0.29 | %(g) | ||||||||||
|
|
|
|
|
| |||||||||||
Net investment income | 1.00 | %(g) | 0.19 | % | 0.01 | %(g) | ||||||||||
|
|
|
|
|
| |||||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (000) | $ | 2,061 | $ | 1,002 | $ | 3,635 | ||||||||||
|
|
|
|
|
|
(a) | Commencement of operations. |
(b) | Amount is less than $0.00005 per share. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Amount is greater than $(0.00005) per share. |
(e) | Where applicable, assumes the reinvestment of distributions. |
(f) | Aggregate total return. |
(g) | Annualized. |
See notes to financial statements.
92 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
Treasury Trust Fund (continued) | ||||||||||||||||||||||||||||
Administration | ||||||||||||||||||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0056 | 0.0052 | 0.0005 | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | |||||||||||||||||||
Net realized gain (loss) | 0.0000 | (a) | (0.0002 | ) | 0.0000 | (a) | 0.0000 | (a) | 0.0001 | 0.0000 | (a) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0056 | 0.0050 | 0.0005 | 0.0000 | 0.0001 | 0.0000 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0056 | ) | (0.0050 | ) | (0.0005 | ) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||
From net realized gain | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0001 | ) | (0.0000 | )(c) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0056 | ) | (0.0050 | ) | (0.0005 | ) | (0.0000 | ) | (0.0001 | ) | (0.0000 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.56 | %(e) | 0.50 | % | 0.05 | % | 0.00 | % | 0.01 | % | 0.00 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.30 | %(f) | 0.30 | % | 0.31 | % | 0.31 | % | 0.31 | % | 0.32 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.27 | %(f) | 0.27 | % | 0.24 | % | 0.05 | % | 0.05 | % | 0.08 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.13 | %(f) | 0.52 | % | 0.04 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 518,366 | $ | 638,815 | $ | 476,145 | $ | 573,959 | $ | 335,524 | $ | 108,091 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 93 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
Treasury Trust Fund (continued) | ||||||||||||||||||||||||
Select | ||||||||||||||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended October 31, | Period from to 10/31/2015 | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0020 | 0.0001 | 0.0002 | 0.0000 | (b) | |||||||||||||||||||
Net realized gain | 0.0000 | (b) | 0.0001 | 0.0000 | (b) | 0.0000 | (b) | |||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0020 | 0.0002 | 0.0002 | 0.0000 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.0020 | ) | (0.0002 | ) | (0.0002 | ) | (0.0000 | )(d) | ||||||||||||||||
From net realized gain | (0.0000 | )(d) | (0.0000 | )(d) | (0.0000 | )(d) | (0.0000 | )(d) | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0020 | ) | (0.0002 | ) | (0.0002 | ) | (0.0000 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(e) | ||||||||||||||||||||||||
Based on net asset value | 0.20 | %(f) | 0.02 | % | 0.02 | % | 0.00 | %(f) | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 1.05 | %(g) | 1.05 | % | 1.06 | % | 1.09 | %(g) | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 1.00 | %(g) | 0.68 | % | 0.31 | % | 0.06 | %(g) | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.39 | %(g) | 0.01 | % | 0.01 | % | 0.00 | %(g) | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 31,815 | $ | 38,309 | $ | 79,910 | $ | 8,058 | ||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of operations. |
(b) | Amount is less than $0.00005 per share. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Amount is greater than $(0.00005) per share. |
(e) | Where applicable, assumes the reinvestment of distributions. |
(f) | Aggregate total return. |
(g) | Annualized. |
See notes to financial statements.
94 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
MuniCash | ||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0003 | $ | 1.0001 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0051 | 0.0060 | 0.0019 | 0.0001 | 0.0001 | 0.0004 | ||||||||||||||||||||||
Net realized and unrealized gain | (0.0001 | ) | 0.0000 | (a) | 0.0013 | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0050 | 0.0060 | 0.0032 | 0.0001 | 0.0001 | 0.0004 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0051 | ) | (0.0058 | ) | (0.0019 | ) | (0.0001 | ) | (0.0001 | ) | (0.0004 | ) | ||||||||||||||||
From net realized gain | (0.0002 | ) | — | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | |||||||||||||||||
From return of capital | — | — | (0.0012 | ) | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0053 | ) | (0.0058 | ) | (0.0031 | ) | (0.0001 | ) | (0.0001 | ) | (0.0004 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.0000 | $ | 1.0003 | $ | 1.0001 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.51 | %(e) | 0.60 | % | 0.33 | % | 0.02 | % | 0.01 | % | 0.04 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.29 | %(f) | 0.31 | % | 0.38 | %(g) | 0.49 | % | 0.45 | % | 0.42 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.20 | %(f) | 0.20 | % | 0.18 | % | 0.13 | % | 0.16 | % | 0.19 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.03 | %(f) | 0.60 | % | 0.25 | % | 0.01 | % | 0.01 | % | 0.04 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,472,328 | $ | 4,096,900 | $ | 2,139,820 | $ | 145,329 | $ | 144,892 | $ | 189,271 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
(g) | Includes reorganization costs associated with the Fund’s reorganization. Without these costs, total expenses for the Institutional class would have been 0.38%. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 95 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
MuniCash (continued) | ||||||||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0003 | $ | 1.0001 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0038 | 0.0033 | 0.0006 | 0.0001 | 0.0001 | 0.0000 | (a) | |||||||||||||||||||||
Net realized and unrealized gain | 0.0000 | (a) | 0.0002 | 0.0013 | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0038 | 0.0035 | 0.0019 | 0.0001 | 0.0001 | 0.0000 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0039 | ) | (0.0033 | ) | (0.0006 | ) | (0.0001 | ) | (0.0001 | ) | (0.0000 | )(c) | ||||||||||||||||
From net realized gain | (0.0002 | ) | — | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | |||||||||||||||||
From return of capital | — | — | (0.0012 | ) | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0041 | ) | (0.0033 | ) | (0.0018 | ) | (0.0001 | ) | (0.0001 | ) | (0.0000 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.0000 | $ | 1.0003 | $ | 1.0001 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.38 | %(e) | 0.35 | % | 0.19 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.54 | %(f) | 0.56 | % | 0.63 | %(g) | 0.74 | % | 0.69 | % | 0.66 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.45 | %(f) | 0.45 | % | 0.30 | % | 0.13 | % | 0.17 | % | 0.23 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.77 | %(f) | 0.33 | % | 0.05 | % | 0.01 | % | 0.01 | % | 0.00 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,387 | $ | 1,623 | $ | 1,802 | $ | 2,045 | $ | 3,513 | $ | 41,042 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
(g) | Includes reorganization costs associated with the Fund’s reorganization. Without these costs, total expenses for the Dollar class would have been 0.63%. |
See notes to financial statements.
