UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-02354
BlackRock Liquidity Funds
(Exact name of registrant as specified in charter)
100 Bellevue Parkway
Wilmington, DE 19809
(Address of principal executive offices) (Zip code)
Brian Kindelan
100 Bellevue Parkway
Wilmington, DE 19809
(Name and address of agent for service)
registrant's telephone number, including area code: 302-797-2460
Date of fiscal year end: October 31, 2004
Date of reporting period: April 30, 2004
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. (S) 3507.
Item 1. Reports to Stockholders.
The Reports to Shareholders is attached herewith:
FIXED INCOME LIQUIDITY EQUITIES ALTERNATIVES BLACKROCK SOLUTIONS
BlackRock Liquidity Funds
Semi-Annual Report
April 30, 2004 (Unaudited)
[GRAPHIC]
BlackRock
BLACKROCK
100 Bellevue Parkway
4th Floor
Wilmington,DE 19809
(302) 797-2000
www.brpif.com
June 3, 2004
Dear Shareholder:
We are pleased to present the Semi-Annual Report to Shareholders of
BlackRock Liquidity Funds for the six-month period ended April 30, 2004.
BlackRock Liquidity Funds offer a variety of high quality Taxable and
Tax-Exempt Money Market Funds designed to meet the varied needs of our
investors. Please contact your account representative or call our Client Service
Center at (800) 821-7432 to discuss your investment options. We welcome the
opportunity to serve you.
Sincerely,
/s/ Ralph L. Schlosstein
Ralph L. Schlosstein
Chairman & President
BLACKROCK LIQUIDITY FUNDS
TEMPFUND
STATEMENT OF NET ASSETS
APRIL 30, 2004
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- -------------------
AGENCY OBLIGATIONS - 13.2%
Federal Home Loan Bank Bonds - 2.9%
4.88% 05/14/04 $ 12,185 $ 12,200,040
3.38% 06/15/04 41,500 41,608,890
4.12% 01/14/05 75,065 76,476,448
1.38% 03/28/05 252,000 252,000,001
1.42% 04/04/05 256,000 256,000,000
1.41% 05/09/05 105,000 105,000,000
---------------
743,285,379
---------------
Federal Home Loan Mortgage Corporation Bonds - 3.4%
5.00% 05/15/04 56,191 56,268,214
1.33% 08/06/04 85,000 85,002,230
4.50% 08/15/04 40,000 40,378,532
1.88% 01/15/05 59,190 59,373,808
6.88% 01/15/05 57,040 59,211,325
1.42% 03/01/05 250,000 250,000,000
1.29% 03/23/05 270,500 270,500,000
---------------
820,734,109
---------------
Federal Home Loan Mortgage Corporation Discount
Notes - 1.9%
1.01% 06/02/04 112,000 111,899,450
1.00% 06/15/04 350,000 349,562,500
---------------
461,461,950
---------------
Federal National Mortgage Association Bonds - 3.8%
5.62% 05/14/04 128,795 128,989,164
1.02% 06/02/04 344,000 343,688,107
3.00% 06/15/04 181,240 181,632,755
1.54% 12/08/04 267,500 267,500,000
---------------
921,810,026
---------------
Federal National Mortgage Association Discount
Notes - 1.2%
1.01% 06/23/04 200,000 199,702,611
1.00% 06/30/04 88,543 88,395,428
---------------
288,098,039
---------------
TOTAL AGENCY OBLIGATIONS
(Cost $3,235,389,503) 3,235,389,503
---------------
CERTIFICATES OF DEPOSIT - 6.6%
Domestic
Citibank N.A. (A-1+, P-1)
1.03% 06/18/04 300,000 300,000,000
1.04% 06/21/04 250,000 250,000,000
1.04% 06/24/04 76,500 76,500,000
First Tennessee Bank N.A. (A-1, P-1)
1.03% 05/17/04 180,000 180,000,000
1.04% 06/07/04 20,000 20,000,000
State Street Bank & Trust Co. (A-1+,
P-1)
1.04% 06/22/04 135,000 135,000,000
PAR
MATURITY (000) VALUE
---------- ----------------- -------------------
CERTIFICATES OF DEPOSIT (Continued)
Wells Fargo Bank N.A. (A-1+, P-1)
1.03% 05/28/04 $650,000 $ 650,000,000
-------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $1,611,500,000)
1,611,500,000
-------------
COMMERCIAL PAPER - 25.8%
Asset Backed Securities - 17.0%
Amsterdam Funding Corp. (A-1, P-1)
1.03% 05/05/04 84,500 84,490,328
1.03% 05/06/04 75,000 74,989,271
1.04% 05/27/04 25,000 24,981,222
Barton Capital Corp. (A-1+, P-1)
1.03% 05/07/04 180,154 180,123,074
1.03% 05/14/04 185,490 185,421,008
1.04% 06/10/04 71,775 71,692,060
Cafco LLC (A-1+, P-1)
1.03% 05/13/04 40,000 39,986,267
1.03% 05/26/04 50,000 49,964,236
1.04% 06/17/04 96,600 96,468,839
1.04% 06/21/04 100,000 99,852,667
CRC Funding LLC (A-1+, P-1)
1.04% 06/17/04 50,000 49,932,111
1.04% 06/21/04 100,000 99,852,667
1.04% 06/22/04 150,000 149,774,667
CXC LLC (A-1+, P-1)
1.03% 05/05/04 29,600 29,596,612
Daimler Chrysler Revolving Auto Co.
(A-1+, P-1)
1.04% 05/19/04 67,068 67,033,125
Delaware Funding LLC (A-1+, P-1)
1.03% 05/06/04 101,091 101,076,538
Edison Asset Securitization LLC (A-1+,
P-1)
1.03% 06/17/04 68,690 68,597,631
Fairway Finance Co. LLC (A-1, P-1)
1.04% 05/25/04 20,024 20,010,117
1.04% 06/01/04 15,039 15,026,401
1.04% 06/15/04 50,138 50,072,821
Falcon Asset Securitization Corp. (A-1,
P-1)
1.04% 05/18/04 61,803 61,772,648
Fcar Owner Trust Series I (A-1+, P-1)
1.03% 05/17/04 200,000 199,908,444
1.04% 05/17/04 100,000 99,953,778
1.03% 05/18/04 150,000 149,927,042
Giro Funding U.S. Corp. (A-1+, P-1)
1.04% 05/17/04 73,925 73,890,830
1.04% 05/18/04 48,946 48,921,962
Jupiter Securitization Corp. (A-1, P-1)
1.03% 05/04/04 137,905 137,893,163
Liberty Street Funding Corp. (A-1, P-1)
1.04% 06/21/04 27,000 26,960,220
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
2
TEMPFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- --------------
COMMERCIAL PAPER (Continued)
Asset Backed Securities (continued)
Moat Funding LLC (A-1+, P-1)
1.04% 06/22/04 $ 68,000 $ 67,897,849
Mortgage Interest Networking Trust
(A-1, P-1)
1.04% 05/03/04 100,000 99,994,222
Old Line Funding LLC (A-1+, P-1)
1.03% 05/06/04 44,677 44,670,609
Preferred Receivables Funding Corp.
(A-1, P-1)
1.04% 05/07/04 75,000 74,987,061
Regency Markets No. 1 LLC (A-1, P-1)
1.05% 05/07/04 86,205 86,189,914
1.05% 05/20/04 65,044 65,007,955
Scaldis Capital LLC (A-1+, P-1)
1.03% 05/07/04 200,000 199,965,667
1.04% 05/17/04 179,673 179,589,951
1.04% 05/25/04 161,260 161,148,193
Sheffield Receivables Corp. (A-1+, P-1)
1.04% 05/25/04 100,000 99,930,667
1.04% 06/17/04 54,545 54,470,940
Silver Tower US Funding LLC (A-1, P-1)
1.05% 05/17/04 148,000 147,930,933
Thames Asset Global Securitization
(A-1, P-1)
1.04% 05/07/04 20,000 19,996,533
1.04% 05/20/04 83,000 82,954,442
1.04% 05/21/04 41,357 41,333,105
Thunder Bay Funding LLC (A-1, P-1)
1.03% 05/03/04 65,062 65,058,277
1.03% 05/04/04 45,062 45,058,132
1.03% 05/05/04 25,047 25,044,134
1.03% 05/18/04 24,177 24,165,241
1.03% 05/20/04 20,246 20,234,994
1.04% 06/01/04 55,113 55,063,642
Yorktown Capital LLC (A-1+, P-1)
1.04% 06/02/04 120,505 120,393,600
--------------
4,139,255,810
--------------
Banks - 3.8%
Deutsche Bank Financial LLC (A-1+,
P-1)
1.03% 05/21/04 750,000 749,570,833
Societe Generale N.A. (A-1+, P-1)
1.04% 06/04/04 150,000 149,852,667
Toronto-Dominion Holdings (A-1, P-1)
1.02% 05/12/04 55,000 54,982,858
--------------
954,406,358
--------------
PAR
MATURITY (000) VALUE
---------- ---------------- --------------
COMMERCIAL PAPER (Continued)
Personal Credit Institutions - 2.5%
General Electric Capital Corp. (A-1+,
P-1)
1.03% 05/10/04 $200,000 $ 199,948,500
1.03% 06/08/04 100,000 99,891,278
1.04% 06/10/04 75,000 74,913,333
1.03% 06/17/04 225,290 224,987,049
--------------
599,740,160
--------------
Security Brokers & Dealers - 2.5%
Bear Stearns & Co., Inc. (A-1, P-1)
1.03% 06/02/04 200,000 199,816,889
Citigroup Global Markets Holdings
(A-1+, P-1)
1.03% 05/27/04 400,000 399,702,444
--------------
599,519,333
--------------
TOTAL COMMERCIAL PAPER
(Cost $6,292,921,661) 6,292,921,661
--------------
MASTER NOTES - 2.9%
Security Brokers & Dealers
Merrill Lynch Mortgage Capital, Inc.
(A-1, P-1)(b)
1.15% 05/03/04 310,250 310,250,000
Morgan Stanley Mortgage Capital, Inc.
(A-1, P-1)(b)
1.17% 04/30/05 405,000 405,000,000
--------------
TOTAL MASTER NOTES
(Cost $715,250,000)
715,250,000
--------------
VARIABLE RATE OBLIGATIONS - 30.1%
Asset Backed Securities - 1.9%
Racers XL (A-1, P-1)
1.10%(c) 10/22/04 111,000 111,000,000
SMM Trust Series 2003G (A-1+, P-1)
1.12%(c) 06/03/04 238,000 238,000,000
SMM Trust Series 2003M (A-1+, P-1)
1.11%(c) 12/15/04 110,000 110,000,000
--------------
459,000,000
--------------
Banks - 9.8%
Bank of America N.A. (AA+, Aa1)
1.05%(c) 06/17/04 350,000 350,000,000
1.05%(c) 02/04/05 307,000 307,000,000
Bank of New York Co. Inc. (A+, Aa3)
1.09%(c) 04/27/05 125,000 125,000,000
Bank of New York (AA-, Aa2)
1.03%(c) 05/20/05 35,015 35,011,284
Chase Manhatten Bank (A-1+, P-1)(b)
1.06%(c) 07/07/04 175,000 175,000,000
LP Pinewood Spv (Wachovia Bank N.A.
LOC) (A-1, P-1)(b)
1.10%(c) 05/07/04 50,000 50,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
3
TEMPFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- --------------
VARIABLE RATE OBLIGATIONS (Continued)
Banks (continued)
National City Bank of Indiana (A-1, P-1)
1.04%(c) 06/17/04 $ 460,000 $ 459,988,091
Wachovia Bank N.A. (A-1, P-1)
1.30%(c) 06/03/04 75,000 75,015,698
1.28%(c) 06/16/04 40,000 40,010,973
1.05%(c) 11/02/04 297,000 297,000,000
Wells Fargo Bank N.A. (AA, Aaa)
1.04%(c) 06/17/04 282,000 282,000,000
1.11%(c) 05/02/05 190,000 190,004,575
--------------
2,386,030,621
--------------
Federal Home Loan Bank Variable Rate Notes - 4.4%
1.04%(c) 03/21/05 400,000 399,937,537
1.00%(c) 09/08/05 250,000 249,812,910
0.98%(c) 09/12/05 328,000 327,730,317
0.99%(c) 10/03/05 100,000 99,933,811
--------------
1,077,414,575
--------------
Federal Home Loan Mortgage Corporation Variable Rate
Notes - 2.5%
1.10%(c) 10/07/05 220,000 220,000,000
1.12%(c) 11/07/05 400,000 400,091,212
--------------
620,091,212
--------------
Federal National Mortgage Association Variable Rate
Notes - 2.0%
1.04%(c) 02/18/05 295,000 294,941,490
0.99%(c) 09/06/05 200,000 199,839,239
--------------
494,780,729
--------------
Insurance - 1.0%
ING Security Life Insurance (AA3, Aa)
1.12%(c) 05/09/05 150,000 150,000,000
Metlife Global Funding (AA, Aa2)
1.24%(c) 04/08/05 10,000 10,014,850
1.14%(c) 04/28/05 95,000 95,000,000
--------------
255,014,850
--------------
Municipal Bonds - 0.4%
California Housing Finance Agency RB
(Taxable Home Meeting Project)
Series 1998 DN (A-1+, VMIG-1)
1.07%(c) 05/07/04 36,500 36,500,000
Hayes Brake Holdings RB Series 2003
DN (National City Bank N.A. LOC)
(A-1, P-1)(b)
1.15%(c) 05/07/04 11,110 11,110,000
PAR
MATURITY (000) VALUE
---------- ----------------- --------------
VARIABLE RATE OBLIGATIONS (Continued)
Municipal Bonds (continued)
North Carolina Medical Care
Commission Hospital RB (Baptist
Hospital Project) Series 2000 DN
(Wachovia Bank N.A. LOC) (A-1,
VMIG-1)
1.09%(c) 05/07/04 $ 1,300 $ 1,300,000
Texas GO (Veterans Housing Assesment
Project) Series 1999A-2 DN (A-1+, VMIG-1)
1.07%(c) 05/07/04 43,100 43,100,000
--------------
92,010,000
--------------
Personal Credit Institutions - 2.2%
General Electric Capital Corp. (AAA,
Aaa)
1.26%(c) 09/15/04 20,000 20,015,691
1.25%(c) 02/03/05 130,000 130,177,236
1.18%(c) 02/16/05 382,000 382,114,320
--------------
532,307,247
--------------
Security Brokers & Dealers - 5.9%
Merrill Lynch Government Securities,
Inc. (A+, Aa3)
1.06%(c) 01/05/05 328,000 328,000,000
1.22%(c) 04/11/05 459,000 459,344,317
Morgan Stanley & Co., Inc. (A+, Aa3)
1.39%(c) 12/13/04 96,000 96,197,182
1.22%(c) 05/13/05 550,000 550,443,810
--------------
1,433,985,309
--------------
TOTAL VARIABLE RATE OBLIGATIONS
(Cost $7,350,634,543)
7,350,634,543
--------------
MEDIUM TERM NOTES - 1.6%
Security Brokers & Dealers
Goldman Sachs Group PN (A-1, P-1)
1.21%
(Cost $400,000,000) 05/18/04 400,000 400,000,000
--------------
TIME DEPOSITS - 5.0%
Citibank N.A. (A-1+, P-1)
9.90%
(Cost $1,209,000,000) 05/03/04 1,209,000 1,209,000,000
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
4
TEMPFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
----------------- ----------------- ---------------
REPURCHASE AGREEMENTS - 14.7%
J.P. Morgan Securities, Inc.
0.83% 05/03/04 $200,000 $200,000,000
(Agreement dated 04/30/04 to be
repurchased at $200,013,833,
collateralized by $207,161,000
Federal Home Loan Bank Discount
Notes and Federal National Mortgage
Association Medium Term Notes 0.00%
to 5.21% due from 05/03/04 to 12/27/18.
The value of the collateral is
$206,000,822.)
Merrill Lynch Government Securities, Inc.
1.02% 05/24/04(d) 500,000 500,000,000
(Agreement dated 03/10/04 to be
repurchased at $501,062,500,
collateralized by $834,823,315 Federal
Home Loan Mortgage Corporation Bonds
and Federal National Mortgage Association
Bonds 4.50% to 9.50%, due from 06/01/04
to 04/01/34. The value of the collateral is
$515,002,323.)
Morgan Stanley & Co., Inc.
1.03% 05/03/04 249,000 249,000,000
(Agreement dated 04/30/04 to be
repurchased at $249,021,373
collateralized by $1,017,706,791
Federal Home Loan Mortgage Corporation
Adjustable Rate Mortgage Notes and Bonds,
Federal National Mortgage Association
Bonds, Discount Notes and Variable Rate
Notes 0.00% to 12.00% due from 05/30/04
to 05/01/34. The value of the collateral
is $258,087,610.)
Morgan Stanley & Co., Inc.
1.04% 05/03/04 201,900 201,900,000
(Agreement dated 04/30/04 to be
repurchased at $201,917,498,
collateralized by $825,200,807
Federal Home Loan Mortgage Corporation
Adjustable Rate Mortgage Notes and Bonds,
Federal National Mortgage Association
Bonds, Discount Notes and Variable Rate
Notes 0.00% to 12.00% due from 05/30/04
to 05/01/34. The value of the collateral
is $209,268,628.)
PAR
MATURITY (000) VALUE
----------------- ----------------- ---------------
REPURCHASE AGREEMENTS (Continued)
Morgan Stanley & Co., Inc.
1.06% 05/03/04 $142,000 $142,000,000
(Agreement dated 04/30/03 to be
repurchased at $142,012,543,
collateralized by $580,378,973
Federal Home Loan Mortgage
Corporation Adjustable Rate
Mortgage Notes and Bonds, Federal
National Mortgage Association Bonds,
Discount Notes and Variable Rate Notes
0.00% to 12.00% due from 05/30/04 to
05/01/34. The value of the collateral
is $147,182,492.)
PNC Bank N.A.(e)
0.76% 05/03/04 131,600 131,600,000
(Agreement dated 04/30/04 to be
repurchased at $131,608,335,
collateralized by $300,000,000
Federal National Mortgage Association
Bonds 2.92% due 08/15/07. The value of
the collateral is $303,468,000.)
UBS Securities LLC
1.05% 05/03/04 150,000 150,000,000
(Agreement dated 04/30/04 to be
repurchased at $150,013,125,
collateralized by $232,930,398
Federal Home Loan Mortgage
Corporation Bonds and Federal
National Mortgage Association
Bonds 4.50% to 8.00% due from
11/01/11 to 03/01/34. The value
of the collateral is $154,504,167.)
UBS Securities LLC
1.06% 05/03/04 122,900 122,900,000
(Agreement dated 04/30/04 to be
repurchased at $122,910,856,
collateralized by $246,956,139
Federal Home Loan Mortgage
Corporation Bonds and Federal
National Mortgage Association
Bonds 5.00% to 11.00% due from
06/01/05 to 04/01/31. The value
of the collateral is $126,591,849.)
UBS Securities LLC
1.03% 05/26/04(d) 500,000 500,000,000
(Agreement dated 04/21/04 to be
repurchased at $500,500,694,
collateralized by $1,533,425,715
Federal Home Loan Mortgage
Corporation Bonds, Federal National
Mortgage Association Bonds and
Strips 0.00% to 11.50% due from
08/01/09 to 04/01/34. The value
of the collateral is $515,004,020.)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
5
TEMPFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
----------------- ----------- --------------
REPURCHASE AGREEMENTS (Continued)
UBS Securities LLC
1.03% 06/18/04(d) $500,000 $ 500,000,000
(Agreement dated 03/10/04 to be
repurchased at $501,430,556,
collateralized by $1,818,952,391
Federal National Mortgage
Association Strips 0.00% due from
07/01/18 to 01/01/34. The value of
the collateral is $515,000,662.)
UBS Securities LLC
1.03% 06/30/04(d) 200,000 200,000,000
(Agreement dated 03/24/04 to be
repurchased at $200,560,778,
collateralized by Federal Home Loan
Mortgage Corporation Bonds and
Federal National Mortgage Association
Bonds 4.50% to 8.00% due
from 01/01/09 to 05/01/34. The value
of the collateral is $ 206,000,128.)
UBS Securities LLC
1.03% 06/30/04(d) 300,000 300,000,000
(Agreement dated 03/25/04 to be
repurchased at $300,832,583,
collateralized by $529,484,786 Federal
Home Loan Mortgage Corporation Bonds
and Federal National Mortgage
Association Bonds 4.00% to 8.50% due
from 02/01/08 to 05/01/34. The value of
the collateral is $309,001,862.)
UBS Securities LLC
1.03% 06/30/04(d) 100,000 100,000,000
(Agreement dated 03/25/04 to be
repurchased at $100,277,528,
collateralized by $149,860,000 Federal
Home Loan Mortgage Corporation Bonds
and Federal National Mortgage
Association Bonds 5.00% to 6.00% due
from 08/01/07 to 07/01/33. The value of
the collateral is $103,003,457.)
UBS Securities LLC
1.06% 06/30/04(d) 300,000 300,000,000
(Agreement dated 04/05/04 to be
repurchased at $300,759,667,
collateralized by $421,331,751 Federal
Home Loan Mortgage Corporation Bonds
and Federal National Mortgage
Association Bonds 4.50% to 7.50% due
from 10/01/13 to 04/01/34. The value of
the collateral is $309,001,832.)
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $3,597,400,000) 3,597,400,000
--------------
VALUE
---------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $24,412,095,707(a)) 99.9% $24,412,095,707
OTHER ASSETS IN EXCESS
OF LIABILITIES 0.1% 24,195,249
----- ---------------
NET ASSETS (Equivalent to
$1.00 per share based on
20,570,003,163
Institutional Shares,
3,437,241,938 Dollar
Shares, 245,894,176 Cash
Management Shares,
365,652 Administration
Shares, 176,849,033 Bear
Stearns Shares and
6,178,825 Bear Stearns
Private Client Shares
outstanding) 100.0% $24,436,290,956
===== ===============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($20,569,799,847/20,570,003,163) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($3,437,199,886/3,437,241,938) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
CASH MANAGEMENT SHARE
($245,895,925/245,894,176) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
ADMINISTRATION SHARE
($365,657/365,652) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS SHARE
($176,850,816/176,849,033) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PRIVATE CLIENT SHARE
($6,178,825/6,178,825) $ 1.00
=======
- ----------------------
(a) Aggregate cost for Federal tax purposes.
(b) Ratings reflect those of guarantor.
(c) Rates shown are the rates as of April 30, 2004 and maturities shown are
the next interest readjustment date or the date the principal owed can be
recovered through demand.
(d) Agreement has a putable option where principal and interest owed can be
recovered through demand in seven days.
(e) Pursuant to an exemptive order TempFund may enter into overnight
repurchase transactions with certain affiliated parties, which may include
the PNC Financial Services Group, Inc.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
6
TEMPFUND
STATEMENT OF NET ASSETS (CONCLUDED)
(UNAUDITED)
- --------------------------------------------------------------------------------
TEMPFUND
MATURITY INFORMATION
APRIL 30, 2004
(UNAUDITED)
MATURITY PAR PERCENTAGE
- ---------------------- ------------------ -----------
1 - 30 Days $14,992,912,000 61.4%
31 - 60 Days 6,044,935,000 24.8
61 - 90 Days 1,656,793,000 6.8
91 - 120 Days 125,000,000 0.5
Over 150 Days 1,592,295,000 6.5
-----
100.0
=====
Average Weighted Maturity - 44 days
- -------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
7
BLACKROCK LIQUIDITY FUNDS
TEMPCASH
STATEMENT OF NET ASSETS
APRIL 30, 2004
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- -------------------
AGENCY OBLIGATIONS - 7.6%
Federal Home Loan Bank Bonds - 3.0%
3.38% 06/15/04 $100,000 $ 100,263,733
1.38% 03/28/05 115,000 115,000,000
1.42% 04/04/05 127,000 127,000,000
-------------
342,263,733
-------------
Federal Home Loan Mortgage Corporation Bonds - 1.0%
1.32% 05/15/04 2,600 2,598,667
1.29% 03/23/05 115,000 115,000,000
-------------
117,598,667
-------------
Federal Home Loan Mortgage Corporation Discount
Notes - 1.3%
1.00% 06/15/04 145,000 144,818,750
-------------
Federal National Mortgage Association Bonds - 2.3%
5.62% 05/14/04 51,787 51,864,866
1.54% 12/08/04 150,000 150,000,000
1.62% 12/08/04 55,000 55,000,000
-------------
256,864,866
-------------
TOTAL AGENCY OBLIGATIONS
(Cost $861,546,016) 861,546,016
-------------
CERTIFICATES OF DEPOSIT - 20.8%
Domestic - 5.8%
Citibank N.A. (A-1+,P-1)
1.04% 06/24/04 45,500 45,500,000
1.04% 06/29/04 14,020 14,019,539
State Street Bank & Trust Co. (A-1+,P-1)
1.04% 06/22/04 60,000 60,000,000
Washington Mutual Bank (A-2,P-1)
1.06% 06/08/04 450,000 450,000,000
1.06% 06/08/04 100,000 100,000,000
-------------
669,519,539
-------------
Euro Dollar - 4.6%
Barclays Bank PLC (A-1+,P-1)
1.36% 08/05/04 100,000 99,990,798
DEPFA Bank Europe PLC (A-1+,P-1)
1.14% 06/14/04 338,000 338,034,238
KBC Bank N.V. (A-1,P-1)
1.05% 05/28/04 92,000 92,000,689
-------------
530,025,725
-------------
Yankee Dollar - 10.4%
Banco Santander Puerto Rico (A-1,P-1)
1.05% 05/24/04 75,000 75,000,000
Banque Nationale de Paribas Yankee
(A-1+,P-1)
1.48% 01/11/05 200,000 199,979,090
Canadian Imperial Bank New York
1.06% 05/28/04 141,500 141,499,491
PAR
MATURITY (000) VALUE
---------- ----------------- --------------
CERTIFICATES OF DEPOSIT (Continued)
Yankee Dollar (continued)
Foreningssparbanken AB (Swedbank)
(A-1,P-1)
1.44% 03/01/05 $228,500 $ 228,471,543
Fortis Bank (A-1+,P-1)
1.38% 09/03/04 50,000 50,021,059
Societe Generale (A-1+,P-1)
1.44% 05/09/05 124,000 123,981,027
Svenska Handelsbanken (A-1,P-1)
1.28% 05/04/04 100,000 99,999,918
UBS AG Stamford (A-1+,P-1)
1.39% 08/05/04 160,000 159,995,771
Westdeutsche Landesbank New York
(A-1+,P-1)
1.50% 01/10/05 102,000 101,982,305
--------------
1,180,930,204
--------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $2,380,475,468) 2,380,475,468
--------------
COMMERCIAL PAPER - 12.0%
Asset Backed Securities - 8.8%
Atomium Funding Corp. (A-1,P-1)
1.05% 05/19/04 65,000 64,965,875
1.05% 05/25/04 42,052 42,022,564
Barton Capital Corp. (A-1+,P-1)
1.04% 06/10/04 25,000 24,971,111
Cafco LLC (A-1+,P-1)
1.04% 06/17/04 75,000 74,898,167
1.04% 06/28/04 98,000 97,835,796
CRC Funding LLC (A-1+,P-1)
1.04% 06/24/04 98,000 97,847,120
Crown Point Capital Co. (A-1,P-1)
1.04% 06/11/04 30,441 30,404,943
Fairway Finance Co. LLC (A-1,P-1)
1.04% 05/26/04 44,000 43,968,222
Giro Funding U.S. Corp. (A-1+,P-1)
1.04% 05/18/04 20,865 20,854,753
Moat Funding LLC (A-1+,P-1)
1.04% 06/22/04 32,000 31,951,929
Regency Markets No. 1 LLC (A-1,P-1)
1.05% 05/07/04 16,602 16,599,095
Scaldis Capital LLC (A-1+,P-1)
1.04% 05/25/04 62,240 62,196,847
Sheffield Receivables Corp. (A-1+,P-1)
1.04% 06/17/04 25,455 25,420,438
Thames Asset Global Securitization
(A-1,P-1)
1.04% 05/07/04 23,084 23,079,999
1.04% 05/20/04 30,772 30,755,110
1.04% 05/21/04 7,315 7,310,774
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
8
TEMPCASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
-------- -------- --------------
COMMERCIAL PAPER (Continued)
Asset Backed Securities (continued)
Victory Receivables Corp. (A-1,P-1)
1.05% 05/10/04 $ 75,716 $ 75,696,125
1.06% 05/12/04 40,544 40,530,867
1.05% 05/18/04 59,619 59,589,439
1.05% 05/19/04 87,517 87,471,054
Yorktown Capital LLC (A-1+,P-1)
1.04% 06/02/04 54,495 54,444,621
--------------
1,012,814,849
--------------
Banks - 0.7%
Toronto-Dominion Holdings (A-1,P-1)
1.04% 06/23/04 90,000 89,862,862
--------------
Canned, Frozen, Preserved Fruit - 0.3%
Sara Lee Corp. (A-1,P-2)
0.86% 05/24/04 30,000 29,979,875
--------------
Personal Credit Institutions - 1.3%
General Electric Capital Corp. (A-1+,P-1)
1.04% 06/10/04 146,373 146,203,859
--------------
Security Brokers & Dealers - 0.9%
Citigroup Global Markets Holdings
(A-1+,P-1)
1.03% 06/15/04 100,000 99,871,250
--------------
TOTAL COMMERCIAL PAPER
(Cost $1,378,732,695) 1,378,732,695
--------------
MASTER NOTES - 3.0%
Security Brokers & Dealers
Merrill Lynch Mortgage Capital, Inc.
(A-1,P-1)(b)
1.15% 05/03/04 141,750 141,750,000
Morgan Stanley Mortgage Capital, Inc.
(A-1,P-1)(b)
1.17% 04/30/05 202,000 202,000,000
--------------
TOTAL MASTER NOTES
(Cost $343,750,000) 343,750,000
--------------
VARIABLE RATE OBLIGATIONS - 35.6%
Asset Backed Securities - 0.5%
Racers XL (A-1,P-1)
1.10%(c) 10/22/04 54,000 54,000,000
--------------
Banks - 13.8%
Bank of America N.A. (AA+,Aa1)
1.05%(c) 06/17/04 200,000 200,000,000
1.05%(c) 02/04/05 206,000 206,000,000
Bank of New York Co. (AA-,Aa2)
1.03%(c) 05/20/05 13,920 13,918,523
Bank of Nova Scotia (A+,Aa3)
1.20%(c) 07/18/04 15,000 15,002,733
Bank of Scotland New York (AA,Aa2)
1.04%(c) 11/29/04 15,000 14,997,465
PAR
MATURITY (000) VALUE
-------- --------- --------------
VARIABLE RATE OBLIGATIONS (Continued)
Banks (continued)
Banque Nationale de Paribas New York
(A-1+,P-1)
1.03%(c) 06/17/04 $250,000 $ 249,993,528
Citigroup, Inc. (AA-,Aa1)
1.20%(c) 02/07/05 90,000 90,086,757
HBOS Treasury Services PLC (A-1+,P-1)
1.10%(c) 04/22/05 150,000 150,000,000
Natexis Banque (Aa3)
1.07%(c) 12/13/04 50,000 49,999,661
National City Bank of Indiana (A-1,P-1)
1.04%(c) 06/17/04 420,000 419,989,127
Toronto Dominion Bank (A-1,P-1)
1.05%(c) 08/24/04 50,000 49,995,609
Westpac Banking Corp. (Aa3)
1.12%(c) 03/11/05 108,250 108,250,000
---------------
1,568,233,403
---------------
Federal Home Loan Bank Variable Rate Notes - 3.5%
Federal Home Loan Bank Variable Rate
Notes
0.98%(c) 09/12/05 200,000 199,835,558
0.99%(c) 10/03/05 200,000 199,867,623
---------------
399,703,181
---------------
Federal Home Loan Mortgage Corporation Variable Rate
Notes - 2.6%
Federal Home Loan Mortgage
Corporation Variable Rate Notes
1.10%(c) 10/07/05 100,000 100,000,000
1.12%(c) 11/07/05 200,000 200,045,606
---------------
300,045,606
---------------
Federal National Mortgage Association Variable Rate
Notes - 0.9%
Federal National Mortgage Association
Variable Rate Notes
1.04%(c) 02/18/05 100,000 99,980,168
---------------
Insurance - 2.9%
Allstate Life Global Funding II (AA,Aa2)
1.12%(c) 05/16/05 100,000 99,999,999
Allstate Life Insurance Co. (A-1+,P-1)
1.24%(c) 05/03/04 50,000 50,000,000
ING Security Life Insurance (AA,Aa3)
1.30%(c) 04/28/05 61,500 61,602,593
John Hancock Global Funding II (AA,Aa3)
1.21%(c) 09/13/04 45,000 45,022,006
1.26%(c) 09/27/04 49,500 49,534,918
Metlife Global Funding (AA,Aa2)
1.14%(c) 04/28/05 40,000 40,000,000
---------------
346,159,516
---------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
9
TEMPCASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
-------- --------- --------------
VARIABLE RATE OBLIGATIONS (Continued)
Life Insurance - 4.4%
Monumental Life Insurance Co.
