UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-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: 10/31/2020
Date of reporting period: 04/30/2020
Item 1 – Report to Stockholders
![]() | APRIL 30, 2020 |
2020 Semi-Annual Report (Unaudited) |
BlackRock Liquidity Funds
· | Federal Trust Fund |
· | FedFund |
· | TempCash |
· | TempFund |
· | T-Fund |
· | Treasury Trust Fund |
· | MuniCash |
· | MuniFund |
· | California Money Fund |
· | New York Money Fund |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call(800) 441-7450 to inform BlackRock that you wish to continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC, BlackRock Fund Advisors or their affiliates, or all funds held with your financial intermediary, as applicable.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Dear Shareholder,
The last 12 months have been a time of sudden change in global financial markets, as a long period of growth and positive returns was interrupted in early 2020 by the emergence and spread of the coronavirus. For much of the reporting period, U.S. equities and bonds both delivered impressive returns, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. But as the threat from the coronavirus became more apparent throughout February and March 2020, leading countries around the world took economically disruptive countermeasures, causing equity prices to fall sharply. While markets have since recovered some of these losses as countries around the world begin reopening, there is still significant uncertainty surrounding the long-term impact of the pandemic on the global economy.
Returns for most securities were robust for the first three quarters of the reporting period, as investors began to realize that the U.S. economy was maintaining the modest yet steady growth that had characterized this economic cycle. However, oncestay-at-home orders and closures ofnon-essential businesses became widespread, many workers were laid off and unemployment claims spiked. With large portions of the global economy on hold, all types of international equities ended the reporting period with negative performance, while in the U.S. only large-capitalization stocks delivered a slightly positive return.
The performance of different types of fixed-income securities diverged substantially due to a reduced investor appetite for risk. Treasuries benefited from therisk-off environment, and posted healthy returns, as the10-year yield (which is inversely related to bond prices) fell to anall-time low. Investment-grade corporate bonds also delivered a positive return, while high-yield corporates were down due to credit concerns.
The U.S. Federal Reserve (the “Fed”) reduced interest rates three times in 2019, to support slowing economic growth. After the coronavirus outbreak, the Fed instituted two emergency rate cuts, pushing short-term interest rates close to zero. To stabilize credit markets, the Fed also announced a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.
Looking ahead, while coronavirus-related disruption is certain to hurt worldwide economic growth, the global expansion is likely to continue once the impact of the outbreak subsides. Nonetheless, there are promising signs that a strong coordinated monetary and fiscal response is underway, both in the United States and abroad. With measures being taken to contain the virus and provide support to impacted businesses and individuals, we anticipate a sharp increase in economic activity as life returns to normal.
Overall, we favor a neutral stance toward risk, given the uncertainty surrounding the economic impact of coronavirus countermeasures. Among equities, we see an advantage in U.S. stocks compared to other developed markets, given the diversity of the U.S. economy and the impressive scope of monetary and fiscal stimulus. In bonds, the swift action taken by the world’s central banks means there are attractive opportunities in credit, and we expect credit spreads to narrow as markets stabilize. Both U.S. Treasuries and sustainable investments can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.
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 visitblackrock.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, 2020 | ||||
6-Month | 12-Month | |||
U.S. large cap equities (S&P 500®Index) | (3.16)% | 0.86% | ||
U.S. small cap equities (Russell 2000®Index) | (15.47) | (16.39) | ||
International equities | (14.21) | (11.34) | ||
Emerging market equities | (10.50) | (12.00) | ||
3-month Treasury bills | 0.85 | 2.07 | ||
U.S. Treasury securities | 10.73 | 19.78 | ||
U.S. investment grade bonds | 4.86 | 10.84 | ||
Tax-exempt municipal bonds | (1.26) | 2.21 | ||
U.S. high yield bonds | (6.60) | (4.08) | ||
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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3 |
Money Market Overview For the6-Month Period Ended April 30, 2020
Notable events over the last six months began with market participants raising awareness regarding slowing global growth amid uncertainties associated with geopolitical events including U.S.-China trade tensions and muted inflation. However, 2019 finished the year with a strong economy, low unemployment and strong returns for U.S. equities. At the onset of 2020, the economy was in a good place and interest rate policy was appropriate according to the Fed, but this outlook quickly changed upon the imposition of dramatic measures by authorities around the world to stem the spread of the coronavirus pandemic. In response, the Fed quickly enacted a series of unprecedented measures to channel credit to businesses and households and smooth market functioning.
The Fed’s stimulus campaign began with an “emergency” 0.50% cut to the Federal Funds target rate on March 3, 2020. This action was followed up a few weeks later with a surprise 1% interest rate cut, bringing the range for the Federal Funds target rate to0.00%-0.25%. This action included a commitment to keep rates low until the uncertainty has passed. Dusting off itscrisis-era playbook, the Fed rebooted or rolled out various support facilities and continues to emphasize its support of credit and liquidity in order to stabilize markets. The most impactful measure for money market funds, in our view, was the creation of the Money Market Liquidity Facility to purchase commercial paper and domestic and Yankee certificates of deposit from prime money market funds, and municipal debt and variable rate demand notes from municipal money market funds.
The facility was largely active and provided liquidity to money market funds by the end of the first quarter of 2020. In a nod to 2008, the Fed revived the following vehicles: the Commercial Paper Funding Facility to backstop the purchase of high-quality commercial paper from U.S. issuers; the Primary Dealer Credit Facility to providelow-cost funding against a broad range of collateral including commercial paper; and the Term Asset Back Securities Lending Facility to purchase asset-backed securities.
Other notable actions included the creation of new facilities to purchase investment-grade corporate debt through the Primary Market Corporate Credit Facility and Secondary Market Corporate Credit Facility. A $2 trillion fiscal aid package signed into law by President Trump along with a series of coordinated global fiscal and monetary actions complemented the Fed’s sweeping measures.
Following its array of monetary stimulus in March, the Federal Open Market Committee (“FOMC”) maintained the0.00%-0.25% range for the Federal Funds target rate at its April 29, 2020 meeting. While no new policy initiatives were announced, the FOMC underscored its recent pledge to use its full gamut of tools to achieve its maximum employment and price stability goals.
The three-month London Interbank Offered Rate overnight-indexed swap spread (a gauge of stress in the financial system) increased from a low of around 0.12% in February to around 1.38% at the end of the first quarter of 2020. While elevated, this measure remains below the 2008 crisis peak of over 3.60%. As markets stabilized in April, this spread ground back toward a level of 0.30% – signaling investor confidence in credits markets. Credit markets in general improved in April as record levels of investment-grade bonds were issued in the market across all tenors, but predominately targeted the longer end of the curve as issuers secured term financing.
Government money market funds were forced to put excess cash to work at or near the “zero lower bound,” while the front end of the Treasury-bill curve was offered at modestly negative rates toward the end of the March quarter. The maximum dailytake-up in the Fed’s reverse repo program — which serves as an investment outlet for eligible money market funds at a rate of 0%-rose sharply to a peak amount of nearly $285 billion at the end of March, the highest level since 2017. Assets of money market funds rose to anall-time high of over $5 trillion, with large government fund inflows offsetting outflows from prime funds.
In our view, we continue to expect the substantial amount of coordinated fiscal and monetary stimulus made available in the United States and abroad to serve as an important bridge in addressing economic and market strains from the drastic measures taken to contain the coronavirus epidemic.Front-end credit markets and prime funds attracted positive flows toward the end of April, and we are optimistic that conditions in the short-term taxable money market could remain favorable given the support of the Fed. While rates in the government space should remain low in absolute terms, historical levels of issuance in Treasury bills over the next quarter could provide modest relief for rates in our opinion.
Turning to short-term municipal bonds, the short-term municipal market ended thesix-month period ended April 30, 2020 at $137.2 billion in assets, down slightly from November 1, 2019. While money fund asset flows were mixed prior to January, record inflows into bond funds and separately managed accounts (“SMAs”) translated into strong demand for variable rate demand note (“VRDN”) securities that were used as temporary investments. As bond issuance came to market, VRDN securities were no longer needed as temporary investments, and VRDN inventory began to increase. However, in January and February of 2020, seasonal-coupon flow into money funds translated into industry assets reaching asix-month high of $141 billion. In addition, bond funds and SMAs continued with their record pace of inflows. The combination translated into persistent demand for VRDN securities as temporary investments and kept downward pressure on the Securities Industry and Financial Markets Association (“SIFMA”) Index, which represents the average yield on weekly VRDNs. As VRDN yields declined, money funds began to experience a slow decline in assets as investors sought higher yielding alternatives.
In March 2020, the impact of the coronavirus pandemic was dramatic and volatile for both markets and investors.Tax-exempt money market funds lost $6 billion in assets as investors redeemed in favor of government money market funds or a preference for actual cash. VRDN inventory on dealer balance sheets spiked to $31 billion, approximately six times the typical carry amount, causing the SIFMA Index to spike to 5.20%. The Fed reacted in a bold way and stated that they would support the economy by doing whatever it takes to combat the growing impact of the coronavirus pandemic on financial markets and economic conditions. The Fed began utilizing a variety of measures to ease the building financial pressures. Measures included lowering the Federal Funds rate by 1.50% to the0.0%-0.25% range and extending asset purchases of bonds and mortgage-backed securities as well as including corporate and municipal bonds. The Fed also activated three Federal programs to relieve balance sheet pressures. These programs have had a dramatic impact in lowering financial market pressures. The resulting elevated VRDN yields garnered increased interest from taxable money funds and crossover accounts during the last week of March, helping to reduce VRDN inventory, which ended the March quarter at $5.2 billion.
In April, withtax-related redemptions pushed back to July 15, VRDN inventory averaged just $2.9 billion, well below historical averages astax-exempt money funds experienced strong inflows, pushing the SIFMA Index to a four-year low of 0.21% before ending the period at 0.22%. Along with downward pressure on VRDN yields, commercial paper, municipal note, and municipal bond yield levels moved sharply lower as well. Theone-year Municipal Market Data yield, which representsone-year municipal bonds, and theone-year MIG1 yield, which represents municipal notes, decreased to end April at 0.81% and 0.80%, respectively.
Looking ahead, seasonal municipal note issuance should begin to ramp up as municipalities address not only their annual operating financing needs, but additional burdens created from the coronavirus pandemic. It remains to be seen how municipal note issuance will be impacted this year given increased state funding needs due to the coronavirus pandemic crisis and the option of using the Fed’s Municipal Liquidity Facility program as a lender of last resort. Municipal money market fund managers are
4 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Money Market Overview For the6-Month Period Ended April 30, 2020 (continued)
expected to maintain a defensive approach with respect to high levels of fund liquidity and remain selective with respect toone-year municipal note and bond purchases, while opportunistically investing in commercial paper for a laddered maturity schedule.
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.
MONEY MARKET OVERVIEW | 5 |
Fund Information as of April 30, 2020 |
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.
CURRENTSEVEN-DAY YIELDS
7-Day SEC Yields | 7-Day Yields | |||||||
Institutional | 0.22 | % | 0.22 | % | ||||
Administration | 0.12 | 0.12 | ||||||
Cash Management | 0.00 | 0.00 | ||||||
Cash Reserve | 0.22 | 0.22 | ||||||
Dollar | 0.00 | 0.00 | ||||||
Premier | 0.22 | 0.22 |
The7-Day SEC Yields may differ from the7-Day Yields shown above due to the fact that the7-Day SEC Yields exclude distributed capital gains.
PORTFOLIO COMPOSITION
Asset Type | Percent of Net Assets | |||
U.S. Treasury Obligations | 63 | % | ||
U.S. Government Sponsored Agency Obligations | 38 | |||
Liabilities in Excess of Other Assets | (1 | ) |
FedFund
FedFund’s (the “Fund”) investment objective is to seek current income as is consistent with liquidity and stability of principal.
CURRENTSEVEN-DAY YIELDS
7-Day SEC Yields | 7-Day Yields | |||||||
Institutional | 0.21 | % | 0.21 | % | ||||
Administration | 0.11 | 0.11 | ||||||
Capital | 0.16 | 0.16 | ||||||
Cash Management | 0.00 | 0.00 | ||||||
Cash Reserve | 0.00 | 0.00 | ||||||
Dollar | 0.00 | 0.00 | ||||||
Premier | 0.21 | 0.21 | ||||||
Private Client | 0.00 | 0.00 | ||||||
Select | 0.00 | 0.00 |
The7-Day SEC Yields may differ from the7-Day Yields shown above due to the fact that the7-Day SEC Yields exclude distributed capital gains.
PORTFOLIO COMPOSITION
Asset Type | Percent of Net Assets | |||
Repurchase Agreements | 35 | % | ||
U.S. Government Sponsored Agency Obligations | 35 | |||
U.S. Treasury Obligations | 31 | |||
Liabilities in Excess of Other Assets | (1 | ) |
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.
CURRENTSEVEN-DAY YIELDS
7-Day SEC Yields | 7-Day Yields | |||||||
Institutional | 0.68 | % | 0.68 | % | ||||
Dollar | 0.45 | 0.45 | ||||||
Premier | 0.67 | 0.67 |
The7-Day SEC Yields may differ from the7-Day Yields shown above due to the fact that the7-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 | 24 | |||
Time Deposits | 16 | |||
Repurchase Agreements | 16 | |||
U.S. Treasury Obligations | 2 | |||
Corporate Bonds | — | (a) | ||
U.S. Government Sponsored Agency Obligations | — | (a) | ||
Other Assets Less Liabilities | 4 |
(a) | Represents less than 1% of the Fund’s net assets. |
6 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Information as of April 30, 2020 (continued) |
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.
CURRENTSEVEN-DAY YIELDS
7-Day SEC Yields | 7-Day Yields | |||||||
Institutional | 0.63 | % | 0.63 | % | ||||
Administration | 0.53 | 0.53 | ||||||
Cash Management | 0.13 | 0.13 | ||||||
Cash Reserve | 0.28 | 0.28 | ||||||
Dollar | 0.38 | 0.38 | ||||||
Private Client | 0.13 | 0.13 |
The7-Day SEC Yields may differ from the7-Day Yields shown above due to the fact that the7-Day SEC Yields exclude distributed capital gains.
PORTFOLIO COMPOSITION
Asset Type | Percent of Net Assets | |||
Commercial Paper | 36 | % | ||
Repurchase Agreements | 23 | |||
Certificates of Deposit | 21 | |||
Time Deposits | 14 | |||
U.S. Treasury Obligations | 2 | |||
Corporate Bonds | — | (a) | ||
U.S. Government Sponsored Agency Obligations | — | (a) | ||
Other Assets Less Liabilities | 4 |
(a) | Represents less than 1% of the Fund’s net assets. |
T-Fund
T-Fund’s (the “Fund”) investment objective is to seek current income as is consistent with liquidity and stability of principal.
CURRENTSEVEN-DAY YIELDS
7-Day SEC Yields | 7-Day Yields | |||||||
Institutional | 0.12 | % | 0.12 | % | ||||
Administration | 0.02 | 0.02 | ||||||
Capital | 0.07 | 0.07 | ||||||
Cash Management | 0.00 | 0.00 | ||||||
Cash Reserve | 0.00 | 0.00 | ||||||
Dollar | 0.00 | 0.00 | ||||||
Premier | 0.11 | 0.11 | ||||||
Select | 0.00 | 0.00 |
The7-Day SEC Yields may differ from the7-Day Yields shown above due to the fact that the7-Day SEC Yields exclude distributed capital gains.
PORTFOLIO COMPOSITION
Asset Type | Percent of Net Assets | |||
U.S. Treasury Obligations | 61 | % | ||
Repurchase Agreements | 42 | |||
Liabilities in Excess of Other Assets | (3 | ) |
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.
CURRENTSEVEN-DAY YIELDS
7-Day SEC Yields | 7-Day Yields | |||||||
Institutional | 0.20 | % | 0.20 | % | ||||
Administration | 0.10 | 0.10 | ||||||
Cash Management | 0.00 | 0.00 | ||||||
Cash Reserve | 0.00 | 0.00 | ||||||
Dollar | 0.00 | 0.00 | ||||||
Premier | 0.20 | 0.20 | ||||||
Select | 0.00 | 0.00 |
The7-Day SEC Yields may differ from the7-Day Yields shown above due to the fact that the7-Day SEC Yields exclude distributed capital gains.
Past performance is not indicative of future results.
PORTFOLIO COMPOSITION
Asset Type | Percent of Net Assets | |||
U.S. Treasury Obligations | 102 | % | ||
Liabilities in Excess of Other Assets | (2 | ) |
FUND INFORMATION | 7 |
Fund Information as of April 30, 2020 (continued) |
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.
CURRENTSEVEN-DAY YIELDS
7-Day SEC Yields | 7-Day Yields | |||||||
Institutional | 0.15 | % | 0.15 | % | ||||
Dollar | 0.00 | 0.00 | ||||||
Premier | 0.16 | 0.16 |
The7-Day SEC Yields may differ from the7-Day Yields shown above due to the fact that the7-Day SEC Yields exclude distributed capital gains.
PORTFOLIO COMPOSITION
Asset Type | Percent of Net Assets | |||
Variable Rate Demand Notes | 78 | % | ||
Municipal Bonds | 20 | |||
Closed-End Investment Companies | 2 | |||
Liabilities in Excess of Other Assets | — | (a) |
(a) | Represents less than 1% 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.
CURRENTSEVEN-DAY YIELDS
7-Day SEC Yields | 7-Day Yields | |||||||
Institutional | 0.24 | % | 0.24 | % | ||||
Administration | 0.14 | 0.14 | ||||||
Dollar | 0.00 | 0.00 | ||||||
Premier | 0.24 | 0.24 | ||||||
Private Client | 0.00 | 0.00 | ||||||
Select | 0.00 | 0.00 |
The7-Day SEC Yields may differ from the7-Day Yields shown above due to the fact that the7-Day SEC Yields exclude distributed capital gains.
PORTFOLIO COMPOSITION
Asset Type | Percent of Net Assets | |||
Variable Rate Demand Notes | 73 | % | ||
Municipal Bonds | 25 | |||
Closed-End Investment Companies | 2 | |||
Other Assets Less Liabilities | — | (a) |
(a) | Represents less than 1% of the Fund’s net assets. |
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.
CURRENTSEVEN-DAY YIELDS
7-Day SEC Yields | 7-Day Yields | |||||||
Institutional | 0.02 | % | 0.02 | % | ||||
Premier | 0.02 | 0.02 |
The7-Day SEC Yields may differ from the7-Day Yields shown above due to the fact that the7-Day SEC Yields exclude distributed capital gains.
PORTFOLIO COMPOSITION
Asset Type | Percent of Net Assets | |||
Variable Rate Demand Notes | 70 | % | ||
Municipal Bonds | 13 | |||
Closed-End Investment Companies | 3 | |||
Other Assets Less Liabilities | 14 |
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.
CURRENTSEVEN-DAY YIELDS
7-Day SEC Yields | 7-Day Yields | |||||||
Institutional | 0.02 | % | 0.02 | % | ||||
Premier | 0.02 | 0.02 |
The7-Day SEC Yields may differ from the7-Day Yields shown above due to the fact that the7-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 | 92 | % | ||
Municipal Bonds | 4 | |||
Closed-End Investment Companies | 4 | |||
Other Assets Less Liabilities | — | (a) |
(a) | Represents less than 1% of the Fund’s net assets. |
8 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Disclosure of Expenses |
Shareholders of each Fund may incur the following charges: (a) transactional expenses; and (b) operating expenses, including investment advisory fees, service and distribution fees and other fund expenses. The expense examples shown below (which are based on a hypothetical investment of $1,000 invested on November 1, 2019 and held through April 30, 2020, 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 heading 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 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) | |||||||||||||||||||||||||||||||
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| Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period(b) |
| | Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period(b) |
| | Annualized Expense Ratio | | ||||||||||||
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Federal Trust Fund |
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Institutional | $ | 1,000.00 | $ | 1,006.10 | $ | 0.85 | $ | 1,000.00 | $ | 1,024.02 | $ | 0.86 | 0.17% | |||||||||||||||||||
Administration | 1,000.00 | 1,005.60 | 1.35 | 1,000.00 | 1,023.52 | 1.36 | 0.27 | |||||||||||||||||||||||||
Cash Management | 1,000.00 | 1,003.80 | 3.19 | 1,000.00 | 1,021.68 | 3.22 | 0.64 | |||||||||||||||||||||||||
Cash Reserve | 1,000.00 | 1,006.10 | 0.85 | 1,000.00 | 1,024.02 | 0.86 | 0.17 | |||||||||||||||||||||||||
Dollar | 1,000.00 | 1,004.90 | 2.09 | 1,000.00 | 1,022.77 | 2.11 | 0.42 | |||||||||||||||||||||||||
Premier | 1,000.00 | 1,006.10 | 0.85 | 1,000.00 | 1,024.02 | 0.86 | 0.17 | |||||||||||||||||||||||||
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FedFund |
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Institutional | $ | 1,000.00 | $ | 1,006.00 | $ | 0.85 | $ | 1,000.00 | $ | 1,024.02 | $ | 0.86 | 0.17% | |||||||||||||||||||
Administration | 1,000.00 | 1,005.50 | 1.35 | 1,000.00 | 1,023.52 | 1.36 | 0.27 | |||||||||||||||||||||||||
Capital | 1,000.00 | 1,005.70 | 1.10 | 1,000.00 | 1,023.77 | 1.11 | 0.22 | |||||||||||||||||||||||||
Cash Management | 1,000.00 | 1,003.70 | 3.09 | 1,000.00 | 1,021.78 | 3.12 | 0.62 | |||||||||||||||||||||||||
Cash Reserve | 1,000.00 | 1,004.10 | 2.69 | 1,000.00 | 1,022.18 | 2.72 | 0.54 | |||||||||||||||||||||||||
Dollar | 1,000.00 | 1,004.70 | 2.09 | 1,000.00 | 1,022.77 | 2.11 | 0.42 | |||||||||||||||||||||||||
Premier | 1,000.00 | 1,006.00 | 0.85 | 1,000.00 | 1,024.02 | 0.86 | 0.17 | |||||||||||||||||||||||||
Private Client | 1,000.00 | 1,003.70 | 3.14 | 1,000.00 | 1,021.73 | 3.17 | 0.63 | |||||||||||||||||||||||||
Select | 1,000.00 | 1,002.50 | 4.18 | 1,000.00 | 1,020.69 | 4.22 | 0.84 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
TempCash |
| |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,007.70 | $ | 0.90 | $ | 1,000.00 | $ | 1,023.97 | $ | 0.91 | 0.18% | |||||||||||||||||||
Dollar | 1,000.00 | 1,006.40 | 2.15 | 1,000.00 | 1,022.73 | 2.16 | 0.43 | |||||||||||||||||||||||||
Premier | 1,000.00 | 1,007.70 | 0.90 | 1,000.00 | 1,023.97 | 0.91 | 0.18 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
TempFund |
| |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,007.50 | $ | 0.90 | $ | 1,000.00 | $ | 1,023.97 | $ | 0.91 | 0.18% | |||||||||||||||||||
Administration | 1,000.00 | 1,007.00 | 1.35 | 1,000.00 | 1,023.52 | 1.36 | 0.27 | |||||||||||||||||||||||||
Cash Management | 1,000.00 | 1,005.00 | 3.39 | 1,000.00 | 1,021.48 | 3.42 | 0.68 | |||||||||||||||||||||||||
Cash Reserve | 1,000.00 | 1,005.90 | 2.49 | 1,000.00 | 1,022.38 | 2.51 | 0.50 | |||||||||||||||||||||||||
Dollar | 1,000.00 | 1,006.30 | 2.14 | 1,000.00 | 1,022.73 | 2.16 | 0.43 | |||||||||||||||||||||||||
Private Client | 1,000.00 | 1,005.00 | 3.39 | 1,000.00 | 1,021.48 | 3.42 | 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 366. |
(b) | For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect theone-half year period shown). |
DISCLOSUREOF EXPENSES | 9 |
Disclosure of Expenses (continued) |
Expense Examples(continued)
Actual | Hypothetical (a) | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
| Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period (b) | | | Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period (b) | | | Annualized Expense Ratio | | ||||||||||||
| ||||||||||||||||||||||||||||||||
T-Fund | ||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,005.80 | $ | 0.85 | $ | 1,000.00 | $ | 1,024.02 | $ | 0.86 | 0.17% | |||||||||||||||||||
Administration | 1,000.00 | 1,005.30 | 1.35 | 1,000.00 | 1,023.52 | 1.36 | 0.27 | |||||||||||||||||||||||||
Capital | 1,000.00 | 1,005.50 | 1.10 | 1,000.00 | 1,023.77 | 1.11 | 0.22 | |||||||||||||||||||||||||
Cash Management | 1,000.00 | 1,003.60 | 2.94 | 1,000.00 | 1,021.93 | 2.97 | 0.59 | |||||||||||||||||||||||||
Cash Reserve | 1,000.00 | 1,004.00 | 2.49 | 1,000.00 | 1,022.38 | 2.51 | 0.50 | |||||||||||||||||||||||||
Dollar | 1,000.00 | 1,004.60 | 1.99 | 1,000.00 | 1,022.87 | 2.01 | 0.40 | |||||||||||||||||||||||||
Premier | 1,000.00 | 1,005.80 | 0.85 | 1,000.00 | 1,024.02 | 0.86 | 0.17 | |||||||||||||||||||||||||
Select | 1,000.00 | 1,002.40 | 3.53 | 1,000.00 | 1,021.33 | 3.57 | 0.71 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Treasury Trust Fund |
| |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,006.00 | $ | 0.85 | $ | 1,000.00 | $ | 1,024.02 | $ | 0.86 | 0.17% | |||||||||||||||||||
Administration | 1,000.00 | 1,005.50 | 1.35 | 1,000.00 | 1,023.52 | 1.36 | 0.27 | |||||||||||||||||||||||||
Cash Management | 1,000.00 | 1,003.70 | 3.19 | 1,000.00 | 1,021.68 | 3.22 | 0.64 | |||||||||||||||||||||||||
Cash Reserve | 1,000.00 | 1,004.10 | 2.79 | 1,000.00 | 1,022.08 | 2.82 | 0.56 | |||||||||||||||||||||||||
Dollar | 1,000.00 | 1,004.90 | 1.99 | 1,000.00 | 1,022.87 | 2.01 | 0.40 | |||||||||||||||||||||||||
Premier | 1,000.00 | 1,006.00 | 0.85 | 1,000.00 | 1,024.02 | 0.86 | 0.17 | |||||||||||||||||||||||||
Select | 1,000.00 | 1,002.40 | 4.38 | 1,000.00 | 1,020.49 | 4.42 | 0.88 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
MuniCash |
| |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,005.50 | $ | 1.00 | $ | 1,000.00 | $ | 1,023.87 | $ | 1.01 | 0.20% | |||||||||||||||||||
Dollar | 1,000.00 | 1,004.30 | 2.19 | 1,000.00 | 1,022.68 | 2.21 | 0.44 | |||||||||||||||||||||||||
Premier | 1,000.00 | 1,005.40 | 1.00 | 1,000.00 | 1,023.87 | 1.01 | 0.20 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
MuniFund | ||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,005.40 | $ | 1.00 | $ | 1,000.00 | $ | 1,023.87 | $ | 1.01 | 0.20% | |||||||||||||||||||
Administration | 1,000.00 | 1,004.90 | 1.50 | 1,000.00 | 1,023.37 | 1.51 | 0.30 | |||||||||||||||||||||||||
Dollar | 1,000.00 | 1,004.10 | 2.24 | 1,000.00 | 1,022.63 | 2.26 | 0.45 | |||||||||||||||||||||||||
Premier | 1,000.00 | 1,005.40 | 1.00 | 1,000.00 | 1,023.87 | 1.01 | 0.20 | |||||||||||||||||||||||||
Private Client | 1,000.00 | 1,003.10 | 3.29 | 1,000.00 | 1,021.58 | 3.32 | 0.66 | |||||||||||||||||||||||||
Select | 1,000.00 | 1,001.70 | 4.73 | 1,000.00 | 1,020.14 | 4.77 | 0.95 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
California Money Fund |
| |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,004.30 | $ | 1.00 | $ | 1,000.00 | $ | 1,023.87 | $ | 1.01 | 0.20% | |||||||||||||||||||
Premier | 1,000.00 | 1,004.30 | 1.00 | 1,000.00 | 1,023.87 | 1.01 | 0.20 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
New York Money Fund |
| |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,005.40 | $ | 1.00 | $ | 1,000.00 | $ | 1,023.87 | $ | 1.01 | 0.20% | |||||||||||||||||||
Premier | 1,000.00 | 1,005.40 | 1.00 | 1,000.00 | 1,023.87 | 1.01 | 0.20 | |||||||||||||||||||||||||
|
(a) | Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366. |
(b) | For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect theone-half year period shown). |
10 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2020 | Federal Trust Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
U.S. Government Sponsored Agency Obligations — 38.1% | ||||||||
Federal Farm Credit Bank Discount Notes(a): | ||||||||
0.09%, 05/14/20 | USD | 665 | $ | 664,570 | ||||
0.10%, 06/04/20 | 19,465 | 19,456,360 | ||||||
0.10%, 06/12/20 | 935 | 933,058 | ||||||
0.12%, 07/07/20 | 665 | 662,822 | ||||||
0.13%, 09/28/20 | 8,380 | 8,324,133 | ||||||
0.14%, 11/25/20 | 15,400 | 15,263,864 | ||||||
0.14%, 12/15/20 | 25,000 | 24,936,667 | ||||||
0.14%, 12/22/20 | 73,885 | 73,397,871 | ||||||
0.15%, 01/20/21 | 4,415 | 4,386,508 | ||||||
0.15%, 01/27/21 | 34,000 | 33,923,217 | ||||||
0.15%, 02/12/21 | 8,110 | 8,082,198 | ||||||
0.16%, 03/17/21 | 23,235 | 23,179,236 | ||||||
Federal Farm Credit Bank Variable Rate | ||||||||
(LIBOR USD 1 Month - 0.05%), 0.39%, 05/28/20 | 31,515 | 31,513,873 | ||||||
(LIBOR USD 1 Month - 0.01%), 0.71%, 06/18/20 | 3,770 | 3,769,990 | ||||||
(LIBOR USD 1 Month + 0.00%), 0.72%, 06/19/20 | 31,500 | 31,501,970 | ||||||
(LIBOR USD 1 Month - 0.05%), 0.70%, 08/17/20 | 12,175 | 12,175,000 | ||||||
(LIBOR USD 1 Month - 0.04%), 0.79%, 09/11/20 | 14,985 | 14,984,837 | ||||||
(SOFR + 0.08%), 0.09%, 11/27/20 | 2,050 | 2,050,000 | ||||||
(LIBOR USD 1 Month + 0.03%), 0.85%, 12/14/20 | 15,855 | 15,854,598 | ||||||
(SOFR + 0.08%), 0.09%, 01/14/21 | 7,135 | 7,135,000 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.13%), 0.25%, 02/08/21 | 10,505 | 10,496,056 | ||||||
(LIBOR USD 1 Month + 0.00%), 0.75%, 03/17/21 | 9,670 | 9,669,462 | ||||||
(LIBOR USD 1 Month + 0.05%), 0.84%, 04/16/21 | 17,380 | 17,380,000 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.26%), 0.38%, 06/17/21 | 13,085 | 13,083,539 | ||||||
(LIBOR USD 1 Month + 0.16%), 1.15%, 07/01/21 | 10,525 | 10,525,000 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.23%), 0.35%, 07/08/21 | 7,105 | 7,105,000 | ||||||
(LIBOR USD 1 Month + 0.08%), 1.00%, 07/08/21 | 15,000 | 15,000,000 | ||||||
(SOFR + 0.08%), 0.09%, 07/09/21 | 28,175 | 28,175,000 | ||||||
(SOFR + 0.07%), 0.08%, 08/20/21 | 15,725 | 15,725,000 | ||||||
(SOFR + 0.19%), 0.20%, 11/18/21 | 6,715 | 6,715,000 | ||||||
(SOFR + 0.18%), 0.19%, 01/14/22 | 16,200 | 16,200,000 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.28%), 0.40%, 02/08/22 | 38,000 | 38,000,000 | ||||||
(SOFR + 0.40%), 0.41%, 04/01/22 | 40,000 | 40,000,000 | ||||||
Federal Home Loan Bank: | ||||||||
1.59% - 1.60%, 06/17/20 | 22,290 | 22,289,583 | ||||||
1.61%, 06/23/20 | 20,000 | 19,999,461 | ||||||
2.63%, 10/01/20 | 17,800 | 17,871,676 | ||||||
Federal Home Loan Bank Discount Notes(a): | ||||||||
0.07%, 05/04/20 | 35,000 | 34,999,650 | ||||||
0.08%, 05/06/20 | 91,360 | 91,340,088 | ||||||
0.08%, 05/08/20 | 15,825 | 15,820,166 | ||||||
0.09%, 05/18/20 | 48,245 | 48,209,460 | ||||||
0.09%, 05/20/20 | 17,875 | 17,860,198 | ||||||
0.09%, 05/28/20 | 9,090 | 9,081,751 | ||||||
0.09%, 05/29/20 | 34,205 | 34,166,690 | ||||||
0.10%, 06/01/20 | 38,010 | 37,959,621 | ||||||
0.10%, 06/03/20 | 17,075 | 17,050,207 | ||||||
0.10%, 06/05/20 | 51,740 | 51,688,257 |
Security | Par (000) | Value | ||||||
U.S. Government Sponsored Agency Obligations (continued) | ||||||||
0.10%, 06/25/20 | USD | 13,065 | $ | 13,033,662 | ||||
0.10%, 06/26/20 | 46,605 | 46,603,623 | ||||||
0.12%, 07/02/20 | 62,550 | 62,545,691 | ||||||
0.12%, 07/06/20 | 23,985 | 23,916,007 | ||||||
0.12%, 07/15/20 | 116,170 | 116,063,281 | ||||||
0.12%, 07/17/20 | 59,525 | 59,505,011 | ||||||
0.12%, 07/20/20 | 62,335 | 62,307,296 | ||||||
0.12%, 07/21/20 | 16,270 | 16,264,326 | ||||||
0.12%, 07/22/20 | 107,000 | 106,970,753 | ||||||
0.12%, 07/29/20 | 6,000 | 5,976,875 | ||||||
0.12%, 07/31/20 | 45,700 | 45,519,549 | ||||||
0.12%, 08/05/20 | 10,000 | 9,958,427 | ||||||
0.12%, 08/07/20 | 56,710 | 56,469,480 | ||||||
0.12%, 08/17/20 | 78,760 | 78,679,343 | ||||||
0.12%, 08/20/20 | 63,045 | 62,996,403 | ||||||
0.12%, 08/21/20 | 15,345 | 15,272,197 | ||||||
0.12%, 08/28/20 | 4,820 | 4,805,023 | ||||||
0.13%, 10/07/20 | 22,040 | 22,021,115 | ||||||
0.16%, 04/12/21 | 26,170 | 26,117,180 | ||||||
0.16%, 04/29/21 | 35,040 | 34,969,336 | ||||||
Federal Home Loan Bank Variable Rate Notes(b): | ||||||||
(SOFR + 0.02%), 0.03%, 05/22/20 | 7,380 | 7,380,000 | ||||||
(SOFR + 0.04%), 0.05%, 06/19/20 | 6,395 | 6,395,000 | ||||||
(LIBOR USD 1 Month + 0.01%), 0.83%, 07/10/20 | 26,965 | 26,965,000 | ||||||
(SOFR + 0.08%), 0.09%, 07/24/20 | 4,515 | 4,515,000 | ||||||
(SOFR + 0.03%), 0.04%, 08/05/20 | 5,540 | 5,540,000 | ||||||
(SOFR + 0.02%), 0.03%, 08/19/20 | 8,560 | 8,560,000 | ||||||
(LIBOR USD 1 Month - 0.05%), 0.67%, 08/20/20 | 11,555 | 11,555,000 | ||||||
(SOFR + 0.03%), 0.04%, 08/21/20 | 4,045 | 4,045,000 | ||||||
(SOFR + 0.02%), 0.03%, 08/28/20 | 20,000 | 20,000,000 | ||||||
(SOFR + 0.09%), 0.10%, 09/11/20 | 25,375 | 25,375,000 | ||||||
(SOFR + 0.11%), 0.12%, 10/01/20 | 5,885 | 5,885,000 | ||||||
(SOFR + 0.12%), 0.13%, 10/07/20 | 8,190 | 8,190,000 | ||||||
(LIBOR USD 1 Month - 0.04%), 0.79%, 11/12/20 | 4,020 | 4,020,000 | ||||||
(LIBOR USD 3 Month - 0.13%), 1.07%, 12/21/20 | 21,350 | 21,350,000 | ||||||
(LIBOR USD 3 Month - 0.17%), 1.18%, 01/08/21 | 13,160 | 13,160,000 | ||||||
(SOFR + 0.05%), 0.06%, 01/22/21 | 4,970 | 4,970,000 | ||||||
(SOFR + 0.04%), 0.05%, 02/09/21 | 30,200 | 30,196,057 | ||||||
(SOFR + 0.08%), 0.09%, 03/04/21 | 9,130 | 9,130,000 | ||||||
(SOFR + 0.12%), 0.13%, 03/12/21 | 14,305 | 14,305,000 | ||||||
(LIBOR USD 1 Month - 0.02%), 0.47%, 04/27/21 | 13,630 | 13,626,093 | ||||||
(SOFR + 0.08%), 0.09%, 07/08/21 | 10,500 | 10,500,000 | ||||||
(SOFR + 0.08%), 0.09%, 07/23/21 | 6,685 | 6,685,000 | ||||||
(SOFR + 0.12%), 0.13%, 02/28/22 | 19,470 | 19,470,000 | ||||||
|
| |||||||
Total U.S. Government Sponsored Agency Obligations — 38.1% |
| 2,130,418,365 | ||||||
|
| |||||||
U.S. Treasury Obligations — 63.0%
| ||||||||
U.S. Treasury Bills(a): | ||||||||
0.05%, 05/07/20 | 726,930 | 726,911,430 | ||||||
0.06%, 05/12/20 | 139,140 | 139,134,784 | ||||||
0.08%, 05/14/20 | 74,415 | 74,413,209 | ||||||
0.08%, 05/19/20 | 334,960 | 334,940,258 | ||||||
0.07%, 05/26/20 | 475,000 | 474,970,677 | ||||||
0.05%, 05/28/20 | 90,000 | 89,988,120 | ||||||
0.08%, 06/02/20 | 264,430 | 264,409,750 | ||||||
0.09%, 06/04/20 | 170,000 | 169,982,504 |
SCHEDULES OF INVESTMENTS | 11 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | Federal Trust Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
U.S. Treasury Obligations (continued) | ||||||||
0.08%, 06/09/20 | USD | 16,000 | $ | 15,997,053 | ||||
0.10%, 06/11/20 | 125,000 | 124,944,479 | ||||||
0.08%, 06/16/20 | 192,900 | 192,867,491 | ||||||
0.09%, 06/23/20 | 35,000 | 34,994,074 | ||||||
0.07%, 06/25/20 | 69,260 | 69,255,768 | ||||||
0.09%, 07/23/20 | 97,000 | 96,974,639 | ||||||
0.10%, 07/30/20 | 250,160 | 250,082,885 | ||||||
0.11%, 08/06/20 | 5,735 | 5,720,320 | ||||||
0.11%, 08/20/20 | 5,635 | 5,608,764 | ||||||
0.13%, 09/08/20 | 150,000 | 149,918,750 | ||||||
0.11%, 09/10/20 | 7,460 | 7,412,405 | ||||||
0.11%, 10/15/20 | 24,820 | 24,786,610 | ||||||
0.16%, 04/22/21 | 12,745 | 12,724,204 | ||||||
U.S. Treasury Notes: | ||||||||
1.50%, 05/31/20 | 6,455 | 6,453,156 | ||||||
1.63%, 06/30/20 | 765 | 764,707 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 0.16%, 07/31/20(b) | 8,010 | 8,007,909 |
Security | Par (000) | Value | ||||||
U.S. Treasury Obligations (continued) | ||||||||
2.75%, 09/30/20 | USD | 29,505 | $ | 29,644,099 | ||||
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 0.17%, 10/31/20(b) | 50,000 | 49,973,897 | ||||||
2.75%, 11/30/20 | 11,855 | 11,932,606 | ||||||
2.38%, 12/31/20 | 2,575 | 2,587,193 | ||||||
2.50%, 12/31/20 | 1,745 | 1,754,639 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.12%), 0.24%, 01/31/21(b) | 21,620 | 21,620,000 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.22%), 0.34%, 07/31/21(b) | 12,000 | 12,000,000 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.30%), 0.42%, 10/31/21(b) | 25,090 | 25,107,899 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.11%), 0.23%, 04/30/22(b) | 85,000 | 85,000,000 | ||||||
|
| |||||||
Total U.S. Treasury Obligations — 63.0% |
| 3,520,884,279 | ||||||
|
| |||||||
Total Investments — 101.1% |
| 5,651,302,644 | ||||||
Liabilities in Excess of Other Assets — (1.1)% |
| (63,544,657 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 5,587,757,987 | ||||||
|
|
(a) | Rates are the current rate or a range of current rates as of period end. |
(b) | Variable rate security. Rate shown is the rate in effect as of period end. |
(c) | Cost for U.S. federal income tax purposes. |
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) | $ | — | $ | 5,651,302,644 | $ | — | $ | 5,651,302,644 | ||||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in each security type. |
See notes to financial statements.