96 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
MuniFund | ||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0052 | 0.0060 | 0.0019 | 0.0002 | 0.0002 | 0.0002 | ||||||||||||||||||||||
Net realized gain | 0.0000 | (a) | 0.0002 | 0.0001 | 0.0001 | 0.0002 | 0.0001 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0052 | 0.0062 | 0.0020 | 0.0003 | 0.0004 | 0.0003 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0052 | ) | (0.0060 | ) | (0.0019 | ) | (0.0002 | ) | (0.0002 | ) | (0.0002 | ) | ||||||||||||||||
From net realized gain | (0.0000 | )(c) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0052 | ) | (0.0062 | ) | (0.0020 | ) | (0.0003 | ) | (0.0004 | ) | (0.0003 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.53 | %(e) | 0.62 | % | 0.20 | % | 0.03 | % | 0.04 | % | 0.03 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.54 | %(f) | 0.45 | % | 0.37 | % | 0.36 | % | 0.36 | % | 0.35 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.20 | %(f) | 0.20 | % | 0.11 | % | 0.06 | % | 0.08 | % | 0.15 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.05 | %(f) | 0.60 | % | 0.10 | % | 0.02 | % | 0.02 | % | 0.02 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 123,054 | $ | 146,316 | $ | 141,458 | $ | 1,369,069 | $ | 1,219,566 | $ | 1,159,440 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 97 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
MuniFund (continued) | ||||||||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0040 | 0.0035 | 0.0006 | 0.0002 | 0.0002 | 0.0001 | ||||||||||||||||||||||
Net realized gain | 0.0000 | (a) | 0.0002 | 0.0001 | 0.0001 | 0.0002 | 0.0001 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0040 | 0.0037 | 0.0007 | 0.0003 | 0.0004 | 0.0002 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0040 | ) | (0.0035 | ) | (0.0006 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | (0.0000 | )(c) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0040 | ) | (0.0037 | ) | (0.0007 | ) | (0.0003 | ) | (0.0004 | ) | (0.0002 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.40 | %(e) | 0.36 | % | 0.07 | % | 0.03 | % | 0.04 | % | 0.03 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.79 | %(f) | 0.70 | % | 0.63 | % | 0.61 | % | 0.61 | % | 0.60 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.45 | %(f) | 0.45 | % | 0.22 | % | 0.06 | % | 0.08 | % | 0.15 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.80 | %(f) | 0.35 | % | 0.03 | % | 0.02 | % | 0.02 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,609 | $ | 4,592 | $ | 5,724 | $ | 41,554 | $ | 49,420 | $ | 58,832 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
98 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
MuniFund (continued) | ||||||||||||||||||||||||||||
Cash Management | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0028 | 0.0010 | 0.0001 | 0.0002 | 0.0002 | 0.0001 | ||||||||||||||||||||||
Net realized gain | 0.0000 | (a) | 0.0003 | 0.0001 | 0.0001 | 0.0002 | 0.0001 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0028 | 0.0013 | 0.0002 | 0.0003 | 0.0004 | 0.0002 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0028 | ) | (0.0011 | ) | (0.0001 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | (0.0000 | )(c) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0028 | ) | (0.0013 | ) | (0.0002 | ) | (0.0003 | ) | (0.0004 | ) | (0.0002 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.28 | %(e) | 0.13 | % | 0.02 | % | 0.03 | % | 0.04 | % | 0.03 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 1.04 | %(f) | 0.95 | % | 0.87 | % | 0.86 | % | 0.86 | % | 0.86 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.70 | %(f) | 0.68 | % | 0.26 | % | 0.06 | % | 0.08 | % | 0.11 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.57 | %(f) | 0.10 | % | 0.01 | % | 0.02 | % | 0.02 | % | 0.02 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 132 | $ | 38 | $ | 63 | $ | 2,261 | $ | 8,693 | $ | 18,390 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 99 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
MuniFund (continued) | ||||||||||||||||||||||||||||
Administration | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0047 | 0.0049 | 0.0013 | 0.0002 | 0.0002 | 0.0001 | ||||||||||||||||||||||
Net realized gain | 0.0000 | (a) | 0.0003 | 0.0001 | 0.0001 | 0.0002 | 0.0001 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0047 | 0.0052 | 0.0014 | 0.0003 | 0.0004 | 0.0002 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0047 | ) | (0.0050 | ) | (0.0013 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | (0.0000 | )(c) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0047 | ) | (0.0052 | ) | (0.0014 | ) | (0.0003 | ) | (0.0004 | ) | (0.0002 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.48 | %(e) | 0.52 | % | 0.14 | % | 0.03 | % | 0.04 | % | 0.03 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.64 | %(f) | 0.55 | % | 0.46 | % | 0.46 | % | 0.46 | % | 0.45 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.30 | %(f) | 0.30 | % | 0.15 | % | 0.06 | % | 0.08 | % | 0.16 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.95 | %(f) | 0.49 | % | 0.05 | % | 0.02 | % | 0.02 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 16,301 | $ | 18,653 | $ | 21,554 | $ | 325,641 | $ | 315,869 | $ | 288,779 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
100 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
MuniFund (continued) | ||||||||||||||||||||||||||||
Select | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0013 | 0.0000 | (a) | 0.0001 | 0.0002 | 0.0002 | 0.0001 | |||||||||||||||||||||
Net realized gain | 0.0000 | (a) | 0.0002 | 0.0001 | 0.0001 | 0.0002 | 0.0001 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0013 | 0.0002 | 0.0002 | 0.0003 | 0.0004 | 0.0002 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0013 | ) | (0.0000 | )(c) | (0.0001 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | (0.0000 | )(c) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0013 | ) | (0.0002 | ) | (0.0002 | ) | (0.0003 | ) | (0.0004 | ) | (0.0002 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.13 | %(e) | 0.02 | % | 0.02 | % | 0.03 | % | 0.04 | % | 0.03 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 1.39 | %(f) | 1.30 | % | 1.22 | % | 1.21 | % | 1.21 | % | 1.20 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 1.00 | %(f) | 0.79 | % | 0.24 | % | 0.06 | % | 0.08 | % | 0.15 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.25 | %(f) | 0.00 | % | 0.01 | % | 0.02 | % | 0.02 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,780 | $ | 2,833 | $ | 3,863 | $ | 22,769 | $ | 17,580 | $ | 16,299 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 101 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
MuniFund (continued) | ||||||||||||||||||||||||||||
Private Client | ||||||||||||||||||||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0029 | 0.0013 | 0.0002 | 0.0002 | 0.0002 | 0.0001 | ||||||||||||||||||||||
Net realized gain | 0.0000 | (a) | 0.0002 | 0.0001 | 0.0001 | 0.0002 | 0.0001 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0029 | 0.0015 | 0.0003 | 0.0003 | 0.0004 | 0.0002 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0029 | ) | (0.0013 | ) | (0.0002 | ) | (0.0002 | ) | (0.0002 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | (0.0000 | )(c) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0029 | ) | (0.0015 | ) | (0.0003 | ) | (0.0003 | ) | (0.0004 | ) | (0.0002 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.29 | %(e) | 0.14 | % | 0.03 | % | 0.03 | % | 0.04 | % | 0.03 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 1.39 | %(f) | 1.30 | % | 1.22 | % | 1.21 | % | 1.21 | % | 1.20 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.68 | %(f) | 0.67 | % | 0.25 | % | 0.06 | % | 0.08 | % | 0.15 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.57 | %(f) | 0.13 | % | 0.02 | % | 0.02 | % | 0.02 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 325 | $ | 330 | $ | 350 | $ | 1,649 | $ | 1,817 | $ | 1,787 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share.. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
102 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
California Money Fund | ||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0050 | 0.0053 | 0.0019 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
Net realized gain (loss) | — | 0.0012 | 0.0000 | (a) | (0.0000 | )(b) | 0.0001 | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0050 | 0.0065 | 0.0019 | 0.0001 | 0.0002 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||