(A-1+,P-1)
1.26%(c) 05/09/05 $ 200,000 $ 200,000,000
New York Life Insurance Co. (A-1+,P-1)
1.20%(c) 04/13/05 300,000 300,000,000
--------------
500,000,000
--------------
Municipal Bonds - 1.0%
California Housing Finance Agency RB
(Multi-Family Housing Project) Series
2000A AMT DN (A-1+,VMIG-1)
1.12%(c) 05/07/04 19,890 19,890,000
Daybreak Operations LLC Series 2002
DN (U.S. Bank N.A. LOC) (A-1,P-1)(b)
1.15%(c) 05/07/04 25 25,000
New York State Housing Finance Agency
RB (Victory Housing Project) Series
2000B DN (KeyBank N.A. LOC)
(VMIG-1)(b)
1.07%(c) 05/07/04 7,770 7,770,000
New York State Housing Finance Agency
RB Series 2003B DN (VMIG-1)
1.07%(c) 05/07/04 22,900 22,900,000
North Carolina Housing Financing
Authority RB Series 2002R II ROC175
DN (VMIG-1)
1.19%(c) 05/07/04 6,695 6,695,000
Savannah College RB (Art & Design
Project) Series 2004 DN
1.10%(c) 05/07/04 8,000 8,000,000
Shipley Group LP RB Series 2004 MB
(VMIG-1)
1.25%(c) 05/03/04 18,210 18,210,000
Wisconsin State RB (MB & B Holdings
LLC Project) DN (Marshall & Ilsley
Bank LOC)
1.20%(c) 05/07/04 7,130 7,130,000
1.20%(c) 05/07/04 3,885 3,885,000
Wisconsin State RB (North Square
Associates LLP Project) DN (Marshall
& Ilsley Bank LOC)
1.20%(c) 05/07/04 15,000 15,000,000
--------------
109,505,000
--------------
Personal Credit Institutions - 1.9%
General Electric Capital Corp. (AAA,Aaa)
1.26%(c) 09/15/04 25,000 25,019,946
1.18%(c) 02/16/05 92,000 92,024,563
1.18%(c)
05/09/05 100,000 99,999,999
--------------
217,044,508
--------------
PAR
MATURITY (000) VALUE
-------- ---------- -------------
VARIABLE RATE OBLIGATIONS (Continued)
Security Brokers & Dealers - 4.1%
Merrill Lynch Government Securities,
Inc. (A+,Aa3)
1.06%(c) 01/05/05 $ 100,000 $ 100,000,001
1.22%(c) 04/11/05 300,000 300,168,564
Salomon Smith Barney Holdings
(A-1,P-1)
1.26%(c) 12/13/04 65,000 65,080,874
--------------
465,249,439
--------------
TOTAL VARIABLE RATE OBLIGATIONS
(Cost $4,059,920,821)
4,059,920,821
--------------
MUNICIPAL BONDS - 0.2%
California - 0.2%
Oakland County GO Series 2004 TRAN
(SP-1+,MIG-1)
1.62% 05/01/05 25,000 25,070,413
--------------
TOTAL MUNICIPAL BONDS
(Cost $25,070,413) 25,070,413
--------------
MEDIUM TERM NOTES - 2.4%
Security Brokers & Dealers
Goldman Sachs Group, Inc. (A-1,P-1)
1.23%
(Cost $275,000,000) 05/18/04 275,000 275,000,000
--------------
TIME DEPOSITS - 9.5%
KeyBank N.A. (A-1,P-1)
1.00%
(Cost $1,031,000,000) 05/03/04 1,031,000 1,031,000,000
--------------
REPURCHASE AGREEMENTS - 4.4%
Morgan Stanley & Co., Inc.
1.04% 05/03/04 60,000 60,000,000
(Agreement dated 4/30/04 to be
repurchased at $60,005,200,
collateralized by $63,385,000
Federal Home Loan Mortgage Corporation
Medium Term Notes and Federal National
Mortgage Association Discount Notes
0.00% to 4.50% due from 09/08/04 to 12/16/10.
The value of the collateral is
$61,872,724.)
UBS Securities LLC
1.05% 05/03/04 94,273 94,273,000
(Agreement dated 4/30/04 to be
repurchased at $94,281,249,
collateralized by $152,522,966 Federal
Home Loan Mortgage Corporation Bonds and
Federal National Mortgage Association
Bonds 5.50% to 6.50% due from 04/01/14 to
02/01/34. The value of the collateral is
$97,101,478.)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
10
TEMPCASH
STATEMENT OF NET ASSETS (CONCLUDED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
------------ -------- ---------------
REPURCHASE AGREEMENTS (Continued)
UBS Securities LLC
1.06% 05/03/04 $144,470 $ 144,470,000
(Agreement dated 4/30/04 to be
repurchased at $144,482,762,
collateralized by $310,635,000 Federal
National Mortgage Association Bonds
5.00% to 7.00% due from 11/01/13 to
12/01/18. The value of the collateral is
$148,806,915.)
UBS Securities LLC
1.06% 06/30/04(d) 200,000 200,000,000
(Agreement dated 4/02/04 to be
repurchased at $200,524,111,
collateralized by $235,163,157 Federal
Home Loan Mortgage Corporation Bonds
and Federal National Mortgage Association
Bonds 5.00% to 6.00% due from 03/01/18 to
04/01/34. The value of the collateral is
$206,000,789.)
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $498,743,000) 498,743,000
---------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $10,854,238,413(a)) 95.5% 10,854,238,413
OTHER ASSETS IN EXCESS
OF LIABILITIES 4.5% 509,007,193
-------- ---------------
NET ASSETS (Equivalent to
$1.00 per share based on
10,864,284,355
Institutional Shares,
498,955,459 Dollar Shares,
2,145 Bear Stearns
Premier Select Shares and
3,290 Bear Stearns
Premier Shares
outstanding) 100.0% $11,363,245,606
======== ===============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($10,864,284,641/10,864,284,355) $ 1.00
========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($498,955,530/498,955,459) $ 1.00
========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SELECT SHARE
($2,145/2,145) $ 1.00
========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SHARE
($3,290/3,290) $ 1.00
========
- -------------------
(a) Aggregate cost for Federal tax purposes.
(b) Ratings reflect those of guarantor.
(c) Rates shown are the rates as of April 30, 2004 and maturities shown
are the next interest readjustment date or the date the principal owed
can be recovered through demand.
(d) Agreement has a putable option where principal and interest owed can
be recovered through demand in seven days.
- --------------------------------------------------------------------------------
TEMPCASH
MATURITY INFORMATION
APRIL 30, 2004
(UNAUDITED)
MATURITY PAR PERCENTAGE
------------- --------------- ------------
1 - 30 Days $ 5,255,381,000 48.4%
31 - 60 Days 3,245,034,000 29.9
61 - 90 Days 903,250,000 8.3
91 - 120 Days 160,000,000 1.5
121 - 150 Days 50,000,000 0.5
Over 150 Days 1,241,500,000 11.4
------
100.0
======
Average Weighted Maturity - 61 days
- -------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
11
BLACKROCK LIQUIDITY FUNDS
FEDFUND
STATEMENT OF NET ASSETS
APRIL 30, 2004
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ------------ -------------
AGENCY OBLIGATIONS - 62.9%
Federal Farm Credit Bank Variable Rate Notes - 6.8%
0.97%(b) 05/05/04 $ 33,000 $ 32,999,930
1.00%(b) 02/07/05 150,000 149,982,640
-------------
182,982,570
-------------
Federal Home Loan Bank Bonds - 7.1%
1.06% 05/03/04 100,000 99,994,111
0.94% 05/05/04 2,166 2,165,774
3.38% 05/14/04 3,995 3,997,838
4.88% 05/14/04 9,000 9,011,686
7.12% 05/14/04 4,885 4,894,932
3.38% 06/15/04 1,495 1,499,381
1.45% 01/11/05 15,000 15,003,033
1.38% 03/28/05 26,000 26,000,000
1.42% 04/04/05 15,000 15,000,000
1.41% 05/09/05 12,000 12,000,000
-------------
189,566,755
-------------
Federal Home Loan Bank Variable Rate Notes - 16.7%
0.96%(b) 05/27/04 65,000 64,997,907
0.97%(b) 07/06/04 20,000 19,999,083
0.98%(b) 08/25/04 60,000 59,993,301
1.04%(b) 03/21/05 102,000 101,984,072
1.00%(b) 09/08/05 102,000 101,923,667
0.98%(b) 09/12/05 50,000 49,958,890
0.99%(b) 10/03/05 50,000 49,966,906
-------------
448,823,826
-------------
Federal Home Loan Mortgage Corporation Bonds - 5.8%
5.00% 05/15/04 12,452 12,470,579
0.98% 05/25/04 3,000 2,998,040
6.72% 05/28/04 4,000 4,016,170
3.00% 07/15/04 25,000 25,098,818
4.50% 08/15/04 10,000 10,094,633
3.25% 11/15/04 25,000 25,247,809
1.46% 11/17/04 25,000 25,000,000
1.42% 03/01/05 25,000 25,000,000
1.29% 03/23/05 29,000 29,000,000
-------------
158,926,049
-------------
Federal National Mortgage Association Bonds - 1.2%
5.62% 05/14/04 1,000 1,001,642
3.00% 06/15/04 30,000 30,066,536
-------------
31,068,178
-------------
Federal National Mortgage Association Discount
Notes - 1.8%
1.32% 05/15/04 2,340 2,338,801
1.19% 08/20/04 20,000 19,926,617
1.33% 08/20/04 25,000 24,897,479
-------------
47,162,897
-------------
Federal National Mortgage Association Variable Rate
Notes - 21.6%
1.00%(b) 12/20/04 150,000 149,932,561
PAR
MATURITY (000) VALUE
---------- ------------ -------------
AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Association
Variable Rate Notes (continued)
1.07%(b) 01/28/05 $ 50,000 $ 49,981,114
1.04%(b) 02/18/05 100,000 99,983,597
1.04%(b) 03/23/05 100,000 99,986,531
1.03%(b) 06/09/05 50,000 49,995,569
0.98%(b) 08/29/05 50,000 49,968,255
0.99%(b) 09/06/05 80,000 79,935,696
--------------
579,783,323
--------------
Student Loan Marketing Association Bonds - 1.9%
5.00% 06/30/04 50,000 50,313,233
--------------
TOTAL AGENCY OBLIGATIONS
(Cost $1,688,626,831) 1,688,626,831
--------------
REPURCHASE AGREEMENTS - 37.0%
Deutsche Bank Securities, Inc.
1.03% 06/01/04(c) 100,000 100,000,000
(Agreement dated 04/02/04 to be
repurchased at $100,171,667, collateralized
by $140,069,174 Federal Home Loan Mortgage Corporation
Adjustable Rate Mortgage Notes and Federal National
Mortgage Association Bonds 3.37% to 7.00% due from
11/01/18 to 03/01/34. The value of the collateral
is $103,000,000.)
Goldman Sachs & Co.
1.02% 05/19/04(c) 75,000 75,000,000
(Agreement dated 04/26/04 to be
repurchased at $75,048,875, collateralized
by $78,411,899 Federal National Mortgage
Association Bonds 5.50% due 02/01/34.
The value of the collateral
is $77,250,001.)
Morgan Stanley & Co., Inc.
1.03% 05/03/04 200,000 200,000,000
(Agreement dated 04/30/04 to be
repurchased at $200,017,167, collateralized
by $197,892,768 Federal Home Loan Bank Bonds
and Discount Notes, Federal Home Loan Mortgage
Corporation Discount Notes and Federal National
Mortgage Association Medium Term Notes 0.00% to
7.00% due from 05/03/04 to 07/15/13.
The value of the collateral
is $206,189,278.)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
12
FEDFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- --------- ---------
REPURCHASE AGREEMENTS (Continued)
Morgan Stanley & Co., Inc.
1.04% 05/03/04 $ 201,000 $ 201,000,000
(Agreement dated 04/30/04 to be
repurchased at $201,017,420,
collateralized by $198,882,232
Federal Home Loan Bank Bonds and
Discount Notes, Federal Home Loan
Mortgage Corporation Discount Notes
and Federal National Mortgage Association
Medium Term Notes 0.00% to 7.00% due
from 05/03/04 to 07/15/13.The value of
the collateral is
$207,220,224.)
PNC Bank N.A.(d)
0.76% 05/03/04 24,500 24,500,000
(Agreement dated 04/30/04 to be
repurchased at $24,501,557, collateralized
by $100,000,000 Federal National Mortgage
Association Bonds 2.92% due 08/15/07. The
value of the collateral is
$101,156,000.)
UBS Securities LLC
1.02% 05/03/04 100,000 100,000,000
(Agreement dated 04/19/04 to be
repurchased at $100,039,667, collateralized
by $103,000,274 Federal National Mortgage
Association Strips 0.00% due from 01/01/33
to 07/01/33. The value of the collateral is
103,000,274.)
UBS Securities LLC
1.05% 05/03/04 69,000 69,000,000
(Agreement dated 04/30/04 to be
repurchased at $69,006,038, collateralized
by $71,072,314 Federal National Mortgage
Association Strips 0.00% due from 05/01/29
to 07/01/33. The value of the collateral is
$71,072,314.)
UBS Securities LLC
1.02% 05/13/04(c) 75,000 75,000,000
(Agreement dated 04/22/04 to be
repurchased at $75,044,625, collateralized
by $77,250,001 Federal National Mortgage
Association Strips 0.00% due from 05/01/29
to 12/01/33. The value of the collateral is
$77,250,001.)
UBS Securities LLC
1.03% 05/17/04(c) 100,000 100,000,000
(Agreement dated 04/16/04 to be
repurchased at $100,088,694, collateralized
by $103,001,250 Federal National Mortgage
Association Strips 0.00% due from 04/01/33
to 12/01/33. The value of the collateral is
$103,001,250.)
PAR
MATURITY (000) VALUE
------------ ---------- --------------
REPURCHASE AGREEMENTS (Continued)
UBS Securities LLC
1.03% 05/26/04(c) $ 50,000 $ 50,000,000
(Agreement dated 04/21/04 to be
repurchased at $50,042,917, collateralized
by $51,503,040 Federal National Mortgage
Association Strips 0.00% due 12/01/33.
The value of the collateral is $51,503,040.)
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $994,500,000) 994,500,000
--------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $2,683,126,831(a)) 99.9% 2,683,126,831
OTHER ASSETS IN EXCESS
OF LIABILITIES 0.1% 2,920,256
---------- --------------
NET ASSETS (Equivalent to $1.00 per share
based on 2,320,318,764 Institutional
Shares, 341,730,384 Dollar Shares,
11,486,361 Cash Reserve Shares,
12,480,037 Bear Stearns
Shares, 2,146 Bear Stearns
Premier Select Shares,
2,235 Bear Stearns Private
Client Shares and 3,041
Bear Stearns Premier
Shares outstanding) 100.0% $2,686,047,087
========== ==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
13
FEDFUND
STATEMENT OF NET ASSETS (CONCLUDED)
(UNAUDITED)
- --------------------------------------------------------------------------------
VALUE
-------
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($2,320,311,445/2,320,318,764) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($341,761,615/341,730,384) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
CASH RESERVE SHARE
($11,486,425/11,486,361) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS SHARE
($12,480,180/12,480,037) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SELECT SHARE
($2,146/2,146) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PRIVATE CLIENT
SHARE($2,235/2,235) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SHARE
($3,041/3,041) $ 1.00
=======
- -----------------
(a) Aggregate cost for Federal tax purposes.
(b) Rates shown are the rates as of April 30, 2004 and maturities shown
are the next interest readjustment date or the date the principal owed
can be recovered through demand.
(c) Agreement has a putable option where principal and interest owed can
be recovered through demand in seven days.
(d) Pursuant to an exemptive order FedFund may enter into overnight
repurchase transactions with certain affiliated parties, which may
include the PNC Financial Services Group, Inc.
- --------------------------------------------------------------------------------
FEDFUND
MATURITY INFORMATION
APRIL 30, 2004
(UNAUDITED)
MATURITY PAR PERCENTAGE
- ---------------------- ----------------- ---------------
1 - 30 Days $1,645,338,000 61.3%
31 - 60 Days 665,495,000 24.8
61 - 90 Days 145,000,000 5.4
91 - 120 Days 55,000,000 2.1
Over 150 Days 172,000,000 6.4
------
100.0
======
Average Weighted Maturity - 40 days
- -------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
14
BLACKROCK LIQUIDITY FUNDS
T-FUND
STATEMENT OF NET ASSETS
APRIL 30, 2004
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- --------- -------------
U.S. TREASURY OBLIGATIONS - 24.5%
U.S. Treasury Bills - 4.8%
0.99% 08/26/04 $100,000 $ 99,678,250
1.00% 09/02/04 50,000 49,827,778
------------
149,506,028
------------
U.S. Treasury Notes - 19.4%
3.25% 05/31/04 77,000 77,127,609
2.12% 08/31/04 30,000 30,075,304
1.88% 09/30/04 40,000 40,114,610
5.88% 11/15/04 50,000 51,224,942
7.88% 11/15/04 50,000 51,768,555
2.00% 11/30/04 30,000 30,096,352
1.75% 12/31/04 20,000 20,054,323
1.50% 02/28/05 170,000 170,374,295
1.62% 03/31/05 30,000 30,095,099
1.62% 04/30/05 105,000 105,378,223
------------
606,309,312
------------
U.S. Treasury Strip Notes - 0.3%
1.16% (b) 08/15/04 10,131 10,096,425
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $765,911,765) 765,911,765
------------
REPURCHASE AGREEMENTS - 75.4%
Bear Stearns & Co., Inc.
0.91% 05/03/04 150,000 150,000,000
(Agreement dated 4/30/04 to be
repurchased at $150,011,375,
collateralized by $281,140,000 U.S.
Treasury Strips 0.00% due from
02/15/15 to 08/15/16. The value of the
collateral is $154,461,669.)
Deutsche Bank Securities, Inc.
0.93% 05/03/04 425,000 425,000,000
(Agreement dated 4/30/04 to be
repurchased at $425,032,938,
collateralized by $1,057,438,705 U.S.
Treasury Notes and Strips 0.00% to
4.38% due from 02/28/06 to 08/15/29.
The value of the collateral is
$ 433,500,407.)
Deutsche Bank Securities, Inc.
0.94% 05/03/04 135,000 135,000,000
(Agreement dated 4/30/04 to be
repurchased at $135,010,575,
collateralized by $335,892,295 U.S.
Treasury Notes and Strips 0.00% to
4.38% due from 02/28/06 to 08/15/29.
The value of the collateral is
$ 137,700,129.)
PAR
MATURITY (000) VALUE
---------- --------- -------------
REPURCHASE AGREEMENTS (Continued)
Goldman Sachs & Co.
0.92% 05/03/04 $150,000 $150,000,000
(Agreement dated 4/30/04 to be
repurchased at $150,011,500,
collateralized by $186,165,280 U.S.
Treasury Notes and Strips 0.00% to
3.25% due from 02/15/07 to 11/15/18.
The value of the collateral is
$ 153,000,320.)
Greenwich Capital Markets, Inc.
0.91% 05/03/04 150,000 150,000,000
(Agreement dated 4/30/04 to be
repurchased at $150,011,375,
collateralized by $376,768,942 U.S.
Treasury Strips and Strip Principals
0.00% to 11.75% due from 11/15/14 to
05/15/30. The value of the collateral is
$ 153,002,944.)
Harris Nesbit Corp.
0.91% 05/03/04 150,000 150,000,000
(Agreement dated 4/30/04 to be
repurchased at $150,011,375,
collateralized by $122,969,000 U.S.
Treasury Bonds 6.13% to 8.75% due
from 05/15/16 to 11/15/27. The value
of the collateral is $152,760,739.)
J.P. Morgan Securities, Inc.
0.92% 05/03/04 150,000 150,000,000
(Agreement dated 4/30/04 to be
repurchased at $150,011,500,
collateralized by $359,989,000 U.S.
Treasury Strips and Strip Principals
0.00% to 7.50% due from 05/15/13 to
11/15/27. The value of the collateral is
$ 153,001,116.)
Lehman Brothers, Inc.
0.93% 05/03/04 150,000 150,000,000
(Agreement dated 4/30/04 to be
repurchased at $150,011,625,
collateralized by $147,750,000 U.S.
Treasury Notes 2.25% to 5.63% due
from 05/15/08 to 04/15/09. The value
of the collateral is $153,004,965.)
Merrill Lynch Government Securities, Inc.
0.92% 05/03/04 150,000 150,000,000
(Agreement dated 4/30/04 to be
repurchased at $150,011,500,
collateralized by $397,841,000 U.S.
Treasury Strip Principals 8.00% to
8.75% due from 08/15/20 to 11/15/21.
The value of the collateral is
$ 153,000,788.)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
15
T-FUND
STATEMENT OF NET ASSETS (CONCLUDED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- -------- --------
REPURCHASE AGREEMENTS (Continued)
Morgan Stanley & Co., Inc.
0.93% 05/03/04 $599,300 $ 599,300,000
(Agreement dated 4/30/04 to be
repurchased at $599,346,446,
collateralized by $461,977,000 U.S.
Treasury Bonds 7.25% to 8.13% due
from 02/15/21 to 11/15/22. The value
of the collateral is $612,263,030.)
UBS Securities LLC
0.92% 05/03/04 150,000 150,000,000
(Agreement dated 4/30/04 to be
repurchased at $150,011,500,
collateralized by $409,352,000 U.S.
Treasury Strip Principals 6.50% to
9.00% due from 11/15/18 to 11/15/26.
The value of the collateral is
$ 152,999,996.)
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $2,359,300,000) 2,359,300,000
--------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $3,125,211,765(a)) 99.9% 3,125,211,765
OTHER ASSETS IN EXCESS
OF LIABILITIES 0.1% 2,635,749
-------- --------------
NET ASSETS (Equivalent to
$1.00 per share based on
2,390,392,439 Institutional
Shares, 699,251,189 Dollar
Shares, 38,072,780 Cash
Management Shares and
146,952 Administration
Shares outstanding) 100.0 $3,127,847,514
======== ==============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($2,390,374,022/2,390,392,439) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($699,255,111/699,251,189) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
CASH MANAGEMENT SHARE
($38,072,063/38,072,780) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
ADMINISTRATION SHARE
($146,318/146,952) $ 1.00
=======
- -----------------
(a) Aggregate cost for Federal tax purposes.
(b) The rate shown is the effective yield on the zero coupon bonds.
- --------------------------------------------------------------------------------
T-FUND
MATURITY INFORMATION
APRIL 30, 2004
(UNAUDITED)
MATURITY PAR PERCENTAGE
- ----------------- ----------------- --------------
1 - 30 Days $2,359,300,000 75.6%
31 - 60 Days 77,000,000 2.5
91 - 120 Days 110,131,000 3.4
121 - 150 Days 80,000,000 2.6
Over 150 Days 495,000,000 15.9
------
100.0
======
Average Weighted Maturity - 55 days
- -------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
16
BLACKROCK LIQUIDITY FUNDS
FEDERAL TRUST FUND
STATEMENT OF NET ASSETS
APRIL 30, 2004
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- --------- ------------
AGENCY OBLIGATIONS -
93.3%
Federal Farm Credit
Bank Bonds - 0.7%
5.93% 05/28/04 $ 1,100 $ 1,103,863
------------
Federal Farm Credit
Bank Variable Rate
Notes - 19.2%
1.05%(b) 05/03/04 10,000 10,000,000
0.98%(b) 05/24/04 10,000 9,999,058
0.99%(b) 05/24/04 10,000 9,994,489
------------
29,993,547
------------
Federal Home Loan
Bank Bonds - 18.7%
0.94% 05/05/04 7,666 7,665,199
0.95% 05/05/04 10,000 9,998,944
4.88% 05/14/04 1,000 1,001,356
3.38% 06/15/04 1,250 1,253,537
4.75% 06/28/04 1,570 1,579,169
1.88% 02/15/05 1,000 1,003,706
7.12% 02/15/05 3,100 3,242,357
1.38% 03/28/05 2,000 2,000,000
1.42% 04/04/05 1,500 1,500,000
------------
29,244,268
------------
Federal Home Loan
Bank Discount
Notes - 3.2%
1.00% 05/12/04 5,000 4,998,472
------------
Federal Home Loan
Bank Variable Rate
Notes - 14.7%
1.04%(b) 07/06/04 5,000 4,999,829
1.07%(b) 07/19/04 10,000 9,999,397
1.04%(b) 03/21/05 3,000 2,999,532
0.98%(b) 09/12/05 5,000 4,995,889
------------
22,994,647
------------
Student Loan Marketing
Association
Bonds - 15.0%
0.90% 05/03/04 1,878 1,877,906
0.94% 05/03/04 12,000 11,999,373
5.00% 06/30/04 7,590 7,638,303
3.38% 07/15/04 2,000 2,009,459
------------
23,525,041
------------
Student Loan
Marketing Association
Variable Rate
Notes - 12.8%
1.04%(b) 05/04/04 20,000 20,000,000
------------
Tennessee Valley
Authority
Bonds - 0.6%
4.75% 07/15/04 1,000 1,007,562
------------
Tennessee Valley
Authority Discount
Notes - 8.4%
0.92% 05/20/04 10,000 9,995,145
1.28% 05/01/05 3,192 3,150,570
------------
13,145,715
------------
TOTAL AGENCY OBLIGATIONS
(Cost $146,013,115) 146,013,115
------------
PAR
MATURITY (000) VALUE
---------- ------- ------------
U.S. TREASURY
OBLIGATIONS - 6.4%
U.S. Treasury
Notes - 6.4% U.S.
Treasury Notes
3.25%
(Cost $10,018,043) 05/31/04 10,000 10,018,043
------------
TOTAL INVESTMENTS
IN SECURITIES
(Cost $156,031,158(a))
99.7% 156,031,158
OTHER ASSETS IN EXCESS
OF LIABILITIES
0.3% 410,321
------- ------------
NET ASSETS (Equivalent
to $1.00 per share
based on 148,592,204
Institutional Shares
and 7,850,366 Dollar
Shares outstanding) 100.0% $156,441,479
======= ============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($148,590,265/148,592,204) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($7,851,214/7,850,366) $ 1.00
=======
- ----------------------
(a) Aggregate cost for Federal tax purposes.
(b) Rates shown are the rates as of April 30, 2004 and maturities shown are
the next interest readjustment date or the date the principal owed can be
recovered through demand.
- --------------------------------------------------------------------------------
FEDERAL TRUST FUND
MATURITY INFORMATION
APRIL 30, 2004
(UNAUDITED)
MATURITY PAR PERCENTAGE
- ---------------------- -------------- -----------
1 - 30 Days $98,644,000 63.3%
31 - 60 Days 20,820,000 13.4
61 - 90 Days 25,590,000 16.4
Over 150 Days 10,792,000 6.9
-----
100.0
=====
Average Weighted Maturity - 47 days
- -------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
17
BLACKROCK LIQUIDITY FUNDS
TREASURY TRUST FUND
STATEMENT OF NET ASSETS
APRIL 30, 2004
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ------------- -----------------
U.S. TREASURY OBLIGATIONS - 103.0%
U.S. Treasury Bills--88.6%
0.92% 05/06/04 $ 206,230 $ 206,203,648
0.90% 05/13/04 245,385 245,311,383
0.91% 05/20/04 150,000 149,927,958
0.81% 05/27/04 18,845 18,833,976
0.87% 05/27/04 225,000 224,858,625
0.83% 06/10/04 14,230 14,216,877
0.84% 06/10/04 45,000 44,957,750
0.98% 06/17/04 60,000 59,923,625
0.99% 08/26/04 85,000 84,725,546
1.00% 09/02/04 10,000 9,965,556
----------------
1,058,924,944
----------------
U.S. Treasury Notes - 14.4%
3.25% 05/31/04 13,000 13,021,712
2.88% 06/30/04 20,000 20,058,284
2.25% 07/31/04 10,000 10,023,469
1.88% 09/30/04 18,490 18,553,484
2.12% 10/31/04 45,000 45,193,359
2.00% 11/30/04 50,000 50,201,562
1.62% 03/31/05 10,000 10,031,701
1.62% 04/30/05 5,000 5,016,166
----------------
172,099,737
----------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $1,231,024,681(a)) 103.0% 1,231,024,681
LIABILITIES IN EXCESS OF
OTHER ASSETS (3.0)% (35,562,330)
------------ ----------------
NET ASSETS (Equivalent to
$1.00 per share based on
921,259,845 Institutional
Shares, 269,317,471 Dollar
Shares and 5,116,217 Cash
Management Shares
outstanding) 100.0% $ 1,195,462,351
============ ================
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($921,080,472/921,259,845) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($269,265,716/269,317,471) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
CASH MANAGEMENT SHARE
($5,116,163/5,116,217) $ 1.00
=======
- ----------------------
(a) Aggregate cost for Federal tax purposes.
- --------------------------------------------------------------------------------
TREASURY TRUST FUND
MATURITY INFORMATION
APRIL 30, 2004
(UNAUDITED)
MATURITY PAR PERCENTAGE
- ---------------------- --------------- -----------
1 - 30 Days $845,460,000 68.8%
31 - 60 Days 132,230,000 10.7
61 - 90 Days 20,000,000 1.6
91 - 120 Days 95,000,000 7.7
121 - 150 Days 10,000,000 0.8
Over 150 Days 128,490,000 10.4
-----
100.0
=====
Average Weighted Maturity -- 49 days
- -------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
18
BLACKROCK LIQUIDITY FUNDS
MUNIFUND
STATEMENT OF NET ASSETS
APRIL 30, 2004
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------
MUNICIPAL BONDS - 100.5%
Alabama - 4.3%
Alabama Housing Finance Authority
Multi-Family Housing RB (Rime
Village Hoover Project) Series
1996A DN (Federal National
Mortgage Association Guaranty)
(A-1+)
1.17%(b) 05/07/04 $10,265 $10,265,000
Columbia IDRB (Alabama Power Co.
Project) Series 1995B DN (The
Southern Co. Guaranty) (A-1,
VMIG-1)
1.10%(b) 05/07/04 3,000 3,000,000
Columbia IDRB (Alabama Power Co.
Project) Series 1999A DN (The
Southern Co. Guaranty) (A-1,
VMIG-1)
1.10%(b) 05/07/04 10,000 10,000,000
Eutaw Industrial Development Board
PCRB (Southern Co. Project)
Series 1998 DN (A-1, VMIG-1)
1.10%(b) 05/03/04 5,200 5,200,000
Jefferson County GO Warrants Series
2001B DN (Morgan Guaranty Trust,
Bayerische Landesbank
Girozentrale SBPA) (A-1+, VMIG-1)
1.10%(b) 05/07/04 44,555 44,555,000
-----------
73,020,000
-----------
Alaska - 0.2%
Matanuska-Susitna Borough RB
(Wachovia Merlots Trust Receipts)
Series 2001A-114 DN (Wachovia
Bank N.A LOC) (A-1)
1.15%(b) 05/07/04 3,185 3,185,000
-----------
Arkansas - 1.1%
Arkansas Housing Finance Authority
RB (Baptist Health Project) Series
1995 DN (MBIA Insurance) (A-1+)
1.14%(b) 05/07/04 14,900 14,900,000
University of Arkansas Regents RB
Series 1998 DN (MBIA Insurance)
(VMIG-1)
1.14%(b) 05/07/04 3,900 3,900,000
-----------
18,800,000
-----------
California - 7.6%
California Affordable Housing Agency
Multi-Family RB (Merrill Lynch
P-Float Trust Receipts) Series
2003 PT-2049 DN (Merrill Lynch &
Co. Guaranty, Merrill Lynch Capital
Services SBPA) (F-1+)
1.17%(b) 05/07/04 4,995 4,995,000
PAR
MATURITY (000) VALUE
---------- ----------------- -----------------
MUNICIPAL BONDS (Continued)
California (continued)
California Department of Water
Resources Power Supply RB
Series 2002B-5 DN (Westdeutsche
Landesbank Girozentrale LOC)
(A-1+, VMIG-1)
1.08%(b) 05/03/04 $13,100 $13,100,000
California GO (Municipal Securities
Trust Receipts) Series 1997 SGA-5
4 DN (AMBAC Insurance, Societe
Generale SBPA) (A-1+)
1.14%(b) 05/07/04 3,000 3,000,000
California GO Series 2003A DN
(Westdeutsche Landesbank
Girozentrale LOC, J.P. Morgan
Chase LOC) (A-1+, VMIG-1, F-1+)
1.08%(b) 05/07/04 2,500 2,500,000
California Health Facilities
Financing Authority RB Series
1999 PA-587 DN (Merrill Lynch
Capital Services Guaranty) (A-1+)
1.17%(b) 05/07/04 8,095 8,095,000
California Infrastructure & Economic
Development RB (Paul Getty
Project) Series 2003A MB (A-1+,
MIG-1)
1.17% 05/01/04 5,000 5,000,000
California Statewide Communities
Development Authority
Multi-Family RB (Merrill Lynch
P-Float Trust Receipts) Series
2000 PT-1268 DN (Merrill Lynch &
Co. Guaranty) (A-1+)
1.17%(b) 05/07/04 21,600 21,600,000
Los Angeles County Water & Power
RB (Power System Project) Series
2002A-8 DN (Bayerische
Landesbank Girozentrale LOC,
Banque Nationale de Paribas LOC,
Dexia Credit LOC, J.P. Morgan
Chase LOC, Westdeutsche
Landesbank Girozentrale SBPA)
(A-1+, VMIG-1)
1.14%(b) 05/07/04 10,300 10,300,000
Los Angeles Wastewater Systems RB
Series 2001A MB (FGIC Insurance)
(A-1+, MIG-1, F-1+)
1.15% 12/09/04 4,000 4,000,000
Metropolitan Water District of
Southern California Waterworks
RB Series 1996A DN (AMBAC
Insurance) (A-1+, VMIG-1)
1.06%(b) 05/07/04 17,450 17,450,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
19
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- --------------
MUNICIPAL BONDS (Continued)
California (continued)
Orange County Transportation
Authority Toll Road RB (Express
Lanes Project) Series 2003B-1 DN
(Kredietbank N.V. LOC) (A-1+,
VMIG-1, F-1)
1.05%(b) 05/07/04 $39,000 $ 39,000,000
--------------
129,040,000
--------------
Colorado - 1.3%
Colorado Educational & Cultural
Facilities Authority RB (Denver
Museum Project) Series 2001 DN
(Bank One N.A. LOC) (A-1)
1.11%(b) 05/07/04 1,800 1,800,000
Colorado Educational & Cultural
Facilities Authority RB (National
Cable Television Center Project)
Series 1999 DN (Wells Fargo Bank
LOC) (A-1+)
1.12%(b) 05/07/04 1,755 1,755,000
Colorado Health Facilities Authority
RB (Total Long-Term Care Project)
Series 2002 DN (U.S. Bank N.A.
LOC) (A-1+)
1.09%(b) 05/07/04 5,935 5,935,000
Colorado Housing & Finance
Authority RB (Single Family
Mortgage Project) Series 2003C-5
MB (AIG Insurance Guaranty)
(A-1+, MIG-1)
1.13% 11/01/04 5,000 5,000,000
East Cherry Creek Valley RB (Water
& Sanitation Project) Series 2004
DN (MBIA Insurance, Dexia Bank
SPBA) (A-1+)
1.02%(b) 05/07/04 3,500 3,500,000
Pitkin County IDRB Series 1994A DN
(Bank One N.A. LOC) (A-1+)
1.10%(b) 05/03/04 4,600 4,600,000
--------------
22,590,000
--------------
Connecticut - 1.5%
Connecticut GO Series 2004C MB
(AA, Aa3)
1.25% 05/01/05 15,000 15,134,850
Connecticut Housing Finance
Authortiy RB (Housing Mortgage
Finance Project) Series 2003F-1
MB (SP-1+, MIG-1)
1.15% 12/22/04 9,935 9,935,000
--------------
25,069,850
--------------
PAR
MATURITY (000) VALUE
---------- ----------------- --------------
MUNICIPAL BONDS (Continued)
Delaware - 0.2%
Delaware Economic Development
Authority RB (St. Anne's Episcopal
School Project) Series 2001 DN
(Wilmington Trust Co. LOC) (A-1)
1.25%(b) 05/07/04 $ 2,000 $ 2,000,000
University of Delaware RB Series
2004A MB
2.00% 11/01/04 1,185 1,191,194
--------------
3,191,194
--------------
District of Columbia - 0.2%
District of Columbia RB Series 2001
DN (SunTrust Bank LOC) (VMIG-1)
1.09%(b) 05/07/04 1,800 1,800,000
District of Columbia Water & Sewer
Authority Public Utilities RB
Series 2002A-64 DN (Wachovia
Bank N.A. LOC) (VMIG-1)
1.15%(b) 05/07/04 2,280 2,280,000
--------------
4,080,000
--------------
Florida - 3.2%
Broward County GO (Wachovia
Merlots Trust Receipts) Series
2004B-9 DN (Wachovia Bank N.A.