12 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2020 | FedFund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
U.S. Government Sponsored Agency Obligations — 35.3% | ||||||||
Federal Farm Credit Bank, | USD | 180,000 | $ | 179,900,085 | ||||
Federal Farm Credit Bank Discount | 21,365 | 21,351,190 | ||||||
0.10%, 06/12/20 | 29,915 | 29,852,876 | ||||||
0.12%, 07/06/20 | 228,310 | 227,564,948 | ||||||
0.12%, 07/07/20 | 21,365 | 21,295,018 | ||||||
0.13%, 09/22/20 | 100,000 | 99,372,000 | ||||||
0.15%, 01/20/21 | 165,145 | 164,079,264 | ||||||
0.15%, 02/16/21 | 150,000 | 149,357,375 | ||||||
0.15%, 02/17/21 | 50,000 | 49,785,056 | ||||||
Federal Farm Credit Bank Variable Rate Notes(b): | ||||||||
(LIBOR USD 1 Month - 0.05%), | 539,425 | 539,423,087 | ||||||
(LIBOR USD 1 Month - 0.01%), | 118,865 | 118,864,687 | ||||||
(LIBOR USD 1 Month + 0.00%), | 384,915 | 384,913,296 | ||||||
(LIBOR USD 1 Month - 0.05%), | 332,635 | 332,635,000 | ||||||
(LIBOR USD 1 Month - 0.04%), | 434,910 | 434,905,284 | ||||||
(SOFR + 0.08%), 0.09%, 11/27/20 | 69,925 | 69,925,000 | ||||||
(LIBOR USD 1 Month + 0.03%), | 446,190 | 446,178,694 | ||||||
(US Federal Funds Effective Rate | 60,915 | 60,914,890 | ||||||
(LIBOR USD 1 Month + 0.10%), | 147,000 | 146,990,240 | ||||||
(LIBOR USD 1 Month + 0.03%), | 250,000 | 249,984,438 | ||||||
(LIBOR USD 1 Month + 0.00%), | 320,670 | 320,652,146 | ||||||
(SOFR + 0.28%), 0.29%, 04/01/21 | 500,000 | 500,000,000 | ||||||
(SOFR + 0.08%), 0.09%, 06/10/21 | 100,000 | 100,000,000 | ||||||
(US Treasury 3 Month Bill Money Market | 50,000 | 49,994,417 | ||||||
(US Treasury 3 Month Bill Money Market | 225,705 | 225,705,000 | ||||||
(LIBOR USD 1 Month + 0.08%), | 73,325 | 73,325,000 | ||||||
(LIBOR USD 1 Month + 0.11%), | 108,400 | 108,400,000 | ||||||
(LIBOR USD 1 Month + 0.10%), | 99,000 | 99,000,000 | ||||||
(LIBOR USD 1 Month + 0.09%), | 27,000 | 27,000,000 | ||||||
(LIBOR USD 1 Month + 0.10%), | 55,000 | 55,000,000 | ||||||
(LIBOR USD 1 Month + 0.16%), | 138,000 | 138,000,000 | ||||||
(LIBOR USD 1 Month + 0.13%), | 78,480 | 78,480,000 | ||||||
(LIBOR USD 1 Month + 0.00%), | 166,165 | 166,200,712 | ||||||
(SOFR + 0.21%), 0.22%, 10/28/21 | 100,000 | 100,000,000 | ||||||
(LIBOR USD 1 Month + 0.13%), | 100,000 | 100,000,000 | ||||||
(LIBOR USD 1 Month + 0.11%), | 127,735 | 127,735,000 | ||||||
(SOFR + 0.19%), 0.20%, 11/18/21 | 222,545 | 222,545,000 | ||||||
(LIBOR USD 1 Month + 0.11%), | 150,000 | 150,000,000 | ||||||
(SOFR + 0.18%), 0.19%, 01/14/22 | 60,000 | 60,000,000 |
Security | Par (000) | Value | ||||||
U.S. Government Sponsored Agency Obligations (continued) | ||||||||
(US Treasury 3 Month Bill Money Market | USD | 123,000 | $ | 123,000,000 | ||||
(SOFR + 0.13%), 0.14%, 02/11/22 | 89,000 | 89,000,000 | ||||||
(US Treasury 3 Month Bill Money Market | 150,000 | 149,994,328 | ||||||
(SOFR + 0.40%), 0.41%, 04/01/22 | 660,000 | 660,000,000 | ||||||
Federal Home Loan Bank: | 680,700 | 680,700,000 | ||||||
1.60%, 05/13/20 | 450,480 | 450,478,871 | ||||||
1.59%, 05/14/20 | 315,330 | 315,327,455 | ||||||
1.59% - 1.60%, 06/17/20 | 819,930 | 819,915,103 | ||||||
1.61%, 06/23/20 | 373,675 | 373,664,924 | ||||||
Federal Home Loan Bank Discount | 1,000,000 | 999,958,333 | ||||||
0.07%, 05/05/20 | 4,750 | 4,749,937 | ||||||
0.09%, 05/15/20 | 450,000 | 449,727,292 | ||||||
0.09%, 05/18/20 | 120,000 | 119,912,167 | ||||||
0.09%, 05/20/20 | 87,735 | 87,662,348 | ||||||
0.09%, 05/26/20 | 1,757,680 | 1,755,971,144 | ||||||
0.09%, 05/27/20 | 2,405,865 | 2,403,292,318 | ||||||
0.09%, 05/28/20 | 340,195 | 339,886,273 | ||||||
0.09%, 05/29/20 | 1,075,000 | 1,073,737,258 | ||||||
0.10%, 06/01/20 | 97,015 | 96,931,459 | ||||||
0.10%, 06/05/20 | 181,950 | 181,825,112 | ||||||
0.10%, 06/16/20 | 933,685 | 933,064,618 | ||||||
0.10%, 06/26/20 | 88,450 | 88,230,546 | ||||||
0.12%, 07/01/20 | 950,125 | 948,484,864 | ||||||
0.12%, 07/06/20 | 175,530 | 175,019,939 | ||||||
0.12%, 07/10/20 | 96,370 | 96,311,910 | ||||||
0.12%, 07/15/20 | 449,500 | 448,039,125 | ||||||
0.12%, 07/21/20 | 233,420 | 233,157,403 | ||||||
0.12%, 07/29/20 | 800,000 | 796,916,644 | ||||||
0.12%, 07/31/20 | 359,315 | 357,911,725 | ||||||
0.12%, 08/03/20 | 389,404 | 389,261,651 | ||||||
0.12%, 08/05/20 | 11,000 | 10,954,269 | ||||||
0.12%, 08/12/20 | 400,000 | 398,237,556 | ||||||
0.12%, 08/14/20 | 124,455 | 123,897,805 | ||||||
0.12%, 08/17/20 | 829,360 | 826,635,552 | ||||||
0.12%, 08/19/20 | 150,000 | 149,885,417 | ||||||
0.12%, 08/20/20 | 2,410,220 | 2,408,362,122 | ||||||
0.12%, 08/21/20 | 400,000 | 398,102,222 | ||||||
0.12%, 08/26/20 | 802,860 | 799,102,615 | ||||||
0.13%, 09/10/20 | 250,000 | 249,560,000 | ||||||
0.13%, 10/05/20 | 750,000 | 748,299,167 | ||||||
0.13%, 10/09/20 | 200,000 | 199,534,889 | ||||||
0.13%, 10/19/20 | 30,000 | 29,975,775 | ||||||
0.14%, 11/02/20 | 275,000 | 274,511,806 | ||||||
0.14%, 11/09/20 | 400,000 | 398,890,667 | ||||||
0.15%, 02/05/21 | 150,000 | 149,393,333 | ||||||
0.16%, 03/09/21 | 1,233,225 | 1,228,860,218 | ||||||
0.16%, 03/15/21 | 200,000 | 199,081,333 | ||||||
0.16%, 04/12/21 | 200,000 | 199,596,333 | ||||||
0.16%, 04/29/21 | 70,000 | 69,858,833 | ||||||
Federal Home Loan Bank Variable Rate | ||||||||
(SOFR + 0.06%), 0.07%, 05/06/20 | �� | 330,000 | 330,000,000 | |||||
(LIBOR USD 1 Month + 0.05%), | 457,995 | 457,995,000 | ||||||
(SOFR + 0.02%), 0.03%, 05/22/20 | 273,675 | 273,675,000 | ||||||
(LIBOR USD 1 Month - 0.02%), | 203,445 | 203,445,000 | ||||||
(SOFR + 0.04%), 0.05%, 06/19/20 | 262,110 | 262,110,000 | ||||||
(LIBOR USD 1 Month - 0.06%), | 1,000,000 | 1,000,000,000 |
SCHEDULES OF INVESTMENTS | 13 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | FedFund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
U.S. Government Sponsored Agency Obligations (continued) | ||||||||
(LIBOR USD 1 Month + 0.01%), | USD | 870,250 | $ | 870,250,000 | ||||
(LIBOR USD 1 Month - 0.01%), | 238,000 | 238,000,000 | ||||||
(SOFR + 0.08%), 0.09%, 07/24/20 | 116,795 | 116,795,000 | ||||||
(SOFR + 0.10%), 0.11%, 07/29/20 | 860,840 | 860,840,000 | ||||||
(LIBOR USD 1 Month - 0.03%), | 244,380 | 244,380,000 | ||||||
(SOFR + 0.03%), 0.04%, 08/05/20 | 241,745 | 241,745,000 | ||||||
(SOFR + 0.02%), 0.03%, 08/19/20 | 454,480 | 454,480,000 | ||||||
(LIBOR USD 1 Month - 0.05%), | 420,015 | 420,015,000 | ||||||
(SOFR + 0.03%), 0.04%, 08/21/20 | 129,750 | 129,750,000 | ||||||
(SOFR + 0.04%), 0.05%, 08/25/20 | 262,000 | 262,000,000 | ||||||
(SOFR + 0.02%), 0.03%, 08/28/20 | 1,063,695 | 1,063,695,000 | ||||||
(SOFR + 0.09%), 0.10%, 09/11/20 | 927,165 | 927,165,000 | ||||||
(SOFR + 0.12%), 0.13%, 10/07/20 | 275,725 | 275,725,000 | ||||||
(LIBOR USD 1 Month - 0.04%), | 145,980 | 145,980,000 | ||||||
(LIBOR USD 1 Month - 0.04%), | 329,000 | 329,000,000 | ||||||
(LIBOR USD 3 Month - 0.13%), | 538,800 | 538,800,000 | ||||||
(SOFR + 0.10%), 0.11%, 12/23/20 | 466,000 | 466,000,000 | ||||||
(LIBOR USD 3 Month - 0.17%), | 436,595 | 436,595,000 | ||||||
(SOFR + 0.05%), 0.06%, 01/22/21 | 190,045 | 190,045,000 | ||||||
(SOFR + 0.04%), 0.05%, 02/09/21 | 231,375 | 231,364,109 | ||||||
(SOFR + 0.04%), 0.05%, 02/25/21 | 228,130 | 228,130,000 | ||||||
(SOFR + 0.08%), 0.09%, 03/04/21 | 341,600 | 341,600,000 | ||||||
(SOFR + 0.12%), 0.13%, 03/12/21 | 516,420 | 516,420,000 | ||||||
(LIBOR USD 1 Month - 0.01%), | 125,000 | 125,000,000 | ||||||
(SOFR + 0.17%), 0.18%, 04/09/21 | 479,295 | 479,295,000 | ||||||
(LIBOR USD 1 Month - 0.01%), | 492,730 | 492,730,000 | ||||||
(SOFR + 0.08%), 0.09%, 06/11/21 | 245,000 | 245,000,000 | ||||||
(SOFR + 0.08%), 0.09%, 07/08/21 | 413,655 | 413,655,000 | ||||||
(SOFR + 0.08%), 0.09%, 07/23/21 | 225,670 | 225,670,000 | ||||||
(SOFR + 0.15%), 0.16%, 09/03/21 | 120,000 | 120,000,000 | ||||||
(SOFR + 0.09%), 0.10%, 09/10/21 | 11,100 | 11,100,000 | ||||||
(SOFR + 0.12%), 0.13%, 02/28/22 | 487,000 | 487,000,000 | ||||||
Federal Home Loan Mortgage Corp. Discount Notes(a): | ||||||||
0.09%, 05/19/20 | 437,735 | 437,400,133 | ||||||
0.10%, 06/04/20 | 50,000 | 49,945,694 | ||||||
0.10%, 06/17/20 | 614,030 | 612,787,148 | ||||||
0.10%, 06/25/20 | 100,000 | 99,764,722 | ||||||
0.12%, 07/17/20 | 1,673,780 | 1,670,096,864 | ||||||
0.12%, 07/24/20 | 428,630 | 427,959,907 | ||||||
0.12%, 07/28/20 | 483,390 | 482,610,131 | ||||||
0.12%, 07/31/20 | 500,000 | 498,293,750 | ||||||
0.12%, 08/19/20 | 500,000 | 499,816,667 | ||||||
Federal Home Loan Mortgage Corp. Variable Rate | ||||||||
(SOFR + 0.01%), 0.02%, 08/25/20 | 375,000 | 375,000,000 | ||||||
(SOFR + 0.03%), 0.04%, 02/26/21 | 741,555 | 741,555,000 | ||||||
(SOFR + 0.12%), 0.13%, 06/04/21 | 155,000 | 154,655,150 | ||||||
(SOFR + 0.32%), 0.33%, 09/23/21 | 1,143,535 | 1,143,535,000 | ||||||
(SOFR + 0.32%), 0.33%, 09/27/21 | 500,000 | 500,000,000 | ||||||
(SOFR + 0.32%), 0.33%, 09/30/21 | 200,000 | 200,000,000 | ||||||
(SOFR + 0.30%), 0.31%, 10/25/21 | 270,000 | 270,000,000 | ||||||
(SOFR + 0.18%), 0.19%, 12/13/21 | 884,415 | 884,415,000 | ||||||
(SOFR + 0.31%), 0.32%, 01/03/22 | 300,000 | 300,000,000 | ||||||
(SOFR + 0.20%), 0.21%, 03/11/22 | 477,670 | 477,670,000 |
Security | Par (000) | Value | ||||||
U.S. Government Sponsored Agency Obligations (continued) | ||||||||
Federal National Mortgage Association Discount Notes(a): | ||||||||
0.10%, 06/11/20 | USD | 283,710 | $ | 283,225,329 | ||||
0.10%, 06/12/20 | 283,710 | 283,213,507 | ||||||
0.12%, 07/24/20 | 435,685 | 435,003,879 | ||||||
Federal National Mortgage Association Variable Rate Notes(b): | ||||||||
(SOFR + 0.01%), 0.02%, 05/22/20 | 213,655 | 213,655,000 | ||||||
(SOFR + 0.07%), 0.08%, 12/11/20 | 794,085 | 794,085,000 | ||||||
(SOFR + 0.25%), 0.26%, 03/24/21 | 702,000 | 702,000,000 | ||||||
(SOFR + 0.29%), 0.30%, 10/04/21 | 1,063,000 | 1,063,000,000 | ||||||
(SOFR + 0.28%), 0.29%, 10/27/21 | 690,000 | 690,000,000 | ||||||
(SOFR + 0.20%), 0.21%, 12/16/21 | 232,000 | 232,000,000 | ||||||
(SOFR + 0.36%), 0.37%, 01/20/22 | 448,400 | 448,400,000 | ||||||
(SOFR + 0.30%), 0.31%, 01/27/22 | 475,000 | 475,000,000 | ||||||
(SOFR + 0.35%), 0.36%, 04/07/22 | 830,620 | 830,620,000 | ||||||
(SOFR + 0.39%), 0.40%, 04/15/22 | 925,995 | 925,995,000 | ||||||
|
| |||||||
Total U.S. Government Sponsored Agency Obligations — 35.3% |
| 62,791,354,352 | ||||||
|
| |||||||
U.S. Treasury Obligations — 30.5% | ||||||||
U.S. Treasury Bills(a): | 830,980 | 830,970,620 | ||||||
0.05%, 05/07/20 | 1,747,530 | 1,747,379,708 | ||||||
0.06%, 05/12/20 | 4,635,770 | 4,635,525,004 | ||||||
0.08%, 05/14/20 | 2,807,560 | 2,807,125,586 | ||||||
0.08%, 05/19/20 | 1,376,705 | 1,376,601,747 | ||||||
0.08%, 05/21/20 | 879,205 | 879,102,209 | ||||||
0.07%, 05/26/20 | 3,718,000 | 3,717,767,625 | ||||||
0.05%, 05/28/20 | 1,935,885 | 1,935,609,136 | ||||||
0.08%, 06/02/20 | 2,067,770 | 2,067,617,215 | ||||||
0.09%, 06/04/20 | 1,400,000 | 1,399,841,333 | ||||||
0.08%, 06/09/20 | 1,404,410 | 1,404,128,762 | ||||||
0.10%, 06/11/20 | 492,885 | 492,837,286 | ||||||
0.08%, 06/16/20 | 1,870,000 | 1,869,657,504 | ||||||
0.09%, 06/23/20 | 1,386,495 | 1,386,261,195 | ||||||
0.10%, 06/30/20 | 3,120,220 | 3,119,758,901 | ||||||
0.09%, 07/23/20 | 3,270,365 | 3,269,446,657 | ||||||
0.10%, 07/30/20 | 1,464,565 | 1,464,100,693 | ||||||
0.12%, 08/04/20 | 1,606,500 | 1,606,054,866 | ||||||
0.11%, 08/06/20 | 855,795 | 855,391,562 | ||||||
0.11%, 08/20/20 | 6,610 | 6,580,754 | ||||||
0.13%, 09/08/20 | 2,850,000 | 2,848,398,021 | ||||||
0.11%, 09/10/20 | 233,490 | 232,000,334 | ||||||
0.12%, 09/29/20 | 832,500 | 832,028,597 | ||||||
0.14%, 10/06/20 | 559,570 | 559,234,880 | ||||||
0.11%, 10/15/20 | 2,318,730 | 2,315,658,223 | ||||||
0.12%, 10/22/20 | 1,611,600 | 1,610,470,537 | ||||||
0.15%, 01/28/21 | 2,132,000 | 2,129,344,600 | ||||||
0.16%, 04/22/21 | 367,760 | 367,159,938 | ||||||
U.S. Treasury Notes: | ||||||||
1.50%, 05/15/20 | 367,775 | 367,699,199 | ||||||
3.50%, 05/15/20 | 250,730 | 250,885,094 | ||||||
1.50%, 05/31/20 | 196,055 | 195,998,933 | ||||||
1.63%, 06/30/20 | 24,005 | 23,995,800 | ||||||
1.50%, 07/15/20 | 286,000 | 285,921,692 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 0.16%, 07/31/20(b) | 1,139,440 | 1,139,440,000 | ||||||
1.63%, 07/31/20 | 429,615 | 429,615,849 | ||||||
2.63%, 07/31/20 | 113,000 | 113,274,139 | ||||||
2.13%, 08/31/20 | 163,715 | 163,984,419 | ||||||
2.63%, 08/31/20 | 495 | 496,631 | ||||||
2.75%, 09/30/20 | 78,760 | 79,124,899 |
14 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | FedFund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
U.S. Treasury Obligations (continued) | ||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 0.17%, 10/31/20(b) | USD | 100,000 | $ | 99,947,795 | ||||
1.38%, 10/31/20 | 105,040 | 104,902,531 | ||||||
1.75%, 11/15/20 | 119,060 | 119,146,353 | ||||||
2.63%, 11/15/20 | 377,680 | 379,658,719 | ||||||
1.63%, 11/30/20 | 390,105 | 390,075,832 | ||||||
2.00%, 11/30/20 | 73,500 | 73,643,362 | ||||||
2.75%, 11/30/20 | 264,370 | 266,051,305 | ||||||
2.38%, 12/31/20 | 146,175 | 147,402,154 | ||||||
2.50%, 12/31/20 | 176,585 | 177,565,432 | ||||||
2.00%, 01/15/21 | 20,855 | 21,095,451 | ||||||
(US Treasury 3 Month Bill Money Market | 34,155 | 34,156,268 | ||||||
3.63%, 02/15/21 | 150,330 | 153,943,355 |
Security | Par (000) | Value | ||||||
U.S. Treasury Obligations (continued) | ||||||||
1.13%, 02/28/21 | USD | 93,250 | $ | 93,836,528 | ||||
2.00%, 02/28/21 | 101,915 | 103,294,648 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.22%), | 1,040,700 | 1,040,573,517 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.30%), | 343,555 | 344,144,631 | ||||||
|
| |||||||
Total U.S. Treasury Obligations — 30.5% |
| 54,365,928,029 | ||||||
|
| |||||||
Total Repurchase Agreements — 34.8% |
| 61,859,952,210 | ||||||
|
| |||||||
Total Investments — 100.6% |
| 179,017,234,591 | ||||||
Liabilities in Excess of Other Assets — (0.6)% |
| (1,070,969,280 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 177,946,265,311 | ||||||
|
|
(a) | Rates are the current rate or a range of current rates as of period end. |
(b) | Variable rate security. Rate shown is the rate in effect as of period end. |
(c) | Cost for U.S. federal income tax purposes. |
Repurchase Agreements
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | At Value (000) | Proceeds Including | Position | Original Par | Position Received, | |||||||||||||||||||||
Bank of America Securities, Inc. | 0.02 | % | 04/30/20 | 05/01/20 | $ | 27,000 | $ | 27,000 | $ 27,000,015 | U.S. Treasury Obligation, 1.50%, due 03/31/23 | $ 26,545,200 | $ 27,540,101 | ||||||||||||||||||
0.02 | 04/30/20 | 05/01/20 | 93,000 | 93,000 | 93,000,052 | U.S. Treasury Obligations, 0.00% to 0.38%, due 04/30/25 to 02/15/30 | 96,120,046 | 94,860,102 | ||||||||||||||||||||||
0.02 | (a) | 04/30/20 | 05/01/20 | 300,000 | 300,000 | 300,000,167 | U.S. Treasury Obligations, 0.13% to 3.88%, due 03/31/22 to 11/15/49 | 275,802,000 | 306,000,012 | |||||||||||||||||||||
0.04 | 04/30/20 | 05/01/20 | 162,000 | 162,000 | 162,000,180 | U.S. Government Sponsored Agency Obligations, 0.00% to 5.00%, due 07/15/48 to 04/20/70 | 912,925,504 | 170,100,000 | ||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Bank of America Securities, Inc. |
| $ | 582,000 | $ 598,500,215 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Bank of Montreal | 0.02 | 04/30/20 | 05/01/20 | 3,235 | 3,235 | 3,235,002 | U.S. Treasury Obligations, 0.00% to 1.50%, due 05/31/20 to 07/15/22 | 3,120,500 | 3,299,706 | |||||||||||||||||||||
0.04 | 04/30/20 | 05/01/20 | 200,000 | 200,000 | 200,000,222 | U.S. Government Sponsored Agency Obligations, 3.00% to 4.50%, due 03/01/50 | 202,886,150 | 206,000,001 | ||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Bank of Montreal |
| $ | 203,235 | $ 209,299,707 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Bank of Nova Scotia (The) | 0.02 | 04/30/20 | 05/01/20 | 379,503 | 379,503 | 379,503,211 | U.S. Treasury Obligations, 0.13% to 3.63%, due 12/31/21 to 08/15/48 | 329,275,700 | 387,093,344 | |||||||||||||||||||||
|
|
|
SCHEDULES OF INVESTMENTS | 15 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | FedFund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | At Value (000) | Proceeds Including | Position | Original Par | Position Received, | |||||||||||||||||||||
Barclays Bank plc | 0.02 | % | 04/30/20 | 05/01/20 | $ | 600,000 | $ | 600,000 | $ 600,000,333 | U.S. Treasury Obligations, 0.00% to 2.88%, due 04/22/21 to 08/15/27 | $ 584,419,400 | $ 612,000,086 | ||||||||||||||||||
0.02 | 04/30/20 | 05/01/20 | 2,227,000 | 2,227,000 | 2,227,001,237 | U.S. Treasury Obligations, 0.13% to 4.38%, due 05/15/20 to 11/15/46 | 1,993,465,396 | 2,271,540,000 | ||||||||||||||||||||||
0.04 | 04/30/20 | 05/01/20 | 1,500,000 | 1,500,000 | 1,500,001,667 | U.S. Government Sponsored Agency Obligations, 0.00% to 9.00%, due 09/25/20 to 08/20/64 | 10,808,730,886 | 1,564,748,436 | ||||||||||||||||||||||
0.12 | (b) | 04/30/20 | 05/08/20 | 200,000 | 200,000 | 200,005,333 | U.S. Government Sponsored Agency Obligation, 3.00%, due 03/01/50 | 195,328,051 | 206,000,001 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Barclays Bank plc |
| $ | 4,527,000 | $ 4,654,288,523 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
BMO Capital Markets Corp. | 0.04 | 04/30/20 | 05/01/20 | 605,000 | 605,000 | 605,000,672 | U.S. Government Sponsored Agency Obligations, 1.92% to 6.10%, due 06/20/23 to 03/20/70 | 644,930,746 | 619,331,047 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
BNP Paribas SA | 0.03 | 04/30/20 | 05/01/20 | 2,870,000 | 2,870,000 | 2,870,002,392 | U.S. Treasury Obligations, 0.00% to 4.75%, due 05/15/20 to 08/15/49 | 2,604,494,258 | 2,927,400,000 | |||||||||||||||||||||
0.05 | 04/30/20 | 05/01/20 | 31,250 | 31,250 | 31,250,043 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 5.64%, due 02/15/30 to 10/20/65 | 152,180,737 | 32,085,973 | ||||||||||||||||||||||
0.11 | (b) | 04/30/20 | 05/08/20 | 300,000 | 300,000 | 300,007,333 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 7.00%, due 05/25/27 to 03/25/60 | 4,079,902,012 | 314,353,821 | |||||||||||||||||||||
0.48 | (b) | 04/30/20 | 06/05/20 | 300,000 | 300,000 | 300,143,890 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 14.79%, due 03/25/21 to 07/25/59 | 5,755,881,405 | 314,212,628 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total BNP Paribas SA |
| $ | 3,501,250 | $ 3,588,052,422 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Citibank NA | 0.02 | 04/30/20 | 05/01/20 | 150,000 | 150,000 | 150,000,083 | U.S. Treasury Obligations, 0.00% to 8.75%, due 05/05/20 to 02/15/50 | 110,436,100 | 153,000,063 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Citigroup Global Markets, Inc. | 0.02 | 04/30/20 | 05/01/20 | 1,000,000 | 1,000,000 | 1,000,000,556 | U.S. Treasury Obligations, 0.75% to 3.00%, due 02/15/45 to 11/15/46 | 770,261,900 | 1,020,000,063 | |||||||||||||||||||||
0.02 | (a) | 04/30/20 | 05/01/20 | 60,000 | 60,000 | 60,000,033 | U.S. Treasury Obligations, 0.17% to 8.13%, due 10/31/20 to 11/15/29 | 57,872,620 | 61,200,009 |
16 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | FedFund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | At Value (000) | Proceeds Including | Position | Original Par | Position Received, | |||||||||||||||||||||
0.04 | % | 04/30/20 | 05/01/20 | $ | 725,000 | $ | 725,000 | $ 725,000,806 | U.S. Treasury Obligations, 0.38% to 1.75%, due 09/30/21 to 01/15/29 | $ 651,045,000 | $ 739,500,054 | |||||||||||||||||||
0.05 | 04/30/20 | 05/01/20 | 2,500,000 | 2,500,000 | 2,500,003,472 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.13% to 6.75%, due 05/31/20 to 08/20/49 | 2,530,548,946 | 2,550,000,011 | ||||||||||||||||||||||
0.05 | 04/29/20 | 05/06/20 | 500,000 | 500,000 | 500,004,861 | U.S. Treasury Obligations, 1.50% to 6.50%, due 09/30/21 to 02/15/27 | 425,080,500 | 510,000,008 | ||||||||||||||||||||||
0.12 | (b) | 04/30/20 | 05/01/20 | 500,000 | 500,000 | 500,001,667 | U.S. Government Sponsored Agency Obligations, 0.00% to 26.42%, due 09/25/20 to 03/20/70 | 2,628,085,893 | 525,968,148 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Citigroup Global Markets, Inc |
| $ | 5,285,000 | $ 5,406,668,293 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Credit Agricole Corporate and Investment Bank SA | 0.02 | (a) | 04/30/20 | 05/01/20 | 756,000 | 756,000 | 756,000,420 | U.S. Treasury Obligations, 0.13% to 3.88%, due 07/15/20 to 02/15/50 | 626,903,771 | 771,120,068 | ||||||||||||||||||||
0.04 | 04/30/20 | 05/01/20 | 900,000 | 900,000 | 900,001,000 | U.S. Government Sponsored Agency Obligations, 3.00% to 4.00%, due 05/01/47 to 11/01/49 | 1,032,077,541 | 927,000,000 | ||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Credit Agricole Corporate and Investment Bank SA |
| $ | 1,656,000 | $ 1,698,120,068 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Credit Suisse AG | 0.03 | 04/30/20 | 05/01/20 | 1,250,000 | 1,250,000 | 1,250,001,042 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 8.00%, due 05/01/20 to 08/15/45 | 1,127,989,346 | 1,273,410,195 | |||||||||||||||||||||
0.40 | (b) | 04/30/20 | 06/05/20 | 900,000 | 900,000 | 900,359,666 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 9.00%, due 08/01/20 to 11/25/59 | 11,038,785,872 | 945,529,612 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Credit Suisse AG |
| $ | 2,150,000 | $ 2,218,939,807 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Deutsche Bank AG | 0.02 | 04/30/20 | 05/01/20 | 1,725,000 | 1,725,000 | 1,725,000,958 | U.S. Treasury Obligations, 0.13% to 4.63%, due 07/31/20 to 08/15/49 | 1,653,963,800 | 1,759,500,098 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Deutsche Bank Securities, Inc. | 0.04 | 04/30/20 | 05/01/20 | 1,900,000 | 1,900,000 | 1,900,002,111 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 6.00%, due 05/05/20 to 01/15/56 | 1,894,423,358 | 1,878,400,003 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Fixed Income Clearing Corporation | 0.03 | 04/30/20 | 05/01/20 | 4,000,000 | 4,000,000 | 4,000,003,333 | U.S. Treasury Obligations, 0.03%, due 05/01/20 | 2,868,045,000 | 4,080,004,584 | |||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 5,000,000 | 5,000,000 | 5,000,004,167 | U.S. Treasury Obligations, 0.13% to 0.63%, due 07/15/21 to 04/15/22 | 4,546,060,000 | 5,100,000,020 |
SCHEDULES OF INVESTMENTS | 17 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | FedFund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | At Value (000) | Proceeds Including | Position | Original Par | Position Received, At Value | |||||||||||||||||||||
0.03 | % | 04/30/20 | 05/01/20 | $ | 604,118 | $ | 604,118 | $ 604,118,150 | U.S. Treasury Obligation, 0.25%, due 04/15/23 | $ 616,200,000 | $ 616,200,503 | |||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 102,941 | 102,941 | 102,941,262 | U.S. Treasury Obligation, 2.63%, due 12/31/23 | 96,000,000 | 105,000,086 | ||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 161,617 | 161,617 | 161,617,414 | U.S. Treasury Obligation, 1.75%, due 07/15/22 | 158,700,000 | 164,849,760 | ||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 29,618 | 29,618 | 29,618,003 | U.S. Treasury Obligation, 2.00%, due 05/31/24 | 28,070,000 | 30,210,362 | ||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 79,596 | 79,596 | 79,595,655 | U.S. Treasury Obligation, 2.63%, due 06/30/23 | 75,000,000 | 81,187,566 | ||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 154,228 | 154,228 | 154,228,070 | U.S. Treasury Obligation, 2.13%, due 05/15/22 | 150,000,000 | 157,312,629 | ||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 836,791 | 836,791 | 836,791,635 | U.S. Treasury Obligation, 0.13%, due 04/30/22 | 854,595,000 | 853,527,454 | ||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 105,750 | 105,750 | 105,750,088 | U.S. Treasury Obligation, 2.13%, due 12/31/22 | 102,000,000 | 107,865,088 | ||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 1,002,088 | 1,002,088 | 1,002,089,070 | U.S. Treasury Obligation, 1.75%, due 06/15/22 | 984,000,000 | 1,022,130,835 | ||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 173,254 | 173,254 | 173,253,821 | U.S. Treasury Obligation, 2.75%, due 05/31/23 | 162,500,000 | 176,718,894 | ||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Fixed Income Clearing Corporation |
| $ | 12,250,001 | $ 12,495,007,781 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Goldman Sachs & Co. LLC | 0.02 | 04/30/20 | 05/01/20 | 206,000 | 206,000 | 206,000,114 | U.S. Treasury Obligations, 0.00% to 2.38%, due 05/12/20 to 02/15/43 | 215,905,000 | 210,120,003 | |||||||||||||||||||||
0.04 | 04/30/20 | 05/01/20 | 275,000 | 275,000 | 275,000,306 | U.S. Government Sponsored Agency Obligations, 0.05% to 6.08%, due 07/15/34 to 11/20/49 | 2,132,224,940 | 285,480,585 | ||||||||||||||||||||||
0.06 | 04/29/20 | 05/06/20 | 219,100 | 219,100 | 219,102,556 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 0.38%, due 05/22/20 to 11/15/29 | 223,461,115 | 223,482,001 | ||||||||||||||||||||||
0.32 | (b) | 04/30/20 | 06/05/20 | 1,114,500 | 1,114,500 | 1,114,856,640 | U.S. Government Sponsored Agency Obligations, 0.00% to 1007.50%, due 06/25/20 to 06/01/56 | 2,126,291,528 | 1,147,936,503 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Goldman Sachs & Co. LLC |
| $ | 1,814,600 | $ 1,867,019,092 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
HSBC Securities USA, Inc. | 0.02 | 04/30/20 | 05/01/20 | 10,000 | 10,000 | 10,000,006 | U.S. Treasury Obligation, 2.25%, due 12/31/23 | 9,449,900 | 10,200,008 | |||||||||||||||||||||
0.02 | (c) | 04/30/20 | 05/01/20 | 110,000 | 110,000 | 110,000,061 | U.S. Treasury Obligations, 0.00% to 4.50%, due 05/12/20 to 11/15/48 | 99,475,378 | 112,200,000 | |||||||||||||||||||||
0.03 | (b) | 04/30/20 | 05/08/20 | 1,411,915 | 1,411,915 | 1,411,924,412 | U.S. Treasury Obligations, 0.00% to 5.00%, due 06/30/20 to 02/15/47 | 1,322,761,917 | 1,440,153,301 | |||||||||||||||||||||
0.03 | (b) | 04/30/20 | 05/08/20 | 1,028,000 | 1,028,000 | 1,028,006,853 | U.S. Treasury Obligations, 0.00% to 2.50%, due 07/31/20 to 11/15/47 | 1,038,192,390 | 1,048,560,001 | |||||||||||||||||||||
0.04 | (c) | 04/30/20 | 05/01/20 | 786,000 | 786,000 | 786,000,873 | U.S. Government Sponsored Agency Obligations, 2.50% to 5.00%, due 02/20/41 to 03/20/50 | 863,575,758 | 801,720,000 |
18 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | FedFund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | At Value (000) | Proceeds Including | Position | Original Par | Position Received, | |||||||||||||||||||||||||
0.04 | % | 04/30/20 | 05/01/20 | $ | 2,000 | $ | 2,000 | $ 2,000,002 | U.S. Government Sponsored Agency Obligations, 2.67% to 4.68%, due 05/15/55 to 01/20/64 | $ | 1,894,246 | $ | 2,040,001 | |||||||||||||||||||||
0.05 | (b) | 04/30/20 | 05/08/20 | 1,725,000 | 1,725,000 | 1,725,019,167 | U.S. Government Sponsored Agency Obligations, 3.00% to 4.00%, due 04/20/35 to 11/20/49 | 1,790,988,577 | 1,759,500,000 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Total HSBC Securities USA, Inc |
| $ | 5,072,915 | $ | 5,174,373,311 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
JP Morgan Securities LLC | 0.02 | 04/30/20 | 05/01/20 | 400,000 | 400,000 | 400,000,222 | U.S. Treasury Obligations, 0.00%, due 02/15/29 to 08/15/49 | 564,598,222 | 408,000,000 | |||||||||||||||||||||||||
0.02 | 04/30/20 | 05/01/20 | 1,800,000 | 1,800,000 | 1,800,001,000 | U.S. Treasury Obligations, 2.00% to 3.63%, due 08/15/25 to 02/15/44 | 1,393,677,200 | 1,836,000,184 | ||||||||||||||||||||||||||
0.04 | 04/30/20 | 05/01/20 | 500,000 | 500,000 | 500,000,556 | U.S. Treasury Obligation, 2.13%, due 11/30/24 | 467,603,800 | 510,000,098 | ||||||||||||||||||||||||||
0.04 | 04/30/20 | 05/01/20 | 1,578,000 | 1,578,000 | 1,578,001,753 | U.S. Government Sponsored Agency Obligations, 2.14% to 8.00%, due 05/20/23 to 07/15/62 | 2,804,834,969 | 1,609,560,000 | ||||||||||||||||||||||||||
0.11 | (c) | 04/30/20 | 05/01/20 | 350,000 | 350,000 | 350,001,069 | U.S. Government Sponsored Agency Obligations, 0.00% to 7.53%, due 03/25/22 to 07/16/60 | 7,824,805,880 | 367,401,137 | |||||||||||||||||||||||||
0.33 | (b) | 04/30/20 | 05/08/20 | 692,000 | 692,000 | 692,050,690 | U.S. Government Sponsored Agency Obligations and Corporate/Debt Obligations, 0.00% to 6.98%, due 06/15/25 to 07/16/62 | 11,093,685,672 | 724,182,766 | |||||||||||||||||||||||||
0.43 | (b) | 04/30/20 | 06/05/20 | 334,500 | 334,500 | 334,643,712 | U.S. Government Sponsored Agency Obligations, 0.02% to 6.21%, due 07/15/25 to 07/16/61 | 8,610,026,043 | 351,225,000 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Total JP Morgan Securities LLC |
| $ | 5,654,500 | $ | 5,806,369,185 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Mizuho Securities USA LLC | 0.04 | 04/30/20 | 05/01/20 | 335,000 | 335,000 | 335,000,372 | U.S. Government Sponsored Agency Obligations, 2.08% to 5.98%, due 08/15/33 to 04/20/50 | 3,631,203,117 | 350,816,320 | |||||||||||||||||||||||||
0.53 | (b) | 04/30/20 | 06/05/20 | 750,000 | 750,000 | 750,400,224 | U.S. Government Sponsored Agency Obligations, 0.05% to 24.45%, due 07/25/24 to 04/25/59 | 7,129,991,988 | 783,086,668 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Total Mizuho Securities USA LLC |
| $ | 1,085,000 | $ | 1,133,902,988 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Morgan Stanley & Co. LLC | 0.04 | 04/30/20 | 05/01/20 | 2,000,000 | 2,000,000 | 2,000,002,222 | U.S. Government Sponsored Agency Obligations, 0.00% to 8.50%, due 07/30/20 to 05/01/50 | 2,317,106,093 | 2,058,926,029 | |||||||||||||||||||||||||
|
|
|
|
SCHEDULES OF INVESTMENTS | 19 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | FedFund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | At Value (000) | Proceeds Including | Position | Original Par | Position Received, | |||||||||||||||||||||||||
MUFG Securities Americas, Inc. | 0.02 | % | 04/30/20 | 05/01/20 | $ | 25,000 | $ | 25,000 | $ 25,000,014 | U.S. Treasury Obligations, due 04/15/22 to 05/15/26 | $ | 25,538,113 | $ | 25,500,000 | ||||||||||||||||||||
0.04 | 04/30/20 | 05/01/20 | 950,000 | 950,000 | 950,001,056 | U.S. Government Sponsored Agency Obligations, 1.95% to 7.50%, due 08/20/29 to 11/20/69 | 4,761,750,032 | 974,601,290 | ||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Total MUFG Securities Americas, Inc. |
| $ | 975,000 | $ | 1,000,101,290 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Natixis SA | 0.02 | 04/30/20 | 05/01/20 | 970,000 | 970,000 | 970,000,539 | U.S. Treasury Obligations, 0.00% to 5.38%, due 05/31/20 to 11/15/48 | 865,673,800 | 989,400,118 | |||||||||||||||||||||||||
0.04 | 04/30/20 | 05/01/20 | 42,000 | 42,000 | 42,000,047 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 5.50%, due 10/31/20 to 04/01/49 | 49,127,359 | 42,843,374 | ||||||||||||||||||||||||||
0.04 | (c) | 04/30/20 | 05/01/20 | 651,000 | 651,000 | 651,000,723 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 5.50%, due 05/31/21 to 02/01/50 | 541,005,660 | 664,258,161 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Total Natixis SA |
| $ | 1,663,000 | $ | 1,696,501,653 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Nomura Securities International, Inc | 0.02 | 04/30/20 | 05/01/20 | 1,900,000 | 1,900,000 | 1,900,001,056 | U.S. Treasury Obligations, 0.00% to 3.63%, due 07/15/20 to 02/15/50 | 1,791,602,827 | 1,938,000,017 | |||||||||||||||||||||||||
0.04 | 04/30/20 | 05/01/20 | 1,800,000 | 1,800,000 | 1,800,002,000 | U.S. Government Sponsored Agency Obligations, 1.70% to 9.50%, due 05/15/20 to 02/20/70 | 3,961,649,246 | 1,847,308,254 | ||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Total Nomura Securities International, Inc. |
| $ | 3,700,000 | $ | 3,785,308,271 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Prudential Insurance Co. of America | 0.06 | 04/30/20 | 05/01/20 | 33,812 | 33,812 | 33,812,556 | U.S. Treasury Obligation, 0.00%, due 02/15/47 | 50,000,000 | 34,489,056 | |||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 68,750 | 68,750 | 68,750,115 | U.S. Treasury Obligation, 0.00%, due 08/15/47 | 100,000,000 | 70,125,115 | ||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 50,625 | 50,625 | 50,625,084 | U.S. Treasury Obligation, 0.00%, due 05/15/35 | 60,000,000 | 51,637,884 | ||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 29,400 | 29,400 | 29,400,049 | U.S. Treasury Obligation, 0.00%, due 08/15/35 | 35,000,000 | 29,988,049 | ||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 70,125 | 70,125 | 70,125,117 | U.S. Treasury Obligation, 3.00%, due 02/15/49 | 50,000,000 | 71,527,617 | ||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 252,750 | 252,750 | 252,750,421 | U.S. Treasury Obligation, 2.38%, due 11/15/49 | 200,000,000 | 257,806,421 | ||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 7,887 | 7,887 | 7,887,513 | U.S. Treasury Obligation, 0.00%, due 02/15/39 | 10,000,000 | 8,045,313 | ||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 27,037 | 27,037 | 27,037,545 | U.S. Treasury Obligation, 0.00%, due 11/15/30 | 30,000,000 | 27,578,145 | ||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 38,562 | 38,562 | 38,562,564 | U.S. Treasury Obligation, 0.00%, due 02/15/40 | 50,000,000 | 39,334,064 | ||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 30,450 | 30,450 | 30,450,051 | U.S. Treasury Obligation, 0.00%, due 05/15/33 | 35,000,000 | 31,059,051 | ||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 174,150 | 174,150 | 174,150,290 | U.S. Treasury Obligation, 0.00%, due 05/15/39 | 215,000,000 | 177,633,290 | ||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 39,563 | 39,563 | 39,562,566 | U.S. Treasury Obligation, 0.00%, due 02/15/40 | 50,000,000 | 40,353,566 |
20 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | FedFund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | At Value (000) | Proceeds Including | Position | Original Par | Position Received, | |||||||||||||||||||||||||
0.06 | % | 04/30/20 | 05/01/20 | $ | 54,650 | $ | 54,650 | $ 54,650,091 | U.S. Treasury Obligation, 3.00%, due 05/15/45 | $ | 40,000,000 | $ | 55,742,891 | |||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 45,813 | 45,813 | 45,812,576 | U.S. Treasury Obligation, 0.00%, due 08/15/29 | 50,000,000 | 46,728,576 | ||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 89,361 | 89,361 | 89,361,399 | U.S. Treasury Obligation, 2.88%, due 08/15/45 | 67,000,000 | 91,148,289 | ||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 27,625 | 27,625 | 27,625,046 | U.S. Treasury Obligation, 0.00%, due 08/15/37 | 34,000,000 | 28,177,546 | ||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 32,313 | 32,313 | 32,312,554 | U.S. Treasury Obligation, 2.75%, due 11/15/42 | 25,000,000 | 32,958,804 | ||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 51,075 | 51,075 | 51,075,085 | U.S. Treasury Obligation, 0.00%, due 11/15/34 | 60,000,000 | 52,096,885 | ||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Total Prudential Insurance Co. of America |
| $ | 1,123,948 | $ | 1,146,430,562 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
RBC Capital Markets LLC | 0.04 | 04/30/20 | 05/01/20 | 300,000 | 300,000 | 300,000,333 | U.S. Government Sponsored Agency Obligations, U.S. Treasury Obligations and Corporate/Debt Obligations, 0.00% to 8.00%, due 07/23/20 to 11/20/69 | 1,006,598,336 | 313,939,404 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Societe Generale SA | 0.02 | 04/30/20 | 05/01/20 | 500,000 | 500,000 | 500,000,278 | U.S. Treasury Obligations, 0.00% to 8.13%, due 05/15/20 to 08/15/48 | 489,626,329 | 510,000,000 | |||||||||||||||||||||||||
0.04 | 04/30/20 | 05/07/20 | 500,000 | 500,000 | 500,003,889 | U.S. Treasury Obligations, 0.00% to 6.75%, due 08/15/20 to 11/15/48 | 418,918,565 | 510,000,000 | ||||||||||||||||||||||||||
0.06 | (b) | 04/30/20 | 05/08/20 | 1,420,000 | 1,420,000 | 1,420,018,934 | U.S. Treasury Obligations, 0.00% to 8.75%, due 05/07/20 to 11/15/49 | 1,167,277,831 | 1,448,400,000 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Total Societe Generale SA |
| $ | 2,420,000 | $ | 2,468,400,000 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
TD Securities USA LLC. | 0.02 | 04/30/20 | 05/01/20 | 89,000 | 89,000 | 89,000,049 | U.S. Treasury Obligations, 3.00% to 4.38%, due 11/15/39 to 05/15/45 | 60,943,100 | 90,780,003 | |||||||||||||||||||||||||
0.04 | 04/30/20 | 05/01/20 | 205,000 | 205,000 | 205,000,228 | U.S. Government Sponsored Agency Obligations, 3.00%, due 03/01/50 to 04/01/50 | 201,111,947 | 211,150,001 | ||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Total TD Securities USA LLC |
| $ | 294,000 | $ | 301,930,004 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Wells Fargo Securities LLC | 0.02 | 04/30/20 | 05/01/20 | 25,000 | 25,000 | 25,000,014 | U.S. Treasury Obligation, 2.25%, due 04/30/21 | 24,980,900 | 25,500,003 | |||||||||||||||||||||||||
0.02 | (a) | 04/30/20 | 05/01/20 | 325,000 | 325,000 | 325,000,181 | U.S. Treasury Obligations, 1.13% to 8.75%, due 05/15/20 to 02/28/27 | 318,590,660 | 331,500,017 | |||||||||||||||||||||||||
0.04 | (c) | 04/30/20 | 05/01/20 | 450,000 | 450,000 | 450,000,500 | U.S. Government Sponsored Agency Obligations, 3.00% to 4.50%, due 12/01/34 to 04/01/50 | 438,877,921 | 463,500,000 |
SCHEDULES OF INVESTMENTS | 21 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | FedFund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | At Value (000) | Proceeds Including Interest | Position | Original Par | Position Received, | |||||||||||||||||||||||
0.04 | % | 04/30/20 | 05/01/20 | $ | 43,000 | $ | 43,000 | $ 43,000,048 | U.S. Government Sponsored Agency Obligation, 3.00%, due 03/01/50 | $ 42,053,911 | $ | 44,290,001 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Total Wells Fargo Securities LLC |
| $ | 843,000 | $ | 864,790,021 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
$ | 61,859,952 | $ | 63,284,193,181 | |||||||||||||||||||||||||||||
|
|
|
|
(a) | Traded in a joint account. |
(b) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
(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) | $ | — | $ | 179,017,234,591 | $ | — | $ | 179,017,234,591 | ||||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in each security type. |
See notes to financial statements.
22 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2020 | TempCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Certificates of Deposit — 23.8%(a) |
| |||||||||||
Domestic — 1.1%(b) | ||||||||||||
Bank of America NA, (LIBOR USD 1 Month + 0.28%), 1.26%, 10/06/20 | USD | 32,000 | $ | 31,956,866 | ||||||||
Wells Fargo Bank NA, (LIBOR USD 3 Month + 0.11%), 1.96%, 02/16/21 | 56,500 | 56,500,172 | ||||||||||
|
| |||||||||||
88,457,038 | ||||||||||||
Euro — 4.2% | ||||||||||||
Banque Federative du Credit Mutuel SA, | 37,000 | 36,800,313 | ||||||||||
Credit Industriel et Commercial SA: | ||||||||||||
1.93%, 09/04/20 | 50,000 | 49,865,250 | ||||||||||
1.91%, 01/08/21 | 45,000 | 44,734,659 | ||||||||||
1.73%, 02/12/21 | 55,000 | 54,626,790 | ||||||||||
DZ Bank AG Deutsche Zentral- | 70,000 | 69,982,129 | ||||||||||
Mitsubishi UFJ Trust & Banking Corp., | ||||||||||||
1.76%, 05/07/20 | 80,000 | 79,991,601 | ||||||||||
|
| |||||||||||
336,000,742 | ||||||||||||
Yankee — 18.5%(c) | ||||||||||||
Bank of Montreal, Chicago(b): | ||||||||||||
(LIBOR USD 1 Month + 0.16%), | 35,000 | 35,007,359 | ||||||||||
(LIBOR USD 1 Month + 0.18%), | 65,000 | 65,023,229 | ||||||||||
(US Federal Funds Effective Rate | 50,000 | 49,976,681 | ||||||||||
(LIBOR USD 3 Month + 0.14%), | 30,000 | 29,998,382 | ||||||||||
Bank of Nova Scotia, Houston(b): | 43,000 | 43,013,851 | ||||||||||
(LIBOR USD 1 Month + 0.23%), | 30,000 | 29,997,209 | ||||||||||
(US Federal Funds Effective Rate | 51,000 | 50,951,947 | ||||||||||
BNP Paribas SA, New York: | 36,000 | 36,046,544 | ||||||||||
(LIBOR USD 3 Month + 0.06%), | 30,000 | 29,923,583 | ||||||||||
Canadian Imperial Bank of Commerce, New York, (LIBOR USD 1 Month + 0.17%), 1.00%, 05/13/20(b) | 75,000 | 75,023,312 | ||||||||||
Cooperatieve Rabobank UA, New York, (LIBOR USD 3 Month + 0.15%), 1.52%, 10/05/20(b) | 46,000 | 45,999,983 | ||||||||||
Credit Industriel et Commercial SA, New York(b): | ||||||||||||
(LIBOR USD 1 Month + 0.23%), | 25,000 | 25,020,046 | ||||||||||
(LIBOR USD 3 Month + 0.07%), | 40,000 | 39,901,102 | ||||||||||
DZ Bank AG Deutsche Zentral- | 62,000 | 62,053,197 | ||||||||||
Mizuho Bank Ltd., New York, (LIBOR USD 3 Month + 0.10%), 1.53%, 10/01/20(b) | 50,000 | 49,989,729 | ||||||||||
MUFG Bank Ltd., New York, (LIBOR USD 1 Month + 0.26%), 0.70%, 05/29/20(b) | 35,000 | 35,013,662 | ||||||||||
Natixis SA, New York, (LIBOR USD 1 Month + 0.26%), 1.07%, 05/15/20(b) | 40,000 | 40,015,431 | ||||||||||
Nordea Bank Abp, New York: | 55,000 | 55,161,387 |
Security | Par (000) | Value | ||||||||||
Yankee (continued) | ||||||||||||
(LIBOR USD 3 Month + 0.16%), 1.34%, 10/16/20(b) | USD | 20,000 | $ | 20,000,898 | ||||||||
1.71%, 01/28/21 | 53,000 | 53,516,896 | ||||||||||
Royal Bank of Canada, New York, 1.30%, 01/07/21 | 40,000 | 40,215,247 | ||||||||||
Skandinaviska Enskilda Banken AB, New York(b): | ||||||||||||
(LIBOR USD 1 Month + 0.25%), 0.97%, 08/19/20 | 40,000 | 40,000,761 | ||||||||||
(LIBOR USD 3 Month + 0.15%), 1.52%, 10/05/20 | 37,000 | 36,999,986 | ||||||||||
(LIBOR USD 3 Month + 0.11%), 1.48%, 01/04/21 | 35,000 | 34,943,522 | ||||||||||
Sumitomo Mitsui Banking Corp., New York(b): | ||||||||||||
(LIBOR USD 1 Month + 0.27%), 1.25%, 05/01/20 | 40,000 | 40,001,304 | ||||||||||
(LIBOR USD 3 Month + 0.07%), 1.45%, 06/30/20 | 50,000 | 49,993,199 | ||||||||||
Svenska Handelsbanken AB, | ||||||||||||
(LIBOR USD 3 Month + 0.15%), 1.60%, 10/02/20 | 54,000 | 53,999,980 | ||||||||||
(LIBOR USD 3 Month + 0.15%), 1.37%, 10/15/20 | 32,000 | 31,999,991 | ||||||||||
(LIBOR USD 1 Month + 0.25%), 1.23%, 01/04/21 | 71,000 | 70,895,791 | ||||||||||
Toronto-Dominion Bank, New York: | ||||||||||||
(US Federal Funds Effective Rate (continuous series) + 0.31%), 0.35%, 07/10/20 - 07/16/20(b) | 40,000 | 39,981,346 | ||||||||||
2.17%, 07/29/20 | 40,000 | 40,190,445 | ||||||||||
(LIBOR USD 3 Month + 0.19%), 1.42%, 09/28/20(b) | 60,500 | 60,521,862 | ||||||||||
UBS AG, Stamford, 1.38%, 04/16/21 | 37,000 | 37,022,187 | ||||||||||
Westpac Banking Corp., New York, (US Federal Funds Effective Rate (continuous series) + 0.40%), 0.44%, 11/02/20(b) | 33,000 | 32,958,397 | ||||||||||
|
| |||||||||||
1,481,358,446 | ||||||||||||
|
| |||||||||||
Total Certificates of Deposit — 23.8% | 1,905,816,226 | |||||||||||
|
| |||||||||||
Commercial Paper — 37.8% | ||||||||||||
Alpine Securitization Ltd., (LIBOR USD 1 Month + 0.17%), 0.80%, 06/04/20(a)(b)(d) |
| 25,000 | 24,994,045 | |||||||||
ANZ New Zealand Int’l Ltd.(a)(b): | ||||||||||||
(LIBOR USD 3 Month + 0.08%), 1.47%, 07/07/20 | 100,000 | 99,964,669 | ||||||||||
(LIBOR USD 3 Month + 0.00%), 1.18%, 07/16/20 | 45,000 | 44,983,368 | ||||||||||
Bank of Nova Scotia (The)(a)(b): | ||||||||||||
(LIBOR USD 1 Month + 0.17%), 0.98%, 05/15/20 | 60,000 | 60,020,898 | ||||||||||
(LIBOR USD 1 Month + 0.18%), 1.01%, 06/11/20 | 40,000 | 40,017,046 | ||||||||||
Barton Capital LLC, 0.50%, 07/21/20(a) | 45,000 | 44,949,262 | ||||||||||
Bedford Row Funding Corp.(a)(b): | ||||||||||||
(LIBOR USD 1 Month + 0.17%), 0.98%, 05/15/20 | 18,000 | 18,006,269 | ||||||||||
(LIBOR USD 3 Month + 0.07%), 1.39%, 10/13/20 | 58,000 | 57,928,029 | ||||||||||
Bennington Stark Capital Co. LLC, 0.15%, 05/07/20(a) | 49,000 | 48,998,571 | ||||||||||
BNG Bank NV, 0.64%, 11/30/20(a) | 87,000 | 86,675,736 | ||||||||||
BPCE SA, 0.27%, 07/31/20(a) | 51,000 | 50,964,810 |
SCHEDULES OF INVESTMENTS | 23 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | TempCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Commercial Paper (continued) | ||||||||||||
Chariot Funding LLC(a): | USD | 35,000 | $ | 34,972,093 | ||||||||
(LIBOR USD 3 Month + 0.00%), | 73,000 | 72,944,156 | ||||||||||
CPPIB Capital, Inc., (SOFR + 0.32%), 0.33%, 12/10/20(b)(d) | 23,250 | 23,231,258 | ||||||||||
Crown Point Capital Co. LLC(a)(b)(d): | ||||||||||||
(LIBOR USD 1 Month + 0.28%), 1.26%, 07/06/20 | 65,000 | 65,032,526 | ||||||||||
(LIBOR USD 1 Month + 0.30%), 1.28%, 07/06/20 | 85,000 | 85,045,696 | ||||||||||
(LIBOR USD 1 Month + 0.38%), 0.82%, 08/28/20 | 70,000 | 70,033,932 | ||||||||||
Dexia Credit Local SA, | 56,000 | 55,998,562 | ||||||||||
DNB Bank ASA, 0.08%, 05/07/20(a) | 250,000 | 249,996,110 | ||||||||||
Erste Abwicklungsanstalt, 0.10%, 05/06/20(a)(d) | 45,000 | 44,999,272 | ||||||||||
Federation des Caisses Desjardins du Quebec(a): | ||||||||||||
0.36%, 07/16/20 | 82,000 | 81,937,387 | ||||||||||
(LIBOR USD 1 Month + 0.25%), 1.11%, 08/07/20(b) | 35,000 | 35,009,807 | ||||||||||
Glencove Funding DAC, (LIBOR USD 1 Week + 0.00%), 0.26%, 05/07/20(a)(b)(d) | 43,000 | 43,000,000 | ||||||||||
HSBC Bank plc(a)(b): | ||||||||||||
(LIBOR USD 3 Month + 0.23%), 1.54%, 10/13/20 | 40,000 | 39,996,439 | ||||||||||
(LIBOR USD 1 Month + 0.29%), 0.69%, 12/30/20 | 40,000 | 39,946,152 | ||||||||||
ING US Funding LLC(a): | ||||||||||||
0.42%, 08/21/20 | 75,000 | 74,902,302 | ||||||||||
(LIBOR USD 3 Month + 0.17%), 1.37%, 09/23/20(b) | 33,000 | 32,976,963 | ||||||||||
(LIBOR USD 3 Month + 0.20%), 1.59%, 10/07/20(b) | 20,000 | 19,991,460 | ||||||||||
(LIBOR USD 3 Month + 0.20%), 1.34%, 10/19/20(b) | 40,000 | 39,981,378 | ||||||||||
Lloyds Bank plc, 0.19%, 05/18/20(a) | 18,225 | 18,223,323 | ||||||||||
MetLife Short Term Funding LLC, 0.51%, 10/09/20(a) | 62,805 | 62,663,689 | ||||||||||
Mont Blanc Capital Corp., 0.37%, 06/05/20(a) | 34,691 | 34,678,511 | ||||||||||
National Australia Bank Ltd.(a): | ||||||||||||
(LIBOR USD 1 Month + 0.16%), 0.88%, 05/20/20(b) | 77,000 | 77,030,250 | ||||||||||
0.37%, 07/31/20 | 82,000 | 81,922,674 | ||||||||||
(LIBOR USD 1 Month + 0.23%), 0.95%, 08/20/20(b) | 62,000 | 62,013,498 | ||||||||||
Nederlandse Waterschapsbank NV, 0.04%, 06/18/20(a) | 51,000 | 50,997,015 | ||||||||||
Nieuw Amsterdam Receivables Corp.(a): | ||||||||||||
0.41%, 07/02/20 | 51,000 | 50,963,854 | ||||||||||
0.49%, 08/05/20 | 25,500 | 25,467,157 | ||||||||||
NRW Bank, 0.26%, 09/03/20(a) | 158,000 | 157,857,326 | ||||||||||
PSP Capital, Inc., (SOFR + 0.23%), 0.26%, 08/19/20(a)(b) | 30,000 | 29,972,278 | ||||||||||
Ridgefield Funding Co. LLC(a): | ||||||||||||
0.12%, 05/01/20 | 101,000 | 100,999,678 | ||||||||||
(LIBOR USD 1 Month + 0.25%), 1.06%, 06/10/20(b)(d) | 30,500 | 30,514,981 | ||||||||||
Royal Bank of Canada, (LIBOR USD 1 Month + 0.18%), 1.16%, 05/01/20(a)(b) | 35,000 | 35,000,992 | ||||||||||
Shell International Finance BV, 1.10%, 06/30/20(a) | 15,000 | 14,972,550 | ||||||||||
Societe Generale SA, (LIBOR USD 3 Month + 0.10%), 1.80%, 03/19/21(a)(b) | 48,000 | 47,811,511 | ||||||||||
Starbird Funding Corp., | 45,000 | 44,886,960 |
Security | Par (000) | Value | ||||||||||
Commercial Paper (continued) | ||||||||||||
Svenska Handelsbanken AB, 0.30%, 07/20/20(a) | USD | 27,000 | $ | 26,982,079 | ||||||||
Swedbank AB, 0.52%, 09/03/20(a) | 27,000 | 26,951,805 | ||||||||||
UBS AG(a): | ||||||||||||
(LIBOR USD 3 Month + 0.20%), 1.51%, 07/10/20(b) | 65,000 | 65,006,003 | ||||||||||
0.82%, 01/25/21 | 60,200 | 59,635,625 | ||||||||||
Westpac Banking Corp., (LIBOR USD 3 Month + 0.15%), 1.83%, 11/25/20(a)(b) | 50,000 | 49,985,930 | ||||||||||
Westpac Securities NZ Ltd.(a)(b): | ||||||||||||
(LIBOR USD 3 Month + 0.08%), 1.46%, 06/29/20 | 85,000 | 84,988,503 | ||||||||||
(LIBOR USD 3 Month + 0.04%), 0.80%, 10/30/20 | 55,000 | 54,956,362 | ||||||||||
(LIBOR USD 3 Month + 0.07%), 1.17%, 01/22/21 | 54,000 | 53,891,684 | ||||||||||
|
| |||||||||||
Total Commercial Paper — 37.8% | 3,035,872,434 | |||||||||||
|
| |||||||||||
Corporate Bonds — 0.7%(b) | ||||||||||||
Banks — 0.1% | ||||||||||||
Australia & New Zealand Banking Group Ltd., 2.13%, 08/19/20 | 7,280 | 7,302,182 | ||||||||||
|
| |||||||||||
Capital Markets — 0.2% | ||||||||||||
UBS AG, (LIBOR USD 3 Month + 0.58%), 1.58%, 06/08/20(d) | 15,630 | 15,635,220 | ||||||||||
|
| |||||||||||
Insurance — 0.4% | ||||||||||||
Metropolitan Life Global Funding I, (LIBOR USD 3 Month + 0.23%), 1.58%, 01/08/21(d) | 35,000 | 34,948,792 | ||||||||||
|
| |||||||||||
Total Corporate Bonds — 0.7% | 57,886,194 | |||||||||||
|
| |||||||||||
Time Deposits — 16.2% | ||||||||||||
Barclays Bank plc, 0.05%, 05/01/20 | 220,000 | 220,000,000 | ||||||||||
Credit Agricole Corporate and Investment Bank SA, 0.04%, 05/01/20 | 256,188 | 256,188,000 | ||||||||||
Landesbank Hessen-Thuringen Girozentrale: | ||||||||||||
0.11%, 05/01/20 | 63,000 | 63,000,000 | ||||||||||
0.13%, 05/05/20 | 55,000 | 55,000,000 | ||||||||||
0.13%, 05/06/20 | 93,000 | 93,000,000 | ||||||||||
0.13%, 05/07/20 | 57,000 | 57,000,000 | ||||||||||
Mizuho Bank Ltd., 0.06%, 05/01/20 | 229,000 | 229,000,000 | ||||||||||
Skandinaviska Enskilda Banken AB, 0.04%, 05/01/20 | 230,000 | 230,000,000 | ||||||||||
Svenska Handelsbanken, 0.04%, 05/01/20 | 100,000 | 100,000,000 | ||||||||||
|
| |||||||||||
Total Time Deposits — 16.2% | 1,303,188,000 | |||||||||||
|
| |||||||||||
U.S. Government Sponsored Agency Obligations — 0.1% |
| |||||||||||
United States International Development Finance Corp. Variable Rate Notes, (3 Month Treasury Bill Rate + 0.00%), 0.88%, 06/15/20(b) | 7,500 | 7,500,000 | ||||||||||
|
| |||||||||||
Total U.S. Government Sponsored Agency Obligations — 0.1% | 7,500,000 | |||||||||||
|
|
24 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | TempCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
U.S. Treasury Obligations — 2.2% | ||||||||||||
U.S. Treasury Bills(a): | ||||||||||||
0.07%, 05/26/20 | USD | 103,000 | $ | 102,994,636 |
Security | Par (000) | Value | ||||||||||
U.S. Treasury Obligations (continued) | ||||||||||||
0.08%, 06/02/20 | USD | 75,000 | $ | 74,994,500 | ||||||||
|
| |||||||||||
Total U.S. Treasury Obligations — 2.2% |
| 177,989,136 | ||||||||||
|
| |||||||||||
Total Repurchase Agreements — 15.7% |
| 1,259,500,000 | ||||||||||
|
| |||||||||||
Total Investments — 96.5% |
| 7,747,751,990 | ||||||||||
Other Assets Less Liabilities — 3.5% |
| 284,544,124 | ||||||||||
|
| |||||||||||
Net Assets — 100.0% |
| $ | 8,032,296,114 | |||||||||
|
|
(a) | Rates are the current rate or a range of current rates as of period end. |
(b) | Variable rate security. Rate shown is the rate in effect as of period end. |
(c) | Issuer is a U.S. branch of a foreign domiciled bank. |
(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 | Position | Original Par | Position Received, | |||||||||||||||||||||||||
Bank of America Securities, Inc. | 0.44 | %(a) | 04/30/20 | 06/05/20 | $ | 15,000 | $ | 15,000 | $ 15,006,600 | U.S. Government Sponsored Agency Obligations and Corporate/Debt Obligations, 4.04% to 5.20%, due 11/27/23 to 07/25/29 | $ | 26,311,183 | $ | 18,000,000 | ||||||||||||||||||||
0.74 | (a) | 04/30/20 | 07/05/20 | 38,000 | 38,000 | 38,051,553 | Corporate/Debt Obligation, 3.00%, due 10/25/58 | 61,405,403 | 45,600,000 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Total Bank of America Securities, Inc. |
| $ | 53,000 | $ | 63,600,000 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Barclays Bank plc | 0.16 | (b) | 04/30/20 | 05/01/20 | 38,000 | 38,000 | 38,000,169 | Corporate/Debt Obligations, 1.75% to 11.50%, due 04/01/23 to 05/01/50 | 39,486,502 | 39,900,000 | ||||||||||||||||||||||||
0.19 | (b) | 04/30/20 | 05/01/20 | 8,000 | 8,000 | 8,000,042 | Corporate/Debt Obligation, 4.65%, due 03/24/26 | 7,699,000 | 8,400,533 | |||||||||||||||||||||||||
0.39 | (b) | 04/30/20 | 05/01/20 | 15,000 | 15,000 | 15,000,163 | Corporate/Debt Obligation, 4.22%, due 05/01/29 | 13,943,882 | 15,750,001 | |||||||||||||||||||||||||
0.49 | (a) | 04/30/20 | 08/04/20 | 15,000 | 15,000 | 15,019,600 | Corporate/Debt Obligations, 3.75% to 5.88%, due 07/28/26 to 11/01/34 | 12,655,000 | 15,750,866 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Total Barclays Bank plc |
| $ | 76,000 | $ | 79,801,400 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
BNP Paribas SA | 0.14 | (b) | 04/30/20 | 05/01/20 | 11,000 | 11,000 | 11,000,043 | U.S. Government Sponsored Agency Obligations and Corporate/Debt Obligations, 2.16% to 5.74%, due 03/15/28 to 07/01/50 | 17,530,395 | 12,624,084 | ||||||||||||||||||||||||
|
|
|
|
SCHEDULES OF INVESTMENTS | 25 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | TempCash |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | At Value (000) | Proceeds Including | Position | Original Par | Position Received, | |||||||||||||||||||||||||
Citigroup Global Markets, Inc. | 0.02 | %(c) | 04/30/20 | 05/01/20 | $ | 15,000 | $ | 15,000 | $15,000,008 | U.S. Treasury Obligations, 0.17% to 8.13%, due 10/31/20 to 11/15/29 | $ | 14,468,156 | $ | 15,300,002 | ||||||||||||||||||||
0.09 | (b) | 04/30/20 | 05/01/20 | 12,000 | 12,000 | 12,000,030 | U.S. Government Sponsored Agency Obligations, 0.00%, due 05/13/20 to 01/29/21 | 13,162,250 | 12,834,998 | |||||||||||||||||||||||||
1.05 | (a) | 04/30/20 | 07/02/20 | 5,000 | 5,000 | 5,009,205 | U.S. Government Sponsored Agency Obligations, 4.00%, due 04/20/50 | 4,705,144 | 5,101,066 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Total Citigroup Global Markets, Inc |
| $ | 32,000 | $ | 33,236,066 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Credit Suisse Securities USA LLC | 1.11 | (a) | 04/30/20 | 08/04/20 | 45,000 | 45,000 | 45,133,200 | Corporate/Debt Obligations, 0.61% to 7.37%, due 05/10/31 to 07/25/47 | 667,483,213 | 51,750,000 | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
HSBC Securities USA, Inc. | 0.16 | (b) | 04/30/20 | 05/01/20 | 10,000 | 10,000 | 10,000,044 | Corporate/Debt Obligations, 1.95% to 9.00%, due 11/17/21 to 03/01/31 | 8,938,000 | 10,500,913 | ||||||||||||||||||||||||
0.24 | (b) | 04/30/20 | 05/01/20 | 11,500 | 11,500 | 11,500,077 | Corporate/Debt Obligations, 3.13% to 5.25%, due 09/06/23 to 08/04/45 | 11,481,100 | 12,075,042 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Total HSBC Securities USA, Inc |
| $ | 21,500 | $ | 22,575,955 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
JP Morgan Securities LLC | 0.02 | 04/30/20 | 05/01/20 | 123,000 | 123,000 | 123,000,068 | U.S. Treasury Obligations, 3.38% to 4.75%, due 02/15/41 to 11/15/48 | 81,625,500 | 125,460,029 | |||||||||||||||||||||||||
0.04 | 04/30/20 | 05/01/20 | 455,000 | 455,000 | 455,000,506 | U.S. Government Sponsored Agency Obligations, 2.68% to 6.50%, due 10/20/22 to 07/15/62 | 1,032,047,426 | 464,100,000 | ||||||||||||||||||||||||||
0.16 | (b) | 04/30/20 | 05/01/20 | 8,000 | 8,000 | 8,000,036 | U.S. Government Sponsored Agency Obligations, 0.00%, due 05/08/20 to 05/11/20 | 8,402,745 | 8,400,000 | |||||||||||||||||||||||||
0.22 | (b) | 04/30/20 | 05/01/20 | 1,000 | 1,000 | 1,000,006 | U.S. Government Sponsored Agency Obligations and Corporate/Debt Obligations, 0.48% to 4.75%, due 04/15/27 to 01/28/55 | 226,261,938 | 1,070,000 | |||||||||||||||||||||||||
0.34 | (a) | 04/30/20 | 05/08/20 | 100,000 | 100,000 | 100,007,556 | Corporate/Debt Obligations, 1.75% to 8.75%, due 06/21/20 to 09/15/67 | 101,283,223 | 105,000,000 | |||||||||||||||||||||||||
0.39 | (a) | 04/30/20 | 05/08/20 | 50,000 | 50,000 | 50,004,333 | U.S. Government Sponsored Agency Obligations and Corporate/Debt Obligations, 0.00% to 7.25%, due 01/07/21 to 02/25/60 | 274,406,523 | 54,125,480 | |||||||||||||||||||||||||
0.91 | (a) | 04/30/20 | 07/30/20 | 30,000 | 30,000 | 30,068,715 | Corporate/Debt Obligations, 1.06% to 6.50%, due 09/24/20 to 05/25/62 | 90,642,428 | 32,294,388 |
26 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | TempCash |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | At Value (000) | Proceeds Including | Position | Original Par | Position Received, | |||||||||||||||||||||||
1.99 | % | 02/13/20 | 05/13/20 | $ | 15,000 | $ | 15,000 | $15,074,625 | Corporate/Debt Obligations, 2.27% to 6.88%, due 08/15/22 to 10/25/69 | $ 17,258,530 | $ | 16,378,720 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Total JP Morgan Securities LLC |
| $ | 782,000 | $ | 806,828,617 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Mizuho Securities USA LLC | 0.95 | (a) | 04/30/20 | 06/05/20 | 50,000 | 50,000 | 50,047,681 | U.S. Treasury Obligations, 1.13% to 3.13%, due 05/15/21 to 02/28/27 | 48,885,100 | 51,000,062 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
TD Securities USA LLC | 0.16 | (b) | 04/30/20 | 05/01/20 | 3,000 | 3,000 | 3,000,013 | Corporate/Debt Obligations, 3.15% to 6.02%, due 03/20/23 to 06/15/26 | 3,607,749 | 3,155,643 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Wells Fargo Securities LLC | 0.02 | (c) | 04/30/20 | 05/01/20 | 5,000 | 5,000 | 5,000,003 | U.S. Treasury Obligations, 1.13% to 8.75%, due 05/15/20 to 02/28/27 | 4,901,388 | 5,099,995 | ||||||||||||||||||||||
0.04 | 04/30/20 | 05/01/20 | 25,000 | 25,000 | 25,000,028 | U.S. Government Sponsored Agency Obligation, 3.00%, due 04/01/50 | 24,338,267 | 25,750,000 | ||||||||||||||||||||||||
0.16 | (b) | 04/30/20 | 05/01/20 | 120,000 | 120,000 | 120,000,533 | Corporate/Debt Obligations, 0.99% to 5.72%, due 10/20/21 to 04/20/44 | 151,908,721 | 128,400,000 | |||||||||||||||||||||||
1.71 | 03/03/20 | 06/03/20 | 15,000 | 15,000 | 15,065,550 | Corporate/Debt Obligation, 7.50%, due 09/15/27 | 16,798,540 | 17,250,001 | ||||||||||||||||||||||||
1.80 | 04/06/20 | 07/01/20 | 21,000 | 21,000 | 21,090,300 | Corporate/Debt Obligation, 2.86%, due 01/15/29 | 23,038,294 | 22,470,001 | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Total Wells Fargo Securities LLC |
| $ | 186,000 | $ | 198,969,997 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
$ | 1,259,500 | $ | 1,323,541,824 | |||||||||||||||||||||||||||||
|
|
|
|
(a) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
(b) | Variable rate security. Rate shown is the rate in effect as of period end. |
(c) | Traded in a joint account. |
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) | $ | — | $ | 7,747,751,990 | $ | — | $ | 7,747,751,990 | ||||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in each security type. |
See notes to financial statements.