From net investment income | (0.0050 | ) | (0.0054 | ) | (0.0019 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | — | (0.0011 | ) | — | — | (0.0001 | ) | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0050 | ) | (0.0065 | ) | (0.0019 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.50 | %(e) | 0.65 | % | 0.19 | % | 0.01 | % | 0.02 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.73 | %(f) | 0.74 | % | 0.47 | % | 0.47 | % | 0.46 | % | 0.45 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.20 | %(f) | 0.20 | % | 0.12 | % | 0.05 | % | 0.08 | % | 0.13 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.00 | %(f) | 0.53 | % | 0.12 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 46,458 | $ | 30,459 | $ | 41,192 | $ | 227,884 | $ | 122,721 | $ | 136,074 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Amount is greater than $(0.00005) per share. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 103 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
California Money Fund (continued) | ||||||||||||||||||||||||||||
Select | ||||||||||||||||||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0011 | 0.0000 | (a) | 0.0000 | (a) | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||
Net realized gain (loss) | — | 0.0011 | 0.0000 | (a) | (0.0000 | )(b) | 0.0001 | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0011 | 0.0011 | 0.0000 | 0.0001 | 0.0002 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||
From net investment income | (0.0011 | ) | (0.0000 | )(b) | (0.0000 | )(b) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | — | (0.0011 | ) | — | — | (0.0001 | ) | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0011 | ) | (0.0011 | ) | (0.0000 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.11 | %(e) | 0.11 | % | 0.00 | % | 0.01 | % | 0.02 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 1.59 | %(f) | 1.56 | % | 1.39 | % | 1.32 | % | 1.32 | % | 1.29 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 1.00 | %(f) | 0.69 | % | 0.36 | % | 0.05 | % | 0.08 | % | 0.13 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.22 | %(f) | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,029 | $ | 2,094 | $ | 7,906 | $ | 7,313 | $ | 10,228 | $ | 6,385 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Amount is greater than $(0.00005) per share. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
104 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
California Money Fund (continued) | ||||||||||||||||||||||||||||
Private Client | ||||||||||||||||||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0026 | 0.0007 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
Net realized gain (loss) | — | 0.0013 | 0.0000 | (a) | (0.0000 | )(b) | 0.0001 | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0026 | 0.0020 | 0.0001 | 0.0001 | 0.0002 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||
From net investment income | (0.0026 | ) | (0.0009 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | — | (0.0011 | ) | — | — | (0.0001 | ) | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0026 | ) | (0.0020 | ) | (0.0001 | ) | (0.0001 | ) | (0.0002 | ) | (0.0001 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.26 | %(e) | 0.19 | % | 0.01 | % | 0.01 | % | 0.02 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 1.59 | %(f) | 1.53 | % | 1.39 | % | 1.32 | % | 1.32 | % | 1.30 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.68 | %(f) | 0.65 | % | 0.31 | % | 0.05 | % | 0.08 | % | 0.13 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.52 | %(f) | 0.07 | % | 0.02 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 775 | $ | 773 | $ | 4,077 | $ | 4,096 | $ | 4,280 | $ | 4,949 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Amount is greater than $(0.00005) per share. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 105 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
New York Money Fund | ||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0052 | 0.0056 | 0.0019 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
Net realized gain | — | 0.0013 | 0.0015 | 0.0000 | (a) | 0.0000 | (a) | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0052 | 0.0069 | 0.0034 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0052 | ) | (0.0056 | ) | (0.0019 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | — | — | (0.0003 | ) | (0.0000 | )(c) | (0.0000 | )(c) | — | |||||||||||||||||||
From return of capital | — | (0.0013 | ) | (0.0012 | ) | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0052 | ) | (0.0069 | ) | (0.0034 | ) | (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 Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.52 | %(e) | 0.69 | % | 0.34 | % | 0.01 | % | 0.01 | % | 0.02 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 1.26 | %(f) | 1.00 | % | 0.58 | % | 0.49 | % | 0.48 | % | 0.46 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.20 | %(f) | 0.20 | % | 0.14 | % | 0.09 | % | 0.09 | % | 0.14 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.06 | %(f) | 0.56 | % | 0.10 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 20,759 | $ | 16,908 | $ | 17,838 | $ | 92,999 | $ | 118,278 | $ | 94,547 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
106 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
New York Money Fund (continued) | ||||||||||||||||||||||||||||
Select | ||||||||||||||||||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0013 | 0.0001 | 0.0000 | (a) | 0.0001 | 0.0001 | 0.0001 | |||||||||||||||||||||
Net realized gain | — | 0.0012 | 0.0015 | 0.0000 | (a) | 0.0000 | (a) | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0013 | 0.0013 | 0.0015 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0013 | ) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | — | — | (0.0003 | ) | (0.0000 | )(c) | (0.0000 | )(c) | — | |||||||||||||||||||
From return of capital | — | (0.0013 | ) | (0.0012 | ) | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0013 | ) | (0.0013 | ) | (0.0015 | ) | (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 Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.13 | %(e) | 0.13 | % | 0.16 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 2.12 | %(f) | 1.91 | % | 1.43 | % | 1.34 | % | 1.33 | % | 1.31 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 1.00 | %(f) | 0.73 | % | 0.31 | % | 0.09 | % | 0.09 | % | 0.15 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.34 | %(f) | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 389 | $ | 196 | $ | 569 | $ | 3,911 | $ | 7,493 | $ | 9,473 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 107 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
New York Money Fund (continued) | ||||||||||||||||||||||||||||
Private Client | ||||||||||||||||||||||||||||
Six Months Ended 04/30/2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.0028 | 0.0010 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
Net realized gain | — | 0.0013 | 0.0015 | 0.0000 | (a) | 0.0000 | (a) | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.0028 | 0.0023 | 0.0016 | 0.0001 | 0.0001 | 0.0001 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0028 | ) | (0.0010 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | — | — | (0.0003 | ) | (0.0000 | )(c) | (0.0000 | )(c) | — | |||||||||||||||||||
From return of capital | — | (0.0013 | ) | (0.0012 | ) | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.0028 | ) | (0.0023 | ) | (0.0016 | ) | (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 Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.28 | %(e) | 0.23 | % | 0.17 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 2.12 | %(f) | 1.86 | % | 1.43 | % | 1.34 | % | 1.34 | % | 1.31 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.68 | %(f) | 0.66 | % | 0.31 | % | 0.09 | % | 0.08 | % | 0.16 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.56 | %(f) | 0.10 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 332 | $ | 330 | $ | 410 | $ | 692 | $ | 1,827 | $ | 266 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Amount is less than $0.00005 per share. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
108 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
BlackRock Liquidity Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust. The following are referred to herein 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-Diversified | (a) | ||
New York Money Fund | Non-Diversified | (a) |
(a) | 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 six months ended April 30, 2018, no Premier Shares, Plus Shares or Cash Plus 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 each Fund’s adoption of the floating NAV, its 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.
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.
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 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 Income Recognition: 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 an 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 daily and distributed monthly. 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 Fund’s remaining shareholders.