LOC) (A-1)
1.15%(b) 05/07/04 5,715 5,715,000
Broward County Municipal Securities
Trust Certificates RB (Bear
Stearns Trust Receipts) Series
2002 DN (FSA Insurance) (A-1)
1.13%(b)(c) 05/07/04 14,000 14,000,000
Florida Board of Education GO (Eagle
Tax Exempt Trust Receipts) Series
2003A DN (Citibank SBPA) (A-1+)
1.15%(b) 05/07/04 4,945 4,945,000
Florida Housing Finance Corporation
Multi-Family RB (Merrill Lynch
P-Float Trust Receipts) Series
2000 PT-1234 DN (Merrill Lynch
Capital Services SBPA) (A-1C+)
1.19%(b) 05/07/04 12,830 12,830,000
Florida State Department of
Environmental Protection RB
(Morgan Stanley Trust Receipts)
Series 2001-637 DN (MBIA
Insurance) (A-1+)
1.14%(b) 05/07/04 3,950 3,950,000
Lee County Healthcare Facilities
IDRB Series 1999 DN (Fifth Third
Bank N.A. LOC)
1.11%(b) 05/07/04 1,960 1,960,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
20
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- -------- ---------
MUNICIPAL BONDS (Continued)
Florida (continued)
Orange County Housing Finance
Authority Multi-Family RB (Post
Fountains at Lee Vista Project)
Series 1997E DN (Federal National
Mortgage Association Guaranty)
(A-1+)
1.09%(b) 05/07/04 $5,915 $ 5,915,000
Palm Beach County RB (Morse
Obligation Group Project) Series
2003 DN (KeyBank N.A. LOC) (A-1)
1.12%(b) 05/07/04 5,000 5,000,000
-----------
54,315,000
-----------
Georgia - 2.3%
Albany Dougherty County Housing
Financial Authority RB (Phoebe
Putney Memorial Hospital Project)
Series 1996 DN (SunTrust Bank
LOC) (A-1+, VMIG-1)
1.09%(b) 05/07/04 3,700 3,700,000
Appling County Development
Authority PCRB (Oglethorpe Power
Corp. Project) Series 2002 DN
(A-1+)
1.14%(b) 05/07/04 2,415 2,415,000
Bibb County Methodist Home
Development Authority RB Series
2001 DN (SunTrust Bank LOC)
(VMIG-1)
1.09%(b) 05/07/04 3,220 3,220,000
Clayton County Hospital Authority
Anticipation Certificates RB Series
1998B DN (SunTrust Bank LOC)
1.09%(b) 05/07/04 1,940 1,940,000
Cobb County Development Authority
RB (Boy Scouts of America Atlanta
Project) Series 2001 DN (SunTrust
Bank LOC) (VMIG-1)
1.09%(b) 05/07/04 3,000 3,000,000
Cobb County Development Authority
RB (Highland Park Associates
Project) Series 1998 DN (SunTrust
Bank LOC)
1.09%(b) 05/07/04 3,350 3,350,000
Dekalb County Housing Authority
Multi-Family Housing RB
(Clairmont Crest Project) Series
1995 DN (Federal National
Mortgage Association Guaranty)
(A-1+, VMIG-1)
1.09%(b) 05/07/04 400 400,000
PAR
MATURITY (000) VALUE
---------- -------- ---------
MUNICIPAL BONDS (Continued)
Georgia (continued)
Floyd County Development Authority
PCRB (Georgia Power Plant
Hammond Project) Series 1996 DN
(A-1, P-1)
1.10%(b) 05/03/04 $8,980 $ 8,980,000
Fulton County Development Authority
RB (Epstein School Project) Series
1997 DN (SunTrust Bank LOC)
(Aa3)
1.09%(b) 05/07/04 1,900 1,900,000
Fulton County Development Authority
RB (Trinity School Project) Series
2001 DN (SunTrust Bank LOC)
(VMIG-1)
1.09%(b) 05/07/04 2,000 2,000,000
Georgia Local Government
Certificates RB Series 2002O DN
(MBIA Insurance, Bank of America
N.A. Liquidity Facility) (A-1+)
1.17%(b) 05/07/04 1,310 1,310,000
Gwinnett County Hospital Authority
Revenue Anticipation Certificates
Series 2002 DN (SunTrust Bank
LOC) (A-1+)
1.09%(b) 05/07/04 3,000 3,000,000
La Grange Development Authority RB
Series 2001 DN (SunTrust Bank
LOC) (VMIG-1)
1.15%(b) 05/07/04 1,000 1,000,000
Macon-Bibb County Hospital
Authority RB (The Medical Center
of Central Georgia Project) Series
1998 DN (SunTrust Bank LOC)
(A-1+)
1.09%(b) 05/07/04 3,000 3,000,000
-----------
39,215,000
-----------
Hawaii - 1.2%
Hawaii GO (Citibank Eagle Trust
Receipts) Series 2002 DN (FSA
Insurance) (A-1+)
1.15%(b) 05/07/04 3,600 3,600,000
Hawaii Municipal Securities Trust
Certificates GO (Bear Stearns
Municipal Trust Certificates) Series
2002A DN (FSA Insurance) (A-1)
1.13%(b)(c) 05/07/04 9,990 9,990,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
21
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- -------- ---------
MUNICIPAL BONDS (Continued)
Hawaii (continued)
Hawaii Pacific Health Special
Purpose RB (Department of
Budget & Finance Project) Series
2004B DN (Bank of Nova Scotia
Liquidity Facility, Radian Asset
Assurance Guaranty) (A-1+, F-1+)
1.18%(b) 05/07/04 $ 6,100 $ 6,100,000
-----------
19,690,000
-----------
Illinois - 9.7%
Central Lake County Action Water
Agency RB (Wachovia Merlots
Trust Receipts) Series 2003B-18
DN (MBIA Insurance, Wachovia
Bank N.A. Liquidity Facility)
(VMIG-1)
1.15%(b) 05/07/04 4,995 4,995,000
Chicago Board of Education GO
(Wachovia Merlots Trust Receipts)
Series 1999A-47 DN (FGIC Insurance,
Wachovia Bank N.A.
LOC) (A-1)
1.15%(b) 05/07/04 3,090 3,090,000
Chicago Board of Education
Municipal Securities Trust
Certificates RB (Bear Stearns
Trust Receipts) Series 2001 DN
(FSA Insurance, Bear Stearns
Capital Markets Liquidity Facility)
(A-1)
1.13%(b)(c) 05/07/04 4,695 4,695,000
Chicago GO (Wachovia Merlots Trust
Receipts) Series 2000W DN
(AMBAC Insurance, Wachovia Bank
N.A. Liquidity Facility) (VMIG-1)
1.15%(b) 05/07/04 2,000 2,000,000
Chicago GO Series 2003 MB
(Landesbank Hessen-Thuringen
Girozentrale LOC) (VMIG-1)
1.05% 01/07/05 30,000 30,000,000
Chicago O'Hare International Airport
RB (Wachovia Merlot Trust
Receipts) Series 2002A-25 DN
(MBIA Insurance, Wachovia Bank
N.A. Liquidity Facitility) (VMIG-1)
1.15%(b) 05/07/04 5,315 5,315,000
Chicago Park District RB (Citibank
Eagle Trust Receipts) Series
2002-1306 DN (FGIC Insurance,
Citibank Liquidity Facility) (A-1+)
1.15%(b) 05/07/04 5,345 5,345,000
PAR
MATURITY (000) VALUE
---------- -------- ---------
MUNICIPAL BONDS (Continued)
Illinois (continued)
Chicago Sales Tax RB (Wachovia
Merlots Trust Receipts) Series
2000AAA DN (FGIC Insurance,
Wachovia Bank N.A. Liquidity
Facility) (VMIG-1)
1.15%(b) 05/07/04 $ 5,000 $ 5,000,000
Cook County Capital Improvement
GO (Wachovia Merlot Trust
Receipts) Series 2002C DN
(AMBAC Insurance, Wachovia Bank
N.A. Liquidity Facility) (VMIG-1)
1.15%(b) 05/07/04 3,500 3,500,000
Du Page County Municipal Securities
Trust Certificates RB (Bear
Stearns Trust Receipts) Series
2001A DN (FSA Insurance, Bear
Stearns SBPA) (A-1)
1.13%(b)(c) 05/07/04 15,970 15,970,000
Illinois Dedicated Tax RB (Macon
Trust Certificates) Series 2002N
DN (AMBAC Insurance) (A-1+)
1.19%(b) 05/07/04 2,935 2,935,000
Illinois Development Finance
Authority RB (Decatur Mental
Health Center Project) Series 1997
DN (First of America LOC)
1.16%(b) 05/07/04 2,775 2,775,000
Illinois Development Finance
Authority RB (Fenwick High School
Project) Series 2002 DN (Northern
Trust LOC) (A-1+)
1.08%(b) 05/07/04 12,200 12,200,000
Illinois Educational Facility Authority
RB (Aurora University Project)
Series 2002 DN (Fifth Third Bank
N.A. LOC) (VMIG-1)
1.13%(b) 05/07/04 1,800 1,800,000
Illinois GO (ABN-AMRO Munitops
Trust Certificates) Series 2002-23
MB (MBIA Insurance) (MIG-1)
1.15% 06/18/04 6,200 6,200,000
Illinois GO (Wachovia Merlots Trust
Receipts) Series 2002 DN (MBIA
Insurance, Wachovia Bank N.A.
Liquidity Facility) (VMIG-1)
1.15%(b) 05/07/04 3,685 3,685,000
Illinois GO (Wachovia Merlots Trust
Reciepts) Series 2002 DN (MBIA
Insurance, Wachovia Bank N.A.
SBPA) (VMIG-1)
1.15%(b) 05/07/04 2,495 2,495,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
22
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ------- ----------
MUNICIPAL BONDS (Continued)
Illinois (continued)
Illinois Health Facilities Authority
Municipal Securities Trust
Certificates RB (Bear Stearns
Trust Receipts) Series 2002 DN
(MBIA Insurance, Bear Stearns
Capital Markets Liquidity Facility)
(A-1)
1.13%(b)(c) 05/07/04 $10,255 $ 10,255,000
Illinois Health Facilities Authority RB
(Evanston Hospital Project) Series
2003 MB (A-1+, MIG-1)
1.15% 09/30/04 3,000 3,000,000
Illinois Health Facilities Authority RB
(Helping Hand Rehabilitation
Project) Series 2001 DN (Fifth
Third Bank N.A. LOC)
1.11%(b) 05/07/04 3,800 3,800,000
Illinois Health Facilities Authority RB
(Lutheran Home & Services
Project) Series 2001 DN (M&T
Bank Corp. LOC) (A-1+)
1.12%(b) 05/07/04 10,900 10,900,000
Illinois Health Facilities Authority RB
(Northwestern Memorial Hospital
Project) Series 1995 DN (A-1+,
VMIG-1)
1.10%(b) 05/03/04 4,500 4,500,000
Illinois Regional Transportation
Authority RB (Wachovia Merlots
Trust Receipts) Series 2002A-24
DN (Wachovia Bank N.A. LOC)
(VMIG-1)
1.15%(b) 05/07/04 12,730 12,730,000
Lake County First Preservation
District GO (Salomon Smith Barney
Trust Receipts) Series 2003R ROC
II DN (Citibank Liquidity Facility)
(A-1+)
1.15%(b) 05/07/04 2,000 2,000,000
Peoria Heights Limited Obligation RB
Series 2001 DN (National City
Bank N.A. LOC)
1.16%(b) 05/07/04 2,900 2,900,000
University of Illinois Auxiliary
Facilities System RB (Citibank
Eagle Trust Receipts) Series 2000
DN (MBIA Insurance) (VMIG-1)
1.15%(b) 05/07/04 3,500 3,500,000
------------
165,585,000
------------
PAR
MATURITY (000) VALUE
---------- ------- ----------
MUNICIPAL BONDS (Continued)
Indiana - 1.2%
Gary Redevelopment District
Economic Growth RB Series 2001A
DN (American National Bank &
Trust Co. LOC) (A-1)
1.15%(b) 05/07/04 $ 745 $ 745,000
Indiana Municipal Power Agency
Power Supply System RB Series
2000A DN (Toronto Dominion LOC)
(A-1+ , VMIG-1)
1.10%(b) 05/07/04 500 500,000
Indiana Municipal Securities Trust
Certificates RB (Bear Stearns
Municipal Trust Receipts) Series
2001A DN (Bear Stearns Capital
Markets Liquidity Facility) (A-1)
1.13%(b)(c) 05/07/04 6,000 6,000,000
Indiana State Educational Facilities
Authority RB (Wabash College
Project) Series 2003 DN (Bank One
N.A. LOC) (VMIG-1)
1.11%(b) 05/07/04 2,700 2,700,000
Porter County Industrial Jail Building
Corporation RB (Wachovia Merlots
Trust Receipts) Series 2001A-43
MB (Wachovia Bank N.A. LOC)
(A-1)
1.10% 03/15/05 7,155 7,155,000
Warren Township Vision 2005 School
Building Corporation RB (Wachovia
Merlots Trust Receipts) Series
2001A-52 DN (Wachovia Bank N.A.
LOC) (A-1)
1.15%(b) 05/07/04 3,300 3,300,000
------------
20,400,000
------------
Iowa - 1.6%
Des Moines Commercial
Development RB (Grand Office
Park Project) Series 1985 DN
(Principal Life Insurance Company
Guaranty) (A-1+)
1.23%(b) 05/07/04 6,000 6,000,000
Iowa GO Series 2003 TRAN (SP-1+,
MIG-1)
2.00% 06/29/04 5,675 5,683,640
Iowa Higher Education Loan
Authority RB (Private College
Project) Series 1985 DN (MBIA
Insurance) (A-1+, VMIG-1)
1.12%(b) 05/07/04 1,700 1,700,000
Urbandale IDRB (Aurora Business
Park Association Project) Series
1985 DN (Principal Life Insurance
Co. Guaranty) (A-1+)
1.18%(b) 05/07/04 9,200 9,200,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
23
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- -------------
MUNICIPAL BONDS (Continued)
Iowa (continued)
Urbandale IDRB (Meredith Drive
Association Project) Series 1985
DN (Principal Life Insurance Co.
Guaranty) (A-1+)
1.18%(b) 05/07/04 $ 5,500 $ 5,500,000
-----------
28,083,640
-----------
Kentucky - 0.5%
Fort Mitchell League of Cities RB
(Funding Trust Lease Project)
Series 2002A DN (U.S. Bank N.A.
LOC) (VMIG-1)
1.11%(b) 05/07/04 4,975 4,975,000
Kentucky Housing Corporation Single
Family Mortgage RB (Merrill Lynch
P-Float Reciepts) Series 2003
PT-741 DN (FGIC Insurance, Trinity
Plus Funding Guaranty) (VMIG-1)
1.19%(b) 05/07/04 130 130,000
Wickliffe PCRB Series 2001 DN
(SunTrust Bank LOC) (A-1+,
VMIG-1)
1.09%(b) 05/07/04 4,250 4,250,000
-----------
9,355,000
-----------
Louisiana - 0.3%
Plaquemines Port Harbor & Terminal
Distribution Port Facilities RB
(Chevron Pipe Line Co. Project)
Series 1984 MB (Chevron Texaco
Guaranty) (AA, Aa2)
1.00% 09/01/04 5,000 4,997,489
-----------
Maine - 0.4%
Maine GO Series 2003 MB
1.50% 06/15/04 7,020 7,025,184
-----------
Maryland - 0.4%
Maryland Health & Higher Education
Facilities Authority RB (Bear
Stearns Municipal Securities Trust
Reciepts) Series 2003 SGA-143 DN
(Societe Generale Liquidity Facility)
(A-1+)
1.12%(b) 05/07/04 5,000 5,000,000
Montgomery County GO (Public
Improvement Project) Series 2004
MB
3.00% 04/01/05 2,530 2,573,727
-----------
7,573,727
-----------
PAR
MATURITY (000) VALUE
---------- ----------------- -------------
MUNICIPAL BONDS (Continued)
Massachusetts - 2.3%
Commonwealth of Massachusetts GO
(Wachovia Merlots Trust Receipts)
Series 2002A-9 DN (FSA Insurance,
Wachovia Bank N.A.
SBPA) (A-1)
1.12%(b) 05/07/04 $ 3,620 $ 3,620,000
Massachusettes Development
Finance Agency Multi-Family
Housing RB (Carleton Willard
Village Project) Series 2000 DN
(Fleet National Bank LOC) (A-1)
1.09%(b) 05/07/04 13,520 13,520,000
Massachusetts Health & Educational
Facilities Authority RB (Capital
Assets Program Project) Series
1985D DN (MBIA Insurance) (A-1+,
VMIG-1)
1.08%(b) 05/03/04 6,620 6,620,000
Wellesley GO Series 2003 BAN
(SP-1+, MIG-1)
1.15% 06/03/04 15,000 15,001,999
-----------
38,761,999
-----------
Michigan - 3.6%
Detroit Sewer & Disposal Authority
RB (Wachovia Merlots Trust
Receipts) Series 2001A-112 DN
(MBIA Insurance) (VMIG-1)
1.15%(b) 05/07/04 2,445 2,445,000
Garden City Hospital Finance
Authority RB (Garden City Hospital
Project) Series 1996A DN (National
City Bank N.A. LOC) (A-1+)
1.13%(b) 05/07/04 3,870 3,870,000
Kalamazoo Education Authority RB
(Friendship Vl Project) Series 1997
DN (Fifth Third Bank N.A. LOC)
(A-1+)
1.08%(b) 05/07/04 3,750 3,750,000
Michigan GO Series 2004A MB
(SP-1+, MIG-1)
2.00% 09/30/04 15,000 15,063,344
Michigan Housing Development
Authortity Limited Obligation RB
Series 1985 DN (Bank One N.A.
LOC) (VMIG-1)
1.16%(b) 05/07/04 15,500 15,500,000
Michigan Municipal Board Authority
RB Series 2003B-1 MB (SP-1+)
2.00% 08/20/04 20,000 20,058,836
-----------
60,687,180
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
24
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------
MUNICIPAL BONDS (Continued)
Minnesota - 5.3%
Hennepin County GO Series 2000B
DN (Landesbank
Hessen-Thuringen Girozentrale
LOC) (A-1C+, VMIG-1)
0.97%(b) 05/07/04 $ 5,140 $ 5,140,000
Minneapolis & St. Paul Airport RB
(Wachovia Merlots Trust Receipts)
Series 2000A DN (FGIC Insurance)
(VMIG-1)
1.15%(b) 05/07/04 4,995 4,995,000
Minneapolis GO (Convention Center
Project) Series 1999 DN (Bayerische
Landesbank Girozentrale LOC) (A-1+,
VMIG-1)
0.97%(b) 05/07/04 2,100 2,100,000
Minneapolis GO (Guthrie Parking
Ramp Project) Series 2003 DN
(Dexia Credit Locale SBPA) (A-1+,
VMIG-1)
0.97%(b) 05/07/04 2,100 2,100,000
Minneapolis GO Series 1994A DN
(Bayerische Landesbank
Girozentrale LOC) (A-1+, VMIG-1)
0.97%(b) 05/07/04 135 135,000
Minneapolis Public Library GO Series
2003 DN (Dexia Credit SBPA)
(A-1+, VMIG-1, F-1+)
0.97%(b) 05/07/04 23,900 23,900,000
Minnesota GO (Salomon Smith
Barney Trust Receipts) Series 1031
ROC II DN (Citibank Liquidity
Facility) (A-1+)
1.15%(b) 05/07/04 5,120 5,120,000
Minnesota GO Series 2003 TRAN
4.00% 08/01/04 27,125 27,334,254
Minnesota Higher Education
Facilities Authority RB (Carleton
College Project) Series 2000G DN
(Wells Fargo Bank LOC) (VMIG-1)
0.97%(b) 05/07/04 4,580 4,580,000
Minnesota Public Facilities Authority
Water PCRB (Wachovia Merlots
Trust Receipts) Series 2002A DN
(Wachovia Bank N.A. LOC) (VMIG-1)
1.15%(b) 05/07/04 14,735 14,735,000
-----------
90,139,254
-----------
Mississippi - 1.8%
Mississippi Development Bank
Special Obligation RB
(Correctional Facilities Project)
Series 2002 DN (AMBAC
Insurance, Amsouth Bank of
Alabama SBPA) (A-1)
1.19%(b) 05/07/04 3,855 3,855,000
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------
MUNICIPAL BONDS (Continued)
Mississippi (continued)
Mississippi Development Bank
Special Obligation RB (Mississippi
Bond Program Harrison County
Project) Series 2003 DN (AMBAC
Insurance, Banque Nationale de
Paribas Liquidity Facility) (A-1+)
1.19%(b) 05/07/04 $ 9,000 $ 9,000,000
Mississippi Development Bank
Special Obligation RB (Mississippi
Loan Programs Project) Series
2003 DN (AMBAC Insurance,
Banque Nationale de Paribas
Liquidity Facility) (A-1)
1.19%(b) 05/07/04 11,000 11,000,000
Mississippi Development Bank
Special Obligation RB (Wachovia
Merlots Trust Receipts) Series
2001A-16 DN (AMBAC Insurance)
(VMIG-1)
1.15%(b) 05/07/04 7,500 7,500,000
-----------
31,355,000
-----------
Missouri - 0.4%
Missouri State Board Public
Buildings Special Obligation RB
(Wachovia Merlots Trust Receipts)
Series 2003A DN (Wachovia Bank
N.A. LOC) (VMIG-1)
1.15%(b) 05/07/04 4,990 4,990,000
Missouri State Development Finance
Board Lease RB Series 1999 DN
(TransAmerican Life Insurance)
(A-1+)
1.12%(b) 05/07/04 700 700,000
St. Louis County Multi-Family
Housing IDRB (Heatherbrook
Gardens Project) Series 2002 DN
(U.S. Bank N.A. LOC)
1.27%(b) 05/07/04 1,765 1,765,000
-----------
7,455,000
-----------
Nebraska - 0.6%
American Public Energy Gas Supply
Agency RB (Nebraska Public Gas
Agency Project) Series 1998C MB
(AMBAC Insurance) (AAA, Aaa)
4.00% 09/01/04 3,000 3,030,301
Omaha GO (Eagle Trust Receipts)
Series 2004A DN (Citibank SBPA)
(A-1+)
1.15%(b) 05/07/04 8,000 8,000,000
-----------
11,030,301
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
25
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- --------------
MUNICIPAL BONDS (Continued)
Nevada - 0.8%
Clark County School District
Municipal Securities Trust
Certificates RB (Bear Stearns
Trust Receipts) Series 2001A DN
(FSA Insurance) (A-1+)
1.13%(b)(c) 05/07/04 $ 7,980 $ 7,980,000
Reno Capital Improvement RB
(Municipal Securities Trust
Certificates) Series 2002A DN
(FGIC Insurance, Bear Stearns
LOC) (A-1)
1.13%(b)(c) 05/07/04 6,000 6,000,000
-----------
13,980,000
-----------
New Hampshire - 0.4%
New Hamshire Health & Educational
Facilities Authority RB (Southern
New Hampshire Medical Center
Project) Series 2004B DN (Radian
LOC) (A-1+)
1.19%(b) 05/07/04 7,000 7,000,000
-----------
New Jersey - 0.9%
New Jersey Health Care Facilities
Financing Authority RB (Merrill
Lynch P-Float Trust Receipts)
Series 2001 PT-1319 DN (AMBAC
Insurance, Merrill Lynch Capital
Services SBPA) (A-1)
1.12%(b) 05/07/04 600 600,000
New Jersey Health Care Facilities
Financing Authority RB (Monmouth
County Medical Center Project)
Series 1994C MB (FSA Insurance)
(AAA, Aaa)
6.25% 07/01/04 4,900 5,040,937
New Jersey State Housing &
Mortgage Finance Agency RB
(Single Family Housing Project)
Series 2004E MB
1.00% 04/01/05 7,000 7,000,000
New Jersey State Transportation
Trust Fund Authority RB Series
2002R-149 MB (AMBAC Insurance,
Citibank Liquidity Facility) (MIG-1)
1.20% 11/18/04 2,000 2,000,000
-----------
14,640,937
-----------
New Mexico - 0.0%
Farmington PCRB (Arizona Public
Service Co. Four Corners Project)
Series 1994B DN (Barclays Bank
LOC) (A-1+, P-1)
1.10%(b) 05/03/04 200 200,000
-----------
PAR
MATURITY (000) VALUE
---------- ----------------- --------------
MUNICIPAL BONDS (Continued)
New York - 13.4%
City of New York GO Series 1993A-7
DN (Morgan Guaranty Trust LOC)
(A-1+, VMIG-1)
1.09%(b) 05/03/04 $ 1,400 $ 1,400,000
City of New York GO Series 1994B-4
DN (National Westminster Bank
LOC) (A-1+, VMIG-1)
1.08%(b) 05/03/04 2,800 2,800,000
City of New York GO Series 2004H-7
DN (A-1, VMIG-1)
1.09%(b) 05/03/04 47,800 47,800,000
City of New York Municipal Water
Finance Authority RB (Wachovia
Merlots Trust Receipts) Series
2000D DN (Wachovia Bank N.A.
LOC) (VMIG-1)
1.11%(b) 05/07/04 16,905 16,905,000
City of New York Municipal Water
Finance Authority RB (Water &
Sewer System Project) Series
1993B MB
5.62% 06/15/04 4,590 4,662,100
City of New York Municipal Water
Finance Authority RB (Water &
Sewer System Project) Series
1994C DN (FGIC Insurance)
(VMIG-1)
1.08%(b) 05/03/04 5,640 5,640,000
City of New York Municipal Water
Finance Authority RB (Water &
Sewer System Project) Series
1994G DN (FGIC Insurance) (A-1+,
VMIG-1)
1.09%(b) 05/03/04 700 700,000
City of New York Municipal Water
Finance Authority Water & Sewer
Systems RB Series 2001F-1 DN
(Credit Locale de France LOC)
(A-1+, VMIG-1)
1.12%(b) 05/03/04 29,400 29,400,000
City of New York Transitional Finance
Authority RB (Wachovia Merlots
Trust Receipts) Series 2003B-35
DN (Wachovia Bank N.A. LOC)
(VMIG-1)
1.11%(b) 05/07/04 5,000 5,000,000
Dormitory Authority of the State of
New York RB (Glen Eddy, Inc.
Project) Series 2000 DN (Fleet
National Bank LOC) (A-1)
1.07%(b) 05/07/04 2,315 2,315,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
26
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- -----------
MUNICIPAL BONDS (Continued)
New York (continued)
Dormitory Authority of the State of
New York RB (Teresian Housing
Corp. Project) Series 2003 DN
(Lloyds Bank LOC) (A-1+)
1.07%(b) 05/07/04 $15,265 $ 15,265,000
Dormitory Authority of the State of
New York RB (Wachovia Merlots
Trust Receipts) Series 2001A-30
DN (AMBAC Insurance, Wachovia
Bank N.A. SBPA) (VMIG-1)
1.11%(b) 05/07/04 2,985 2,985,000
Dormitory Authority of the State of
New York RB (Wachovia Merlots
Trust Receipts) Series 2001A-65
DN (MBIA Insurance, Wachovia
Bank N.A. SBPA) (VMIG-1)
1.11%(b) 05/07/04 3,535 3,535,000
Dormitory Authority of the State of
New York RB (Wachovia Merlots
Trust Reciepts) Series 2003 DN
(FGIC Insurance, Wachovia Bank
N.A. SBPA) (VMIG-1)
1.11%(b) 05/07/04 4,995 4,995,000
Long Island Power Authority GO
TECP (J.P. Morgan Chase LOC)
(A-1+)
1.00% 06/15/04 13,300 13,300,000
Metropolitan Transportation
Authority GO TECP (ABN-AMRO
Bank LOC) (A-1+, P-1)
1.00% 08/06/04 5,000 5,000,000
Metropolitan Transportation
Authority RB (Merrill Lynch
P-Float Trust Receipts) Series
2003R PA-1121 MB (MBIA
Insurance, Merrill Lynch & Co.
SBPA) (A-1)
1.03% 03/10/05 10,000 10,000,000
Metropolitan Transportation
Authority RB (Wachovia Merlots
Trust Receipts) Series 2000F DN
(Wachovia Bank N.A. LOC) (VMIG-1)
1.11%(b) 05/07/04 5,000 5,000,000
Metropolitan Transportation
Authority RB (Wachovia Merlots
Trust Receipts) Series 2002A-52
DN (Wachovia Bank N.A. Liquidity
Facility) (VMIG-1)
1.11%(b) 05/07/04 4,100 4,100,000
New York GO Series 2003A-2 DN
(Bank of America LOC) (A-1,
VMIG-1)
1.08%(b) 05/07/04 2,200 2,200,000
PAR
MATURITY (000) VALUE
---------- ----------------- -----------
MUNICIPAL BONDS (Continued)
New York (continued)
New York GO Series 2003A-3 DN
(Banque Nationale de Paribas LOC)
(A-1+, VMIG-1)
1.07%(b) 05/07/04 $ 3,500 $ 3,500,000
New York GO Series 2003R
ROC-II-251A DN (Citibank Liquidity
Facility) (VMIG-1)
1.16%(b) 05/07/04 12,500 12,500,000
New York Local Government
Assistance Corporation RB Series
1994B DN (Credit Suisse LOC)
(A-1+ , VMIG-1)
1.06%(b) 05/07/04 2,000 2,000,000
New York State Environmental
Facilities RB (Clean Water &
Drinking Project) Series 2004R
ROC-3016 DN (Citigroup Liquidity
Facility)
1.11%(b) 05/07/04 1,865 1,865,000
Triborough Bridge & Tunnel
Authority Municipal Securities
Trust Certificates RB (Bear
Stearns Municipal Trust
Certificates) Series 2002-210 DN
(Bear Stearns Liquidity Facility)
(A-1+)
1.10%(b)(c) 05/07/04 7,200 7,200,000
Triborough Bridge & Tunnel
Authority RB (ABN-AMRO
Munitops Trust Certificates) Series
2002-31 DN (MBIA Insurance,
ABN-AMRO Bank N.A. SBPA)
(VMIG-1)
1.13%(b) 05/07/04 5,000 5,000,000
Triborough Bridge & Tunnel
Authority RB (Citibank Eagle
Tax-Exempt Trust Receipts) Series
2003A DN (FGIC Insurance,
Citibank Liquidity Facility) (A-1+)
1.11%(b) 05/07/04 4,000 4,000,000
Triborough Bridge & Tunnel
Authority RB (Wachovia Merlots
Trust Receipts) Series 2003B-03
DN (MBIA Insurance, Wachovia
Bank N.A. Liquidity Facility)
(VMIG-1)
1.11%(b) 05/07/04 8,985 8,985,000
------------
228,052,100
------------
North Carolina - 2.7%
Charlotte Certificates of Participation
(Governmental Facilities Project)
Series 2003F MB (A-1+, MIG-1)
1.03% 06/01/04 8,400 8,400,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
27
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ------- -----------
MUNICIPAL BONDS (Continued)
North Carolina (continued)
Guilford County Industrial Facilities &
Pollution Recreational Facilities
RB Series 2002 DN (Branch
Banking & Trust Co. LOC) (VMIG-1)
1.12%(b) 05/07/04 $ 2,245 $ 2,245,000
North Carolina Capital Facilities
Finance Agency Educational
Facilities RB Series 2001 DN
(Branch Banking & Trust Co. LOC)
(VMIG-1)
1.12%(b) 05/07/04 2,275 2,275,000
North Carolina GO (Wachovia Merlots
Trust Receipts) Series 2003A-23
DN (Wachovia Bank N.A. SBPA)
(A-1)
1.15%(b) 05/07/04 6,300 6,300,000
North Carolina Medical Care
Commission Hospital RB (Baptist
Hospital Project) Series 1992B DN
(Wachovia Bank N.A. LOC) (A-1+,
VMIG-1)
1.09%(b) 05/07/04 1,100 1,100,000
North Carolina Medical Care
Commission Hospital RB (Park
Ridge Hospital Project) Series 1988
DN (NationsBank LOC) (A-1+)
1.09%(b) 05/07/04 1,275 1,275,000
North Carolina Medical Care
Commission Retirement Facilities
RB (Aldersgate Project) Series
2001 DN (Branch Banking & Trust
Co. LOC) (A-1)
1.18%(b) 05/07/04 6,155 6,155,000
North Carolina Medical Care
Commission Retirement Facilities
RB (Brookwood Project) Series
2001C DN (Branch Banking &
Trust Co. LOC) (A-1)
1.18%(b) 05/07/04 4,500 4,500,000
North Carolina Medical Care
Community Hospital RB (Duke
University Hospital Project) Series
1985B DN (Wachovia Bank N.A.
SBPA) (A-1+, VMIG-1)
1.04%(b) 05/07/04 300 300,000
North Carolina Municipal Power
Agency RB (Catawba Electric Co.