SCHEDULES OF INVESTMENTS | 27 |
Schedule of Investments (unaudited) April 30, 2020 | TempFund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Certificates of Deposit — 21.3% | ||||||||||||
Domestic — 1.2%(a) | ||||||||||||
Bank of America NA, (LIBOR USD 1 Month + 0.28%), 1.26%, 10/06/20 | USD | 40,000 | $ | 39,946,082 | ||||||||
Wells Fargo Bank NA, (LIBOR USD 3 Month + 0.11%), 1.92%, 02/22/21 | 59,000 | 59,000,193 | ||||||||||
|
| |||||||||||
98,946,275 | ||||||||||||
Euro — 2.5%(b) | ||||||||||||
Banque Federative du Credit Mutuel SA, 1.80%, 12/18/20 | 38,000 | 37,794,916 | ||||||||||
Credit Industriel et Commercial SA: | ||||||||||||
1.91%, 01/08/21 | 50,000 | 49,705,176 | ||||||||||
1.73%, 02/12/21 | 55,000 | 54,626,790 | ||||||||||
DZ Bank AG Deutsche Zentral- Genossenschaftsbank Frankfurt Am Main, 1.74%, 05/29/20 | 61,000 | 60,984,427 | ||||||||||
|
| |||||||||||
203,111,309 | ||||||||||||
Yankee — 17.6%(c) | ||||||||||||
Bank of Montreal, Chicago(a): | ||||||||||||
(LIBOR USD 1 Month + 0.16%), 1.15%, 06/01/20 | 55,000 | 55,011,564 | ||||||||||
(LIBOR USD 1 Month + 0.18%), 1.10%, 06/08/20 | 80,000 | 80,028,589 | ||||||||||
(LIBOR USD 3 Month + 0.14%), 1.83%, 11/18/20 | 30,000 | 29,998,382 | ||||||||||
BNP Paribas SA, New York: | ||||||||||||
0.83%, 07/20/20 | 35,000 | 35,045,251 | ||||||||||
(LIBOR USD 3 Month + 0.06%), 1.80%, 02/05/21(a) | 60,000 | 59,847,165 | ||||||||||
Canadian Imperial Bank of Commerce, New York, (LIBOR USD 1 Month + 0.17%), 1.00%, 05/13/20(a) | 8,000 | 8,002,487 | ||||||||||
Cooperatieve Rabobank UA, New York, (LIBOR USD 3 Month + 0.15%), 1.52%, 10/05/20(a) | 90,000 | 89,999,967 | ||||||||||
Credit Industriel et Commercial SA, New York(a): | ||||||||||||
(LIBOR USD 1 Month + 0.23%), 0.95%, 08/20/20 | 70,000 | 70,056,128 | ||||||||||
(LIBOR USD 3 Month + 0.07%), 1.85%, 02/01/21 | 60,000 | 59,851,653 | ||||||||||
DZ Bank AG Deutsche Zentral- Genossenschaftsbank, New York, 0.68%, 07/21/20 | 60,000 | 60,051,481 | ||||||||||
KBC Bank NV, New York, 0.57%, 07/28/20 | 80,000 | 79,998,811 | ||||||||||
MUFG Bank Ltd., New York, (LIBOR USD 1 Month + 0.26%), 0.70%, 05/29/20(a) | 20,000 | 20,007,807 | ||||||||||
Natixis SA, New York, (LIBOR USD 1 Month + 0.26%), 1.07%, 05/15/20(a) | 61,000 | 61,023,532 | ||||||||||
Nordea Bank Abp, New York: | ||||||||||||
(LIBOR USD 3 Month + 0.16%), 1.34%, 10/16/20(a) | 50,000 | 50,002,245 | ||||||||||
0.90%, 01/20/21 | 54,200 | 54,395,267 | ||||||||||
Oversea-Chinese Banking Corp. Ltd., New York, 0.65%, 07/22/20 | 34,000 | 34,010,955 | ||||||||||
Royal Bank of Canada, New York: 1.30%, 01/07/21 | 40,000 | 40,215,247 | ||||||||||
(LIBOR USD 3 Month + 0.45%), 1.49%, 04/23/21(a) | 30,000 | 30,014,488 | ||||||||||
Skandinaviska Enskilda Banken AB, New York: | ||||||||||||
(LIBOR USD 1 Month + 0.25%), 0.97%, 08/19/20(a) | 60,000 | 60,001,142 | ||||||||||
1.68%, 09/02/20 | 20,000 | 20,087,389 | ||||||||||
(LIBOR USD 3 Month + 0.15%), 1.52%, 10/05/20(a) | 47,000 | 46,999,982 | ||||||||||
(LIBOR USD 3 Month + 0.11%), 1.48%, 01/04/21(a) | 20,000 | 19,967,727 |
Security | Par (000) | Value | ||||||||||
Yankee (continued) | ||||||||||||
Svenska Handelsbanken AB, New York(a): |
| |||||||||||
(LIBOR USD 3 Month + 0.15%), 1.60%, 10/02/20 | USD | 66,000 | $ | 65,999,975 | ||||||||
(LIBOR USD 1 Month + 0.25%), 1.23%, 01/04/21 | 32,000 | 31,953,033 | ||||||||||
Toronto-Dominion Bank, New York(a): | ||||||||||||
(US Federal Funds Effective Rate (continuous series) + 0.31%), 0.35%, 07/10/20 - 07/16/20 | 70,000 | 69,967,556 | ||||||||||
(LIBOR USD 3 Month + 0.19%), 1.42%, 09/28/20 | 60,000 | 60,021,681 | ||||||||||
UBS AG, Stamford, 1.38%, 04/16/21 | 35,000 | 35,020,988 | ||||||||||
Westpac Banking Corp., New York(a): | ||||||||||||
(US Federal Funds Effective Rate (continuous series) + 0.40%), 0.44%, 11/02/20 | 39,000 | 38,950,833 | ||||||||||
(LIBOR USD 3 Month + 0.15%), 1.15%, 12/09/20 | 50,000 | 49,985,027 | ||||||||||
|
| |||||||||||
1,416,516,352 | ||||||||||||
|
| |||||||||||
Total Certificates of Deposit — 21.3% | 1,718,573,936 | |||||||||||
|
| |||||||||||
Commercial Paper — 35.6% | ||||||||||||
Alpine Securitization Ltd., (LIBOR USD 1 Month + 0.17%), 0.80%, 06/04/20(a)(d) | 25,000 | 24,994,046 | ||||||||||
ANZ New Zealand Int’l Ltd.(a): | ||||||||||||
(LIBOR USD 3 Month + 0.08%), 1.47%, 07/07/20 | 121,000 | 120,957,249 | ||||||||||
(LIBOR USD 3 Month + 0.00%), 1.18%, 07/16/20 | 48,000 | 47,982,259 | ||||||||||
Bank of Nova Scotia (The)(a): | ||||||||||||
(LIBOR USD 1 Month + 0.17%), 0.98%, 05/15/20 | 100,000 | 100,034,829 | ||||||||||
(LIBOR USD 1 Month + 0.18%), 1.01%, 06/11/20 | 80,000 | 80,034,093 | ||||||||||
Barclays Bank plc, 0.51%, 08/03/20(b)(d) | 39,000 | 38,948,542 | ||||||||||
Bedford Row Funding Corp., (LIBOR USD 1 Month + 0.17%), 0.98%, 05/15/20(a) | 27,000 | 27,009,404 | ||||||||||
Bennington Stark Capital Co. LLC, 0.15%, 05/07/20(b) | 50,000 | 49,998,542 | ||||||||||
CAFCO LLC, 0.34%, 07/08/20(b) | 40,000 | 39,974,700 | ||||||||||
Chariot Funding LLC: | ||||||||||||
0.37%, 07/17/20(b) | 70,000 | 69,944,187 | ||||||||||
0.42%, 08/03/20(b) | 47,000 | 46,948,776 | ||||||||||
(LIBOR USD 3 Month + 0.00%), 1.75%, 08/04/20(a) | 100,000 | 99,923,501 | ||||||||||
CPPIB Capital, Inc., (SOFR + 0.32%), 0.33%, 12/10/20(a)(d) | 32,500 | 32,473,801 | ||||||||||
Credit Industriel et Commercial SA, 0.34%, 07/24/20(b) | 2,000 | 1,998,442 | ||||||||||
Crown Point Capital Co. LLC(d): | ||||||||||||
(LIBOR USD 1 Month + 0.28%), 1.26%, 07/06/20(a) | 77,000 | 77,038,531 | ||||||||||
(LIBOR USD 1 Month + 0.30%), 1.28%, 07/06/20(a) | 74,000 | 74,039,782 | ||||||||||
0.42%, 07/15/20(b) | 41,500 | 41,463,992 | ||||||||||
DBS Bank Ltd., 0.24%, 05/22/20(b) | 48,000 | 47,993,077 | ||||||||||
Dexia Credit Local SA(b)(d): | ||||||||||||
0.04%, 05/22/20 | 64,000 | 63,998,357 | ||||||||||
0.24%, 08/27/20 | 23,215 | 23,196,890 | ||||||||||
Erste Abwicklungsanstalt, 0.17%, 06/05/20(b)(d) | 50,000 | 49,991,500 | ||||||||||
Federation des Caisses Desjardins du Quebec: 0.36%, 07/16/20(b) | 51,000 | 50,961,058 |
28 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | TempFund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Commercial Paper (continued) |
| |||||||||||
(LIBOR USD 1 Month + 0.25%), 1.11%, 08/07/20(a) | USD | 53,000 | $ | 53,014,851 | ||||||||
ING US Funding LLC: | ||||||||||||
0.42%, 08/21/20(b) | 75,000 | 74,902,302 | ||||||||||
(LIBOR USD 3 Month + 0.17%), 1.37%, 09/23/20(a) | 39,000 | 38,972,774 | ||||||||||
(LIBOR USD 3 Month + 0.20%), 1.59%, 10/07/20(a) | 25,000 | 24,989,325 | ||||||||||
(LIBOR USD 3 Month + 0.20%), 1.34%, 10/19/20(a) | 55,000 | 54,974,395 | ||||||||||
Matchpoint Finance plc, 0.14%, 05/12/20(b) | 40,500 | 40,498,096 | ||||||||||
MetLife Short Term Funding LLC, 0.51%, 10/09/20(b) | 57,000 | 56,871,750 | ||||||||||
Mont Blanc Capital Corp., 0.44%, 07/09/20(b) | 38,006 | 37,974,001 | ||||||||||
National Australia Bank Ltd.: | ||||||||||||
(LIBOR USD 1 Month + 0.16%), 0.88%, 05/20/20(a) | 120,000 | 120,047,143 | ||||||||||
0.37%, 07/31/20(b) | 93,000 | 92,912,301 | ||||||||||
(LIBOR USD 1 Month + 0.23%), 0.95%, 08/20/20(a) | 67,000 | 67,014,586 | ||||||||||
(LIBOR USD 3 Month + 0.12%), 1.12%, 12/09/20(a) | 78,500 | 78,462,409 | ||||||||||
Nederlandse Waterschapsbank NV, 0.04%, 06/18/20(b) | 53,000 | 52,996,898 | ||||||||||
Nieuw Amsterdam Receivables Corp.(b): |
| |||||||||||
0.39%, 06/22/20 | 45,000 | 44,974,295 | ||||||||||
0.41%, 07/02/20 | 46,000 | 45,967,398 | ||||||||||
0.49%, 08/05/20 | 24,000 | 23,969,089 | ||||||||||
NRW Bank, 0.26%, 09/03/20(b) | 50,000 | 49,954,850 | ||||||||||
Old Line Funding LLC, | 39,000 | 38,942,540 | ||||||||||
Ridgefield Funding Co. LLC, 0.12%, 05/01/20(b) | 74,000 | 73,999,764 | ||||||||||
Shell International Finance BV, 1.10%, 06/30/20(b) | 20,000 | 19,963,400 | ||||||||||
Societe Generale SA, (LIBOR USD 3 Month + 0.10%), 1.80%, 03/19/21(a) | 48,000 | 47,811,511 | ||||||||||
Starbird Funding Corp.(b): | ||||||||||||
0.43%, 07/06/20 | 77,000 | 76,939,382 | ||||||||||
0.64%, 09/21/20 | 25,000 | 24,937,200 | ||||||||||
Svenska Handelsbanken AB, 0.30%, 07/20/20(b) | 50,000 | 49,966,813 | ||||||||||
Swedbank AB, 0.52%, 09/03/20(b) | 23,000 | 22,958,945 | ||||||||||
Thunder Bay Funding LLC, 0.43%, 08/05/20(b) | 46,700 | 46,646,270 | ||||||||||
Toronto-Dominion Bank (The), (LIBOR USD 1 Month + 0.18%), 1.01%, 06/12/20(a) | 75,000 | 75,015,126 | ||||||||||
UBS AG: | ||||||||||||
(LIBOR USD 3 Month + 0.20%), 1.51%, 07/10/20(a) | 60,000 | 60,005,541 | ||||||||||
0.82%, 01/25/21(b) | 74,000 | 73,306,250 | ||||||||||
Westpac Securities NZ Ltd., (LIBOR USD 3 Month + 0.08%), 1.46%, 06/29/20(a) | 103,000 | 102,986,068 | ||||||||||
|
| |||||||||||
Total Commercial Paper — 35.6% | 2,881,880,831 | |||||||||||
|
|
Security | Par (000) | Value | ||||||||||
Corporate Bonds — 0.4%(a) | ||||||||||||
Insurance — 0.4% | ||||||||||||
Metropolitan Life Global Funding I, (LIBOR USD 3 Month + 0.23%), 1.58%, 01/08/21(d) | USD | 35,635 | $ | 35,582,863 | ||||||||
|
| |||||||||||
Total Corporate Bonds — 0.4% | 35,582,863 | |||||||||||
|
| |||||||||||
Time Deposits — 13.6% | ||||||||||||
Barclays Bank plc, 0.05%, 05/01/20 | 100,000 | 100,000,000 | ||||||||||
Credit Agricole Corporate and Investment Bank SA, 0.04%, 05/01/20 | 207,294 | 207,294,000 | ||||||||||
Landesbank Hessen-Thuringen Girozentrale: | ||||||||||||
0.11%, 05/01/20 | 64,000 | 64,000,000 | ||||||||||
0.13%, 05/05/20 | 56,000 | 56,000,000 | ||||||||||
0.13%, 05/06/20 | 89,000 | 89,000,000 | ||||||||||
0.13%, 05/07/20 | 59,000 | 59,000,000 | ||||||||||
Mizuho Bank Ltd., 0.06%, 05/01/20 | 221,000 | 221,000,000 | ||||||||||
Skandinaviska Enskilda Banken AB, 0.04%, 05/01/20 | 200,000 | 200,000,000 | ||||||||||
Svenska Handelsbanken, 0.04%, 05/01/20 | 100,000 | 100,000,000 | ||||||||||
|
| |||||||||||
Total Time Deposits — 13.6% |
| 1,096,294,000 | ||||||||||
|
| |||||||||||
U.S. Government Sponsored Agency Obligations — 0.1% |
| |||||||||||
United States International Development Finance Corp. Variable Rate Notes, (3 Month Treasury Bill Rate + 0.00%), 0.88%, 06/15/20(a) | 5,500 | 5,500,000 | ||||||||||
|
| |||||||||||
Total U.S. Government Sponsored Agency Obligations — 0.1% |
| 5,500,000 | ||||||||||
|
| |||||||||||
U.S. Treasury Obligations — 2.0% |
| |||||||||||
U.S. Treasury Bills(b): | ||||||||||||
0.07%, 05/26/20 | 103,000 | 102,994,636 | ||||||||||
0.08%, 06/02/20 | 58,252 | 58,247,728 | ||||||||||
|
| |||||||||||
Total U.S. Treasury Obligations — 2.0% |
| 161,242,364 | ||||||||||
|
| |||||||||||
Total Repurchase Agreements — 22.5% |
| 1,821,500,000 | ||||||||||
|
| |||||||||||
Total Investments — 95.5% |
| 7,720,573,994 | ||||||||||
Other Assets Less Liabilities — 4.5% |
| 360,225,350 | ||||||||||
|
| |||||||||||
Net Assets — 100.0% | $ | 8,080,799,344 | ||||||||||
|
|
(a) | Variable rate security. Rate shown is the rate in effect as of period end. |
(b) | Rates are the current rate or a range of current rates as of period end. |
(c) | Issuer is a U.S. branch of a foreign domiciled bank. |
(d) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(e) | Cost for U.S. federal income tax purposes. |
SCHEDULES OF INVESTMENTS | 29 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | TempFund |
Repurchase Agreements
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | At Value (000) | Proceeds Including Interest | Position | Original Par | Position Received, At Value | |||||||||||||||||||||||
Bank of America Securities, Inc. | 0.02 | % (a) | 04/30/20 | 05/01/20 | $ | 150,000 | $ | 150,000 | $150,000,083 | U.S. Treasury Obligations, 0.13% to 3.88%, due 03/31/22 to 11/15/49 | $ 137,901,000 | $ | 153,000,006 | |||||||||||||||||||
0.44 | (b) | 04/30/20 | 06/05/20 | 48,000 | 48,000 | 48,021,120 | U.S. Government Sponsored Agency Obligations and Corporate/Debt Obligations, 1.80% to 6.13%, due 10/02/23 to 04/01/56 | 219,471,979 | 52,376,657 | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Total Bank of America Securities, Inc. |
| $ | 198,000 | $ | 205,376,663 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Barclays Bank plc | 0.16 | (c) | 04/30/20 | 05/01/20 | 43,000 | 43,000 | 43,000,191 | Corporate/Debt Obligations, 2.70% to 6.50%, due 04/15/23 to 09/27/46 | 41,759,967 | 45,150,000 | ||||||||||||||||||||||
0.19 | (c) | 04/30/20 | 05/01/20 | 33,000 | 33,000 | 33,000,174 | Corporate/Debt Obligations, 2.19% to 11.50%, due 04/01/23 to 04/28/26 | 33,398,118 | 34,650,001 | |||||||||||||||||||||||
0.39 | (c) | 04/30/20 | 05/01/20 | 42,000 | 42,000 | 42,000,455 | Corporate/Debt Obligation, 4.22%, due 05/01/29 | 39,042,868 | 44,100,001 | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Total Barclays Bank plc |
| $ | 118,000 | $ | 123,900,002 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
BNP Paribas SA | 0.14 | (c) | 04/30/20 | 05/01/20 | 30,000 | 30,000 | 30,000,117 | Corporate/Debt Obligations, 2.66% to 11.50%, due 11/15/20 to 12/31/49 | 30,463,623 | 31,500,000 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Citigroup Global Markets, Inc. | 0.02 | (a) | 04/30/20 | 05/01/20 | 165,000 | 165,000 | 165,000,092 | U.S. Treasury Obligations, 0.17% to 8.13%, due 10/31/20 to 11/15/29 | 159,149,708 | 168,300,026 | ||||||||||||||||||||||
0.09 | (c) | 04/30/20 | 05/01/20 | 86,000 | 86,000 | 86,000,215 | U.S. Government Sponsored Agency Obligations and U.S. Treasury Obligations, 0.00% to 2.63%, due 05/13/20 to 06/30/23 | 86,776,350 | 88,960,134 | |||||||||||||||||||||||
1.05 | (b) | 04/30/20 | 07/02/20 | 5,000 | 5,000 | 5,009,205 | U.S. Government Sponsored Agency Obligations, 4.00%, due 04/20/50 | 4,695,824 | 5,101,057 | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Total Citigroup Global Markets, Inc. |
| $ | 256,000 | $ | 262,361,217 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Credit Agricole Corporate and Investment Bank SA | 0.02 | (a) | 04/30/20 | 05/01/20 | 145,000 | 145,000 | 145,000,081 | U.S. Treasury Obligations, 0.13% to 3.88%, due 07/15/20 to 02/15/50 | 120,239,485 | 147,900,016 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Credit Suisse Securities USA LLC | 1.11 | (b) | 04/30/20 | 08/04/20 | 50,000 | 50,000 | 50,148,000 | Corporate/Debt Obligations, 0.00% to 10.10%, due 10/22/30 to 01/25/49 | 1,166,976,645 | 57,500,000 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
HSBC Securities USA, Inc. | 0.16 | (c) | 04/30/20 | 05/01/20 | 25,000 | 25,000 | 25,000,111 | Corporate/Debt Obligations, 2.00% to 6.13%, due 11/06/22 to 02/19/43 | 24,353,500 | 26,250,036 |
30 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | TempFund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | At Value (000) | Proceeds Including | Position | Original Par | Position Received, | |||||||||||||||||||||
0.24 | % (c) | 04/30/20 | 05/01/20 | $ | 28,500 | $ | 28,500 | $ 28,500,190 | Corporate/Debt Obligations, 1.07% to 9.25%, due 10/17/22 to 01/15/43 | $ 32,697,449 | $ 30,062,746 | |||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total HSBC Securities USA, Inc. |
| $ | 53,500 | $ 56,312,782 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
JP Morgan Securities LLC | 0.04 | 04/30/20 | 05/01/20 | 320,000 | 320,000 | 320,000,356 | U.S. Government Sponsored Agency Obligations, 2.50% to 7.00%, due 07/20/30 to 03/15/60 | 539,264,412 | 326,400,000 | |||||||||||||||||||||
0.33 | (b) | 04/30/20 | 04/08/20 | 59,000 | 59,000 | 58,988,115 | U.S. Government Sponsored Agency Obligations, 0.00% to 6.00%, due 08/20/34 to 02/16/62 | 1,162,932,849 | 61,950,000 | |||||||||||||||||||||
0.34 | (b) | 04/30/20 | 05/08/20 | 100,000 | 100,000 | 100,007,556 | U.S. Government Sponsored Agency Obligations and Corporate/Debt Obligations, 1.42% to 7.57%, due 01/15/21 to 11/30/49 | 103,449,333 | 105,055,891 | |||||||||||||||||||||
0.39 | (b) | 04/30/20 | 05/08/20 | 50,000 | 50,000 | 50,004,333 | U.S. Government Sponsored Agency Obligations and Corporate/Debt Obligations, 0.75% to 7.00%, due 03/15/24 to 11/18/52 | 187,880,489 | 53,502,833 | |||||||||||||||||||||
0.91 | (b) | 04/30/20 | 07/30/20 | 65,000 | 65,000 | 65,148,882 | U.S. Government Sponsored Agency Obligations and Corporate/Debt Obligations, 0.30% to 6.13%, due 11/21/22 to 05/10/58 | 442,679,536 | 70,046,122 | |||||||||||||||||||||
|
| �� |
| |||||||||||||||||||||||||||
Total JP Morgan Securities LLC |
| $ | 594,000 | $ 616,954,846 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Mizuho Securities USA LLC | 0.19 | (c) | 04/30/20 | 05/01/20 | 55,000 | 55,000 | 55,000,290 | U.S. Treasury Obligations, 1.25% to 2.00%, due 11/30/21 to 07/31/23 | 54,234,800 | 56,100,093 | ||||||||||||||||||||
0.34 | (c) | 04/30/20 | 05/01/20 | 45,000 | 45,000 | 45,000,425 | U.S. Treasury Obligation, 1.75%, due 01/31/23 | 43,912,200 | 45,900,014 | |||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Mizuho Securities USA LLC |
| $ | 100,000 | $ 102,000,107 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
TD Securities USA LLC | 0.16 | (c) | 04/30/20 | 05/01/20 | 20,000 | 20,000 | 20,000,089 | Corporate/Debt Obligations, 2.88% to 6.40%, due 09/29/22 to 12/15/36 | 20,204,716 | 21,000,051 | ||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Wells Fargo Securities LLC | 0.02 | (a) | 04/30/20 | 05/01/20 | 45,000 | 45,000 | 45,000,025 | U.S. Treasury Obligations, 1.13% to 8.75%, due 05/15/20 to 02/28/27 | 44,112,552 | 45,899,999 | ||||||||||||||||||||
0.04 | 04/30/20 | 05/01/20 | 25,000 | 25,000 | 25,000,028 | U.S. Government Sponsored Agency Obligation, 3.00%, due 04/01/50 | 24,418,715 | 25,750,000 | ||||||||||||||||||||||
0.16 | (c) | 04/30/20 | 05/01/20 | 165,000 | 165,000 | 165,000,733 | Corporate/Debt Obligations, 1.65% to 5.96%, due 11/15/22 to 10/25/56 | 190,749,351 | 176,550,001 |
SCHEDULES OF INVESTMENTS | 31 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | TempFund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | At Value (000) | Proceeds Including | Position | Original Par | Position Received, | |||||||||||||||||||||
1.80 | % | 04/06/20 | 07/01/20 | $ | 22,000 | $ | 22,000 | $22,094,600 | Corporate/Debt Obligations, 1.36% to 4.01%, due 08/21/23 to 12/25/58 | $24,104,572 | $ 23,540,001 | |||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
Total Wells Fargo Securities LLC |
| $ | 257,000 | $ 271,740,001 | ||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||
$ | 1,821,500 | $ 1,896,545,685 | ||||||||||||||||||||||||||||
|
|
|
(a) | Traded in a joint account. |
(b) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
(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) | $ | — | $ | 7,720,573,994 | $ | — | $ | 7,720,573,994 | ||||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in each security type. |
See notes to financial statements.
32 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2020 | T-Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
U.S. Treasury Obligations — 60.6% |
| |||||||||||
U.S. Treasury Bills(a): | ||||||||||||
0.04%, 05/05/20 | USD | 780,965 | $ | 780,957,497 | ||||||||
0.05%, 05/07/20 | 766,520 | 766,516,181 | ||||||||||
0.06%, 05/12/20 | 2,776,570 | 2,776,425,380 | ||||||||||
0.08%, 05/14/20 | 1,433,595 | 1,433,556,887 | ||||||||||
0.08%, 05/19/20 | 924,595 | 924,528,710 | ||||||||||
0.08%, 05/21/20 | 648,960 | 648,873,388 | ||||||||||
0.07%, 05/26/20 | 2,100,000 | 2,099,868,750 | ||||||||||
0.05%, 05/28/20 | 1,082,405 | 1,082,250,757 | ||||||||||
0.08%, 06/02/20 | 3,086,640 | 3,086,410,868 | ||||||||||
0.09%, 06/04/20 | 400,000 | 399,955,611 | ||||||||||
0.08%, 06/09/20 | 867,430 | 867,262,375 | ||||||||||
0.10%, 06/11/20 | 1,781,715 | 1,781,547,417 | ||||||||||
0.08%, 06/16/20 | 598,055 | 597,950,705 | ||||||||||
0.09%, 06/23/20 | 759,640 | 759,511,902 | ||||||||||
0.10%, 06/30/20 | 1,623,005 | 1,622,765,156 | ||||||||||
0.10%, 07/21/20 | 998,410 | 997,955,399 | ||||||||||
0.10%, 07/30/20 | 1,932,800 | 1,930,614,231 | ||||||||||
0.12%, 08/04/20 | 620,000 | 619,828,208 | ||||||||||
0.11%, 08/06/20 | 553,800 | 552,527,956 | ||||||||||
0.11%, 08/13/20 | 73,310 | 73,007,148 | ||||||||||
0.11%, 08/20/20 | 11,935 | 11,907,079 | ||||||||||
0.11%, 08/27/20 | 493,170 | 490,850,320 | ||||||||||
0.12%, 09/03/20 | 1,079,150 | 1,076,871,329 | ||||||||||
0.13%, 09/08/20 | 4,050,000 | 4,047,820,695 | ||||||||||
0.11%, 09/10/20 | 164,635 | 163,584,629 | ||||||||||
0.10%, 09/15/20 | 1,197,235 | 1,196,107,856 | ||||||||||
0.14%, 10/06/20 | 291,065 | 290,890,685 | ||||||||||
0.11%, 10/08/20 | 279,950 | 279,763,367 | ||||||||||
0.11%, 10/15/20 | 1,043,500 | 1,042,095,996 | ||||||||||
0.14%, 12/31/20 | 99,940 | 98,893,461 | ||||||||||
0.16%, 04/22/21 | 200,810 | 200,482,345 | ||||||||||
U.S. Treasury Notes: | ||||||||||||
1.50%, 05/15/20 | 265,335 | 265,280,276 | ||||||||||
3.50%, 05/15/20 | 432,000 | 432,290,426 | ||||||||||
1.38%, 05/31/20 | 494,380 | 494,281,949 | ||||||||||
1.50%, 05/31/20 | 245,260 | 245,205,922 | ||||||||||
2.50%, 05/31/20 | 510,000 | 510,354,480 | ||||||||||
1.63%, 06/30/20 | 17,460 | 17,453,308 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 0.16%, 07/31/20(b) | 730,000 | 730,000,000 | ||||||||||
1.63%, 07/31/20 | 120,385 | 120,392,090 | ||||||||||
2.63%, 07/31/20 | 500,000 | 501,190,757 |
Security | Par (000) | Value | ||||||||||
U.S. Treasury Obligations (continued) |
| |||||||||||
2.63%, 08/15/20 | USD | 150,000 | $ | 150,440,412 | ||||||||
1.38%, 08/31/20 | 94,790 | 94,713,692 | ||||||||||
2.13%, 08/31/20 | 210,385 | 211,066,249 | ||||||||||
2.63%, 08/31/20 | 65,980 | 66,197,236 | ||||||||||
1.38%, 09/15/20 | 225,435 | 225,769,088 | ||||||||||
1.38%, 09/30/20 | 404,240 | 403,828,518 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 0.17%, 10/31/20(b) | 350,700 | 350,457,599 | ||||||||||
1.38%, 10/31/20 | 69,960 | 69,868,441 | ||||||||||
1.75%, 11/15/20 | 80,100 | 80,158,096 | ||||||||||
2.63%, 11/15/20 | 262,865 | 264,238,087 | ||||||||||
1.63%, 11/30/20 | 261,660 | 261,640,142 | ||||||||||
2.00%, 11/30/20 | 659,085 | 661,703,782 | ||||||||||
2.75%, 11/30/20 | 767,235 | 772,242,654 | ||||||||||
1.75%, 12/31/20 | 126,840 | 126,918,503 | ||||||||||
2.38%, 12/31/20 | 324,500 | 327,008,623 | ||||||||||
2.50%, 12/31/20 | 909,215 | 914,741,671 | ||||||||||
2.00%, 01/15/21 | 142,000 | 143,637,211 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.12%), 0.24%, 01/31/21(b) | 1,063,225 | 1,062,921,005 | ||||||||||
2.13%, 01/31/21 | 125,000 | 126,577,972 | ||||||||||
3.63%, 02/15/21 | 498,425 | 510,575,701 | ||||||||||
1.13%, 02/28/21 | 57,705 | 58,067,955 | ||||||||||
2.00%, 02/28/21 | 313,065 | 317,111,047 | ||||||||||
2.50%, 02/28/21 | 110,000 | 111,878,517 | ||||||||||
2.38%, 03/15/21 | 207,000 | 210,625,502 | ||||||||||
2.25%, 03/31/21 | 250,000 | 254,132,327 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 0.26%, 04/30/21(b) | 1,998,365 | 1,997,968,587 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.22%), 0.34%, 07/31/21(b) | 3,674,300 | 3,673,727,290 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.30%), 0.42%, 10/31/21(b) | 3,110,345 | 3,112,627,494 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.15%), 0.27%, 01/31/22(b) | 1,131,945 | 1,131,531,415 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.11%), 0.23%, 04/30/22(b) | 1,307,085 | 1,306,974,913 | ||||||||||
|
| |||||||||||
Total U.S. Treasury Obligations — 60.6% |
| 55,017,381,225 | ||||||||||
|
| |||||||||||
Total Repurchase Agreements — 42.1% |
| 38,214,548,972 | ||||||||||
|
| |||||||||||
Total Investments — 102.7% |
| 93,231,930,197 | ||||||||||
Liabilities in Excess of Other Assets — (2.7)% |
| (2,451,296,752 | ) | |||||||||
|
| |||||||||||
Net Assets — 100.0% | $ | 90,780,633,445 | ||||||||||
|
|
(a) | Rates are the current rate or a range of current rates as of period end. |
(b) | Variable rate security. Rate shown is the rate in effect as of period end. |
(c) | Cost for U.S. federal income tax purposes. |
SCHEDULES OF INVESTMENTS | 33 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | T-Fund |
Repurchase Agreements
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | At Value (000) | Proceeds Including | Position | Original Par | Position Received, At Value | |||||||||||||||||||||||
Bank of America Securities, Inc. | 0.02 | % | 04/30/20 | 05/01/20 | $ | 105,000 | $ | 105,000 | $ 105,000,058 | U.S. Treasury Obligations, 0.00% to 2.88%, due 05/31/25 to 08/15/34 | $ 101,819,126 | $ | 107,100,000 | |||||||||||||||||||
0.02 | 04/30/20 | 05/01/20 | 47,000 | 47,000 | 47,000,026 | U.S. Treasury Obligations, 1.38% to 2.00%, due 05/31/21 to 08/31/23 | 46,567,200 | 47,940,021 | ||||||||||||||||||||||||
0.02 | (a) | 04/30/20 | 05/01/20 | 550,000 | 550,000 | 550,000,306 | U.S. Treasury Obligations, 0.13% to 3.88%, due 03/31/22 to 11/15/49 | 505,637,000 | 561,000,022 | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Total Bank of America Securities, Inc. |
| $ | 702,000 | $ | 716,040,043 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Bank of Montreal | 0.02 | 04/30/20 | 05/01/20 | 87,355 | 87,355 | 87,355,049 | U.S. Treasury Obligations, 0.13% to 2.50%, due 04/15/21 to 02/15/45 | 85,148,700 | 89,102,175 | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Bank of Nova Scotia (The) | 0.02 | 04/30/20 | 05/01/20 | 214,900 | 214,900 | 214,900,119 | U.S. Treasury Obligations, 1.38% to 2.63%, due 11/15/21 to 02/15/41 | 167,760,300 | 219,198,202 | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Barclays Bank plc | 0.02 | 04/30/20 | 05/01/20 | 650,000 | 650,000 | 650,000,361 | U.S. Treasury Obligations, 1.38% to 8.00%, due 05/31/21 to 02/15/44 | 590,680,000 | 663,000,040 | |||||||||||||||||||||||
0.02 | 04/30/20 | 05/01/20 | 4,050,000 | 4,050,000 | 4,050,002,250 | U.S. Treasury Obligations, 0.13% to 1.25%, due 07/15/20 to 07/15/29 | 3,667,584,000 | 4,131,000,111 | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Total Barclays Bank plc |
| $ | 4,700,000 | $ | 4,794,000,151 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
BNP Paribas SA | 0.03 | 04/30/20 | 05/01/20 | 4,500,000 | 4,500,000 | 4,500,003,750 | U.S. Treasury Obligations, 0.00% to 6.13%, due 05/31/20 to 02/15/50 | 4,052,288,279 | 4,590,000,000 | |||||||||||||||||||||||
0.05 | 04/30/20 | 05/01/20 | 1,000,000 | 1,000,000 | 1,000,001,389 | U.S. Treasury Obligation, 2.25%, due 08/15/27 | 902,654,900 | 1,020,001,426 | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Total BNP Paribas SA |
| $ | 5,500,000 | $ | 5,610,001,426 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Citibank NA | 0.02 | 04/30/20 | 05/01/20 | 100,000 | 100,000 | 100,000,056 | U.S. Treasury Obligations, 0.00% to 8.75%, due 05/12/20 to 02/15/47 | 69,594,000 | 102,000,021 | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Citigroup Global Markets, Inc. | 0.02 | 04/30/20 | 05/01/20 | 1,167,000 | 1,167,000 | 1,167,000,648 | U.S. Treasury Obligations, 0.63% to 4.38%, due 11/15/40 to 02/15/46 | 878,554,300 | 1,190,340,101 | |||||||||||||||||||||||
0.02 | 04/30/20 | 05/01/20 | 40,000 | 40,000 | 40,000,022 | U.S. Treasury Obligations, 0.00%, due 06/25/20 to 07/23/20 | 40,811,800 | 40,801,495 | ||||||||||||||||||||||||
0.02 | (a) | 04/30/20 | 05/01/20 | 385,000 | 385,000 | 385,000,214 | U.S. Treasury Obligations, 0.17% to 8.13%, due 10/31/20 to 11/15/29 | 371,349,316 | 392,700,060 | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Total Citigroup Global Markets, Inc. |
| $ | 1,592,000 | $ | 1,623,841,656 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Credit Agricole Corporate and Investment Bank SA | 0.02 | 04/30/20 | 05/01/20 | 50,000 | 50,000 | 50,000,028 | U.S. Treasury Obligation, 3.38%, due 05/15/44 | 34,875,900 | 51,000,117 |
34 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | T-Fund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | At Value (000) | Proceeds Including Interest | Position | Original Par | Position Received, At Value | |||||||||||||||||||||||||
0.02 | % (a) | 04/30/20 | 05/01/20 | $ | 790,000 | $ | 790,000 | $ | 790,000,439 | U.S. Treasury Obligations, 0.13% to 3.88%, due 07/15/20 to 02/15/50 | $ 655,097,846 | $ | 805,800,060 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Total Credit Agricole Corporate and Investment Bank SA |
| $ | 840,000 | $ | 856,800,177 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Credit Suisse AG | 0.03 | 04/30/20 | 05/01/20 | 750,000 | 750,000 | 750,000,625 | U.S. Treasury Obligations, 0.00% to 7.63%, due 01/15/21 to 05/15/47 | 664,338,400 | 765,000,001 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Deutsche Bank AG | 0.02 | 04/30/20 | 05/01/20 | 1,550,000 | 1,550,000 | 1,550,000,861 | U.S. Treasury Obligations, 3.00% to 4.50%, due 08/15/39 to 11/15/44 | 1,087,353,700 | 1,581,000,023 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Fixed Income Clearing Corporation | 0.03 | 04/30/20 | 05/01/20 | 3,500,000 | 3,500,000 | 3,500,002,917 | U.S. Treasury Obligations, 0.03%, due 05/01/20 | 3,472,895,000 | 3,570,002,528 | |||||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 2,500,000 | 2,500,000 | 2,500,002,083 | U.S. Treasury Obligations, 0.13% to 0.88%, due 01/15/25 to 01/15/30 | 2,281,934,600 | 2,550,000,075 | ||||||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 89,105 | 89,105 | 89,105,466 | U.S. Treasury Obligation, 4.63%, due 02/15/40 | 55,000,000 | 90,887,574 | ||||||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 144,177 | 144,177 | 144,176,958 | U.S. Treasury Obligation, 1.38%, due 08/31/26 | 138,900,000 | 147,060,495 | ||||||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 334,464 | 334,464 | 334,464,311 | U.S. Treasury Obligation, 2.25%, due 11/15/27 | 299,915,000 | 341,153,591 | ||||||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 107,475 | 107,475 | 107,475,580 | U.S. Treasury Obligation, 2.13%, due 05/15/25 | 100,000,000 | 109,625,090 | ||||||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 221,324 | 221,324 | 221,323,714 | U.S. Treasury Obligation, 2.25%, due 08/15/27 | 200,000,000 | 225,750,184 | ||||||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 840,625 | 840,625 | 840,625,701 | U.S. Treasury Obligation, 0.63%, due 03/31/27 | 850,000,000 | 857,438,201 | ||||||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 79,228 | 79,228 | 79,228,007 | U.S. Treasury Obligation, 4.38%, due 11/15/39 | 50,000,000 | 80,812,566 | ||||||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 347,548 | 347,548 | 347,547,900 | U.S. Treasury Obligation, 1.63%, due 09/30/26 | 330,150,000 | 354,498,852 | ||||||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 156,287 | 156,287 | 156,286,895 | U.S. Treasury Obligation, 3.13%, due 11/15/28 | 130,000,000 | 159,412,630 | ||||||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 49,659 | 49,659 | 49,658,699 | U.S. Treasury Obligation, 3.88%, due 08/15/40 | 33,351,000 | 50,651,873 | ||||||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 122,610 | 122,610 | 122,610,396 | U.S. Treasury Obligation, 2.00%, due 08/15/25 | 115,000,000 | 125,062,602 | ||||||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 99,890 | 99,890 | 99,889,789 | U.S. Treasury Obligation, 1.63%, due 10/31/26 | 95,000,000 | 101,887,583 | ||||||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 230,820 | 230,820 | 230,820,016 | U.S. Treasury Obligation, 4.38%, due 05/15/40 | 145,331,000 | 235,436,412 | ||||||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 243,665 | 243,665 | 243,665,313 | U.S. Treasury Obligation, 2.00%, due 05/31/24 | 230,930,000 | 248,538,616 | ||||||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 178,824 | 178,824 | 178,823,678 | U.S. Treasury Obligation, 3.00%, due 10/31/25 | 160,000,000 | 182,400,149 | ||||||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 131,618 | 131,618 | 131,617,757 | U.S. Treasury Obligation, 0.13%, due 07/15/26 | 120,000,000 | 134,250,110 | ||||||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 64,134 | 64,134 | 64,133,632 | U.S. Treasury Obligation, 2.13%, due 05/31/26 | 59,000,000 | 65,416,303 | ||||||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 167,096 | 167,096 | 167,095,728 | U.S. Treasury Obligation, 2.88%, due 07/31/25 | 150,000,000 | 170,437,639 | ||||||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 164,520 | 164,520 | 164,520,137 | U.S. Treasury Obligation, 1.63%, due 11/30/26 | 155,380,000 | 167,810,537 | ||||||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 79,411 | 79,411 | 79,410,667 | U.S. Treasury Obligation, 1.50%, due 10/31/24 | 77,050,000 | 80,998,879 | ||||||||||||||||||||||||||
0.03 | 04/30/20 | 05/01/20 | 89,118 | 89,118 | 89,117,721 | U.S. Treasury Obligation, 6.13%, due 08/15/29 | 60,000,000 | 90,900,074 |
SCHEDULES OF INVESTMENTS | 35 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | T-Fund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | At Value (000) | Proceeds Including Interest | Position | Original Par | Position Received, At Value | |||||||||||||||||||||||||
0.03 | % | 04/30/20 | 05/01/20 | $ | 58,406 | $ | 58,406 | $ | 58,406,299 | U.S. Treasury Obligation, 0.38%, due 04/30/25 | $ 59,500,000 | $ | 59,574,424 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Total Fixed Income Clearing Corporation |
| $ | 10,000,004 | $ | 10,200,006,987 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Goldman Sachs & Co. LLC | 0.02 | 04/30/20 | 05/01/20 | 291,000 | 291,000 | 291,000,162 | U.S. Treasury Obligations, 0.00% to 3.00%, due 05/26/20 to 08/15/48 | 298,915,350 | 296,820,007 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
HSBC Securities USA, Inc. | 0.02 | 04/30/20 | 05/01/20 | 10,000 | 10,000 | 10,000,006 | U.S. Treasury Obligations, 0.00%, due 05/15/43 to 02/15/48 | 14,622,704 | 10,200,000 | |||||||||||||||||||||||||
0.02 | 04/30/20 | 05/01/20 | 51,000 | 51,000 | 51,000,028 | U.S. Treasury Obligations, 0.00% to 2.88%, due 11/15/29 to 11/15/49 | 45,211,438 | 52,020,000 | ||||||||||||||||||||||||||
0.02 | (b) | 04/30/20 | 04/01/20 | 355,000 | 355,000 | 354,994,280 | U.S. Treasury Obligations, 0.00% to 1.88%, due 05/31/22 to 02/15/28 | 349,141,757 | 362,100,012 | |||||||||||||||||||||||||
0.03 | (c) | 04/30/20 | 04/08/20 | 1,088,085 | 1,088,085 | 1,088,065,052 | U.S. Treasury Obligations, 0.00% to 7.63%, due 06/30/20 to 02/15/50 | 1,078,237,549 | 1,109,846,700 | |||||||||||||||||||||||||
0.03 | (c) | 04/30/20 | 04/08/20 | 722,000 | 722,000 | 721,986,764 | U.S. Treasury Obligations, 0.00% to 7.88%, due 08/06/20 to 08/15/45 | 713,081,782 | 736,440,001 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Total HSBC Securities USA, Inc. |
| $ | 2,226,085 | $ | 2,270,606,713 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
JP Morgan Securities LLC | 0.02 | 04/30/20 | 05/01/20 | 341,000 | 341,000 | 341,000,189 | U.S. Treasury Obligations, 0.00%, due 08/15/31 to 08/15/46 | 444,665,158 | 347,820,000 | |||||||||||||||||||||||||
0.02 | 04/30/20 | 05/01/20 | 1,700,000 | 1,700,000 | 1,700,000,944 | U.S. Treasury Obligations, 1.50% to 3.38%, due 01/31/27 to 05/15/49 | 1,289,150,400 | 1,734,000,237 | ||||||||||||||||||||||||||
0.02 | (b) | 04/30/20 | 05/01/20 | 250,000 | 250,000 | 250,000,139 | U.S. Treasury Obligations, 0.00%, due 11/15/31 to 05/15/40 | 283,917,045 | 255,000,000 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Total JP Morgan Securities LLC |
| $ | 2,291,000 | $ | 2,336,820,237 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Mizuho Securities USA LLC | 0.02 | 04/30/20 | 05/01/20 | 200,000 | 200,000 | 200,000,111 | U.S. Treasury Obligations, 0.00%, due 09/24/20 to 10/01/20 | 204,119,200 | 204,000,060 | |||||||||||||||||||||||||
0.04 | 04/30/20 | 05/01/20 | 103,848 | 103,848 | 103,848,155 | U.S. Treasury Obligation, 3.00%, due 05/15/45 | 76,000,000 | 105,925,115 | ||||||||||||||||||||||||||
0.04 | 04/30/20 | 05/01/20 | 120,000 | 120,000 | 120,000,133 | U.S. Treasury Obligation, 3.38%, due 11/15/48 | 80,000,000 | 122,400,133 | ||||||||||||||||||||||||||
0.04 | 04/30/20 | 05/01/20 | 175,698 | 175,698 | 175,698,725 | U.S. Treasury Obligation, 3.88%, due 08/15/40 | 118,000,000 | 179,212,695 | ||||||||||||||||||||||||||
0.04 | 04/30/20 | 05/01/20 | 419,118 | 419,118 | 419,118,113 | U.S. Treasury Obligation, 3.00%, due 08/15/48 | 300,000,000 | 427,500,466 | ||||||||||||||||||||||||||
0.04 | 04/30/20 | 05/01/20 | 67,353 | 67,353 | 67,353,016 | U.S. Treasury Obligation, 3.00%, due 02/15/49 | 48,000,000 | 68,700,075 | ||||||||||||||||||||||||||
0.04 | 04/30/20 | 05/01/20 | 63,706 | 63,706 | 63,705,953 | U.S. Treasury Obligation, 2.75%, due 08/15/47 | 48,000,000 | 64,980,071 | ||||||||||||||||||||||||||
0.04 | 04/30/20 | 05/01/20 | 58,692 | 58,692 | 58,692,467 | U.S. Treasury Obligation, 2.50%, due 02/15/45 | 47,000,000 | 59,866,315 | ||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Total Mizuho Securities USA LLC |
| $ | 1,208,415 | $ | 1,232,584,930 | |||||||||||||||||||||||||||||
|
|
|
|
36 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | T-Fund |
Repurchase Agreements | Collateral | |||||||||||||||||||||||||||||||||||
Counterparty | Coupon Rate | Purchase Date | Maturity Date | Par (000) | At Value (000) | Proceeds Including | Position | Original Par | Position At Value | |||||||||||||||||||||||||||
MUFG Securities Americas, Inc. | 0.02 | % | 04/30/20 | 05/01/20 | $ | 25,000 | $ | 25,000 | $ | 25,000,014 | U.S. Treasury Obligations, 1.25% to 8.75%, due 05/15/20 to 08/31/24 | $ | 24,096,500 | $ | 25,500,027 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Natixis SA | 0.02 | 04/30/20 | 05/01/20 | 672,000 | 672,000 | 672,000,373 | U.S. Treasury Obligations, 0.00% to 3.75%, due 04/22/21 to 02/15/49 | 523,205,600 | 685,440,065 | |||||||||||||||||||||||||||
0.02 | (b) | 04/30/20 | 05/01/20 | 753,000 | 753,000 | 753,000,418 | U.S. Treasury Obligations, 0.13% to 6.38%, due 07/15/20 to 08/15/49 | 596,465,300 | 768,060,063 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total Natixis SA |
| $ | 1,425,000 | $ | 1,453,500,128 | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Nomura Securities International, Inc. | 0.02 | 04/30/20 | 05/01/20 | 1,000,000 | 1,000,000 | 1,000,000,556 | U.S. Treasury Obligations, 0.00% to 7.63%, due 05/15/23 to 02/15/50 | 959,367,083 | 1,020,000,024 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Prudential Insurance Co. of America | 0.06 | 04/30/20 | 05/01/20 | 126,375 | 126,375 | 126,375,211 | U.S. Treasury Obligation, 2.38%, due 11/15/49 | 100,000,000 | 128,903,211 | |||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 53,987 | 53,987 | 53,987,590 | U.S. Treasury Obligation, 0.00%, due 02/15/40 | 70,000,000 | 55,067,690 | ||||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 29,600 | 29,600 | 29,600,049 | U.S. Treasury Obligation, 0.00%, due 11/15/41 | 40,000,000 | 30,192,049 | ||||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 16,981 | 16,981 | 16,981,278 | U.S. Treasury Obligation, 0.00%, due 05/15/31 | 19,000,000 | 17,320,808 | ||||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 17,125 | 17,125 | 17,125,029 | U.S. Treasury Obligation, 0.00%, due 05/15/34 | 20,000,000 | 17,467,629 | ||||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 89,175 | 89,175 | 89,175,149 | U.S. Treasury Obligation, 0.00%, due 08/15/43 | 123,000,000 | 90,958,649 | ||||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 9,420 | 9,420 | 9,420,016 | U.S. Treasury Obligation, 0.00%, due 05/15/39 | 12,000,000 | 9,608,416 | ||||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 33,812 | 33,812 | 33,812,556 | U.S. Treasury Obligation, 0.00%, due 02/15/47 | 50,000,000 | 34,489,056 | ||||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 19,290 | 19,290 | 19,290,032 | U.S. Treasury Obligation, 0.00%, due 02/15/38 | 24,000,000 | 19,675,952 | ||||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 27,034 | 27,034 | 27,033,795 | U.S. Treasury Obligation, 2.25%, due 03/31/21 | 27,000,000 | 27,574,605 | ||||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 65,600 | 65,600 | 65,600,109 | U.S. Treasury Obligation, 0.00%, due 02/15/37 | 80,000,000 | 66,912,109 | ||||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 25,807 | 25,807 | 25,807,543 | U.S. Treasury Obligation, 3.38%, due 05/15/44 | 18,000,000 | 26,323,783 | ||||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 88,000 | 88,000 | 88,000,147 | U.S. Treasury Obligation, 0.00%, due 05/15/38 | 110,000,000 | 89,760,147 | ||||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 22,365 | 22,365 | 22,365,037 | U.S. Treasury Obligation, 0.00%, due 11/15/39 | 28,000,000 | 22,812,197 | ||||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 11,437 | 11,437 | 11,437,519 | U.S. Treasury Obligation, 0.00%, due 08/15/41 | 15,000,000 | 11,666,269 | ||||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 16,857 | 16,857 | 16,857,528 | U.S. Treasury Obligation, 0.00%, due 05/15/40 | 22,000,000 | 17,194,568 | ||||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 60,300 | 60,300 | 60,300,101 | U.S. Treasury Obligation, 0.00%, due 11/15/35 | 72,000,000 | 61,506,101 | ||||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 77,750 | 77,750 | 77,750,130 | U.S. Treasury Obligation, 0.00%, due 11/15/39 | 100,000,000 | 79,305,130 | ||||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 103,125 | 103,125 | 103,125,172 | U.S. Treasury Obligation, 0.00%, due 08/15/47 | 150,000,000 | 105,187,672 | ||||||||||||||||||||||||||||
0.06 | 04/30/20 | 05/01/20 | 90,750 | 90,750 | 90,750,151 | U.S. Treasury Obligation, 0.00%, due 05/15/30 | 100,000,000 | 92,565,151 | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Total Prudential Insurance Co. of America |
| $ | 984,790 | $ | 1,004,491,192 | |||||||||||||||||||||||||||||||
|
|
|
|
SCHEDULES OF INVESTMENTS | 37 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | 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 | |||||||||||||||||||||||||
Societe Generale SA | 0.02 | % | 04/30/20 | 05/01/20 | $ | 340,000 | $ | 340,000 | $ 340,000,189 | U.S. Treasury Obligations, 0.00% to 8.75%, due 08/15/20 to 08/15/49 | $ | 280,203,398 | $ | 346,800,000 | ||||||||||||||||||||
0.04 | 04/30/20 | 05/07/20 | 500,000 | 500,000 | 500,003,889 | U.S. Treasury Obligations, 0.00% to 2.75%, due 01/31/21 to 02/15/49 | 462,010,442 | 510,000,000 | ||||||||||||||||||||||||||
0.06 | (c) | 04/30/20 | 04/08/20 | 1,080,000 | 1,080,000 | 1,079,960,399 | U.S. Treasury Obligations, 0.00% to 8.13%, due 05/31/20 to 02/15/49 | 1,027,433,357 | 1,101,600,000 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Total Societe Generale SA |
| $ | 1,920,000 | $ | 1,958,400,000 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
TD Securities USA LLC. | 0.02 | 04/30/20 | 05/01/20 | 107,000 | 107,000 | 107,000,059 | U.S. Treasury Obligations, 0.00% to 2.25%, due 04/22/21 to 08/15/46 | 98,102,400 | 109,140,079 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Wells Fargo Securities LLC | 0.02 | 04/30/20 | 05/01/20 | 25,000 | 25,000 | 25,000,014 | U.S. Treasury Obligation, 2.63%, due 06/15/21 . | 24,581,900 | 25,500,005 | |||||||||||||||||||||||||
0.02 | (a) | 04/30/20 | 05/01/20 | 675,000 | 675,000 | 675,000,375 | U.S. Treasury Obligations, 1.13% to 8.75%, due 05/15/20 to 02/28/27 | 661,688,292 | 688,500,031 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
Total Wells Fargo Securities LLC |
| $ | 700,000 | $ | 714,000,036 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||
$ | 38,214,549 | $ | 38,978,854,235 | |||||||||||||||||||||||||||||||
|
|
|
|
(a) | Traded in a joint account. |
(b) | Variable rate security. Rate shown is the rate in effect as of period end. |
(c) | 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) | $ | — | $ | 93,231,930,197 | $ | — | $ | 93,231,930,197 | ||||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in each security type. |
See notes to financial statements.