NOTESTO FINANCIAL STATEMENTS | 109 |
Notes to Financial Statements (unaudited) (continued)
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, the 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 indemnification. 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 the Fund or its classes are charged to the 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 their relative net assets or other appropriate methods.
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). 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.
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 the 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 the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments |
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 the 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.
110 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
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 a fund 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 a management agreement with the Manager, the Trust’s investment adviser, an indirect, wholly- owned subsidiary of BlackRock, to provide investment advisory, administration and accounting services to the Funds.
For the management and administrative services provided and certain expenses assumed by it under the management agreement, the Manager is entitled to receive the following annual fees computed daily and paid monthly based upon each Fund’s average daily net assets:
Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund | ||
Calculation A | Calculation B | |
Management Fee is equal to calculation A plus calculation B | ||
.175% of the first $1 Billion(a) | .175% of the first $1 Billion(b) | |
.150% of the next $1 Billion(a) | .150% of the next $1 Billion(b) | |
.125% of the next $1 Billion(a) | .125% of the next $1 Billion(b) | |
.100% of the next $1 Billion(a) | .100% of amounts in excess of $3 Billion(b) | |
.095% of the next $1 Billion(a) | ||
.090% of the next $1 Billion(a) | ||
.085% of the next $1 Billion(a) | ||
.080% of amounts in excess of $7 Billion(a) |
(a) | Based on the combined average net assets of Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund. |
(b) | 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 separate Distribution Agreement, Distribution Plans and Shareholder Service Plans with BlackRock Investments, LLC (“BRIL”), an affiliate of BlackRock. Pursuant to the Select Shares Distribution Plan, the Private Client Shares Distribution Plan and the Premier Shares Distribution Plan, the Trust may pay BRIL a fee for distribution and sales support services. In addition, the Trust may pay service organizations, including affiliates of the Manager, fees for providing certain services (“shareholder services”) to their customers who own shares of the Funds. Pursuant to its respective Shareholder Services Plan, each of the Dollar, Cash Management, Cash Reserve, Administration, Select, Private Client, Premier, and Capital Share classes are currently
NOTESTO FINANCIAL STATEMENTS | 111 |
Notes to Financial Statements (unaudited) (continued)
paying fees to service organizations, which may include affiliates of the Manager. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the shares as follows:
Service Fee (a) | Distribution Fee (a) | |||||||
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 | ||||||
Capital | 0.05 | — |
(a) | Due to certain contractual and voluntary waivers, the above stated rates may be reduced. |
For the six months ended April 30, 2018, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:
Dollar | Cash Management | Cash Reserve | Administration | Select | Private Client | Capital | Total | |||||||||||||||||||||||||
Federal Trust Fund | $ | 178,670 | $ | 36,659 | $ | 831 | $ | 25,831 | $ | — | $ | — | $ | — | $ | 241,991 | ||||||||||||||||
FedFund | 2,395,978 | 410,951 | 2,241,763 | 1,253,975 | 995,213 | 6,245 | 110,124 | 7,414,249 | ||||||||||||||||||||||||
TempCash | 19,569 | — | — | — | — | — | — | 19,569 | ||||||||||||||||||||||||
TempFund | 130,468 | 1,660,584 | 8,440 | 51,561 | 4 | 7,791 | — | 1,858,848 | ||||||||||||||||||||||||
T-Fund | 3,494,218 | 1,470,658 | 119,690 | 348,611 | 289,385 | — | 160,893 | 5,883,455 | ||||||||||||||||||||||||
Treasury Trust Fund | 643,613 | 53,784 | 6,162 | 322,903 | 154,298 | — | — | 1,180,760 | ||||||||||||||||||||||||
MuniCash | 1,853 | — | — | — | — | — | — | 1,853 | ||||||||||||||||||||||||
MuniFund | 5,638 | 75 | — | 8,694 | 13,096 | 1,390 | — | 28,893 | ||||||||||||||||||||||||
California Money Fund | — | — | — | — | 8,647 | 3,262 | — | 11,909 | ||||||||||||||||||||||||
New York Money Fund | — | — | — | — | 962 | 1,394 | — | 2,356 |
Certain Funds have begun to incur expenses in connection with a potential reconfiguration of the boards of trustees of certain BlackRock-advised funds, including the Funds. The Manager has voluntarily agreed to reimburse the Funds for all or a portion of such expenses, which amounts are shown included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended April 30, 2018, the amount reimbursed was as follows:
FedFund | $ | 5,410 | ||
TempFund | 3,102 | |||
T-Fund | 6,344 | |||
Treasury Trust Fund | 1,312 | |||
California Money Fund | 206 | |||
New York Money Fund | 217 |
Expense Limitations, Waivers, and Reimbursements: The Manager, as investment adviser and administrator, has contractually agreed to reduce its fees and/or reimburse ordinary operating expenses to ensure that the combined “Management Fees” and “Miscellaneous/Other Expenses,” excluding service fees, distribution fees and any extraordinary expenses, do not exceed 0.18% of the average daily net assets of TempCash and TempFund, 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 expense limitation prior to March 1, 2019, unless approved by the Board of Trustees, including a majority of the trustees who are not “interested persons” of the Funds, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of such Fund.
In addition, BRIL has contractually agreed to waive service and/or distribution fees through February 28, 2019 so that the net annual fund operating expenses, excluding extraordinary expenses, of the Select Shares, Private Client Shares and Premier Shares do not exceed 1.00%, 0.68% and 0.68%, respectively. The agreement renews automatically for successive one-year periods and may be terminated by any party to the agreement upon written notice 75 days prior to the commencement of a successive one year period.
The Manager and BRIL have also voluntarily agreed to waive a portion of their respective fees and/or reimburse operating expenses to enable the Funds’ share classes to maintain minimum levels of net investment income. These amounts are reported in the Statements of Operations as fees waived and/or reimbursed by the Manager and service and distribution fees waived — class specific. The Manager and BRIL may discontinue the voluntary waiver at any time.
For the six months ended April 30, 2018, the following tables show the various types of class specific expenses borne directly by each class of each Fund and any associated waivers and/or reimbursements of those expenses.
112 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Service and Distribution Fees:
Administration | Select | Private Client | Total | |||||||||||||
Federal Trust Fund | $ | — | $ | — | $ | — | $ | — | ||||||||
FedFund | — | 45,438 | 2,469 | 47,907 | ||||||||||||
TempCash | — | — | — | — | ||||||||||||
TempFund | 18 | — | 3,209 | 3,227 | ||||||||||||
T-Fund | — | 38,988 | — | 38,988 | ||||||||||||
Treasury Trust Fund | — | 3,630 | — | 3,630 | ||||||||||||
MuniCash | — | — | — | — | ||||||||||||
MuniFund | — | 850 | 605 | 1,455 | ||||||||||||
California Money Fund | — | 696 | 1,420 | 2,116 | ||||||||||||
New York Money Fund | — | 68 | 607 | 675 |
Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to sub-accounts they service. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets.
Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, the Funds may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Funds’ investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program.
A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.
During the six months ended April 30, 2018, the Funds did not participate in the Interfund Lending Program.
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees 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.