Project) Series 2003 DN (MBIA
Insurance, Bank of New York
SBPA) (A-1)
1.13%(b) 05/07/04 2,600 2,600,000
Wake County GO Series 2004A DN
(Landesbank Hessen-Thuringen
Girozentrale SBPA) (A-1+,
VMIG-1, F-1+)
1.13%(b) 05/07/04 5,000 5,040,624
PAR
MATURITY (000) VALUE
---------- ------- -----------
MUNICIPAL BONDS (Continued)
North Carolina (continued)
Winston-Salem Water & Sewer
System RB Series 2002C DN
(Credit Locale de France LOC)
(A-1+, VMIG-1)
1.10%(b) 05/07/04 $ 5,000 $ 5,000,000
------------
45,190,624
------------
North Dakota - 0.3%
Oliver County PCRB (Wachovia
Merlots Trust Receipts) Series
2003B-7 DN (AMBAC Insurance,
Wachovia Bank N.A. Liquidity
Facility) (VMIG-1)
1.15%(b) 05/07/04 4,995 4,995,000
------------
Ohio - 6.1%
Akron Income Tax RB (Community
Learning Centers Project) Series
2004A MB (FGIC Insurance,
ABN-AMRO Bank N.V. SBPA) (A-1)
1.09% 12/08/04 5,500 5,500,000
Butler County Healthcare Facilities
RB (University of Cincinatti
Physicians LLC Project) Series
2001 DN (Fifth Third Bank N.A.
LOC)
1.11%(b) 05/07/04 2,800 2,800,000
Cambridge City Hospital Facilities
Authority RB (Regional Medical
Center Project) Series 2001 DN
(National City Bank LOC) (VMIG-1)
1.13%(b) 05/07/04 2,200 2,200,000
Carroll County RB (Health Care
Facilities Project) Series 2000 DN
(National City Bank N.A. LOC)
1.16%(b) 05/07/04 575 575,000
City of Westerville GO (ABN-AMRO
Munitops Trust Certificates) Series
2001 DN (ABN-AMRO Bank N.V.
SBPA) (VMIG-1)
1.16%(b) 05/07/04 1,000 1,000,000
Columbus GO Series 1996-1 DN
(Westdeutsche Landesbank
Girozentrale LOC) (A-1+, VMIG-1)
1.04%(b) 05/07/04 225 225,000
Franklin County Hospital Facilities
RB (U.S. Health Corp. Project)
Series 1996B DN (VMIG-1)
1.09%(b) 05/07/04 17,160 17,160,000
Hamilton County Electric System RB
Series 2002A DN (FSA Insurance)
(VMIG-1)
1.10%(b) 05/07/04 24,636 24,636,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
28
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- -------- -----------
MUNICIPAL BONDS (Continued)
Ohio (continued)
Hamilton County Hospital Facilities
RB (Children's Hospital Medical
Center Project) Series 2000 DN
(J.P. Morgan Chase LOC) (VMIG-1)
1.10%(b) 05/07/04 $13,300 $ 13,300,000
Hamilton County Hospital Facilities
RB (Elizabeth Gamble Project)
Series 2002A DN (Morgan
Guaranty Trust LOC) (VMIG-1)
1.10%(b) 05/07/04 6,000 6,000,000
Lucas County Health Facilities
Authority RB (Lutheran Homes
Society Project) Series 1996 DN
(Bank One N.A. LOC) (A-1+)
1.08%(b) 05/07/04 900 900,000
Montgomery County Catholic Health
Initiatives RB Series 1997B DN
(Morgan Guaranty Trust LOC)
(A-1+, VMIG-1)
1.06%(b) 05/07/04 1,200 1,200,000
Ohio GO (Salomon Smith Barney
Trust Receipts) Series 2003R-4015
ROC II DN (Citigroup Global
Markets Liquidity Facility) (VMIG-1)
1.15%(b) 05/07/04 9,080 9,080,000
Ohio Higher Education Facility RB
(Ashland University Project) Series
2004 DN (KeyBank N.A. LOC) (A-1)
1.15%(b) 05/07/04 4,000 4,000,000
University of Cincinatti RB Series
2004B DN (AMBAC Insurance,
Bayerische Landesbank
Girozentrale SBPA) (A-1+, VMIG-1)
1.10%(b) 05/07/04 10,000 10,000,000
Warren County Healthcare Facilities
RB (Otterbein Homes Project)
Series 1998B DN (Fifth Third Bank
N.A. LOC) (A-1+)
1.12%(b) 05/07/04 1,020 1,020,185
Washington County RB (Hospital
Facilities Project) Series 2001 DN
(Fifth Third Bank N.A. LOC)
1.11%(b) 05/07/04 1,500 1,500,000
Wood County Facilities Import Piping
Industry RB Series 2001 DN
(KeyBank N.A. LOC)
1.17%(b) 05/07/04 2,880 2,880,000
------------
103,976,185
------------
Oklahoma - 0.2%
Oklahoma State Industrial Authority
RB (Casady School Project) Series
2001 DN (Bank One N.A. LOC)
1.29%(b) 05/07/04 2,660 2,660,000
------------
PAR
MATURITY (000) VALUE
---------- -------- ------------
MUNICIPAL BONDS (Continued)
Oregon - 1.0%
Oregon GO Series 2003 TAN (SP-1+,
MIG-1)
2.25% 11/15/04 $10,500 $ 10,566,315
Oregon Health, Housing, Education &
Cultural Facility Authority RB
(Peacehealth Project) Series 1998
DN (M&T Bank Corp. LOC) (A-1,
VMIG-1)
1.04%(b) 05/07/04 2,200 2,200,000
Umitilla County Hospital Facility
Authority RB (Catholic Health
Project) Series 1997B DN
(Bayerische Landesbank
Girozentrale LOC) (A-1+, VMIG-1)
1.11%(b) 05/07/04 3,720 3,720,000
------------
16,486,315
------------
Pennsylvania - 4.1%
Delaware Valley Industrial
Development Authority RB
(Citibank Eagle Trust Receipts)
Series 2001 DN (AMBAC
Insurance, Bank of New York
SBPA) (A-1+)
1.15%(b) 05/07/04 5,000 5,000,000
Eastern Pennsylvania Industrial &
Commercial Development
Authority IDRB (Electronic Data
System Project) Series 1993 DN
(Wachovia Bank N.A. LOC)
1.16%(b) 05/07/04 5,900 5,900,000
Franklin County IDRB
(Chambersburg Hospital Project)
Series 2000 DN (AMBAC
Insurance, Wachovia Bank N.A.
SBPA) (A-1+)
1.19%(b) 05/07/04 1,640 1,640,000
Lancaster County Hospital Authority
RB (Willow Valley Retirement
Project) Series 2002A DN (National
Westminster Bank LOC) (A-1)
1.19%(b) 05/07/04 21,000 21,000,000
Pennsylvania Higher Educational
Facilities Authority Hospital RB
(Merrill Lynch P-Float Trust
Receipts) Series 2003 PT-802 DN
(Merrill Lynch & Co. Guaranty)
(A-1)
1.19%(b) 05/07/04 7,580 7,580,000
Pennsylvania State Turnpike RB
Series 2002A-3 DN (Bayerische
Landesbank Girozentrale LOC)
(A-1+, VMIG-1)
1.08%(b) 05/07/04 900 900,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
29
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Pennsylvania (continued)
Southeastern Pennsylvania
Transportation Authority Municipal
Securities Trust Certificates RB
(Bear Stearns Municipal Trust
Certificates) Series 2001-9016 DN
(FGIC Insurance) (A-1)
1.11%(b)(c) 05/07/04 $11,575 $11,575,000
Upper Merion Municipal Utility
Authority RB Series 2003 DN
(Commerce Bank N.A. LOC)
(VMIG-1)
1.12%(b) 05/07/04 15,540 15,540,000
-----------
69,135,000
-----------
Puerto Rico - 0.8%
Commonwealth of Puerto Rico
Highway & Transportation
Authority RB (Merrill Lynch
P-Float Trust Receipts) Series
2002 PT-1052 DN (Merrill Lynch
Capital Services Liquidity Facility)
(A-1)
1.12%(b) 05/07/04 2,595 2,595,000
Commonwealth of Puerto Rico
Infrastructure Financing Authority
Special Obligation Bonds
(ABN-AMRO Munitops Trust
Certificates) Series 2000A-17 MB
(ABN-AMRO Bank N.V. SBPA)
(MIG-1, F-1+)
1.06% 09/22/04 5,900 5,900,000
Puerto Rico Public Financing
Corporation RB Series 2004-911
DN (Morgan Stanley Group
Liquidity Facility) (AAA, F-1+)
1.12%(b) 05/07/04 5,500 5,500,000
-----------
13,995,000
-----------
South Carolina - 1.0%
Oconee PCRB (Duke Facilities
Project) Series 1993 DN (Bank One
N.A. LOC)
1.11%(b) 05/07/04 7,000 7,000,000
South Carolina Transitional
Infrastructure RB Series 2002A DN
(ABN-AMRO Bank N.V. LOC)
(VMIG-1)
1.18%(b) 05/07/04 10,475 10,475,000
-----------
17,475,000
-----------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Tennessee - 3.1%
City of Chattanooga Health,
Education & Housing Facility Board
RB Series 1999 DN (Amsouth Bank
of Alabama LOC) (A-1)
1.24%(b) 05/07/04 $12,400 $12,400,000
Cleveland IDRB (YMCA Chattan
Project) Series 1999 DN (SunTrust
Bank LOC)
1.09%(b) 05/07/04 1,900 1,900,000
Gallatin Industrial Development
Board Educational Facilities RB
(John Vianney School Project)
Series 2002 DN (SunTrust Bank
LOC) (VMIG-1)
1.14%(b) 05/07/04 2,195 2,195,000
Jackson Energy Authority RB (Gas
System Project) Series 2002 DN
(FSA Insurance) (VMIG-1)
1.09%(b) 05/07/04 970 970,000
Memphis General Improvement RB
Series 1995A DN (Westdeutsche
Landesbank Girozentrale LOC)
(A-1+, VMIG-1)
1.12%(b) 05/07/04 500 500,000
Memphis GO Series 1995A DN
(Westdeutsche Landesbank
Girozentrale LOC) (A-1+, VMIG-1)
1.12%(b) 05/07/04 200 200,000
Metropolitan Government Nashville
& Davidson County Health &
Education Board RB (Belmont
University Project) Series 1997 DN
(SunTrust Bank LOC) (VMIG-1)
1.09%(b) 05/07/04 3,200 3,200,000
Metropolitan Government Nashville
& Davidson County IDRB (Nashville
Christian School Project) Series
2003 DN (SunTrust LOC) (VMIG-1)
1.14%(b) 05/07/04 500 500,000
Metropolitan Government Nashville
& Davidson County IDRB (Trevecca
Nazarene Project) Series 2003 DN
(SunTrust Bank LOC)
1.09%(b) 05/07/04 5,500 5,500,000
Metropolitan Government Nashville
& Davidson County IDRB
(Universtiy School Project) Series
2002 DN (SunTrust Bank LOC)
(VMIG-1)
1.09%(b) 05/07/04 4,000 4,000,000
Metropolitan Government Nashville
& Davidson County IDRB
(Vanderbilt University Project)
Series 1985A MB (A-1+, MIG-1)
1.05% 01/15/05 5,000 5,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
30
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Tennessee (continued)
Montgomery County Public Building
Authority Pooled Financing RB
(Tennessee County Loan Pool
Project) Series 1997 DN
(NationsBank LOC) (VMIG-1)
1.10%(b) 05/07/04 $ 2,570 $ 2,570,000
Shelby County GO Series 2003 TAN
2.00% 06/30/04 8,000 8,013,628
Shelby County Health Educational &
Housing Authority RB Series 1994
DN (Credit Suisse LOC) (A-1+)
1.14%(b) 05/07/04 5,000 5,000,000
Washington County IDRB
(Springbrook Properties Project)
Series 1996 DN (SunTrust Bank
LOC) (A-1+, VMIG-1)
1.09%(b) 05/07/04 900 900,000
------------
52,848,628
------------
Texas - 7.8%
Austin Water & Wastewater System
RB (Wachovia Merlots Trust
Receipts) Series 2000 DN (MBIA
Insurance) (VMIG-1)
1.15%(b) 05/07/04 2,490 2,490,000
Collin County Housing Finance
Corporation Multi-Family RB
(Merrill Lynch P-Float Trust
Receipts) Series 1999 PT-1160 DN
(Merrill Lynch & Co. Guaranty,
Merrill Lynch Capital Services
Liquidity Facility) (A-1C+)
1.17%(b) 05/07/04 4,400 4,400,000
Eagle Mountain & Saginaw
Independent School District GO
(Municipal Securities Trust
Reciepts) Series 2003 SGA-141 DN
(PSF Guaranty, Societe Generale
Liquidity Facility) (A-1+)
1.12%(b) 05/07/04 4,000 4,000,000
Harris County RB (Salomon Smith
Barney Trust Receipts) Series
2002-1029 ROC II DN (FSA
Insurance) (A-1+)
1.15%(b) 05/07/04 1,215 1,215,000
Houston Water & Sewer RB (Stars
Certificates Project) Series 2003
DN (FSA Insurance) (VMIG-1)
1.13%(b) 05/07/04 1,595 1,595,000
Lower Colorado River Authority RB
(Wachovia Merlots Trust Receipts)
Series 2000 DN (FSA Insurance,
Wachovia Bank N.A. SBPA)
(VMIG-1)
1.15%(b) 05/07/04 2,000 2,000,000
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Texas (continued)
Northside Independent School
District GO (School Building
Project) Series 2003 MB (Bank of
America N.A. SBPA) (A-1+, MIG-1,
F-1+)
1.02% 06/15/04 $ 6,000 $ 6,000,000
San Antonio Electric & Gas RB Series
2003 DN (Bank of America N.A.
LOC) (A-1+)
1.12%(b) 05/07/04 7,000 7,000,000
Texas A & M University RB (Salomon
Smith Barney Trust Receipts)
Series 2003R-4005 ROC II DN
(Citibank Liquidity Facility)
(VMIG-1)
1.15%(b) 05/07/04 4,995 4,995,000
Texas GO Series 2003 TRAN (SP-1+,
MIG-1)
2.00% 08/31/04 64,800 64,989,986
Texas State Housing Agency
Multi-Family RB Series 2001 DN
(Federal Home Loan Mortgage
Corporation Guaranty) (A-1+)
1.14%(b) 05/07/04 3,895 3,895,000
Texas Technology University
Municipal Securities Trust
Certificates RB (Bear Stearns
Trust Receipts) Series 2002A DN
(MBIA Insurance) (A-1)
1.13%(b)(c) 05/07/04 13,630 13,630,000
University of Texas Permanent
University Fund RB Series 2004
ROCS-RR-II-6004 DN (Citibank
N.A. Liquidity Facility) (A-1+)
1.15%(b) 05/07/04 10,680 10,680,000
University of Texas RB (Wachovia
Merlots Trust Reciepts) Series
2003B-14 DN (Wachovia Bank N.A.
SBPA) (VMIG-1)
1.13%(b) 05/07/04 6,270 6,270,000
------------
133,159,986
------------
Vermont - 0.5%
Vermont Economic Development
Authority RB (Green Mountain
College Project) Series 2003A DN
(Key Bank N.A. LOC)
1.17%(b) 05/07/04 7,775 7,775,000
------------
Virginia - 0.4%
Commonwealth of Virginia
Transportation Authority RB
(Citibank Eagle Trust Receipts)
Series 1999 DN (Citibank Liquidity
Facility) (A-1+)
1.15%(b) 05/07/04 1,000 1,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
31
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- -----------
MUNICIPAL BONDS (Continued)
Virginia (continued)
Commonwealth of Virginia
Transportation Board RB Series
2000 SG-134 DN (Societe Generale
LOC) (A-1C+)
1.13%(b) 05/07/04 $ 1,000 $ 1,000,000
Fairfax County GO (Salomon Smith
Barney Trust Receipts) Series
2003R-4016 ROC II DN (Citigroup
Global Markets Liquidity Facility)
(VMIG-1)
1.15%(b) 05/07/04 3,405 3,405,000
Virginia Public School Authority RB
(Citigroup Global Markets Trust
Receipts) Series 2003R-4050 ROC
II DN (Citigroup Liquidity Facility)
(A-1+)
1.15%(b) 05/07/04 2,000 2,000,000
-----------
7,405,000
-----------
Washington - 4.0%
King County GO (ABN-AMRO
Munitops Trust Certificates) Series
2001-1 DN (MBIA Insurance)
(VMIG-1)
1.18%(b) 05/07/04 2,500 2,500,000
King County School District
Municipal Securities Trust
Certificates RB (Highline Public
Schools Project) Series 2002 DN
(FGIC Insurance) (A-1)
1.13%(b)(c) 05/07/04 11,750 11,750,000
Seattle GO (Bear Stearns Municipal
Trust Reciepts) Series 2003
SGA-142 DN (Societe Generale
LOC) (A-1+)
1.12%(b) 05/07/04 4,000 4,000,000
Seattle Municipal Light & Power RB
(Wachovia Merlots Trust Receipts)
Series 2001A-56 DN (FSA
Insurance, Wachovia Bank N.A.
Liquidity Facility) (VMIG-1)
1.15%(b) 05/07/04 7,440 7,440,000
Spokane County School District No.
081 GO Series 2003R-4000 DN
(FSA Insurance, Citibank Liquidity
Facility) (VMIG-1)
1.15%(b) 05/07/04 3,590 3,590,000
Washington GO (Motor Vehicle Fuel
Tax Project) Series 2003B MB
4.00% 07/01/04 4,895 4,919,783
Washington GO (Piper Jaffray Trust
Certificates) Series 2002G DN
(Bank of New York LOC) (VMIG-1)
1.17%(b) 05/07/04 5,170 5,170,000
PAR
MATURITY (000) VALUE
---------- ----------------- -----------
MUNICIPAL BONDS (Continued)
Washington (continued)
Washington GO (Wachovia Merlots
Trust Reciepts) Series 2002A-57
DN (MBIA Insurance) (VMIG-1)
1.15%(b) 05/07/04 $ 7,340 $ 7,340,000
Washington GO Series 2003A MB
4.00% 07/01/04 6,645 6,678,644
Washington GO Stars Certificates
Series 2004-54 DN (Banque
Nationale de Paribas LOC)
(VMIG-1)
1.13%(b) 05/07/04 5,060 5,060,000
Washington State Housing Financing
Committee Non-Profit Housing RB
(Emerald Heights Project) Series
2003 DN (Bank of America N.A.
LOC) (F-1+)
1.05%(b) 05/07/04 10,000 10,000,000
-----------
68,448,427
-----------
Wisconsin - 1.8%
Appleton Redevelopment Authority
RB (Fox City Project) Series 2001B
DN (Bank One N.A. LOC) (VMIG-1)
1.18%(b) 05/07/04 6,600 6,600,000
Southeast Wisconsin Professional
Baseball Park RB (Wachovia
Merlots Trust Receipts) Series
2000Y DN (MBIA Insurance,
Wachovia Bank N.A. SBPA)
(VMIG-1)
1.15%(b) 05/07/04 3,000 3,000,000
Wisconsin State Health &
Educational Facilities Authority RB
(Edgewood College Project) Series
1997 DN (Bank One N.A. LOC)
1.23%(b) 05/07/04 6,595 6,595,000
Wisconsin State Health &
Educational Facilities Authority RB
(Oakwood Village Project) Series
2000B DN (Marshall & Ilsley LOC)
(A-1)
1.12%(b) 05/07/04 2,445 2,445,000
Wisconsin State Health &
Educational Facilities Authority RB
(St. Joseph's Community Hospital
Project) Series 2001 DN (Marshall
& Ilsley LOC) (A-1)
1.12%(b) 05/07/04 11,200 11,200,000
-----------
29,840,000
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
32
MUNIFUND
STATEMENT OF NET ASSETS (CONCLUDED)
(UNAUDITED)
- --------------------------------------------------------------------------------
VALUE
---------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $1,711,908,020(a)) 100.5% $1,711,908,020
LIABILITIES IN EXCESS OF
OTHER ASSETS (0.5)% (8,775,995)
----- --------------
NET ASSETS (Equivalent to
$1.00 per share based on
1,564,043,139 Institutional
Shares, 83,070,503 Dollar
Shares, 28,209,624 Cash
Management Shares, 27,895,599
Bear Stearns Shares and 2,136
Bear Stearns Private Client
Shares outstanding) 100.0% $1,703,132,025
===== ==============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($1,563,961,367/1,564,043,139) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($83,064,225/83,070,503) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
CASH MANAGEMENT SHARE
($28,209,037/28,209,624) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS SHARE
($27,895,260/27,895,599) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PRIVATE CLIENT SHARE
($2,136/2,136) $ 1.00
=======
- ----------------------
(a) Aggregate cost for Federal tax purposes.
(b) Rates shown are the rates as of April 30, 2004 and maturities shown are
the next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional investors. As of April
30, 2004, the Fund held 7.0% of its net assets, with a current market
value of $119,045,000, in securities restricted as to resale.
- --------------------------------------------------------------------------------
MUNIFUND
MATURITY INFORMATION
APRIL 30, 2004
(UNAUDITED)
MATURITY PAR PERCENTAGE
- ---------------------- ----------------- -----------
1 - 30 Days $1,356,511,185 79.3%
31 - 60 Days 66,185,000 3.9
61 - 90 Days 24,440,000 1.4
91 - 120 Days 52,125,000 3.0
121 - 150 Days 78,700,000 4.6
Over 150 Days 132,805,000 7.8
-----
100.0
=====
Average Weighted Maturity - 36 days
- --------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
33
BLACKROCK LIQUIDITY FUNDS
MUNICASH
STATEMENT OF NET ASSETS
APRIL 30, 2004
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- -------- --------
MUNICIPAL BONDS - 102.9%
Alabama - 3.5%
Brundidge IDRB (Carter Brothers
Project) Series 2001 AMT DN
(Southtrust Bank LOC)
1.29%(b) 05/07/04 $ 1,000 $ 1,000,000
Columbia IDRB (Alabama Power Co.
Project) Series 1995B DN
(The Southern Co. Guaranty)
(A-1,VMIG-1)
1.10%(b) 05/07/04 2,300 2,300,000
Columbia IDRB (Alabama Power Co.
Project) Series 1998A AMT DN
(The Southern Co. Guaranty)
(A-1,VMIG-1)
1.25%(b) 05/03/04 5,400 5,400,000
Columbia IDRB (Alabama Power Co.
Project) Series 1999A DN
(The Southern Co. Guaranty)
(A-1,VMIG-1)
1.10%(b) 05/07/04 17,700 17,700,000
Jefferson County GO Warrants Series
2001B DN (Morgan Guaranty Trust,
Bayerische Landesbank
Girozentrale SBPA) (A-1+,VMIG-1)
1.10%(b) 05/07/04 42,995 42,995,000
Steele Industrial Development Board
RB Series 2001 AMT DN
(Southtrust Bank LOC)
1.29%(b) 05/07/04 4,000 4,000,000
Tuscaloosa IDRB Series 2000A AMT
DN (Southtrust Bank LOC)
1.34%(b) 05/07/04 1,480 1,480,000
-----------
74,875,000
-----------
Alaska - 1.8%
Alaska State International Airports
RB Series 2003 PT-2061 DN (MBIA
Insurance, Merrill Lynch & Co.
SBPA)
1.19%(b) 05/07/04 3,215 3,215,000
Valdez Marine Terminal RB (Exxon
Pipeline Co. Project) Series 1993A
DN (Exxon Mobil Guaranty)
(A-1+,VMIG-1)
1.02%(b) 05/03/04 29,750 29,750,000
Valdez Marine Terminal RB (Phillips
Trasportation, Inc. Project) Series
2002 MB (ConocoPhillips Co.
Guaranty) (A-2,VMIG-2)
1.47% 05/01/05 4,500 4,500,000
-----------
37,465,000
-----------
PAR
MATURITY (000) VALUE
---------- ------- ---------
MUNICIPAL BONDS (Continued)
Arizona - 1.2%
Cochise County Solid Waste Disposal
PCRB (Arizona Electric Co-op
Project) Series 1994A AMT MB
(National Rural Utilities LOC)
(A-1,MIG-1)
1.00% 09/01/04 $11,600 $11,600,000
Phoenix IDRB (Leggett & Platt Inc.
Project) AMT DN (Wachovia Bank
N.A. LOC)
1.16%(b) 05/07/04 5,170 5,170,000
Pima County Single Family Mortgage
IDRB Series 2003 DN (Trinity
Funding Guaranty)
1.08%(b) 05/07/04 7,965 7,965,000
------------
24,735,000
------------
Arkansas - 0.3%
Arkansas Development Finance
Authority RB (Waste Water
Systems Project) Series 2004A MB
(MBIA Insurance) (AAA)
2.00% 12/01/04 935 939,666
City of Blytheville IDRB (Nucor
Corp. Project) Series 1998 AMT DN
(A-1+,P-1)
1.16%(b) 05/07/04 3,000 3,000,000
Fort Smith Water & Sewer RB Series
2004 MB (Aaa)
2.00% 10/01/04 1,160 1,167,192
Little Rock Waste Disposal RB Series
2002 MB (MBIA Insurance)
(AAA,Aaa)
3.00% 05/01/04 1,080 1,080,000
Pine Bluff School District No. 003
GO Series 2003 MB (AMBAC Insurance)
2.50% 06/01/04 485 485,569
-----------
6,672,426
-----------
California - 9.6%
California Affordable Housing Agency
Multi-Family RB (Merrill Lynch
P-Float Trust Receipts) Series
2003 PT-2049 DN (Merrill Lynch &
Co. Guaranty, Merrill Lynch Capital
Services SBPA) (F-1+)
1.17%(b) 05/07/04 1,500 1,500,000
California GO Series 2003A RAN
(SP-1+,MIG-1,F-1+)
2.00% 06/23/04 8,000 8,010,733
California GO Series 2003A DN
(Westdeutsche Landesbank
Girozentrale LOC, J.P. Morgan
Chase LOC) (A-1+,VMIG-1,F-1+)
1.08%(b) 05/07/04 2,600 2,600,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
34
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- --------------
MUNICIPAL BONDS (Continued)
California (continued)
California Health Facilities Financing
Authority RB Series 1999 PA-587
DN (Merrill Lynch Capital Services
Guaranty) (A-1+)
1.17%(b) 05/07/04 $ 1,000 $ 1,000,000
California Housing Finance Agency
RB Series 2001 DN (MBIA
Insurance) (A-1+,VMIG-1)
1.11%(b) 05/03/04 48,160 48,160,000
California Statewide Communities
Development Authority
Multi-Family RB (Merrill Lynch
P-Float Trust Receipts) Series
2000 PT-1268 DN (Merrill Lynch &
Co. Guaranty) (A-1+)
1.17%(b) 05/07/04 2,400 2,400,000
California Statewide Communities
Development Authority
Multi-Family RB (Merrill Lynch
P-Float Trust Receipts) Series
2001 PT-353 AMT DN (Merrill
Lynch & Co. Guaranty) (A-1C+)
1.23%(b) 05/07/04 11,140 11,140,000
California Statewide Communities
Development Authority
Multi-Family RB (Merrill Lynch
P-Float Trust Receipts) Series
2003 PT-2001 AMT DN (Merrill
Lynch & Co. Guaranty)
1.23%(b) 05/07/04 2,500 2,500,000
California Statewide Communities
Development Authority
Multi-Family RB (Parkwood
Apartments Project) Series 2002
PT-1375 AMT DN (Federal National
Mortgage Association Guaranty)
1.19%(b) 05/07/04 3,900 3,900,000
California Statewide Community
Development Authority RB (Biola
University Project) Series 2002B
DN (VMIG-1)
1.10%(b) 05/07/04 1,000 1,000,000
Los Angeles IDRB (P&C Poultry
Distributors Project) Series 1998
DN (Comercia Bank N.A. LOC)
1.25%(b) 05/07/04 2,500 2,500,000
Los Angeles Regulatory Airports
Corporation Lease RB (Los
Angeles International Lax Two
Project) Series 1985 DN (Societe
Generale LOC) (A-1)
1.10%(b) 05/07/04 22,000 22,000,000
Los Angeles Wastewater Systems RB
Series 2001A MB (FGIC Insurance)
(A-1+,MIG-1,F-1+)
1.15% 12/09/04 4,000 4,000,000
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
California (continued)
Metropolitan Water Distribution
Southern California Waterworks
RB Series 2000B-3 DN
(Westdeutsche Landesbank
Girozentrale LOC)
(A-1+,VMIG-1,F-1+)
1.08%(b) 05/03/04 $12,500 $12,500,000
Metropolitan Water Distribution
Southern California Waterworks
RB Series 2003C-1 DN (Dexia
Credit LOC) (A-1+,VMIG-1)
1.06%(b) 05/07/04 40,800 40,800,000
Metropolitan Water Distribution
Southern California Waterworks
RB Series 2003C-3 DN (Dexia
Credit SBPA) (A-1+,VMIG-1)
1.06%(b) 05/07/04 17,800 17,800,000
San Diego Multi-Family Housing RB
(Lusk Mira Mesa Apartments
Project) Series 1985E DN (Federal
Home Loan Bank LOC, Merrill
Lynch Capital Services SBPA)
(A-1+)
1.13%(b) 05/07/04 200 200,000
San Francisco City & County Airports
Commission RB (International
Airport Project) Series 2003
PT-899 AMT DN (FSA Insurance,
Merrill Lynch & Co. SBPA)
1.19%(b) 05/07/04 2,380 2,380,000
Southern California Home Finance
Authority Single Family Mortgage
RB Series 2003 PT-772 AMT DN
(FGIC Insurance, Merrill Lynch &
Co. SBPA)
1.19%(b) 05/07/04 8,370 8,370,000
Southern California Public Power
Authority RB (Palo Verde Project)
Series 1996B DN (A-1+,VMIG-1)
1.06%(b) 05/07/04 12,200 12,200,000
-----------
204,960,733
-----------
Colorado - 1.6%
Colorado Health Facilities Authority
Economic Development RB
(Johnson Publishing Co. Project)
Series 1999A AMT DN (Bank One
N.A. LOC)
1.28%(b) 05/07/04 2,010 2,010,000
Colorado Housing & Finance
Authority Multi-Family Housing RB
(Huntersridge Project) Series
1996E DN (Federal National
Mortgage Association Guaranty)
(A-1+)
1.08%(b) 05/07/04 1,000 1,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
35
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Colorado (continued)
Colorado Housing & Finance
Authority RB (Single Family
Mortgage Project) Series 2003 MB
(AIG Insurance Guaranty)
(AAA,MIG-1)
1.18% 11/01/04 $ 4,000 $ 4,000,000
Denver City & County Airport RB
Series 2002A-61 AMT DN
(Wachovia Bank N.A. LOC) (VMIG-1)
1.20%(b) 05/07/04 11,020 11,020,000
Denver City & County Airport RB
Series 2003E DN (FGIC Insurance,
Bank of New York LOC) (A-1+)
1.16%(b) 05/07/04 2,300 2,300,000
Denver City & County Airport RB
Series 2003 PA-1186 AMT DN
(AMBAC Insurance, Merrill Lynch
& Co. Guaranty)
1.19%(b) 05/07/04 2,490 2,490,000
Denver City & County Airport RB
Series 2003 PT-754 AMT DN (MBIA
Insurance, Merrill Lynch & Co.
SBPA)
1.19%(b) 05/07/04 6,495 6,495,000
Denver City & County Airport RB
Series 2004 PT-2112 AMT DN (XL
Capital Insurance, Westdeutsche
Landesbank Girozentrale SBPA)
1.19%(b) 05/07/04 2,535 2,535,000
Denver City & County Airport RB
Series 2004 PT-920 AMT DN (FSA
Insurance, Merrill Lynch & Co.
SBPA) (F-1+)
1.19%(b) 05/07/04 1,500 1,500,000
El Paso County GO (Harrison School
District No. 2 Project) Series 1995
MB
7.05% 12/01/04 1,000 1,034,270
-----------
34,384,270
-----------
Connecticut - 2.2%
Connecticut Development Authority
IDRB (Atlas Container LLC Project)
Series 2003 AMT DN (LaSalle
National Bank LOC)
1.30%(b) 05/07/04 1,210 1,210,000
Connecticut GO Series 1999A DN
(Bayeriche Landesbank
Gironzentrale LOC) (A-1+,VMIG-1)
1.07%(b) 05/07/04 800 800,000
Connecticut Housing Finance
Authority RB (Mortgage Finance
Project) Series 2003F-2 MB
(SP-1+,MIG-1)
1.20% 12/22/04 7,000 7,000,000
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Connecticut (continued)
Connecticut State Health &
Educational Facilities Authority RB
(Yale University Project) Series
2003X-3 DN (A-1+,VMIG-1)
1.05%(b) 05/03/04 $38,900 $38,900,000
-----------
47,910,000
-----------
District of Columbia - 0.2%
Metropolitan Washington D.C. Airport
Authority Systems RB Series 2003
PT-1991 AMT DN (AIG Insurance
Guaranty, Merrill Lynch & Co.
SBPA) (F-1+)
1.19%(b) 05/07/04 3,240 3,240,000
-----------
Florida - 2.0%
Greater Orlando Aviation Authority
RB (Special Purpose Cessna
Aircraft Project) Series 2001 AMT
DN (Textron, Inc. Guaranty)
(A-2,P-1)
2.22%(b) 05/07/04 6,000 6,000,000
Hillborough Aviation Authority RB
Series 2003 PT-745 AMT DN (MBIA
Insurance, Svenska Bank SBPA)
(F-1+)
1.19%(b) 05/07/04 2,500 2,500,000
Jacksonville Economic Development
Commission IDRB (Glasfloss
Industries, Inc. Project) Series
2002 AMT DN (Huntington National
Bank LOC)
1.20%(b) 05/07/04 2,130 2,130,000
Lee County IDRB Series 1997 AMT
DN (SunTrust Bank LOC)
1.27%(b) 05/07/04 1,975 1,975,000
Orange County Housing Finance
Authority RB (Merrill Lynch
P-Float Trust Receipts) Series
2004 PT-2106 AMT DN (Merrill
Lynch Capital Services SBPA)
(VMIG-1)
1.19%(b) 05/07/04 5,000 5,000,000
Orange County Housing Finance
Authority RB (Merrill Lynch
P-Float Trust Receipts) Series
2004 PT-918 DN (Trinity Funding
Guaranty, Merrill Lynch Capital
Services SBPA) (VMIG-1)
1.19%(b) 05/07/04 10,000 10,000,000
Orlando County Utilities Commission
Water & Electric RB Series 2001
MB
4.00% 10/01/04 1,000 1,012,605
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
36
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ------- -----------
MUNICIPAL BONDS (Continued)
Florida (continued)
Putnam County Development
Authority PCRB (Seminole Electric
Co-op Project) Series 1984D MB
(A-1)
1.12% 06/15/04 $ 9,450 $ 9,450,000
Putnam County Development
Authority PCRB (Seminole Electric
Co-op Project) Series 2003H-4 MB
(National Rural Utilities LOC) (A-1)
1.00% 09/15/04 5,300 5,300,000
-----------
43,367,605
-----------
Georgia - 2.7%
Atlanta Airport RB (Merrill Lynch
P-Float Trust Receipts) Series
2003 PT-901 AMT DN (FGIC
Insurance, Merrill Lynch Captial
Services SBPA)
1.19%(b) 05/07/04 6,175 6,175,000
Clayton County Development
Authority Special Facilities RB
(Delta Airlines Project ) Series
2000C AMT DN (General Electric
Capital Corp. LOC) (A-2,VMIG-1)
1.17%(b) 05/07/04 15,000 15,000,000
Cobb County Multi-Family Housing
Authority RB Series 2003 PT-1963
DN (Merrill Lynch & Co. Guaranty)
1.23%(b) 05/07/04 12,120 12,120,000
De Kalb County RB (De Kalb Medical
Center Project) Series 2003A RAN
(AAA)
2.00% 09/01/04 820 822,260
Dooly County IDRB (Hamburg
Enterprises Project) Series 2003
AMT DN (Fifth Third Bank N.A.