38 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2020 | Treasury Trust Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
U.S. Treasury Obligations — 102.0% | ||||||||||||
U.S. Treasury Bills(a): | ||||||||||||
0.04%, 05/05/20 | USD | 3,800,620 | $ | 3,800,304,975 | ||||||||
0.05%, 05/07/20 | 1,828,885 | 1,828,821,242 | ||||||||||
0.06%, 05/12/20 | 5,203,340 | 5,202,931,263 | ||||||||||
0.08%, 05/14/20 | 1,884,680 | 1,884,409,154 | ||||||||||
0.08%, 05/19/20 | 6,040,885 | 6,040,426,150 | ||||||||||
0.08%, 05/21/20 | 1,669,695 | 1,669,282,933 | ||||||||||
0.07%, 05/26/20 | 6,355,000 | 6,354,614,774 | ||||||||||
0.05%, 05/28/20 | 1,045,180 | 1,044,884,531 | ||||||||||
0.08%, 06/02/20 | 8,216,375 | 8,215,704,732 | ||||||||||
0.09%, 06/04/20 | 4,118,000 | 4,117,216,876 | ||||||||||
0.08%, 06/09/20 | 1,192,195 | 1,191,952,558 | ||||||||||
0.10%, 06/11/20 | 2,857,085 | 2,856,128,743 | ||||||||||
0.08%, 06/16/20 | 550,000 | 549,902,250 | ||||||||||
0.09%, 06/23/20 | 2,449,850 | 2,449,264,088 | ||||||||||
0.07%, 06/25/20 | 2,079,600 | 2,077,954,965 | ||||||||||
0.10%, 06/30/20 | 1,395,915 | 1,395,708,715 | ||||||||||
0.09%, 07/02/20 | 1,450,000 | 1,449,794,625 | ||||||||||
0.09%, 07/14/20 | 162,615 | 162,577,945 | ||||||||||
0.10%, 07/21/20 | 884,210 | 883,812,105 | ||||||||||
0.09%, 07/23/20 | 1,722,075 | 1,721,580,759 | ||||||||||
0.10%, 07/30/20 | 4,960,865 | 4,956,461,410 | ||||||||||
0.12%, 08/04/20 | 585,000 | 584,837,906 | ||||||||||
0.11%, 08/06/20 | 489,920 | 489,008,614 | ||||||||||
0.11%, 08/13/20 | 88,655 | 88,471,479 | ||||||||||
0.11%, 08/20/20 | 142,200 | 141,554,030 | ||||||||||
0.11%, 08/27/20 | 502,565 | 500,656,400 | ||||||||||
0.12%, 09/03/20 | 304,795 | 304,091,446 | ||||||||||
0.13%, 09/08/20 | 1,800,000 | 1,799,025,000 | ||||||||||
0.11%, 09/10/20 | 86,875 | 86,320,737 | ||||||||||
0.10%, 09/15/20 | 918,885 | 918,133,893 | ||||||||||
0.11%, 09/17/20 | 255,800 | 255,503,698 | ||||||||||
0.15%, 09/22/20 | 1,250,000 | 1,249,111,000 | ||||||||||
0.11%, 10/01/20 | 1,190,000 | 1,189,313,625 | ||||||||||
0.11%, 10/08/20 | 196,830 | 196,698,780 | ||||||||||
0.11%, 10/15/20 | 784,830 | 783,776,838 | ||||||||||
0.16%, 04/22/21 | 168,685 | 168,409,762 | ||||||||||
U.S. Treasury Notes: | ||||||||||||
1.50%, 05/15/20 | 99,390 | 99,394,035 | ||||||||||
3.50%, 05/15/20 | 805,520 | 806,107,776 |
(a) | Rates are the current rate or a range of current rates as of period end. |
(b) | Variable rate security. Rate shown is the rate in effect as of period end. |
(c) | Cost for U.S. federal income tax purposes. |
Security | Par (000) | Value | ||||||||||
U.S. Treasury Obligations (continued) | ||||||||||||
1.38%, 05/31/20 | USD | 135,650 | $ | 135,619,128 | ||||||||
1.50%, 05/31/20 | 71,855 | 71,834,447 | ||||||||||
1.63%, 06/30/20 | 8,840 | 8,836,612 | ||||||||||
2.50%, 06/30/20 | 250,000 | 250,374,212 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 0.16%, 07/31/20(b) | 297,960 | 297,915,998 | ||||||||||
2.00%, 07/31/20 | 150,000 | 150,147,849 | ||||||||||
2.63%, 07/31/20 | 268,350 | 269,161,219 | ||||||||||
2.13%, 08/31/20 | 125,000 | 125,722,476 | ||||||||||
1.38%, 09/15/20 | 464,640 | 465,328,583 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 0.17%, 10/31/20(b) | 489,000 | 488,715,711 | ||||||||||
2.63%, 11/15/20 | 50,105 | 50,461,194 | ||||||||||
2.00%, 11/30/20 | 50,000 | 50,303,952 | ||||||||||
2.38%, 12/31/20 | 49,835 | 50,251,170 | ||||||||||
2.50%, 12/31/20 | 12,330 | 12,398,111 | ||||||||||
2.00%, 01/15/21 | 77,435 | 78,327,799 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.12%), 0.24%, 01/31/21(b) | 1,241,495 | 1,241,045,047 | ||||||||||
2.13%, 01/31/21 | 13,000 | 13,166,802 | ||||||||||
3.63%, 02/15/21 | 39,715 | 40,669,596 | ||||||||||
1.13%, 02/28/21 | 82,045 | 82,564,564 | ||||||||||
2.00%, 02/28/21 | 60,020 | 60,717,842 | ||||||||||
2.50%, 02/28/21 | 407,000 | 413,797,004 | ||||||||||
2.25%, 03/31/21 | 350,000 | 355,984,180 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 0.26%, 04/30/21(b) | 1,028,750 | 1,028,509,777 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.22%), 0.34%, 07/31/21(b) | 1,590,000 | 1,589,580,515 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.30%), 0.42%, 10/31/21(b) | 723,530 | 724,065,887 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.15%), 0.27%, 01/31/22(b) | 990,080 | 989,299,397 | ||||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.11%), 0.23%, 04/30/22(b) | 1,728,185 | 1,728,135,441 | ||||||||||
|
| |||||||||||
Total U.S. Treasury Obligations — 102.0% |
| 80,287,084,325 | ||||||||||
|
| |||||||||||
Total Investments — 102.0% |
| 80,287,084,325 | ||||||||||
Liabilities in Excess of Other Assets — (2.0)% |
| (1,607,779,819 | ) | |||||||||
|
| |||||||||||
Net Assets — 100.0% |
| $ | 78,679,304,506 | |||||||||
|
|
SCHEDULES OF INVESTMENTS | 39 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | Treasury Trust 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) | $ | — | $ | 80,287,084,325 | $ | — | $ | 80,287,084,325 | ||||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in each security type. |
See notes to financial statements.
40 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2020 | MuniCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||
Municipal Bonds — 97.5% |
| |||||||||
Alabama — 0.4%(a)(b) |
| |||||||||
Alabama Federal Aid Highway Finance, Tender Option Bond Trust Receipts/Certificates Various States, Series 2016-XF2373, RB, VRDN (Citibank NA LIQ), 0.25%, 05/07/20(c) | USD | 5,000 | $ | 5,000,000 | ||||||
Homewood Alabama, Tender Option Bond Trust Receipts/Certificates Various States, Series2018G-37, GO, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(c) | 4,000 | 4,000,000 | ||||||||
Mobile Downtown Redevelopment Authority, Series 2011A, RB, VRDN (Bank of America NA LOC), 0.25%, 05/07/20 | 17,860 | 17,860,000 | ||||||||
|
| |||||||||
26,860,000 | ||||||||||
Alaska — 2.6%(b) | ||||||||||
Alaska Housing Finance Corp., Series 2001A, RB, VRDN (Federal Home Loan Bank SBPA), 0.20%, 05/07/20 | 11,590 | 11,590,000 | ||||||||
Alaska Housing Finance Corp., Series 2007A, RB, VRDN (Federal Home Loan Bank SBPA), 0.20%, 05/07/20 | 19,550 | 19,550,000 | ||||||||
Alaska Housing Finance Corp., Series 2007B, RB, VRDN (Federal Home Loan Bank SBPA), 0.20%, 05/07/20 | 19,580 | 19,580,000 | ||||||||
Alaska Housing Finance Corp., Series 2007D, RB, VRDN (Federal Home Loan Bank SBPA), 0.20%, 05/07/20 | 14,960 | 14,960,000 | ||||||||
Alaska Housing Finance Corp., Series 2009A, RB, VRDN (Wells Fargo Bank NA SBPA), 0.20%, 05/07/20 | 26,975 | 26,975,000 | ||||||||
Alaska Housing Finance Corp., Series 2009B, RB, VRDN (Wells Fargo Bank NA SBPA), 0.20%, 05/07/20 | 12,375 | 12,375,000 | ||||||||
Alaska Housing Finance Corp., Series 2009B, RB, VRDN (Federal Home Loan Bank SBPA), 0.20%, 05/07/20 | 33,445 | 33,445,000 | ||||||||
Alaska Housing Finance Corp., Series 2009D, RB, VRDN (Federal Home Loan Bank SBPA), 0.20%, 05/07/20 | 15,695 | 15,695,000 | ||||||||
City of Valdez, Series 1993A, RB, VRDN, 0.14%, 05/01/20 | 11,890 | 11,890,000 | ||||||||
|
| |||||||||
166,060,000 | ||||||||||
Arizona — 0.5%(b) | ||||||||||
Arizona Health Facilities Authority, Series 2008F, RB, VRDN (JP Morgan Chase Bank NA LOC), 0.22%, 05/07/20 | 3,565 | 3,565,000 | ||||||||
Arizona State University, Series 2008A, RB, VRDN, 0.20%, 05/07/20 | 1,405 | 1,405,000 | ||||||||
Industrial Development Authority of the City of Phoenix (The), Series 2014B, RB, VRDN (Northern Trust Co. SBPA), | 15,385 | 15,385,000 | ||||||||
Industrial Development Authority of the County of Pima (The), Series 2000A, RB, VRDN (Federal Home Loan Bank LOC), 0.20%, 05/07/20 | 1,300 | 1,300,000 | ||||||||
Industrial Development Authority of the County of Yavapai (The), Series 2010, RB, VRDN (Citibank NA LOC), | 7,000 | 7,000,000 | ||||||||
|
| |||||||||
28,655,000 |
Security | Par (000) | Value | ||||||||
California — 1.1% | ||||||||||
Bay Area Toll Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2016-XG0019, RB, VRDN (Bank of America NA LIQ), 0.25%, 05/07/20(a)(b)(c) | USD | 1,050 | $ | 1,050,000 | ||||||
California Health Facilities Funding Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.24%, 05/07/20(a)(b)(c) | 2,300 | 2,300,000 | ||||||||
California Statewide Communities Development Authority, Series 2017BB, RB, VRDN (Federal Home Loan Bank LOC), 0.29%, 05/07/20(b) | 20,800 | 20,800,000 | ||||||||
California University of Sciences & Medicine, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, RB, VRDN (Mizuho Capital Markets LLC LOC), 0.37%, 05/07/20(a)(b)(c) | 4,035 | 4,035,000 | ||||||||
Elsinore Valley Municipal Water District, Series 2008B, COP, VRDN (Bank of America NA LOC), 0.15%, 05/07/20(b) | 2,625 | 2,625,000 | ||||||||
Long Beach California University School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2020- XF0862, GO, VRDN (TD Bank NA LIQ), 0.22%, 05/07/20(a)(b)(c) | 1,310 | 1,310,000 | ||||||||
Mount San Antonio California Community College District, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019, GO, VRDN (Royal Bank of Canada LIQ), 0.22%, 05/07/20(a)(b)(c) | 3,600 | 3,600,000 | ||||||||
Natomas University School District, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XG0250, GO, VRDN (Bank of America NA LIQ), | 6,580 | 6,580,000 | ||||||||
San Diego County Regional Transportation Commission, Series 2008C, RB, VRDN (Bank of America NA SBPA), | 5,000 | 5,000,000 | ||||||||
San Francisco City & County Public Utilities Commission, Series2020A-1 (Bank of America NA LOC), 0.70%, 07/08/20(d) | 10,048 | 10,048,211 | ||||||||
State of California Department of Water Resources, Series2020-1 (Bank of America NA SBPA), 0.35%, 06/04/20(d) | 5,333 | 5,333,176 | ||||||||
State of California Department of Water Resources, Series2020-1 (Bank of America NA SBPA), 0.55%, 06/18/20(d) | 3,474 | 3,474,010 | ||||||||
|
| |||||||||
66,155,397 | ||||||||||
Colorado — 1.9% | ||||||||||
Boulder Larimer & Weld Cos., Tender Option Bond Trust Receipts/Certificates Various States, Inc. Trust, SeriesG-57, GO, VRDN (Royal Bank of Canada LOC), | 5,670 | 5,670,000 | ||||||||
Boulder Valley Colony School District, Tender Option Bond Trust Receipts/Certificates Various States, Series2018G-16, GO, VRDN (Royal Bank of Canada LOC), | 5,000 | 5,000,000 | ||||||||
City & County of Denver, Series2008A-2, COP, VRDN (JP Morgan Chase Bank NA SBPA), 0.17%, 05/01/20(b) | 2,000 | 2,000,000 |
SCHEDULES OF INVESTMENTS | 41 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | MuniCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Colorado (continued) | ||||||||||||
City of Colorado Springs Utilities System, Series 2005A, RB, VRDN (Bank of America NA SBPA), 0.22%, 05/07/20(b) | USD | 47,295 | $ | 47,295,000 | ||||||||
City of Colorado Springs Utilities System, Series 2009C, RB, VRDN (Sumitomo Mitsui Banking SBPA), | 27,445 | 27,445,000 | ||||||||||
Colorado Health Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0667, RB, VRDN (JP Morgan Chase Bank NA LIQ), | 5,345 | 5,345,000 | ||||||||||
County of Arapahoe, Series 2001, RB, VRDN (Freddie Mac LOC), | 9,415 | 9,415,000 | ||||||||||
Denver Colorado City & County, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2686, RB, VRDN (Citibank NA LIQ), | 3,000 | 3,000,000 | ||||||||||
Regional Transportation District Sales Tax, Series 2010A, RB, 5.00%, 11/01/20(e) | 5,000 | 5,107,592 | ||||||||||
Sheridan Redevelopment Agency, Series2011A-1, VRDN (JP Morgan Chase Bank NA LOC), 0.25%, 05/07/20(b) | 5,015 | 5,015,000 | ||||||||||
|
| |||||||||||
115,292,592 | ||||||||||||
Connecticut — 1.4% | ||||||||||||
Connecticut Housing Finance Authority, Series 2017F,Sub-SeriesF-3, RB, VRDN (Barclays Bank plc SBPA), 0.25%, 05/07/20(b) | 9,430 | 9,430,000 | ||||||||||
Connecticut Housing Finance Authority, Series 2019,Sub-SeriesD-3, RB, VRDN (State Street Bank & Trust Co. SBPA), 0.20%, 05/07/20(b) | 23,200 | 23,200,000 | ||||||||||
Connecticut Housing Finance Authority, Series 2020, RB, VRDN (Barclays Bank plc SBPA), 0.25%, 05/07/20(b) | 21,750 | 21,750,000 | ||||||||||
Connecticut Innovations, Inc., Series 2012, RB, VRDN (TD Bank NA LOC), | 18,685 | 18,685,000 | ||||||||||
Connecticut State Health & Educational Facilities Authority, Series 2000A, RB, VRDN (TD Bank NA SBPA), | 10,280 | 10,280,000 | ||||||||||
Connecticut State, Tender Option Bond Trust Receipts/Certificates Various States, Series2018G-3, GO, VRDN (Royal Bank of Canada LOC), | 4,000 | 4,000,000 | ||||||||||
Town of Groton, Series 2020A, GO, | 2,560 | 2,607,191 | ||||||||||
|
| |||||||||||
89,952,191 | ||||||||||||
Delaware — 0.0% | ||||||||||||
Delaware State Economic Development Authority, Series 1997, RB, VRDN (M&T Bank LOC), 0.34%, 05/07/20(b) | 595 | 595,000 | ||||||||||
|
| |||||||||||
District of Columbia — 0.6% | ||||||||||||
District of Columbia, Series 1998A, RB, VRDN (TD Bank NA LOC), | 12,135 | 12,135,000 | ||||||||||
District of Columbia, Series 2004, RB, VRDN (Bank of America NA LOC), 0.38%, 05/07/20(b) | 5,110 | 5,110,000 | ||||||||||
District of Columbia, Series2007B-2, RB, VRDN (Bank of America NA LOC), 0.19%, 05/07/20(b) | 1,380 | 1,380,000 | ||||||||||
District of Columbia, Series2007C-1, RB, VRDN (Sumitomo Mitsui Banking LOC), 0.19%, 05/07/20(b) | 1,655 | 1,655,000 | ||||||||||
District of Columbia, Series 2019C, RB, 5.00%, 10/01/20 | 14,250 | 14,498,714 |
Security | Par (000) | Value | ||||||||||
District of Columbia (continued) | ||||||||||||
District of Columbia Water & Sewer Authority, Series2014B-1, RB, VRDN (TD Bank NA SBPA), 0.23%, 05/07/20(b) | USD | 4,980 | $ | 4,980,000 | ||||||||
|
| |||||||||||
39,758,714 | ||||||||||||
Florida — 2.9%(b) | ||||||||||||
Cape Coral Water & Sewer, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-YX1071, RB, VRDN (Barclays Bank plc LOC), | 10,480 | 10,480,000 | ||||||||||
City of Gainesville Utilities System, Series 2012B, RB, VRDN (Citibank NA SBPA), 0.26%, 05/07/20 | 4,000 | 4,000,000 | ||||||||||
County of Miami-Dade Seaport Department, Series 2014A, RB, VRDN (PNC Bank NA LOC), 0.25%, 05/07/20 | 4,600 | 4,600,000 | ||||||||||
County of Palm Beach, Series 2002, RB, VRDN (Northern Trust Co. LOC), | 7,200 | 7,200,000 | ||||||||||
Escambia County Health Facilities Authority, Series 2003B, RB, VRDN (TD Bank NA SBPA), 0.25%, 05/01/20 | 19,430 | 19,430,000 | ||||||||||
Florida Housing Finance Corp., Series 2004M, RB, VRDN (Freddie Mac LIQ), 0.31%, 05/07/20 | 10,375 | 10,375,000 | ||||||||||
Highlands County Health Facilities Authority, Series 2012I, RB, VRDN, 0.22%, 05/07/20 | 4,045 | 4,045,000 | ||||||||||
Highlands County Health Facilities Authority, Series 2012I, RB, VRDN, 0.20%, 05/07/20 | 9,605 | 9,605,000 | ||||||||||
Miami-Dade County Industrial Development Authority, Series 2002, RB, VRDN (Northern Trust Co. LOC), | 2,800 | 2,800,000 | ||||||||||
Miami-Dade County Water & Sewer, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XX1110, RB, VRDN (Barclays Bank plc LIQ), | 60,000 | 60,000,000 | ||||||||||
Orlando Utilities Commission, Series2008-2, RB, VRDN (TD Bank NA SBPA), | 12,200 | 12,200,000 | ||||||||||
Orlando-Orange County Expressway Authority, Series 2007, RB, VRDN (Citibank NA LIQ), 0.25%, 05/07/20(a) | 14,100 | 14,100,000 | ||||||||||
Sarasota County Public Hospital District, Series 2008B, RB, VRDN (Wells Fargo Bank NA LOC), 0.21%, 05/07/20 | 10,650 | 10,650,000 | ||||||||||
Sunshine State Governmental Financing Commission, Series 2010A, RB, VRDN (MUFG Union Bank NA LOC), | 11,500 | 11,500,000 | ||||||||||
|
| |||||||||||
180,985,000 | ||||||||||||
Georgia — 2.1%(b) | ||||||||||||
Atlanta Water & Waste Water, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2649, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(a)(c) | 13,000 | 13,000,000 | ||||||||||
Brookhaven Development Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XG0244, RB, VRDN (Bank of America NA LIQ), | 2,450 | 2,450,000 |
42 | 2020 BLACK ROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | MuniCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Georgia (continued) | ||||||||||||
Brookhaven Development Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XM0751, RB, VRDN (Bank of America NA LIQ), 0.30%, 05/07/20(a)(c) | USD | 3,000 | $ | 3,000,000 | ||||||||
Burke County Development Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series2017E-107, RB, VRDN (Royal Bank of Canada LOC), | 5,000 | 5,000,000 | ||||||||||
Gainesville & Hall County Development Authority, Series 2003B, RB, VRDN (TD Bank NA SBPA), 0.25%, 05/01/20 | 28,685 | 28,685,000 | ||||||||||
Heard County Development Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series2017E-105, RB, VRDN (Royal Bank of Canada LOC), | 2,075 | 2,075,000 | ||||||||||
Monroe County Development Authority, Series 2009B, RB, VRDN (JP Morgan Chase Bank NA LOC), 0.26%, 05/07/20 | 32,445 | 32,445,000 | ||||||||||
Monroe County Development Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series2017E-106, RB, VRDN (Royal Bank of Canada LOC), | 5,000 | 5,000,000 | ||||||||||
Municipal Electric Authority of Georgia, Series 2008B,Sub-Series B, RB, VRDN (PNC Bank NA LOC), 0.23%, 05/07/20 | 19,425 | 19,425,000 | ||||||||||
Municipal Electric Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XG0256, RB, VRDN (Bank of America NA LOC), | 15,820 | 15,820,000 | ||||||||||
Municipal Electric Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XG0257, RB, VRDN (Bank of America NA LOC), | 2,230 | 2,230,000 | ||||||||||
|
| |||||||||||
129,130,000 | ||||||||||||
Hawaii — 0.1% | ||||||||||||
Hawaii Housing Finance & Development Corp., Series 2008, RB, VRDN (Freddie Mac LIQ), 0.18%, 05/07/20(b) | 8,735 | 8,735,000 | ||||||||||
|
| |||||||||||
Idaho — 0.0% | ||||||||||||
Idaho Housing & Finance Association, Series 2011A, RB, VRDN (Freddie Mac LIQ), 0.22%, 05/07/20(b) | 2,080 | 2,080,000 | ||||||||||
|
| |||||||||||
Illinois — 4.0%(b) | ||||||||||||
City of Galesburg, Series 1999, RB, VRDN (PNC Bank NA LOC), 0.23%, 05/07/20 | 2,550 | 2,550,000 | ||||||||||
Illinois Finance Authority, Series 2004, RB, VRDN (BMO Harris Bank NA LOC), 0.26%, 05/07/20 | 9,025 | 9,025,000 | ||||||||||
Illinois Finance Authority, Series 2007A, RB, VRDN (JP Morgan Chase Bank NA LOC), 0.22%, 05/07/20 | 4,100 | 4,100,000 | ||||||||||
Illinois Finance Authority, Series 2008, Sub- Series D, RB, VRDN, | 35,515 | 35,515,000 | ||||||||||
Illinois Finance Authority, Series 2008C, Sub- Series2-B, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.26%, 05/07/20 | 23,795 | 23,795,000 | ||||||||||
Illinois Finance Authority, Series 2008C, Sub- Series3-A, RB, VRDN (Northern Trust Co. SBPA), 0.25%, 05/07/20 | 3,485 | 3,485,000 |
Security | Par (000) | Value | ||||||||||
Illinois (continued) | ||||||||||||
Illinois Finance Authority, Series2008C-1, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.26%, 05/07/20 | USD | 34,610 | $ | 34,610,000 | ||||||||
Illinois Finance Authority, Series 2008D, RB, VRDN (Bank of America NA LOC), 0.22%, 05/07/20 | 7,000 | 7,000,000 | ||||||||||
Illinois Finance Authority, Series 2009E, RB, VRDN (JP Morgan Chase Bank NA LOC), 0.25%, 05/07/20 | 13,980 | 13,980,000 | ||||||||||
Illinois Finance Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XG0133, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(a)(c) | 22,070 | 22,070,000 | ||||||||||
Illinois Finance Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XL0072, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(a)(c) | 7,500 | 7,500,000 | ||||||||||
Illinois Finance Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XL0086, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(a)(c) | 16,150 | 16,150,000 | ||||||||||
Illinois Finance Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XM0781, RB, VRDN (Wells Fargo Bank NA LIQ), | 23,420 | 23,420,000 | ||||||||||
Illinois Health Facilities Authority, Series 1996, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.25%, 05/07/20 | 29,841 | 29,841,000 | ||||||||||
Illinois Housing Development Authority, Series 2018,Sub-SeriesA-2, RB, VRDN (Federal Home Loan Bank SBPA), | 10,775 | 10,775,000 | ||||||||||
Illinois State Toll Highway Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2015-XF2202, RB, VRDN (Citibank NA LIQ), | 1,140 | 1,140,000 | ||||||||||
Illinois State Toll Highway Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XF0801, RB, VRDN (JP Morgan Chase Bank NA LIQ), | 3,340 | 3,340,000 | ||||||||||
University of Illinois, Series 1997B, RB, VRDN (Wells Fargo Bank NA LOC), 0.26%, 05/07/20 | 700 | 700,000 | ||||||||||
Will County Ill, Tender Option Bond Trust Receipts/Certificates Various States, Series2018G-36, GO, VRDN (Royal Bank of Canada LOC), | 3,000 | 3,000,000 | ||||||||||
|
| |||||||||||
251,996,000 | ||||||||||||
Indiana — 1.8% | ||||||||||||
County of Elkhart, Series 2008A, RB, VRDN (Federal Home Loan Bank LOC), | 6,880 | 6,880,000 | ||||||||||
Indiana Finance Authority,Series 2005A-1, RB, VRDN (Bank of America NA SBPA), 0.27%, 05/07/20(b) | 21,700 | 21,700,000 | ||||||||||
Indiana Finance Authority,Series 2008E-7, RB, VRDN, 0.21%, 05/07/20(b) | 39,340 | 39,340,000 | ||||||||||
Indiana Finance Authority, Series 2009D, RB, VRDN (Wells Fargo Bank NA LOC), 0.14%, 05/01/20(b) | 3,000 | 3,000,000 |
SCHEDULES OF INVESTMENTS | 43 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | MuniCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Indiana (continued) | ||||||||||||
Indiana Finance Authority, Series 2011A, RB, VRDN (Northern Trust Co. SBPA), 0.22%, 05/07/20(b) | USD | 2,000 | $ | 2,000,000 | ||||||||
Indiana Finance Authority, Series 2011D, RB, VRDN (Northern Trust Co. SBPA), 0.26%, 05/07/20(b) | 4,000 | 4,000,000 | ||||||||||
Indiana Finance Authority, Series 2016B, RB, VRDN (JP Morgan Chase Bank NA SBPA), | 12,300 | 12,300,000 | ||||||||||
Indiana Finance Authority, Series 2016C, RB, VRDN (JP Morgan Chase Bank NA SBPA), | 17,750 | 17,750,000 | ||||||||||
Trustees of Indiana University, Series 2019, 1.26%, 05/11/20(d) | 2,315 | 2,315,208 | ||||||||||
Trustees of Indiana University, Series 2019, 1.17%, 05/11/20(d) | 5,200 | 5,200,390 | ||||||||||
|
| |||||||||||
114,485,598 | ||||||||||||
Iowa — 3.7%(b) | ||||||||||||
Iowa Finance Authority, Series 2003B, RB, VRDN (Bank of America NA LOC), | 18,410 | 18,410,000 | ||||||||||
Iowa Finance Authority, Series 2008B, RB, VRDN, | 53,625 | 53,625,000 | ||||||||||
Iowa Finance Authority, Series 2012, RB, VRDN (Korea Development Bank LOC), 0.47%, 05/07/20(a) | 90,325 | 90,325,000 | ||||||||||
Iowa Finance Authority, Series 2013B- 1, RB, VRDN (Union Bank NA LOC), 0.16%, 05/01/20 | 25,995 | 25,995,000 | ||||||||||
Iowa Finance Authority, Series 2015B, RB, VRDN (Federal Home Loan Bank SBPA), | 900 | 900,000 | ||||||||||
Iowa Finance Authority, Series 2016A, RB, VRDN, | 22,400 | 22,400,000 | ||||||||||
Iowa Finance Authority, Series 2016E, RB, VRDN (Fannie Mae LIQ), | 6,970 | 6,970,000 | ||||||||||
Iowa Finance Authority, Series 2018C, RB, VRDN (JP Morgan Chase Bank NA LOC), | 6,910 | 6,910,000 | ||||||||||
Iowa Finance Authority, Series 2018F, RB, VRDN (JP Morgan Chase Bank NA LOC), | 5,000 | 5,000,000 | ||||||||||
|
| |||||||||||
230,535,000 | ||||||||||||
Kansas — 0.2%(a)(b)(c) | ||||||||||||
Topeka Kansas Utility, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0696, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.27%, 05/07/20 | 8,580 | 8,580,000 | ||||||||||
Wyandotte County Kansas USD, Tender Option Bond Trust Receipts/Certificates Various States, Series2018G-23, GO, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20 | 6,500 | 6,500,000 | ||||||||||
|
| |||||||||||
15,080,000 | ||||||||||||
Kentucky — 0.6% | ||||||||||||
Kentucky Economic Development Financing Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XG0161, RB, VRDN (Bank of America NA LOC), | 4,960 | 4,960,000 | ||||||||||
Louisville & Jefferson County Metropolitan Sewer District (Bank of America NA LOC), | 10,000 | 9,999,970 |
Security | Par (000) | Value | ||||||||||
Kentucky (continued) | ||||||||||||
Louisville & Jefferson County Metropolitan Sewer District (Bank of America NA LOC), 1.07%, 05/11/20(d) | USD | 10,000 | $ | 9,999,950 | ||||||||
Louisville & Jefferson County Metropolitan Sewer District (Bank of America NA LOC), 0.65%, 07/28/20(d) | 10,000 | 10,002,410 | ||||||||||
|
| |||||||||||
34,962,330 | ||||||||||||
Louisiana — 2.2%(b) | ||||||||||||
Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge, Series 2008A, RB, VRDN (Citibank NA LOC), 0.23%, 05/07/20 | 26,970 | 26,970,000 | ||||||||||
Louisiana Public Facilities Authority, Series 2008B, RB, VRDN, 0.23%, 05/07/20 | 37,250 | 37,250,000 | ||||||||||
Louisiana Public Facilities Authority, Series 2010, RB, VRDN, 0.23%, 05/07/20 | 76,500 | 76,500,000 | ||||||||||
|
| |||||||||||
140,720,000 | ||||||||||||
Maryland — 2.3% | ||||||||||||
Baltimore County, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0642, BAN, GO, VRDN (JP Morgan Chase Bank NA LIQ), | 1,900 | 1,900,000 | ||||||||||
County of Anne Arundel, Series 2020, GO, 5.00%, 10/01/20(f) | 7,420 | 7,546,829 | ||||||||||
County of Anne Arundel, Series 2020B, GO, 3.00%, 10/01/20(f) | 2,470 | 2,492,396 | ||||||||||
County of Howard, Series 2020A, GO, 5.00%, 08/15/20(f) | 645 | 652,360 | ||||||||||
County of Howard, Series 2020B, GO, 5.00%, 08/15/20 | 175 | 176,997 | ||||||||||
County of Montgomery, Series 2017E, GO, VRDN (US Bank NA SBPA), | 51,300 | 51,300,000 | ||||||||||
Maryland Economic Development Corp., Series 2008A, RB, VRDN, | 3,075 | 3,075,000 | ||||||||||
Maryland Health & Higher Educational Facilities Authority, Series 1985A, RB, VRDN (TD Bank NA LOC), | 14,800 | 14,800,000 | ||||||||||
Maryland Health & Higher Educational Facilities Authority, Series 1985B, RB, VRDN (TD Bank NA LOC), | 32,300 | 32,300,000 | ||||||||||
Maryland Health & Higher Educational Facilities Authority, Series 2000, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 0.34%, 05/07/20(b) | 12,750 | 12,750,000 | ||||||||||
Maryland Health & Higher Educational Facilities Authority, Series 2009B, RB, VRDN (Bank of America NA LOC), | 7,330 | 7,330,000 | ||||||||||
Maryland Health & Higher Educational Facilities Authority, Series 2020A, | 8,870 | 8,874,329 | ||||||||||
State of Maryland, Series 2012B, GO, 5.00%, 08/01/20 | 200 | 202,150 | ||||||||||
State of Maryland, Series 2012E, GO, 4.50%, 08/01/20 | 325 | 328,101 | ||||||||||
State of Maryland, Series 2014B, GO, 5.00%, 08/01/20 | 495 | 500,320 | ||||||||||
Washington Suburban Sanitary District, Tender Option Bond Trust Receipts/Certificates Various States, Series 2020-XM0816, RB, VRDN (Barclays Bank plc LIQ), | 2,285 | 2,285,000 | ||||||||||
|
| |||||||||||
146,513,482 |
44 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | MuniCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Massachusetts — 5.0% | ||||||||||||
Commonwealth of Massachusetts, Series 2006A, GO, VRDN (Barclays Bank plc SBPA), 0.15%, 05/01/20(b) | USD | 5,800 | $ | 5,800,000 | ||||||||
Commonwealth of Massachusetts, Series 2019B, GO, 4.00%, 05/21/20 | 25,000 | 25,046,775 | ||||||||||
Commonwealth of Massachusetts, Series 2019C, GO, 4.00%, 06/18/20 | 20,000 | 20,086,616 | ||||||||||
Massachusetts Bay Transportation Authority, Series 2000A,Sub-SeriesA-1, RB, VRDN (Barclays Bank plc SBPA), | 10,275 | 10,275,000 | ||||||||||
Massachusetts Bay Transportation Authority, Series2000A-2, RB, VRDN (Barclays Bank plc SBPA), | 8,500 | 8,500,000 | ||||||||||
Massachusetts Bay Transportation Authority, Series2010-A, RB, VRDN, | 13,650 | 13,650,000 | ||||||||||
Massachusetts Bay Transportation Authority, Series 2018A,Sub-SeriesA-1, RB, VRDN (State Street Bank & Trust Co. SBPA), 0.20%, 05/07/20(b) | 29,770 | 29,770,000 | ||||||||||
Massachusetts Development Finance Agency, Series 2008A, RB, VRDN (Bank of America NA LOC), 0.15%, 05/01/20(b) | 5,350 | 5,350,000 | ||||||||||
Massachusetts Development Finance Agency, Series2008U-6C, RB, VRDN (TD Bank NA LOC), 0.15%, 05/01/20(b) | 15,000 | 15,000,000 | ||||||||||
Massachusetts Health & Educational Facilities Authority, Series1997P-2, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.20%, 05/07/20(b) | 58,050 | 58,050,000 | ||||||||||
Massachusetts Health & Educational Facilities Authority, Series 2005, RB, VRDN (TD Bank NA LOC), | 35,660 | 35,660,000 | ||||||||||
Massachusetts Health & Educational Facilities Authority, Series2008N-2, RB, VRDN (Wells Fargo Bank NA SBPA), | 28,900 | 28,900,000 | ||||||||||
Massachusetts Health & Educational Facilities Authority, Series 2020EE, 1.05%, 06/04/20(d) | 30,500 | 30,499,726 | ||||||||||
Massachusetts State Transporting Fund, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XF0610, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(a)(b)(c) | 4,500 | 4,500,000 | ||||||||||
Massachusetts Water Resources Authority, Series2008A-3, RB, VRDN (Wells Fargo Bank NA SBPA), 0.24%, 05/07/20(b) | 5,185 | 5,185,000 | ||||||||||
University of Massachusetts Building Authority, Series2011-1, RB, VRDN (Wells Fargo Bank NA SBPA), | 3,460 | 3,460,000 | ||||||||||
University of Massachusetts Building Authority, Series2011-2, RB, VRDN, | 11,000 | 11,000,000 | ||||||||||
|
| |||||||||||
310,733,117 | ||||||||||||
Michigan — 2.2% | ||||||||||||
Board of Trustees of Michigan State University, Series 2020F, | 13,780 | 13,779,573 | ||||||||||
Board of Trustees of Michigan State University, Series 2020F, | 500 | 500,011 | ||||||||||
Board of Trustees of Michigan State University, Series 2020F, | 20,670 | 20,668,243 | ||||||||||
Central Michigan University, Series 2008A-2, RB, VRDN (TD Bank NA LOC), | 7,055 | 7,055,000 |
Security | Par (000) | Value | ||||||||||
Michigan (continued) | ||||||||||||
Grand Valley State University, Series 2008B, RB, VRDN (TD Bank NA LOC), | USD | 18,090 | $ | 18,090,000 | ||||||||
Kent Hospital Finance Authority, Series 2008C, RB, VRDN (Bank of New York Mellon LOC), 0.23%, 05/07/20(b) | 5,115 | 5,115,000 | ||||||||||
Lakeview School District, Series 2002B, GO, VRDN (TD Bank NA LOC), | 4,715 | 4,715,000 | ||||||||||
L’Anse Creuse Public Schools, Series 2008, GO, VRDN (TD Bank NA LOC), | 1,135 | 1,135,000 | ||||||||||
Michigan Building Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019, RB, VRDN | 4,000 | 4,000,000 | ||||||||||
Michigan Finance Authority, Series2019A-1, 4.00%, 08/20/20 | 4,050 | 4,093,180 | ||||||||||
Michigan State Building Authority, SeriesII-B, RB, VRDN (Citibank NA LOC), 0.18%, 05/07/20(b) | 2,620 | 2,620,000 | ||||||||||
Michigan State Housing Development Authority, Series 2006C, RB, VRDN (Barclays Bank plc SBPA), | 12,700 | 12,700,000 | ||||||||||
Michigan State University, Series2000A-1, RB, VRDN (Royal Bank of Canada SBPA), 0.24%, 05/07/20(b) | 9,980 | 9,980,000 | ||||||||||
Michigan State University, Series 2003A, RB, VRDN (Northern Trust Co. SBPA), 0.24%, 05/07/20(b) | 23,965 | 23,965,000 | ||||||||||
Michigan State University, Series 2005, RB, VRDN (Royal Bank of Canada SBPA), 0.24%, 05/07/20(b) | 3,840 | 3,840,000 | ||||||||||
Oakland University, Series 2008, RB, VRDN (JP Morgan Chase Bank NA LOC), | 5,935 | 5,935,000 | ||||||||||
|
| |||||||||||
138,191,007 | ||||||||||||
Minnesota — 1.6% | ||||||||||||
City of Minneapolis, Series 1997B, RB, | ||||||||||||
VRDN (Wells Fargo Bank NA SBPA), 0.20%, 05/07/20(b) | 630 | 630,000 | ||||||||||
City of Minneapolis, Series 2009, RB, | ||||||||||||
VRDN (Wells Fargo Bank NA SBPA), 0.25%, 05/07/20(b) | 6,900 | 6,900,000 | ||||||||||
City of Rochester, Series 2019A, RB, | ||||||||||||
VRDN (Federal Home Loan Bank LOC), 0.25%, 05/07/20(b) | 15,000 | 15,000,000 | ||||||||||
Housing & Redevelopment Authority of The City of St Paul Minnesota, Series 2009C, RB, VRDN (Wells Fargo Bank NA LOC), 0.20%, 05/07/20(b) | 2,520 | 2,520,000 | ||||||||||
Minnesota Housing Finance Agency, Series 2015G, RB, VRDN (Royal Bank of Canada SBPA), 0.25%, 05/07/20(b) | 2,115 | 2,115,000 | ||||||||||
Regents of the University of Minnesota, Series 2020F, 1.03%, 05/06/20(d) | 44,100 | 44,097,398 | ||||||||||
University of Minnesota, Series 2020C, 1.03%, 06/04/20(d) | 18,500 | 18,497,373 | ||||||||||
University of Minnesota, Series 2020G, 0.43%, 05/15/20(d) | 8,977 | 8,977,009 | ||||||||||
|
| |||||||||||
98,736,780 |
SCHEDULES OF INVESTMENTS | 45 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | MuniCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Mississippi — 2.4%(b) | ||||||||||||
Mississippi Business Finance Corp., Series 2007B, RB, VRDN, 0.14%, 05/01/20 | USD | 4,075 | $ | 4,075,000 | ||||||||
Mississippi Business Finance Corp., Series 2007C, RB, VRDN, 0.14%, 05/01/20 | 8,300 | 8,300,000 | ||||||||||
Mississippi Business Finance Corp., Series 2009A, RB, VRDN, 0.14%, 05/01/20 | 13,175 | 13,175,000 | ||||||||||
Mississippi Business Finance Corp., Series 2009B, RB, VRDN, 0.14%, 05/01/20 | 6,400 | 6,400,000 | ||||||||||
Mississippi Business Finance Corp., Series 2009C, RB, VRDN, 0.14%, 05/01/20 | 9,920 | 9,920,000 | ||||||||||
Mississippi Business Finance Corp., Series 2010A, RB, VRDN, 0.25%, 05/07/20 | 4,840 | 4,840,000 | ||||||||||
Mississippi Business Finance Corp., Series 2010B, RB, VRDN, 0.25%, 05/07/20 | 19,735 | 19,735,000 | ||||||||||
Mississippi Business Finance Corp., Series 2010F, RB, VRDN, 0.25%, 05/07/20 | 29,280 | 29,280,000 | ||||||||||
Mississippi Business Finance Corp., Series 2010H, RB, VRDN, 0.14%, 05/01/20 | 12,800 | 12,800,000 | ||||||||||
Mississippi Business Finance Corp., Series 2010K, RB, VRDN, 0.14%, 05/01/20 | 12,350 | 12,350,000 | ||||||||||
Mississippi Business Finance Corp., Series 2010L, RB, VRDN, 0.14%, 05/01/20 | 12,700 | 12,700,000 | ||||||||||
Mississippi Business Finance Corp., Series 2011C, RB, VRDN, 0.14%, 05/01/20 | 7,860 | 7,860,000 | ||||||||||
Mississippi Business Finance Corp., Series 2011G, RB, VRDN, 0.14%, 05/01/20 | 7,585 | 7,585,000 | ||||||||||
|
| |||||||||||
149,020,000 | ||||||||||||
Missouri — 2.5% | ||||||||||||
City of Kansas City, Series 2008E, RB, VRDN (Sumitomo Mitsui Banking LOC), 0.22%, 05/07/20(b) | 2,100 | 2,100,000 | ||||||||||
Missouri State Health & Education Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0678, RB, VRDN (Royal Bank of Canada LIQ), | 14,000 | 14,000,000 | ||||||||||
Missouri State Health & Education Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XG0184, RB, VRDN (Citibank NA LOC), | 5,000 | 5,000,000 | ||||||||||
Missouri State Health & Education Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XL0080, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(a)(b)(c) | 8,330 | 8,330,000 | ||||||||||
Missouri State Health & Education Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series2019C-17, RB, VRDN (Royal Bank of Canada LOC), | 14,000 | 14,000,000 | ||||||||||
Missouri State Health & Education Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, SeriesC-16, RB, VRDN (Royal Bank of Canada LOC), | 51,500 | 51,500,000 | ||||||||||
University of Missouri, Series 2007B, RB, VRDN, 0.15%, 05/07/20(b) | 37,845 | 37,845,000 | ||||||||||
University of Missouri, Series 2020A, 0.38%, 05/13/20(d) | 20,000 | 20,000,040 | ||||||||||
University of Missouri, Series 2020A, 0.89%, 06/05/20(d) | 4,000 | 3,999,316 | ||||||||||
|
| |||||||||||
156,774,356 |
Security | Par (000) | Value | ||||||||||
Nebraska — 1.7% | ||||||||||||
Lincoln Nebraska Electric, Series 1995 (JP Morgan Chase Bank NA LOC), | USD | 30,500 | $ | 30,521,777 | ||||||||
Nebraska Investment Finance Authority, Series 2017C, RB, VRDN (Federal Home Loan Bank SBPA), 0.21%, 05/07/20(b) | 37,200 | 37,200,000 | ||||||||||
Omaha Public Power District, Series 2020A (Bank of America NA SBPA), | 14,650 | 14,659,113 | ||||||||||
Omaha Public Power District, Series 2020A (Bank of America NA SBPA), | 2,510 | 2,509,435 | ||||||||||
Omaha Public Power District, Series 2020A (Bank of America NA SBPA), | 15,000 | 14,996,640 | ||||||||||
Omaha Public Power District Electric, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2685, RB, VRDN (Citibank NA LIQ), 0.19%, 05/01/20(a)(b)(c) | 5,400 | 5,400,000 | ||||||||||
|
| |||||||||||
105,286,965 | ||||||||||||
Nevada — 0.9%(b) | ||||||||||||
City of Reno, Series 2008B, RB, VRDN (Wells Fargo Bank NA LOC), | 17,475 | 17,475,000 | ||||||||||
City of Reno, Series 2009A, RB, VRDN (Wells Fargo Bank NA LOC), | 31,090 | 31,090,000 | ||||||||||
County of Clark Department of Aviation, Series2008D-2B, RB, VRDN (Royal Bank of Canada LOC), 0.25%, 05/07/20 | 525 | 525,000 | ||||||||||
County of Clark Department of Aviation, Series2008D-3, RB, VRDN (Bank of America NA LOC), 0.23%, 05/07/20 | 4,465 | 4,465,000 | ||||||||||
Nevada System of Higher Education, Tender Option Bond Trust Receipts/Certificates Various States, Series 2020-XF2858, COP, VRDN (Barclays Bank plc LIQ), 0.29%, 05/07/20(a)(c) | 2,650 | 2,650,000 | ||||||||||
|
| |||||||||||
56,205,000 | ||||||||||||
New Hampshire — 0.1% | ||||||||||||
New Hampshire Health and Education Facilities Authority Act, Series2005A-2, RB, VRDN (State Street Bank & Trust Co. SBPA), 0.17%, 05/01/20(b) | 3,885 | 3,885,000 | ||||||||||
|
| |||||||||||
New Jersey — 0.7%(b) | ||||||||||||
New Jersey Economic Development Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XX1091, RB, VRDN (Barclays Bank plc LOC), | 11,545 | 11,545,000 | ||||||||||
New Jersey Economic Development Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2020- XF2853, RB, VRDN (Barclays Bank plc LOC), | 2,740 | 2,740,000 | ||||||||||
New Jersey Educational Facilities Authority, Series 2007C, RB, VRDN (TD Bank NA SBPA), 0.05%, 05/07/20 | 13,300 | 13,300,000 | ||||||||||
New Jersey Health Care Facilities Financing Authority, Series 2009D, RB, VRDN (TD Bank NA LOC), 0.20%, 05/07/20 | 15,000 | 15,000,000 |
46 | 2020 BLACK ROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | MuniCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
New Jersey (continued) | ||||||||||||
New Jersey State Housing & Mortgage Finance Agency, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, RB, VRDN (Royal Bank of Canada LIQ), | USD | 2,865 | $ | 2,865,000 | ||||||||
|
| |||||||||||
45,450,000 | ||||||||||||
New York — 14.8% | ||||||||||||
Battery Park City Authority, Series 2019D- 1, RB, VRDN (TD Bank NA SBPA), 0.20%, 05/07/20(b) | 10,000 | 10,000,000 | ||||||||||
City of New York, Series 2008,Sub-SeriesJ-6, GO, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 0.16%, 05/01/20(b) | 8,500 | 8,500,000 | ||||||||||
City of New York, Series 2012G,Sub-SeriesG-3, GO, VRDN (Citibank NA LOC), 0.18%, 05/07/20(b) | 1,750 | 1,750,000 | ||||||||||
City of New York, Series 2014D,Sub-SeriesD-4, GO, VRDN (TD Bank NA LOC), 0.15%, 05/01/20(b) | 29,775 | 29,775,000 | ||||||||||
City of New York, Series 2017A, Sub- SeriesA-5, GO, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 0.16%, 05/01/20(b) | 6,645 | 6,645,000 | ||||||||||
City of New York, Series 2018A,Sub-SeriesB-4, GO, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(b) | 48,510 | 48,510,000 | ||||||||||
City of New York, Series 2018B,Sub-SeriesB-5, GO, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(b) | 23,355 | 23,355,000 | ||||||||||
City of New York, Series 2018D,Sub-SeriesD-4, GO, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(b) | 20,400 | 20,400,000 | ||||||||||
City of New York, Series 2018E,Sub-SeriesE-5, GO, VRDN (TD Bank NA LOC), 0.15%, 05/01/20(b) | 22,725 | 22,725,000 | ||||||||||
Hudson YDS Infrastructure Corp., Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0550, RB, VRDN (Toronto-Dominion Bank LIQ), 0.32%, 05/07/20(a)(b)(c) | 10,050 | 10,050,000 | ||||||||||
Hudson YDS Infrastructure Corp., Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0677, RB, VRDN (Toronto-Dominion Bank LIQ), 0.27%, 05/07/20(a)(b)(c) | 4,595 | 4,595,000 | ||||||||||
Metropolitan Transportation Authority, Tender Option Bond Trust Receipts/ Certificates Various States, SeriesE-126, RB, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c) | 30,500 | 30,500,000 | ||||||||||
New York City Housing Development Corp., Series 2006A, RB, VRDN (Fannie Mae LOC), 0.21%, 05/07/20(b) | 8,175 | 8,175,000 | ||||||||||
New York City Housing Development Corp., Series2017C-4, RB, VRDN (Wells Fargo Bank NA SBPA), 0.20%, 05/07/20(b) | 15,770 | 15,770,000 | ||||||||||
New York City Housing Development Corp., Series2019A-4, RB, VRDN (RBC Capital Markets SBPA), 0.23%, 05/07/20(b) | 2,950 | 2,950,000 | ||||||||||
New York City Municipal Water Finance, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, RB, VRDN (Bank of America NA LIQ), 0.27%, 05/07/20(a)(b)(c) | 2,000 | 2,000,000 |
Security | Par (000) | Value | ||||||||||
New York (continued) | ||||||||||||
New York City Transitional Finance Authority Future Tax Secured, Series 2002, Sub- SeriesC-2, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 0.16%, 05/01/20(b) | USD | 10,300 | $ | 10,300,000 | ||||||||
New York City Transitional Finance Authority Future Tax Secured, Series2002-3G, RB, VRDN (Bank of New York Mellon SBPA), 0.22%, 05/07/20(b) | 6,410 | 6,410,000 | ||||||||||
New York City Transitional Finance Authority Future Tax Secured, Series 2010, Sub- SeriesG-6, RB, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(b) | 34,550 | 34,550,000 | ||||||||||
New York City Transitional Finance Authority Future Tax Secured, Series 2011, Sub- SeriesA-4, RB, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(b) | 40,950 | 40,950,000 | ||||||||||
New York City Transitional Finance Authority Future Tax Secured, Series 2013A, Sub- SeriesA-4, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.16%, 05/01/20(b) | 4,800 | 4,800,000 | ||||||||||
New York City Transitional Finance Authority Future Tax Secured, Series 2013C, Sub- SeriesC-5, RB, VRDN (Sumitomo Mitsui Banking LOC), 0.22%, 05/07/20(b) | 58,760 | 58,760,000 | ||||||||||
New York City Transitional Finance Authority Future Tax Secured, Series 2014, Sub- SeriesB-3, RB, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(b) | 32,110 | 32,110,000 | ||||||||||
New York City Transitional Finance Authority Future Tax Secured, Series 2014, Sub- SeriesD-3, RB, VRDN (Mizuho Bank Ltd. SBPA), 0.18%, 05/01/20(b) | 6,200 | 6,200,000 | ||||||||||
New York City Transitional Finance Authority Future Tax Secured, Series 2019, Sub- SeriesC-4, RB, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(b) | 16,215 | 16,215,000 | ||||||||||
New York City Transitional Finance Authority Future Tax Secured, Series 2019C, RB, 3.00%, 11/01/20 | 400 | 404,567 | ||||||||||
New York City Transitional Finance Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- E120, RB, VRDN (Royal Bank of Canada LOC), 0.25%, 05/01/20(a)(b)(c) | 12,200 | 12,200,000 | ||||||||||
New York City Transitional Finance Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XF0607, RB, VRDN (Citibank NA LIQ), 0.25%, 05/07/20(a)(b)(c) | 4,625 | 4,625,000 | ||||||||||
New York City Water & Sewer System, Series 2003,Sub-SeriesF-1-A, RB, VRDN (Barclays Bank plc SBPA), | 13,780 | 13,780,000 | ||||||||||
New York City Water & Sewer System, Series 2009,Sub-SeriesBB-1, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 0.20%, 05/01/20(b) | 18,600 | 18,600,000 | ||||||||||
New York City Water & Sewer System, Series2009BB-2, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 0.18%, 05/01/20(b) | 19,895 | 19,895,000 | ||||||||||
New York City Water & Sewer System, Series 2011,Sub-SeriesFF-2, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 0.16%, 05/01/20(b) | 64,930 | 64,930,000 |
SCHEDULES OF INVESTMENTS | 47 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | MuniCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
New York (continued) | ||||||||||||
New York City Water & Sewer System, Series 2012,Sub-SeriesA-2, RB, VRDN (Mizuho Bank Ltd. SBPA), 0.15%, 05/01/20(b) | USD | 20,875 | $ | 20,875,000 | ||||||||
New York City Water & Sewer System, Series 2012A,Sub-SeriesA-1, RB, VRDN (Mizuho Bank Ltd. SBPA), 0.18%, 05/01/20(b) | 30,815 | 30,815,000 | ||||||||||
New York City Water & Sewer System, Series 2014AA,Sub-SeriesAA-1, RB, VRDN (Mizuho Bank Ltd. SBPA), 0.15%, 05/01/20(b) | 33,930 | 33,930,000 | ||||||||||
New York City Water & Sewer System, Series 2015,Sub-SeriesBB-4, RB, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(b) | 14,470 | 14,470,000 | ||||||||||
New York Power Authority (JP Morgan Chase Bank NA SBPA), | 26,495 | 26,494,284 | ||||||||||
New York Power Authority (JP Morgan Chase Bank NA SBPA), | 2,000 | 1,999,944 | ||||||||||
New York Power Authority (JP Morgan Chase Bank NA SBPA), | 45,516 | 45,515,727 | ||||||||||
New York Power Authority (JP Morgan Chase Bank NA SBPA), | 6,506 | 6,506,820 | ||||||||||
New York Power Authority (State Street Bank & Trust Co. SBPA), | 5,000 | 5,000,595 | ||||||||||
New York Power Authority (JP Morgan Chase Bank NA SBPA), | 12,000 | 12,000,216 | ||||||||||
New York State Dormitory Authority, Series 2002A2, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.20%, 05/07/20(b) | 4,655 | 4,655,000 | ||||||||||
New York State Dormitory Authority, Series 2005B, RB, VRDN (Mizuho Bank Ltd. LOC), 0.20%, 05/07/20(b) | 2,000 | 2,000,000 | ||||||||||
New York State Dormitory Authority, Series 2019C, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.21%, 05/07/20(b) | 7,400 | 7,400,000 | ||||||||||
New York State Dormitory Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2647, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(a)(b)(c) | 3,000 | 3,000,000 | ||||||||||
New York State Housing Finance Agency, Series 2010A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 0.20%, 05/07/20(b) | 50,000 | 50,000,000 | ||||||||||
New York State Housing Finance Agency, Series 2010A, RB, VRDN (Freddie Mac LOC), 0.15%, 05/07/20(b) | 850 | 850,000 | ||||||||||
New York State Housing Finance Agency, Series 2013A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 0.17%, 05/01/20(b) | 2,045 | 2,045,000 | ||||||||||
New York State Housing Finance Agency, Series 2016A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 0.20%, 05/07/20(b) | 6,100 | 6,100,000 | ||||||||||
New York State Urban Development Corp., Series2004A-3-B, RB, VRDN (JP Morgan Chase Bank NA SBPA), | 8,350 | 8,350,000 | ||||||||||
New York State Urban Development Corp., Series2004A-3-C, RB, VRDN (JP Morgan Chase Bank NA SBPA), | 34,900 | 34,900,000 | ||||||||||
New York State Urban Development Corp., Series2008A-1, RB, VRDN (Wells Fargo Bank NA LOC), 0.21%, 05/07/20(b) | 2,090 | 2,090,000 |
Security | Par (000) | Value | ||||||||||
New York (continued) | ||||||||||||
New York State Urban Development Corp., Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XM0580, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(a)(b)(c) | USD | 3,750 | $ | 3,750,000 | ||||||||
New York, Tender Option Bond Trust Receipts/ Certificates Various States, SeriesG-55, GO, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c) | 7,865 | 7,865,000 | ||||||||||
Port Authority of New York & New Jersey, Series 2010B, 1.10%, 05/27/20(d) | 5,000 | 4,999,400 | ||||||||||
|
| |||||||||||
926,041,553 | ||||||||||||
North Carolina — 1.9%(b) | ||||||||||||
Charlotte-Mecklenburg Hospital Authority (The), Series 2007E, RB, VRDN (TD Bank NA LOC), 0.15%, 05/01/20 | 12,870 | 12,870,000 | ||||||||||
City of Charlotte, Series 2013G, COP, VRDN (Wells Fargo Bank NA LIQ), 0.15%, 05/07/20 | 9,890 | 9,890,000 | ||||||||||
City of Raleigh, Series 2004A, COP, VRDN (Wells Fargo Bank NA SBPA), 0.22%, 05/07/20 | 43,610 | 43,610,000 | ||||||||||
City of Raleigh, Series2005B-1, COP, VRDN (Wells Fargo Bank NA SBPA), 0.22%, 05/07/20 | 52,876 | 52,876,000 | ||||||||||
University of Chapel Hill Union, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XG0262, RB, VRDN (Bank of America NA LIQ), 0.32%, 05/07/20(a)(c) | 640 | 640,000 | ||||||||||
|
| |||||||||||
119,886,000 | ||||||||||||
North Dakota — 0.0% | ||||||||||||
North Dakota Housing Finance Agency, Series 2017H, RB, VRDN (Federal Home Loan Bank SBPA), 0.25%, 05/07/20(b) | 2,745 | 2,745,000 | ||||||||||
|
| |||||||||||
Ohio — 4.0% | ||||||||||||
Akron Bath Copley Joint Township Hospital District, Series 2018B, RB, VRDN (BMO Harris Bank NA LOC), 0.24%, 05/07/20(b) | 6,850 | 6,850,000 | ||||||||||
Berea Ohio City School District, Tender Option Bond Trust Receipts/Certificates Various States, SeriesG-54, GO, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c) | 3,050 | 3,050,000 | ||||||||||
City of Kirtland, Series 2019, BAN, GO, 2.75%, 06/18/20 | 1,915 | 1,920,052 | ||||||||||
Cleveland Ohio Water, Tender Option Bond Trust Receipts/Certificates Various States, Series2018E-119, RB, VRDN (Royal Bank of Canada LOC), | 10,000 | 10,000,000 | ||||||||||
County of Franklin, Series 2008B, RB, VRDN, 0.15%, 05/07/20(b) | 2,400 | 2,400,000 | ||||||||||
County of Franklin, Series 2009A, RB, VRDN (Barclays Bank plc SBPA), 0.25%, 05/07/20(b) | 20,520 | 20,520,000 | ||||||||||
County of Franklin, Series2011DD-1, RB, VRDN, 0.23%, 05/07/20(b) | 2,500 | 2,500,000 | ||||||||||
County of Franklin, Series 2013, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.18%, 05/07/20(b) | 41,270 | 41,270,000 | ||||||||||
County of Franklin, Series 2014, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.18%, 05/07/20(b) | 10,735 | 10,735,000 | ||||||||||
County of Franklin, Series 2015B, RB, VRDN, 0.15%, 05/07/20(b) | 7,400 | 7,400,000 |
48 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | MuniCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Ohio (continued) | ||||||||||||