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 six months ended April 30, 2018, the purchase and sale transactions and any net realized gains (losses) with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:
Purchases | Sales | Net realized gain (loss) | ||||||||||
MuniCash | $ | 437,270,004 | $ | 174,005,066 | $ | — | ||||||
MuniFund | 24,214,035 | 51,486,934 | — | |||||||||
California Money Fund | 6,209,905 | 26,234,443 | — | |||||||||
New York Money Fund | 3,302,136 | 2,945,957 | — |
6. | INCOME TAX INFORMATION |
It is each Fund’s 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 remains open for each of the four years ended October 31, 2017. 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 April 30, 2018, inclusive of the 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.
As of October 31, 2017, the Funds had capital loss carryforwards available to offset future realized capital gains as follows:
Expires | Federal Trust Fund | |||
No expiration date | $ | 27,877 | ||
|
| |||
$ | 27,877 | |||
|
|
NOTESTO FINANCIAL STATEMENTS | 113 |
Notes to Financial Statements (unaudited) (continued)
The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. Certain provisions of the Act were effective upon enactment with the remainder becoming effective for tax years beginning after December 31, 2017. Although the Act does not amend any provisions directly related to the qualification or taxation of regulated investment companies (“RICs”), the Act does change the taxation of entities in which some RICs invest, the tax treatment of income derived from those entities and the taxation of RIC shareholders. While management does not anticipate significant impact to the Funds or to their shareholders, there is uncertainty in the application of certain provisions in the Act. Specifically, provisions in the Act may increase the amount of or accelerate the recognition of taxable income and may limit the deductibility of certain expenses by RICs. Until full clarity around these provisions is obtained, the impact on the Funds’ financial statements, if any, cannot be fully determined.
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 or other instruments and may enter into certain transactions, and such activities subject certain Funds to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) general economy; (ii) overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
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: 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 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:
Six Months Ended 04/30/18 | Year Ended 10/31/17 | |||||||
Federal Trust Fund | ||||||||
Institutional | ||||||||
Shares sold | 6,525,206,020 | 11,521,409,306 | ||||||
Shares issued in reinvestment of distributions | 4,137,861 | 4,485,241 | ||||||
Shares redeemed | (6,633,439,496 | ) | (11,911,324,063 | ) | ||||
|
|
|
| |||||
Net decrease | (104,095,615 | ) | (385,429,516 | ) | ||||
|
|
|
|
114 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Six Months Ended 04/30/18 | Year Ended 10/31/17 | |||||||
Dollar | ||||||||
Shares sold | 580,681,762 | 1,398,571,083 | ||||||
Shares issued in reinvestment of distributions | 27,774 | 25,344 | ||||||
Shares redeemed | (596,571,443 | ) | (1,507,584,792 | ) | ||||
|
|
|
| |||||
Net decrease | (15,861,907 | ) | (108,988,365 | ) | ||||
|
|
|
| |||||
Cash Management | ||||||||
Shares sold | 688,675 | 47,845 | ||||||
Shares redeemed | (1,513,095 | ) | (16,432,337 | ) | ||||
|
|
|
| |||||
Net decrease | (824,420 | ) | (16,384,492 | ) | ||||
|
|
|
| |||||
Cash Reserve | ||||||||
Shares sold | 87 | 87 | ||||||
Shares issued in reinvestment of distributions | 1,186 | 712 | ||||||
Shares redeemed | (72,267 | ) | (52,825 | ) | ||||
|
|
|
| |||||
Net decrease | (70,994 | ) | (52,026 | ) | ||||
|
|
|
| |||||
Administration | ||||||||
Shares sold | 78,165,800 | 105,539,873 | ||||||
Shares issued in reinvestment of distributions | 278,403 | 346,732 | ||||||
Shares redeemed | (84,128,100 | ) | (79,988,999 | ) | ||||
|
|
|
| |||||
Net increase (decrease) | (5,683,897 | ) | 25,897,606 | |||||
|
|
|
| |||||
Total Net Decrease | (126,536,833 | ) | (484,956,793 | ) | ||||
|
|
|
| |||||
FedFund | ||||||||
Institutional | ||||||||
Shares sold | 423,197,826,433 | 819,897,653,739 | ||||||
Shares issued in reinvestment of distributions | 247,545,228 | 213,850,106 | ||||||
Shares redeemed | (417,381,339,314 | ) | (826,108,827,770 | ) | ||||
|
|
|
| |||||
Net increase (decrease) | 6,064,032,347 | (5,997,323,925 | ) | |||||
|
|
|
| |||||
Dollar | ||||||||
Shares sold | 8,322,748,150 | 29,222,369,150 | ||||||
Shares issued in reinvestment of distributions | 1,216,244 | 807,911 | ||||||
Shares redeemed | (8,092,752,856 | ) | (29,538,077,180 | ) | ||||
|
|
|
| |||||
Net increase (decrease) | 231,211,538 | (314,900,119 | ) | |||||
|
|
|
| |||||
Cash Management | ||||||||
Shares sold | 242,104,726 | 602,966,815 | ||||||
Shares issued in reinvestment of distributions | 457,717 | 184,215 | ||||||
Shares redeemed | (206,737,226 | ) | (586,918,159 | ) | ||||
|
|
|
| |||||
Net increase | 35,825,217 | 16,232,871 | ||||||
|
|
|
| |||||
Cash Reserve | ||||||||
Shares sold | 1,001,305,082 | 1,717,511,376 | ||||||
Shares issued in reinvestment of distributions | 87 | 73 | ||||||
Shares redeemed | (610,409,964 | ) | (1,123,118,548 | ) | ||||
|
|
|
| |||||
Net increase | 390,895,205 | 594,392,901 | ||||||
|
|
|
| |||||
Administration | ||||||||
Shares sold | 4,430,132,917 | 6,582,300,349 | ||||||
Shares issued in reinvestment of distributions | 2,516,706 | 1,093,495 | ||||||
Shares redeemed | (4,151,730,197 | ) | (5,840,838,455 | ) | ||||
|
|
|
| |||||
Net increase | 280,919,426 | 742,555,389 | ||||||
|
|
|
| |||||
Select | ||||||||
Shares sold | 132,229,801 | 534,295,537 | ||||||
Shares issued in reinvestment of distributions | 431,834 | 130,347 | ||||||
Shares redeemed | (297,570,297 | ) | (435,466,681 | ) | ||||
|
|
|
| |||||
Net increase (decrease) | (164,908,662 | ) | 98,959,203 | |||||
|
|
|
|
NOTESTO FINANCIAL STATEMENTS | 115 |
Notes to Financial Statements (unaudited) (continued)
Six Months Ended 04/30/18 | Year Ended 10/31/17 | |||||||
Private Client | ||||||||