LOC)
1.18%(b) 05/07/04 1,000 1,000,000
Floyd County Hospital Authority RB
(Floyd Medical Center Project)
Series 2003 MB (MBIA Insurance)
(AAA)
3.00% 07/01/04 520 521,594
Gainesville Housing Authority RB
Series 2003 PT-1985 DN (Merrill
Lynch & Co. Guaranty)
1.23%(b) 05/07/04 3,470 3,470,000
Gordon County IDRB (Aladdin
Manufacturing Corp. Project)
Series 1997A AMT DN (Wachovia
Bank N.A. LOC)
1.22%(b) 05/07/04 1,000 1,000,000
Gordon County IDRB (Aladdin
Manufacturing Corp. Project)
Series 1997B DN (Wachovia Bank
N.A. LOC)
1.22%(b) 05/07/04 1,000 1,000,000
PAR
MATURITY (000) VALUE
---------- ------- -----------
MUNICIPAL BONDS (Continued)
Georgia (continued)
Griffin-Spalding County IDRB
(Woodland Industries Project)
Series 2000 AMT DN (Wachovia
Bank N.A. LOC) (A-1+)
1.21%(b) 05/07/04 $ 2,150 $ 2,150,000
Gwinnett County IDRB (Suzanna
Project) Series 2001A AMT DN
(Wachovia Bank N.A. LOC) (VMIG-1)
1.21%(b) 05/07/04 3,350 3,350,000
Laurens County IDRB (Aladdin
Manufacturing Corp. Project)
Series 1997 AMT DN (Wachovia
Bank N.A. LOC)
1.22%(b) 05/07/04 1,000 1,000,000
Roswell Public Improvement GO
Series 1995 MB
5.45% 02/01/05 1,000 1,052,208
Thomaston-Upson IDRB (Southern
Mills Project) Series 1999 DN
(Wachovia Bank N.A. LOC)
1.21%(b) 05/07/04 4,940 4,940,000
Whitefield County Educational
Development Authority RB
(Aladdin Solid Waste Disposal
Project) Series 1999 AMT DN
(Wachovia Bank N.A. LOC)
1.22%(b) 05/07/04 3,100 3,100,000
-----------
56,701,062
-----------
Hawaii - 1.0%
Hawaii Airport Systems Municipal
Securities Trust Certificates RB
(Bigelow Project) Series 2001A
AMT DN (FGIC Insurance, Bear
Stearns SBPA) (A-1)
1.16%(b)(c) 05/07/04 8,800 8,800,000
Hawaii Airport Systems RB Series
2003 PT-830 DN (Merrill Lynch &
Co. Guaranty)
1.19%(b) 05/07/04 2,230 2,230,000
Hawaii Airports Systems RB Series
1994 AMT MB (AMBAC Insurance)
5.75% 07/01/04 2,275 2,338,460
Hawaii Department of Budget &
Finance RB Series 2003 PA-1224
AMT DN (AMBAC Insurance,
Merrill Lynch & Co. SBPA)
(A-1,Aaa)
1.18%(b) 05/07/04 2,340 2,340,000
Hawaii Department of Budget &
Finance RB Series 2003 PA-1244
AMT DN (AMBAC Insurance,
Merrill Lynch & Co. SBPA) (F-1+)
1.18%(b) 05/07/04 2,500 2,500,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
37
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- -----------
MUNICIPAL BONDS (Continued)
Hawaii (continued)
Hawaii Housing Finance &
Development Corporation Single
Family Mortgage RB Series
2001A-15 AMT DN (Wachovia Bank
N.A. LOC) (VMIG-1)
1.20%(b) 05/07/04 $2,465 $2,465,000
----------
20,673,460
----------
Illinois - 2.3%
Chicago IDRB (Goose Island Beer Co.
Project) AMT DN (First Bank
Systems, N.A. LOC)
1.30%(b) 05/07/04 1,400 1,400,000
Chicago IDRB (Promise Candy
Project) Series 2001 AMT DN
(Lasalle National Bank LOC)
1.21%(b) 05/07/04 3,765 3,765,000
Chicago O'Hare International Airport
RB (Merrill Lynch P-Float Trust
Receipts) Series 2003 PT-1993
AMT DN (MBIA Insurance, Merrill
Lynch Capital Services SBPA)
(F-1+)
1.19%(b) 05/07/04 1,070 1,070,000
Chicago O'Hare International Airport
RB (Merrill Lynch P-Float Trust
Receipts) Series 2004 PT-925 AMT
MB (Merrill Lynch Capital Services
SBPA)
1.19% 07/01/04 4,025 4,025,000
Chicago O'Hare International Airport
RB (Merrill Lynch P-Float Trust
Receipts) Series 2004 PT-933 AMT
MB (Merrill Lynch Capital Services
SPBA)
1.25% 07/01/04 3,025 3,025,000
Chicago O'Hare International Airport
RB (Stars Certificates Banque
Nationale de Paribas) Series
2004-56 AMT DN (Banque
Nationale de Paribas LOC)
1.19%(b) 05/07/04 4,445 4,445,000
Chicago O'Hare International Airport
RB (Wachovia Merlots Trust
Receipts) Series 2001A-85 AMT DN
(Wachovia Bank N.A. LOC) (VMIG-1)
1.20%(b) 05/07/04 5,645 5,645,000
Cicero GO Series 2002 MB
3.00% 12/01/04 225 227,441
Elmhurst IDRB (Randall
Manufacturing Project) Series 2002
AMT DN (Lasalle National Bank
LOC) (A-1+)
1.29%(b) 05/07/04 1,915 1,915,000
Par
Maturity (000) Value
---------- ----------------- ------------
MUNICIPAL BONDS (Continued)
Illinois (continued)
Harvard Multi-Family Housing RB
(Northfield Court Project) Series
1999 AMT DN (Lasalle National
Bank LOC) (A-1+)
1.29%(b) 05/07/04 $7,350 $7,350,000
Illinois Development Finance
Authority IDRB (Big Bolt Corp.
Project) Series 1996 AMT DN
(ABN-AMRO Bank N.V. LOC)
1.30%(b) 05/07/04 2,700 2,700,000
Illinois Development Finance
Authority IDRB (Cano Packaging
Corp. Project) Series 2001 AMT DN
(Lasalle National Bank LOC)
1.21%(b) 05/07/04 2,390 2,390,000
Illinois Development Finance
Authority IDRB (Harbortown
Industries Project) Series 2000A
AMT DN (Lasalle National Bank
LOC)
1.30%(b) 05/07/04 2,000 2,000,000
Illinois Industrial Development
Finance Authority RB (Mason Corp.
Project) Series 2000A AMT DN
(Lasalle National Bank LOC)
1.30%(b) 05/07/04 5,055 5,055,000
Naperville Economic Development
Authority RB (Independence Village
Associates Project) Series 1994 DN
(National City Bank N.A.
LOC)
1.16%(b) 05/07/04 1,755 1,755,000
Springfield Community Improvement
RB Series 2000 AMT DN (National
City Bank N.A. LOC)
1.26%(b) 05/07/04 915 915,000
Upper River Valley IDRB (Advanced
Drainage System Project) Series
2002 AMT DN (National City Bank
N.A. LOC)
1.21%(b) 05/07/04 1,900 1,900,000
----------
49,582,441
----------
Indiana - 2.5%
Bremen IDRB (Universal Bearings,
Inc. Project) Series 1996A AMT DN
(KeyBank N.A. LOC) (A-1,P-1)
1.27%(b) 05/07/04 2,875 2,875,000
Elkhart Economic Development RB
(Jameson Inns, Inc. Project) AMT
DN (Firstar Bank N.A. LOC)
1.33%(b) 05/07/04 2,920 2,920,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
38
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Indiana (continued)
Elkhart Industrial Multi-Family RB
(Pedcor Investments Living LP
Project) Series 2002A AMT DN
(Federal Home Loan Bank
Guaranty) (VMIG-1)
1.20%(b) 05/07/04 $ 8,000 $ 8,000,000
Elkhart Industrial Multi-Family RB
(Pedcor Investments Living LP
Project) Series 2002B AMT DN
(Federal Home Loan Bank
Guaranty) (VMIG-1)
1.10%(b) 05/07/04 900 900,000
Fort Wayne Economic Development
Authority RB (Advanced Machine &
Tool Project) Series 2001 AMT DN
(National City Bank N.A. LOC)
1.21%(b) 05/07/04 2,070 2,070,000
Huntingburg Multi-Family RB
(Lincoln Village Apartments
Project) Series 2000 AMT DN
(Federal Home Loan Bank
Guaranty)
1.26%(b) 05/07/04 2,350 2,350,000
Indiana Development Finance
Authority Economic Development
RB (Saroyan Hardwoods, Inc.
Project) Series 1994 AMT DN (Fifth
Third Bank N.A. LOC)
1.28%(b) 05/07/04 950 950,000
Indiana Development Finance
Authority Economic Development
RB (Timerland Resources Project)
Series 2001 DN (Southtrust Bank
LOC)
1.29%(b) 05/07/04 930 930,000
Indiana Development Finance
Authority IDRB (Enterprise Center
II Project) Series 1992 AMT DN
(Bank One N.A. LOC) (A-1)
1.20%(b) 05/07/04 3,000 3,000,000
Indiana Economic Development
Finance Authority RB (Morris
Manufacturing & Sales Corp.
Project) Series 2002 AMT DN
(National City Bank N.A. LOC)
1.21%(b) 05/07/04 2,500 2,500,000
Indiana Port Commission RB
(Kosmos Cement Project) Series
2000 AMT DN (Wachovia Bank N.A.
LOC) (A-1+)
1.26%(b) 05/07/04 5,500 5,500,000
Indianapolis Gas Utility RB Series
1994A MB (Kredietbank N.V. LOC)
(AAA,Aaa)
5.88% 06/01/04 5,000 5,050,390
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Indiana (continued)
Indianapolis IDRB (Public Import
Board Project) Series 2003 PT-731
AMT DN (FSA Insurance, Danske
Bank LOC) (A-1)
1.19%(b) 05/07/04 $ 2,550 $ 2,550,000
Jeffersonville Economic Development
Authority RB (Scansteel Project) Series
1998 AMT DN (National City Bank N.A.
LOC)
1.26%(b) 05/07/04 1,200 1,200,000
Orleans Economic Development RB
(Almana LLC Project) Series 1995
AMT DN (National City Bank N.A.
LOC)
1.30%(b) 05/07/04 3,000 3,000,000
Scottsburg Economic Development
Authority RB (American Plastic
Corp. Project) Series 2000 AMT DN
(National City Bank N.A. LOC)
1.26%(b) 05/07/04 1,125 1,125,000
South Bend Economic Development
Authority RB (SGW Realty LLC
Project) Series 1998 AMT DN
(National City Bank N.A. LOC)
1.26%(b) 05/07/04 1,000 1,000,000
St. Joseph County Industrial
Economic Development RB
(Midcorr Land Development LLC
Project) Series 2002 DN (National
City Bank N.A. LOC)
1.21%(b) 05/07/04 3,510 3,510,000
Terre Haute Industrial Economic
Development RB (Jameson Inns,
Inc. Project) Series 1999 AMT DN
(Firstar Bank N.A. LOC) (A-1C+)
1.33%(b) 05/07/04 3,310 3,310,000
-----------
52,740,390
-----------
Iowa - 1.5%
Dallas County IDRB (Sioux City Brick
Project) Series 2000A AMT DN
(First Bank Systems LOC)
1.28%(b) 05/07/04 1,000 1,000,000
Iowa Finance Authority Economic
Development RB (West Liberty
Foods Project) Series 2002 DN
(Bank One N.A. LOC)
1.34%(b) 05/07/04 3,210 3,210,000
Iowa Finance Authority Retirement
Community RB (Deerfield
Retirement Community Project)
Series 2003B DN (Lasalle National
Bank LOC) (A-1)
1.09%(b) 05/07/04 15,000 15,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
39
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ------------
MUNICIPAL BONDS (Continued)
Iowa (continued)
Iowa GO Series 2003 TRAN
(SP-1+,MIG-1)
2.00% 06/29/04 $ 6,000 $6,009,134
Urbandale IDRB (Interstate Acres LP
Project) Series 1994 DN (Principle
Mutual Life Insurance Guaranty)
1.40%(b) 05/07/04 6,000 6,000,000
West Burlington IDRB (Borghi
Oilhydraulic Project) Series 2001A
AMT DN (Bank One N.A. LOC)
1.28%(b) 05/07/04 975 975,000
----------
32,194,134
----------
Kansas - 0.5%
Johnson County GO (Universal
School District No. 233 Project)
Series 2002A MB
3.00% 09/01/04 1,000 1,006,875
Johnson County Public Building
Common Lease Purchase RB
Series 2003A MB (AA+,Aa2)
2.38% 09/01/04 1,000 1,004,288
Kansas Department of
Transportation Highway RB Series
2002C-3 DN (Dexia Bank LOC,
Landesbank Hessen-Thuringen
Girozentrale LOC) (AA2,VMIG-1)
1.07%(b) 05/07/04 2,500 2,500,000
Shawnee Private Activity RB
(Simmons Co. Project) AMT DN
(SunTrust Bank LOC)
(A-1+,VMIG-1)
1.17%(b) 05/07/04 2,185 2,185,000
Topeka Utility RB Series 2004 MB
2.00% 08/01/04 905 907,158
Wichita Airport Flight Safety RB
Series 1990A AMT DN (Berkshire
Hathaway, Inc. Guaranty)
(AAA,VMIG-1)
1.16%(b) 05/07/04 3,500 3,500,000
----------
11,103,321
----------
Kentucky - 2.8%
Boyd County Sewer & Solid Waste RB
(Air Products & Chemicals Project)
Series 2003 AMT DN
1.16%(b) 05/07/04 1,275 1,275,000
City of Wilder Industrial Building RB
(Saratoga Investments LP Project)
Series 1998 AMT DN (Fifth Third
Bank N.A. LOC)
1.28%(b) 05/07/04 1,225 1,225,000
PAR
MATURITY (000) VALUE
---------- ----------------- --------------
MUNICIPAL BONDS (Continued)
Kentucky (continued)
Clark County PCRB (Eastern
Kentucky Power Project) Series
1984J-2 MB (National Rural
Utilities Guaranty) (A-1,MIG-1)
1.08% 10/15/04 $ 3,300 $3,300,000
Dayton IDRB (Ramkat Enterprise
Project) Series 2001 AMT DN (First
Bank Systems LOC)
1.33%(b) 05/07/04 2,055 2,055,000
Elsmere IDRB (International Mold
Steel, Inc. Project) Series 1996
AMT DN (Star Bank N.A. LOC)
1.28%(b) 05/07/04 1,530 1,530,000
Henderson Industrial Building RB
(Shamrock Technologies Project)
Series 1997 AMT DN (Wachovia
Bank N.A. LOC)
1.26%(b) 05/07/04 1,346 1,346,000
Jefferson County Industrial Building
RB (Atlas Machine & Supply Co.
Project) Series 1999 AMT DN
(Bank One N.A. LOC)
1.28%(b) 05/07/04 1,000 1,000,000
Kentucky Housing Corporation Single
Family Mortgage RB Series 2003
PT-740 AMT DN (FGIC Insurance,
Merrill Lynch & Co. Guaranty)
1.19%(b) 05/07/04 16,415 16,415,000
Kentucky Housing Corporation Single
Family Mortgage RB Series 2003
PT-863 AMT DN (FGIC Insurance,
Merrill Lynch & Co. Guaranty)
(VMIG-1)
1.19%(b) 05/07/04 9,370 9,370,000
Kentucky Housing Corporation Single
Family Mortgage RB Series 2003
PT-868 AMT DN (FGIC Insurance,
Merrill Lynch & Co. Guaranty)
(VMIG-1)
1.19%(b) 05/07/04 1,620 1,620,000
Lexington Central Corporation
Mortgage RB Series 2003A MB
2.00% 10/01/04 2,000 2,006,593
Mason County RB (School District
Finance Corp. School Building
Project) Series 2004 MB
2.00% 03/01/05 230 231,711
McCreary County Industrial Building
RB (Le Sportsac, Inc. Project)
Series 1998 AMT DN (Fifth Third
Bank N.A. LOC)
1.21%(b) 05/07/04 1,205 1,205,000
McCreary County Industrial Building
RB (Le Sportsac, Inc. Project)
Series 1998B AMT DN (Fifth Third
Bank N.A. LOC)
1.21%(b) 05/07/04 1,545 1,545,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
40
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------
MUNICIPAL BONDS (Continued)
Kentucky (continued)
McCreary County Industrial Building
RB (Le Sportsac, Inc. Project)
Series 1999B-3 AMT DN (Fifth
Third Bank N.A. LOC)
1.21%(b) 05/07/04 $ 3,460 $ 3,460,000
Pulaski County Solid Waste Disposal
RB (Natural Rural Utilities for East
Kentucky Power Project) Series
1993B AMT MB (MIG-1)
1.00% 08/15/04 4,850 4,850,000
Trimble County PCRB Series 2003
TECP (Louisville Gas & Electric
Guaranty) (A-2,P-1)
1.10% 05/04/04 10,000 10,000,000
University of Kentucky RB
(Educational Buildings Project)
Series 20030 MB (Aa3)
2.25% 05/01/04 565 565,000
----------
62,999,304
----------
Louisiana - 4.7%
Donaldsonville IDRB (John Folse &
Co., Inc. Project) Series 2003 DN
(Amsouth Bank LOC)
1.22%(b) 05/07/04 2,150 2,150,000
Iberville Parish PCRB (Air Products
& Chemicals Project) Series 1992
DN (A-1)
1.22%(b) 05/07/04 2,200 2,200,000
Jefferson Parish Home Mortgage
Authority RB (P-Float Trust
Receipts) Series 2000B PT-340
AMT DN (Bayerische Landesbank
Girozentrale LOC) (A-1C+)
1.18%(b) 05/07/04 2,950 2,950,000
Lafayette Educational Development
Authority RB (Holt County Project)
Series 1990 DN (Rabo Bank
Nederland LOC)
1.39%(b) 05/07/04 3,205 3,205,000
Louisiana Local Government
Environmental Facilities
Community Development Authority
RB (Ouachita Christian School, Inc.
Project) Series 2002 DN (Bank One
N.A. LOC)
1.34%(b) 05/07/04 1,605 1,605,000
Louisiana Local Government
Environmental Facilities
Community Development Authority
RB (Capital & Equipment
Programs Project) Series 2003A
DN (AMBAC Insurance, Banque
Nationale de Paribas Liquidity
Facility) (A-A+,Aaa)
1.19%(b) 05/07/04 21,485 21,485,000
PAR
MATURITY (000) VALUE
---------- ----------------- ----------------
MUNICIPAL BONDS (Continued)
Louisiana (continued)
Louisiana Public Facilities Authority
RB (Air Products & Chemicals
Project) Series 2002 AMT DN
(A-1,P-1)
1.16%(b) 05/07/04 $ 3,000 $ 3,000,000
Louisiana Public Facilities Authority
RB (Air Products & Chemicals
Project) Series 2003 DN
1.16%(b) 05/07/04 18,650 18,650,000
Louisiana Public Facilities Authority
RB (Equipment & Capital Facilities
Project) Series 2003A DN (A-2)
1.14%(b) 05/07/04 9,000 9,000,000
Louisiana Public Facilities Authority
RB (Tiger Athletic Foundation
Project) Series 1999 DN
1.19%(b) 05/07/04 3,700 3,700,000
Louisiana Public Facilities Authority
RB (Tiger Athletic Foundation
Project) Series 2004 DN (VMIG-1)
1.18%(b) 05/07/04 11,500 11,500,000
North Webster Parish IDRB (CSP
Project) Series 2001 AMT DN (Regions
Bank N.A. LOC)
1.22%(b) 05/07/04 2,815 2,815,000
Plaquemines Port Harbor & Terminal
Distribution Port Facilities RB
(Chevron Pipe Line Co. Project)
Series 1984 MB (Chevron Texaco
Guaranty) (AA,Aa2)
1.00% 09/01/04 9,000 8,995,482
Plaquemines Port Harbor & Terminal
Distribution Port Facilities RB
(International Marine Terminal
Project) Series 1984A MB
1.08% 09/15/04 7,500 7,500,000
Shreveport Water & Sewer RB Series
2003C MB (FGIC Insurance)
(AAA,Aaa)
4.00% 06/01/04 870 872,121
----------
99,627,603
----------
Maine - 0.5%
Maine Housing Finance Authority RB
Series 2003 AMT DN (FGIC Insurance,
Merrill Lynch & Co.
SBPA) (VMIG-1)
1.19%(b) 05/07/04 11,605 11,605,000
----------
Maryland - 3.6%
Baltimore County RB (Golf Systems
Project ) Series 2001 DN (M&T
Bank Corp. LOC) (A-2)
1.19%(b) 05/07/04 5,000 5,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
41
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ------------
MUNICIPAL BONDS (Continued)
Maryland (continued)
Baltimore County RB (St. Paul's
School for Girls Facility Project)
Series 2000 DN (M&T Bank Corp.
LOC) (A-2)
1.19%(b) 05/07/04 $8,555 $ 8,555,000
Maryland Economic Development
Corporation RB (Associated
Catholic, Inc. Project) Series 2002
DN (M&T Bank Corp. LOC) (VMIG-1)
1.19%(b) 05/07/04 5,265 5,265,000
Maryland Economic Development
Corporation RB (Joe Corbis Pizza
Project) Series 2000 AMT DN (M&T
Bank Corp. LOC) (A-1)
1.29%(b) 05/07/04 1,425 1,425,000
Maryland Economic Development
Corporation RB (Lithographing Co.
Project) Series 2001 AMT DN (M&T
Bank Corp. LOC) (A-1)
1.29%(b) 05/07/04 3,555 3,555,000
Maryland Economic Development
Corporation RB (Mirage-Tucker
LLC Facility Project) Series 2002
DN (M&T Bank Corp. LOC) (VMIG-1)
1.29%(b) 05/07/04 1,400 1,400,000
Maryland Economic Development
Corporation RB (Pharmaceutics
International Project) Series 2001A
AMT DN (M&T Bank Corp. LOC) (A-1)
1.29%(b) 05/07/04 6,200 6,200,000
Maryland Economic Development
Corporation RB (Redrock LLC
Facilities Project) Series 2002 DN
(M&T Bank Corp. LOC) (VMIG-1)
1.34%(b) 05/07/04 2,500 2,500,000
Maryland Health & Higher Education
Facilities Authority RB (Adventist
Healthcare Project) Series 2003B
DN (M&T Bank Corp. LOC)
1.14%(b) 05/07/04 9,800 9,800,000
Maryland Health & Higher Education
Facilities Authority RB (Doctors
Community Hospital Project)
Series 1997 DN (M&T Bank Corp.
LOC) (A-1)
1.19%(b) 05/07/04 6,145 6,145,000
Maryland Industrial Development
Financing Authority RB (Brass Mill
Road Project) Series 1995 DN
(M&T Bank Corp. LOC) (A-1)
1.29%(b) 05/07/04 1,245 1,245,000
PAR
MATURITY (000) VALUE
---------- ----------------- --------------
MUNICIPAL BONDS (Continued)
Maryland (continued)
Maryland Industrial Development
Financing Authority RB (Patapsco
Association Project) Series 1995
DN (M&T Bank Corp. LOC) (A-1)
1.29%(b) 05/07/04 $1,225 $ 1,225,000
Montgomery County Economic
Development RB (Brooke Grove
Foundation, Inc. Project) Series
1998 DN (M&T Bank Corp. LOC) (A-1)
1.24%(b) 05/07/04 4,660 4,660,000
Montgomery County Housing Finance
Authority RB Series 2001-1276 DN
(Merrill Lynch & Co. Guaranty) (A-1)
1.23%(b) 05/07/04 3,990 3,990,000
Montgomery County RB (Ivymount
School, Inc. Facilities Project)
Series 2000 DN (M&T Bank Corp.
LOC) (A-1)
1.24%(b) 05/07/04 2,900 2,900,000
Northeast Solid Waste Disposal
Authority RB Series 2003 PT-766
AMT DN (AMBAC Insurance,
Landesbank Hessen-Thuringen
Girozentrale SBPA)
1.18%(b) 05/07/04 7,730 7,730,000
Prince Georges County RB (Parsons
Paper Facilities Project) Series
1987 DN (M&T Bank Corp. LOC)
1.16%(b) 05/07/04 3,500 3,500,000
Wicomico County Economic
Development RB (Plymouth Tube
Co. Project) Series 1996 AMT DN
(Bank One N.A. LOC) (VMIG-1)
1.28%(b) 05/07/04 1,500 1,500,000
-----------
76,595,000
-----------
Massachusetts - 5.7%
Bedford County GO Series 2003 BAN
1.70% 05/06/04 3,871 3,871,686
Leicester Water District GO Series
2003 BAN
2.00% 06/03/04 2,000 2,001,568
Marlborough GO Series 2003 RAN
(SP-1+,MIG-1)
1.20% 06/17/04 5,684 5,686,592
Massachusettes Development
Finance Agency Multi-Family
Housing RB (Georgetown Village
Apartments Project) Series 2003A
AMT DN (Federal National
Mortgage Association Guaranty)
1.17%(b) 05/07/04 4,100 4,100,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
42
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ------------
MUNICIPAL BONDS (Continued)
Massachusetts (continued)
Massachusettes Development
Finance Agency RB (Boston
University Project) Series 2002R-2
DN (A-1+,VMIG-1)
1.04%(b) 05/07/04 $23,900 $ 23,900,000
Massachusettes Housing Finance
Agency RB (Single Family Notes
Project) Series 2003M AMT MB
1.15% 05/01/04 5,000 5,000,000
Massachusetts GO Series 1994C MB
(AAA,Aaa)
6.30% 11/01/04 1,500 1,553,768
Massachusetts GO Series 1998A DN
(Westdeutsche Landesbank
Girozentrale SBPA) (A-1+,VMIG-1)
1.07%(b) 05/07/04 1,000 1,000,000
Massachusetts Water Resources
Authority RB Series 2004D MB
2.00% 08/01/04 1,480 1,483,519
Millbury GO Series 2004 BAN
2.00% 01/21/05 23,860 24,010,182
Northborough-Southborough GO
Series 2003 BAN (MIG-1)
2.00% 10/29/04 18,700 18,782,591
Reading GO Series 2004 BAN
2.25% 01/07/05 14,500 14,607,091
Wellesley GO Series 2003 BAN
(SP-1+,MIG-1)
1.15% 06/03/04 6,250 6,250,833
Weymouth GO Series 2003 BAN
1.38% 05/19/04 10,000 10,001,407
------------
122,249,237
------------
Michigan - 3.8%
Detroit City School District RB Series
2004B-01 DN (VMIG-1)
1.15%(b) 05/07/04 14,475 14,475,000
Detroit Economic Development
Authority RB (Wachovia Merlots
Trust Receipts) Series 2001A-90
AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
1.20%(b) 05/07/04 2,500 2,500,000
Detroit Economic Development
Corporation RB (E.H. Association
Ltd. Project) Series 2002 DN
(Charter One Bank LOC)
1.22%(b) 05/07/04 1,370 1,370,000
Detroit Sewer & Disposal Authority
RB (Wachovia Merlots Trust
Receipts) Series 2001A-112 DN
(MBIA Insurance) (VMIG-1)
1.15%(b) 05/07/04 5,620 5,620,000
PAR
MATURITY (000) VALUE
---------- ----------------- -------------
MUNICIPAL BONDS (Continued)
Michigan (continued)
Detroit Sewer Disposal RB Series
2003B-41 DN (Wachovia Bank N.A.
LOC)
1.15%(b) 05/07/04 $ 800 $ 800,000
Jackson Public Schools GO (Student
Aid Anticipation Notes) Series 2003
MB (Comercia Bank N.A. LOC)
2.00% 05/21/04 1,745 1,745,928
Jackson Public Schools GO (Student
Aid Anticipation Notes) Series
2004A MB
2.00% 08/24/04 2,735 2,743,150
Macomb Hospital Finance Authority
RB (Mt. Clemens General Project)
Series 2003A-2 DN (Comercia
Bank N.A. LOC)
1.12%(b) 05/07/04 4,750 4,750,000
Michigan State Hospital Finance
Authority RB (Crittenton Hospital
Project) Series 2003A DN
(Comercia Bank N.A. LOC)
1.12%(b) 05/07/04 7,500 7,500,000
Michigan State Housing Development
Authority RB Series 2002D MB
(FSA Insurance) (A-1+)
1.20% 12/15/04 5,375 5,375,000
Michigan Strategic Fund Limited
Obligation RB (Alpha Technology
Corp. Project) Series 1997 AMT DN
(National City Bank N.A. LOC)
1.21%(b) 05/07/04 2,000 2,000,000
Michigan Strategic Fund Limited
Obligation RB (America Group LLC
Project) Series 2000 AMT DN
(Bank One N.A. LOC)
1.28%(b) 05/07/04 3,200 3,200,000
Michigan Strategic Fund Limited
Obligation RB (Bayloff Properties
Project) Series 1998 AMT DN
(National City Bank N.A. LOC)
1.26%(b) 05/07/04 1,000 1,000,000
Michigan Strategic Fund Limited
Obligation RB (Conway Products
Project) Series 2001 AMT DN
(Comerica Bank N.A. LOC)
1.25%(b) 05/07/04 2,315 2,315,000
Michigan Strategic Fund Limited
Obligation RB (Hannah Technical
Project) Series 2002 AMT DN
(Comerica Bank N.A. LOC)
1.25%(b) 05/07/04 4,400 4,400,000
Michigan Strategic Fund Limited
Obligation RB (Kay Screen
Printing, Inc. Project) Series 2000
AMT DN (Bank One N.A. LOC)
1.28%(b) 05/07/04 1,400 1,400,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
43
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Michigan (continued)
Michigan Strategic Fund Limited
Obligation RB (Midwest Glass
Fabricators, Inc. Project) Series
2001 DN (Bank of America N.A.
LOC)
1.30%(b) 05/07/04 $ 2,635 $ 2,635,000
Michigan Strategic Fund Limited
Obligation RB (PFG Enterprises,
Inc. Project) Series 2001 AMT DN
(Huntington National Bank LOC)
1.29%(b) 05/07/04 740 740,000
Michigan Strategic Fund Limited
Obligation RB (Saginaw Production
Corp. Project) Series 2001 AMT DN
(Comerica Bank N.A. LOC)
1.25%(b) 05/07/04 3,350 3,350,000
Michigan Strategic Fund Limited
Obligation RB (Sparta Foundry, Inc.
Project) Series 1999 AMT DN (Old
Kent Bank & Trust Co. LOC)
1.26%(b) 05/07/04 1,050 1,050,000
Michigan Strategic Fund Limited
Obligation RB (Total Business
Systems Project) Series 1998 AMT
DN (Comerica Bank N.A. LOC)
1.25%(b) 05/07/04 3,400 3,400,000
Michigan Strategic Fund Limited
Obligation RB (VK & W Investors
LLC Project) Series 2000 AMT DN
(Comerica Bank N.A. LOC)
1.25%(b) 05/07/04 3,000 3,000,000
Oakland County Educational Limited
Obligation RB Series 2000 AMT DN
(Bank One N.A. LOC)
1.25%(b) 05/07/04 5,200 5,200,000
-----------
80,569,078
-----------
Minnesota - 1.0%
Duluth GO (Tax & Aid Certificates
Project) Series 2004 MB (A-1,A1)
2.00% 12/31/04 8,000 8,046,832
Minneapolis Convention Center RB
Series 2000 DN (Bayerische
Landesbank Girozentrale LOC)
(A-1,VMIG-1)
0.97%(b) 05/07/04 11,600 11,600,000
Minneapolis St. Paul Metropolitan
Airports Commission RB Series
2003 PT-727 AMT DN (FGIC
Insurance, BNP Paribas Standby
LOC) (A-1+)
1.19%(b) 05/07/04 1,800 1,800,000
Minneapolis St. Paul Metropolitan
Airports Commission RB Series
2004 AMT DN (FGIC Insurance,
Merrill Lynch & Co. SBPA)
1.19%(b) 05/07/04 1,600 1,600,000
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Minnesota (continued)
Plymouth Meeting IDRB (Scoville
Press, Inc. Project) Series 1994 DN
(Wells Fargo Bank LOC)
1.24%(b) 05/07/04 $ 1,470 $ 1,470,000
-----------
24,516,832
-----------
Mississippi - 0.5%
Mississippi Business Finance
Corporation RB (Mississippi
Baking Co. LLC Project) Series
1995 DN (M&T Bank Corp. LOC)
1.29%(b) 05/07/04 5,100 5,100,000
Mississippi Business Finance
Corporation RB (Shuqualak
Lumber Co. Project) Series 2001
AMT DN (Bank One N.A. LOC)
1.28%(b) 05/07/04 2,500 2,500,000
Mississippi Development Bank
Special Obligation RB (Harrison
Mississippi Bond Program) Series
2003 DN (AMBAC Insurance,
Banque Nationale de Paribas
SBPA)
1.19%(b) 05/07/04 3,760 3,760,000
-----------
11,360,000
-----------
Missouri - 1.2%
Bridgeton IDRB (Gold Dust LLC
Project) AMT DN (Commerce Bank
N.A. LOC)
1.29%(b) 05/07/04 1,225 1,225,000
Medical Center Educational Building
Corporation RB (Adult Hospital
Project) Series 2001 DN (Amsouth
Bank of Alabama LOC) (A-1)
1.08%(b) 05/07/04 10,000 10,000,000
Missouri State Housing Development
Commission Single Family
Mortgage RB Series 2003 PT-2038
DN (Government National
Mortgage Association Insurance,
Merrill Lynch & Co. SBPA)
(A-1,Aaa)
1.18%(b) 05/07/04 2,725 2,725,000
St. Charles County IDRB (A.H. Land
Development Project) Series 1996
AMT DN (Commerce Bank N.A.
LOC) (A-1)
1.34%(b) 05/07/04 3,250 3,250,000
St. Charles County IDRB (Austin
Machine Co. Project) Series 2003A
DN (Bank of America N.A. LOC)
1.24%(b) 05/07/04 1,920 1,920,000
St. Charles County IDRB (Patriot
Machine, Inc. Project) Series 2002
AMT DN (U.S. Bank N.A. LOC)
1.26%(b) 05/07/04 3,500 3,500,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
44
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Missouri (continued)
St. Charles County IDRB (Peine Lake
Apartments Project) Series 2004
AMT DN (Wachovia Bank N.A. LOC)
1.16%(b) 05/07/04 $ 2,150 $ 2,150,000
-----------
24,770,000
-----------
Montana - 0.2%
Montana Housing Board RB
(Wachovia Merlots Trust Receipts)
Series 2001A-41 AMT DN
(Wachovia Bank N.A. LOC) (VMIG-1)
1.20%(b) 05/07/04 1,685 1,685,000
Montana Housing Board RB
(Wachovia Merlots Trust Receipts)
Series 2002A-19 AMT DN
(Wachovia Bank N.A. LOC) (VMIG-1)
1.20%(b) 05/07/04 2,835 2,835,000
-----------
4,520,000
-----------
Multi-State - 2.2%
Charter Mac Equity Issuer Trust RB
(Merrill Lynch P-Float Trust
Receipts) Series 2004 AMT DN
(Merrill Lynch & Co. Guaranty)
1.23%(b) 05/07/04 27,960 27,960,000
Charter Mac Equity Issuer Trust RB
(Merrill Lynch P-Float Trust
Receipts) Series 2004 PT-2121
AMT DN (Merrill Lynch & Co.