County of Franklin, Series 2017B, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.18%, 05/07/20(b) | USD | 45,615 | $ | 45,615,000 | ||||||||
County of Franklin, Series 2018C, RB, VRDN, 0.23%, 05/07/20(b) | 11,600 | 11,600,000 | ||||||||||
Forest Hills Ohio Local School District, Tender Option Bond Trust Receipts/Certificates Various States, Series2018G-30, GO, VRDN (Royal Bank of Canada LOC), | 4,600 | 4,600,000 | ||||||||||
Miami County Ohio Hospital Facilities, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, RB, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c) | 3,000 | 3,000,000 | ||||||||||
RBC Municipal Products, Inc. Trust, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019E, RB, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c) | 11,800 | 11,800,000 | ||||||||||
State of Ohio, Series 2019C, RB, VRDN, 0.20%, 05/07/20(b) | 41,125 | 41,125,000 | ||||||||||
State of Ohio, Series 2019E, RB, VRDN (PNC Bank NA SBPA), | 26,500 | 26,500,000 | ||||||||||
|
| |||||||||||
250,885,052 | ||||||||||||
Oregon — 0.2%(b) | ||||||||||||
Oregon State Facilities Authority, Series 2005A, RB, VRDN (Fannie Mae LOC), 0.29%, 05/07/20 | 8,775 | 8,775,000 | ||||||||||
Oregon State Facilities Authority, Series 2018B, RB, VRDN (TD Bank NA LOC), 0.15%, 05/01/20 | 4,100 | 4,100,000 | ||||||||||
|
| |||||||||||
12,875,000 | ||||||||||||
Pennsylvania — 3.9%(b) | ||||||||||||
Allegheny County Hospital Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series2017E-111, RB, VRDN (Royal Bank of Canada LOC), | 10,000 | 10,000,000 | ||||||||||
Beaver County Industrial Development Authority, Series 2018A, RB, VRDN (BMO Harris Bank NA LOC), 0.24%, 05/07/20 | 3,380 | 3,380,000 | ||||||||||
Bucks County Industrial Development Authority, Series 2008A, RB, VRDN (TD Bank NA LOC), 0.20%, 05/07/20 | 23,155 | 23,155,000 | ||||||||||
City of Philadelphia Water & Wastewater, Series 1997B, RB, VRDN (TD Bank NA LOC), 0.18%, 05/07/20 | 1,650 | 1,650,000 | ||||||||||
Cumberland County Municipal Authority, Series 2019, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 0.34%, 05/07/20 | 16,700 | 16,700,000 | ||||||||||
Emmaus General Authority, Series 1996, RB, VRDN (Wells Fargo Bank NA SBPA), 0.15%, 05/07/20 | 44,605 | 44,605,000 | ||||||||||
Geisinger Authority, Series 2005A, RB, VRDN (TD Bank NA SBPA), 0.15%, 05/01/20 | 28,265 | 28,265,000 | ||||||||||
Geisinger Authority Pennsylvania Health System, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2017- XF0543, RB, VRDN (Royal Bank of Canada LIQ), | 4,000 | 4,000,000 |
Security | Par (000) | Value | ||||||||||
Pennsylvania (continued) | ||||||||||||
Geisinger Authority Pennsylvania Health System, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XM0613, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(a)(c) | USD | 4,325 | $ | 4,325,000 | ||||||||
General Authority of Southcentral Pennsylvania, Series 2003, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 0.35%, 05/07/20 | 3,140 | 3,140,000 | ||||||||||
General Authority of Southcentral Pennsylvania, Series 2019C, RB, VRDN (Bank of America NA LIQ), 0.26%, 05/07/20 | 10,500 | 10,500,000 | ||||||||||
General Authority of Southcentral Pennsylvania, Series 2019D, RB, VRDN (Bank of America NA LIQ), 0.26%, 05/07/20 | 18,500 | 18,500,000 | ||||||||||
Hospitals & Higher Education Facilities Authority of Philadelphia (The), Series 2005A, RB, VRDN (Wells Fargo Bank NA SBPA), 0.16%, 05/01/20 | 1,600 | 1,600,000 | ||||||||||
Lancaster Industrial Development Authority, RB, VRDN (PNC Bank NA LOC), 0.23%, 05/07/20 | 10,970 | 10,970,000 | ||||||||||
Lycoming County Authority, Series2013-S1, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 0.30%, 05/07/20 | 2,770 | 2,770,000 | ||||||||||
Montgomery County Industrial Development Authority, Series 2002, RB, VRDN (TD Bank NA SBPA), 0.25%, 05/01/20 | 2,000 | 2,000,000 | ||||||||||
Pennsylvania Economic Development Financing Authority, Series 2007, RB, VRDN (TD Bank NA LOC), 0.18%, 05/07/20 | 13,300 | 13,300,000 | ||||||||||
Pennsylvania State Housing Finance Agency, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XF0721, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(a)(c) | 3,480 | 3,480,000 | ||||||||||
Pennsylvania State University (The), Series 2009B, RB, VRDN, 1.58%, 06/01/20 | 5,200 | 5,200,000 | ||||||||||
Pennsylvania Turnpike Commission, Series 2019, RB, VRDN (TD Bank NA LOC), 0.20%, 05/07/20 | 22,050 | 22,050,000 | ||||||||||
Philadelphia Authority for Industrial, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XF2836, RB, VRDN (Mizuho Capital Markets LLC LOC), 0.37%, 05/07/20(a)(c) | 3,930 | 3,930,000 | ||||||||||
Sports & Exhibition Authority of Pittsburgh and Allegheny County, Series 2007A, RB, VRDN (PNC Bank NA SBPA), 0.23%, 05/07/20 | 2,610 | 2,610,000 | ||||||||||
Westmoreland County Muni Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-YX1075, RB, VRDN (Barclays Bank plc LOC), | 8,595 | 8,595,000 | ||||||||||
Wilkes-Barre Area School District, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019, GO, VRDN (Bank of America NA LOC), 0.32%, 05/07/20(a)(c) | 2,280 | 2,280,000 | ||||||||||
|
| �� | ||||||||||
247,005,000 |
SCHEDULES OF INVESTMENTS | 49 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | MuniCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Rhode Island — 0.3%(b) | ||||||||||||
Rhode Island Health & Education Building Corp., Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019- XM0721, RB, VRDN (Wells Fargo Bank NA LIQ), 0.25%, 05/07/20(a)(c) | USD | 8,250 | $ | 8,250,000 | ||||||||
Rhode Island Industrial Facilities Corp., Series 2001, RB, VRDN, 0.14%, 05/01/20 | 11,445 | 11,445,000 | ||||||||||
|
| |||||||||||
19,695,000 | ||||||||||||
South Carolina — 0.8%(b) | ||||||||||||
City of Columbia Waterworks & Sewer System, Series 2009, RB, VRDN (Sumitomo Mitsui Banking LOC), 0.22%, 05/07/20 | 21,400 | 21,400,000 | ||||||||||
South Carolina Public Service Authority, Series 2019A, RB, VRDN (Bank of America NA LOC), 0.30%, 05/07/20 | 29,000 | 29,000,000 | ||||||||||
|
| |||||||||||
50,400,000 | ||||||||||||
South Dakota — 0.2% | ||||||||||||
South Dakota Housing Development Authority, Series 2020B, RB, VRDN, 0.20%, 05/07/20(b) | 12,700 | 12,700,000 | ||||||||||
|
| |||||||||||
Tennessee — 0.9% | ||||||||||||
City of Memphis, Series 2012A (State Street Bank & Trust Co. SBPA), | 15,750 | 15,748,724 | ||||||||||
City of Memphis, Series 2012A (State Street Bank & Trust Co. SBPA), | 5,000 | 5,000,745 | ||||||||||
Clarksville Public Building Authority, Series 1999, RB, VRDN (Bank of America NA LOC), 0.30%, 05/07/20(b) | 3,525 | 3,525,000 | ||||||||||
Metropolitan Government of Nashville & Davidson County, Series2019B-1 (JP Morgan Chase Bank NA SBPA), 1.18%, 05/05/20(d) | 9,000 | 9,000,360 | ||||||||||
Metropolitan Government of Nashville & Davidson County, Series2019B-2 (MUFG Union Bank NA SBPA), | 12,500 | 12,500,500 | ||||||||||
Tennessee Housing Development Agency Resident, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-YX1087, RB, VRDN (Barclays Bank plc LIQ), | 10,595 | 10,595,000 | ||||||||||
|
| |||||||||||
56,370,329 | ||||||||||||
Texas — 18.3% | ||||||||||||
Abilene Texas, Tender Option Bond Trust Receipts/Certificates Various States, Series2018G-31, GO, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c) | 12,355 | 12,355,000 | ||||||||||
Austin Electric Utility System, Tender Option Bond Trust Receipts/Certificates Various States, Series 2015-XF0220, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.32%, 05/07/20(a)(b)(c) | 27,745 | 27,745,000 | ||||||||||
Bexar County Housing Finance Corp., Series 2000, RB, VRDN (Fannie Mae LOC), 0.25%, 05/07/20(b) | 2,905 | 2,905,000 | ||||||||||
Brazos County Texas Health Facilities Development Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-BAML5021, RB, VRDN (Bank of America NA LOC), 0.38%, 05/07/20(a)(b)(c) | 10,790 | 10,790,000 | ||||||||||
City of Austin, Series 2017A, RB, VRDN (Citibank NA LOC), 0.25%, 05/07/20(b) | 11,680 | 11,680,000 | ||||||||||
City of Austin Water & Wastewater System, Series 2008, RB, VRDN (Barclays Bank plc LOC), 0.22%, 05/07/20(b) | 6,890 | 6,890,000 |
Security | Par (000) | Value | ||||||||||
Texas (continued) | ||||||||||||
City of Garland (Sumitomo Mitsui Banking Corp. LOC), 0.60%, 06/24/20(d) | USD | 5,000 | $ | 5,000,285 | ||||||||
City of Garland, Series 2018 (Bank of America NA LOC), 1.12%, 05/06/20(d) | 18,600 | 18,600,056 | ||||||||||
City of Garland, Series 2018 (Bank of America NA LOC), 0.45%, 06/16/20(d) | 5,000 | 5,000,075 | ||||||||||
City of Houston, Series2020B-4 (PNC Bank NA LOC), 1.05%, 05/28/20(d) | 6,000 | 5,999,388 | ||||||||||
City of Houston Combined Utility System, Series2004B-3, RB, VRDN (Sumitomo Mitsui Banking LOC), 0.21%, 05/07/20(b) | 2,800 | 2,800,000 | ||||||||||
City of Houston Combined Utility System, Series2004B-4, RB, VRDN (PNC Bank NA LOC), 0.21%, 05/07/20(b) | 10,000 | 10,000,000 | ||||||||||
City of New Braunfels Utility System Revenue, Series 2019A (JP Morgan Chase Bank NA LOC), 1.10%, 05/13/20(d) | 22,500 | 22,498,695 | ||||||||||
City of San Antonio, Series 2013, GO, 5.00%, 02/01/21 | 770 | 793,390 | ||||||||||
City of San Antonio, Series 2020A (Bank of America NA SBPA), 1.15%, 07/01/20(d) | 7,000 | 7,000,203 | ||||||||||
County of Harris, Series2020E-1 (Landesbank Hessen Thueringen Girozentrale LOC), 1.10%, 05/05/20(d) | 5,100 | 5,100,010 | ||||||||||
Dallas Area Rapid Transit, Series 2019IIA (JP Morgan Chase Bank NA SBPA), 1.22%, 05/14/20(d) | 7,500 | 7,500,630 | ||||||||||
Dallas Texas Water Works & Swear System, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XF2697, RB, VRDN (Citibank NA LIQ), 0.19%, 05/07/20(a)(b)(c) | 6,000 | 6,000,000 | ||||||||||
Eanes Independent School District, Series 2015A, GO, 4.00%, 08/01/20 | 505 | 509,012 | ||||||||||
Fort Bend Independent School District, Series 2020A (JP Morgan Chase Bank NA LOC), 1.05%, 05/29/20(d) | 6,000 | 6,000,102 | ||||||||||
Fort Bend Independent School District, Series 2020A (JP Morgan Chase Bank NA LOC), 1.04%, 05/29/20(d) | 10,000 | 9,999,880 | ||||||||||
Fort Bend Independent School District, Series 2020A (JP Morgan Chase Bank NA LOC), 1.18%, 05/29/20(d) | 10,000 | 9,999,560 | ||||||||||
Fort Bend Independent School District, Series 2020A (JP Morgan Chase Bank NA LOC), 1.17%, 05/29/20(d) | 8,500 | 8,500,119 | ||||||||||
Harris County Cultural Education Facilities Finance Corp., Series 2008,Sub-SeriesC-2, RB, VRDN, 0.16%, 05/01/20(b) | 33,650 | 33,650,000 | ||||||||||
Harris County Cultural Education Facilities Finance Corp., Series2020C-1, 0.21%, 05/01/20(d) | 61,600 | 61,600,062 | ||||||||||
Harris County Flood Control District, Series 2020H (JP Morgan Chase Bank NA LIQ), 2.10%, 05/05/20(d) | 32,955 | 32,956,088 | ||||||||||
Harris County Flood Control District, Series 2020H (JP Morgan Chase Bank NA LIQ), 1.18%, 06/11/20(d) | 8,650 | 8,648,936 | ||||||||||
Harris County Flood Control District, Series 2020H (JP Morgan Chase Bank NA LIQ), 1.05%, 07/09/20(d) | 81,960 | 82,007,209 | ||||||||||
Harris County Health Facilities Development Corp.,Series 2008A-1, RB, VRDN, 0.16%, 05/01/20(b) | 28,460 | 28,460,000 |
50 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | MuniCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Texas (continued) | ||||||||||||
Harris County Health Facilities Development Corp., Series2008A-2, RB, VRDN, 0.16%, 05/01/20(b) | USD | 70,510 | $ | 70,510,000 | ||||||||
Hurst-Euless-Bedford Independent School District, Series 2011, GO, 5.00%, 08/15/20(e) | 10,000 | 10,122,766 | ||||||||||
Katy Independent School District, Series 2020, GO, 5.00%, 02/15/21(f) | 1,500 | 1,548,187 | ||||||||||
Lamar Texas Cons Independent School District, Tender Option Bond Trust Receipts/ Certificates Various States, SeriesG-18, GO, VRDN (Royal Bank of Canada LOC), 0.25%, 05/07/20(a)(b)(c) | 7,740 | 7,740,000 | ||||||||||
Laredo Texas, Tender Option Bond Trust Receipts/Certificates Various States, SeriesG-60, GO, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c) | 10,520 | 10,520,000 | ||||||||||
Lower Colorado River Authority (State Street Bank & Trust Co. LOC), 0.70%, 05/14/20(d) | 4,000 | 4,000,000 | ||||||||||
North Bend Water Authority Texas Water, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019- XF0816, RB, VRDN (JP Morgan Chase Bank NA LIQ), | 16,520 | 16,520,000 | ||||||||||
Pasadena Independent School District, Series2005-B, GO, VRDN (JP Morgan Chase Bank NA SBPA), 0.25%, 05/07/20(b) | 18,365 | 18,365,000 | ||||||||||
Port of Arthur Navigation District Industrial Development Corp., Series 2010A, RB, VRDN, 0.43%, 05/07/20(b) | 3,000 | 3,000,000 | ||||||||||
Port of Arthur Navigation District Industrial Development Corp., Series 2012, RB, VRDN, 0.43%, 05/07/20(b) | 9,500 | 9,500,000 | ||||||||||
Port of Port Arthur Navigation District, Series 2002C, RB, VRDN, 0.43%, 05/07/20(b) | 1,500 | 1,500,000 | ||||||||||
Red River Education Finance Corp., Series 2000, RB, VRDN (Northern Trust Co. SBPA), 0.23%, 05/07/20(b) | 26,400 | 26,400,000 | ||||||||||
San Antonio Electric & Gas, Series 2020B (State Street Bank & Trust Co. SBPA), 0.79%, 09/10/20(d) | 3,800 | 3,796,842 | ||||||||||
South Texas Community College District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018G- 35, GO, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c) | 7,135 | 7,135,000 | ||||||||||
State of Texas, Series 2012B, GO, VRDN (State Street Bank & Trust Co. SBPA), 0.28%, 05/07/20(b) | 1,170 | 1,170,000 | ||||||||||
State of Texas, Series 2013A, GO, VRDN (State Street Bank & Trust Co. SBPA), 0.28%, 05/07/20(b) | 12,250 | 12,250,000 | ||||||||||
State of Texas, Series 2014A, GO, VRDN (State Street Bank & Trust Co. SBPA), 0.28%, 05/07/20(b) | 9,625 | 9,625,000 | ||||||||||
State of Texas, Series 2014D, GO, VRDN (Federal Home Loan Bank SBPA), 0.24%, 05/07/20(b) | 31,235 | 31,235,000 | ||||||||||
State of Texas, Series 2015A, GO, VRDN (State Street Bank & Trust Co. SBPA), 0.28%, 05/07/20(b) | 22,445 | 22,445,000 | ||||||||||
State of Texas, Series 2018, GO, VRDN (Federal Home Loan Bank LIQ), 0.25%, 05/07/20(b) | 1,250 | 1,250,000 | ||||||||||
State of Texas, Series 2019, TAN, 4.00%, 08/27/20 | 189,790 | 191,881,277 |
Security | Par (000) | Value | ||||||||||
Texas (continued) | ||||||||||||
Tarrant County Cultural Education Facilities Finance Corp., Series 2008A, RB, VRDN (TD Bank NA LOC), 0.15%, 05/01/20(b) | USD | 30,635 | $ | 30,635,000 | ||||||||
Texas Water Development Board, Tender Option Bond Trust Receipts/Certificates Various States, Series 2015-XF2201, RB, VRDN (Citibank NA LIQ), 0.25%, 05/07/20(a)(b)(c) | 300 | 300,000 | ||||||||||
Tomball Independent School District, Series 2020, GO, 5.00%, 02/15/21(f) | 375 | 386,837 | ||||||||||
University of Texas System (The), 0.31%, 07/10/20(d) | 25,000 | 25,000,125 | ||||||||||
University of Texas System (The), Series 2008B, RB, VRDN (University of Texas System (The) LIQ), 0.20%, 05/07/20(b) | 5,980 | 5,980,000 | ||||||||||
University of Texas System (The), Series 2019A, 1.15%, 05/22/20(d) | 25,000 | 25,003,350 | ||||||||||
University of Texas System (The), Series 2019A, 1.29%, 05/27/20(d) | 15,500 | 15,501,891 | ||||||||||
University of Texas System (The), Series 2020A, 1.00%, 05/06/20(d) | 25,000 | 25,000,050 | ||||||||||
University of Texas System (The), Series 2020A, 1.10%, 05/08/20(d) | 22,000 | 22,000,088 | ||||||||||
University of Texas System (The), Series 2020A, 0.65%, 05/13/20(d) | 3,000 | 3,000,174 | ||||||||||
University of Texas System (The), Series 2020A, 1.02%, 05/15/20(d) | 35,000 | 35,000,280 | ||||||||||
University of Texas System (The), Series 2020A, 1.02%, 05/21/20(d) | 25,000 | 25,001,975 | ||||||||||
University of Texas System (The), Series 2020A, 1.03%, 06/03/20(d) | 25,000 | 25,000,500 | ||||||||||
|
| |||||||||||
1,149,313,042 | ||||||||||||
Utah — 3.0%(b) | ||||||||||||
City of Murray, Series 2003A, RB, VRDN, 0.18%, 05/07/20 | 36,425 | 36,425,000 | ||||||||||
City of Murray, Series 2003B, RB, VRDN, 0.18%, 05/07/20 | 7,455 | 7,455,000 | ||||||||||
City of Murray, Series 2003D, RB, VRDN, 0.15%, 05/01/20 | 12,200 | 12,200,000 | ||||||||||
County of Utah, Series 2016C, RB, VRDN (BMO Harris Bank NA SBPA), 0.18%, 05/07/20 | 67,925 | 67,925,000 | ||||||||||
County of Utah, Series 2016E, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.26%, 05/07/20 | 9,805 | 9,805,000 | ||||||||||
County of Utah, Series 2018C, RB, VRDN (TD Bank NA SBPA), 0.15%, 05/01/20 | 19,640 | 19,640,000 | ||||||||||
County of Weber, Series 2000A, RB, VRDN (Bank of New York Mellon SBPA), 0.16%, 05/01/20 | 21,700 | 21,700,000 | ||||||||||
County of Weber, Series 2000C, RB, VRDN (Bank of New York Mellon SBPA), 0.16%, 05/01/20 | 6,135 | 6,135,000 | ||||||||||
Intermountain Power Agency Utah Power, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2020- E142, RB, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(c) | 2,280 | 2,280,000 | ||||||||||
Utah County Utah Hospital, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019, RB, VRDN (Wells Fargo Bank NA LIQ), | 1,910 | 1,910,000 | ||||||||||
|
| |||||||||||
185,475,000 |
SCHEDULES OF INVESTMENTS | 51 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | MuniCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Virginia — 0.9%(b) | ||||||||||||
Fairfax County Industrial Development Authority, Series 2016C, RB, VRDN, 0.25%, 05/07/20 | USD | 2,415 | $ | 2,415,000 | ||||||||
Fairfax County Industrial Development Authority, Series 2018C, RB, VRDN, 0.25%, 05/07/20 | 16,500 | 16,500,000 | ||||||||||
Hampton Roads Transport Accountant, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0606, RB, VRDN (Bank of America NA LIQ), 0.29%, 05/07/20(a)(c) | 4,400 | 4,400,000 | ||||||||||
Loudoun County Economic Development Authority, Series 2003A, RB, VRDN, 0.20%, 05/07/20 | 7,705 | 7,705,000 | ||||||||||
Norfolk Economic Development Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XG0183, RB, VRDN (Barclays Bank plc LIQ), 0.25%, 05/07/20(a)(c) | 12,860 | 12,860,000 | ||||||||||
Roanoke Economic Development Authority, Series 2020, RB, VRDN (Wells Fargo Bank NA LOC), 0.20%, 05/07/20 | 5,560 | 5,560,000 | ||||||||||
Virginia Commonwealth Transportation Board Trust, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XF0659, RB, VRDN (Royal Bank of Canada LIQ), | 6,000 | 6,000,000 | ||||||||||
|
| |||||||||||
55,440,000 | ||||||||||||
Washington — 0.7% | ||||||||||||
County of King, Series 2019A, GO, VRDN (TD Bank NA SBPA), 0.16%, 05/01/20(b) | 975 | 975,000 | ||||||||||
Port of Tacoma, Series 2008B, RB, VRDN (Bank of America NA LOC), 0.25%, 05/07/20(b) | 2,800 | 2,800,000 | ||||||||||
State of Washington, SeriesR-2020C, GO, 5.00%, 01/01/21 | 3,000 | 3,081,930 | ||||||||||
State of Washington, SeriesR-2020D, GO, 4.00%, 07/01/20 | 1,125 | 1,130,655 | ||||||||||
State of Washington, SeriesR-2020D, GO, 5.00%, 01/01/21 | 265 | 272,237 | ||||||||||
Washington Higher Education Facilities Authority, Series 2004, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.26%, 05/07/20(b) | 15,985 | 15,985,000 | ||||||||||
Washington State Health Care Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF2527, RB, VRDN (Citibank NA LIQ), 0.25%, 05/07/20(a)(b)(c) | 1,875 | 1,875,000 | ||||||||||
Washington State Health Care Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XX1106, RB, VRDN (Barclays Bank plc LOC), | 6,240 | 6,240,000 | ||||||||||
Washington State Housing Finance Commission, Series 2008, RB, VRDN (Wells Fargo Bank NA LOC), 0.10%, 05/07/20(b) | 7,355 | 7,355,000 | ||||||||||
Washington State Housing Finance Commission, Series 2014, RB, VRDN (East West Bank LOC), | 1,635 | 1,635,000 | ||||||||||
Washington State Housing Finance Commission, Series2016VR-1N, RB, VRDN (Royal Bank of Canada SBPA), 0.28%, 05/07/20(b) | 3,300 | 3,300,000 | ||||||||||
|
| |||||||||||
44,649,822 |
Security | Par (000) | Value | ||||||||||
West Virginia — 0.3% | ||||||||||||
West Virginia Hospital Finance Authority, Series 2018C, RB, VRDN (TD Bank NA LOC), 0.20%, 05/07/20(b) | USD | 20,000 | $ | 20,000,000 | ||||||||
|
| |||||||||||
Wisconsin — 1.6%(b) | ||||||||||||
Public Finance Authority, Series 2019B, RB, VRDN (Barclays Bank plc LOC), 0.26%, 05/07/20 | 7,000 | 7,000,000 | ||||||||||
Public Finance Authority, Series 2019C, RB, VRDN (Barclays Bank plc LOC), 0.18%, 05/01/20 | 5,000 | 5,000,000 | ||||||||||
University of Wisconsin Hospitals & Clinics, Series 2009B, RB, VRDN (US Bank NA LOC), 0.21%, 05/07/20 | 26,750 | 26,750,000 | ||||||||||
Wisconsin Housing & Economic Development Authority, Series 2011A, RB, VRDN (Federal Home Loan Bank SBPA), 0.23%, 05/07/20 | 3,035 | 3,035,000 | ||||||||||
Wisconsin Housing & Economic Development Authority, Series 2015C, RB, VRDN (Royal Bank of Canada SBPA), 0.25%, 05/07/20 | 5,000 | 5,000,000 | ||||||||||
Wisconsin Housing & Economic Development Authority, Series 2017C, RB, VRDN (Federal Home Loan Bank SBPA), 0.26%, 05/07/20 | 7,355 | 7,355,000 | ||||||||||
Wisconsin Housing & Economic Development Authority, Series 2017D, RB, VRDN (Royal Bank of Canada SBPA), 0.25%, 05/07/20 | 9,200 | 9,200,000 | ||||||||||
Wisconsin Housing & Economic Development Authority, Series 2018C, RB, VRDN (Royal Bank of Canada SBPA), 0.25%, 05/07/20 | 17,865 | 17,865,000 | ||||||||||
Wisconsin Housing & Economic Development Authority, Series 2019B, RB, VRDN (Federal Home Loan Bank SBPA), 0.25%, 05/07/20 | 17,400 | 17,400,000 | ||||||||||
|
| |||||||||||
98,605,000 | ||||||||||||
Wyoming — 0.2% | ||||||||||||
Wyoming Community Development Authority, Series2018-2, RB, VRDN (Royal Bank of Canada SBPA), 0.25%, 05/07/20(b) | 9,750 | 9,750,000 | ||||||||||
|
| |||||||||||
Total Municipal Bonds — 97.5% |
| 6,114,669,327 | ||||||||||
|
| |||||||||||
Closed-End Investment Companies — 2.5%(b) | ||||||||||||
California — 0.6% | ||||||||||||
Nuveen CaliforniaAMT-Free Quality Municipal Income Fund, Series 2013, VRDP, (Citibank NA LIQ), 0.22%, 05/07/20 | 12,000 | 12,000,000 | ||||||||||
Nuveen CaliforniaAMT-Free Quality Municipal Income Fund, Series 2016, VRDP, (Sumitomo Mitsui Banking LIQ), 0.22%, 05/07/20(a) | 25,000 | 25,000,000 | ||||||||||
|
| |||||||||||
37,000,000 | ||||||||||||
New York — 1.5% | ||||||||||||
NuveenAMT-Free Quality Municipal Income Fund, Series 2016, VRDP, (Sumitomo Mitsui Banking LOC), 0.32%, 05/07/20 | 14,300 | 14,300,000 | ||||||||||
Nuveen New YorkAMT-Free Quality Municipal Income Fund, Series 2010, VRDP, (Citibank NA LOC), 0.29%, 05/07/20 | 49,500 | 49,500,000 | ||||||||||
Nuveen New YorkAMT-Free Quality Municipal Income Fund, Series 2016, VRDP, (Toronto- Dominion Bank LIQ), 0.26%, 05/07/20(a) | 30,000 | 30,000,000 | ||||||||||
|
| |||||||||||
93,800,000 |
52 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 April 30, 2020 | MuniCash (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Other — 0.4% | ||||||||||||
NuveenAMT-Free Municipal Credit Income Fund, Series 2013, VRDP, (Citibank NA LIQ), 0.30%, 05/07/20 | USD | 19,000 | $ | 19,000,000 | ||||||||
NuveenAMT-Free Quality Municipal Income Fund, Series 2013, VRDP, (Citibank NA LIQ), 0.30%, 05/07/20(a) | 6,900 | 6,900,000 | ||||||||||
|
| |||||||||||
25,900,000 | ||||||||||||
TotalClosed-End Investment Companies — 2.5% |
| 156,700,000 | ||||||||||
|
| |||||||||||
Total Investments — 100.0% | 6,271,369,327 | |||||||||||
Liabilities in Excess of Other Assets — (0.0)% |
| (2,179,188 | ) | |||||||||
|
| |||||||||||
Net Assets — 100.0% | $ | 6,269,190,139 | ||||||||||
|
|
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
(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) | Rates are the current rate or a range of current rates as of period end. |
(e) | 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. |
(f) | When-issued security. |
(g) | Cost for U.S. federal income tax purposes. |
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) | $ | — | $ | 6,271,369,327 | $ | — | $ | 6,271,369,327 | ||||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in each state. |
See notes to financial statements.
SCHEDULES OF INVESTMENTS | 53 |
Schedule of Investments (unaudited) April 30, 2020 | MuniFund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds — 97.5% | ||||||||
Alaska — 2.7% | ||||||||
Alaska Housing Finance Corp., Series 2007D, RB, VRDN (Federal Home Loan Bank SBPA), 0.20%, 05/07/20(a) | USD 2,800 | $ | 2,800,000 | |||||
|
| |||||||
Colorado — 1.4%(a) | ||||||||
City of Colorado Springs Utilities System, Series 2006B, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 0.29%, 05/07/20 | 500 | 500,000 | ||||||
Colorado Health Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0667, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(b)(c) | 1,000 | 1,000,000 | ||||||
|
| |||||||
1,500,000 | ||||||||
District of Columbia — 1.8%(a) | ||||||||
District of Columbia, Series 2007A, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 0.35%, 05/07/20 | 900 | 900,000 | ||||||
Metropolitan Wash Transportation Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019- XG0267, RB, VRDN (Bank of America NA LOC), 0.30%, 05/07/20(b)(c) | 950 | 950,000 | ||||||
|
| |||||||
1,850,000 | ||||||||
Florida — 4.8%(a) | ||||||||
City of Gainesville Utilities System, Series 2012B, RB, VRDN (Citibank NA SBPA), 0.26%, 05/07/20 | 1,340 | 1,340,000 | ||||||
Highlands County Health Facilities Authority, Series 2012I, RB, VRDN, 0.20%, 05/07/20 | 3,700 | 3,700,000 | ||||||
|
| |||||||
5,040,000 | ||||||||
Illinois — 1.3%(a) | ||||||||
Illinois Finance Authority, Series 2004, RB, VRDN (BMO Harris Bank NA LOC), 0.26%, 05/07/20 | 225 | 225,000 | ||||||
Illinois Finance Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XG0133, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.26%, 05/07/20(b)(c) | 1,135 | 1,135,000 | ||||||
|
| |||||||
1,360,000 | ||||||||
Kansas — 1.0% | ||||||||
Wyandotte County Kansas USD, Tender Option Bond Trust Receipts/Certificates Various States, Series2018G-23, GO, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c) | 1,000 | 1,000,000 | ||||||
|
| |||||||
Maryland — 2.6%(a) | ||||||||
Maryland Health & Higher Educational Facilities Authority, Series 2008D, RB, VRDN (TD Bank NA LOC), 0.15%, 05/01/20 | 800 | 800,000 | ||||||
Maryland Health & Higher Educational Facilities Authority, Series 2018, RB, VRDN (M&T Bank LOC), 0.34%, 05/07/20(c) | 1,925 | 1,925,000 | ||||||
|
| |||||||
2,725,000 | ||||||||
Massachusetts — 1.9% | ||||||||
Boston Water & Sewer Commission, Series 2020A (State Street Bank & Trust Co. LOC), 1.04%, 05/06/20(d) | 2,000 | 2,000,000 | ||||||
|
|
Security | Par (000) | Value | ||||||
Michigan — 6.0% | ||||||||
Board of Trustees of Michigan State University, Series 2020F, 1.07%, 05/07/20(d) | USD 2,300 | $ | 2,300,000 | |||||
Michigan Finance Authority, Series2019A-1, 4.00%, 08/20/20 | 1,000 | 1,008,082 | ||||||
University of Michigan, Series 2012B, RB, VRDN, 0.10%, 05/01/20(a) | 3,000 | 3,000,000 | ||||||
|
| |||||||
6,308,082 | ||||||||
Minnesota — 4.2% | ||||||||
City of Minneapolis, Series 1997B, RB, VRDN (Wells Fargo Bank NA SBPA), 0.20%, 05/07/20(a) | 4,400 | 4,400,000 | ||||||
|
| |||||||
Mississippi — 4.6%(a) | ||||||||
Mississippi Business Finance Corp., Series 2007B, RB, VRDN, 0.14%, 05/01/20 | 1,500 | 1,500,000 | ||||||
Mississippi Business Finance Corp., Series 2007E, RB, VRDN, 0.14%, 05/01/20 | 700 | 700,000 | ||||||
Mississippi Business Finance Corp., Series 2009A, RB, VRDN, 0.14%, 05/01/20 | 400 | 400,000 | ||||||
Mississippi Business Finance Corp., Series 2009B, RB, VRDN, 0.14%, 05/01/20 | 1,575 | 1,575,000 | ||||||
Mississippi Business Finance Corp., Series 2010K, RB, VRDN, 0.14%, 05/01/20 | 700 | 700,000 | ||||||
|
| |||||||
4,875,000 | ||||||||
Missouri — 5.1%(a) | ||||||||
City of Kansas City, Series 2008E, RB, VRDN (Sumitomo Mitsui Banking LOC), 0.22%, 05/07/20 | 2,400 | 2,400,000 | ||||||
Missouri State Health & Education Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, SeriesC-16, RB, VRDN (Royal Bank of Canada LOC), 0.29%, 05/07/20(b)(c) | 3,000 | 3,000,000 | ||||||
|
| |||||||
5,400,000 | ||||||||
Nevada — 4.3%(a) | ||||||||
City of Reno, Series 2008B, RB, VRDN (Wells Fargo Bank NA LOC), 0.20%, 05/07/20 | 4,000 | 4,000,000 | ||||||
Nevada System of Higher Education, Tender Option Bond Trust Receipts/Certificates Various States, Series 2020-XF2858, COP, VRDN (Barclays Bank plc LIQ), 0.29%, 05/07/20(b)(c) | 500 | 500,000 | ||||||
|
| |||||||
4,500,000 | ||||||||
New Hampshire — 2.3% | ||||||||
New Hampshire Health and Education Facilities Authority Act, Series2005A-2, RB, VRDN (State Street Bank & Trust Co. SBPA), 0.17%, 05/01/20(a) | 2,400 | 2,400,000 | ||||||
|
| |||||||
New York — 9.2%(a) | ||||||||
City of New York, Series 2006I,Sub-SeriesI-4, GO, VRDN (TD Bank NA LOC), 0.15%, 05/01/20 | 1,000 | 1,000,000 | ||||||
City of New York, Series2015F-6, GO, VRDN (JP Morgan Chase Bank NA SBPA), 0.16%, 05/01/20 | 200 | 200,000 | ||||||
Metropolitan Transportation Authority, Series2008A-1, RB, VRDN (TD Bank NA LOC), 0.15%, 05/01/20 | 1,000 | 1,000,000 | ||||||
New York City Transitional Finance Authority Future Tax Secured, Series 2018, Sub- SeriesC-6, RB, VRDN (Sumitomo Mitsui Banking SBPA), 0.28%, 05/07/20 | 560 | 560,000 |
54 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | MuniFund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York City Transitional Finance Authority Future Tax Secured, Series 2019, Sub- SeriesC-4, RB, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20 | USD 2,200 | $ | 2,200,000 | |||||
New York City Water & Sewer System, Series 2012,Sub-SeriesA-2, RB, VRDN (Mizuho Bank Ltd. SBPA), 0.15%, 05/01/20 | 450 | 450,000 | ||||||
New York City Water & Sewer System, Series 2014AA,Sub-SeriesAA-1, RB, VRDN (Mizuho Bank Ltd. SBPA), 0.15%, 05/01/20 | 4,100 | 4,100,000 | ||||||
New York City Water & Sewer System, Series 2017BB, RB, VRDN (Bank of Montreal SBPA), 0.15%, 05/01/20 | 100 | 100,000 | ||||||
|
| |||||||
9,610,000 | ||||||||
North Carolina — 0.3% | ||||||||
Charlotte-Mecklenburg Hospital Authority (The), Series 2007E, RB, VRDN (TD Bank NA LOC), 0.15%, 05/01/20(a) | 325 | 325,000 | ||||||
|
| |||||||
Ohio — 4.1% | ||||||||
Berea Ohio City School District, Tender Option Bond Trust Receipts/Certificates Various States, SeriesG-54, GO, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c) | 1,000 | 1,000,000 | ||||||
City of Kirtland, Series 2019, BAN, GO, 2.75%, 06/18/20 | 500 | 500,775 | ||||||
County of Franklin, Series 2018D, RB, VRDN, 0.24%, 05/07/20(a) | 1,500 | 1,500,000 | ||||||
Ohio State Hospital Facility, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0573, RB, VRDN (Toronto-Dominion Bank LIQ), 0.27%, 05/07/20(a)(b)(c) | 350 | 350,000 | ||||||
RBC Municipal Products, Inc. Trust, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019E, RB, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c) | 1,000 | 1,000,000 | ||||||
|
| |||||||
4,350,775 | ||||||||
Pennsylvania — 3.4%(a) | ||||||||
Geisinger Authority, Series 2005A, RB, VRDN (TD Bank NA SBPA), 0.15%, 05/01/20 | 1,200 | 1,200,000 | ||||||
Hospitals & Higher Education Facilities Authority of Philadelphia (The), Series 2005A, RB, VRDN (Wells Fargo Bank NA SBPA), 0.16%, 05/01/20 | 400 | 400,000 | ||||||
Sports & Exhibition Authority of Pittsburgh and Allegheny County, Series 2007A, RB, VRDN (PNC Bank NA SBPA), 0.23%, 05/07/20 . | 1,920 | 1,920,000 | ||||||
|
| |||||||
3,520,000 | ||||||||
Tennessee — 0.9% | ||||||||
City of Memphis, Series 2012A (State Street Bank & Trust Co. SBPA), 1.00%, 05/20/20(d) | 1,000 | 1,000,000 | ||||||
|
| |||||||
Texas — 28.0% | ||||||||
Brazos County Texas Health Facilities Development Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-BAML5021, RB, VRDN (Bank of America NA LOC), 0.38%, 05/07/20(a)(b)(c) | 900 | 900,000 | ||||||
City of Austin, Series 2017A, RB, VRDN (Citibank NA LOC), 0.25%, 05/07/20(a) | 1,720 | 1,720,000 | ||||||
City of Garland, Series 2018 (Bank of America NA LOC), 1.12%, 05/06/20(d) | 1,100 | 1,100,000 |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
City of New Braunfels Utility System Revenue, Series 2019A (JP Morgan Chase Bank NA LOC), 1.10%, 05/13/20(d) | USD 3,100 | $ | 3,100,000 | |||||
City of New Braunfels Utility System Revenue, Series 2019A (JP Morgan Chase Bank NA LOC), 0.95%, 05/13/20(d) | 2,000 | 2,000,000 | ||||||
City of San Antonio, Series 2020A (Bank of America NA SBPA), 1.15%, 07/01/20(d) | 1,500 | 1,500,000 | ||||||
Dallas Area Rapid Transit, Series 2019IIA (JP Morgan Chase Bank NA SBPA), 1.22%, 05/14/20(d) | 1,000 | 1,000,000 | ||||||
Fort Bend Independent School District, Series 2020A (JP Morgan Chase Bank NA LOC), 1.17%, 05/29/20(d) | 1,500 | 1,500,000 | ||||||
Harris County Cultural Education Facilities Finance Corp., Series 2008,Sub-SeriesC-2, RB, VRDN, 0.16%, 05/01/20(a) | 2,200 | 2,200,000 | ||||||
Harris County Health Facilities Development Corp., Series2008A-2, RB, VRDN, 0.16%, 05/01/20(a) | 500 | 500,000 | ||||||
Leander Texas Independent School District, Tender Option Bond Trust Receipts/ Certificates Various States, SeriesG-62, GO, VRDN (Royal Bank of Canada LOC), 0.25%, 05/07/20(a)(b)(c) | 2,000 | 2,000,000 | ||||||
Port of Arthur Navigation District Industrial Development Corp., Series 2010A, RB, VRDN, 0.43%, 05/07/20(a) | 1,000 | 1,000,000 | ||||||
State of Texas, Series 2019, TAN, 4.00%, 08/27/20 | 4,500 | 4,539,086 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Series 2008A, RB, VRDN (TD Bank NA LOC), 0.15%, 05/01/20(a) | 1,200 | 1,200,000 | ||||||
Texas A&M University, Series 2020B, 1.05%, 06/02/20(d) | 2,175 | 2,175,000 | ||||||
University of Texas System (The), Series 2019A, 1.29%, 05/27/20(d) | 2,000 | 2,000,000 | ||||||
University of Texas System (The), Series 2020A, 1.10%, 05/08/20(d) | 1,000 | 1,000,000 | ||||||
|
| |||||||
29,434,086 | ||||||||
Utah — 3.0%(a) | ||||||||
City of Murray, Series 2003D, RB, VRDN, 0.15%, 05/01/20 | 300 | 300,000 | ||||||
County of Utah, Series 2018C, RB, VRDN (TD Bank NA SBPA), 0.15%, 05/01/20 | 2,700 | 2,700,000 | ||||||
County of Weber, Series 2000A, RB, VRDN (Bank of New York Mellon SBPA), 0.16%, 05/01/20 | 200 | 200,000 | ||||||
|
| |||||||
3,200,000 | ||||||||
Virginia — 0.7% | ||||||||
Hampton Roads Transport Accountant, Tender Option Bond Trust Receipts/Certificates Various States, Series 2018-XF0606, RB, VRDN (Bank of America NA LIQ), 0.29%, 05/07/20(a)(b)(c) | 700 | 700,000 | ||||||
|
|
SCHEDULES OF INVESTMENTS | 55 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | MuniFund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Washington — 1.5%(a) | ||||||||
Washington State Health Care Facilities Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XX1106, RB, VRDN (Barclays Bank plc LOC), 0.26%, 05/07/20(b)(c) | USD 1,000 | $ | 1,000,000 | |||||
Washington State Housing Finance Commission, Series 2000, RB, VRDN (Wells Fargo Bank NA LOC), 0.22%, 05/07/20 | 570 | 570,000 | ||||||
|
| |||||||
1,570,000 | ||||||||
Wisconsin — 2.4%(a) | ||||||||
Public Finance Authority, Series 2019B, RB, VRDN (Barclays Bank plc LOC), 0.26%, 05/07/20 | 1,980 | 1,980,000 | ||||||
University of Wisconsin Hospitals & Clinics, Series 2018C, RB, VRDN (BMO Harris Bank NA SBPA), 0.18%, 05/01/20 | 500 | 500,000 | ||||||
|
| |||||||
2,480,000 | ||||||||
|
| |||||||
Total Municipal Bonds — 97.5% | 102,347,943 | |||||||
|
|
Security | Par (000) | Value | ||||||
Closed-End Investment Companies — 2.1% |
| |||||||
New York — 2.1%(a) | ||||||||
NuveenAMT-Free Quality Municipal Income Fund, Series 2016, VRDP, (Sumitomo Mitsui Banking LOC), 0.32%, 05/07/20 | USD 700 | $ | 700,000 | |||||
Nuveen New YorkAMT-Free Quality Municipal Income Fund, Series 2010, VRDP, (Citibank NA LOC), 0.29%, 05/07/20 | 1,500 | 1,500,000 | ||||||
|
| |||||||
2,200,000 | ||||||||
TotalClosed-End Investment Companies — 2.1% |
| 2,200,000 | ||||||
|
| |||||||
Total Investments — 99.6% | 104,547,943 | |||||||
Other Assets Less Liabilities — 0.4% | 447,192 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 104,995,135 | ||||||
|
|
(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) | Rates are the current rate or a range of current rates as of period end. |
(e) | Cost for U.S. federal income tax purposes. |
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) | $ | — | $ | 104,547,943 | $ | — | $ | 104,547,943 | ||||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in each state. |
See notes to financial statements.
56 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2020 | California Money Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds — 83.1% | ||||||||
California — 83.1% | ||||||||
Abag Finance Authority for Nonprofit Corp., Series 2009C, RB, VRDN (Citibank NA LOC), 0.18%, 05/07/20(a) | USD 150 | $ | 150,000 | |||||
Abag Finance Authority for Nonprofit Corp., Series 2011A, RB, VRDN (Freddie Mac LOC), 0.12%, 05/07/20(a) | 950 | 950,000 | ||||||
Alameda County Joint Powers Authority (MUFG Union Bank NA LOC), 1.00%, 05/05/20 | 1,000 | 1,000,002 | ||||||
Bay Area Toll Authority, Series2007C-2, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.10%, 05/07/20(a) | 100 | 100,000 | ||||||
Bay Area Toll Authority, Series2008C-1, RB, VRDN (Sumitomo Mitsui Banking LOC), 0.12%, 05/07/20(a) | 395 | 395,000 | ||||||
Bay Area Toll Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2016-XG0019, RB, VRDN (Bank of America NA LIQ), 0.25%, 05/07/20(a)(b)(c) | 4,200 | 4,200,000 | ||||||
California Educational Facilities Authority, Series 2006B, RB, VRDN, | 200 | 200,000 | ||||||
California Health Facilities Financing Authority, Series2008-B1, RB, VRDN, 0.20%, 05/07/20(a) | 800 | 800,000 | ||||||
California Health Facilities Financing Authority, Series 2009B, RB, VRDN (US Bank NA LOC), 0.13%, 05/07/20(a) | 4,300 | 4,300,000 | ||||||
California Health Facilities Financing Authority, Series 2009D, RB, VRDN (US Bank NA LOC), 0.13%, 05/07/20(a) | 1,795 | 1,795,000 | ||||||
California Health Facilities Financing Authority, Series 2011B, RB, VRDN (Bank of Montreal LOC), 0.12%, 05/07/20(a) | 1,350 | 1,350,000 | ||||||
California Health Facilities Financing Authority, Series 2011C, RB, VRDN (Bank of Montreal LOC), 0.18%, 05/07/20(a) | 700 | 700,000 | ||||||
California Health Facilities Financing Authority, Series 2012B, RB, VRDN, | 13,150 | 13,150,000 | ||||||
California Health Facilities Financing Authority, Series 2012C, RB, VRDN, | 1,015 | 1,015,000 | ||||||
California Health Facilities Funding Authority, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.24%, 05/07/20(a)(b)(c) | 2,300 | 2,300,000 | ||||||
California Municipal Finance Authority, Series 2010A, RB, VRDN, 0.13%, 05/01/20(a) | 12,575 | 12,575,000 | ||||||
California Pollution Control Financing Authority, Series 1997B, RB, VRDN, 0.14%, 05/01/20(a) | 10,750 | 10,750,000 | ||||||
California State University Institute, Series 2020A (Wells Fargo & Co. LOC), 1.00%, 05/06/20 | 2,300 | 2,299,938 | ||||||
California Statewide Communities Development Authority, Series 2008B, RB, VRDN (Wells Fargo Bank NA LOC), 0.12%, 05/01/20(a). | 3,560 | 3,560,000 | ||||||
California Statewide Communities Development Authority, Series 2017BB, RB, VRDN (Federal Home Loan Bank LOC), 0.29%, 05/07/20(a) | 9,200 | 9,200,000 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
California University of Sciences & Medicine, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, RB, VRDN (Mizuho Capital Markets LLC LOC), 0.37%, 05/07/20(a)(b)(c) | USD 20,475 | $ | 20,475,000 | |||||
Chino Valley California Unified School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2020- XM0836, GO, VRDN (Toronto-Dominion Bank LIQ), 0.22%, 05/07/20(a)(b)(c) | 3,940 | 3,940,000 | ||||||
City of Los Angeles Department of Airports, Series2020A-3 (Wells Fargo Bank NA LOC), 1.30%, 07/01/20 | 2,490 | 2,491,387 | ||||||
City of Modesto, Series 2008A, COP, VRDN (JP Morgan Chase Bank NA LOC), 0.10%, 05/07/20(a) | 9,180 | 9,180,000 | ||||||
City of Riverside Electric Revenue, Series 2011A, RB, VRDN (Bank of America NA LOC), 0.17%, 05/07/20(a) | 5,600 | 5,600,000 | ||||||
Cupertino Union School District, Series 2011B, GO, 5.00%, 08/01/20 | 1,080 | 1,091,207 | ||||||
Del Mar California, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XG0259, VRDN (Bank of America NA LOC), 0.29%, 05/07/20(a)(b)(c) | 2,655 | 2,655,000 | ||||||
Desert Sands Unified School District, Series 2015, GO, 5.00%, 08/01/20 | 350 | 353,606 | ||||||
East Bay Municipal Utility District Water System, Series2008A-1, RB, VRDN (Wells Fargo Bank NA SBPA), 0.10%, 05/07/20(a) | 570 | 570,000 | ||||||
Eastern Municipal Water District, Series 2017A, RB, VRDN (Sumitomo Mitsui Banking SBPA), 0.19%, 05/07/20(a) | 1,300 | 1,300,000 | ||||||
Eastern Municipal Water District, Series 2017B, RB, VRDN (Sumitomo Mitsui Banking SBPA), 0.18%, 05/07/20(a) | 5,895 | 5,895,000 | ||||||
Gilroy California Unified School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, GO, VRDN (Royal Bank of Canada LIQ), 0.23%, 05/07/20(a)(b)(c) | 2,000 | 2,000,000 | ||||||
Hartnell Community College District, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0587, GO, VRDN (Toronto-Dominion Bank LIQ), 0.22%, 05/07/20(a)(b)(c) | 1,150 | 1,150,000 | ||||||
Imperial Irrigation District Electric, Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XM0488, RB, VRDN (Royal Bank of Canada LIQ), 0.28%, 05/07/20(a)(b)(c) | 7,500 | 7,500,000 | ||||||
Long Beach California Community College, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, GO, VRDN (JP Morgan Chase Bank NA LIQ), 0.24%, 05/07/20(a)(b)(c) | 10,395 | 10,395,000 | ||||||
Long Beach California University School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2020- XF0862, GO, VRDN (Toronto-Dominion Bank NA LIQ), 0.22%, 05/07/20(a)(b)(c) | 300 | 300,000 | ||||||
Los Angeles California Housing Department, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, RB, VRDN (JP Morgan Chase Bank NA LIQ), 0.24%, 05/07/20(a)(b)(c) | 1,875 | 1,875,000 |
SCHEDULES OF INVESTMENTS | 57 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | California Money Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
Los Angeles California Unified School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XM0703, GO, VRDN (JP Morgan Chase Bank NA LIQ), 0.24%, 05/07/20(a)(b)(c) | USD 2,225 | $ | 2,225,000 | |||||
Los Angeles County Housing Authority, Series 2020C (Wells Fargo Bank NA LOC), 0.95%, 05/06/20 | 500 | 500,001 | ||||||
Los Angeles County Housing Authority, Series 2020D (State Street Bank & Trust Co. LOC), 0.95%, 05/06/20 | 1,400 | 1,400,003 | ||||||
Los Angeles Department of Water, Series 2001B,Sub-SeriesB-1, RB, VRDN (Royal Bank of Canada SBPA), 0.13%, 05/07/20(a) | 400 | 400,000 | ||||||
Los Angeles Department of Water, Series 2001B,Sub-SeriesB-3, RB, VRDN (Royal Bank of Canada SBPA), 0.10%, 05/07/20(a) | 2,500 | 2,500,000 | ||||||
Los Angeles Department of Water, Series 2001B,Sub-SeriesB-4, RB, VRDN (Citibank NA SBPA), 0.12%, 05/01/20(a) | 5,500 | 5,500,000 | ||||||
Los Angeles Department of Water, Series 2019A,Sub-SeriesA-2, RB, VRDN (Toronto-Dominion Bank NA SBPA), 0.12%, 05/01/20(a) | 3,980 | 3,980,000 | ||||||
Los Angeles Department of Water, Series 2019A,Sub-SeriesA-3, RB, VRDN (Citibank NA SBPA), 0.12%, 05/01/20(a) | 695 | 695,000 | ||||||
Los Angeles Department of Water & Power System, Series 2001,Sub-SeriesB-3, RB, VRDN (Barclays Bank plc SBPA), 0.12%, 05/01/20(a) | 1,400 | 1,400,000 | ||||||
Los Angeles Department of Water & Power System, Series 2001B,Sub-SeriesB-5, RB, VRDN (Toronto-Dominion Bank NA SBPA), 0.13%, 05/07/20(a) | 2,750 | 2,750,000 | ||||||
Los Angeles Department of Water & Power System, Series2001B-2, RB, VRDN (Bank of The West SBPA), 0.10%, 05/07/20(a) | 6,300 | 6,300,000 | ||||||
Los Angeles Department of Water & Power System, Series 2002A,Sub-SeriesA-7, RB, VRDN (Bank of America NA SBPA), 0.13%, 05/01/20(a) | 300 | 300,000 | ||||||
Los Angeles Department of Water & Power System, SeriesSub-SeriesA-3, RB, VRDN (Bank of America NA SBPA), 0.13%, 05/01/20(a) | 600 | 600,000 | ||||||
Metropolitan Water District of Southern California, Series 2017A, RB, VRDN (PNC Bank NA SBPA), 0.13%, 05/01/20(a) | 4,690 | 4,690,000 | ||||||
Metropolitan Water District of Southern California, Series2018A-2, RB, VRDN (Toronto-Dominion Bank SBPA), 0.12%, 05/01/20(a) | 1,050 | 1,050,000 | ||||||
Metropolitan Water District of Southern California, SeriesA-1, RB, VRDN (Toronto- Dominion Bank SBPA), 0.12%, 05/01/20(a) | 400 | 400,000 | ||||||
Mount San Antonio California Community College District, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019, GO, VRDN (Royal Bank of Canada LIQ), 0.22%, 05/07/20(a)(b)(c) | 2,000 | 2,000,000 | ||||||
Municipal Improvement Corp. of Los Angeles, Series2020A-3 (US Bank NA LOC), 1.22%, 06/16/20 | 500 | 500,144 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
Municipal Improvement Corp. of Los Angeles, Series2020A-3 (US Bank NA LOC), 1.16%, 06/17/20 | USD 5,000 | $ | 5,001,475 | |||||
Regents of the University of California Medical Center Pooled, Series 2007B,Sub-SeriesB-2, RB, VRDN, 0.10%, 05/01/20(a) | 730 | 730,000 | ||||||
Sacramento Transportation Authority, Series 2015A, RB, VRDN (Sumitomo Mitsui Banking LOC), 0.10%, 05/07/20(a) | 13,250 | 13,250,000 | ||||||
San Diego County Regional Transportation Commission, Series 2008B, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.12%, 05/07/20(a) | 1,600 | 1,600,000 | ||||||
San Diego County Regional Transportation Commission, Series 2008C, RB, VRDN (Bank of America NA SBPA), 0.10%, 05/07/20(a) | 5,100 | 5,100,000 | ||||||
San Diego Public Facilities Financing Authority, Series 2020B (Bank of America NA LOC), 0.95%, 05/12/20 | 4,000 | 4,000,428 | ||||||
San Diego Public Facilities Financing Authority, Series 2020B (Bank of America NA LOC), 1.09%, 07/15/20 | 2,000 | 2,000,104 | ||||||
San Francisco Bay Area Rapid Transit District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2017- XF2449, GO, VRDN (Citibank NA LIQ), 0.18%, 05/07/20(a)(b)(c) | 200 | 200,000 | ||||||
San Francisco City & County Airport Comm- San Francisco International Airport, Series 2018C, RB, VRDN (Sumitomo Mitsui Banking LOC), 0.18%, 05/07/20(a) | 300 | 300,000 | ||||||
San Francisco City & County Public Utilities Commission, Series2020A-1 (Bank of America NA LOC), 0.70%, 07/08/20 | 5,000 | 5,000,105 | ||||||
San Francisco City & County Redevelopment Agency Successor Agency, Series 2002, VRDN (Bank of America NA LOC), 0.20%, 05/07/20(a) | 1,105 | 1,105,000 | ||||||
San Jose California Unified School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2018- XF2534, GO, VRDN (Citibank NA LIQ), 0.18%, 05/07/20(a)(b)(c) | 1,820 | 1,820,000 | ||||||
San Mateo California Unified School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2020- XF0925, GO, VRDN (JP Morgan Chase Bank NA LIQ), 0.24%, 05/07/20(a)(b)(c) | 4,357 | 4,357,000 | ||||||
Santa Barbara California Unified School District, Tender Option Bond Trust Receipts/ Certificates Various States, Series 2019, GO, VRDN (JP Morgan Chase Bank NA LIQ), 0.27%, 05/07/20(a)(b)(c) | 869 | 869,000 | ||||||
Santa Clara Valley Transportation Authority, Series 2008C, RB, VRDN (Toronto-Dominion Bank NA SBPA), | 1,185 | 1,185,000 | ||||||
Santa Clara Valley Transportation Authority, Series 2008D, RB, VRDN (Toronto-Dominion Bank NA SBPA), | 2,835 | 2,835,000 | ||||||
Santa Clara Valley Water District, Series 2020A (MUFG Bank Ltd. LOC), 0.45%, 07/13/20 | 5,400 | 5,400,378 |
58 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | California Money Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
State of California, Series2003C-1, GO, VRDN (Toronto-Dominion Bank NA LOC), 0.10%, 05/07/20(a) | USD 15,000 | $ | 15,000,000 | |||||
State of California, Series2004-A2, GO, VRDN (State Street Bank & Trust Co. LOC), 0.10%, 05/01/20(a) | 145 | 145,000 | ||||||
State of California, Series2004-A3, GO, VRDN (State Street Bank & Trust Co. LOC), 0.14%, 05/01/20(a) | 400 | 400,000 | ||||||
State of California, Series2004B-2, GO, VRDN (Citibank NA LOC), 0.10%, 05/01/20(a) | 1,800 | 1,800,000 | ||||||
State of California Department of Water Resources, Series2020-1 (Bank of America NA SBPA), 0.35%, 06/04/20 | 5,000 | 5,000,165 | ||||||
State of California Department of Water Resources, Series2020-1 (Bank of America NA SBPA), 0.55%, 06/18/20 | 3,000 | 3,000,009 | ||||||
University of California, Series2013AL-3, RB, VRDN, 0.12%, 05/01/20(a) | 700 | 700,000 | ||||||
University of California, Series2013AL-4, RB, VRDN, 0.12%, 05/01/20(a) | 5,175 | 5,175,000 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
University of California, Series 2020A, 0.65%, 10/26/20 | USD 6,000 | $ | 6,000,360 | |||||
|
| |||||||
Total Municipal Bonds — 83.1% | 276,725,312 | |||||||
|
| |||||||
Closed-End Investment Companies — 3.0% |
| |||||||
California — 3.0% | ||||||||
Nuveen CaliforniaAMT-Free Quality Municipal Income Fund, Series 2013, VRDP, (Citibank NA LIQ), | 10,000 | 10,000,000 | ||||||
|
| |||||||
TotalClosed-End Investment Companies — 3.0% |
| 10,000,000 | ||||||
|
| |||||||
Total Investments — 86.1% | 286,725,312 | |||||||
Other Assets Less Liabilities — 13.9% | 46,107,575 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 332,832,887 | ||||||
|
|
(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) | Cost for U.S. federal income tax purposes. |
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) | $ | — | $ | 286,725,312 | $ | — | $ | 286,725,312 | ||||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in the state. |
See notes to financial statements.