Shares sold | 484,768 | 1,708,778 | ||||||
Shares issued in reinvestment of distributions | 5,028 | 3,682 | ||||||
Shares redeemed | (1,500,506 | ) | (1,876,118 | ) | ||||
|
|
|
| |||||
Net decrease | (1,010,710 | ) | (163,658 | ) | ||||
|
|
|
| |||||
Premier(a) | ||||||||
Shares sold | — | 33 | ||||||
Shares issued in reinvestment of distributions | — | 1 | ||||||
Shares redeemed | — | (12,453 | ) | |||||
|
|
|
| |||||
Net decrease | — | (12,419 | ) | |||||
|
|
|
| |||||
Capital(b) | ||||||||
Shares sold | 6,578,757,383 | — | ||||||
Shares issued in reinvestment of distributions | 3,393,637 | — | ||||||
Shares redeemed | (339,369,046 | ) | — | |||||
|
|
|
| |||||
Net increase | 6,242,781,974 | — | ||||||
|
|
|
| |||||
Total Net Increase (Decrease) | 13,079,746,335 | (4,860,259,757 | ) | |||||
|
|
|
| |||||
T-Fund | ||||||||
Institutional | ||||||||
Shares sold | 279,704,921,476 | 344,325,962,756 | ||||||
Shares issued in reinvestment of distributions | 183,193,865 | 127,133,604 | ||||||
Shares redeemed | (269,602,422,610 | ) | (345,124,975,151 | ) | ||||
|
|
|
| |||||
Net increase (decrease) | 10,285,692,731 | (671,878,791 | ) | |||||
|
|
|
| |||||
Dollar | ||||||||
Shares sold | 5,957,395,640 | 15,162,270,077 | ||||||
Shares issued in reinvestment of distributions | 2,993,140 | 1,614,965 | ||||||
Shares redeemed | (6,237,483,474 | ) | (16,043,514,131 | ) | ||||
|
|
|
| |||||
Net decrease | (277,094,694 | ) | (879,629,089 | ) | ||||
|
|
|
| |||||
Cash Management | ||||||||
Shares sold | 1,075,553,629 | 3,359,423,395 | ||||||
Shares issued in reinvestment of distributions | 1,303,280 | 679,846 | ||||||
Shares redeemed | (1,050,653,999 | ) | (3,917,547,775 | ) | ||||
|
|
|
| |||||
Net increase (decrease) | 26,202,910 | (557,444,534 | ) | |||||
|
|
|
| |||||
Cash Reserve | ||||||||
Shares sold | 47,399,642 | 88,575,749 | ||||||
Shares issued in reinvestment of distributions | 850 | 494 | ||||||
Shares redeemed | (32,250,777 | ) | (99,466,798 | ) | ||||
|
|
|
| |||||
Net increase (decrease) | 15,149,715 | (10,890,555 | ) | |||||
|
|
|
| |||||
Administration | ||||||||
Shares sold | 415,397,263 | 956,016,812 | ||||||
Shares issued in reinvestment of distributions | 1,563,778 | 786,724 | ||||||
Shares redeemed | (353,242,086 | ) | (346,868,634 | ) | ||||
|
|
|
| |||||
Net increase | 63,718,955 | 609,934,902 | ||||||
|
|
|
| |||||
Select | ||||||||
Shares sold | 65,945,555 | 178,147,217 | ||||||
Shares issued in reinvestment of distributions | 125,132 | 16,700 | ||||||
Shares redeemed | (108,340,332 | ) | (186,379,864 | ) | ||||
|
|
|
| |||||
Net decrease | (42,269,645 | ) | (8,215,947 | ) | ||||
|
|
|
| |||||
Capital(b) | ||||||||
Shares sold | 9,733,878,564 | — | ||||||
Shares issued in reinvestment of distributions | 4,861,938 | — | ||||||
Shares redeemed | (366,498,350 | ) | — | |||||
|
|
|
| |||||
Net increase | 9,372,242,152 | — | ||||||
|
|
|
| |||||
Total Net Increase (Decrease) | 19,443,642,124 | (1,518,124,014 | ) | |||||
|
|
|
|
116 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Six Months Ended 04/30/18 | Year Ended 10/31/17 | |||||||
Treasury Trust Fund | ||||||||
Institutional | ||||||||
Shares sold | 40,518,577,127 | 63,116,435,366 | ||||||
Shares issued in reinvestment of distributions | 38,264,425 | 38,311,656 | ||||||
Shares redeemed | (38,904,007,946 | ) | (59,908,554,460 | ) | ||||
|
|
|
| |||||
Net increase | 1,652,833,606 | 3,246,192,562 | ||||||
|
|
|
| |||||
Dollar | ||||||||
Shares sold | 1,266,885,703 | 2,482,949,070 | ||||||
Shares issued in reinvestment of distributions | 589,199 | 298,678 | ||||||
Shares redeemed | (1,288,725,610 | ) | (2,420,196,004 | ) | ||||
|
|
|
| |||||
Net increase (decrease) | (21,250,708 | ) | 63,051,744 | |||||
|
|
|
| |||||
Cash Management | ||||||||
Shares sold | 5,302,645 | 29,414,523 | ||||||
Shares redeemed | (6,708,894 | ) | (24,864,675 | ) | ||||
|
|
|
| |||||
Net increase (decrease) | (1,406,249 | ) | 4,549,848 | |||||
|
|
|
| |||||
Cash Reserve | ||||||||
Shares sold | 75,054,522 | 5,665,648 | ||||||
Shares issued in reinvestment of distributions | 15,340 | 2,522 | ||||||
Shares redeemed | (74,010,368 | ) | (8,301,262 | ) | ||||
|
|
|
| |||||
Net increase (decrease) | 1,059,494 | (2,633,092 | ) | |||||
|
|
|
| |||||
Administration | ||||||||
Shares sold | 1,628,193,232 | 4,139,789,166 | ||||||
Shares issued in reinvestment of distributions | 152,781 | 100,516 | ||||||
Shares redeemed | (1,748,780,694 | ) | (3,977,213,552 | ) | ||||
|
|
|
| |||||
Net increase (decrease) | (120,434,681 | ) | 162,676,130 | |||||
|
|
|
| |||||
Select | ||||||||
Shares sold | 53,511,957 | 222,667,454 | ||||||
Shares issued in reinvestment of distributions | 71,581 | 10,368 | ||||||
Shares redeemed | (60,076,397 | ) | (264,275,107 | ) | ||||
|
|
|
| |||||
Net decrease | (6,492,859 | ) | (41,597,285 | ) | ||||
|
|
|
| |||||
Total Net Increase | 1,504,308,603 | 3,432,239,907 | ||||||
|
|
|
| |||||
MuniFund | ||||||||
Institutional | ||||||||
Shares sold | 155,004,132 | 412,605,377 | ||||||
Shares issued in reinvestment of distributions | 250,386 | 350,353 | ||||||
Shares redeemed | (178,500,415 | ) | (408,076,919 | ) | ||||
|
|
|
| |||||
Net increase (decrease) | (23,245,897 | ) | 4,878,811 | |||||
|
|
|
| |||||
Dollar | ||||||||
Shares sold | 848,231 | 7,398,997 | ||||||
Shares redeemed | (831,918 | ) | (8,528,638 | ) | ||||
|
|
|
| |||||
Net increase (decrease) | 16,313 | (1,129,641 | ) | |||||
|
|
|
| |||||
Cash Management | ||||||||
Shares sold | 128,665 | 105,312 | ||||||
Shares redeemed | (34,485 | ) | (130,456 | ) | ||||
|
|
|
| |||||
Net increase (decrease) | 94,180 | (25,144 | ) | |||||
|
|
|
| |||||
Administration | ||||||||
Shares sold | 14,218,351 | 27,436,239 | ||||||
Shares issued in reinvestment of distributions | 81,755 | 114,933 | ||||||
Shares redeemed | (16,650,111 | ) | (30,445,390 | ) | ||||
|
|
|
| |||||
Net decrease | (2,350,005 | ) | (2,894,218 | ) | ||||
|
|
|
|
NOTESTO FINANCIAL STATEMENTS | 117 |
Notes to Financial Statements (unaudited) (continued)
Six Months Ended 04/30/18 | Year Ended 10/31/17 | |||||||
Select | ||||||||
Shares sold | 12,080,761 | 26,740,561 | ||||||
Shares issued in reinvestment of distributions | 3,996 | 979 | ||||||