Guaranty)
1.23%(b) 05/07/04 19,495 19,495,000
-----------
47,455,000
-----------
Nebraska - 0.2%
American Public Energy Gas Supply
Agency RB (Nebraska Public Gas
Agency Project) Series 1998C MB
(AMBAC Insurance) (AAA,Aaa)
4.00% 09/01/04 3,550 3,585,856
-----------
Nevada - 0.2%
Clark County IDRB (Southwest Gas
Corp. Project) Series 2003A AMT
DN (Fleet National Bank LOC)
(A-1,VMIG-1)
1.13%(b) 05/07/04 2,500 2,500,000
Clark County Passenger Facility
Charge RB Series 2002 MB (MBIA
Insurance)
4.00% 07/01/04 1,570 1,577,971
-----------
4,077,971
-----------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
New Hampshire - 0.2%
New Hampshire Business Finance
Authority Industrial Facilities RB
(Felton Brush, Inc. Project) Series
1997 AMT DN (KeyBank N.A. LOC)
1.27%(b) 05/07/04 $ 1,475 $ 1,475,000
New Hampshire Housing Finance
Authority RB (Wachovia Merlots
Trust Receipts) Series 2001A-51
AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
1.20%(b) 05/07/04 1,925 1,925,000
New Hampshire Housing Finance
Authority RB (Wachovia Merlots
Trust Receipts) Series 2001A-82
AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
1.20%(b) 05/07/04 1,670 1,670,000
-----------
5,070,000
-----------
New Jersey - 2.7%
Berkeley Township GO Series 2003
BAN
1.75% 05/20/04 2,263 2,263,605
Camden County Improvement
Authority RB (Congregation
Beth-El Project) Series 2001 DN
(Commerce Bank N.A. LOC)
1.14%(b) 05/07/04 300 300,000
East Brunswick Township GO Series
2003 BAN
1.00% 06/16/04 14,000 14,001,214
Hudson County Certificates of
Participation Series 2001A-35 DN
(MBIA Insurance, Wachovia Bank
N.A. LOC) (VMIG-1)
1.11%(b) 05/07/04 3,800 3,800,000
Mercer County Improvemnet
Authority RB Series 1998 DN (Bank
of America N.A. LOC) (A-1+)
1.04%(b) 05/07/04 17,045 17,045,000
Montclair GO Series 2003 BAN
(AAA,Aaa)
1.50% 05/28/04 7,612 7,614,500
Montclair GO Series 2003 MB
1.50% 05/28/04 3,000 3,000,985
New Jersey Economic Development
Authority RB (Somerset Hills
YMCA Project) Series 2003 DN
(Commerce Bank N.A. LOC)
1.14%(b) 05/07/04 100 100,000
New Jersey Economic Development
Authority Special Facilities RB
(Port Newark Container LLC
Project) Series 2003 AMT DN
(Citibank LOC) (A-1+,Aa)
1.14%(b) 05/07/04 700 700,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
45
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
New Jersey (continued)
New Jersey Health Care Facilities
Financing Authority RB (Merrill
Lynch P-Float Trust Receipts)
Series 2001 PT-1319 DN (AMBAC
Insurance, Merrill Lynch Capital
Services SBPA) (A-1)
1.12%(b) 05/07/04 $ 4,900 $ 4,900,000
New Jersey Health Care Facilities
Financing Authority RB (Wachovia
Merlots Trust Receipts) Series
2001A DN (Wachovia Bank N.A.
LOC) (VMIG-1)
1.11%(b) 05/07/04 2,685 2,685,000
New Jersey Housing & Mortgage
Finance Agency RB (Single Family
Housing Project) Series 2003B
AMT MB (SP-1+,MIG-1)
1.10% 10/01/04 2,000 2,000,000
-----------
58,410,305
----------
New Mexico - 0.1%
Dona Ana County IDRB (Merryweath
Project) Series 1998 AMT DN (First
Merit Bank N.A. LOC)
1.38%(b) 05/07/04 1,610 1,610,000
-----------
New York - 2.3%
City of New York Municipal Water &
Sewer System RB Series 2000C DN
(FGIC Insurance) (A-1+,VMIG-1)
1.06%(b) 05/03/04 13,550 13,550,000
Lancaster IDRB (Jiffy Tite Co., Inc.
Project) Series 1997 AMT DN (Key
Bank N.A. LOC)
1.27%(b) 05/07/04 1,650 1,650,000
Monroe County Asset Securitization
Corporation RB Series 2003
PA-1210 DN (Merrill Lynch & Co.
Guaranty) (F-1+)
1.18%(b) 05/07/04 15,000 15,000,000
New York Housing Finance Agency
RB (Theatre Row Tower Project)
Series 2001 AMT DN (Hypover-
insbank LOC)
1.32%(b) 05/07/04 5,000 5,000,000
Onondaga IDRB (Midstate Printing
Corp. Project) Series 2000 AMT DN
(KeyBank N.A. LOC)
1.27%(b) 05/07/04 1,480 1,480,000
Suffolk County GO (Longwood
Central School District Project)
Series 2006 TAN (SP-1+)
1.75% 06/30/04 10,000 10,011,292
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
New York (continued)
Ulster IDRB (Viking Industries, Inc.
Project) Series 1998A AMT DN
(KeyBank N.A. LOC)
1.27%(b) 05/07/04 $ 1,685 $ 1,685,000
-----------
48,376,292
-----------
North Carolina - 1.9%
Buncombe County IDRB (Lustar
Dyeing, Inc. Project) Series 1998
AMT DN (Wachovia Bank N.A. LOC)
1.26%(b) 05/07/04 2,165 2,165,000
Charlotte Airport RB Series 2003
PT-719 AMT DN (MBIA Insurance)
(A-1+)
1.19%(b) 05/07/04 3,335 3,335,000
Cleveland County Industrial Facilities
PCRB (Blanchford Rubber Project)
Series 2003 DN (Bank One N.A.
LOC)
1.13%(b) 05/07/04 1,000 1,000,000
Gates County IDRB (Coxe-Lewis
Corp. Project) Series 1999 AMT DN
(Wachovia Bank N.A. LOC)
1.26%(b) 05/07/04 1,010 1,010,000
Iredell County Industrial Facilities &
Pollution Control Financing
Authority IDRB (B&B Fabricators
Project) Series 1999 AMT DN
(Bank of America N.A. LOC)
1.20%(b) 05/07/04 2,300 2,300,000
Lee County Industrial Facilities &
Pollution Control Financing
Authority RB (Var-Arden Corp.
Project) Series 1999 AMT DN
(Comerica Bank N.A. LOC)
1.25%(b) 05/07/04 2,300 2,300,000
Mecklenburg County Industrial
Facilities & Pollution Control
Financing Authority IDRB (Otto
Industrial, Inc. Project) Series 1988
AMT DN (Bank of America N.A.
LOC)
1.20%(b) 05/07/04 2,090 2,090,000
Mecklenburg County Industrial
Facilities & Pollution Control
Financing Authority IDRB
(Peidmont Plastics Project) Series
1997 AMT DN (Branch Banking &
Trust Co. LOC)
1.22%(b) 05/07/04 1,700 1,700,000
North Carolina Housing Finance
Agency RB (Wachovia Merlots
Project) Series 2001A-70 AMT DN
(Wachovia Bank N.A. LOC) (VMIG-1)
1.20%(b) 05/07/04 2,640 2,640,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
46
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
North Carolina (continued)
North Carolina Medical Care
Commission Retirement Facilities
RB (Brookwood Project) Series
2001C DN (Branch Banking &
Trust Co. LOC) (A-1)
1.18%(b) 05/07/04 $1,900 $ 1,900,000
North Carolina Ports Authority
Exempt Facilities RB (Wilmington
Bulk LLC Project) Series 2001A
AMT DN (Branch Banking & Trust
Co. LOC)
1.22%(b) 05/07/04 2,805 2,805,000
Rutherford County Industrial
Facilities PCRB (Thieman Metal
Technology Project) Series 1998
AMT DN (Branch Banking & Trust
Co. LOC)
1.22%(b) 05/07/04 2,250 2,250,000
Sampson County Industrial Facilities
PCRB (Dubose Strapping, Inc.
Project) Series 2003 AMT DN
(Wachovia Bank N.A. LOC)
1.26%(b) 05/07/04 3,200 3,200,000
Union County Industrial Facilities
PCRB (Tenn Coverting Co. Project)
Series 1997 AMT DN (SunTrust
Bank LOC)
1.17%(b) 05/07/04 1,750 1,750,000
Wake County GO Series 2004A DN
(Landesbank Hessen-Thuringen
Girozentrale SBPA)
(A-1+,VMIG-1,F-1+)
1.13%(b) 05/07/04 5,000 5,040,625
Wake County Housing Finance
Authority RB (Casa Melvid
Multi-Family Housing Project)
Series 2001A AMT DN (SunTrust
Bank LOC) (VMIG-1)
1.22%(b) 05/07/04 3,500 3,500,000
Washington County Industrial
Facilities PCRB (Mackey's Ferry
Sawmill, Inc. Project) Series 1997
AMT DN (Wachovia Bank N.A. LOC)
1.21%(b) 05/07/04 2,400 2,400,000
-----------
41,385,625
-----------
North Dakota - 0.6%
Mercer County Solid Waste Disposal
RB (National Rural Utilities United
Power Project) Series 1993U AMT
MB (National Rural Utilities LOC)
(A-1,P-1)
1.18% 06/01/04 5,900 5,900,000
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
North Dakota (continued)
Mercer County Solid Waste Disposal
RB (National Rural Utilities United
Power Project) Series 1995A AMT
MB (National Rural Utilities LOC)
(A-1)
1.00% 09/01/04 $2,400 $ 2,400,000
North Dakota Housing Finance
Agency RB Series 2001A-19 DN
(Wachovia Bank N.A. LOC) (VMIG-1)
1.20%(b) 05/07/04 3,515 3,515,000
-----------
11,815,000
-----------
Ohio - 9.0%
Akron Income Tax RB (Community
Learning Centers Project) Series
2004A MB (FGIC Insurance,
ABN-AMRO Bank N.V. LOC) (A-1)
1.09% 12/08/04 7,000 7,000,000
American Municipal Power
Incorporated RB (Bowling Green
Project) Series 2003 BAN
1.25% 12/02/04 1,635 1,635,000
American Municipal Power
Incorporated RB (City of Bryan
Project) Series 2003 BAN
1.20% 08/20/04 4,600 4,600,000
American Municipal Power
Incorporated RB (Cleveland Public
Power Project) Series 2003 BAN
1.10% 08/19/04 2,660 2,659,900
American Municipal Power
Incorporated RB (Deshler Project)
Series 2003 BAN
1.10% 07/08/04 542 542,000
American Municipal Power
Incorporated RB (Gorsuch Station
Improvement Project) Series
2004A MB (A-1,MIG-1)
1.10% 04/01/05 5,280 5,280,000
American Municipal Power
Incorporated RB (Hubbard, Inc.
Project) Series 2003 BAN
1.25% 12/15/04 2,100 2,100,000
American Municipal Power
Incorporated RB (Shelby Project)
Series 2003 BAN
1.30% 11/18/04 3,750 3,750,000
American Municipal Power
Incorporated RB (Woodville
Project) Series 2003 BAN
1.20% 07/22/04 1,300 1,300,000
American Municipal Power
Incorporated RB Series 2003 BAN
1.20% 11/04/04 2,320 2,320,000
Avon GO Series 2004 BAN
1.35% 04/14/05 1,000 1,002,355
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
47
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Ohio (continued)
Belmont County GO Series 2004 BAN
1.36% 03/16/05 $1,500 $1,503,365
Berea County GO Series 2003 BAN
1.15% 07/01/04 1,300 1,300,535
Brecksville City GO Series 2003 BAN
1.35% 05/06/04 500 500,013
Brunswick GO Series 2003 BAN
1.25% 05/27/04 3,600 3,600,403
Butler Hospital Facilities RB (Ucpha,
Inc. Project) Series 2004 DN (A-1)
1.15%(b) 05/07/04 8,450 8,450,000
Cuyahoga County Economic
Development RB (Cleveland
Botanical Garden Project) Series
2001 DN (M&T Bank Corp. LOC)
(VMIG-1)
1.13%(b) 05/07/04 635 635,000
Dayton-Montgomery County Port
Authority RB Series 2003 BAN
1.85% 05/14/04 1,500 1,500,342
Fairfield County GO Series 2004 BAN
2.00% 04/13/05 8,100 8,162,391
Franklin County Hospital Facilities
Referral & Improvement RB (U.S.
Health Corp. of Columbus Project)
Series 1996A DN (Morgan
Guaranty Trust LOC) (VMIG-1)
1.09%(b) 05/07/04 195 195,000
Galion GO Series 2003 BAN
1.62% 06/03/04 3,145 3,146,189
Geauga County GO Series 2003 BAN
1.30% 10/07/04 1,000 1,000,856
Greene County GO Series 2004A MB
(MIG-1)
1.33% 08/20/04 475 475,401
Greene County GO Series 2004B MB
(MIG-1)
1.33% 02/25/05 450 450,655
Hamilton County Economic
Development RB (Taft Museum
Project) Series 2002 DN (Fifth
Third Bank N.A. LOC)
1.11%(b) 05/07/04 5,000 5,000,000
Hamilton County Electric System RB
Series 2002B DN (FSA Insurance,
Dexia Bank LOC) (VMIG-1)
1.10%(b) 05/07/04 8,680 8,680,000
Hamilton County GO Series 2003
BAN (MIG-1)
1.16% 06/03/04 1,540 1,540,000
Hamilton County GO Series 2003I
BAN
1.36% 11/10/04 1,000 1,001,352
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Ohio (continued)
Hamilton County GO Series 2004
BAN
1.40% 01/28/05 $1,650 $1,653,627
Hamilton County Hospital Facilities
RB (Children's Hospital Medical
Center Project) Series 2000 DN
(J.P. Morgan Chase LOC) (VMIG-1)
1.10%(b) 05/07/04 1,000 1,000,000
Lancaster GO Series 2004 BAN
1.13% 09/10/04 2,525 2,527,971
Licking County GO Series 2004 BAN
1.57% 02/23/05 1,480 1,484,398
Lucas County Economic
Development RB (Maumee Valley
Country Day School Project) Series
1998 AMT DN (American National
Bank & Trust Co. LOC)
2.08%(b) 05/07/04 1,715 1,715,000
Lucas Industrial Development RB
(Conforming Matrix Corp. Project)
Series 1999 AMT DN (Sky Bank
LOC)
2.08%(b) 05/07/04 1,130 1,130,000
Lyndhurst GO Series 2004 BAN
1.35% 03/03/05 475 475,787
Marysville City Sewer Authority GO
Series 2003 BAN
1.41% 11/10/04 3,494 3,498,719
Middletown City School District GO
(School Improvement Project)
Series 2004 MB (FGIC Insurance)
(Aaa,AAA)
2.00% 12/01/04 1,665 1,673,298
Middletown School District GO Series
2003 BAN
1.75% 06/10/04 8,500 8,505,537
Napoleon GO Series 2003 BAN
1.17% 05/20/04 1,252 1,252,045
1.50% 07/29/04 1,000 1,000,942
North Olmstead GO Series 2003 BAN
1.25% 06/17/04 1,000 1,000,317
North Royalton GO Series 2004 BAN
1.35% 01/20/05 1,000 1,001,766
Oakwood GO Series 2004 BAN
1.25% 03/17/05 2,000 2,002,936
Ohio Higher Education Facility RB
(Ashland University Project) Series
2004 DN (KeyBank N.A. LOC) (A-1)
1.15%(b) 05/07/04 2,000 2,000,000
Ohio Higher Education Facility RB
(Cedarville University Project)
Series 2004 DN (KeyBank N.A. LOC)
1.17%(b) 05/07/04 2,000 2,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
48
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Ohio (continued)
Pataskala GO Series 2004 BAN
1.68% 02/24/05 $ 1,595 $ 1,601,180
Penta Career Center Certificates of
Participation (Wood Lucas County
Project) Series 2004 MB
1.40% 04/01/05 1,135 1,138,092
Richland County GO Series 2003 BAN
(MIG-1)
1.47% 11/09/04 1,536 1,538,941
Richland County GO Series 2004
TRAN (F-1+)
1.50% 03/31/05 1,192 1,196,309
Strongsville GO Series 2003-1 BAN
1.15% 07/22/04 1,900 1,900,841
Summit County Civic Facility RB
(Akron Area Electrical Joint
Apprenticeship & Training Trust
Project) Series 2001 DN (KeyBank
N.A. LOC)
1.17%(b) 05/07/04 20 20,000
Summit County IDRB (J&P Capital
Project) Series 2001 AMT DN
(Sky Bank LOC)
1.57%(b) 05/07/04 1,840 1,840,000
Tallmadge GO (Recreational
Improvement Notes) Series 2004
MB
2.00% 03/15/05 2,100 2,115,539
Tipp County GO Series 2003 BAN
1.25% 05/06/04 1,000 1,000,009
Toledo City School District GO
(Wachovia Merlots Trust Receipts)
Series 2004A-15 DN (Wachovia
Bank N.A. LOC) (Aaa,VMIG-1)
1.17%(b) 05/07/04 3,555 3,555,000
Troy GO Series 2004 BAN
1.64% 09/30/04 1,900 1,904,599
University Akron RB (General
Receipts Project) Series 2004 DN
(VMIG-1)
1.09%(b) 05/07/04 37,605 37,605,000
University Heights GO Series 2004
BAN
1.60% 05/12/05 1,565 1,568,850
University of Cincinatti RB Series
2004B DN (AMBAC Insurance,
Bayerische Landesbank Girozentrale
SBPA) (A-1+,VMIG-1)
1.10%(b) 05/07/04 5,000 5,000,000
University of Toledo RB (Societe
Generale Trust Receipts) Series
2001 SGA-125 DN (FGIC Insurance)
(A-1+)
1.12%(b) 05/07/04 6,900 6,900,000
Vermilion GO Series 2004 BAN
1.40% 08/26/04 864 865,105
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Ohio (continued)
Wapokoneta GO Series 2003 BAN
1.65% 06/17/04 $ 877 $ 877,191
Westerville City School District GO
Series 2004 MB (AAA,Aaa)
2.00% 12/01/04 1,130 1,136,223
Wood County Economic Development
RB (Sun Seed Holding Co., Inc.
Project) Series 2001A AMT DN (Sky
Bank LOC)
2.08%(b) 05/07/04 700 700,000
Wood County IDRB (Hammill
Manufacturing Project) Series 2001
AMT DN (Sky Bank LOC)
2.08%(b) 05/07/04 690 690,000
Wood County RB (Toledo YMCA
Facilities Improvement Project)
Series 1998 DN (Sky Bank LOC)
2.08%(b) 05/07/04 3,715 3,715,000
Wyoming GO Series 2003 BAN
1.08% 07/09/04 1,644 1,644,514
------------
191,765,494
------------
Oklahoma - 1.2%
Broken Bow Economic Development
Authority Solid Waste Disposal RB
(J. M. Huber Project) Series 2003A
AMT DN (SunTrust Bank LOC)
1.17%(b) 05/07/04 7,500 7,500,000
Canadian County Home Financing
Authority RB (Merrill Lynch
P-Float Trust Receipts,
Multi-Family Housing Project)
Series 2003 PT-1885 AMT DN
(Merrill Lynch Captial Services
SBPA) (F-1+,AA-)
1.23%(b) 05/07/04 2,000 2,000,000
Muskogee Transport Authority IDRB
(Metals USA, Inc. Project) Series
1998 AMT DN (Bank One N.A. LOC)
1.28%(b) 05/07/04 2,850 2,850,000
Oklahoma City IDRB Series 1998
AMT DN (Bank One N.A. LOC)
1.28%(b) 05/07/04 2,240 2,240,000
Oklahoma Development Finance
Authority RB (ConocoPhillips Co.
Project) Series 2002B DN
(ConocoPhillips Guaranty)
(A-2,P-2)
1.28%(b) 05/07/04 2,500 2,500,000
Oklahoma Development Finance
Authority RB (ConocoPhillips Co.
Project) Series 2003 MB
(A-2,MIG-2)
1.35% 12/01/04 8,000 8,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
49
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Oklahoma (continued)
Oklahoma University Board of
Regents RB (Packaging Systems
Project) Series 2004 MB
2.00% 03/01/05 $ 250 $ 251,860
-----------
25,341,860
-----------
Oregon - 0.7%
Oregon GO Series 2003 TAN
(SP-1+,MIG-1)
2.25% 11/15/04 14,000 14,088,420
-----------
Pennsylvania - 4.0%
Cumberland County Municipal
Authority RB (Messiah Village
Project) Series 2002 DN (Citizens
Bank of Pennsylvania LOC)
1.10%(b) 05/07/04 7,600 7,600,000
Greater Latrobe School Authority
Building RB (School Building
Project) Series 2000 MB
5.30% 10/01/04 1,375 1,436,284
Harrisburg Authority RB (Haverford
School District Project) Series
2001A DN (FSA Insurance, Dexia
Bank LOC)
1.14%(b) 05/07/04 2,195 2,195,000
Kutztown Area School District GO
Series 2003 MB (AAA,Aaa)
2.00% 08/15/04 100 100,238
Mercer County Industrial Authority
Economic Development RB (Solar
Atmospheres Western
Pennsylvania Project) Series 2001
DN
1.10%(b) 05/07/04 2,900 2,900,000
Pennsylvania Higher Education
Assistance Agency Student Loan
RB Series 2002A AMT DN (FSA
Insurance) (A-1+,VMIG-1)
1.15%(b) 05/07/04 20,000 20,000,000
Pennsylvania Higher Educational
Facilities Authority RB (Holy Family
University Project) Series 2004 DN
(VMIG-1)
1.12%(b) 05/07/04 3,600 3,600,000
Pennsylvania Higher Educational
Facilities Authority RB (Thomas
Jefferson Project) Second Series
2001 DN (Morgan Guaranty Trust
LOC) (VMIG-1)
1.09%(b) 05/07/04 4,160 4,160,000
Pennsylvania Higher Educational
Facilities Authority RB Series
2002A DN (Commerce Bank N.A.
LOC) (VMIG-1)
1.12%(b) 05/07/04 125 125,000
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Pennsylvania (continued)
Pennsylvania Higher Educational
Facilities Authority RB Series
2002B DN (Commerce Bank N.A.
LOC) (VMIG-1)
1.12%(b) 05/07/04 $ 1,200 $ 1,200,000
Pennsylvania Housing Finance
Agency RB (Single Family
Mortgage Project) Series 1996-50A
MB
5.30% 10/01/04 1,970 2,004,982
Pennsylvania State GO Second Series
2003 DN (Wachovia Bank N.A. LOC)
(VMIG-1)
1.15%(b) 05/07/04 100 100,000
Pennsylvania Turnpike Commission
RB Series 2002B DN (Credit Locale
de France LOC) (A-1+,VMIG-1,F-1+)
1.10%(b) 05/07/04 12,400 12,400,000
Philadelphia Authority for Industrial
Development Health Care Facility
RB (Greater Philadelphia Health
System Project) Series 2003 DN
(Commerce Bank N.A. Liquidity
Facility)
1.12%(b) 05/07/04 4,500 4,500,000
Philadelphia GO Series 2003 TRAN
2.00% 06/30/04 15,000 15,025,336
Philadelphia Hospital & Higher
Education Facilities Authority RB
(Philadelphia Protestant Home
Project) Series 2004 DN (Fleet
National Bank LOC) (VMIG-1)
1.12%(b) 05/07/04 4,450 4,450,000
State Public School Building
Authority RB (Kennett
Consolidated School District
Project) Series 1998D MB
5.20% 02/15/05 500 516,287
State Public School Building
Authority RB (Wachovia Merlots
Trust Receipts) Series 2004A-1 MB
(FSA Insurance, Wachovia Bank
N.A. LOC) (MIG-1)
1.20% 02/04/05 3,640 3,640,000
-----------
85,953,127
-----------
Puerto Rico - 0.4%
Commonwealth of Puerto Rico GO
(Bear Stearns Trust Certificates)
Series 2002A-199 DN (MBIA
Insurance, Bear Stearns Capital
Markets Liquidity Facility) (A-1+)
1.08%(b)(c) 05/07/04 1,000 1,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
50
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Puerto Rico (continued)
Commonwealth of Puerto Rico
Government Development Bank
RB Series 1985 DN (Credit Suisse
LOC) (A-1+,VMIG-1)
1.03%(b) 05/07/04 $ 200 $ 200,000
Commonwealth of Puerto Rico Public
Improvement GO Series 2003
TRAN (Morgan Stanley Group
Liquidity Facility) (SP-1+,MIG-1)
2.00% 07/30/04 8,000 8,020,155
-----------
9,220,155
-----------
Rhode Island - 0.7%
Rhode Island Housing Finance
Authority RB (Municipal Securities
Trust Certificates) Series
2002A-9036 AMT DN (FSA Insurance,
Wachovia Bank N.A. LOC) (A-1)
1.16%(b)(c) 05/07/04 9,100 9,100,000
Rhode Island Housing Finance
Authority RB (Wachovia Merlots
Trust Receipts) Series 2002A-6
AMT DN (Wachovia Bank N.A. LOC)
(A-1)
1.20%(b) 05/07/04 5,045 5,045,000
-----------
14,145,000
-----------
South Carolina - 1.0%
Berkeley County IDRB (Nucor Corp.
Project) Series 1997 AMT DN
(A-1+,P-1)
1.16%(b) 05/07/04 4,700 4,700,000
South Carolina Jobs Economic
Development Authority RB (Ellcon
National, Inc. Project) Series
1998B AMT DN (Wachovia Bank
N.A. LOC)
1.21%(b) 05/07/04 1,965 1,965,000
South Carolina Jobs Economic
Development Authority RB (Holcim
U.S., Inc. Project) Series 2003
AMT DN (Comercia Bank N.A. LOC)
(A-1)
1.25%(b) 05/07/04 6,250 6,250,000
South Carolina Jobs Economic
Development Authority RB
(Persona, Inc. Project) Series
1998 AMT DN (Lasalle National Bank
LOC) (A-1)
1.20%(b) 05/07/04 1,770 1,770,000
South Carolina Jobs Economic
Development Authority RB
(Republic Services South Carolina
LLC Project) Series 2003 AMT DN
(SunTrust Bank LOC)
1.17%(b) 05/07/04 5,000 5,000,000
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
South Carolina (continued)
South Carolina Jobs Economic
Development Authority RB
(Synthetics International, Inc.
Project) Series 1995 AMT DN
(Southtrust Bank LOC)
1.34%(b) 05/07/04 $ 900 $ 900,000
-----------
20,585,000
-----------
South Dakota - 0.5%
South Dakota Housing Development
Authority Single Family RB (Merrill
Lynch P-Float Trust Receipts)
Series 2003 PT-837 DN (FGIC
Insurance, Merrill Lynch & Co.
SPBA)
1.19%(b) 05/07/04 140 140,000
South Dakota Housing Development
Authority Single Family RB (Merrill
Lynch P-Float Trust Receipts)
Series 2003 PT-889 DN (FGIC
Insurance, Merrill Lynch & Co.
SBPA)
1.19%(b) 05/07/04 605 605,000
South Dakota Housing Development
Authority Single Family RB (Merrill
Lynch P-Float Trust Receipts)
Series 2004 PT-907 DN (FGIC
Insurance, Merrill Lynch & Co.
SBPA)
1.19%(b) 05/07/04 10,230 10,230,000
-----------
10,975,000
-----------
Tennessee - 0.8%
Grundy County IDRB (Toyota Seat
Project) Series 2001 AMT DN
(Comerica Bank N.A. LOC)
1.30%(b) 05/07/04 4,255 4,255,000
Kingsport GO (Water & Sewer
Project) Series 2004B MB (AMBAC
Insurance) (AAA,Aaa)
2.00% 03/01/05 350 352,606
Memphis-Shelby County Airport
Authority RB Series 1997A MB
(MBIA Insurance) (AAA,Aaa)
6.00% 02/15/05 1,000 1,038,066
Metropolitan Government Nashville
& Davidson County IDRB (Family
LLC Project) Series 2002 AMT DN
(SunTrust Bank LOC) (F-1+)
1.22%(b) 05/07/04 3,200 3,200,000
Metropolitan Nashville Airport
Authority RB Series 2003 DN
(SunTrust Bank LOC) (VMIG-1)
1.17%(b) 05/07/04 5,000 5,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
51
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Tennessee (continued)
Morristown IDRB (Petoskey Plastic
Project) Series 1999 AMT DN
(Comerica Bank N.A. LOC)
1.30%(b) 05/07/04 $ 4,005 $ 4,005,000
-----------
17,850,672
-----------
Texas - 7.7%
Austin Airport Systems RB Series
2000J AMT DN (MBIA Insurance,
Wachovia Bank N.A. LOC) (VMIG-1)
1.20%(b) 05/07/04 3,000 3,000,000
Brazos Industrial Development
Corporation Environmental
Facilities RB (ConocoPhillips Co.
Project) Series 2003 AMT MB
(A-2,MIG-2)
1.38% 08/01/04 5,500 5,500,000
Brazos River Authority PCRB (Credit
Suisse LOC) AMT DN
(A-1+,VMIG-1)
1.16%(b) 05/07/04 9,900 9,900,000
Collin County Housing Finance
Corporation Multi-Family RB
(Merrill Lynch P-Float Trust
Receipts) Series 1999 PT-1160 DN
(Merrill Lynch & Co. Guaranty,
Merrill Lynch Capital Services
Liquidity Facility) (A-1C+)
1.17%(b) 05/07/04 2,300 2,300,000
Dallas Fort Worth International
Airport RB (Merrill Lynch P-Float
Trust Receipts) Series 2004
PT-2156 DN (Merrill Lynch Captial
Services SBPA) (F-1+)
1.19%(b) 05/07/04 630 630,000
Dallas Fort Worth International
Airport RB Series 2003A-34 AMT
DN (FSA Insurance, Wachovia Bank
N.A. LOC) (VMIG-1)
1.20%(b) 05/07/04 5,000 5,000,000
Grapevine GO Series 1995 MB
(AAA,Aaa)
5.25% 02/15/05 500 516,509
Gulf Coast Waste Disposal Authority
RB (Air Products Project) Series
1999 AMT DN (A-1,VMIG-1)
1.16%(b) 05/07/04 10,000 10,000,000
Gulf Coast Waste Disposal Authority
RB (Waste Management Project)
Series 2004A AMT DN (J.P. Morgan
Chase Bank LOC) (A-1+)
1.15%(b) 05/07/04 2,500 2,500,000
Harris County GO (Toll Road Project)
Series 1994 MB (AAA,Aa1)
6.12% 08/15/04 1,500 1,549,221
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Texas (continued)
Harris County Housing Financing
Corporation Multi-Family Housing
RB (Torrey Chase Apartments
Project) Series 1998 AMT DN
(General Electric Co. Guaranty)
(P-1)
1.39%(b) 05/07/04 $10,920 $10,920,000
Harris County RB (Port of Houston
Authority Project) Series 2002 MB
5.00% 05/01/04 200 200,000
Houston Housing Finance
Corporation RB (Merrill Lynch
P-Float Trust Receipts) Series
2004 PT-2101 AMT DN (Merrill
Lynch & Co. Guaranty)
1.23%(b) 05/07/04 5,985 5,985,000
Montgomery County IDRB (Sawyer
Research Products, Inc. Project)
Series 1995 AMT DN (KeyBank
N.A. LOC)
1.27%(b) 05/07/04 868 867,500
Northside Independent School
District GO (School Building
Project) Series 2003 MB (Bank of
America N.A. SBPA)
(A-1+,MIG-1,F-1+)
1.02% 06/15/04 4,000 4,000,000
Panhandle Regional Housing Finance
RB Series 2004 PT-2086 AMT DN
(Merrill Lynch & Co. Guaranty)
(AA-,F-1+)
1.23%(b) 05/07/04 3,365 3,365,000
Port Arthur Navigation District
Industrial Development
Corporation Exempt Facilities RB
(Air Products & Chemical Project)
Series 2000 AMT DN (A-1,VMIG-1)
1.16%(b) 05/07/04 10,000 10,000,000
Texas GO Series 2003 TRAN
(SP-1+,MIG-1)
2.00% 08/31/04 55,455 55,645,369
Texas Public Finance Authority GO
Series 2003 MB (AA,Aa1)
3.00% 10/01/04 1,000 1,007,591
Texas State Department of Housing
& Community Affairs Multi-Family
RB (Merrill Lynch P-Float Trust
Receipts) Series 2001 PT-1278
AMT DN (Merrill Lynch & Co.
Guaranty) (A-1C+)
1.23%(b) 05/07/04 9,065 9,065,000
Texas State Department of Housing
& Community Affairs Multi-Family
RB Series 2001 PT-1347 AMT DN
(Merrill Lynch & Co. Guaranty)
(A-1C+)
1.23%(b) 05/07/04 10,655 10,655,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
52
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Texas (continued)
Texas State Department of Housing
& Community Affairs Multi-Family
RB Series 2003 PT-1868 AMT DN
(Merrill Lynch & Co. Guaranty)
1.23%(b) 05/07/04 $ 3,970 $ 3,970,000
Victory Street Public Facilities
Corporation Texas Multi-Family RB
Series 2003 PT-2059 AMT DN
(Merrill Lynch & Co. Guaranty)
1.23%(b) 05/07/04 7,300 7,300,000
------------
163,876,190
------------
Vermont - 0.4%
Vermont Educational & Health
Buildings Financing Agency RB
(Rutland Medical Center Project)
Series 2001A DN (National
Westminster Bank LOC) (A-1)
1.16%(b) 05/07/04 6,600 6,600,000
Vermont IDRB (Alpine Pipeline Co.
Project) Series 1999 AMT DN
(KeyBank N.A. LOC)
1.27%(b) 05/07/04 1,265 1,265,000
------------
7,865,000
------------
Virginia - 2.2%
Botetourt County IDRB (Altec
Industries Project) Series 2001
AMT DN (Amsouth Bank of
Alabama LOC) (A-1)
1.30%(b) 05/07/04 2,600 2,600,000
Cabell Lifecare Facilities RB (Foster
Foundation Project) Series 2003
DN (Huntington National Bank
LOC)
1.15%(b) 05/07/04 4,500 4,500,000
Capital Region Airport Commission
RB (Richmond International
Airport Project) Series 1995C AMT
DN (Credit Locale de France LOC)
(A-1+,VMIG-1)
1.20%(b) 05/07/04 1,305 1,305,000
Chesterfield County IDRB (Lumberg,
Inc. Project) Series 1998 AMT DN
(NationsBank LOC) (A-1+)
1.20%(b) 05/07/04 800 800,000
Chesterfield County IDRB Series
2003 PT-886 DN (Merrill Lynch &
Co. Guaranty) (F-1+)
1.19%(b) 05/07/04 22,595 22,595,000
Greensville County IDRB (Perdue
Farms, Inc. Project) Series 1986
AMT DN (SunTrust Bank LOC)
1.17%(b) 05/07/04 1,600 1,600,000
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Virginia (continued)
King George County IDA Solid Waste
Disposal Facility RB (Garnet of
Virginia, Inc. Project) Series 1996
AMT DN (Morgan Guaranty Trust
LOC) (A-1+)
1.20%(b) 05/07/04 $ 300 $ 300,000
Mount Jackson IDRB (Bowman Apple
Products Project) Series 2002 AMT
DN (Bank of America N.A. LOC)
(VMIG-1)
1.17%(b) 05/07/04 4,500 4,500,000
Nelson County IDRB (Taylor Ramsey
Corp. Project) Series 1999 AMT DN
(Bank of America N.A. LOC)
1.20%(b) 05/07/04 800 800,000
Norfolk Redevelopment & Housing
Authority Multi-Family Housing RB
(Residential Rental Project) Series
2003 AMT DN (SunTrust Bank LOC)
1.27%(b) 05/07/04 2,064 2,064,000
Richmond IDRB (PM Beef Co.