SCHEDULES OF INVESTMENTS | 59 |
Schedule of Investments (unaudited) April 30, 2020 | New York Money Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds — 96.5% | ||||||||
New York — 96.5% | ||||||||
Albany Industrial Development Agency, Series 2002, RB, VRDN (Keybank NA LOC), 0.45%, 05/07/20(a) | USD | 535 | $ | 535,000 | ||||
Amherst Development Corp., Series 2011A, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 0.34%, 05/07/20(a) | 4,200 | 4,200,000 | ||||||
Battery Park City Authority, Series 2019D-1, RB, VRDN (TD Bank NA SBPA), 0.20%, 05/07/20(a) | 5,100 | 5,100,000 | ||||||
Battery Park City Authority, Series 2019D-2, RB, VRDN (TD Bank NA SBPA), 0.20%, 05/07/20(a) | 900 | 900,000 | ||||||
Battery Park City Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019, RB, VRDN (Royal Bank of Canada SBPA), | 6,000 | 6,000,000 | ||||||
Build NYC Resource Corp., Series 2008A, RB, VRDN (Bank of America NA LOC), 0.21%, 05/07/20(a) | 4,765 | 4,765,000 | ||||||
Build NYC Resource Corp., Series 2015, RB, VRDN (TD Bank NA LOC), 0.20%, 05/07/20(a) | 3,900 | 3,900,000 | ||||||
City of New York, Series 2012A,Sub-SeriesA-4, GO, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.25%, 05/07/20(a) | 500 | 500,000 | ||||||
City of New York, Series 2012G,Sub-SeriesG-4, GO, VRDN (Citibank NA LOC), 0.18%, 05/07/20(a) | 200 | 200,000 | ||||||
City of New York, Series 2012G,Sub-SeriesG-7, GO, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.15%, 05/01/20(a) | 6,400 | 6,400,000 | ||||||
City of New York, Series 2015F,Sub-SeriesF-5, GO, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(a) | 1,000 | 1,000,000 | ||||||
City of New York, Series 2017,Sub-SeriesA-6, GO, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 0.17%, 05/01/20(a) | 1,475 | 1,475,000 | ||||||
City of New York, Series 2018A,Sub-SeriesB-4, GO, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(a) | 2,000 | 2,000,000 | ||||||
City of New York, Series 2018B,Sub-SeriesB-5, GO, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(a) | 500 | 500,000 | ||||||
Dutchess County Industrial Development Agency, Series 2008, RB, VRDN (TD Bank NA LOC), 0.23%, 05/07/20(a) | 1,915 | 1,915,000 | ||||||
East Rochester Housing Authority, Series 2008, RB, VRDN (M&T Bank LOC), 0.34%, 05/07/20(a) | 3,560 | 3,560,000 | ||||||
Franklin County Civic Development Corp., Series 2013A, RB, VRDN (HSBC Bank USA NA LOC), 0.27%, 05/07/20(a) | 1,100 | 1,100,000 | ||||||
Hudson YDS Infrastructure Corp., Tender Option Bond Trust Receipts/Certificates Various States, Series 2017-XF0550, RB, VRDN (Toronto-Dominion Bank LIQ), 0.32%, 05/07/20(a)(b)(c) | 1,200 | 1,200,000 | ||||||
Metropolitan Transportation Authority, Series 2012G,Sub-SeriesG-2, RB, VRDN (TD Bank NA LOC), 0.20%, 05/07/20(a) | 1,500 | 1,500,000 | ||||||
Metropolitan Transportation Authority, Series2012G-1, RB, VRDN (Barclays Bank plc LOC), 0.18%, 05/01/20(a) | 300 | 300,000 |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
Metropolitan Transportation Authority, SeriesSub-Series2002B-1, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.21%, 05/07/20(a) | USD | 700 | $ | 700,000 | ||||
Nassau County, Tender Option Bond Trust Receipts/Certificates Various States, Series2018G-5, GO, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c) | 2,100 | 2,100,000 | ||||||
New York City Health & Hospital Corp., Series 2008B, RB, VRDN (TD Bank NA LOC), 0.20%, 05/07/20(a) | 9,400 | 9,400,000 | ||||||
New York City Health & Hospital Corp., Series 2008C, RB, VRDN (TD Bank NA LOC), 0.21%, 05/07/20(a) | 1,000 | 1,000,000 | ||||||
New York City Housing Development Corp., Series 2008A, RB, VRDN (Freddie Mac LOC), 0.21%, 05/07/20(a) | 700 | 700,000 | ||||||
New York City Housing Development Corp., Series 2009A, RB, VRDN (Freddie Mac LOC), 0.25%, 05/07/20(a) | 2,350 | 2,350,000 | ||||||
New York City Housing Development Corp., Series2017C-4, RB, VRDN (Wells Fargo Bank NA SBPA), 0.20%, 05/07/20(a) | 3,350 | 3,350,000 | ||||||
New York City Housing Development Corp., Series2017G-3, RB, VRDN (Wells Fargo Bank NA SBPA), 0.21%, 05/07/20(a) | 2,600 | 2,600,000 | ||||||
New York City Housing Development Corp., Series2019E-3, RB, VRDN (Royal Bank of Canada SBPA), 0.23%, 05/07/20(a) | 5,400 | 5,400,000 | ||||||
New York City Housing Development Corp., Series A, RB, VRDN (Fannie Mae LOC), 0.23%, 05/07/20(a) | 2,715 | 2,715,000 | ||||||
New York City Industrial Development Agency, Series 2004B, RB, VRDN (Bank of America NA LOC), 0.12%, 05/01/20(a) | 5,300 | 5,300,000 | ||||||
New York City Transitional Finance Authority Future Tax Secured, Series 2012C, Sub- SeriesC-4, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.16%, 05/01/20(a) | 1,000 | 1,000,000 | ||||||
New York City Transitional Finance Authority Future Tax Secured, Series 2013C, Sub- SeriesC-5, RB, VRDN (Sumitomo Mitsui Banking LOC), 0.22%, 05/07/20(a) | 1,650 | 1,650,000 | ||||||
New York City Transitional Finance Authority Future Tax Secured, Series 2018, Sub- SeriesC-6, RB, VRDN (Sumitomo Mitsui Banking SBPA), 0.28%, 05/07/20(a) | 1,000 | 1,000,000 | ||||||
New York City Transitional Finance Authority Future Tax Secured, Series 2019, Sub- SeriesC-4, RB, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(a) | 5,500 | 5,500,000 | ||||||
New York City Trust for Cultural Resources, Series 2009A, RB, VRDN (JP Morgan Chase Bank NA LOC), 0.26%, 05/07/20(a) | 4,670 | 4,670,000 | ||||||
New York City Water & Sewer System, Series 2003,Sub-SeriesF-1-A, RB, VRDN (Barclays Bank plc SBPA), | 130 | 130,000 | ||||||
New York City Water & Sewer System, Series 2006,Sub-SeriesAA-1B, RB, VRDN (State Street Bank & Trust Co. SBPA), 0.15%, 05/01/20(a) | 7,500 | 7,500,000 | ||||||
New York City Water & Sewer System, Series2008-BB-1, RB, VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), | 5,240 | 5,240,000 |
60 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | New York Money Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York City Water & Sewer System, Series 2009,Sub-SeriesBB-1, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 0.20%, 05/01/20(a) | USD | 3,900 | $ | 3,900,000 | ||||
New York City Water & Sewer System, Series2009BB-2, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 0.18%, 05/01/20(a) | 1,700 | 1,700,000 | ||||||
New York City Water & Sewer System, Series 2015,Sub-SeriesBB-4, RB, VRDN (Barclays Bank plc SBPA), 0.18%, 05/01/20(a) | 3,100 | 3,100,000 | ||||||
New York City Water & Sewer System, Series 2017BB, RB, VRDN (Bank of Montreal SBPA), 0.15%, 05/01/20(a) | 4,200 | 4,200,000 | ||||||
New York Power Authority (JP Morgan Chase Bank NA SBPA), 1.10%, 05/06/20 | 2,000 | 1,999,946 | ||||||
New York Power Authority (State Street Bank & Trust Co. SBPA), 1.40%, 05/20/20 | 5,400 | 5,400,644 | ||||||
New York State Authority General, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XF0829, RB, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c) | 3,585 | 3,585,000 | ||||||
New York State Authority General, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XF0847, RB, VRDN (Royal Bank of Canada LOC), 0.26%, 05/07/20(a)(b)(c) | 2,250 | 2,250,000 | ||||||
New York State Dormitory Authority, Series 2002A2, RB, VRDN (JP Morgan Chase Bank NA SBPA), 0.20%, 05/07/20(a) | 8,000 | 8,000,000 | ||||||
New York State Dormitory Authority, Series 2003A, RB, VRDN (JP Morgan Chase Bank NA LOC), 0.16%, 05/01/20(a) | 3,175 | 3,175,000 | ||||||
New York State Dormitory Authority, Series 2003C, RB, VRDN (JP Morgan Chase Bank NA LOC), 0.18%, 05/07/20(a) | 545 | 545,000 | ||||||
New York State Dormitory Authority, Series 2005B, RB, VRDN (Mizuho Bank Ltd. LOC), 0.20%, 05/07/20(a) | 8,550 | 8,550,000 | ||||||
New York State Dormitory Authority, Series 2006, RB, VRDN (Fannie Mae LOC), 0.14%, 05/07/20(a) | 1,815 | 1,815,000 | ||||||
New York State Dormitory Authority, Series2006B-1, RB, VRDN (Barclays Bank plc LOC), 0.25%, 05/07/20(a) | 1,590 | 1,590,000 | ||||||
New York State Dormitory Authority, Series2008A-1, RB, VRDN (Bank of America NA LOC), 0.20%, 05/07/20(a) | 590 | 590,000 | ||||||
New York State Dormitory Authority, Series2008A-2, RB, VRDN (Bank of America NA LOC), 0.20%, 05/07/20(a) | 2,530 | 2,530,000 | ||||||
New York State Dormitory Authority, Series 2008C, RB, VRDN (Bank of America NA LOC), 0.20%, 05/07/20(a) | 2,405 | 2,405,000 | ||||||
New York State Dormitory Authority, Series 2009, RB, VRDN (TD Bank NA LOC), 0.20%, 05/07/20(a) | 345 | 345,000 | ||||||
New York State Dormitory Authority, Series 2009A, RB, VRDN, 0.15%, 05/07/20(a) | 4,115 | 4,115,000 | ||||||
New York State Dormitory Authority, Series 2012, RB, VRDN (HSBC Bank USA NA LOC), 0.30%, 05/07/20(a) | 7,435 | 7,435,000 |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York State Dormitory Authority, Tender Option Bond Trust Receipts/Certificates Various States, Series 2019-XF0838, RB, VRDN (Bank of America NA LIQ), 0.27%, 05/07/20(a)(b)(c) | USD | 1,600 | $ | 1,600,000 | ||||
New York State Energy Research & Development Authority, Series 2005A, RB, VRDN (Mizuho Bank Ltd. LOC), 0.23%, 05/07/20(a) | 1,800 | 1,800,000 | ||||||
New York State Energy Research & Development Authority, Series 2005A, Sub-SeriesA-1, RB, VRDN (Mizuho Bank Ltd. LOC), 0.22%, 05/07/20(a) | 600 | 600,000 | ||||||
New York State Energy Research & Development Authority, Series 2005A, Sub-SeriesA-2, RB, VRDN (Mizuho Bank Ltd. LOC), 0.21%, 05/07/20(a) | 7,000 | 7,000,000 | ||||||
New York State Housing Finance Agency, Series 2003A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 0.25%, 05/07/20(a) | 2,050 | 2,050,000 | ||||||
New York State Housing Finance Agency, Series 2003L, RB, VRDN (Bank of America NA LOC), 0.23%, 05/07/20(a) | 675 | 675,000 | ||||||
New York State Housing Finance Agency, Series 2004A, RB, VRDN (Fannie Mae LOC), 0.15%, 05/07/20(a) | 4,400 | 4,400,000 | ||||||
New York State Housing Finance Agency, Series 2004A, RB, VRDN (Fannie Mae LOC), 0.21%, 05/07/20(a) | 400 | 400,000 | ||||||
New York State Housing Finance Agency, Series 2009A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 0.16%, 05/01/20(a) | 7,400 | 7,400,000 | ||||||
New York State Housing Finance Agency, Series 2009A, RB, VRDN (Fannie Mae LOC), 0.22%, 05/07/20(a) | 4,500 | 4,500,000 | ||||||
New York State Housing Finance Agency, Series 2010A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 0.20%, 05/07/20(a) | 1,000 | 1,000,000 | ||||||
New York State Housing Finance Agency, Series 2010A, RB, VRDN (Freddie Mac LIQ), 0.19%, 05/07/20(a) | 300 | 300,000 | ||||||
New York State Housing Finance Agency, Series 2013A, RB, VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 0.17%, 05/01/20(a) | 4,900 | 4,900,000 | ||||||
New York State Urban Development Corp., Series2004A-3-D, RB, VRDN (JP Morgan Chase Bank NA SBPA), | 1,500 | 1,500,000 | ||||||
New York State Urban Development Corp., Series2008A-1, RB, VRDN (Wells Fargo Bank NA LOC), 0.21%, 05/07/20(a) | 1,825 | 1,825,000 | ||||||
North Amityville Fire Co., Inc., Series 2003, RB, VRDN (Citibank NA LOC), 0.52%, 05/07/20(a) | 615 | 615,000 | ||||||
Oneida County Industrial Development Agency, Series 2004 A, RB, VRDN (Manufacturers & Traders Trust Co. LOC), 0.34%, 05/07/20(a) | 4,540 | 4,540,000 | ||||||
Onondaga County Trust for Cultural Resources, Series 2010A, RB, VRDN (Wells Fargo Bank NA LOC), 0.18%, 05/07/20(a) | 5,970 | 5,970,000 | ||||||
Port Authority of New York & New Jersey, Series 2010B, 1.10%, 05/27/20 | 5,000 | 4,999,400 |
SCHEDULES OF INVESTMENTS | 61 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | New York Money Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
Rensselaer County Industrial Development Agency, Series 2002A, RB, VRDN (M&T Bank LOC), 0.34%, 05/07/20(a) | USD | 3,730 | $ | 3,730,000 | ||||
Syracuse Industrial Development Agency, Series2008A-2, RB, VRDN (JP Morgan Chase Bank NA LOC), | 2,250 | 2,250,000 | ||||||
Triborough Bridge & Tunnel Authority, Series 2002F, RB, VRDN (Citibank NA LOC), 0.10%, 05/01/20(a) | 3,740 | 3,740,000 | ||||||
Triborough Bridge & Tunnel Authority, Series2005B-3, RB, VRDN (State Street Bank & Trust Co. LOC), | 2,400 | 2,400,000 | ||||||
Westchester County Industrial Development Agency, Series 2004, RB, VRDN (TD Bank NA LOC), | 1,750 | 1,750,000 | ||||||
|
| |||||||
Total Municipal Bonds — 96.5% | 246,529,990 | |||||||
|
|
Security | Par (000) | Value | ||||||
Closed-End Investment Companies — 3.5% |
| |||||||
New York — 3.5% | ||||||||
Nuveen New YorkAMT-Free Quality Municipal Income Fund, Series 2010, VRDP, (Citibank NA LOC), | USD | 9,000 | $ | 9,000,000 | ||||
|
| |||||||
TotalClosed-End Investment Companies — 3.5% |
| 9,000,000 | ||||||
|
| |||||||
Total Investments — 100.0% |
| 255,529,990 | ||||||
Other Assets Less Liabilities — 0.0% |
| 92,119 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 255,622,109 | |||||
|
|
(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) | Cost for U.S. federal income tax purposes. |
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) | $ | — | $ | 255,529,990 | $ | — | $ | 255,529,990 | ||||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in the state. |
See notes to financial statements.
62 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (unaudited)
April 30, 2020
Federal Trust Fund | FedFund | TempCash | TempFund | T-Fund | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Investments at value — unaffiliated(a) | $ | 5,651,302,644 | $ | 117,157,282,381 | $ | 6,488,251,990 | $ | 5,899,073,994 | $ | 55,017,381,225 | ||||||||||
Cash | 132,061,025 | 3,350,181,043 | 285,308,068 | 294,010,623 | 2,163,885,802 | |||||||||||||||
Repurchase agreements at value — unaffiliated(b) | — | 61,859,952,210 | 1,259,500,000 | 1,821,500,000 | 38,214,548,972 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Capital shares sold | 8,907,313 | 4,868,229,313 | — | 130,594,521 | 586,500,040 | |||||||||||||||
Interest — unaffiliated | 897,790 | 61,189,221 | 4,292,313 | 3,572,769 | 64,385,523 | |||||||||||||||
From affiliate(s) | 6,163 | — | 10,719 | — | — | |||||||||||||||
Prepaid expenses | 221,138 | 6,177,448 | 397,814 | 225,660 | 2,267,436 | |||||||||||||||
Other assets | — | — | — | — | 8,000 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total assets | 5,793,396,073 | 187,303,011,616 | 8,037,760,904 | 8,148,977,567 | 96,048,976,998 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LIABILITIES | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Investments purchased | 196,975,445 | 5,746,610,995 | — | — | 4,899,265,221 | |||||||||||||||
Capital shares redeemed | 6,708,916 | 3,562,956,808 | — | 65,002,170 | 345,564,763 | |||||||||||||||
Custodian fees | 22,731 | 432,470 | 73,247 | 93,483 | 556,382 | |||||||||||||||
Income dividend distributions | 1,045,176 | 18,575,130 | 4,212,725 | 1,088,164 | 8,829,890 | |||||||||||||||
Management fees | 759,963 | 22,653,172 | 1,035,727 | 1,007,733 | 12,750,541 | |||||||||||||||
Trustees’ and Officer’s fees | — | 52 | — | 9,991 | 3,581 | |||||||||||||||
Printing fees | 19,047 | 31,657 | 19,114 | 28,388 | 23,053 | |||||||||||||||
Professional fees | 30,542 | 104,824 | 10,790 | 50,374 | 18,752 | |||||||||||||||
Registration fees | 22,378 | 1,776,169 | 106,789 | 515,196 | — | |||||||||||||||
Service and distribution fees | 17,429 | 3,521,653 | 41 | 293,625 | 1,311,098 | |||||||||||||||
Transfer agent fees | — | 58,447 | — | 38,653 | — | |||||||||||||||
Other accrued expenses | 36,459 | 24,928 | 6,357 | 50,446 | 20,272 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total liabilities | 205,638,086 | 9,356,746,305 | 5,464,790 | 68,178,223 | 5,268,343,553 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET ASSETS | $ | 5,587,757,987 | $ | 177,946,265,311 | $ | 8,032,296,114 | $ | 8,080,799,344 | $ | 90,780,633,445 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET ASSETS CONSIST OF | ||||||||||||||||||||
Paid-in capital | $ | 5,586,875,942 | $ | 177,916,704,735 | $ | 8,028,815,647 | $ | 8,075,595,922 | $ | 90,766,116,081 | ||||||||||
Accumulated earnings | 882,045 | 29,560,576 | 3,480,467 | 5,203,422 | 14,517,364 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET ASSETS | $ | 5,587,757,987 | $ | 177,946,265,311 | $ | 8,032,296,114 | $ | 8,080,799,344 | $ | 90,780,633,445 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
(a) Investments at cost — unaffiliated | $ | 5,651,302,644 | $ | 117,157,282,381 | $ | 6,483,727,203 | $ | 5,895,320,731 | $ | 55,017,381,225 | ||||||||||
(b) Repurchase agreements at cost — unaffiliated | $ | — | $ | 61,859,952,210 | $ | 1,259,500,000 | $ | 1,821,500,000 | $ | 38,214,548,972 |
See notes to financial statements.
FINANCIAL STATEMENTS | 63 |
Statements of Assets and Liabilities (unaudited) (continued)
April 30, 2020
Federal Trust Fund | FedFund | TempCash | TempFund | T-Fund | ||||||||||||||||
NET ASSET VALUE | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Net assets | $ | 5,447,606,270 | $ | 156,129,246,999 | $ | 8,032,241,661 | $ | 7,259,939,630 | $ | 76,775,309,221 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(c) | 5,446,738,975 | 156,103,296,582 | 8,024,157,482 | 7,253,476,306 | 76,762,985,160 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | $ | 1.0010 | $ | 1.0009 | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Administration | ||||||||||||||||||||
Net assets | $ | 107,512,948 | $ | 3,112,863,343 | $ | — | $ | 60,390,681 | $ | 632,503,673 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(c) | 107,495,834 | 3,112,345,923 | — | 60,335,204 | 632,402,138 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | $ | — | $ | 1.0009 | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Capital | ||||||||||||||||||||
Net assets | $ | — | $ | 9,181,765,917 | $ | — | $ | — | $ | 10,615,986,778 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(c) | — | 9,180,239,946 | — | — | 10,614,282,808 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | — | $ | 1.00 | $ | — | $ | — | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Cash Management | ||||||||||||||||||||
Net assets | $ | 16,057,165 | $ | 511,289,497 | $ | — | $ | 633,857,452 | $ | 1,106,587,028 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(c) | 16,054,608 | 511,204,509 | — | 633,293,799 | 1,106,409,389 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | $ | — | $ | 1.0009 | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Cash Reserve | ||||||||||||||||||||
Net assets | $ | 384,583 | $ | 5,574,042,623 | $ | — | $ | 6,301,629 | $ | 95,532,148 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(c) | 384,522 | 5,573,116,080 | — | 6,296,080 | 95,516,812 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | $ | — | $ | 1.0009 | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Dollar | ||||||||||||||||||||
Net assets | $ | 16,160,515 | $ | 3,131,534,354 | $ | 17,936 | $ | 98,150,785 | $ | 1,512,071,720 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(c) | 16,157,942 | 3,131,013,817 | 17,917 | 98,063,080 | 1,511,828,989 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | $ | 1.0010 | $ | 1.0009 | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Premier | ||||||||||||||||||||
Net assets | $ | 36,506 | $ | 36,506 | $ | 36,517 | $ | — | $ | 36,506 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(c) | 36,500 | 36,500 | 36,478 | — | 36,500 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | 1.00 | $ | 1.0011 | $ | — | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Private Client | ||||||||||||||||||||
Net assets | $ | — | $ | 278,111 | $ | — | $ | 22,159,167 | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(c) | — | 278,065 | — | 22,138,600 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | — | $ | 1.00 | $ | — | $ | 1.0009 | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Select | ||||||||||||||||||||
Net assets | $ | — | $ | 305,207,961 | $ | — | $ | — | $ | 42,606,371 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(c) | — | 305,157,228 | — | — | 42,599,532 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | — | $ | 1.00 | $ | — | $ | — | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
(c) | Unlimited number of shares authorized, no par value. |
See notes to financial statements.
64 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (unaudited) (continued)
April 30, 2020
Treasury Trust Fund | MuniCash | MuniFund | California Money Fund | New York Money Fund | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Investments at value — unaffiliated(a) | $ | 80,287,084,325 | $ | 6,271,369,327 | $ | 104,547,943 | $ | 286,725,312 | $ | 255,529,990 | ||||||||||
Cash | 2,354,779,978 | 2,495,170 | 113,796 | 60,474 | 10,198 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Investments sold | — | 11,250,000 | — | 45,720,000 | — | |||||||||||||||
Capital shares sold | 243,962,549 | — | — | — | — | |||||||||||||||
Interest — unaffiliated | 26,004,943 | 15,538,760 | 312,009 | 431,209 | 174,736 | |||||||||||||||
From the Manager | — | — | 7,583 | — | — | |||||||||||||||
From affiliate(s) | 6,786 | — | 2,028 | 2,159 | 3,230 | |||||||||||||||
Prepaid expenses | 879,052 | 343,822 | 103,644 | 27,291 | 49,035 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total assets | 82,912,717,633 | 6,300,997,079 | 105,087,003 | 332,966,445 | 255,767,189 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LIABILITIES | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Investments purchased | 3,963,578,964 | 29,279,852 | — | — | — | |||||||||||||||
Capital shares redeemed | 243,426,937 | — | — | — | — | |||||||||||||||
Custodian fees | 205,648 | 22,821 | 6,017 | 1,603 | 4,660 | |||||||||||||||
Income dividend distributions | 14,731,262 | 1,434,069 | 16,206 | 20,235 | 48,196 | |||||||||||||||
Management fees | 10,331,894 | 993,878 | 42 | 49,784 | 28,961 | |||||||||||||||
Trustees’ and Officer’s fees | — | 380 | — | — | — | |||||||||||||||
Printing fees | 22,056 | 17,899 | 18,186 | 19,606 | 19,333 | |||||||||||||||
Professional fees | 16,452 | 33,720 | 36,483 | 41,453 | 43,569 | |||||||||||||||
Registration fees | 582,291 | — | 8,532 | — | — | |||||||||||||||
Service and distribution fees | 448,556 | 551 | 3,594 | — | 94 | |||||||||||||||
Transfer agent fees | 61,114 | 19,624 | 1,668 | 877 | 267 | |||||||||||||||
Other accrued expenses | 7,953 | 4,146 | 1,140 | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total liabilities | 4,233,413,127 | 31,806,940 | 91,868 | 133,558 | 145,080 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET ASSETS | $ | 78,679,304,506 | $ | 6,269,190,139 | $ | 104,995,135 | $ | 332,832,887 | $ | 255,622,109 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET ASSETS CONSIST OF | ||||||||||||||||||||
Paid-in capital | $ | 78,672,536,196 | $ | 6,268,734,034 | $ | 104,987,820 | $ | 332,824,001 | $ | 255,622,119 | ||||||||||
Accumulated earnings (loss) | 6,768,310 | 456,105 | 7,315 | 8,886 | (10 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET ASSETS | $ | 78,679,304,506 | $ | 6,269,190,139 | $ | 104,995,135 | $ | 332,832,887 | $ | 255,622,109 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
(a) Investments at cost — unaffiliated | $ | 80,287,084,325 | $ | 6,270,881,174 | $ | 104,547,943 | $ | 286,721,192 | $ | 255,530,000 |
See notes to financial statements.
FINANCIAL STATEMENTS | 65 |
Statements of Assets and Liabilities (unaudited) (continued)
April 30, 2020
Treasury Trust Fund | MuniCash | MuniFund | California Money Fund | New York Money Fund | ||||||||||||||||
NET ASSET VALUE | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Net assets | $ | 76,563,137,434 | $ | 6,266,383,943 | $ | 81,209,567 | $ | 332,796,394 | $ | 255,585,609 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(b) | 76,556,551,172 | 6,265,149,538 | 81,064,243 | 332,780,435 | 255,580,926 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | 1.0002 | $ | 1.00 | $ | 1.0000 | $ | 1.0000 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Administration | ||||||||||||||||||||
Net assets | $ | 496,573,486 | $ | — | $ | 16,954,365 | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(b) | 496,530,769 | — | 16,924,028 | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | — | $ | 1.00 | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Cash Management | ||||||||||||||||||||
Net assets | $ | 42,819,896 | $ | — | $ | — | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(b) | 42,816,212 | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | — | $ | — | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Cash Reserve | ||||||||||||||||||||
Net assets | $ | 106,739,625 | $ | — | $ | — | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(b) | 106,730,442 | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | — | $ | — | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Dollar | ||||||||||||||||||||
Net assets | $ | 1,384,789,582 | $ | 2,769,696 | $ | 4,337,572 | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(b) | 1,384,670,451 | 2,769,224 | 4,329,808 | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | 1.0002 | $ | 1.00 | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Premier | ||||||||||||||||||||
Net assets | $ | 36,503 | $ | 36,500 | $ | 36,566 | $ | 36,493 | $ | 36,500 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(b) | 36,500 | 36,493 | 36,500 | 36,492 | 36,500 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | 1.0002 | $ | 1.00 | $ | 1.0000 | $ | 1.0000 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Private Client | ||||||||||||||||||||
Net assets | $ | — | $ | — | $ | 291,584 | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(b) | — | — | 291,062 | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | — | $ | — | $ | 1.00 | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Select | ||||||||||||||||||||
Net assets | $ | 85,207,980 | $ | — | $ | 2,165,481 | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Share outstanding(b) | 85,200,650 | — | 2,161,605 | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value | $ | 1.00 | $ | — | $ | 1.00 | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
|
(b) | Unlimited number of shares authorized, no par value. |
See notes to financial statements.
66 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Operations (unaudited)
Six Months Ended April 30, 2020
Federal Trust Fund | FedFund | TempCash | TempFund | T-Fund | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||
Interest — unaffiliated | $ | 25,139,615 | $ | 838,016,922 | $ | 84,243,664 | $ | 87,758,922 | $ | 534,690,677 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investment income | 25,139,615 | 838,016,922 | 84,243,664 | 87,758,922 | 534,690,677 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
EXPENSES | ||||||||||||||||||||
Management | 4,271,748 | 118,099,431 | 11,038,410 | 11,178,386 | 76,032,343 | |||||||||||||||
Registration | 132,300 | 532,373 | 229,944 | 80,577 | 457,180 | |||||||||||||||
Service and distribution — class specific | 89,550 | 19,601,429 | 22 | 1,725,953 | 6,835,179 | |||||||||||||||
Professional | 36,866 | 72,986 | 43,117 | 20,207 | 148,106 | |||||||||||||||
Transfer agent | 31,038 | 472,391 | 32,220 | 195,881 | 228,863 | |||||||||||||||
Trustees and Officer | 23,784 | 224,117 | 49,911 | 68,409 | 212,080 | |||||||||||||||
Custodian | 23,226 | 446,559 | 73,106 | 79,705 | 560,365 | |||||||||||||||
Printing | 7,328 | 4,579 | 7,365 | 6,161 | 9,779 | |||||||||||||||
Miscellaneous | 21,487 | 314,468 | 44,233 | 41,495 | 240,065 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses | 4,637,327 | 139,768,333 | 11,518,328 | 13,396,774 | 84,723,960 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less: | ||||||||||||||||||||
Fees waived and/or reimbursed by the Manager | (1,237,135 | ) | (9,926,347 | ) | (2,517,289 | ) | (2,354,116 | ) | (7,195,684 | ) | ||||||||||
Service and distribution fees waived — class specific | (2,807 | ) | (1,300,583 | ) | — | (15,199 | ) | (792,310 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses after fees waived and/or reimbursed | 3,397,385 | 128,541,403 | 9,001,039 | 11,027,459 | 76,735,966 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 21,742,230 | 709,475,519 | 75,242,625 | 76,731,463 | 457,954,711 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments — unaffiliated | 628,833 | 26,093,645 | (1,346,667 | ) | (915,951 | ) | 10,770,805 | |||||||||||||
Payment by affiliate | — | — | — | 14,497 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
628,833 | 26,093,645 | (1,346,667 | ) | (901,454 | ) | 10,770,805 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation on investments | — | — | 2,116,214 | 859,541 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 22,371,063 | $ | 735,569,164 | $ | 76,012,172 | $ | 76,689,550 | $ | 468,725,516 | ||||||||||
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 67 |
Statements of Operations (unaudited) (continued)
Six Months Ended April 30, 2020
Treasury Trust Fund | MuniCash | MuniFund | California Money Fund | New York Money Fund | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||
Interest — unaffiliated | $ | 304,659,303 | $ | 35,277,958 | $ | 1,151,858 | $ | 1,924,319 | $ | 1,827,973 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investment income | 304,659,303 | 35,277,958 | 1,151,858 | 1,924,319 | 1,827,973 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
EXPENSES | ||||||||||||||||||||
Management | 44,596,266 | 6,987,924 | 319,938 | 636,490 | 558,441 | |||||||||||||||
Service and distribution — class specific | 2,123,152 | 3,005 | 24,998 | — | — | |||||||||||||||
Registration | 475,767 | 189,739 | 84,939 | 33,953 | 45,575 | |||||||||||||||
Custodian | 212,181 | 51,824 | 6,412 | 11,536 | 5,428 | |||||||||||||||
Trustees and Officer | 190,032 | 32,605 | 4,345 | 4,585 | 4,011 | |||||||||||||||
Transfer agent | 119,449 | 19,197 | 5,930 | 1,826 | 1,496 | |||||||||||||||
Professional | 43,613 | 51,341 | 33,322 | 48,754 | 43,941 | |||||||||||||||
Printing | 5,390 | 6,759 | 6,958 | 5,486 | 5,540 | |||||||||||||||
Miscellaneous | 126,978 | 30,482 | 16,826 | 6,527 | 6,088 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses | 47,892,828 | 7,372,876 | 503,668 | 749,157 | 670,520 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less: | ||||||||||||||||||||
Fees waived and/or reimbursed by the Manager | (4,583,979 | ) | (1,818,888 | ) | (295,813 | ) | (409,662 | ) | (372,799 | ) | ||||||||||
Service and distribution fees waived — class specific | (162,384 | ) | (68 | ) | (1,782 | ) | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses after fees waived and/or reimbursed | 43,146,465 | 5,553,920 | 206,073 | 339,495 | 297,721 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 261,512,838 | 29,724,038 | 945,785 | 1,584,824 | 1,530,252 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||
Net realized gain from investments | 4,151,665 | 23,407 | 8,047 | 4,451 | — | |||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | — | 228,745 | — | 3,472 | (83 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 265,664,503 | $ | 29,976,190 | $ | 953,832 | $ | 1,592,747 | $ | 1,530,169 | ||||||||||
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
68 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets
Federal Trust Fund | FedFund | |||||||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended 10/31/19 | Six Months Ended (unaudited) | Year Ended 10/31/19 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 21,742,230 | $ | 66,974,536 | $ | 709,475,519 | $ | 2,054,702,854 | ||||||||||||
Net realized gain | 628,833 | 183,090 | 26,093,645 | 4,500,454 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | 22,371,063 | 67,157,626 | 735,569,164 | 2,059,203,308 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Institutional | (21,231,588 | ) | (64,640,720 | ) | (614,705,226 | ) | (1,709,971,371 | ) | ||||||||||||
Administration | (458,558 | ) | (1,898,550 | ) | (15,389,607 | ) | (53,405,549 | ) | ||||||||||||
Capital | — | — | (46,753,564 | ) | (159,322,016 | ) | ||||||||||||||
Cash Management | (43,943 | ) | (205,923 | ) | (1,554,675 | ) | (4,198,637 | ) | ||||||||||||
Cash Reserve | (2,338 | ) | (11,900 | ) | (21,035,688 | ) | (83,946,800 | ) | ||||||||||||
Dollar | (64,799 | ) | (217,261 | ) | (11,537,172 | ) | (40,565,639 | ) | ||||||||||||
Premier | (222 | ) | (182 | ) | (217 | ) | (185 | ) | ||||||||||||
Private Client | — | — | (928 | ) | (5,702 | ) | ||||||||||||||
Select | — | — | (617,129 | ) | (3,014,409 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Decrease in net assets resulting from distributions to shareholders | (21,801,448 | ) | (66,974,536 | ) | (711,594,206 | ) | (2,054,430,308 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase in net assets derived from capital share transactions | 2,040,976,612 | 446,167,544 | 66,017,735,100 | 24,206,521,354 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase in net assets | 2,041,546,227 | 446,350,634 | 66,041,710,058 | 24,211,294,354 | ||||||||||||||||
Beginning of period | 3,546,211,760 | 3,099,861,126 | 111,904,555,253 | 87,693,260,899 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 5,587,757,987 | $ | 3,546,211,760 | $ | 177,946,265,311 | $ | 111,904,555,253 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL STATEMENTS | 69 |
Statements of Changes in Net Assets (continued)
TempCash | TempFund | |||||||||||||||||||
Six Months Ended (unaudited) | Year Ended 10/31/19 | Six Months Ended (unaudited) | Year Ended 10/31/19 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 75,242,625 | $ | 179,982,250 | $ | 76,731,463 | $ | 293,120,921 | ||||||||||||
Net realized gain (loss) | (1,346,667 | ) | 245,208 | (901,454 | ) | 917,720 | ||||||||||||||
Net change in unrealized appreciation (depreciation) | 2,116,214 | 2,095,321 | 859,541 | 2,183,170 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | 76,012,172 | 182,322,779 | 76,689,550 | 296,221,811 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Institutional | (75,245,260 | ) | (179,979,611 | ) | (72,940,732 | ) | (278,642,112 | ) | ||||||||||||
Administration | — | — | (314,399 | ) | (565,276 | ) | ||||||||||||||
Cash Management | — | — | (2,933,141 | ) | (11,905,587 | ) | ||||||||||||||
Cash Reserve | — | — | (29,737 | ) | (105,199 | ) | ||||||||||||||
Dollar | (107 | ) | (2,440 | ) | (501,105 | ) | (1,869,891 | ) | ||||||||||||
Premier | (264 | ) | (199 | ) | — | — | ||||||||||||||
Private Client | — | — | (12,349 | ) | (32,851 | ) | ||||||||||||||
Select | — | — | — | (5 | ) | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Decrease in net assets resulting from distributions to shareholders | (75,245,631 | ) | (179,982,250 | ) | (76,731,463 | ) | (293,120,921 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (2,004,177,891 | ) | 5,158,038,403 | (3,281,100,077 | ) | (1,710,131,706 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | (2,003,411,350 | ) | 5,160,378,932 | (3,281,141,990 | ) | (1,707,030,816 | ) | |||||||||||||
Beginning of period | 10,035,707,464 | 4,875,328,532 | 11,361,941,334 | 13,068,972,150 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 8,032,296,114 | $ | 10,035,707,464 | $ | 8,080,799,344 | $ | 11,361,941,334 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
70 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets (continued)
T-Fund | Treasury Trust Fund | |||||||||||||||||||
Six Months Ended (unaudited) | Year Ended 10/31/19 | Six Months Ended (unaudited) | Year Ended 10/31/19 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 457,954,711 | $ | 1,527,915,850 | $ | 261,512,838 | $ | 766,253,135 | ||||||||||||
Net realized gain | 10,770,805 | 3,559,276 | 4,151,665 | 2,608,922 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | 468,725,516 | 1,531,475,126 | 265,664,503 | 768,862,057 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Institutional | (391,669,363 | ) | (1,253,377,617 | ) | (254,163,068 | ) | (741,963,297 | ) | ||||||||||||
Administration | (3,552,538 | ) | (18,816,448 | ) | (2,675,098 | ) | (8,288,440 | ) | ||||||||||||
Capital | (55,814,728 | ) | (224,500,604 | ) | — | — | ||||||||||||||
Cash Management | (3,537,282 | ) | (11,995,387 | ) | (121,718 | ) | (305,549 | ) | ||||||||||||
Cash Reserve | (379,690 | ) | (2,625,690 | ) | (419,816 | ) | (1,293,406 | ) | ||||||||||||
Dollar | (3,931,524 | ) | (16,786,002 | ) | (4,825,480 | ) | (13,904,914 | ) | ||||||||||||
Premier | (210 | ) | (183 | ) | (219 | ) | (178 | ) | ||||||||||||
Select | (35,197 | ) | (263,265 | ) | (132,137 | ) | (497,351 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Decrease in net assets resulting from distributions to shareholders | (458,920,532 | ) | (1,528,365,196 | ) | (262,337,536 | ) | (766,253,135 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase in net assets derived from capital share transactions | 12,607,706,478 | 6,494,614,343 | 38,355,894,859 | 8,830,157,211 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase in net assets | 12,617,511,462 | 6,497,724,273 | 38,359,221,826 | 8,832,766,133 | ||||||||||||||||
Beginning of period | 78,163,121,983 | 71,665,397,710 | 40,320,082,680 | 31,487,316,547 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 90,780,633,445 | $ | 78,163,121,983 | $ | 78,679,304,506 | $ | 40,320,082,680 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL STATEMENTS | 71 |
Statements of Changes in Net Assets (continued)
MuniCash | MuniFund | |||||||||||||||||||
Six Months Ended (unaudited) | Year Ended 10/31/19 | Six Months Ended (unaudited) | Year Ended 10/31/19 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 29,724,038 | $ | 63,985,665 | $ | 945,785 | $ | 3,326,322 | ||||||||||||
Net realized gain (loss) | 23,407 | (55,451 | ) | 8,047 | 1,155 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | 228,745 | 308,693 | — | — | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | 29,976,190 | 64,238,907 | 953,832 | 3,327,477 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Institutional | (29,713,398 | ) | (64,136,910 | ) | (842,477 | ) | (3,023,212 | ) | ||||||||||||
Administration | — | — | (79,572 | ) | (225,733 | ) | ||||||||||||||
Dollar | (10,443 | ) | (25,575 | ) | (18,759 | ) | (52,830 | ) | ||||||||||||
Premier | (197 | ) | (114 | ) | (196 | ) | (119 | ) | ||||||||||||
Private Client | — | — | (893 | ) | (2,800 | ) | ||||||||||||||
Select | — | — | (3,888 | ) | (21,628 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Decrease in net assets resulting from distributions to shareholders | (29,724,038 | ) | (64,162,599 | ) | (945,785 | ) | (3,326,322 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 1,083,771,357 | 1,190,645,713 | (112,315,852 | ) | 2,149,102 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | 1,084,023,509 | 1,190,722,021 | (112,307,805 | ) | 2,150,257 | |||||||||||||||
Beginning of period | 5,185,166,630 | 3,994,444,609 | 217,302,940 | 215,152,683 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 6,269,190,139 | $ | 5,185,166,630 | $ | 104,995,135 | $ | 217,302,940 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
72 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets (continued)
California Money Fund | New York Money Fund | |||||||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended 10/31/19 | Six Months Ended 04/30/20 (unaudited) | Year Ended 10/31/19 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 1,584,824 | $ | 3,470,737 | $ | 1,530,252 | $ | 1,886,518 | ||||||||||||
Net realized gain | 4,451 | — | — | — | ||||||||||||||||
Net change in unrealized appreciation (depreciation) | 3,472 | 591 | (83 | ) | 53 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | 1,592,747 | 3,471,328 | 1,530,169 | 1,886,571 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Institutional | (1,584,659 | ) | (3,470,643 | ) | (1,530,057 | ) | (1,886,407 | ) | ||||||||||||
Premier | (165 | ) | (94 | ) | (195 | ) | (111 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Decrease in net assets resulting from distributions to shareholders | (1,584,824 | ) | (3,470,737 | ) | (1,530,252 | ) | (1,886,518 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (64,499,446 | ) | 228,031,195 | 12,083,852 | 197,471,918 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | (64,491,523 | ) | 228,031,786 | 12,083,769 | 197,471,971 | |||||||||||||||
Beginning of period | 397,324,410 | 169,292,624 | 243,538,340 | 46,066,369 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 332,832,887 | $ | 397,324,410 | $ | 255,622,109 | $ | 243,538,340 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL STATEMENTS | 73 |
(For a share outstanding throughout each period)
Federal Trust Fund | ||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Net investment income | 0.0056 | 0.0214 | 0.0151 | 0.0059 | 0.0016 | 0.0001 | ||||||||||||||||||||||
Net realized gain (loss) | 0.0005 | 0.0000 | (a) | (0.0001 | ) | 0.0001 | 0.0000 | (a) | 0.0000 | (a) | ||||||||||||||||||
Net increase from investment operations | 0.0061 | 0.0214 | 0.0150 | 0.0060 | 0.0016 | 0.0001 | ||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0061 | ) | (0.0214 | ) | (0.0150 | ) | (0.0060 | ) | (0.0016 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | — | (0.0000 | )(c) | — | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||||
Total distributions | (0.0061 | ) | (0.0214 | ) | (0.0150 | ) | (0.0060 | ) | (0.0016 | ) | (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 | 0.61% | (e) | 2.16% | 1.51% | 0.61% | 0.16% | 0.01% | |||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.23% | (f) | 0.25% | 0.24% | 0.24% | 0.28% | 0.33% | |||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.17% | (f) | 0.17% | 0.17% | 0.17% | 0.18% | 0.08% | |||||||||||||||||||||
Net investment income | 1.12% | (f) | 2.14% | 1.51% | 0.59% | 0.19% | 0.01% | |||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 5,447,606 | $ | 3,442,530 | $ | 2,996,754 | $ | 2,756,560 | $ | 3,142,077 | $ | 331,549 |
(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 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
Federal Trust Fund | ||||||||||||||||||||||||||||
Administration | ||||||||||||||||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Net investment income | 0.0054 | 0.0204 | 0.0140 | 0.0056 | 0.0007 | 0.0001 | ||||||||||||||||||||||
Net realized gain (loss) | 0.0002 | 0.0000 | (a) | 0.0000 | (a) | (0.0006 | ) | — | 0.0000 | (a) | ||||||||||||||||||
Net increase from investment operations | 0.0056 | 0.0204 | 0.0140 | 0.0050 | 0.0007 | 0.0001 | ||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0056 | ) | (0.0204 | ) | (0.0140 | ) | (0.0050 | ) | (0.0007 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | — | (0.0000 | )(c) | — | (0.0000 | )(c) | — | (0.0000 | )(c) | |||||||||||||||||||
Total distributions | (0.0056 | ) | (0.0204 | ) | (0.0140 | ) | (0.0050 | ) | (0.0007 | ) | (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 | 0.56% | (e) | 2.06% | 1.41% | 0.51% | 0.06% | 0.01% | |||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.34% | (f) | 0.35% | 0.34% | 0.34% | 0.37% | 0.43% | |||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.27% | (f) | 0.27% | 0.27% | 0.27% | 0.28% | 0.08% | |||||||||||||||||||||
Net investment income | 1.09% | (f) | 2.05% | 1.40% | 0.56% | 0.11% | 0.01% | |||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 107,513 | $ | 80,271 | $ | 75,807 | $ | 68,102 | $ | 42,205 | $ | — | (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 $1,000. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 75 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
Federal Trust Fund | ||||||||||||||||||||||||||||
Cash Management | ||||||||||||||||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended October 31, | Period from 04/18/16 (a) to 10/31/16 | ||||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
Net investment income | 0.0037 | 0.0164 | 0.0099 | 0.0012 | 0.0000 | (b) | ||||||||||||||||||||||
Net realized gain | 0.0000 | (b) | 0.0000 | (b) | 0.0001 | 0.0004 | — | |||||||||||||||||||||
Net increase from investment operations | 0.0037 | 0.0164 | 0.0100 | 0.0016 | 0.0000 | |||||||||||||||||||||||
Distributions (c) | ||||||||||||||||||||||||||||
From net investment income | (0.0037 | ) | (0.0164 | ) | (0.0100 | ) | (0.0016 | ) | (0.0000 | )(d) | ||||||||||||||||||
From net realized gain | — | (0.0000 | )(d) | — | (0.0000 | )(d) | — | |||||||||||||||||||||
Total distributions | (0.0037 | ) | (0.0164 | ) | (0.0100 | ) | (0.0016 | ) | (0.0000 | ) | ||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
Total Return (e) | ||||||||||||||||||||||||||||
Based on net asset value | 0.38% | (f) | 1.65% | 1.01% | 0.16% | 0.00% | (f) | |||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.74% | (g) | 0.75% | 0.74% | 0.74% | 0.69% | (g) | |||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.64% | (g) | 0.67% | 0.67% | 0.59% | 0.34% | (g) | |||||||||||||||||||||
Net investment income | 0.74% | (g) | 1.65% | 0.99% | 0.12% | 0.00% | (g) | |||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 16,057 | $ | 11,839 | $ | 13,175 | $ | 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.