Shares redeemed | (12,137,441 | ) | (27,769,602 | ) | ||||
|
|
|
| |||||
Net decrease | (52,684 | ) | (1,028,062 | ) | ||||
|
|
|
| |||||
Private Client | ||||||||
Shares sold | 26 | 4 | ||||||
Shares issued in reinvestment of distributions | 948 | 482 | ||||||
Shares redeemed | (6,826 | ) | (20,328 | ) | ||||
|
|
|
| |||||
Net decrease | (5,852 | ) | (19,842 | ) | ||||
|
|
|
| |||||
Premier(a) | ||||||||
Shares sold | — | — | ||||||
Shares redeemed | — | (1 | ) | |||||
|
|
|
| |||||
Net decrease | — | (1 | ) | |||||
|
|
|
| |||||
Total Net Decrease | (25,543,945 | ) | (218,097 | ) | ||||
|
|
|
| |||||
California Money Fund | ||||||||
Institutional | ||||||||
Shares sold | 54,275,212 | 83,815,480 | ||||||
Shares issued in reinvestment of distributions | 37,581 | 16,601 | ||||||
Shares redeemed | (38,314,092 | ) | (94,516,225 | ) | ||||
|
|
|
| |||||
Net increase (decrease) | 15,998,701 | (10,684,144 | ) | |||||
|
|
|
| |||||
Select | ||||||||
Shares sold | 233,692 | 9,097,223 | ||||||
Shares issued in reinvestment of distributions | 2,224 | 8,365 | ||||||
Shares redeemed | (300,002 | ) | (14,908,409 | ) | ||||
|
|
|
| |||||
Net decrease | (64,086 | ) | (5,802,821 | ) | ||||
|
|
|
| |||||
Private Client | ||||||||
Shares sold | 62 | 33 | ||||||
Shares issued in reinvestment of distributions | 2,001 | 7,057 | ||||||
Shares redeemed | (134 | ) | (3,305,816 | ) | ||||
|
|
|
| |||||
Net increase (decrease) | 1,929 | (3,298,726 | ) | |||||
|
|
|
| |||||
Premier(a) | ||||||||
Shares sold | — | — | ||||||
Shares redeemed | — | (1 | ) | |||||
|
|
|
| |||||
Net decrease | — | (1 | ) | |||||
|
|
|
| |||||
Total Net Increase (Decrease) | 15,936,544 | (19,785,692 | ) | |||||
|
|
|
| |||||
New York Money Fund | ||||||||
Institutional | ||||||||
Shares sold | 16,678,627 | 32,338,538 | ||||||
Shares issued in reinvestment of distributions | 53,151 | 62,940 | ||||||
Shares redeemed | (12,880,063 | ) | (33,309,440 | ) | ||||
|
|
|
| |||||
Net increase (decrease) | 3,851,715 | (907,962 | ) | |||||
|
|
|
| |||||
Cash Management (c) | ||||||||
Shares sold | — | — | ||||||
Shares redeemed | — | (1 | ) | |||||
|
|
|
| |||||
Net decrease | — | (1 | ) | |||||
|
|
|
| |||||
Select | ||||||||
Shares sold | 324,032 | 640,930 | ||||||
Shares issued in reinvestment of distributions | 380 | 464 | ||||||
Shares redeemed | (131,217 | ) | (1,013,390 | ) | ||||
|
|
|
| |||||
Net increase (decrease) | 193,195 | (371,996 | ) | |||||
|
|
|
|
118 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Six Months Ended 04/30/18 | Year Ended 10/31/17 | |||||||
Private Client | ||||||||
Shares sold | 368 | 1,544 | ||||||
Shares issued in reinvestment of distributions | 922 | 752 | ||||||
Shares redeemed | — | (81,117 | ) | |||||
|
|
|
| |||||
Net increase (decrease) | 1,290 | (78,821 | ) | |||||
|
|
|
| |||||
Premier(a) | ||||||||
Shares sold | — | — | ||||||
Shares redeemed | — | (1 | ) | |||||
|
|
|
| |||||
Net decrease | — | (1 | ) | |||||
|
|
|
| |||||
Total Net Increase (Decrease) | 4,046,200 | (1,358,781 | ) | |||||
|
|
|
|
Transactions in capital shares for each class of TempCash, TempFund and MuniCash were as follows:
Six Months Ended 04/30/18 | Year Ended 10/31/17 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
TempCash | ||||||||||||||||
Institutional | ||||||||||||||||
Shares sold | 3,019,547,054 | $ | 3,020,017,966 | 2,498,435,715 | $ | 2,498,883,722 | ||||||||||
Shares issued in reinvestment of distributions | 670,101 | 670,202 | 811,975 | 812,099 | ||||||||||||
Shares redeemed | (2,223,292,994 | ) | (2,223,622,975 | ) | (858,529,592 | ) | (858,688,388 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 796,924,161 | $ | 797,065,193 | 1,640,718,098 | $ | 1,641,007,433 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Dollar | ||||||||||||||||
Shares issued in reinvestment of distributions | 92,188 | $ | 92,207 | 135,002 | $ | 135,026 | ||||||||||
Shares redeemed | (10,204,989 | ) | (10,206,701 | ) | (3,567,371 | ) | (3,567,671 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | (10,112,801 | ) | $ | (10,114,494 | ) | (3,432,369 | ) | $ | (3,432,645 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Increase | 786,811,360 | $ | 786,950,699 | 1,637,285,729 | $ | 1,637,574,788 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TempFund | ||||||||||||||||
Institutional | ||||||||||||||||
Shares sold | 41,123,514,414 | $ | 41,132,043,545 | 76,826,262,634 | $ | 76,859,303,641 | ||||||||||
Shares issued in reinvestment of distributions | 62,138,483 | 62,150,802 | 89,307,275 | 89,345,302 | ||||||||||||
Shares redeemed | (43,551,220,575 | ) | (43,560,384,897 | ) | (72,160,873,789 | ) | (72,192,062,727 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (2,365,567,678 | ) | $ | (2,366,190,550 | ) | 4,754,696,120 | $ | 4,756,586,216 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Dollar | ||||||||||||||||
Shares sold | 140,773,820 | $ | 140,812,421 | 224,444,653 | $ | 224,556,353 | ||||||||||
Shares issued in reinvestment of distributions | 641,757 | 641,897 | 630,512 | 630,808 | ||||||||||||
Shares redeemed | (122,599,927 | ) | (122,631,951 | ) | (230,672,838 | ) | (230,776,163 | ) | ||||||||
|
|
|
|
|
|
|
| �� | ||||||||
Net increase (decrease) | 18,815,650 | $ | 18,822,367 | (5,597,673 | ) | $ | (5,589,002 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Cash Management | ||||||||||||||||
Shares sold | 77,666,802 | $ | 77,684,088 | 156,682,722 | $ | 156,748,428 | ||||||||||
Shares issued in reinvestment of distributions | 3,277,290 | 3,277,978 | 3,701,715 | 3,703,347 | ||||||||||||
Shares redeemed | (124,791,925 | ) | (124,819,374 | ) | (303,605,480 | ) | (303,742,131 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | (43,847,833 | ) | $ | (43,857,308 | ) | (143,221,043 | ) | $ | (143,290,356 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Cash Reserve | ||||||||||||||||
Shares sold | 4,103,703 | $ | 4,104,801 | 3,235,045 | $ | 3,236,377 | ||||||||||
Shares issued in reinvestment of distributions | 22,168 | 22,173 | 18,425 | 18,433 | ||||||||||||
Shares redeemed | (3,208,550 | ) | (3,209,323 | ) | (5,543,552 | ) | (5,545,482 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 917,321 | $ | 917,651 | (2,290,082 | ) | $ | (2,290,672 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Administration | ||||||||||||||||