Project) Series 1997 AMT DN (Bank
of America N.A. LOC)
1.24%(b) 05/07/04 1,400 1,400,000
Smyth County IDRB (Summit
Properties Project) Series 1995 AMT
DN (Fifth Third Bank N.A.
LOC) (VMIG-1)
1.11%(b) 05/07/04 100 100,000
Virginia Beach Development
Authority Multi-Family Housing RB
(Residential Rental Housing
Project) Series 2002 AMT DN
(Branch Banking & Trust Co. LOC)
1.27%(b) 05/07/04 1,780 1,780,000
Virginia Public School Authority RB
(School Financing Project) Series
2003D MB (AA+,Aa1)
2.50% 08/01/04 2,820 2,839,784
Virginia Public School Authority RB
Series 1994A MB (Aa1,AA)
6.12% 08/01/04 600 619,540
Virginia Small Business Financing
Authority RB (Coastal Development
Group Project) Series 1989 AMT DN
(Branch Banking & Trust Co. LOC)
1.60%(b) 05/07/04 135 135,000
------------
47,938,324
------------
Washington - 3.4%
Chelan County Public Utility District
RB Series 2001B DN (MBIA Insurance,
Wachovia Bank N.A.
SBPA) (A-1)
1.20%(b) 05/07/04 5,000 5,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
53
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Washington (continued)
Pilchuck Public Development
Corporation RB (Holden-
McDaniels Partners Project) Series
1996 AMT DN (KeyBank N.A. LOC)
1.27%(b) 05/07/04 $ 1,745 $ 1,745,000
Port of Seattle RB Series 2003
PT-1718 DN (FGIC Insurance,
Banque Nationale de Paribas
SBPA) (A-1+)
1.18%(b) 05/07/04 1,800 1,800,000
Port of Seattle GO (Stars
Certificates Project) Series
2004-47 AMT DN (FSA Insurance,
Banque Nationale de Paribas
SBPA) (AAA,VMIG-1)
1.18%(b) 05/07/04 5,345 5,345,000
Port of Seattle RB (Wachovia Merlot
Trust Receipts) Series 2002B-04
AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
1.20%(b) 05/07/04 13,545 13,545,000
Port of Seattle RB Series 2003
PT-1719 DN (FGIC Insurance,
Banque Nationale de Paribas
SBPA)
1.20%(b) 05/07/04 1,545 1,545,000
Port of Seattle RB Series 2003
PT-720 AMT DN (FGIC Insurance,
Banque Nationale de Paribas
SBPA) (A-1+)
1.20%(b) 05/07/04 2,500 2,500,000
Seattle Housing Authority RB (High
Point Project Phase I) Series 2003
DN (Bank of America N.A. LOC)
1.17%(b) 05/07/04 6,400 6,400,000
Seattle Housing Authority RB
(Newholly Phase 111 Project)
Series 2002 AMT DN (KeyBank
N.A. LOC) (VMIG-1)
1.17%(b) 05/07/04 2,355 2,355,000
Seattle Housing Authority RB
(Rainier Vista Project Phase I)
Series 2003 AMT DN (KeyBank
N.A. LOC) (A-1)
1.15%(b) 05/07/04 5,625 5,625,000
Washington State GO Series
1994R-95A MB (AA+,Aa1,AA)
5.80% 10/01/04 2,000 2,039,671
Washington State Housing Financing
Committee Non-Profit Housing RB
(Emerald Heights Project) Series
2003 DN (Bank of America N.A.
LOC) (F-1+)
1.05%(b) 05/07/04 10,260 10,260,000
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
Washington (continued)
Washington State Housing Financing
Committee Non-Profit Housing RB
Series 2003 PT-838 AMT DN (AIG
Insurance, Merrill Lynch & Co.
SBPA)
1.19%(b) 05/07/04 $ 3,810 $ 3,810,000
Washington State Housing Financing
Committee Non-Profit Housing RB
Series 2003 PT-892 DN (AIG
Insurance, Merrill Lynch & Co.
SBPA)
1.19%(b) 05/07/04 13,040 13,040,000
Yakima County Public Corporation
RB (Michelsen Packaging Co.
Project) Series 2000 AMT DN
(Bank of America N.A. LOC) (A-1+)
1.25%(b) 05/07/04 795 795,000
----------
75,804,670
----------
West Virginia - 0.1%
West Virginia State Hospital RB (West
Virginia Hospital Pooled Financing
Program) Series 2001B-2 DN
(Branch Banking & Trust Co. LOC)
1.29%(b) 05/07/04 1,660 1,660,000
----------
Wisconsin - 2.1%
Kohler Village Solid Waste Disposal
RB (Kohler Project) Series 1997
AMT DN (Wachovia Bank N.A. LOC)
1.21%(b) 05/07/04 4,000 4,000,000
Mequon IDRB (Johnson Level GRW
Investment Project) Series 1995
AMT DN (Bank One N.A. LOC)
1.28%(b) 05/07/04 890 890,000
Oshkosh IDRB (Oskosh Coil Spring
Project) Series 2000A AMT DN
(Bank One Wisconsin LOC)
1.28%(b) 05/07/04 2,100 2,100,000
Sauk County GO Series 2001A MB
3.25% 10/01/04 500 504,363
Wisconsin GO Series 2004-1 MB
0.96% 07/15/04 6,000 6,000,000
Wisconsin Health & Educational
Facilities RB (Pooled Loan
Financing Program) Series 2002E
DN (Associated Bank N.A. LOC)
(VMIG-1)
1.29%(b) 05/07/04 2,200 2,200,000
Wisconsin Housing & Economic
Development Authority Single
Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2003 PT-758
AMT DN (Security Life of Denver
Insurance, Merrill Lynch SBPA)
1.19%(b) 05/07/04 14,990 14,990,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
54
MUNICASH
STATEMENT OF NET ASSETS (CONCLUDED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ------------ ------------------
MUNICIPAL BONDS (Continued)
Wisconsin (continued)
Wisconsin Housing & Economic
Development Authority Single
Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2003 PT-860
DN (Bayeriche Landesbank
Girozentrale SBPA, Merrill Lynch &
Co. Guaranty)
1.19%(b) 05/07/04 $13,455 $ 13,455,000
--------------
44,139,363
--------------
Wyoming - 1.4%
Cheyenne IDRB (Grobet File Co., Inc.
Project) Series 2001 AMT DN
(National City Bank N.A. LOC)
1.21%(b) 05/07/04 2,700 2,700,000
Green River RB (Rhone-Poulenc LP
Project) Series 1994 AMT DN (Fleet
National Bank LOC) (VMIG-1)
1.35%(b) 05/07/04 11,400 11,400,000
Lincoln County PCRB (Exxon Project)
Series 1985 DN (Exxon Mobil
Guaranty) (A-1+,P-1)
1.04%(b) 05/07/04 15,000 15,000,000
--------------
29,100,000
--------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $2,201,511,222(a)) 102.9% 2,201,511,222
LIABILITIES IN EXCESS
OF OTHER ASSETS (2.9)% (62,907,382)
-------- --------------
NETASSETS (Equivalent to $1.00 per
share based on 2,050,830,992
Institutional Shares, 87,854,997
Dollar Shares, 2,148 Bear Stearns
Premier Select Shares
and 2,142 Bear Stearns Premier
Shares outstanding) 100.0% $2,138,603,840
= ======= ==============
VALUE
-----------
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($2,050,746,591/2,050,830,992) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($87,852,960/87,854,997) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SELECT SHARE
($2,147/2,148) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SHARE
($2,142/2,142) $ 1.00
=======
- ----------------------
(a) Aggregate cost for Federal tax purposes.
(b) Rates shown are the rates as of April 30, 2004 and maturities shown are
the next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional investors. As of April
30, 2004, the Fund held 0.9% of its net assets, with a current market
value of $18,900,000, in securities restricted as to resale.
MUNICASH
MATURITY INFORMATION
APRIL 30, 2004
(UNAUDITED)
MATURITY PAR PERCENTAGE
- ---------------------- ----------------- -----------
1 - 30 Days $1,737,915,721 79.0%
31 - 60 Days 81,831,300 3.6
61 - 90 Days 43,050,900 2.0
91 - 120 Days 37,088,900 1.7
121 - 150 Days 100,150,000 4.6
Over 150 Days 199,846,927 9.1
-----
100.0
=====
Average Weighted Maturity - 37 days
- -------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
55
BLACKROCK LIQUIDITY FUNDS
CALIFORNIA MONEY FUND
STATEMENT OF NET ASSETS
APRIL 30, 2004
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- --------------
MUNICIPAL BONDS--100.9%
California--94.0%
ABAG Finance Authority Non-Profit
Corporations RB (Blood Centers of
Pacific Project) Series 2002A DN
(Wells Fargo Bank LOC) (A-1+)
0.99%(b) 05/03/04 $ 5,890 $5,890,000
ABAG Finance Authority Non-Profit
Corporations RB (Lease Revenue
Pass-Through Obligation) Series
2003A DN (Societe Generale LOC)
(A-1+)
1.15%(b) 05/07/04 1,845 1,845,000
Alameda-Contra Costa Schools Finance
Authority Certificates of
Participation (Captial
Improvements Financing Project)
Series 1997F DN (Kredietbank N.V.
LOC) (A-1+)
1.15%(b) 05/07/04 800 800,000
California Communities Housing &
Finance Agency RB (Lease
Revenue Pass-Through Obligation)
Series 2001A DN (Societe Generale
LOC) (A-1+)
1.15%(b) 05/07/04 4,000 4,000,000
California Department of Water
Resource Power Supply RB Series
2002C-7 DN (FSA Insurance, Dexia
Credit SBPA) (A-1+, VMIG-1)
1.11%(b) 05/07/04 4,850 4,850,000
California Educational Facilities
Authority RB (Art Center Design
College Project) Series 2002A DN
(Allied Irish Bank PLC LOC)
(VMIG-1)
1.17%(b) 05/07/04 3,745 3,745,000
California Educational Facilities
Authority RB (Santa Clara
University Project) Series 2002B
DN (MBIA Insurance, Allied Irish
Bank PLC SBPA) (VMIG-1)
1.07%(b) 05/07/04 2,000 2,000,000
California Educational Facilities
Authority RB (University of
Southern California Project) Series
2003C MB (A-1+, MIG-1)
1.01% 03/18/05 7,000 7,000,000
California Floating Rate Receipts GO
Series 1997 SG-91 DN (FGIC
Insurance, Societe Generale LOC)
(A-1+)
1.13%(b) 05/07/04 10,120 10,120,000
California GO (ABN-AMRO Munitops
Trust Certificates) Series 2003 DN
(AMBAC Insurance, ABN-AMRO
Bank N.V. SBPA ) (VMIG-1, F-1+)
1.14%(b) 05/07/04 6,000 6,000,000
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
California (continued)
California GO (Wachovia Merlots
Trust Receipts) Series 2002A-47
DN (MBIA Insurance, Wachovia
Bank N.A. LOC) (VMIG-1)
1.10%(b) 05/07/04 $ 3,385 $3,385,000
California GO (Wavhovia Merlots
Trust Receipts) Series 2003 DN
(AMBAC Insurance, Wachovia Bank
N.A. LOC) (VMIG-1)
1.10%(b) 05/07/04 5,185 5,185,000
California GO Series 2003A RAN
(Nordbanken LOC)
(SP-1+, MIG-1, F-1+)
2.00% 06/23/04 2,000 2,002,683
California GO Series 2003C-1 DN
(Landesbank Hessen-Thuringen
Girozentrale LOC)
(A-1, VMIG-1, F-1+)
1.09%(b) 05/07/04 3,000 3,000,000
California Health Facilities Financing
Authority RB (Catholic Healthcare
West Project) Series 1988B DN
(MBIA Insurance, Morgan Guaranty
Trust SBPA) (A-1+, VMIG-1)
1.11%(b) 05/07/04 2,500 2,500,000
California Health Facilities Financing
Authority RB Series 1999 PA-587
DN (Merrill Lynch Capital Services
Guaranty) (A-1+)
1.17%(b) 05/07/04 10,000 10,000,000
California Health Facilities Financing
Authority RB Series 2002-591 DN
(Morgan Stanley Group LOC) (A-1+)
1.14%(b) 05/07/04 9,400 9,400,000
California Infrastructure & Economic
Development Bank RB (Academy
of Motion Pictures Arts & Science
Project) Series 2002 DN (AMBAC
Insurance, J.P. Morgan Chase LOC)
(A-1+, VMIG-1)
1.09%(b) 05/07/04 2,500 2,500,000
California Infrastructure & Economic
Development Bank RB (J. Paul
Getty Trust) Series 2003B MB
(A-1+, MIG-1)
1.17% 02/01/05 5,000 5,000,000
California Infrastructure & Economic
Development Bank RB Series
2002B DN (Kredietbank N.V. LOC)
(A-1+)
1.07%(b) 05/03/04 7,300 7,300,000
California Municipal Securities Trust
Receipts RB Series 1997 SGA-58
DN (FGIC Insurance, Societe
Generale SBPA) (SP-1+, VMIG-1)
1.14%(b) 05/07/04 5,665 5,665,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
56
CALIFORNIA MONEY FUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ------- --------
MUNICIPAL BONDS (Continued)
California (continued)
California Statewide Communities
Development Authority
Multi-Family RB (Merrill Lynch
P-Float Trust Receipts) Series
2000 PT-1268 DN (Merrill Lynch
Capital Services Liquidity facility)
(A-1+)
1.17%(b) 05/07/04 $10,000 $10,000,000
Cupertino Unified School District GO
Series 2003 TRAN
1.50% 06/30/04 8,900 8,908,529
Foothill-De Anza Community College
GO Series 2000Y DN (Wachovia
Bank N.A. LOC) (VMIG-1)
1.10%(b) 05/07/04 4,475 4,475,000
Fresno County GO Series 2003 TRAN
(SP-1+)
2.00% 06/30/04 5,000 5,007,834
Glendale Hospital RB Series
2002-590 DN (Morgan Stanley
Group LOC) (A-1+)
1.14%(b) 05/07/04 8,800 8,800,000
Grossmont-Cuyamaca Community College
District GO Series 2003A MB (MBIA
Insurance) (AAA, Aaa)
2.50% 08/01/04 2,650 2,659,982
Irvine Improvement Board ACT 1915
RB (Assessment District Project)
Series 2004A DN (Bank of New
York, California State Teachers
Retirement System LOC) (VMIG-1)
1.09%(b) 05/03/04 10,000 10,000,000
Kern County GO Series 2003 TRAN
(SP-1+)
2.00% 06/30/04 14,400 14,425,727
Los Angeles County Public Works
Finance Authority Lease RB Series
2000J DN (AMBAC Insurance,
Wachovia Bank N.A. LOC) (VMIG-1)
1.10%(b) 05/07/04 5,000 5,000,000
Los Angeles County Water & Power
RB (Power System Project) Series
2002A-8 DN (Bayerische
Landesbank Girozentrale LOC,
Banque Nationale de Paribas LOC,
Dexia Credit LOC, J.P. Morgan
Chase LOC, Westdeutsche
Landesbank Girozentrale SBPA)
(A-1+, VMIG-1)
1.14%(b) 05/07/04 5,100 5,100,000
Los Angeles GO Series 2003 TRAN
(SP-1+, MIG-1, F-1+)
2.00% 06/30/04 5,500 5,509,373
PAR
MATURITY (000) VALUE
---------- ------- --------
MUNICIPAL BONDS (Continued)
California (continued)
Los Angeles Unified School District
GO (ABN-AMRO Munitops Trust
Certificates) Series 1999C DN
(MBIA Insurance, ABN-AMRO Bank
N.V. SBPA) (VMIG-1)
1.16%(b) 05/07/04 $ 4,600 $ 4,600,000
Los Angeles Unified School District
GO Series 1997E DN (MBIA Insurance,
Wachovia Bank N.A.
LOC) (VMIG-1)
1.10%(b) 05/07/04 4,990 4,990,000
Los Angeles Unified School District
GO Series 2003A TRAN
(SP-1+, MIG-1)
2.00% 07/01/04 13,000 13,022,417
Los Angeles Wastewater Systems RB
Series 2001A MB (FGIC Insurance)
(A-1+, MIG-1, F-1+)
1.15% 12/09/04 2,500 2,500,000
Los Angeles Wastewater Systems RB
Series 2002A DN (FGIC Insurance,
Bank of America N.A. Liquidity
Facility) (A-1+)
1.12%(b) 05/07/04 5,000 5,000,000
Metropolitan Water Distribution
Southern California Waterworks
RB Series 2000B-3 DN
(Westdeutsche Landesbank
Girozentrale LOC)
(A-1+, VMIG-1, F-1+)
1.08%(b) 05/03/04 7,050 7,050,000
Metropolitan Water Distribution
Southern California Waterworks
RB Series 2001C-2 DN
(Westdeutsche Landesbank
Girozentrale LOC)
(A-1+, VMIG-1, F-1+)
1.02%(b) 05/03/04 11,100 11,100,000
Newport Beach RB (Hoag Memorial
Presbyterian Hospital Project)
Series 1992 DN (Bank of America
SBPA) (A-1+, VMIG-1)
1.04%(b) 05/03/04 10,680 10,680,000
Oakland Unified School District of
Alameda County GO (Bear Stearns
Trust Certificates) Series
2002A-9035 DN (FGIC Insurance,
Bear Stearns Capital Markets
Liquidity Facility) (A-1)
1.11%(b)(c) 05/07/04 11,095 11,095,000
Orange County Sanitation District RB
Series 2000B AMT DN (Dexia
Public Finance Bank SBPA)
(A-1+, VMIG-1)
1.09%(b) 05/03/04 5,490 5,490,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
57
CALIFORNIA MONEY FUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ------- ---------
MUNICIPAL BONDS (Continued)
California (continued)
Pacific Housing & Finance Agency RB
(Lease Revenue Pass-Through
Obligation) Series 2001A DN
(Societe Generale LOC) (A-1+)
1.15%(b) 05/07/04 $ 4,000 $ 4,000,000
Port of Oakland GO Series 2003 TECP
(Bank of America N.A. LOC, J.P.
Morgan Chase LOC) (A-1+)
0.93% 06/09/04 10,780 10,780,000
Riverside County Certificates of
Participation (Riverside County
Public Facilities Project) Series
1985B DN (State Street LOC)
(A-1+, VMIG-1)
1.07%(b) 05/07/04 13,500 13,500,000
Sacramento County Board of
Education GO Series 2004 TRAN
2.00% 10/01/04 12,000 12,049,162
Sacramento Municipal Utilities
District RB (ABN-AMRO Munitops
Trust Certificates) Series 2003-17
DN (MBIA Insurance, ABN-AMRO
Bank N.V. SBPA) (VMIG-1)
1.14%(b) 05/07/04 11,835 11,835,000
Sacramento Municipal Utility District
RB (Macon Trust Certificates)
Series 2002M DN (AMBAC
Insurance, Kredietbank N.V. LOC)
(A-1+)
1.12%(b) 05/07/04 3,975 3,975,000
Sacramento Municipal Utility District
RB Series 2000A DN (AMBAC Insurance,
Wachovia Bank N.A.
LOC) (VMIG-1)
1.10%(b) 05/03/04 7,855 7,855,000
Sacramento Unified School District
GO (ABN-AMRO Munitops Trust
Certificates) Series 2002-9 MB
(MBIA Insurance, ABN-AMRO Bank
N.V. SBPA) (MIG-1, F-1+)
1.12% 06/18/04 7,485 7,485,000
Sacramento Unified School District
GO Series 2003-04 TRAN (MIG-1)
2.00% 11/12/04 5,000 5,025,029
San Diego GO Series 2003 TRAN
(SP-1+, MIG-1, F-1+)
1.75% 06/30/04 2,000 2,002,594
San Francisco City & County Public
Utilities RB (Commission for Clean
Water Project) Series 2003A DN
(MBIA Insurance, Wachovia Bank
N.A. LOC) (VMIG-1)
1.10%(b) 05/07/04 3,190 3,190,000
PAR
MATURITY (000) VALUE
---------- ------- ---------
MUNICIPAL BONDS (Continued)
California (continued)
San Jose Evergreen Community
College District RB Series 2002J
DN (MBIA Insurance, Bank of New
York SBPA) (VMIG-1)
1.12%(b) 05/07/04 $ 8,278 $ 8,278,500
San Jose Multi-Family Housing RB
(Timberwood Apartments Project)
Series 1995A DN (Wells Fargo
Bank LOC) (VMIG-1)
1.10%(b) 05/07/04 2,775 2,775,000
Southern California Public Power
Authority RB (San Juan Power
Project) Series 2002 DN (FSA
Insurance, Wachovia Bank N.A.
LOC) (VIMG-1)
1.10%(b) 05/07/04 1,635 1,635,000
Ventura County GO Series 2003 TRAN
(SP-1+, MIG-1)
1.50% 07/01/04 10,000 10,009,900
------------
361,996,730
------------
Puerto Rico - 6.9%
Commonwealth of Puerto Rico
Electric Power Authority RB
(Goldman Sachs Trust Receipts)
Series 2002-1 DN (MBIA
Insurance, Bank of New York
SBPA) (A-1+)
1.07%(b) 05/07/04 3,000 3,000,000
Commonwealth of Puerto Rico
Infrastructure Financing Authority
Special Obligation Bonds
(ABN-AMRO Munitops Trust
Certificates) Series 2000A-17 MB
(ABN-AMRO Bank N.V. SBPA)
(MIG-1, F-1+)
1.06% 09/22/04 7,500 7,500,000
Commonwealth of Puerto Rico Public
Improvement GO Series 2001 DN
(FSA Insurance, Toronto Dominion
LOC) (A-1+)
1.07%(b) 05/03/04 4,445 4,445,000
Commonwealth of Puerto Rico Public
Improvement GO Series 2002A DN
(FGIC Insurance, Salomon Smith
Barney Liquidity Facility) (VMIG-1)
1.11%(b) 05/07/04 1,905 1,905,000
Commonwealth of Puerto Rico Public
Improvement GO Series 2003
TRAN (SP-1+, MIG-1)
2.00% 07/30/04 5,000 5,012,597
Puerto Rico Public Financing
Corporation RB Series 2004-911
DN (CIFG-TCRS Credit Support,
Morgan Stanley Group Liquidity
Facility) (AAA, F-1+)
1.12%(b) 05/07/04 4,500 4,500,000
------------
26,362,597
------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
58
CALIFORNIA MONEY FUND
STATEMENT OF NET ASSETS (CONCLUDED)
(UNAUDITED)
- --------------------------------------------------------------------------------
VALUE
------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $388,359,327(a)) 100.9% $388,359,327
LIABILITIES IN EXCESS OF
OTHER ASSETS (0.9)% (3,534,653)
----- ------------
NET ASSETS (Equivalent to $1.00 per
share based on 372,824,824
Institutional Shares, 1,406,165
Dollar Shares, 181,359 Cash
Management Shares, 10,602,720 Bear
Stearns Shares, 2,149 Bear Stearns
Premier Select Shares, 2,138 Bear
Stearns Private Client Shares and
3,044 Bear Stearns Premier Shares
outstanding) 100.0% $384,824,674
===== ============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($372,632,820/372,824,824) $ 1.00
============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($1,401,144/1,406,165) $ 1.00
============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
CASH MANAGEMENT SHARE
($181,352/181,359) $ 1.00
============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS SHARE
($10,602,027/10,602,720) $ 1.00
============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SELECT SHARE
($2,149/2,149) $ 1.00
============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PRIVATE CLIENT SHARE
($2,138/2,138) $ 1.00
============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SHARE
($3,044/3,044) $ 1.00
============
(a) Aggregate cost for Federal tax purposes.
(b) Rates shown are the rates as of April 30, 2004 and maturities shown
are the next interest readjustment date or the date the principal owed
can be recovered through demand.
(c) Security exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt
from registration, normally to qualified institutional investors. As
of April 30, 2004, the Fund held 2.9% of its net assets, with a
current market value of $11,095,000, in securities restricted as to
resale.
CALIFORNIA MONEY FUND
MATURITY INFORMATION
APRIL 30, 2004
(UNAUDITED)
MATURITY PAR PERCENTAGE
---------------- --------------- -----------
1 - 30 Days $262,458,500 67.6%
31 - 60 Days 20,265,000 5.2
61 - 90 Days 58,800,000 15.1
91 - 120 Days 7,650,000 2.1
121 - 150 Days 7,500,000 1.9
Over 150 Days 31,500,000 8.1
------
100.0
======
Average Weighted Maturity - 38 days
- -------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
59
BLACKROCK LIQUIDITY FUNDS
NEW YORK MONEY FUND
STATEMENT OF NET ASSETS
APRIL 30, 2004
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS - 96.2%
New York - 91.9%
Buffalo GO Series 2003A RAN
2.75% 07/29/04 $2,700 $2,710,901
City of New York GO Series 1994H-4
DN (Kredietbank N.V. LOC)
(A-1, VMIG-1)
1.06%(b) 05/03/04 2,400 2,400,000
City of New York GO Series 1997 DN
(AMBAC Insurance, Societe
Generale Liquidity Facility) (A-1+)
1.12%(b) 05/07/04 1,760 1,760,000
City of New York GO Series 2004H-4
DN (A-1+, VMIG-1)
1.09%(b) 05/03/04 400 400,000
City of New York Housing
Development Corporation
Multi-Family Rental Housing RB
(Columbus Apartments Project)
Series 1995A DN (Federal National
Mortgage Association Guaranty)
(A-1+)
1.08%(b) 05/07/04 1,200 1,200,000
City of New York Housing
Development Corporation
Multi-Family Rental Housing RB
(Parkgate Development Project)
Series 1998A DN (Federal National
Mortgage Association Guaranty)
(A-1+)
1.03%(b) 05/07/04 1,000 1,000,000
City of New York Housing
Development Corporation
Multi-Family Rental Housing RB
(Related Monterey Project) Series
1997A DN (Federal National
Mortgage Association Guaranty)
(A-1+)
1.08%(b) 05/07/04 2,500 2,500,000
City of New York IDA Civic Facilities
RB (Abraham Joshua Heschel
Project) Series 2002 DN (M&T
Bank Corp. LOC) (VMIG-1)
1.09%(b) 05/07/04 2,000 2,000,000
City of New York IDA Civic Facilities
RB (Hewitt School Project) Series
2002 DN (M&T Bank Corp. LOC)
1.10%(b) 05/07/04 1,600 1,600,000
City of New York Municipal
Assistance Corporation RB Series
1996G MB (AA+, Aa1)
5.50% 07/01/04 300 302,221
City of New York Municipal Water
Finance Authority Water & Sewer
Systems RB Series 2001F-1 DN
(Credit Locale de France LOC)
(A-1+, VMIG-1)
1.12%(b) 05/03/04 3,085 3,085,000
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
New York (continued)
City of New York Municipal Water
Finance Authority Water & Sewer
Systems RB Series 2001F-2 DN
(Morgan Guaranty Trust SBPA)
(VMIG-1)
1.05%(b) 05/03/04 $9,100 $9,100,000
City of New York Municipal Water
Finance Authority Water & Sewer
Systems RB Series 2002B MB
(AA, Aa2)
5.00% 06/15/04 8,000 8,039,612
City of New York Municipal Water
Finance Authority Water & Sewer
Systems RB Series 2004R-4061
ROC-II DN (Citigroup Global
Market Holdings, Inc. SBPA)
1.11%(b) 05/07/04 3,000 3,000,000
City of New York Transitional Finance
Authority Financing RB (Citibank
Eagle Tax-Exempt Trust Reciepts)
DN (AMBAC Insurance, Citibank
Liquidity Facility) (VMIG-1)
1.11%(b) 05/07/04 8,000 8,000,000
City of New York Transitional Finance
Authority Financing RB (Citibank
Eagle Tax-Exempt Trust Receipts)
Series 2000 DN (Citibank Liquidity
Facility) (A-1+)
1.11%(b) 05/07/04 9,900 9,900,000
City of New York Transitional Finance
Authority Financing RB (Citibank
Eagle Tax-Exempt Trust Receipts)
Series 2001 DN (Citibank Liquidity
Facility) (A-1+)
1.11%(b) 05/07/04 3,300 3,300,000
City of New York Transitional Finance
Authority Financing RB (Future Tax
Secured Bonds) Series 1998A-2
DN (Morgan Guaranty Trust LOC)
(A-1+, VMIG-1)
1.07%(b) 05/07/04 300 300,000
City of New York Transitional Finance
Authority Financing RB (Future Tax
Secured Bonds) Series 1998C DN
(Bayerische Landesbank
Girozentrale LOC) (A-1+, VMIG-1)
1.08%(b) 05/03/04 600 600,000
City of New York Trust for Cultural
Resources RB (Manhattan School
of Music Project) Series 2000 DN
(A-1)
1.08%(b) 05/07/04 2,000 2,000,000
City of New York Trust for Cultural
Resources RB (The Museum of
Broadcasting Project) Series 1989
DN (KBC Bank LOC) (A-1+, VMIG-1)
1.05%(b) 05/07/04 2,400 2,400,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
60
NEW YORK MONEY FUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
New York (continued)
Dormitory Authority of the State of
New York RB (Glen Eddy, Inc.
Project) Series 2000 DN (Fleet
National Bank LOC) (A-1)
1.07%(b) 05/07/04 $1,495 $1,495,000
Dormitory Authority of the State of
New York RB (Mental Health
Services Project) Series 2003D-2B
DN (Credit Locale de France LOC)
(A-1+)
1.07%(b) 05/07/04 600 600,000
Dormitory Authority of the State of
New York RB (Teresian Housing
Corp. Project) Series 2003 DN
(Lloyds Bank LOC) (A-1+)
1.07%(b) 05/07/04 5,000 5,000,000
Dormitory Authority of the State of
New York RB (Wachovia Merlots
Trust Receipts) Series 2001A-30
DN (AMBAC Insurance, Wachovia
Bank N.A. SBPA) (VMIG-1)
1.11%(b) 05/07/04 2,990 2,990,000
Dormitory Authority of the State of
New York RB (Wachovia Merlots
Trust Reciepts) Series 2003 DN
(FGIC Insurance, Wachovia Bank
N.A. SBPA) (VMIG-1)
1.11%(b) 05/07/04 9,670 9,670,000
Dormitory Authority of the State of
New York RB Series 2001D DN (MBIA
Insurance) (A-1+)
1.13%(b) 05/07/04 1,900 1,900,000
Erie County Asset Securitization
Corporation RB (Merrill Lynch
P-Float Trust Receipts) Series
2003 PA-1213 DN (Merrill Lynch &
Co. Guaranty) (F-1+)
1.18%(b) 05/07/04 3,620 3,620,000
Erie County Civic Facilities IDRB
(Hauptman-Woodward Project)
Series 2004 DN
1.17%(b) 05/07/04 2,300 2,300,000
Fishkill GO Series 2003 BAN
1.75% 05/21/04 2,385 2,385,844
Franklin County IDA Civic Facility RB
(Paul Smith's College Project)
Series 1998 DN (KeyBank N.A.
LOC)
1.17%(b) 05/07/04 3,405 3,405,000
Gates Chili Centenial School District
GO Series 2003 MB
1.75% 06/15/04 300 300,303
Hauppauge Free School District GO
Series 2003 TAN
1.30% 06/29/04 5,000 5,003,186
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
New York (continued)
Hempstead GO Series 2004A BAN
1.25% 07/15/04 $6,230 $6,232,691
Hicksville Free School District GO
Series 2003 TAN
1.25% 06/29/04 4,000 4,001,658
Jay Street Development Corporation
RB (County Facilities Project)
Series 2003A-4 DN (Depfa Bank
PLC LOC) (A-1+, VMIG-1)
1.09% (b) 05/03/04 5,100 5,100,000
Long Island Power Authority
Electrical Systems RB TECP (A-1+)
1.00% 06/15/04 5,000 5,000,000
Long Island Power Authority
Electrical Systems RB TECP (J.P.
Morgan Chase LOC) (A-1+)
0.97% 08/06/04 5,000 5,000,000
Long Island Power Authority GO
TECP (HSH & Nordbank LOC)
(P-1, F-1+)
1.08% 06/15/04 2,000 2,000,000
1.02% 08/10/04 2,000 2,000,000
Metropolitan Transportation
Authority GO TECP (ABN-AMRO
Bank N.V. LOC) (A-1+, P-1)
0.95% 05/07/04 7,000 7,000,000
Metropolitan Transportation
Authority RB (Merrill Lynch
P-Float Trust Receipts) Series
2003R PA-1121 MB (MBIA
Insurance, Merrill Lynch & Co.