76 | 2020 BLACK ROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
Federal Trust Fund | ||||||||||||||||||||||||||||||||
Cash Reserve | ||||||||||||||||||||||||||||||||
Six Months Ended 04/30/20 | Year Ended October 31, | Period from 04/18/16 (a) | ||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.0061 | 0.0314 | 0.0108 | 0.0022 | 0.0000 | (b) | ||||||||||||||||||||||||||
Net realized gain | 0.0000 | (b) | 0.0001 | 0.0002 | 0.0001 | — | ||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net increase from investment operations | 0.0061 | 0.0315 | 0.0110 | 0.0023 | 0.0000 | |||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Distributions (c) | ||||||||||||||||||||||||||||||||
From net investment income | (0.0061 | ) | (0.0315 | ) | (0.0110 | ) | (0.0023 | ) | (0.0000 | )(d) | ||||||||||||||||||||||
From net realized gain | — | (0.0000 | )(d) | — | (0.0000 | )(d) | — | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total distributions | (0.0061 | ) | (0.0315 | ) | (0.0110 | ) | (0.0023 | ) | (0.0000 | ) | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total Return (e) | ||||||||||||||||||||||||||||||||
Based on net asset value | 0.61% | (f) | 3.19% | 1.11% | 0.23% | 0.00% | (f) | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses | 0.64% | (g) | 0.65% | 0.64% | 0.64% | 0.61% | (g) | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.17% | (g) | 0.28% | 0.57% | 0.54% | 0.35% | (g) | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 1.22% | (g) | 3.14% | 1.08% | 0.22% | 0.00% | (g) | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 385 | $ | 383 | $ | 374 | $ | 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 | 77 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
Federal Trust Fund | ||||||||||||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||||||||||
Six Months Ended 04/30/20 | Year Ended October 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.0047 | 0.0189 | 0.0116 | 0.0035 | 0.0000 | (a) | 0.0001 | |||||||||||||||||||||||||
Net realized gain | 0.0002 | 0.0000 | (a) | 0.0009 | 0.0001 | 0.0000 | (a) | 0.0000 | (a) | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net increase from investment operations | 0.0049 | 0.0189 | 0.0125 | 0.0036 | 0.0000 | 0.0001 | ||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Distributions (b) | ||||||||||||||||||||||||||||||||
From net investment income | (0.0049 | ) | (0.0189 | ) | (0.0125 | ) | (0.0036 | ) | (0.0000 | )(c) | (0.0001 | ) | ||||||||||||||||||||
From net realized gain | — | (0.0000 | )(c) | — | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total distributions | (0.0049 | ) | (0.0189 | ) | (0.0125 | ) | (0.0036 | ) | (0.0000 | ) | (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) | 1.91% | 1.26% | 0.36% | 0.00% | 0.01% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses | 0.49% | (f) | 0.50% | 0.49% | 0.49% | 0.52% | 0.58% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.42% | (f) | 0.42% | 0.42% | 0.42% | 0.38% | 0.08% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.94% | (f) | 1.90% | 1.16% | 0.35% | 0.00% | 0.01% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 16,161 | $ | 11,152 | $ | 13,751 | $ | 133,962 | $ | 242,959 | $ | 2,105 | ||||||||||||||||||||
|
|
(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 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
Federal Trust Fund | ||||||||||||
Premier | ||||||||||||
Six Months Ended 04/30/20 (unaudited) | Period from 07/26/19 (a) to 10/31/19 | |||||||||||
| ||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | ||||||||
|
| |||||||||||
Net investment income | 0.0061 | 0.0050 | ||||||||||
Net realized gain | 0.0000 | (b) | 0.0000 | (b) | ||||||||
|
| |||||||||||
Net increase from investment operations | 0.0061 | 0.0050 | ||||||||||
|
| |||||||||||
Distributions (c) | ||||||||||||
From net investment income | (0.0061 | ) | (0.0050 | ) | ||||||||
From net realized gain | — | (0.0000 | )(d) | |||||||||
|
| |||||||||||
Total distributions | (0.0061 | ) | (0.0050 | ) | ||||||||
|
| |||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | ||||||||
|
| |||||||||||
Total Return (e) | ||||||||||||
Based on net asset value | 0.61% | (f) | 0.50% | (f) | ||||||||
|
| |||||||||||
Ratios to Average Net Assets | ||||||||||||
Total expenses | 0.24% | (g) | 0.24% | (g) | ||||||||
|
| |||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.17% | (g) | 0.17% | (g) | ||||||||
|
| |||||||||||
Net investment income | 1.22% | (g) | 1.91% | (g) | ||||||||
|
| |||||||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000) | $ | 37 | $ | 37 | ||||||||
|
|
(a) | Recommencement 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 | 79 |
Financial Highlights
(For a share outstanding throughout each period)
FedFund | ||||||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||||||
Six Months Ended 04/30/20 | Year Ended October 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.0055 | 0.0217 | 0.0152 | 0.0065 | 0.0023 | 0.0002 | ||||||||||||||||||||||||||
Net realized gain | 0.0005 | 0.0001 | 0.0001 | 0.0001 | 0.0000 | (a) | 0.0000 | (a) | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net increase from investment operations | 0.0060 | 0.0218 | 0.0153 | 0.0066 | 0.0023 | 0.0002 | ||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||||||
From net investment income | (0.0060 | ) | (0.0218 | ) | (0.0153 | ) | (0.0066 | ) | (0.0023 | ) | (0.0002 | ) | ||||||||||||||||||||
From net realized gain | — | — | — | — | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total distributions | (0.0060 | ) | (0.0218 | ) | (0.0153 | ) | (0.0066 | ) | (0.0023 | ) | (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 | 0.60% | (e) | 2.20% | 1.54% | 0.66% | 0.23% | 0.02% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses | 0.19% | (f) | 0.19% | 0.19% | 0.19% | 0.21% | 0.21% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.17% | (f) | 0.17% | 0.17% | 0.15% | 0.12% | 0.12% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 1.12% | (f) | 2.17% | 1.52% | 0.65% | 0.28% | 0.02% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 156,129,247 | $ | 93,106,503 | $ | 74,278,100 | $ | 78,004,801 | $ | 84,001,937 | $ | 11,361,624 | ||||||||||||||||||||
|
|
(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 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
FedFund | ||||||||||||||||||||||||||||||||
Administration | ||||||||||||||||||||||||||||||||
Six Months Ended 04/30/20 | Year Ended October 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.0053 | 0.0207 | 0.0145 | 0.0057 | 0.0014 | 0.0001 | ||||||||||||||||||||||||||
Net realized gain (loss) | 0.0002 | 0.0001 | (0.0002 | ) | (0.0001 | ) | 0.0000 | (a) | 0.0000 | (a) | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net increase from investment operations | 0.0055 | 0.0208 | 0.0143 | 0.0056 | 0.0014 | 0.0001 | ||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||||||
From net investment income | (0.0055 | ) | (0.0208 | ) | (0.0143 | ) | (0.0056 | ) | (0.0014 | ) | (0.0001 | ) | ||||||||||||||||||||
From net realized gain | — | — | — | — | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total distributions | (0.0055 | ) | (0.0208 | ) | (0.0143 | ) | (0.0056 | ) | (0.0014 | ) | (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) | 2.10% | 1.44% | 0.56% | 0.14% | 0.02% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses | 0.29% | (f) | 0.29% | 0.29% | 0.29% | 0.31% | 0.31% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.27% | (f) | 0.27% | 0.27% | 0.26% | 0.21% | 0.13% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 1.06% | (f) | 2.07% | 1.45% | 0.57% | 0.17% | 0.02% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 3,112,863 | $ | 2,870,758 | $ | 2,500,290 | $ | 2,436,503 | $ | 1,693,932 | $ | 346,593 | ||||||||||||||||||||
|
|
(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)
FedFund | ||||||||||||||||
|
| |||||||||||||||
Capital | ||||||||||||||||
|
| |||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended 10/31/2019 | Period from 11/10/17 (a) to 10/31/18 | ||||||||||||||
| ||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
|
| |||||||||||||||
Net investment income | 0.0056 | 0.0213 | 0.0172 | |||||||||||||
Net realized gain (loss) | 0.0001 | 0.0001 | (0.0026 | ) | ||||||||||||
|
| |||||||||||||||
Net increase from investment operations | 0.0057 | 0.0214 | 0.0146 | |||||||||||||
|
| |||||||||||||||
Distributions from net investment income(b) | (0.0057 | ) | (0.0214 | ) | (0.0146 | ) | ||||||||||
|
| |||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
|
| |||||||||||||||
Total Return(c) | ||||||||||||||||
Based on net asset value | 0.57% | (d) | 2.16% | 1.47% | (d) | |||||||||||
|
| |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||
Total expenses | 0.24% | (e) | 0.24% | 0.24% | (e) | |||||||||||
|
| |||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.22% | (e) | 0.21% | 0.21% | (e) | |||||||||||
|
| |||||||||||||||
Net investment income | 1.13% | (e) | 2.13% | 1.77% | (e) | |||||||||||
|
| |||||||||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (000) | $ | 9,181,766 | $ | 8,078,893 | $ | 7,138,766 | ||||||||||
|
|
(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.
82 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
FedFund | ||||||||||||||||||||||||||||||||
Cash Management | ||||||||||||||||||||||||||||||||
Six Months Ended 04/30/20 | Year Ended October 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.0035 | 0.0165 | 0.0100 | 0.0020 | 0.0003 | 0.0001 | ||||||||||||||||||||||||||
Net realized gain | 0.0002 | 0.0003 | 0.0003 | 0.0001 | 0.0000 | (a) | 0.0000 | (a) | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net increase from investment operations | 0.0037 | 0.0168 | 0.0103 | 0.0021 | 0.0003 | 0.0001 | ||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||||||
From net investment income | (0.0037 | ) | (0.0168 | ) | (0.0103 | ) | (0.0021 | ) | (0.0003 | ) | (0.0001 | ) | ||||||||||||||||||||
From net realized gain | — | — | — | — | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total distributions | (0.0037 | ) | (0.0168 | ) | (0.0103 | ) | (0.0021 | ) | (0.0003 | ) | (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) | 1.69% | 1.04% | 0.21% | 0.04% | 0.02% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses | 0.69% | (f) | 0.69% | 0.69% | 0.69% | 0.71% | 0.71% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.62% | (f) | 0.67% | 0.67% | 0.61% | 0.36% | 0.13% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.71% | (f) | 1.65% | 1.00% | 0.20% | 0.03% | 0.01% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 511,289 | $ | 377,591 | $ | 154,607 | $ | 106,798 | $ | 90,565 | $ | 64,483 | ||||||||||||||||||||
|
|
(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)
FedFund | ||||||||||||||||||||||||||||||||
Cash Reserve | ||||||||||||||||||||||||||||||||
Six Months Ended 04/30/20 | Year Ended October 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.0040 | 0.0178 | 0.0115 | 0.0032 | 0.0003 | 0.0001 | ||||||||||||||||||||||||||
Net realized gain (loss) | 0.0001 | 0.0000 | (a) | (0.0002 | ) | (0.0004 | ) | 0.0000 | (a) | 0.0000 | (a) | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net increase from investment operations | 0.0041 | 0.0178 | 0.0113 | 0.0028 | 0.0003 | 0.0001 | ||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||||||
From net investment income | (0.0041 | ) | (0.0178 | ) | (0.0113 | ) | (0.0028 | ) | (0.0003 | ) | (0.0001 | ) | ||||||||||||||||||||
From net realized gain | — | — | — | — | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total distributions | (0.0041 | ) | (0.0178 | ) | (0.0113 | ) | (0.0028 | ) | (0.0003 | ) | (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 | 0.41% | (e) | 1.79% | 1.14% | 0.28% | 0.04% | 0.02% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses | 0.59% | (f) | 0.59% | 0.59% | 0.59% | 0.62% | 0.61% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.54% | (f) | 0.57% | 0.57% | 0.55% | 0.31% | 0.13% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.80% | (f) | 1.78% | 1.15% | 0.32% | 0.09% | 0.01% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 5,574,043 | $ | 4,907,193 | $ | 1,649,400 | $ | 814,974 | $ | 220,572 | $ | 5,442 | ||||||||||||||||||||
|
|
(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 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
FedFund | ||||||||||||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||||||||||
Six Months Ended 04/30/20 | Year Ended October 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.0043 | 0.0195 | 0.0129 | 0.0039 | 0.0004 | 0.0002 | ||||||||||||||||||||||||||
Net realized gain (loss) | 0.0004 | 0.0000 | (a) | (0.0001 | ) | 0.0002 | 0.0000 | (a) | 0.0000 | (a) | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net increase from investment operations | 0.0047 | 0.0195 | 0.0128 | 0.0041 | 0.0004 | 0.0002 | ||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||||||
From net investment income | (0.0047 | ) | (0.0195 | ) | (0.0128 | ) | (0.0041 | ) | (0.0004 | ) | (0.0002 | ) | ||||||||||||||||||||
From net realized gain | — | — | — | — | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total distributions | (0.0047 | ) | (0.0195 | ) | (0.0128 | ) | (0.0041 | ) | (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 | 0.47% | (e) | 1.97% | 1.29% | 0.41% | 0.04% | 0.02% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses | 0.44% | (f) | 0.44% | 0.44% | 0.44% | 0.46% | 0.46% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.42% | (f) | 0.42% | 0.42% | 0.40% | 0.34% | 0.13% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.87% | (f) | 1.95% | 1.29% | 0.39% | 0.04% | 0.01% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 3,131,534 | $ | 2,307,110 | $ | 1,776,032 | $ | 1,714,598 | $ | 2,029,496 | $ | 917,631 | ||||||||||||||||||||
|
|
(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 | 85 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
FedFund | ||||||||||||
|
| |||||||||||
Premier | ||||||||||||
|
| |||||||||||
Six Months Ended 04/30/20 (unaudited) | Period from 07/26/19(a) to 10/31/19 | |||||||||||
| ||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | ||||||||
|
| |||||||||||
Net investment income | 0.0059 | 0.0051 | ||||||||||
Net realized gain | 0.0001 | 0.0000 | (b) | |||||||||
|
| |||||||||||
Net increase from investment operations | 0.0060 | 0.0051 | ||||||||||
|
| |||||||||||
Distributions from net investment income (c) | (0.0060 | ) | (0.0051 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | ||||||||
|
| |||||||||||
Total Return (d) | ||||||||||||
Based on net asset value | 0.60% | (e) | 0.51% | (e) | ||||||||
|
| |||||||||||
Ratios to Average Net Assets | ||||||||||||
Total expenses | 0.19% | (f) | 0.19% | (f) | ||||||||
|
| |||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.17% | (f) | 0.17% | (f) | ||||||||
|
| |||||||||||
Net investment income | 1.19% | (f) | 1.95% | (f) | ||||||||
|
| |||||||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000) | $ | 37 | $ | 37 | ||||||||
|
|
(a) | Recommencement 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) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
86 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
FedFund | ||||||||||||||||||||||||||||||||
Private Client | ||||||||||||||||||||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.0036 | 0.0166 | 0.0090 | 0.0020 | 0.0003 | 0.0001 | ||||||||||||||||||||||||||
Net realized gain | 0.0001 | 0.0001 | 0.0012 | 0.0001 | 0.0000 | (a) | 0.0000 | (a) | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net increase from investment operations | 0.0037 | 0.0167 | 0.0102 | 0.0021 | 0.0003 | 0.0001 | ||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Distributions (b) | ||||||||||||||||||||||||||||||||
From net investment income | (0.0037 | ) | (0.0167 | ) | (0.0102 | ) | (0.0021 | ) | (0.0003 | ) | (0.0001 | ) | ||||||||||||||||||||
From net realized gain | — | — | — | — | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total distributions | (0.0037 | ) | (0.0167 | ) | (0.0102 | ) | (0.0021 | ) | (0.0003 | ) | (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) | 1.68% | 1.02% | 0.21% | 0.04% | 0.02% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses | 1.04% | (f) | 1.04% | 1.04% | 1.04% | 1.06% | 1.06% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.63% | (f) | 0.68% | 0.68% | 0.60% | 0.35% | 0.13% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.71% | (f) | 1.66% | 0.90% | 0.20% | 0.03% | 0.01% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 278 | $ | 230 | $ | 768 | $ | 1,782 | $ | 1,945 | $ | 3,777 | ||||||||||||||||||||
|
|
(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)
FedFund | ||||||||||||||||||||||||||||||||
Select | ||||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.0022 | 0.0133 | 0.0066 | 0.0005 | 0.0003 | 0.0001 | ||||||||||||||||||||||||||
Net realized gain (loss) | 0.0003 | 0.0002 | 0.0004 | (0.0001 | ) | 0.0000 | (a) | 0.0000 | (a) | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net increase from investment operations | 0.0025 | 0.0135 | 0.0070 | 0.0004 | 0.0003 | 0.0001 | ||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Distributions (b) | ||||||||||||||||||||||||||||||||
From net investment income | (0.0025 | ) | (0.0135 | ) | (0.0070 | ) | (0.0004 | ) | (0.0003 | ) | (0.0001 | ) | ||||||||||||||||||||
From net realized gain | — | — | — | — | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total distributions | (0.0025 | ) | (0.0135 | ) | (0.0070 | ) | (0.0004 | ) | (0.0003 | ) | (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 | 0.25% | (e) | 1.36% | 0.71% | 0.04% | 0.04% | 0.02% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses | 1.04% | (f) | 1.04% | 1.04% | 1.04% | 1.06% | 1.06% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.84% | (f) | 1.00% | 1.00% | 0.77% | 0.34% | 0.13% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.44% | (f) | 1.33% | 0.66% | 0.05% | 0.04% | 0.01% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 305,208 | $ | 256,241 | $ | 195,297 | $ | 340,742 | $ | 241,781 | $ | 205,658 | ||||||||||||||||||||
|
|
(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.
88 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights
(For a share outstanding throughout each period)
TempCash | ||||||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||||||
Six Months Ended 04/30/20 | Year Ended October 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0006 | $ | 1.0003 | $ | 1.0002 | $ | 1.0000 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.0075 | 0.0233 | 0.0188 | 0.0108 | 0.0027 | 0.0006 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.0001 | 0.0005 | (0.0010 | ) | (0.0022 | ) | 0.0002 | 0.0002 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net increase from investment operations | 0.0076 | 0.0238 | 0.0178 | 0.0086 | 0.0029 | 0.0008 | ||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Distributions(a) | ||||||||||||||||||||||||||||||||
From net investment income | (0.0072 | ) | (0.0235 | ) | (0.0177 | ) | (0.0084 | ) | (0.0027 | ) | (0.0006 | ) | ||||||||||||||||||||
From net realized gain | — | (0.0000 | )(b) | — | — | (0.0002 | ) | (0.0002 | ) | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total distributions | (0.0072 | ) | (0.0235 | ) | (0.0177 | ) | (0.0084 | ) | (0.0029 | ) | (0.0008 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 1.0010 | $ | 1.0006 | $ | 1.0003 | $ | 1.0002 | $ | 1.0000 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total Return(c) | ||||||||||||||||||||||||||||||||
Based on net asset value | 0.77% | (d) | 2.41% | 1.79% | 0.87% | 0.29% | 0.08% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses | 0.23% | (e) | 0.26% | 0.33% | 0.39% | 0.39% | 0.35% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.18% | (e) | 0.18% | 0.18% | 0.18% | 0.13% | 0.18% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 1.51% | (e) | 2.33% | 1.88% | 1.08% | 0.26% | 0.06% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 8,032,242 | $ | 10,035,653 | $ | 4,875,313 | $ | 1,713,352 | $ | 72,311 | $ | 1,142,790 | ||||||||||||||||||||
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) | Amount is greater than $(0.00005) per share. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Aggregate total return. |
(e) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 89 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
TempCash | ||||||||||||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||||||||||
Six Months Ended 04/30/20 | Year Ended October 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0006 | $ | 1.0003 | $ | 1.0002 | $ | 1.0000 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.0060 | 0.1405 | (a) | 0.0122 | 0.0058 | 0.0006 | 0.0001 | |||||||||||||||||||||||||
Net realized and unrealized gain | 0.0004 | 0.0156 | 0.0031 | 0.0004 | 0.0002 | 0.0002 | ||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net increase from investment operations | 0.0064 | 0.1561 | 0.0153 | 0.0062 | 0.0008 | 0.0003 | ||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||||||
From net investment income | (0.0060 | ) | (0.1558 | ) | (0.0152 | ) | (0.0060 | ) | (0.0006 | ) | (0.0001 | ) | ||||||||||||||||||||
From net realized gain | — | (0.0000 | )(c) | — | — | (0.0002 | ) | (0.0002 | ) | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total distributions | (0.0060 | ) | (0.1558 | ) | (0.0152 | ) | (0.0060 | ) | (0.0008 | ) | (0.0003 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 1.0010 | $ | 1.0006 | $ | 1.0003 | $ | 1.0002 | $ | 1.0000 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||||||
Based on net asset value | 0.64% | (e) | 15.90% | (a) | 1.54% | 0.62% | 0.08% | 0.03% | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses | 0.47% | (f) | 0.51% | 0.61% | 0.71% | 0.64% | 0.59% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.43% | (f) | 0.43% | 0.43% | 0.42% | 0.34% | 0.23% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 1.20% | (f) | 14.04% | (a) | 1.22% | 0.58% | 0.06% | 0.01% | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 18 | $ | 18 | $ | 15 | $ | 22,566 | $ | 25,994 | $ | 83,662 | ||||||||||||||||||||
|
|
(a) | Includes anon-recurring income payment, which impacted net investment income per share, total return and the net investment income ratio. Excluding this one time payment, the net investment income per share, the total return and the net investment income ratio were $0.0211, 2.15% and 2.10%, respectively. |
(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 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
TempCash | ||||||||||||
|
| |||||||||||
Premier | ||||||||||||
|
| |||||||||||
Six Months Ended 04/30/20 (unaudited) | Period from 07/26/19(a) to 10/31/19 | |||||||||||
| ||||||||||||
Net asset value, beginning of period | $ | 1.0007 | $ | 1.0006 | ||||||||
|
| |||||||||||
Net investment income | 0.0073 | 0.0055 | ||||||||||
Net realized and unrealized gain | 0.0003 | 0.0001 | ||||||||||
|
| |||||||||||
Net increase from investment operations | 0.0076 | 0.0056 | ||||||||||
|
| |||||||||||
Distributions (b) | ||||||||||||
From net investment income | (0.0072 | ) | (0.0055 | ) | ||||||||
From net realized gain | — | (0.0000 | )(c) | |||||||||
|
| |||||||||||
Total distributions | (0.0072 | ) | (0.0055 | ) | ||||||||
|
| |||||||||||
Net asset value, end of period | $ | 1.0011 | $ | 1.0007 | ||||||||
|
| |||||||||||
Total Return (d) | ||||||||||||
Based on net asset value | 0.77% | (e) | 0.56% | (e) | ||||||||
|
| |||||||||||
Ratios to Average Net Assets | ||||||||||||
Total expenses | 0.23% | (f) | 0.24% | (f) | ||||||||
|
| |||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.18% | (f) | 0.18% | (f) | ||||||||
|
| |||||||||||
Net investment income | 1.46% | (f) | 2.10% | (f) | ||||||||
|
| |||||||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000) | $ | 37 | $ | 37 | ||||||||
|
|
(a) | Recommencement 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.
FINANCIAL HIGHLIGHTS | 91 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
TempFund | ||||||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0006 | $ | 1.0003 | $ | 1.0003 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.0076 | 0.0237 | 0.0177 | 0.0100 | 0.0036 | 0.0008 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.0001 | ) | 0.0003 | 0.0001 | 0.0001 | 0.0004 | 0.0001 | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net increase from investment operations | 0.0075 | 0.0240 | 0.0178 | 0.0101 | 0.0040 | 0.0009 | ||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Distributions(a) | ||||||||||||||||||||||||||||||||
From net investment income | (0.0072 | ) | (0.0237 | ) | (0.0178 | ) | (0.0100 | ) | (0.0036 | ) | (0.0008 | ) | ||||||||||||||||||||
From net realized gain | — | (0.0000 | )(b) | — | — | (0.0002 | ) | (0.0001 | ) | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total distributions | (0.0072 | ) | (0.0237 | ) | (0.0178 | ) | (0.0100 | ) | (0.0038 | ) | (0.0009 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 1.0009 | $ | 1.0006 | $ | 1.0003 | $ | 1.0003 | $ | 1.0002 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total Return(c) | ||||||||||||||||||||||||||||||||
Based on net asset value | 0.75% | (d)(e) | 2.42% | 1.79% | 1.01% | 0.41% | 0.09% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses | 0.23% | (f) | 0.22% | 0.22% | 0.22% | 0.19% | 0.19% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.18% | (f) | 0.18% | 0.18% | 0.18% | 0.18% | 0.16% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 1.52% | (f) | 2.37% | 1.77% | 1.03% | 0.35% | 0.08% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 7,259,940 | $ | 10,609,770 | $ | 12,325,770 | $ | 12,940,766 | $ | 8,183,070 | $ | 62,215,214 | ||||||||||||||||||||
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) | Amount is greater than $(0.00005) per share. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Aggregate total return. |
(e) | Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
(f) | Annualized. |
See notes to financial statements.
92 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
TempFund | ||||||||||||||||||||||||||||||||
Administration | ||||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0006 | $ | 1.0004 | $ | 1.0004 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.0072 | 0.0227 | 0.0153 | 0.0090 | 0.0026 | 0.0002 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.0002 | ) | 0.0002 | 0.0015 | 0.0002 | 0.0004 | 0.0001 | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net increase from investment operations | 0.0070 | 0.0229 | 0.0168 | 0.0092 | 0.0030 | 0.0003 | ||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Distributions (a) | ||||||||||||||||||||||||||||||||
From net investment income | (0.0067 | ) | (0.0227 | ) | (0.0168 | ) | (0.0090 | ) | (0.0026 | ) | (0.0002 | ) | ||||||||||||||||||||
From net realized gain | — | (0.0000 | )(b) | — | — | (0.0002 | ) | (0.0001 | ) | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total distributions | (0.0067 | ) | (0.0227 | ) | (0.0168 | ) | (0.0090 | ) | (0.0028 | ) | (0.0003 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 1.0009 | $ | 1.0006 | $ | 1.0004 | $ | 1.0004 | $ | 1.0002 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total Return (c) | ||||||||||||||||||||||||||||||||
Based on net asset value | 0.70% | (d)(e) | 2.31% | 1.69% | 0.93% | 0.31% | 0.03% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses | 0.32% | (f) | 0.32% | 0.32% | 0.31% | 0.29% | 0.29% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.27% | (f) | 0.28% | 0.28% | 0.28% | 0.28% | 0.23% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 1.44% | (f) | 2.27% | 1.53% | 1.01% | 0.24% | 0.02% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 60,391 | $ | 42,214 | $ | 23,965 | $ | 106,520 | $ | 15,197 | $ | 2,843,390 | ||||||||||||||||||||
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) | Amount is greater than $(0.00005) per share. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Aggregate total return. |
(e) | Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 93 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
TempFund | ||||||||||||||||||||||||||||||||
Cash Management | ||||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0006 | $ | 1.0003 | $ | 1.0003 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.0047 | 0.0188 | 0.0127 | 0.0050 | 0.0000 | (a) | 0.0002 | |||||||||||||||||||||||||
Net realized and unrealized gain | 0.0003 | 0.0003 | 0.0001 | 0.0001 | 0.0004 | 0.0001 | ||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net increase from investment operations | 0.0050 | 0.0191 | 0.0128 | 0.0051 | 0.0004 | 0.0003 | ||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Distributions (b) | ||||||||||||||||||||||||||||||||
From net investment income | (0.0047 | ) | (0.0188 | ) | (0.0128 | ) | (0.0050 | ) | (0.0000 | )(c) | (0.0002 | ) | ||||||||||||||||||||
From net realized gain | — | (0.0000 | )(c) | — | — | (0.0002 | ) | (0.0001 | ) | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total distributions | (0.0047 | ) | (0.0188 | ) | (0.0128 | ) | (0.0050 | ) | (0.0002 | ) | (0.0003 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 1.0009 | $ | 1.0006 | $ | 1.0003 | $ | 1.0003 | $ | 1.0002 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total Return (d) | ||||||||||||||||||||||||||||||||
Based on net asset value | 0.50% | (e)(f) | 1.92% | 1.28% | 0.51% | 0.04% | 0.03% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses | 0.73% | (g) | 0.72% | 0.72% | 0.72% | 0.68% | 0.69% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.68% | (g) | 0.68% | 0.68% | 0.68% | 0.56% | 0.23% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.94% | (g) | 1.88% | 1.27% | 0.49% | 0.01% | 0.02% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 633,857 | $ | 624,658 | $ | 632,405 | $ | 688,373 | $ | 831,483 | $ | 403,371 | ||||||||||||||||||||
|
|
(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) | Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
(g) | Annualized. |
See notes to financial statements.
94 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
TempFund | ||||||||||||||||||||||||||||||||
Cash Reserve | ||||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0006 | $ | 1.0004 | $ | 1.0003 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.0053 | 0.0231 | 0.0143 | 0.0060 | 0.0004 | 0.0002 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.0006 | 0.0000 | (a) | (0.0004 | ) | 0.0001 | 0.0002 | 0.0001 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net increase from investment operations | 0.0059 | 0.0231 | 0.0139 | 0.0061 | 0.0006 | 0.0003 | ||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Distributions (b) | ||||||||||||||||||||||||||||||||
From net investment income | (0.0056 | ) | (0.0229 | ) | (0.0138 | ) | (0.0060 | ) | (0.0002 | ) | (0.0002 | ) | ||||||||||||||||||||
From net realized gain | — | (0.0000 | )(c) | — | — | (0.0002 | ) | (0.0001 | ) | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total distributions | (0.0056 | ) | (0.0229 | ) | (0.0138 | ) | (0.0060 | ) | (0.0004 | ) | (0.0003 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 1.0009 | $ | 1.0006 | $ | 1.0004 | $ | 1.0003 | $ | 1.0002 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total Return (d) | ||||||||||||||||||||||||||||||||
Based on net asset value | 0.59% | (e)(f) | 2.33% | 1.39% | 0.61% | 0.06% | 0.03% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses | 0.63% | (g) | 0.62% | 0.62% | 0.62% | 0.59% | 0.59% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.50% | (g) | 0.50% | 0.58% | 0.58% | 0.51% | 0.23% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 1.06% | (g) | 2.31% | 1.43% | 0.59% | 0.01% | 0.02% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 6,302 | $ | 4,296 | $ | 4,320 | $ | 3,341 | $ | 5,630 | $ | 16,693 | ||||||||||||||||||||
|
|
(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) | Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
(g) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 95 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
TempFund | ||||||||||||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0006 | $ | 1.0004 | $ | 1.0004 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.0058 | 0.0221 | 0.0151 | 0.0075 | 0.0013 | 0.0002 | ||||||||||||||||||||||||||
Net realized and unrealized gain | 0.0004 | 0.0001 | 0.0002 | 0.0002 | 0.0004 | 0.0001 | ||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net increase from investment operations | 0.0062 | 0.0222 | 0.0153 | 0.0077 | 0.0017 | 0.0003 | ||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Distributions (a) | ||||||||||||||||||||||||||||||||
From net investment income | (0.0059 | ) | (0.0220 | ) | (0.0153 | ) | (0.0075 | ) | (0.0013 | ) | (0.0002 | ) | ||||||||||||||||||||
From net realized gain | — | (0.0000 | )(b) | — | — | (0.0002 | ) | (0.0001 | ) | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total distributions | (0.0059 | ) | (0.0220 | ) | (0.0153 | ) | (0.0075 | ) | (0.0015 | ) | (0.0003 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 1.0009 | $ | 1.0006 | $ | 1.0004 | $ | 1.0004 | $ | 1.0002 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total Return (c) | ||||||||||||||||||||||||||||||||
Based on net asset value | 0.63% | (d)(e) | 2.24% | 1.54% | 0.77% | 0.17% | 0.03% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses | 0.48% | (f) | 0.47% | 0.47% | 0.47% | 0.44% | 0.44% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.43% | (f) | 0.43% | 0.43% | 0.43% | 0.42% | 0.22% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 1.16% | (f) | 2.21% | 1.51% | 0.78% | 0.13% | 0.02% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 98,151 | $ | 79,837 | $ | 80,471 | $ | 86,362 | $ | 91,943 | $ | 1,511,529 | ||||||||||||||||||||
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) | Amount is greater than $(0.00005) per share. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Aggregate total return. |
(e) | Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
(f) | Annualized. |
See notes to financial statements.
96 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
TempFund | ||||||||||||||||||||||||||||||||
Private Client | ||||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0006 | $ | 1.0004 | $ | 1.0003 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.0021 | 0.0190 | 0.0136 | 0.0050 | 0.0000 | (a) | 0.0002 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.0029 | (0.0001 | ) | (0.0007 | ) | 0.0001 | 0.0004 | 0.0001 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net increase from investment operations | 0.0050 | 0.0189 | 0.0129 | 0.0051 | 0.0004 | 0.0003 | ||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Distributions (b) | ||||||||||||||||||||||||||||||||
From net investment income | (0.0047 | ) | (0.0187 | ) | (0.0128 | ) | (0.0050 | ) | (0.0000 | )(c) | (0.0002 | ) | ||||||||||||||||||||
From net realized gain | — | (0.0000 | )(c) | — | — | (0.0002 | ) | (0.0001 | ) | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total distributions | (0.0047 | ) | (0.0187 | ) | (0.0128 | ) | (0.0050 | ) | (0.0002 | ) | (0.0003 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 1.0009 | $ | 1.0006 | $ | 1.0004 | $ | 1.0003 | $ | 1.0002 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total Return (d) | ||||||||||||||||||||||||||||||||
Based on net asset value | 0.50% | (e)(f) | 1.90% | 1.29% | 0.52% | 0.04% | 0.03% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses | 1.09% | (g) | 1.07% | 1.07% | 1.07% | 1.04% | 1.04% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.68% | (g) | 0.68% | 0.68% | 0.68% | 0.53% | 0.23% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Net investment income | 0.42% | (g) | 1.90% | 1.36% | 0.49% | 0.00% | 0.02% | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 22,159 | $ | 1,165 | $ | 2,042 | $ | 1,295 | $ | 1,649 | $ | 9,855 | ||||||||||||||||||||
|
|
(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) | Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
(g) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 97 |
Financial Highlights
(For a share outstanding throughout each period)
T-Fund | ||||||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
Net investment income | 0.0055 | 0.0215 | 0.0151 | 0.0063 | 0.0017 | 0.0001 | ||||||||||||||||||||||||||
Net realized gain (loss) | 0.0002 | 0.0001 | 0.0002 | (0.0001) | 0.0000 | (a) | 0.0001 | |||||||||||||||||||||||||
Net increase from investment operations | 0.0057 | 0.0216 | 0.0153 | 0.0062 | 0.0017 | 0.0002 | ||||||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||||||
From net investment income | (0.0057) | (0.0216) | (0.0153) | (0.0062) | (0.0017) | (0.0001) | ||||||||||||||||||||||||||
From net realized gain | (0.0000) | (c) | (0.0000) | (c) | (0.0000) | (c) | (0.0000) | (c) | (0.0000) | (c) | (0.0001) | |||||||||||||||||||||
Total distributions | (0.0057) | (0.0216) | (0.0153) | (0.0062) | (0.0017) | (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 | 0.58% | (e) | 2.18% | 1.54% | 0.62% | 0.17% | 0.02% | |||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses | 0.19% | (f) | 0.19% | 0.19% | 0.19% | 0.20% | 0.20% | |||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.17% | (f) | 0.17% | 0.17% | 0.17% | 0.17% | 0.08% | |||||||||||||||||||||||||
Net investment income | 1.11% | (f) | 2.15% | 1.51% | 0.63% | 0.18% | 0.01% | |||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 76,775,309 | $ | 65,112,830 | $ | 57,671,676 | $ | 53,092,342 | $ | 53,764,049 | $ | 19,598,433 |
(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 | 2020 BLACK ROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
T-Fund | ||||||||||||||||||||||||||||||||
Administration | ||||||||||||||||||||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
Net investment income | 0.0052 | 0.0206 | 0.0146 | 0.0061 | 0.0008 | 0.0001 | ||||||||||||||||||||||||||
Net realized gain (loss) | 0.0000 | (a) | 0.0000 | (a) | (0.0003 | ) | (0.0009 | ) | 0.0000 | (a) | 0.0001 | |||||||||||||||||||||
Net increase from investment operations | 0.0052 | 0.0206 | 0.0143 | 0.0052 | 0.0008 | 0.0002 | ||||||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||||||
From net investment income | (0.0052 | ) | (0.0206 | ) | (0.0143 | ) | (0.0052 | ) | (0.0008 | ) | (0.0001 | ) | ||||||||||||||||||||
From net realized gain | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0001 | ) | ||||||||||||||||||||
Total distributions | (0.0052 | ) | (0.0206 | ) | (0.0143 | ) | (0.0052 | ) | (0.0008 | ) | (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 | 0.53% | (e) | 2.08% | 1.43% | 0.52% | 0.08% | 0.02% | |||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses | 0.29% | (f) | 0.29% | 0.29% | 0.29% | 0.30% | 0.30% | |||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.27% | (f) | 0.27% | 0.27% | 0.27% | 0.26% | 0.08% | |||||||||||||||||||||||||
Net investment income | 1.07% | (f) | 2.08% | 1.46% | 0.61% | 0.12% | 0.01% | |||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 632,504 | $ | 733,783 | $ | 924,933 | $ | 685,250 | $ | 75,294 | $ | 5 |
(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)
T-Fund | ||||||||||||
Capital | ||||||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended 10/31/2019 | Period from to 10/31/18 | ||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Net investment income | 0.0055 | 0.0212 | 0.0172 | |||||||||
Net realized gain (loss) | 0.0000 | (b) | 0.0000 | (b) | (0.0027 | ) | ||||||
Net increase from investment operations | 0.0055 | 0.0212 | 0.0145 | |||||||||
Distributions(c) | ||||||||||||
From net investment income | (0.0055 | ) | (0.0212 | ) | (0.0145 | ) | ||||||
From net realized gain | (0.0000 | )(d) | (0.0000 | )(d) | (0.0000 | )(d) | ||||||
Total distributions | (0.0055 | ) | (0.0212 | ) | (0.0145 | ) | ||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Total Return(e) | ||||||||||||
Based on net asset value | 0.55% | (f) | 2.14% | 1.46% | (f) | |||||||
Ratios to Average Net Assets | ||||||||||||
Total expenses | 0.24% | (g) | 0.24% | 0.24% | (g) | |||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.22% | (g) | 0.21% | 0.21% | (g) | |||||||
Net investment income | 1.10% | (g) | 2.13% | 1.76% | (g) | |||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000) | $ | 10,615,987 | $ | 10,347,984 | $ | 10,978,658 | ||||||
(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.
100 | 2020 BLACK ROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
T-Fund | ||||||||||||||||||||||||||||||||
Cash Management | ||||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
Net investment income | 0.0035 | 0.0164 | 0.0103 | 0.0015 | 0.0001 | 0.0001 | ||||||||||||||||||||||||||
Net realized gain | 0.0001 | 0.0003 | 0.0000 | (a) | 0.0003 | 0.0000 | (a) | 0.0001 | ||||||||||||||||||||||||
Net increase from investment operations | 0.0036 | 0.0167 | 0.0103 | 0.0018 | 0.0001 | 0.0002 | ||||||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||||||
From net investment income | (0.0036 | ) | (0.0167 | ) | (0.0103 | ) | (0.0018 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||||||
From net realized gain | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0001 | ) | ||||||||||||||||||||
Total distributions | (0.0036 | ) | (0.0167 | ) | (0.0103 | ) | (0.0018 | ) | (0.0001 | ) | (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 | 0.36% | (e) | 1.69% | 1.03% | 0.18% | 0.02% | 0.02% | |||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses | 0.69% | (f) | 0.69% | 0.69% | 0.69% | 0.70% | 0.70% | |||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.59% | (f) | 0.67% | 0.67% | 0.58% | 0.32% | 0.08% | |||||||||||||||||||||||||
Net investment income | 0.70% | (f) | 1.64% | 1.03% | 0.15% | 0.01% | 0.01% | |||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,106,587 | $ | 1,035,657 | $ | 600,314 | $ | 576,284 | $ | 1,133,743 | $ | 771,441 |
(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)
T-Fund | ||||||||||||||||||||||||||||||||
Cash Reserve | ||||||||||||||||||||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended October 31, | Period from 09/24/15 (a) to 10/31/15 |
| |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
Net investment income | 0.0033 | 0.0176 | 0.0128 | 0.0027 | 0.0001 | 0.0000 | (b) | |||||||||||||||||||||||||
Net realized gain (loss) | 0.0007 | 0.0000 | (b) | (0.0015 | ) | (0.0002 | ) | 0.0000 | (b) | 0.0000 | ||||||||||||||||||||||
Net increase from investment operations | 0.0040 | 0.0176 | 0.0113 | 0.0025 | 0.0001 | 0.0000 | ||||||||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||||
From net investment income | (0.0040 | ) | (0.0176 | ) | (0.0113 | ) | (0.0025 | ) | (0.0001 | ) | (0.0000 | )(d) | ||||||||||||||||||||
From net realized gain | (0.0000 | )(d) | (0.0000 | )(d) | (0.0000 | )(d) | (0.0000 | )(d) | (0.0000 | )(d) | — | |||||||||||||||||||||
Total distributions | (0.0040 | ) | (0.0176 | ) | (0.0113 | ) | (0.0025 | ) | (0.0001 | ) | (0.0000 | ) | ||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
Total Return(e) | ||||||||||||||||||||||||||||||||
Based on net asset value | 0.40% | (f) | 1.78% | 1.13% | 0.25% | 0.02% | 0.00% | (f) | ||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses | 0.59% | (g) | 0.59% | 0.59% | 0.59% | 0.60% | 0.56% | (g) | ||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.50% | (g) | 0.57% | 0.57% | 0.55% | 0.35% | 0.08% | (g) | ||||||||||||||||||||||||
Net investment income | 0.67% | (g) | 1.78% | 1.28% | 0.27% | 0.02% | 0.01% | (g) | ||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 95,532 | $ | 123,578 | $ | 239,734 | $ | 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 $1,000. |
See notes to financial statements.
102 | 2020 BLACK ROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
T-Fund | ||||||||||||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
Net investment income | 0.0043 | 0.0191 | 0.0123 | 0.0035 | 0.0001 | 0.0001 | ||||||||||||||||||||||||||
Net realized gain | 0.0003 | 0.0000 | (a) | 0.0004 | 0.0002 | 0.0000 | (a) | 0.0001 | ||||||||||||||||||||||||
Net increase from investment operations | 0.0046 | 0.0191 | 0.0127 | 0.0037 | 0.0001 | 0.0002 | ||||||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||||||
From net investment income | (0.0046 | ) | (0.0191 | ) | (0.0127 | ) | (0.0037 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||||||
From net realized gain | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0001 | ) | ||||||||||||||||||||
Total distributions | (0.0046 | ) | (0.0191 | ) | (0.0127 | ) | (0.0037 | ) | (0.0001 | ) | (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 | 0.46% | (e) | 1.93% | 1.28% | 0.38% | 0.02% | 0.02% | |||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses | 0.44% | (f) | 0.44% | 0.44% | 0.44% | 0.45% | 0.45% | |||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.40% | (f) | 0.42% | 0.42% | 0.42% | 0.34% | 0.08% | |||||||||||||||||||||||||
Net investment income | 0.87% | (f) | 1.92% | 1.23% | 0.35% | 0.02% | 0.01% | |||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,512,072 | $ | 794,485 | $ | 1,230,374 | $ | 2,927,646 | $ | 3,807,290 | $ | 988,153 |
(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 | 103 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
T-Fund | ||||||||||||
Premier | ||||||||||||
Six Months Ended 04/30/20 (unaudited) | Period from 07/26/19 (a) to 10/31/19 | |||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0057 | 0.0050 | ||||||||||
Net realized gain | 0.0000 | (b) | 0.0000 | (b) | ||||||||
Net increase from investment operations | 0.0057 | 0.0050 | ||||||||||
Distributions(c) | ||||||||||||
From net investment income | (0.0057 | ) | (0.0050 | ) | ||||||||
From net realized gain | (0.0000 | )(d) | (0.0000 | )(d) | ||||||||
Total distributions | (0.0057 | ) | (0.0050 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | ||||||||
Total Return(e) | ||||||||||||
Based on net asset value | 0.58% | (f) | 0.50% | (f) | ||||||||
Ratios to Average Net Assets | ||||||||||||
Total expenses | 0.19% | (g) | 0.19% | (g) | ||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.17% | (g) | 0.17% | (g) | ||||||||
Net investment income | 1.15% | (g) | 1.93% | (g) | ||||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000) | $ | 37 | $ | 37 | ||||||||
(a) | Recommencement 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.
104 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
T-Fund | ||||||||||||||||||||||||||||
Select | ||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Net investment income | 0.0015 | 0.0133 | 0.0051 | 0.0002 | 0.0001 | 0.0001 | ||||||||||||||||||||||
Net realized gain | 0.0009 | 0.0000 | (a) | 0.0019 | 0.0000 | (a) | 0.0000 | (a) | 0.0001 | |||||||||||||||||||
Net increase from investment operations | 0.0024 | 0.0133 | 0.0070 | 0.0002 | 0.0001 | 0.0002 | ||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0024 | ) | (0.0133 | ) | (0.0070 | ) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||
From net realized gain | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0001 | ) | ||||||||||||||||
Total distributions | (0.0024 | ) | (0.0133 | ) | (0.0070 | ) | (0.0002 | ) | (0.0001 | ) | (0.0002 | ) | ||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 0.24% | (e) | 1.34% | 0.70% | 0.02% | 0.02% | 0.02% | |||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 1.04% | (f) | 1.04% | 1.04% | 1.04% | 1.05% | 1.05% | |||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.71% | (f) | 1.00% | 1.00% | 0.75% | 0.31% | 0.08% | |||||||||||||||||||||
Net investment income | 0.30% | (f) | 1.37% | 0.51% | 0.02% | 0.01% | 0.01% | |||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 42,606 | $ | 14,769 | $ | 19,710 | $ | 75,759 | $ | 83,975 | $ | 220,861 |
(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 | 105 |
Financial Highlights
(For a share outstanding throughout each period)
Treasury Trust Fund | ||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||
Six Months Ended 04/30/20 | Year Ended October 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Net investment income | 0.0060 | 0.0212 | 0.0153 | 0.0060 | 0.0013 | 0.0000 | (a) | |||||||||||||||||||||
Net realized gain (loss) | 0.0000 | (a) | 0.0000 | (a) | (0.0002 | ) | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | ||||||||||||||||
Net increase from investment operations | 0.0060 | 0.0212 | 0.0151 | 0.0060 | 0.0013 | 0.0000 | ||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0060 | ) | (0.0212 | ) | (0.0151 | ) | (0.0060 | ) | (0.0013 | ) | (0.0000 | )(c) | ||||||||||||||||
From net realized gain | (0.0000 | )(c) | — | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | |||||||||||||||||
Total distributions | (0.0060 | ) | (0.0212 | ) | (0.0151 | ) | (0.0060 | ) | (0.0013 | ) | (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 | 0.60% | (e) | 2.14% | 1.52% | 0.60% | 0.13% | 0.00% | |||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.19% | (f) | 0.20% | 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% | 0.17% | 0.17% | 0.05% | |||||||||||||||||||||
Net investment income | 1.09% | (f) | 2.12% | 1.53% | 0.60% | 0.14% | 0.00% | |||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 76,563,137 | $ | 38,728,217 | $ | 30,530,122 | $ | 24,157,325 | $ | 20,911,540 | $ | 13,517,000 |
(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 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
Treasury Trust Fund | ||||||||||||||||||||||||||||
Administration | ||||||||||||||||||||||||||||
Six Months Ended 04/30/20 | Year Ended October 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Net investment income | 0.0055 | 0.0203 | 0.0136 | 0.0052 | 0.0005 | 0.0000 | (a) | |||||||||||||||||||||
Net realized gain (loss) | 0.0000 | (a) | 0.0000 | (a) | 0.0005 | (0.0002 | ) | 0.0000 | (a) | 0.0000 | (a) | |||||||||||||||||
Net increase from investment operations | 0.0055 | 0.0203 | 0.0141 | 0.0050 | 0.0005 | 0.0000 | ||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0055 | ) | (0.0203 | ) | (0.0141 | ) | (0.0050 | ) | (0.0005 | ) | (0.0000 | )(c) | ||||||||||||||||
From net realized gain | (0.0000 | )(c) | — | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | |||||||||||||||||
Total distributions | (0.0055 | ) | (0.0203 | ) | (0.0141 | ) | (0.0050 | ) | (0.0005 | ) | (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 | 0.55% | (e) | 2.05% | 1.42% | 0.50% | 0.05% | 0.00% | |||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.29% | (f) | 0.30% | 0.30% | 0.30% | 0.31% | 0.31% | |||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.27% | (f) | 0.26% | 0.27% | 0.27% | 0.24% | 0.05% | |||||||||||||||||||||
Net investment income | 1.13% | (f) | 2.03% | 1.36% | 0.52% | 0.04% | 0.00% | |||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 496,573 | $ | 465,703 | $ | 413,618 | $ | 638,815 | $ | 476,145 | $ | 573,959 |
(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)
Treasury Trust Fund | ||||||||||||||||||||||||||||
Cash Management | ||||||||||||||||||||||||||||
Six Months Ended 04/30/20 | Year Ended October 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Net investment income | 0.0037 | 0.0158 | 0.0098 | 0.0018 | 0.0002 | 0.0000 | (a) | |||||||||||||||||||||
Net realized gain (loss) | 0.0000 | (a) | 0.0005 | 0.0003 | (0.0002 | ) | 0.0000 | (a) | 0.0000 | (a) | ||||||||||||||||||
Net increase from investment operations | 0.0037 | 0.0163 | 0.0101 | 0.0016 | 0.0002 | 0.0000 | ||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.0037 | ) | (0.0163 | ) | (0.0101 | ) | (0.0016 | ) | (0.0002 | ) | (0.0000 | )(c) | ||||||||||||||||
From net realized gain | (0.0000 | )(c) | — | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | |||||||||||||||||
Total distributions | (0.0037 | ) | (0.0163 | ) | (0.0101 | ) | (0.0016 | ) | (0.0002 | ) | (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 | 0.37% | (e) | 1.64% | 1.02% | 0.16% | 0.02% | 0.00% | |||||||||||||||||||||
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 | 0.64% | (f) | 0.67% | 0.67% | 0.63% | 0.29% | 0.05% | |||||||||||||||||||||
Net investment income | 0.72% | (f) | 1.58% | 0.98% | 0.18% | 0.01% | 0.00% | |||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 42,820 | $ | 36,492 | $ | 13,843 | $ | 21,110 | $ | 16,561 | $ | 8,528 |
(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 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
Treasury Trust Fund | ||||||||||||||||||||||||||||||
Cash Reserve | ||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended October 31, | Period from 12/16/15 (a) to 10/31/16 | ||||||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.0041 | 0.0172 | 0.0124 | 0.0019 | 0.0001 | |||||||||||||||||||||||||
Net realized gain (loss) | 0.0000 | (b) | 0.0000 | (b) | (0.0013 | ) | 0.0003 | 0.0000 | (b) | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net increase from investment operations | 0.0041 | 0.0172 | 0.0111 | 0.0022 | 0.0001 | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||
From net investment income | (0.0041 | ) | (0.0172 | ) | (0.0111 | ) | (0.0022 | ) | (0.0001 | ) | ||||||||||||||||||||
From net realized gain | (0.0000 | )(d) | — | (0.0000 | )(d) | (0.0000 | )(d) | (0.0000 | )(d) | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total distributions | (0.0041 | ) | (0.0172 | ) | (0.0111 | ) | (0.0022 | ) | (0.0001 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Return(e) | ||||||||||||||||||||||||||||||
Based on net asset value | 0.41% | (f) | 1.74% | 1.12% | 0.22% | 0.01% | (f) | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Total expenses | 0.59% | (g) | 0.60% | 0.60% | 0.60% | 0.61% | (g) | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.56% | (g) | 0.57% | 0.57% | 0.52% | 0.29% | (g) | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.78% | (g) | 1.73% | 1.24% | 0.19% | 0.01% | (g) | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 106,740 | $ | 74,034 | $ | 8,044 | $ | 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.
FINANCIAL HIGHLIGHTS | 109 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
Treasury Trust Fund | ||||||||||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.0049 | 0.0194 | 0.0127 | 0.0035 | 0.0002 | 0.0000 | (a) | |||||||||||||||||||||||
Net realized gain (loss) | 0.0000 | (a) | 0.0002 | (0.0001 | ) | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | |||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net increase from investment operations | 0.0049 | 0.0196 | 0.0126 | 0.0035 | 0.0002 | 0.0000 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||||
From net investment income | (0.0049 | ) | (0.0196 | ) | (0.0126 | ) | (0.0035 | ) | (0.0002 | ) | (0.0000 | )(c) | ||||||||||||||||||
From net realized gain | (0.0000 | )(c) | — | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | (0.0000 | )(c) | |||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total distributions | (0.0049 | ) | (0.0196 | ) | (0.0126 | ) | (0.0035 | ) | (0.0002 | ) | (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) | 1.98% | 1.27% | 0.35% | 0.02% | 0.00% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
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 | 0.40% | (f) | 0.40% | 0.42% | 0.42% | 0.28% | 0.05% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.91% | (f) | 1.94% | 1.27% | 0.35% | 0.01% | 0.00% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,384,790 | $ | 977,335 | $ | 482,014 | $ | 483,138 | $ | 420,095 | $ | 428,958 | ||||||||||||||||||
|
|
(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.
110 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
Treasury Trust Fund | ||||||||||||||
Premier | ||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Period from 07/26/19 (a)to 10/31/19 | |||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | ||||||||||
|
| |||||||||||||
Net investment income | 0.0060 | 0.0049 | ||||||||||||
Net realized gain | 0.0000 | (b) | 0.0000 | (b) | ||||||||||
|
| |||||||||||||
Net increase from investment operations | 0.0060 | 0.0049 | ||||||||||||
|
| |||||||||||||
Distributions(c) | ||||||||||||||
From net investment income | (0.0060 | ) | (0.0049 | ) | ||||||||||
From net realized gain | (0.0000 | )(d) | — | |||||||||||
|
| |||||||||||||
Total distributions | (0.0060 | ) | (0.0049 | ) | ||||||||||
|
| |||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | ||||||||||
|
| |||||||||||||
Total Return(e) | ||||||||||||||
Based on net asset value | 0.60% | (f) | 0.49% | (f) | ||||||||||
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||
Total expenses | 0.19% | (g) | 0.19% | (g) | ||||||||||
|
| |||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.17% | (g) | 0.17% | (g) | ||||||||||
|
| |||||||||||||
Net investment income | 1.20% | (g) | 1.87% | (g) | ||||||||||
|
| |||||||||||||
Supplemental Data | ||||||||||||||
Net assets, end of period (000) | $ | 37 | $ | 37 | ||||||||||
|
|
(a) | Recommencement 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 | 111 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
Treasury Trust Fund | ||||||||||||||||||||||||||||||||||
Select | ||||||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended October 31, | Period from 09/28/15 (a) to 10/31/15 |
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2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||
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Net investment income | 0.0024 | 0.0129 | 0.0067 | 0.0001 | 0.0002 | 0.0000 | (b) | |||||||||||||||||||||||||||
Net realized gain | 0.0000 | (b) | 0.0001 | 0.0001 | 0.0001 | 0.0000 | (b) | 0.0000 | (b) | |||||||||||||||||||||||||
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Net increase from investment operations | 0.0024 | 0.0130 | 0.0068 | 0.0002 | 0.0002 | 0.0000 | ||||||||||||||||||||||||||||
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Distributions(c) | ||||||||||||||||||||||||||||||||||
From net investment income | (0.0024 | ) | (0.0130 | ) | (0.0068 | ) | (0.0002 | ) | (0.0002 | ) | (0.0000 | )(d) | ||||||||||||||||||||||
From net realized gain | (0.0000 | )(d) | — | (0.0000 | )(d) | (0.0000 | )(d) | (0.0000 | )(d) | (0.0000 | )(d) | |||||||||||||||||||||||
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Total distributions | (0.0024 | ) | (0.0130 | ) | (0.0068 | ) | (0.0002 | ) | (0.0002 | ) | (0.0000 | ) | ||||||||||||||||||||||
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Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||
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Total Return(e) | ||||||||||||||||||||||||||||||||||
Based on net asset value | 0.24% | (f) | 1.30% | 0.68% | 0.02% | 0.02% | 0.00% | (f) | ||||||||||||||||||||||||||
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Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||
Total expenses | 1.04% | (g) | 1.05% | 1.05% | 1.05% | 1.06% | 1.09% | (g) | ||||||||||||||||||||||||||
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Total expenses after fees waived and/or reimbursed and paid indirectly | 0.88% | (g) | 1.00% | 1.00% | 0.68% | 0.31% | 0.06% | (g) | ||||||||||||||||||||||||||
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Net investment income | 0.43% | (g) | 1.29% | 0.67% | 0.01% | 0.01% | 0.00% | (g) | ||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 85,208 | $ | 38,265 | $ | 39,675 | $ | 38,309 | $ | 79,910 | $ | 8,058 | ||||||||||||||||||||||
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(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.