Shares sold | 4,015,362 | $ | 4,016,195 | 111,250,032 | $ | 111,304,738 | ||||||||||
Shares issued in reinvestment of distributions | 86,065 | 86,087 | 142,809 | 142,874 | ||||||||||||
Shares redeemed | (11,062,031 | ) | (11,064,535 | ) | (20,105,729 | ) | (20,114,371 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (6,960,604 | ) | $ | (6,962,253 | ) | 91,287,112 | $ | 91,333,241 | ||||||||
|
|
|
|
|
|
|
|
NOTESTO FINANCIAL STATEMENTS | 119 |
Notes to Financial Statements (unaudited) (continued)
Six Months Ended 04/30/18 | Year Ended 10/31/17 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Select | ||||||||||||||||
Shares sold | — | $ | — | 4 | $ | 4 | ||||||||||
Shares issued in reinvestment of distributions | 2 | 2 | 119 | 119 | ||||||||||||
Shares redeemed | (13 | ) | (13 | ) | (962,349 | ) | (962,681 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | (11 | ) | $ | (11 | ) | (962,226 | ) | $ | (962,558 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Private Client | ||||||||||||||||
Shares sold | 11,086,429 | $ | 11,087,651 | 839 | $ | 838 | ||||||||||
Shares issued in reinvestment of distributions | 7,963 | 7,965 | 6,733 | 6,736 | ||||||||||||
Shares redeemed | (10,931,314 | ) | (10,932,800 | ) | (361,720 | ) | (361,867 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 163,078 | $ | 162,816 | (354,148 | ) | $ | (354,293 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Increase (Decrease) | (2,396,480,077 | ) | $ | (2,397,107,288 | ) | 4,693,558,060 | $ | 4,695,432,576 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MuniCash | ||||||||||||||||
Institutional | ||||||||||||||||
Shares sold | 14,584,425,400 | $ | 14,586,050,392 | 28,740,812,235 | $ | 28,746,790,856 | ||||||||||
Shares issued in reinvestment of distributions | 6,318,280 | 6,318,722 | 6,965,941 | 6,967,636 | ||||||||||||
Shares redeemed | (14,214,141,361 | ) | (14,215,838,260 | ) | (26,791,801,534 | ) | (26,797,448,195 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 376,602,319 | $ | 376,530,854 | 1,955,976,642 | $ | 1,956,310,297 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Dollar | ||||||||||||||||
Shares sold | 986,166 | $ | 986,275 | 2,033,258 | $ | 2,033,669 | ||||||||||
Shares issued in reinvestment of distributions | 6,105 | 6,106 | 5,410 | 5,412 | ||||||||||||
Shares redeemed | (1,227,244 | ) | (1,227,330 | ) | (2,218,365 | ) | (2,218,710 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | (234,973 | ) | $ | (234,949 | ) | (179,697 | ) | $ | (179,629 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Increase | 376,367,346 | $ | 376,295,905 | 1,955,796,945 | $ | 1,956,130,668 | ||||||||||
|
|
|
|
|
|
|
|
(a) | There were no Premier shares outstanding for the six months ended April 30, 2018 and the year ended October 31, 2017. |
(b) | Period November 10, 2017 (commencement of operations) to April 30, 2018 for Capital Shares. |
(c) | There were no Cash Management shares outstanding for the six months ended April 30, 2018 and the year ended October 31, 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.
120 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Trustee and Officer Information
Rodney D. Johnson, Chair of the Board and Trustee
Mark Stalnecker, Chair Elect 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
Kenneth L. Urish, Trustee
Claire A. Walton, Trustee
Frederick W. Winter, Trustee
Robert Fairbairn, 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 February 22, 2018, Barbara G. Novick resigned, and Robert Fairbairn was appointed, as an Interested Trustee of the Trust
Effective May 08, 2018, John MacKessy replaced Fernanda Piedra as the Anti-Money Laundering Compliance Officer of the Trust.
Investment Adviser and Administrator
BlackRock Advisors, LLC
Wilmington, DE 19809
Accounting Agent
JPMorgan Chase Bank, N.A.
New York, NY 10179
Transfer Agent
BNY Mellon Investment Servicing (US) INC
Wilmington, DE 19809
Custodians
JPMorgan Chase Bank, N.A.
New York, NY 10179
The Bank of New York Mellon
New York, NY 10286
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Philadelphia, PA 19103
Distributor
BlackRock Investments, LLC
New York, NY 10022
Legal Counsel
Sidley Austin LLP
New York, NY 10019
Address of the Trust
100 Bellevue Parkway
Wilmington, DE 19809
TRUSTEEAND OFFICER INFORMATION | 121 |
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 advisers, 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 Transfer Agent 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 the Funds’ portfolios 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.
122 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Glossary of Terms Used in this Report
Currency | ||
USD | United States Dollar | |
Portfolio Abbreviations | ||
AMT | Alternative Minimum Tax | |
BAN | Bond Anticipation Notes | |
COP | Certificates of Participation | |
GO | General Obligations Bonds | |
LIBOR | London Interbank Offered Rate | |
LIQ | Liquidity Agreement | |
LOC | Letter of Credit | |
RAN | Revenue Anticipation Note | |
RB | Revenue Bonds | |
SBPA | Stand-by-Bond Purchase Agreement | |
TAN | Tax Anticipation Notes | |
TECP | Tax-Exempt Commercial Paper | |
VRDN | Variable Rate Demand Notes | |
VRDP | Variable Rate Demand Preferred |
GLOSSARYOF TERMS USEDINTHIS REPORT | 123 |
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.
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) 441-7450. 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-4/18-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 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable |
Item 13 – | Exhibits attached hereto |
(a)(1) – Code of Ethics – Not Applicable to this semi-annual report
(a)(2) – Certifications – Attached hereto
(a)(3) – Not Applicable
2
(a)(4) – Not Applicable
(b) – Certifications – Attached hereto
3
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, 2018
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, 2018
By: | /s/ Neal J. Andrews | |||||
Neal J. Andrews | ||||||
Chief Financial Officer (principal financial officer) of | ||||||
BlackRock Liquidity Funds |
Date: July 5, 2018
4