112 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights
(For a share outstanding throughout each period)
MuniCash | ||||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0001 | $ | 1.0001 | $ | 1.0003 | $ | 1.0001 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
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Net investment income | 0.0055 | 0.0137 | 0.0112 | 0.0060 | 0.0019 | 0.0001 | ||||||||||||||||||||||||
Net realized and unrealized gain | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | 0.0013 | 0.0000 | (a) | |||||||||||||||||||
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Net increase from investment operations | 0.0055 | 0.0137 | 0.0112 | 0.0060 | 0.0032 | 0.0001 | ||||||||||||||||||||||||
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Distributions(b) | ||||||||||||||||||||||||||||||
From net investment income | (0.0054 | ) | (0.0137 | ) | (0.0112 | ) | (0.0058 | ) | (0.0019 | ) | (0.0001 | ) | ||||||||||||||||||
From net realized gain | — | (0.0000 | )(c) | (0.0002 | ) | — | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||||||
From return of capital | — | — | — | — | (0.0012 | ) | — | |||||||||||||||||||||||
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Total distributions | (0.0054 | ) | (0.0137 | ) | (0.0114 | ) | (0.0058 | ) | (0.0031 | ) | (0.0001 | ) | ||||||||||||||||||
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Net asset value, end of period | $ | 1.0002 | $ | 1.0001 | $ | 1.0001 | $ | 1.0003 | $ | 1.0001 | $ | 1.00 | ||||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||||
Based on net asset value | 0.55% | (e) | 1.38% | 1.13% | (f) | 0.60% | 0.33% | 0.02% | ||||||||||||||||||||||
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Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Total expenses | 0.27% | (g) | 0.28% | 0.29% | 0.31% | 0.38% | (h) | 0.49% | ||||||||||||||||||||||
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Total expenses after fees waived and/or reimbursed and paid indirectly | 0.20% | (g) | 0.20% | 0.20% | 0.20% | 0.18% | 0.13% | |||||||||||||||||||||||
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Net investment income | 1.07% | (g) | 1.36% | 1.12% | 0.60% | 0.25% | 0.01% | |||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 6,266,384 | $ | 5,182,923 | $ | 3,992,552 | $ | 4,096,900 | $ | 2,139,820 | $ | 145,329 | ||||||||||||||||||
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|
(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) | Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
(g) | Annualized. |
(h) | 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 | 113 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
MuniCash | ||||||||||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0001 | $ | 1.0001 | $ | 1.0003 | $ | 1.0001 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
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Net investment income | 0.0043 | 0.0123 | 0.0087 | 0.0033 | 0.0006 | 0.0001 | ||||||||||||||||||||||||
Net realized and unrealized gain | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | 0.0002 | 0.0013 | 0.0000 | (a) | ||||||||||||||||||||
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Net increase from investment operations | 0.0043 | 0.0123 | 0.0087 | 0.0035 | 0.0019 | 0.0001 | ||||||||||||||||||||||||
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Distributions(b) | ||||||||||||||||||||||||||||||
From net investment income | (0.0042 | ) | (0.0123 | ) | (0.0087 | ) | (0.0033 | ) | (0.0006 | ) | (0.0001 | ) | ||||||||||||||||||
From net realized gain | — | (0.0000 | )(c) | (0.0002 | ) | — | (0.0000 | )(c) | (0.0000 | )(c) | ||||||||||||||||||||
From return of capital | — | — | — | — | (0.0012 | ) | — | |||||||||||||||||||||||
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Total distributions | (0.0042 | ) | (0.0123 | ) | (0.0089 | ) | (0.0033 | ) | (0.0018 | ) | (0.0001 | )�� | ||||||||||||||||||
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Net asset value, end of period | $ | 1.0002 | $ | 1.0001 | $ | 1.0001 | $ | 1.0003 | $ | 1.0001 | $ | 1.00 | ||||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||||
Based on net asset value | 0.43% | (e) | 1.23% | 0.88% | (f) | 0.35% | 0.19% | 0.02% | ||||||||||||||||||||||
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Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Total expenses | 0.52% | (g) | 0.53% | 0.54% | 0.56% | 0.63% | (h) | 0.74% | ||||||||||||||||||||||
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Total expenses after fees waived and/or reimbursed and paid indirectly | 0.44% | (g) | 0.45% | 0.45% | 0.45% | 0.30% | 0.13% | |||||||||||||||||||||||
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Net investment income | 0.87% | (g) | 1.22% | 0.87% | 0.33% | 0.05% | 0.01% | |||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,770 | $ | 2,207 | $ | 1,893 | $ | 1,623 | $ | 1,802 | $ | 2,045 | ||||||||||||||||||
|
|
(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) | Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
(g) | Annualized. |
(h) | 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.
114 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
MuniCash | ||||||||||||||
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Premier | ||||||||||||||
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Six Months Ended 04/30/20 (unaudited) | Period from 07/26/19 (a) to 10/31/19 | |||||||||||||
Net asset value, beginning of period | $ | 1.0002 | $ | 1.0002 | ||||||||||
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Net investment income | 0.0054 | 0.0031 | ||||||||||||
Net realized and unrealized gain | 0.0000 | (b) | 0.0000 | (b) | ||||||||||
|
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Net increase from investment operations | 0.0054 | 0.0031 | ||||||||||||
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Distributions from net investment income(c) | (0.0054 | ) | (0.0031 | ) | ||||||||||
|
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Net asset value, end of period | $ | 1.0002 | $ | 1.0002 | ||||||||||
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Total Return(d) | ||||||||||||||
Based on net asset value | 0.54% | (e) | 0.31% | (e) | ||||||||||
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Ratios to Average Net Assets | ||||||||||||||
Total expenses | 0.27% | (f) | 0.28% | (f) | ||||||||||
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Total expenses after fees waived and/or reimbursed and paid indirectly | 0.20% | (f) | 0.20% | (f) | ||||||||||
|
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Net investment income | 1.08% | (f) | 1.20% | (f) | ||||||||||
|
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Supplemental Data | ||||||||||||||
Net assets, end of period (000) | $ | 37 | $ | 36 | ||||||||||
|
|
(a) | Recommencement 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) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 115 |
Financial Highlights
(For a share outstanding throughout each period)
MuniFund | ||||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
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Net investment income | 0.0054 | 0.0142 | 0.0115 | 0.0060 | 0.0019 | 0.0002 | ||||||||||||||||||||||||
Net realized gain | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | 0.0002 | 0.0001 | 0.0001 | |||||||||||||||||||||
|
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Net increase from investment operations | 0.0054 | 0.0142 | 0.0115 | 0.0062 | 0.0020 | 0.0003 | ||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||||
From net investment income | (0.0054 | ) | (0.0142 | ) | (0.0115 | ) | (0.0060 | ) | (0.0019 | ) | (0.0002 | ) | ||||||||||||||||||
From net realized gain | — | — | (0.0000 | )(c) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||||||
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Total distributions | (0.0054 | ) | (0.0142 | ) | (0.0115 | ) | (0.0062 | ) | (0.0020 | ) | (0.0003 | ) | ||||||||||||||||||
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| |||||||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||||
Based on net asset value | 0.54% | (e) | 1.43% | 1.16% | 0.62% | 0.20% | 0.03% | |||||||||||||||||||||||
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Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Total expenses | 0.52% | (f) | 0.50% | 0.55% | 0.45% | 0.37% | 0.36% | |||||||||||||||||||||||
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Total expenses after fees waived and/or reimbursed and paid indirectly | 0.20% | (f) | 0.20% | 0.20% | 0.20% | 0.11% | 0.06% | |||||||||||||||||||||||
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Net investment income | 1.06% | (f) | 1.42% | 1.15% | 0.60% | 0.10% | 0.02% | |||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 81,210 | $ | 194,629 | $ | 191,172 | $ | 146,316 | $ | 141,458 | $ | 1,369,069 | ||||||||||||||||||
|
|
(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.
116 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
MuniFund | ||||||||||||||||||||||||||||||
Administration | ||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
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| |||||||||||||||||||||||||||||
Net investment income | 0.0049 | 0.0133 | 0.0104 | 0.0049 | 0.0013 | 0.0002 | ||||||||||||||||||||||||
Net realized gain | 0.0000 | (a) | 0.0000 | (a) | 0.0001 | 0.0003 | 0.0001 | 0.0001 | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net increase from investment operations | 0.0049 | 0.0133 | 0.0105 | 0.0052 | 0.0014 | 0.0003 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||||
From net investment income | (0.0049 | ) | (0.0133 | ) | (0.0105 | ) | (0.0050 | ) | (0.0013 | ) | (0.0002 | ) | ||||||||||||||||||
From net realized gain | — | — | (0.0000 | )(c) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total distributions | (0.0049 | ) | (0.0133 | ) | (0.0105 | ) | (0.0052 | ) | (0.0014 | ) | (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 | 0.49% | (e) | 1.34% | 1.06% | 0.52% | 0.14% | 0.03% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Total expenses | 0.64% | (f) | 0.60% | 0.65% | 0.55% | 0.46% | 0.46% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.30% | (f) | 0.30% | 0.30% | 0.30% | 0.15% | 0.06% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.99% | (f) | 1.33% | 1.04% | 0.49% | 0.05% | 0.02% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 16,954 | $ | 15,487 | $ | 16,537 | $ | 18,653 | $ | 21,554 | $ | 325,641 | ||||||||||||||||||
|
|
(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 | 117 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
MuniFund | ||||||||||||||||||||||||||||||
Dollar | ||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.0041 | 0.0117 | 0.0090 | 0.0035 | 0.0006 | 0.0002 | ||||||||||||||||||||||||
Net realized gain | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | 0.0002 | 0.0001 | 0.0001 | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net increase from investment operations | 0.0041 | 0.0117 | 0.0090 | 0.0037 | 0.0007 | 0.0003 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||||
From net investment income | (0.0041 | ) | (0.0117 | ) | (0.0090 | ) | (0.0035 | ) | (0.0006 | ) | (0.0002 | ) | ||||||||||||||||||
From net realized gain | — | — | (0.0000 | )(c) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total distributions | (0.0041 | ) | (0.0117 | ) | (0.0090 | ) | (0.0037 | ) | (0.0007 | ) | (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 | 0.41% | (e) | 1.18% | 0.91% | 0.36% | 0.07% | 0.03% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Total expenses | 0.78% | (f) | 0.75% | 0.80% | 0.70% | 0.63% | 0.61% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.45% | (f) | 0.45% | 0.45% | 0.45% | 0.22% | 0.06% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.83% | (f) | 1.17% | 0.90% | 0.35% | 0.03% | 0.02% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,338 | $ | 4,678 | $ | 4,462 | $ | 4,592 | $ | 5,724 | $ | 41,554 | ||||||||||||||||||
|
|
(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.
118 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
MuniFund | ||||||||||||||
Premier | ||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Period from 07/26/19 (a) to 10/31/19 | |||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | ||||||||||
|
| |||||||||||||
Net investment income | 0.0054 | 0.0033 | ||||||||||||
Net realized gain | 0.0000 | (b) | 0.0000 | (b) | ||||||||||
|
| |||||||||||||
Net increase from investment operations | 0.0054 | 0.0033 | ||||||||||||
|
| |||||||||||||
Distributions from net investment income(c) | (0.0054 | ) | (0.0033 | ) | ||||||||||
|
| |||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | ||||||||||
|
| |||||||||||||
Total Return(d) | ||||||||||||||
Based on net asset value | 0.54% | (e) | 0.33% | (e) | ||||||||||
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||
Total expenses | 0.54% | (f) | 0.52% | (f) | ||||||||||
|
| |||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.20% | (f) | 0.20% | (f) | ||||||||||
|
| |||||||||||||
Net investment income | 1.08% | (f) | 1.25% | (f) | ||||||||||
|
| |||||||||||||
Supplemental Data | ||||||||||||||
Net assets, end of period (000) | $ | 37 | $ | 37 | ||||||||||
|
|
(a) Recommencement 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) Where applicable, assumes the reinvestment of distributions.
(e) Aggregate total return.
(f) Annualized.
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 119 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
MuniFund | ||||||||||||||||||||||||||||||
Private Client | ||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.0031 | 0.0094 | 0.0067 | 0.0013 | 0.0002 | 0.0002 | ||||||||||||||||||||||||
Net realized gain | 0.0000 | (a) | 0.0000 | (a) | 0.0000 | (a) | 0.0002 | 0.0001 | 0.0001 | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net increase from investment operations | 0.0031 | 0.0094 | 0.0067 | 0.0015 | 0.0003 | 0.0003 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||||
From net investment income | (0.0031 | ) | (0.0094 | ) | (0.0067 | ) | (0.0013 | ) | (0.0002 | ) | (0.0002 | ) | ||||||||||||||||||
From net realized gain | — | — | (0.0000 | )(c) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total distributions | (0.0031 | ) | (0.0094 | ) | (0.0067 | ) | (0.0015 | ) | (0.0003 | ) | (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 | 0.31% | (e) | 0.94% | 0.68% | 0.14% | 0.03% | 0.03% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Total expenses | 1.39% | (f) | 1.35% | 1.40% | 1.30% | 1.22% | 1.21% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.66% | (f) | 0.68% | 0.68% | 0.67% | 0.25% | 0.06% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.62% | (f) | 0.94% | 0.67% | 0.13% | 0.02% | 0.02% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 292 | $ | 291 | $ | 319 | $ | 330 | $ | 350 | $ | 1,649 | ||||||||||||||||||
|
|
(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.
120 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
MuniFund | ||||||||||||||||||||||||||||||
Select | ||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.0017 | 0.0063 | 0.0034 | 0.0000 | (a) | 0.0001 | 0.0002 | |||||||||||||||||||||||
Net realized gain | 0.0000 | (a) | 0.0000 | (a) | 0.0001 | 0.0002 | 0.0001 | 0.0001 | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net increase from investment operations | 0.0017 | 0.0063 | 0.0035 | 0.0002 | 0.0002 | 0.0003 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||||
From net investment income | (0.0017 | ) | (0.0063 | ) | (0.0035 | ) | (0.0000 | )(c) | (0.0001 | ) | (0.0002 | ) | ||||||||||||||||||
From net realized gain | — | — | (0.0000 | )(c) | (0.0002 | ) | (0.0001 | ) | (0.0001 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total distributions | (0.0017 | ) | (0.0063 | ) | (0.0035 | ) | (0.0002 | ) | (0.0002 | ) | (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 | 0.17% | (e) | 0.63% | 0.36% | 0.02% | 0.02% | 0.03% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Total expenses | 1.38% | (f) | 1.34% | 1.40% | 1.30% | 1.22% | 1.21% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.95% | (f) | 1.00% | 1.00% | 0.79% | 0.24% | 0.06% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.33% | (f) | 0.64% | 0.34% | 0.00% | 0.01% | 0.02% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,165 | $ | 2,181 | $ | 2,662 | $ | 2,833 | $ | 3,863 | $ | 22,769 | ||||||||||||||||||
|
|
(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 | 121 |
Financial Highlights
(For a share outstanding throughout each period)
California Money Fund | ||||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0002 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.0046 | 0.0107 | 0.0101 | 0.0053 | 0.0019 | 0.0001 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.0003 | ) | 0.0001 | 0.0002 | 0.0012 | 0.0000 | (a) | (0.0000 | )(b) | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net increase from investment operations | 0.0043 | 0.0108 | 0.0103 | 0.0065 | 0.0019 | 0.0001 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||
From net investment income | (0.0045 | ) | (0.0108 | ) | (0.0101 | ) | (0.0054 | ) | (0.0019 | ) | (0.0001 | ) | ||||||||||||||||||
From net realized gain | — | — | — | (0.0011 | ) | — | — | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total distributions | (0.0045 | ) | (0.0108 | ) | (0.0101 | ) | (0.0065 | ) | (0.0019 | ) | (0.0001 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net asset value, end of period | $ | 1.0000 | $ | 1.0002 | $ | 1.0002 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||||
Based on net asset value | 0.43% | (e) | 1.09% | 1.03% | 0.65% | 0.19% | 0.01% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Total expenses | 0.44% | (f) | 0.47% | 0.70% | 0.74% | 0.47% | 0.47% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.20% | (f) | 0.20% | 0.20% | 0.20% | 0.12% | 0.05% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.93% | (f) | 1.07% | 1.01% | 0.53% | 0.12% | 0.01% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 332,796 | $ | 397,288 | $ | 169,293 | $ | 30,459 | $ | 41,192 | $ | 227,884 | ||||||||||||||||||
|
|
(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.
122 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
California Money Fund | ||||||||||||||
Premier | ||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Period from 07/26/19 (a) to 10/31/19 | |||||||||||||
Net asset value, beginning of period | $ | 1.0002 | $ | 1.0002 | ||||||||||
|
| |||||||||||||
Net investment income | 0.0045 | 0.0026 | ||||||||||||
Net realized and unrealized gain (loss) | (0.0002 | ) | 0.0000 | (b) | ||||||||||
|
| |||||||||||||
Net increase from investment operations | 0.0043 | 0.0026 | ||||||||||||
|
| |||||||||||||
Distributions from net investment income(c) | (0.0045 | ) | (0.0026 | ) | ||||||||||
|
| |||||||||||||
Net asset value, end of period | $ | 1.0000 | $ | 1.0002 | ||||||||||
|
| |||||||||||||
Total Return(d) | ||||||||||||||
Based on net asset value | 0.43% | (e) | 0.26% | (e) | ||||||||||
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||
Total expenses | 0.45% | (f) | 0.52% | (f) | ||||||||||
|
| |||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.20% | (f) | 0.20% | (f) | ||||||||||
|
| |||||||||||||
Net investment income | 0.91% | (f) | 0.99% | (f) | ||||||||||
|
| |||||||||||||
Supplemental Data | ||||||||||||||
Net assets, end of period (000) | $ | 36 | $ | 36 | ||||||||||
|
|
(a) | Recommencement 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) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 123 |
Financial Highlights
(For a share outstanding throughout each period)
New York Money Fund | ||||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.0000 | $ | 1.0000 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 0.0051 | 0.0129 | 0.0113 | 0.0056 | 0.0019 | 0.0001 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.0002 | 0.0003 | (0.0002 | ) | 0.0013 | 0.0015 | 0.0000 | (a) | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net increase from investment operations | 0.0053 | 0.0132 | 0.0111 | 0.0069 | 0.0034 | 0.0001 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||||
From net investment income | (0.0053 | ) | (0.0132 | ) | (0.0111 | ) | (0.0056 | ) | (0.0019 | ) | (0.0001 | ) | ||||||||||||||||||
From net realized gain | — | — | — | — | (0.0003 | ) | (0.0000 | )(c) | ||||||||||||||||||||||
From return of capital | — | — | — | (0.0013 | ) | (0.0012 | ) | — | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total distributions | (0.0053 | ) | (0.0132 | ) | (0.0111 | ) | (0.0069 | ) | (0.0034 | ) | (0.0001 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net asset value, end of period | $ | 1.0000 | $ | 1.0000 | $ | 1.0000 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||||
Based on net asset value | 0.54% | (e) | 1.33% | 1.12% | 0.69% | 0.34% | 0.01% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Total expenses | 0.45% | (f) | 0.56% | 1.35% | 1.00% | 0.58% | 0.49% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.20% | (f) | 0.20% | 0.20% | 0.20% | 0.14% | 0.09% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net investment income | 1.03% | (f) | 1.29% | 1.13% | 0.56% | 0.10% | 0.01% | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 255,586 | $ | 243,502 | $ | 46,066 | $ | 16,908 | $ | 17,838 | $ | 92,999 | ||||||||||||||||||
|
|
(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.
124 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
New York Money Fund | ||||||||||||||
Premier | ||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Period from 07/26/19 (a) to 10/31/19 | |||||||||||||
Net asset value, beginning of period | $ | 1.0000 | $ | 1.0000 | ||||||||||
|
| |||||||||||||
Net investment income | 0.0053 | 0.0030 | ||||||||||||
Net realized and unrealized gain | (0.0000 | )(b) | (0.0000 | )(b) | ||||||||||
|
| |||||||||||||
Net increase from investment operations | 0.0053 | 0.0030 | ||||||||||||
|
| |||||||||||||
Distributions from net investment income(c) | (0.0053 | ) | (0.0030 | ) | ||||||||||
|
| |||||||||||||
Net asset value, end of period | $ | 1.0000 | $ | 1.0000 | ||||||||||
|
| |||||||||||||
Total Return(d) | ||||||||||||||
Based on net asset value | 0.54% | (e) | 0.30% | (e) | ||||||||||
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||
Total expenses | 0.45% | (f) | 0.56% | (f) | ||||||||||
|
| |||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.20% | (f) | 0.20% | (f) | ||||||||||
|
| |||||||||||||
Net investment income | 1.08% | (f) | 1.16% | (f) | ||||||||||
|
| |||||||||||||
Supplemental Data | ||||||||||||||
Net assets, end of period (000) | $ | 37 | $ | 37 | ||||||||||
|
|
(a) | Recommencement of operations. |
(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 | 125 |
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 anopen-end management investment company. The Trust is organized as a Delaware statutory trust. The following, each of which is a series of the Trust, are referred to herein collectively as the “Funds” or individually as 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 Rule2a-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, Administration Shares, Capital Shares, Cash Management Shares, Cash Reserve Shares, Dollar Shares, Private Client Shares and Select 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. Except for TempFund, each Fund also offers Premier Shares. For the six months ended April 30, 2020, no 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 Rule2a-7 under the 1940 Act. Each Fund is not subject to liquidity fees or temporary suspensions of redemptions due to declines in a Fund’s weekly liquid assets.
MuniFund operates as a “retail money market fund” under Rule2a-7 under the 1940 Act.
On October 11, 2016, TempCash, TempFund and MuniCash, and on October 15, 2018, California Money Fund and New York Money Fund began pricing and transacting their shares at a net asset value (“NAV”) per share calculated to four decimal places, reflecting market-based values of their portfolio holdings (i.e., at a “floating” NAV). The NAV of TempFund is priced multiple times each day, such Fund accepts purchase orders and redemption requests. Prior to the Funds’ adoption of the floating NAV, their portfolio holdings were valued at amortized cost.
With respect to each of TempCash, TempFund, MuniCash, MuniFund, California Money Fund and New York Money Fund, the Board of Trustees (the “Board”) is permitted to impose a liquidity fee of up to 2% on the value of shares redeemed or temporarily restrict redemptions from TempCash, TempFund, MuniCash, MuniFund, California Money Fund or New York Money Fund for up to 10 business days during a 90 day period, in the event that TempCash, TempFund, MuniCash, MuniFund, California Money Fund or New York Money 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 equity, multi-asset, index and money market funds referred to as the BlackRock Multi-Asset 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 executed. 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 paid monthly. Distributions of capital gains are distributed at least annually and are recorded on theex-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 TempCash, TempFund, MuniCash, MuniFund, California Money Market Fund or New York Money Market Fund’s weekly liquid assets fall below certain thresholds are recorded aspaid-in-capital. The liquidity fees are collected and retained by each Fund for the benefit of a Fund’s remaining shareholders.
126 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Recent Accounting Standards: TempCash has adopted Financial Accounting Standards Board Accounting Standards Update2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, TempCash has changed the amortization period for the premium on certain purchased callable debt securities withnon-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, TempCash applied the amendments on a modified retrospective basis beginning with the fiscal period ended April 30, 2020. The adjusted cost basis of securities at October 31, 2019 is $9,786,855,817.
This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of TempCash.
Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.
Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies (TempCash, TempFund, MuniCash, California Money Fund and New York Money Fund): TempCash, MuniCash, California Money Fund and New York Money Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of 3:00 p.m., Eastern time, on each day on which the New York Stock Exchange (“NYSE”) is open for business. TempFund’s investments are valued at fair value (also referred to as “market value” within the financial statements) as of 8:00 a.m. (Eastern time), 12:00 p.m. (Eastern time) and 3:00 p.m. (Eastern time) on each day on which the NYSE is open for business. 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. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. 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, MuniCash, California Money Fund and New York Money Funds’ 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. |
• | Fixed-income securities for which market quotations are readily available are generally valued using the last available bid prices or current market quotations provided by independent dealers or third party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value. |
• | Municipal investments (including commitments to purchase such investments on a “when-issued” basis) 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 and MuniFund): 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 Rule2a-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 each Fund has the ability to access |
• | Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs) |
• | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Global Valuation Committee’s assumptions used in determining the fair value of investments) |
NOTESTO FINANCIAL STATEMENTS | 127 |
Notes to Financial Statements (unaudited) (continued)
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. 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. Repurchase agreements may be traded bilaterally, in atri-party arrangement or may be centrally cleared through a sponsoring agent. Subject to the custodial undertaking associated with atri-party repurchase arrangement and for centrally cleared repurchase agreements, a 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 andT-Fund invested in repurchase agreements through joint trading accounts.
In the event the counterparty defaults and the fair value of the collateral declines, a fund could experience losses, delays and costs in liquidating the collateral.
Repurchase agreements are entered into by 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 |
Investment Advisory: The Trust, on behalf of the Funds, entered into a management agreement with the Manager, the Trust’s investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory, administration and accounting services to the Funds.
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 Fees are 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 daily net assets of the Fund whose management fee is being calculated. |
TempCash, MuniCash and MuniFund | ||
Management Fees | .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 | ||
128 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
TempFund | ||
Management Fees | .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 Fees | .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 and the Private Client 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 Administration, Capital, Cash Management, Cash Reserve, Dollar, Private Client and Select Share classes are currently paying fees to service organizations, which may include affiliates of the Manager. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the shares as follows:
Service Fees(a) | Distribution Fees(a) | |||||||
Administration | 0.10 | % | — | % | ||||
Capital | 0.05 | — | ||||||
Cash Management | 0.50 | — | ||||||
Cash Reserve | 0.40 | — | ||||||
Dollar | 0.25 | — | ||||||
Private Client | 0.50 | 0.35 | ||||||
Select | 0.50 | 0.35 |
(a) | Due to certain contractual and voluntary waivers, the above stated rates may be reduced. |
For the six months ended April 30, 2020, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:
Administration | Capital | Cash Management | Cash Reserve | Dollar | Private Client | Select | Total | |||||||||||||||||||||||||
Federal Trust Fund | $ | 42,068 | $ | — | $ | 29,497 | $ | 764 | $ | 17,221 | $ | — | $ | — | $ | 89,550 | ||||||||||||||||
FedFund | 1,441,613 | 2,063,649 | 1,095,311 | 10,499,669 | 3,306,790 | 1,101 | 1,193,296 | 19,601,429 | ||||||||||||||||||||||||
TempCash | — | — | — | — | 22 | — | — | 22 | ||||||||||||||||||||||||
TempFund | 21,831 | — | 1,559,585 | 11,221 | 108,287 | 25,029 | — | 1,725,953 | ||||||||||||||||||||||||
T-Fund | 330,969 | 2,540,675 | 2,505,794 | 227,380 | 1,132,716 | — | 97,645 | 6,835,179 | ||||||||||||||||||||||||
Treasury Trust Fund | 237,100 | — | 84,590 | 214,890 | 1,326,046 | — | 260,526 | 2,123,152 | ||||||||||||||||||||||||
MuniCash | — | — | — | — | 3,005 | — | — | 3,005 | ||||||||||||||||||||||||
MuniFund | 8,081 | — | — | — | 5,659 | 1,230 | 10,028 | 24,998 |
Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds withsub-accounting, recordkeeping,sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. 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. For the six months ended April 30, 2020, the Funds did not pay any amounts to affiliates in return for these services.
NOTESTO FINANCIAL STATEMENTS | 129 |
Notes to Financial Statements (unaudited) (continued)
Expense Limitations, Waivers and Reimbursements: With respect to each Fund, 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 FedFund,T-Fund, Federal Trust 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 these contractual expense limitations prior to March 1, 2021, unless approved by the Board, including a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of such Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended April 30, 2020, the amounts waived were as follows:
Federal Trust Fund | $ | 1,237,135 | ||
FedFund | 9,926,347 | |||
TempCash | 2,517,289 | |||
TempFund | 2,354,116 | |||
T-Fund | 7,195,684 | |||
Treasury Trust Fund | 4,583,979 | |||
MuniCash | 1,818,888 | |||
MuniFund | 295,813 | |||
California Money Fund | 409,662 | |||
New York Money Fund | 372,682 |
In addition, BRIL has contractually agreed to waive service and/or distribution fees through February 28, 2021 so that the net annual fund operating expenses, excluding extraordinary expenses, of the Select Shares and Private Client Shares do not exceed 1.00% and 0.68% of the average daily net assets of the shares, respectively. The agreement renews automatically for successiveone-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.
With respect to each Fund, the Manager and BRIL have also voluntarily agreed to waive a portion of their respective management fees and service and distribution fees, as applicable, and/or reimburse operating expenses to enable each Fund to maintain a minimum level of daily net investment income, if applicable. These amounts, if any, 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 waiver and/or reimbursement at any time. For the six months ended April 30, 2020, the amounts waived were as follows:
Service and Distribution Fees Waived | Administration | Capital | Cash Management | Cash Reserve | Dollar | Private Client | Select | Total | ||||||||||||||||||||||||
Federal Trust Fund | $ | — | $ | — | $ | 1,884 | $ | 764 | $ | 159 | $ | — | $ | — | $ | 2,807 | ||||||||||||||||
FedFund | — | 205,028 | 117,592 | 691,126 | 29,808 | 514 | 256,515 | 1,300,583 | ||||||||||||||||||||||||
TempFund | 1,499 | — | — | 2,334 | 1,061 | 10,305 | — | 15,199 | ||||||||||||||||||||||||
T-Fund | 9 | 259,988 | 382,837 | 40,600 | 72,751 | — | 36,125 | 792,310 | ||||||||||||||||||||||||
Treasury Trust Fund | 5,312 | — | 5,491 | 6,638 | 100,613 | — | 44,330 | 162,384 | ||||||||||||||||||||||||
MuniCash | — | — | — | — | 68 | — | — | 68 | ||||||||||||||||||||||||
MuniFund | — | — | — | — | 7 | 561 | 1,214 | 1,782 |
With respect to New York Money Fund, the amount waived was $117 and reported in the Statements of Operations as fees waived and/or reimbursed by the Manager.
Interfund Lending: In accordance with an exemptive order (the “Order”) from the U.S. Securities and Exchange Commission (“SEC”) each Fund 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 each Fund’s investment policies and restrictions. Each Fund is 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 period ended April 30, 2020, the Funds did not participate in the Interfund Lending Program.
Trustees and Officers:Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Funds’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.
Other Transactions: During the six months ended April 30, 2020, TempFund received a reimbursement of $14,497 from an affiliate, which is included in payment by affiliate in the Statements of Operations, related to an operating event.
130 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
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, 2020, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule17a-7 under the 1940 Act were as follows:
Purchases | Sales | Net Realized Gain (Loss) | ||||||||||
MuniCash | $ | 1,308,959,221 | $ | 522,446,758 | $ | — | ||||||
MuniFund | 32,951,184 | 102,988,122 | — | |||||||||
California Money Fund | 87,764,074 | 184,483,400 | — | |||||||||
New York Money Fund | 78,928,684 | 117,982,517 | — |
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 its taxable income to its 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, 2019. 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, 2020, 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, 2019, the Funds hadnon-expiring capital loss carryforwards available to offset future realized capital gains as follows:
Non-Expiring Capital Loss Carryforward | ||||
MuniCash | $ | 55,451 | ||
MuniFund | 3,026 | |||
California Money Fund | 41 |
As of April 30, 2020, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
TempCash | ||||
Tax cost | $ | 7,743,233,134 | ||
|
|
| ||
Gross unrealized appreciation | $ | 5,849,240 | ||
Gross unrealized depreciation | (1,330,384 | ) | ||
|
|
| ||
Net unrealized appreciation | $ | 4,518,856 | ||
|
|
|
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 each Fund 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) the general economy; (ii) the 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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which each 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
NOTESTO FINANCIAL STATEMENTS | 131 |
Notes to Financial Statements (unaudited) (continued)
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.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a Fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.
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: 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, the Funds’ respective portfolios. Investment percentages in specific states or U.S. territories are presented in the Schedules of Investments.
Certain Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.
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 and MuniFund.
Transactions in capital shares for each class were as follows:
Six Months Ended 04/30/20 | Year Ended 10/31/19 | |||||||
Federal Trust Fund | ||||||||
Institutional | ||||||||
Shares sold | 12,462,848,570 | 12,704,112,763 | ||||||
Shares issued in reinvestment of distributions | 4,580,382 | 14,369,548 | ||||||
Shares redeemed | (10,462,909,408 | ) | (12,272,884,399 | ) | ||||
|
|
|
|
|
| |||
Net increase | 2,004,519,544 | 445,597,912 | ||||||
|
|
|
|
|
| |||
Administration | ||||||||
Shares sold | 81,912,873 | 173,314,836 | ||||||
Shares issued in reinvestment of distributions | 458,558 | 1,898,231 | ||||||
Shares redeemed | (55,139,532 | ) | (170,753,243 | ) | ||||
|
|
|
|
|
| |||
Net increase | 27,231,899 | 4,459,824 | ||||||
|
|
|
|
|
| |||
Cash Management | ||||||||
Shares sold | 5,054,937 | 202,720 | ||||||
Shares issued in reinvestment of distributions | — | — | ||||||
Shares redeemed | (838,638 | ) | (1,538,528 | ) | ||||
|
|
|
|
|
| |||
Net increase (decrease) | 4,216,299 | (1,335,808 | ) | |||||
|
|
|
|
|
| |||
Cash Reserve | ||||||||
Shares sold | — | 772 | ||||||
Shares issued in reinvestment of distributions | 1,789 | 9,105 | ||||||
Shares redeemed | — | (774 | ) | |||||
|
|
|
|
|
| |||
Net increase | 1,789 | 9,103 | ||||||
|
|
|
|
|
| |||
Dollar | ||||||||
Shares sold | 16,261,059 | 12,237,686 | ||||||
Shares issued in reinvestment of distributions | 8,822 | 65,711 | ||||||
Shares redeemed | (11,262,800 | ) | (14,903,384 | ) | ||||
|
|
|
|
|
| |||
Net increase (decrease) | 5,007,081 | (2,599,987 | ) | |||||
|
|
|
|
|
|
132 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Six Months Ended 04/30/20 | Year Ended 10/31/19 | |||||||
Premier | ||||||||
Shares sold | — | 36,500 | (a) | |||||
|
|
|
|
|
| |||
Net increase | — | 36,500 | ||||||
|
|
|
|
|
| |||
Total Net Increase | 2,040,976,612 | 446,167,544 | ||||||
|
|
|
|
|
| |||
FedFund | ||||||||
Institutional | ||||||||
Shares sold | 592,056,234,531 | 820,557,392,885 | ||||||
Shares issued in reinvestment of distributions | 267,215,190 | 681,599,495 | ||||||
Shares redeemed | (529,322,006,238 | ) | (802,414,537,695 | ) | ||||
|
|
|
|
|
| |||
Net increase | 63,001,443,483 | 18,824,454,685 | ||||||
|
|
|
|
|
| |||
Administration | ||||||||
Shares sold | 4,133,022,660 | 7,702,703,748 | ||||||
Shares issued in reinvestment of distributions | 1,916,574 | 7,851,418 | ||||||
Shares redeemed | (3,893,206,542 | ) | (7,340,208,687 | ) | ||||
|
|
|
|
|
| |||
Net increase | 241,732,692 | 370,346,479 | ||||||
|
|
|
|
|
| |||
Capital | ||||||||
Shares sold | 7,292,658,664 | 8,896,812,741 | ||||||
Shares issued in reinvestment of distributions | 46,749,959 | 159,322,052 | ||||||
Shares redeemed | (6,237,652,683 | ) | (8,116,349,857 | ) | ||||
|
|
|
|
|
| |||
Net increase | 1,101,755,940 | 939,784,936 | ||||||
|
|
|
|
|
| |||
Cash Management | ||||||||
Shares sold | 493,869,737 | 601,770,368 | ||||||
Shares issued in reinvestment of distributions | 1,006,275 | 3,486,015 | ||||||
Shares redeemed | (361,244,207 | ) | (382,288,939 | ) | ||||
|
|
|
|
|
| |||
Net increase | 133,631,805 | 222,967,444 | ||||||
|
|
|
|
|
| |||
Cash Reserve | ||||||||
Shares sold | 26,378,360,449 | 44,180,431,479 | ||||||
Shares issued in reinvestment of distributions | 14 | 227 | ||||||
Shares redeemed | (25,712,187,058 | ) | (40,922,873,761 | ) | ||||
|
|
|
|
|
| |||
Net increase | 666,173,405 | 3,257,557,945 | ||||||
|
|
|
|
|
| |||
Dollar | ||||||||
Shares sold | 5,756,962,716 | 12,221,791,437 | ||||||
Shares issued in reinvestment of distributions | 1,052,983 | 4,575,944 | ||||||
Shares redeemed | (4,933,995,849 | ) | (11,695,388,333 | ) | ||||
|
|
|
|
|
| |||
Net increase | 824,019,850 | 530,979,048 | ||||||
|
|
|
|
|
| |||
Premier | ||||||||
Shares sold | — | 36,500 | (a) | |||||
|
|
|
|
|
| |||
Net increase | — | 36,500 | ||||||
|
|
|
|
|
| |||
Private Client | ||||||||
Shares sold | 48,952 | 78 | ||||||
Shares issued in reinvestment of distributions | 927 | 5,702 | ||||||
Shares redeemed | (1,431 | ) | (544,339 | ) | ||||
|
|
|
|
|
| |||
Net increase (decrease) | 48,448 | (538,559 | ) | |||||
|
|
|
|
|
| |||
Select | ||||||||
Shares sold | 364,295,978 | 633,574,854 | ||||||
Shares issued in reinvestment of distributions | 617,129 | 3,014,408 | ||||||
Shares redeemed | (315,983,630 | ) | (575,656,386 | ) | ||||
|
|
|
|
|
| |||
Net increase | 48,929,477 | 60,932,876 | ||||||
|
|
|
|
|
| |||
Total Net Increase | 66,017,735,100 | 24,206,521,354 | ||||||
|
|
|
|
|
| |||
T-Fund | ||||||||
Institutional | ||||||||
Shares sold | 381,643,280,854 | 620,268,558,788 | ||||||
Shares issued in reinvestment of distributions | 116,843,795 | 461,723,948 | ||||||
Shares redeemed | (370,105,998,092 | ) | (613,291,766,321 | ) | ||||
|
|
|
|
|
| |||
Net increase | 11,654,126,557 | 7,438,516,415 | ||||||
|
|
|
|
|
| |||
Administration | ||||||||
Shares sold | 26,670,586 | 773,946,841 | ||||||
Shares issued in reinvestment of distributions | 45,680 | 5,724,048 | ||||||
Shares redeemed | (128,051,857 | ) | (970,844,552 | ) | ||||
|
|
|
|
|
| |||
Net decrease | (101,335,591 | ) | (191,173,663 | ) | ||||
|
|
|
|
|
|
NOTESTO FINANCIAL STATEMENTS | 133 |
Notes to Financial Statements (unaudited) (continued)
Six Months Ended 04/30/20 | Year Ended 10/31/19 | |||||||
Capital | ||||||||
Shares sold | 9,290,097,487 | 14,569,570,038 | ||||||
Shares issued in reinvestment of distributions | 55,813,949 | 224,499,974 | ||||||
Shares redeemed | (9,078,982,493 | ) | (15,425,120,574 | ) | ||||
|
|
|
|
|
| |||
Net increase (decrease) | 266,928,943 | (631,050,562 | ) | |||||
|
|
|
|
|
| |||
Cash Management | ||||||||
Shares sold | 1,765,175,024 | 3,163,021,198 | ||||||
Shares issued in reinvestment of distributions | 2,293,515 | 6,788,577 | ||||||
Shares redeemed | (1,696,652,608 | ) | (2,734,516,096 | ) | ||||
|
|
|
|
|
| |||
Net increase | 70,815,931 | 435,293,679 | ||||||
|
|
|
|
|
| |||
Cash Reserve | ||||||||
Shares sold | 1,475,833,423 | 1,081,187,181 | ||||||
Shares issued in reinvestment of distributions | 192,570 | 1,592,195 | ||||||
Shares redeemed | (1,504,079,143 | ) | (1,198,937,643 | ) | ||||
|
|
|
|
|
| |||
Net decrease | (28,053,150 | ) | (116,158,267 | ) | ||||
|
|
|
|
|
| |||
Dollar | ||||||||
Shares sold | 4,250,072,047 | 6,130,368,305 | ||||||
Shares issued in reinvestment of distributions | 1,331,497 | 7,482,569 | ||||||
Shares redeemed | (3,534,011,168 | ) | (6,573,759,591 | ) | ||||
|
|
|
|
|
| |||
Net increase (decrease) | 717,392,376 | (435,908,717 | ) | |||||
|
|
|
|
|
| |||
Premier | ||||||||
Shares sold | — | 36,500 | (a) | |||||
|
|
|
|
|
| |||
Net increase | — | 36,500 | ||||||
|
|
|
|
|
| |||
Select | ||||||||
Shares sold | 90,031,687 | 103,478,228 | ||||||
Shares issued in reinvestment of distributions | 35,197 | 263,265 | ||||||
Shares redeemed | (62,235,472 | ) | (108,682,535 | ) | ||||
|
|
|
|
|
| |||
Net increase (decrease) | 27,831,412 | (4,941,042 | ) | |||||
|
|
|
|
|
| |||
Total Net Increase | 12,607,706,478 | 6,494,614,343 | ||||||
|
|
|
|
|
| |||
Treasury Trust Fund | ||||||||
Institutional | ||||||||
Shares sold | 104,897,617,899 | 95,714,869,460 | ||||||
Shares issued in reinvestment of distributions | 53,245,279 | 144,120,420 | ||||||
Shares redeemed | (67,119,223,582 | ) | (87,663,392,824 | ) | ||||
|
|
|
|
|
| |||
Net increase | 37,831,639,596 | 8,195,597,056 | ||||||
|
|
|
|
|
| |||
Administration | ||||||||
Shares sold | 670,427,045 | 1,699,228,986 | ||||||
Shares issued in reinvestment of distributions | 1,508,734 | 1,719,579 | ||||||
Shares redeemed | (641,067,825 | ) | (1,648,893,264 | ) | ||||
|
|
|
|
|
| |||
Net increase | 30,867,954 | 52,055,301 | ||||||
|
|
|
|
|
| |||
Cash Management | ||||||||
Shares sold | 73,040,588 | 59,530,319 | ||||||
Shares issued in reinvestment of distributions | 11,448 | 20,116 | ||||||
Shares redeemed | (66,724,822 | ) | (36,904,423 | ) | ||||
|
|
|
|
|
| |||
Net increase | 6,327,214 | 22,646,012 | ||||||
|
|
|
|
|
| |||
Cash Reserve | ||||||||
Shares sold | 375,762,204 | 459,595,250 | ||||||
Shares issued in reinvestment of distributions | 58,682 | 16,348 | ||||||
Shares redeemed | (343,118,342 | ) | (393,627,800 | ) | ||||
|
|
|
|
|
| |||
Net increase | 32,702,544 | 65,983,798 | ||||||
|
|
|
|
|
| |||
Dollar | ||||||||
Shares sold | 2,778,838,723 | 3,303,440,917 | ||||||
Shares issued in reinvestment of distributions | 572,078 | 1,501,352 | ||||||
Shares redeemed | (2,371,991,871 | ) | (2,809,691,869 | ) | ||||
|
|
|
|
|
| |||
Net increase | 407,418,930 | 495,250,400 | ||||||
|
|
|
|
|
| |||
Premier | ||||||||
Shares sold | — | 36,500 | (a) | |||||
|
|
|
|
|
| |||
Net increase | — | 36,500 | ||||||
|
|
|
|
|
|
134 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Six Months Ended 04/30/20 | Year Ended 10/31/19 | |||||||
Select | ||||||||
Shares sold | 135,131,628 | 233,491,984 | ||||||
Shares issued in reinvestment of distributions | 132,134 | 497,582 | ||||||
Shares redeemed | (88,325,141 | ) | (235,401,422 | ) | ||||
|
|
|
|
|
| |||
Net increase (decrease) | 46,938,621 | (1,411,856 | ) | |||||
|
|
|
|
|
| |||
Total Net Increase | 38,355,894,859 | 8,830,157,211 | ||||||
|
|
|
|
|
| |||
MuniFund | ||||||||
Institutional | ||||||||
Shares sold | 96,845,479 | 380,643,057 | ||||||
Shares issued in reinvestment of distributions | 370,600 | 1,242,612 | ||||||
Shares redeemed | (210,620,162 | ) | (378,430,505 | ) | ||||
|
|
|
|
|
| |||
Net increase (decrease) | (113,404,083 | ) | 3,455,164 | |||||
|
|
|
|
|
| |||
Administration | ||||||||
Shares sold | 17,589,220 | 36,679,186 | ||||||
Shares issued in reinvestment of distributions | 78,198 | 221,989 | ||||||
Shares redeemed | (16,217,376 | ) | (37,950,705 | ) | ||||
|
|
|
|
|
| |||
Net increase (decrease) | 1,450,042 | (1,049,530 | ) | |||||
|
|
|
|
|
| |||
Dollar | ||||||||
Shares sold | 1,799,527 | 2,674,954 | ||||||
Shares redeemed | (2,143,991 | ) | (2,458,697 | ) | ||||
|
|
|
|
|
| |||
Net increase (decrease) | (344,464 | ) | 216,257 | |||||
|
|
|
|
|
| |||
Premier | ||||||||
Shares sold | — | 36,500 | (a) | |||||
|
|
|
|
|
| |||
Net increase | — | 36,500 | ||||||
|
|
|
|
|
| |||
Private Client | ||||||||
Shares sold | 66 | — | ||||||
Shares issued in reinvestment of distributions | 893 | 2,800 | ||||||
Shares redeemed | (300 | ) | (31,511 | ) | ||||
|
|
|
|
|
| |||
Net increase (decrease) | 659 | (28,711 | ) | |||||
|
|
|
|
|
| |||
Select | ||||||||
Shares sold | 8,841,396 | 33,405,411 | ||||||
Shares issued in reinvestment of distributions | 3,888 | 21,628 | ||||||
Shares redeemed | (8,863,290 | ) | (33,907,617 | ) | ||||
|
|
|
|
|
| |||
Net decrease | (18,006 | ) | (480,578 | ) | ||||
|
|
|
|
|
| |||
Total Net Increase (Decrease) | (112,315,852 | ) | 2,149,102 | |||||
|
|
|
|
|
|
Transactions in capital shares for each class of TempCash, TempFund, MuniCash, California Money Fund and New York Money Fund were as follows:
Six Months Ended 04/30/20 | Year Ended 10/31/19 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
TempCash | ||||||||||||||||
Institutional | ||||||||||||||||
Shares sold | 10,013,558,432 | $ | 10,019,931,217 | 17,927,742,344 | $ | 17,936,454,621 | ||||||||||
Shares issued in reinvestment of distributions | 3,313,966 | 3,316,102 | 7,975,683 | 7,979,923 | ||||||||||||
Shares redeemed | (12,022,130,675 | ) | (12,027,425,317 | ) | (12,780,036,136 | ) | (12,786,435,080 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net increase (decrease) | (2,005,258,277 | ) | $ | (2,004,177,998 | ) | 5,155,681,891 | $ | 5,157,999,464 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Dollar | ||||||||||||||||
Shares issued in reinvestment of distributions | 107 | 107 | 2,438 | 2,439 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net increase | 107 | $ | 107 | 2,438 | $ | 2,439 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Premier | ||||||||||||||||
Shares sold | — | $ | — | 36,478 | (a) | $ | 36,500 | (a) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net increase (decrease) | — | $ | — | 36,478 | $ | 36,500 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Net Increase (Decrease) | (2,005,258,170 | ) | $ | (2,004,177,891 | ) | 5,155,720,807 | $ | 5,158,038,403 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
TempFund | ||||||||||||||||
Institutional | ||||||||||||||||
Shares sold | 37,933,031,443 | $ | 37,953,345,038 | 90,618,296,944 | $ | 90,665,754,560 | ||||||||||
Shares issued in reinvestment of distributions | 44,457,441 | 44,481,113 | 171,767,829 | 171,874,287 | ||||||||||||
Shares redeemed | (41,327,553,044 | ) | (41,347,331,417 | ) | (92,508,122,479 | ) | (92,556,540,240 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net decrease | (3,350,064,160 | ) | $ | (3,349,505,266 | ) | (1,718,057,706 | ) | $ | (1,718,911,393 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
NOTESTO FINANCIAL STATEMENTS | 135 |
Notes to Financial Statements (unaudited) (continued)
Six Months Ended 04/30/20 | Year Ended 10/31/19 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Administration | ||||||||||||||||
Shares sold | 120,640,144 | $ | 120,705,599 | 43,349,196 | $ | 43,373,336 | ||||||||||
Shares issued in reinvestment of distributions | 119,515 | 119,585 | 439,267 | 439,512 | ||||||||||||
Shares redeemed | (102,612,470 | ) | (102,687,896 | ) | (25,556,176 | ) | (25,570,432 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 18,147,189 | $ | 18,137,288 | 18,232,287 | $ | 18,242,416 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Cash Management | ||||||||||||||||
Shares sold | 121,009,457 | $ | 121,065,446 | 177,216,383 | $ | 177,308,452 | ||||||||||
Shares issued in reinvestment of distributions | 2,931,615 | 2,933,126 | 11,899,108 | 11,905,542 | ||||||||||||
Shares redeemed | (114,940,219 | ) | (114,995,263 | ) | (197,010,664 | ) | (197,116,973 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 9,000,853 | $ | 9,003,309 | (7,895,173 | ) | $ | (7,902,979 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Cash Reserve | ||||||||||||||||
Shares sold | 4,163,845 | $ | 4,166,255 | 5,062,279 | $ | 5,065,053 | ||||||||||
Shares issued in reinvestment of distributions | 29,321 | 29,337 | 102,293 | 102,346 | ||||||||||||
Shares redeemed | (2,190,739 | ) | (2,191,878 | ) | (5,189,225 | ) | (5,192,201 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 2,002,427 | $ | 2,003,714 | (24,653 | ) | $ | (24,802 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Dollar | ||||||||||||||||
Shares sold | 55,371,116 | $ | 55,409,137 | 51,470,637 | $ | 51,497,281 | ||||||||||
Shares issued in reinvestment of distributions | 477,091 | 477,355 | 1,836,953 | 1,837,950 | ||||||||||||
Shares redeemed | (37,573,625 | ) | (37,586,378 | ) | (53,960,274 | ) | (53,992,845 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 18,274,582 | $ | 18,300,114 | (652,684 | ) | $ | (657,614 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Private Client | ||||||||||||||||
Shares sold | 29,273,095 | $ | 29,265,615 | 6,341,325 | $ | 6,344,238 | ||||||||||
Shares issued in reinvestment of distributions | 12,246 | 12,253 | 32,331 | 32,349 | ||||||||||||
Shares redeemed | (8,311,471 | ) | (8,317,104 | ) | (7,249,660 | ) | (7,253,283 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 20,973,870 | $ | 20,960,764 | (876,004 | ) | $ | (876,696 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Select(b) | ||||||||||||||||
Shares issued in reinvestment of distributions | — | $ | — | 6 | $ | 5 | ||||||||||
Shares redeemed | — | — | (643 | ) | (643 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | — | $ | — | (637 | ) | $ | (638 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Decrease | (3,281,665,239 | ) | $ | (3,281,100,077 | ) | (1,709,274,570 | ) | $ | (1,710,131,706 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
| ||||||||||||||||
MuniCash | ||||||||||||||||
| ||||||||||||||||
Institutional | ||||||||||||||||
Shares sold | 22,773,337,531 | $ | 22,775,590,585 | 32,005,274,124 | $ | 32,009,869,838 | ||||||||||
Shares issued in reinvestment of distributions | 11,716,175 | 11,717,715 | 18,175,005 | 18,177,436 | ||||||||||||
Shares redeemed | (21,702,148,060 | ) | (21,704,099,185 | ) | (30,833,267,846 | ) | (30,837,752,767 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 1,082,905,646 | $ | 1,083,209,115 | 1,190,181,283 | $ | 1,190,294,507 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Dollar | ||||||||||||||||
Shares sold | 1,663,178 | $ | 1,663,436 | 2,961,834 | $ | 2,962,222 | ||||||||||
Shares issued in reinvestment of distributions | 10,442 | 10,443 | 25,542 | 25,545 | ||||||||||||
Shares redeemed | (1,111,488 | ) | (1,111,637 | ) | (2,672,705 | ) | (2,673,061 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 562,132 | $ | 562,242 | 314,671 | $ | 314,706 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Premier | ||||||||||||||||
Shares sold | — | $ | — | 36,493 | (a) | $ | 36,500 | (a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | — | $ | — | 36,493 | $ | 36,500 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Increase | 1,083,467,778 | $ | 1,083,771,357 | 1,190,532,447 | $ | 1,190,645,713 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
| ||||||||||||||||
California Money Fund | ||||||||||||||||
| ||||||||||||||||
Institutional | ||||||||||||||||
Shares sold | 1,967,863,615 | $ | 1,968,106,969 | 4,428,995,312 | $ | 4,429,881,111 | ||||||||||
Shares issued in reinvestment of distributions | 1,279,952 | 1,280,080 | 2,594,245 | 2,594,765 | ||||||||||||
Shares redeemed | (2,033,571,174 | ) | (2,033,886,495 | ) | (4,203,640,454 | ) | (4,204,481,181 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (64,427,607 | ) | $ | (64,499,446 | ) | 227,949,103 | $ | 227,994,695 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Premier | ||||||||||||||||
Shares sold | — | $ | — | 36,492 | (a)$ | 36,500 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | — | $ | — | 36,492 | $ | 36,500 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Increase (Decrease) | (64,427,607 | ) | $ | (64,499,446 | ) | 227,985,595 | $ | 228,031,195 | ||||||||
|
|
|
|
|
|
|
|
136 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Six Months Ended 04/30/20 | Year Ended 10/31/19 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
New York Money Fund | ||||||||||||||||
| ||||||||||||||||
Institutional | ||||||||||||||||
Shares sold | 872,121,311 | $ | 872,117,003 | 1,467,442,284 | $ | 1,467,442,284 | ||||||||||
Shares issued in reinvestment of distributions | 530,844 | 530,844 | 857,781 | 857,781 | ||||||||||||
Shares redeemed | (860,572,987 | ) | (860,563,995 | ) | (1,270,864,647 | ) | (1,270,864,647 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 12,079,168 | $ | 12,083,852 | 197,435,418 | $ | 197,435,418 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Premier | ||||||||||||||||
Shares sold | — | $ | — | 36,500 | (a) | $ | 36,500 | (a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | — | $ | — | 36,500 | $ | 36,500 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Increase | 12,079,168 | $ | 12,083,852 | 197,471,918 | $ | 197,471,918 | ||||||||||
|
|
|
|
|
|
|
|
(a) | Period July 26, 2019 (recommencement of operations) to October 31, 2019 for Premier Shares. |
(b) | There were no Select Shares outstanding for the period ended April 30, 2020. |
As of April 30, 2020, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:
Premier | ||||
Federal Trust Fund | $ | 36,500 | ||
FedFund | 36,500 | |||
TempCash | 36,478 | |||
T-Fund | 36,500 | |||
Treasury Trust Fund | 36,500 | |||
MuniCash | 36,493 | |||
MuniFund | 36,500 | |||
California Money Fund | 36,492 | |||
New York Money Fund | 36,500 |
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.
NOTESTO FINANCIAL STATEMENTS | 137 |
Trustee and Officer Information
Mark Stalnecker, Chair of the Board and Trustee
Bruce R. Bond, Trustee
Susan J. Carter, Trustee
Collette Chilton, Trustee
Neil A. Cotty, Trustee
Lena G. Goldberg, Trustee
Henry R. Keizer, Trustee
Cynthia A. Montgomery, Trustee
Donald C. Opatrny, Trustee
Joseph P. Platt, Trustee
Kenneth L. Urish, Trustee
Claire A. Walton, 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
Lisa Belle, Anti-Money Laundering Compliance Officer
Janey Ahn, Secretary
Effective December 31, 2019, Robert M. Hernandez retired as Trustee 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
Boston, MA 02116
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
138 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
General Information
Electronic Delivery
Shareholders can sign up fore-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 each month on FormsN-MFP. The Funds’ reports on FormsN-MFP are available on the SEC’s website at sec.gov. Each Fund makes portfolio holdings available to shareholders on its website atblackrock.com.
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) atblackrock.com; and (3) on the SEC’s website at 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 recent12-month period ended June 30 is available upon request and without charge (1) atblackrock.com; or by calling (800)441-7450 and (2) on the SEC’s website at 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 theirnon-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 personalnon-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 tonon-affiliated third parties anynon-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. Thesenon-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 tonon-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 thenon-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
ADDITIONAL INFORMATION | 139 |
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 | |
DAC | Designated Activity Company | |
GO | General Obligation Bonds | |
LIBOR | London Interbank Offered Rate | |
LIQ | Liquidity Agreement | |
LOC | Letter of Credit | |
RB | Revenue Bonds | |
SBPA | Stand-by-Bond Purchase Agreement | |
SOFR | Secured Overnight Financing Rate | |
TAN | Tax Anticipation Notes | |
VRDN | Variable Rate Demand Notes | |
VRDP | Variable Rate Demand Preferred |
140 | 2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notice to Shareholders
The following applies to TempCash, TempFund, MuniCash, California Money Fund and New York Money Fund: This report is intended for 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 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 MuniFund: This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund’s current prospectus. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s 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 Fund’s sponsor has no legal obligation to provide financial support to the Fund at any time.
Want to know more?
blackrock.com | 800-441-7450
This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of a Fund unless preceded or accompanied by the Fund’s current prospectus. You could lose money by investing in a Fund. 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 currentmonth-end performance information, call (800)626-1960. Each Fund’s current7-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-4/20-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 Registrant – 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 FormN-CSR filing. | ||||
Item 7 | – | Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies – Not Applicable | ||
Item 8 | – | Portfolio Managers ofClosed-End Management Investment Companies – Not Applicable | ||
Item 9 | – | Purchases of Equity Securities byClosed-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 Rule30a-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 Rule30a-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 Rule30a-3(d) under the 1940 Act) that occurred during 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 forClosed-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) – Section 302 Certifications are attached | ||||
(a)(3) – Not Applicable | ||||
(a)(4) – Not Applicable | ||||
(b) – Section 906 Certifications are attached |
2
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Liquidity Funds
By: | /s/ John M. Perlowski | |
John M. Perlowski | ||
Chief Executive Officer (principal executive officer) of | ||
BlackRock Liquidity Funds |
Date: July 2, 2020
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 2, 2020
By: | /s/ Neal J. Andrews | |
Neal J. Andrews | ||
Chief Financial Officer (principal financial officer) of | ||
BlackRock Liquidity Funds |
Date: July 2, 2020
3