SBPA) (A-1)
1.03% 03/10/05 2,495 2,495,000
Metropolitan Transportation
Authority RB (Piper Jaffray Trust
Certificates) Series 2002F DN
(Bank of New York LOC) (VMIG-1)
1.12%(b) 05/07/04 5,680 5,679,500
Metropolitan Transportation
Authority RB (Wachovia Merlots
Trust Receipts) Series 2002A-43
DN (FGIC Insurance, Wachovia
Bank N.A. Liquidity Facility)
(VMIG-1)
1.11%(b) 05/07/04 2,465 2,465,000
Metropolitan Transportation
Authority RB (Wachovia Merlots
Trust Receipts) Series 2002A-52
DN (Wachovia Bank N.A. Liquidity
Facility) (VMIG-1)
1.11%(b) 05/07/04 4,345 4,345,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
61
NEW YORK MONEY FUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
New York (continued)
Metropolitan Transportation
Authority RB (Wachovia Merlots
Trust Receipts) Series 2003B-25
DN (FGIC Insurance, Wachovia
Bank N.A. Liquidity Facility)
(VMIG-1)
1.11%(b) 05/07/04 $4,990 $4,990,000
Metropolitan Transportation
Authority RB Series 1993M MB
(Kredietbank N.V. LOC) (AAA, Aaa)
5.10% 07/01/04 535 538,719
Middletown City School District GO
Series 2003 BAN
2.00% 12/17/04 5,575 5,604,754
Monroe County IDA Civic Facility RB
(YMCA of Greater Rochester
Project) Series 2004 DN (M&T
Bank Corp. LOC) (A-1)
1.15%(b) 05/07/04 2,750 2,750,000
Monroe County IDRB Series 2002A
DN (M&T Bank Corp. LOC)
(VMIG-1)
1.14%(b) 05/07/04 2,500 2,500,000
Nassau County Intermediate Finance
Authority RB Series 2002B DN
(FSA Insurance) (A-1+, VMIG-1)
1.05%(b) 05/07/04 1,435 1,435,000
New York GO (Morgan Stanley Trust
Receipts) Series 2002-725X DN
(FSA Insurance, Morgan Stanley
Group Liquidity Facility) (VMIG-1)
1.12%(b) 05/07/04 9,644 9,643,750
New York GO Series 2000B MB (Dexia
Credit LOC, Credit Locale de
France LOC) (A-1+, MIG-1)
1.02% 08/05/04 2,000 2,000,000
New York GO Series 2003A-5 DN
(HSBC Bank LOC) (A-1)
1.10%(b) 05/07/04 1,000 1,000,000
New York GO Series 2003R
ROC-II-251A DN (Citibank Liquidity
Facility) (VMIG-1)
1.16%(b) 05/07/04 4,700 4,700,000
New York Local Government
Assistance Corporation RB Series
1994B DN (Credit Suisse LOC)
(A-1+, VMIG-1)
1.06%(b) 05/07/04 7,020 7,020,000
New York State Energy, Research &
Development Authority PCRB
(Orange and Rockland Utilities,
Inc. Project) Series 1994A DN
(FGIC Insurance) (A-1+, VMIG-1)
1.06%(b) 05/07/04 4,700 4,700,000
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
New York (continued)
New York State Environmental
Facilities Corporation RB (Citibank
Eagle Tax-Exempt Trust Receipts)
(Clean Water & Drinking Project)
Series 2003A DN (Citibank
Liquidity Facility) (A-1+)
1.11%(b) 05/07/04 $5,710 $5,710,000
New York State Environmental
Facilities Corporation RB (Salomon
Smith Barney Trust Receipts)
(Facscorp Clean Water & Drinking
Project) Series 2003R-2014 ROC II
DN (Citibank Liquidity Facility)
(A-1+)
1.11%(b) 05/07/04 2,700 2,700,000
New York State Environmental
Facilities Corporation RB (Salomon
Smith Barney Trust Receipts)
(Facscorp Clean Water & Drinking
Project) Series 2003R-4001 ROC II
DN (Citibank Liquidity Facility)
(A-1+)
1.11%(b) 05/07/04 1,595 1,595,000
New York State Housing Finance
Agency RB (10 Liberty Street
Project) Series 2003 DN (Fleet
National Bank LOC) (VMIG-1)
1.08%(b) 05/07/04 600 600,000
New York State Thruway Authority
RB Series 2003-4 DN (STARs
Certificates, MBIA Insurance)
(VMIG-1)
1.11%(b) 05/07/04 2,130 2,130,000
New York State Thruway Authority
RB TECP (Landesbank
Hessen-Thurigen Girozentrale
LOC) (A-1+, P-1)
0.98% 05/14/04 2,000 2,000,000
Onondaga County IDA Civic Facility
RB (Crouse Health Hospital
Project) Series 2003A DN (VMIG-1)
1.14%(b) 05/07/04 3,000 3,000,000
Onondaga County IDA Civic Facility
RB (YMCA Greater Syracuse
Project) Series 2003A DN (HSBC
Bank LOC)
1.16%(b) 05/07/04 4,000 4,000,000
Oyster Bay GO Series 2000A MB
2.00% 01/21/05 8,000 8,051,544
Port Authority of New York & New
Jersey RB (ABN-AMRO Munitops
Trust Certificates) Series 2000-19
DN (MBIA Insurance, ABN-AMRO
Bank N.V. SBPA) (VMIG-1, F-1+)
1.13%(b) 05/07/04 6,670 6,670,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
62
NEW YORK MONEY FUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
New York (continued)
Rensselaer County IDA Civic
Facilities RB (The Sage Colleges
Project) Series 2002A DN (M&T
Bank Corp. LOC) (VMIG-1)
1.14%(b) 05/07/04 $ 2,900 $ 2,900,000
Rockland County IDRB (Northern
Manor Multicare Project) Series
2002 DN (M&T Bank Corp. LOC)
(VMIG-1)
1.19%(b) 05/07/04 2,700 2,700,000
Schenectady County IDA Civic Facility
RB (Sunnyview Project) Series
2003B DN (KeyBank N.A. LOC)
1.12%(b) 05/07/04 2,390 2,390,000
South Orangetown Central School
District GO Series 2003 TAN
1.25% 06/30/04 5,000 5,002,835
Suffolk County GO (Longwood
Central School District Project)
Series 2006 TAN (SP-1+)
1.75% 06/30/04 4,200 4,204,743
Syracuse GO Series 2003B RAN
(MIG-1)
1.75% 06/30/04 9,000 9,011,973
Syracuse GO Series 2003C RAN
(MIG-1)
1.75% 06/30/04 5,500 5,506,438
Triborough Bridge & Tunnel
Authority Municipal Securities
Trust Certificates RB (Bear
Stearns Municipal Trust
Certificates) Series 2002-210 DN
(Bear Stearns Liquidity Facility)
(A-1+)
1.10%(b)(c) 05/07/04 10,500 10,500,000
Triborough Bridge & Tunnel
Authority RB (ABN-AMRO
Munitops Trust Certificates) Series
2002-14 DN (AMBAC Insurance,
ABN-AMRO Bank N.V. SBPA)
(VMIG-1)
1.13%(b) 05/07/04 4,240 4,240,000
Triborough Bridge & Tunnel
Authority RB (Citibank Eagle
Tax-Exempt Trust Receipts) Series
2003A DN (FGIC Insurance,
Citibank Liquidity Facility) (A-1+)
1.11%(b) 05/07/04 2,000 2,000,000
Triborough Bridge & Tunnel
Authority RB (Merrill Lynch
P-Float Trust Receipts) Series
PA-956 DN (Merrill Lynch Capital
Services Liquidity Facility) (A-1+)
1.14%(b) 05/07/04 5,000 5,000,000
PAR
MATURITY (000) VALUE
---------- ----------------- ---------------------
MUNICIPAL BONDS (Continued)
New York (continued)
Triborough Bridge & Tunnel
Authority RB Series 2004-922 DN
(Morgan Stanley Liquidity Facility)
(F-1+)
1.12%(b) 05/07/04 $ 3,000 $ 3,000,000
Triborough Bridge & Tunnel
Authority Special Obligation RB
Series 2000C DN (FSA Insurance)
(A-1+, VMIG-1)
1.08%(b) 05/07/04 490 490,000
Wappinger GO Series 2004 BAN
2.00% 04/29/05 3,000 3,023,571
West Islip Free School District GO
Series 2003 TAN
1.75% 06/30/04 3,000 3,003,310
-----------
301,897,553
-----------
Puerto Rico - 4.3%
Commonwealth of Puerto Rico
Highway & Transportation
Authority RB (Merrill Lynch
P-Float Trust Receipts) Series
2002 PT-1052 DN (Merrill Lynch
Capital Services Liquidity Facility)
(A-1)
1.12%(b) 05/07/04 4,000 4,000,000
Commonwealth of Puerto Rico
Infrastructure Financing Authority
Special Obligation Bonds
(ABN-AMRO Munitops Trust
Certificates) Series 2000A-17 MB
(ABN-AMRO Bank N.V. SBPA)
(MIG-1, F-1+)
1.06% 09/22/04 7,000 7,000,000
Commonwealth of Puerto Rico Public
Improvement GO Series 2003 MB
(Merrill Lynch Capital Services
Liquidity Facility) (A-1, AA+)
1.30% 11/18/04 3,000 3,000,000
-----------
14,000,000
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
63
NEW YORK MONEY FUND
STATEMENT OF NET ASSETS (CONCLUDED)
(UNAUDITED)
- --------------------------------------------------------------------------------
VALUE
------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $315,897,553(a)) 96.2% $315,897,553
OTHER ASSETS IN EXCESS
OF LIABILITIES 3.8% 12,614,225
----- ------------
NETASSETS (Equivalent to
$1.00 per share based on
299,071,409 Institutional
Shares, 5,050,727 Dollar
Shares 24,288,836 Bear
Stearns Shares, 2,148 Bear
Stearns Premier Select
Shares, 2,137 Bear Stearns
Private Client Shares and
3,093 Bear Stearns
Premier Shares outstanding) 100.0% $328,511,778
===== ============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($299,155,894/299,071,409) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($5,052,236/5,050,727) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS SHARE
($24,296,270/24,288,836) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SELECT SHARE
($2,148/2,148) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PRIVATE CLIENT SHARE
($2,137/2,137) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SHARE
($3,093/3,093) $ 1.00
=======
- ----------------------
(a) Aggregate cost for Federal tax purposes.
(b) Rates shown are the rates as of April 30, 2004 and maturities shown are
the next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional investors. As of April
30, 2004, the Fund held 3.2% of its net assets, with a current market
value of $10,500,000, in securities restricted as to resale.
NEW YORK MONEY FUND
MATURITY INFORMATION
APRIL 30, 2004
(UNAUDITED)
MATURITY PAR PERCENTAGE
- ---------------------- --------------- -----------
1 - 30 Days $216,863,250 68.7%
31 - 60 Days 24,300,000 7.7
61 - 90 Days 36,464,508 11.6
91 - 120 Days 9,000,000 2.9
121 - 150 Days 7,000,000 2.1
Over 150 Days 22,070,000 7.0
-----
100.0
=====
Average Weighted Maturity - 41 days
- -------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
64
Key to Investment Abbreviations
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
DN Demand Note (Variable Rate)
ECN Extendable Commercial Note
GO General Obligation
IDA Industrial Development Authority
IDRB Industrial Development Revenue Bond
LOC Letter of Credit
MB Municipal Bond
PCRB Pollution Control Revenue Bond
PN Promissory Notes
PLC Public Limited Company
RB Revenue Bond
RAN Revenue Anticipation Note
SBPA Stand-by Bond Purchase Agreement
TAN Tax Anticipation Note
TECP Tax Exempt Commercial Paper
TRAN Tax and Revenue Anticipation Note
The Fitch Investors Service, Moody's Investors Service, Inc. and Standard &
Poor's Ratings Service ratings of the Investments in the various Portfolios are
believed to be the most recent ratings available at April 30, 2004.
65
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2004
(UNAUDITED)
TEMPFUND TEMPCASH FEDFUND
---------------- ------------------ ---------------
Investment Income:
Interest income ................................................ $ 146,860,961 $ 69,728,381 $ 14,467,725
------------- ------------ ------------
Expenses:
Investment advisory fee ........................................ 10,794,504 6,051,065 1,507,946
Administration fee ............................................. 13,822,360 6,693,613 2,022,671
Custodian fee .................................................. 895,457 424,159 110,473
Transfer agent fee ............................................. 673,631 236,356 95,238
Shareholder servicing fees - class specific .................... 5,419,339 568,070 535,940
Distribution fees - class specific ............................. 252,730 1 19,259
Legal fees ..................................................... 93,376 41,143 9,109
Audit fees ..................................................... 56,490 23,387 5,270
Printing ....................................................... 36,473 16,397 3,529
Registration fees and expenses ................................. 20,068 12,190 18,917
Trustees' fees and expenses .................................... 85,232 35,922 8,803
Other .......................................................... 298,751 127,600 42,394
------------- ------------ ------------
Total expenses .................................................. 32,448,411 14,229,903 4,379,549
------------- ------------ ------------
Less investment advisory and administration fees waived ......... (3,212,967) (2,952,304) (1,186,112)
Less shareholder servicing fees waived - class specific ......... (62,095) (1) (5,757)
Less custody fees paid indirectly ............................... - - (761)
------------- ------------ ------------
Net expenses .................................................... 29,173,349 11,277,598 3,186,919
------------- ------------ ------------
Net investment income ........................................... 117,687,612 58,450,783 11,280,806
Net realized gain (loss) from investment transactions .......... 238,267 10,746 25,400
------------- ------------ ------------
Net increase in net assets resulting from operations ........... $ 117,925,879 $ 58,461,529 $ 11,306,206
============= ============ ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
66
FEDERAL TRUST TREASURY TRUST CALIFORNIA NEW YORK
T-FUND FUND FUND MUNIFUND MUNICASH MONEY FUND MONEY FUND
- --------------- --------------- ---------------- -------------- ------------------ -------------- --------------
$ 16,917,117 $ 884,029 $ 7,442,993 $ 9,106,948 $ 12,685,256 $ 2,373,489 $ 1,886,656
------------ --------- ----------- ------------ ------------ ----------- -----------
1,842,470 95,697 868,913 1,441,091 1,834,426 471,881 366,682
2,357,666 146,636 1,265,980 1,441,091 1,834,426 412,896 320,847
129,787 11,444 73,026 79,255 103,690 28,821 22,931
123,324 32,451 59,445 65,202 52,247 24,271 19,565
1,025,513 6,777 389,215 141,693 113,114 28,101 58,795
- - - 24,845 2 17,949 40,409
10,585 643 6,027 6,532 8,279 2,032 1,606
6,330 332 3,582 3,908 4,895 1,102 830
4,097 218 2,233 2,510 3,246 559 180
23,256 11,324 12,895 26,630 15,723 7,618 2,524
9,660 - 5,252 5,211 6,795 - -
49,412 5,843 32,318 21,904 25,122 7,287 6,037
------------ --------- ----------- ------------ ------------ ----------- -----------
5,582,100 311,365 2,718,886 3,259,872 4,001,965 1,002,517 840,406
------------ --------- ----------- ------------ ------------ ----------- -----------
(1,334,944) (136,592) (809,315) (1,337,519) (1,549,433) (484,593) (374,525)
- - - (11,742) (2) (10,035) (20,589)
(5,322) (3) - (63,179) (97,927) (11,977) (8,482)
------------ --------- ----------- ------------ ------------ ----------- -----------
4,241,834 174,770 1,909,571 1,847,432 2,354,603 495,912 436,810
------------ --------- ----------- ------------ ------------ ----------- -----------
12,675,283 709,259 5,533,422 7,259,516 10,330,653 1,877,577 1,449,846
67,274 24,527 16,655 (71,199) (66,419) (23,951) 106,067
------------ --------- ----------- ------------ ------------ ----------- -----------
$ 12,742,557 $ 733,786 $ 5,550,077 $ 7,188,317 $ 10,264,234 $ 1,853,626 $ 1,555,913
============ ========= =========== ============ ============ =========== ===========
67
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF CHANGES IN NET ASSETS
TEMPFUND TEMPCASH
----------------------------------------- -------------------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003 (UNAUDITED) OCTOBER 31, 2003
-------------------- -------------------- ---------------------- --------------------
Increase (decrease) in net assets:
Operations:
Net investment income ............... $ 117,687,612 $ 317,184,756 $ 58,450,783 $ 127,942,066
Net gain (loss) on investments ...... 238,267 (11,642) 10,746 (9,501)
---------------- ---------------- ---------------- ----------------
Net increase in net assets
resulting from operations .......... 117,925,879 317,173,114 58,461,529 127,932,565
---------------- ---------------- ---------------- ----------------
Distributions to shareholders from:
Net investment income:
Institutional Shares ................ (104,353,788) (279,906,630) (56,765,155) (123,842,104)
Dollar Shares ....................... (12,758,213) (36,272,849) (1,685,626) (4,099,962)
Cash Management Shares .............. (416,266) (458,513) - -
Cash Reserve Shares ................. (8,784) (348,756) - -
Administration Shares ............... (1,473) (2,770) - -
Bear Stearns Shares ................. (147,564) (195,238) - -
Bear Stearns Premier Select
Shares ............................. - - (1) -
Bear Stearns Private Client
Shares ............................. (1,524) - - -
Bear Stearns Premier Shares ......... - - (1) -
---------------- ---------------- ------------------ ----------------
Total distributions from net
investment income ................. (117,687,612) (317,184,756) (58,450,783) (127,942,066)
---------------- ---------------- ----------------- ----------------
Capital share transactions .......... 307,247,285 (318,668,856) (263,241,195) 4,028,854,703
---------------- ---------------- ----------------- ----------------
Total increase (decrease) in
net assts ......................... 307,485,552 (318,680,498) (263,230,449) 4,028,845,202
Net assets:
Beginning of period ................. 24,128,805,404 24,447,485,902 11,626,476,055 7,597,630,853
---------------- ---------------- ----------------- ----------------
End of period ....................... $ 24,436,290,956 $ 24,128,805,404 $ 11,363,245,606 $ 11,626,476,055
================ ================ ================= ================
End of period undistributed net
investment income .................. $ - $ - $ - $ -
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
68
FEDFUND T-FUND FEDERAL TRUST FUND
- ------------------------------------------ --------------------------------------- --------------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED APRIL 30, 2004 YEAR ENDED APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003 (UNAUDITED) OCTOBER 31, 2003 (UNAUDITED) OCTOBER 31, 2003
- --------------------- ------------------ ------------------ ------------------ ------------------ -----------------
$ 11,280,806 $ 31,715,282 $ 12,675,283 $ 36,188,579 $ 709,259 $ 2,034,392
25,400 24,682 67,274 (24,760) 24,527 33,484
--------------- --------------- --------------- --------------- ------------- -------------
11,306,206 31,739,964 12,742,557 36,163,819 733,786 2,067,876
--------------- --------------- --------------- --------------- ------------- -------------
(9,981,091) (27,344,879) (10,437,838) (30,134,282) (692,888) (2,000,463)
(1,257,573) (4,306,454) (2,142,952) (4,032,889) (16,371) (33,929)
- - (93,598) (440,146) - -
(31,091) (48,268) - - - -
- - (895) (1,581,262) - -
(11,047) (15,681) - - - -
(2) - - - - -
(1) - - - - -
(1) - - - - -
--------------- --------------- --------------- --------------- ------------- -------------
(11,280,806) (31,715,282) (12,675,283) (36,188,579) (709,259) (2,034,392)
--------------- --------------- --------------- --------------- ------------- -------------
103,960,743 (11,484,018) 2,731,663 (420,042,416) (41,575,281) (1,050,744)
--------------- --------------- --------------- --------------- ------------- -------------
103,986,143 (11,459,336) 2,798,937 (420,067,176) (41,550,754) (1,017,260)
2,582,060,944 2,593,520,280 3,125,048,577 3,545,115,753 197,992,233 199,009,493
--------------- --------------- --------------- --------------- ------------- -------------
$ 2,686,047,087 $ 2,582,060,944 $ 3,127,847,514 $ 3,125,048,577 $ 156,441,479 $ 197,992,233
=============== =============== =============== =============== ============= =============
$ - $ - $ - $ - $ - $ -
69
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF CHANGES IN NET ASSETS
TREASURY TRUST FUND MUNIFUND
------------------------------------- -----------------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003 (UNAUDITED) OCTOBER 31, 2003
------------------ ------------------ --------------------- -------------------
Increase (decrease) in net assets:
Operations:
Net investment income .................. $ 5,533,422 $ 13,577,514 $ 7,259,516 $ 14,565,441
Net gain (loss) on investments ......... 16,655 39,731 (71,199) 13,252
--------------- --------------- -------------- ---------------
Net increase in net assets
resulting from operations ............. 5,550,077 13,617,245 7,188,317 14,578,693
--------------- --------------- -------------- ---------------
Distributions to shareholders from:
Net investment income:
Institutional Shares ................... (4,764,712) (10,995,237) (7,082,689) (14,031,321)
Dollar Shares .......................... (748,856) (2,249,923) (123,311) (358,615)
Cash Management Shares ................. (19,854) (63,913) (39,262) (51,894)
Cash Reserve Shares .................... - - - (51,034)
Administration Shares .................. - (268,441) - (55,948)
Bear Stearns Shares .................... - - (14,253) (16,629)
Bear Stearns Premier Select
Shares ................................ - - - -
Bear Stearns Private Client
Shares ................................ - - (1) -
Bear Stearns Premier Shares ............ - - - -
--------------- --------------- -------------- ---------------
Total distributions from net
investment income .................... (5,533,422) (13,577,514) (7,259,516) (14,565,441)
--------------- --------------- -------------- ---------------
Capital share transactions ............. (484,261,625) 271,047,917 87,709,429 464,702,260
--------------- --------------- -------------- ---------------
Total increase (decrease) in
net assts ............................ (484,244,970) 271,087,648 87,638,230 464,715,512
Net assets:
Beginning of period .................... 1,679,707,321 1,408,619,673 1,615,493,795 1,150,778,283
--------------- --------------- -------------- ---------------
End of period .......................... $ 1,195,462,351 $ 1,679,707,321 $1,703,132,025 $ 1,615,493,795
=============== =============== ============== ===============
End of period undistributed net
investment income ..................... $ - $ - $ 2,304 $ 2,304
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
70
MUNICASH CALIFORNIA MONEY FUND NEW YORK MONEY FUND
- ------------------------------------------ --------------------------------------- --------------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED APRIL 30, 2004 YEAR ENDED APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003 (UNAUDITED) OCTOBER 31, 2003 (UNAUDITED) OCTOBER 31, 2003
- -------------------- ------------------ ------------------ ------------------ ------------------ -----------------
$ 10,330,653 $ 19,199,722 $ 1,877,577 $ 4,726,755 $ 1,449,846 $ 3,999,170
(66,419) 38,928 (23,951) (45,308) 106,067 1,205
--------------- --------------- ------------- -------------- ------------ -------------
10,264,234 19,238,650 1,853,626 4,681,447 1,555,913 4,000,375
--------------- --------------- ------------- -------------- ------------ -------------
(10,039,651) (18,534,647) (1,856,020) (4,596,334) (1,410,610) (3,914,008)
(290,999) (665,075) (10,928) (123,700) (16,026) (45,195)
- - (325) (197) - -
- - - - - -
- - - - - -
- - (10,301) (6,524) (23,207) (39,967)
(2) - (1) - (2) -
- - (1) - - -
(1) - (1) - (1) -
--------------- --------------- ------------- -------------- ------------- --------------
(10,330,653) (19,199,722) (1,877,577) (4,726,755) (1,449,846) (3,999,170)
--------------- --------------- ------------- -------------- ------------- --------------
(6,035,704) 828,438,393 (130,573,890) 28,797,397 (43,422,386) (11,962,932)
--------------- --------------- ------------- -------------- ------------- --------------
(6,102,123) 828,477,321 (130,597,841) 28,752,089 (43,316,319) (11,961,727)
2,144,705,963 1,316,228,642 515,422,515 486,670,426 371,828,097 383,789,824
--------------- --------------- ------------- -------------- ------------- --------------
$ 2,138,603,840 $ 2,144,705,963 $ 384,824,674 $ 515,422,515 $ 328,511,778 $ 371,828,097
=============== =============== ============= ============== ============= ==============
$ - $ - $ - $ - $ - $ -
71
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO
NET ASSET SHAREHOLDERS
VALUE NET FROM NET
BEGINNING INVESTMENT INVESTMENT
TEMPFUND OF PERIOD INCOME INCOME
- -------- ----------- ------------ -------------
Institutional Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0047 $ (0.0047)
10/31/03 1.00 0.0113 (0.0113)
10/31/02 1.00 0.0186 (0.0186)
10/31/01 1.00 0.0477 (0.0477)
10/31/00 1.00 0.0611 (0.0611)
10/01/99 through 10/31/99 1.00 0.0045 (0.0045)
9/30/99 1.00 0.0495 (0.0495)
Dollar Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0034 $ (0.0034)
10/31/03 1.00 0.0088 (0.0088)
10/31/02 1.00 0.0161 (0.0161)
10/31/01 1.00 0.0452 (0.0452)
10/31/00 1.00 0.0586 (0.0586)
10/01/99 through 10/31/99 1.00 0.0043 (0.0043)
9/30/99 1.00 0.0470 (0.0470)
Cash Management Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0022 $ (0.0022)
10/31/03 1.00 0.0063 (0.0063)
10/31/02 1.00 0.0136 (0.0136)
10/31/01 1.00 0.0427 (0.0427)
10/31/00 1.00 0.0561 (0.0561)
10/01/99 through 10/31/99 1.00 0.0041 (0.0041)
06/14/99 /1/ through 09/30/99 1.00 0.0135 (0.0135)
Cash Reserve Shares /7/
11/01/03 through 12/15/03 /12/ $ 1.00 $ 0.0007 $ (0.0007)
10/31/03 1.00 0.0067 (0.0067)
10/31/02 1.00 0.0146 (0.0146)
10/31/01 1.00 0.0437 (0.0437)
05/30/00 /1/ through 10/31/00 1.00 0.0258 (0.0258)
Administration Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0042 $ (0.0042)
10/31/03 1.00 0.0103 (0.0103)
04/04/02 /1/ through 10/31/02 1.00 0.0095 (0.0095)
Bear Stearns Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0010 $ (0.0010)
10/31/03 1.00 0.0034 (0.0034)
05/20/02 /1/ through 10/31/02 1.00 0.0041 (0.0041)
Bear Stearns Private Client Shares
03/26/04 /1/ through 4/30/04 /12/ $ 1.00 $ 0.0005 $ (0.0005)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
72
RATIO OF
RATIO OF EXPENSES TO RATIO OF NET
NET RATIO OF EXPENSES TO AVERAGE INVESTMENT
ASSET EXPENSES TO AVERAGE DAILY DAILY NET INCOME TO
VALUE NET ASSETS AVERAGE NET ASSETS ASSETS AVERAGE
END OF TOTAL END OF DAILY NET (INCLUDING (EXCLUDING DAILY NET
PERIOD RETURN/11/ PERIOD (000) ASSETS CUSTODY CREDITS) WAIVERS) ASSETS
- -------------- ------------ -------------- ------------- ------------------ ------------- -------------
$ 1.00 0.94%/2/ $ 20,569,800 0.18%/2/ 0.18%/2/ 0.20%/2/ 0.94%/2/
1.00 1.14 20,081,053 0.18 0.18 0.20 1.15
1.00 1.88 19,871,753 0.18 0.18 0.18 1.88
1.00 4.87 26,150,330 0.18 0.18 0.20 4.62
1.00 6.28 15,862,970 0.18 0.18 0.20 6.12
1.00 5.42/2/ 13,884,164 0.18/2/ 0.18/2/ 0.20/2/ 5.31/2/
1.00 5.06 12,045,566 0.18 0.18 0.22 4.96
$ 1.00 0.69%/2/ $ 3,437,200 0.43%/2/ 0.43%/2/ 0.45%/2/ 0.69%/2/
1.00 0.89 3,818,036 0.43 0.43 0.45 0.90
1.00 1.62 4,309,354 0.43 0.43 0.43 1.63
1.00 4.61 5,677,232 0.43 0.43 0.45 4.32
1.00 6.02 815,132 0.43 0.43 0.45 5.94
1.00 5.15/2/ 446,569 0.43/2/ 0.43/2/ 0.45/2/ 5.06/2/
1.00 4.81 497,178 0.43 0.43 0.47 4.71
$ 1.00 0.44%/2/ $ 245,896 0.68%/2/ 0.68%/2/ 0.70%/2/ 0.44%/2/
1.00 0.63 147,693 0.68 0.68 0.70 0.57
1.00 1.37 65,140 0.68 0.68 0.68 1.34
1.00 4.35 58,043 0.68 0.68 0.70 3.93
1.00 5.75 30,242 0.68 0.68 0.70 5.68
1.00 4.92/2/ 14,069 0.68/2/ 0.68/2/ 0.70/2/ 4.81/2/
1.00 4.60/2/ 13,789 0.68/2/ 0.68/2/ 0.71/2/ 4.57/2/
$ 1.00 0.54%/2/ $ - 0.58%/2/ 0.58%/2/ 0.60%/2/ 0.55%/2/
1.00 0.76/2/ 6,622 0.58/2/ 0.58/2/ 0.60/2/ 0.94/2/
1.00 1.47 178,398 0.58 0.58 0.58 1.47
1.00 4.46 208,114 0.58 0.58 0.60 4.42
1.00 6.24/2/ 222,325 0.58/2/ 0.58/2/ 0.60/2/ 6.16/2/
$ 1.00 0.84%/2/ $ 365 0.28%/2/ 0.28%/2/ 0.30%/2/ 0.84%/2/
1.00 1.04 330 0.28 0.28 0.30 1.00
1.00 1.66/2/ 124 0.28/2/ 0.28/2/ 0.29/2/ 1.62/2/
$ 1.00 0.20%/2/ $ 176,851 0.92%/2/ 0.92%/2/ 1.02%/2/ 0.21%/2/
1.00 0.34 75,071 0.96 0.96 1.02 0.30
1.00 0.91/2/ 22,717 1.00/2/ 1.00/2/ 1.01/2/ 0.88/2/
$ 1.00 0.53%/2/ $ 6,179 0.34%/2/ 0.34%/2/ 0.63%/2/ 0.32%/2/
73
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO
NET ASSET SHAREHOLDERS
VALUE NET FROM NET
BEGINNING INVESTMENT INVESTMENT
TEMPCASH OF PERIOD INCOME INCOME
- -------- ----------- ------------ -------------
Institutional Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0049 $ (0.0049)
10/31/03 1.00 0.0118 (0.0118)
10/31/02 1.00 0.0193 (0.0193)
10/31/01 1.00 0.0483 (0.0483)
10/31/00 1.00 0.0613 (0.0613)
10/01/99 through 10/31/99 1.00 0.0044 (0.0044)
09/30/99 1.00 0.0496 (0.0496)
Dollar Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0036 $ (0.0036)
10/31/03 1.00 0.0093 (0.0093)
10/31/02 1.00 0.0168 (0.0168)
10/31/01 1.00 0.0458 (0.0458)
10/31/00 1.00 0.0588 (0.0588)
10/01/99 through 10/31/99 1.00 0.0042 (0.0042)
09/30/99 1.00 0.0471 (0.0471)
Bear Stearns Premier Select Shares
03/26/04 /1/ through 4/30/04 /12/ $ 1.00 $ 0.0006 $ (0.0006)
Bear Stearns Premier Shares
03/26/04 /1/ through 4/30/04 /12/ $ 1.00 $ 0.0004 $ (0.0004)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
74
RATIO OF
RATIO OF EXPENSES TO RATIO OF NET
NET RATIO OF EXPENSES TO AVERAGE INVESTMENT
ASSET EXPENSES TO AVERAGE DAILY DAILY NET INCOME TO
VALUE NET ASSETS AVERAGE NET ASSETS ASSETS AVERAGE
END OF TOTAL END OF DAILY NET (INCLUDING (EXCLUDING DAILY NET
PERIOD RETURN/11/ PERIOD (000) ASSETS CUSTODY CREDITS) WAIVERS) ASSETS
- -------------- ------------ -------------- ------------- ------------------ ------------- -------------
$ 1.00 0.98%/2/ $ 10,864,285 0.18%/2/ 0.18%/2/ 0.23%/2/ 0.99%/2/
1.00 1.18 11,193,249 0.18 0.18 0.23 1.18
1.00 1.95 7,195,494 0.18 0.18 0.24 1.92
1.00 4.93 4,923,190 0.18 0.18 0.29 4.76
1.00 6.30 3,785,528 0.18 0.18 0.31 6.18
1.00 5.31/2/ 1,951,436 0.18/2/ 0.18/2/ 0.34/2/ 5.19/2/
1.00 5.07 1,968,626 0.18 0.18 0.30 4.95
$ 1.00 0.73%/2/ $ 498,956 0.43%/2/ 0.43%/2/ 0.45%/2/ 0.74%/2/
1.00 0.93 433,227 0.43 0.43 0.48 0.94
1.00 1.70 402,137 0.43 0.43 0.50 1.71
1.00 4.67 447,082 0.43 0.43 0.54 4.56
1.00 6.04 427,625 0.43 0.43 0.56 5.89
1.00 5.06/2/ 401,426 0.43/2/ 0.43/2/ 0.59/2/ 4.94/2/
1.00 4.82 378,010 0.43 0.43 0.55 4.70
$ 1.00 0.61%/2/ $ 2 0.27%/2/ 0.27%/2/ 0.38%/2/ 0.36%/2/
$ 1.00 0.39%/2/ $ 3 0.47%/2/ 0.47%/2/ 0.54%/2/ 0.25%/2/
75
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO
NET ASSET SHAREHOLDERS
VALUE NET FROM NET
BEGINNING INVESTMENT INVESTMENT
FEDFUND OF PERIOD INCOME INCOME
- ------- ----------- ------------ -------------
Institutional Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0045 $ (0.0045)
10/31/03 1.00 0.0110 (0.0110)
10/31/02 1.00 0.0183 (0.0183)
10/31/01 1.00 0.0469 (0.0469)
10/31/00 1.00 0.0594 (0.0594)
10/31/99 1.00 0.0483 (0.0483)
Dollar Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0032 $ (0.0032)
10/31/03 1.00 0.0085 (0.0085)
10/31/02 1.00 0.0158 (0.0158)
10/31/01 1.00 0.0444 (0.0444)
10/31/00 1.00 0.0569 (0.0569)
10/31/99 1.00 0.0458 (0.0458)
Cash Reserve Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0025 $ (0.0025)
04/01/03 /1/ through 10/31/03 1.00 0.0034 (0.0034)
Bear Stearns Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0003 $ (0.0003)
10/31/03 1.00 0.0033 (0.0033)
05/20/02 /1/ through 10/31/02 1.00 0.0040 (0.0040)
Bear Stearns Premier Select Shares
03/26/04 /1/ through 4/30/04 /12/ $ 1.00 $ 0.0007 $ (0.0007)
Bear Stearns Private Client Shares
03/26/04 /1/ through 4/30/04 /12/ $ 1.00 $ 0.0005 $ (0.0005)
Bear Stearns Premier Shares
03/26/04 /1/ through 4/30/04 /12/ $ 1.00 $ 0.0004 $ (0.0004)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
76
RATIO OF
RATIO OF EXPENSES TO RATIO OF NET
NET RATIO OF EXPENSES TO AVERAGE INVESTMENT
ASSET EXPENSES TO AVERAGE DAILY DAILY NET INCOME TO
VALUE NET ASSETS AVERAGE NET ASSETS ASSETS AVERAGE
END OF TOTAL END OF DAILY NET (INCLUDING (EXCLUDING DAILY NET
PERIOD RETURN/11/ PERIOD (000) ASSETS CUSTODY CREDITS) WAIVERS) ASSETS
- -------------- ------------ -------------- ------------- ------------------ ------------- -------------
$ 1.00 0.90%/2/ $ 2,320,311 0.20%/2/ 0.20%/2/ 0.29%/2/ 0.90%/2/
1.00 1.10 2,163,336 0.20 0.20 0.28 1.10
1.00 1.85 1,955,108 0.20 0.20 0.26 1.82
1.00 4.79 1,684,597 0.20 0.20 0.27 4.61
1.00 6.10 1,400,232 0.20 0.20 0.29 6.01
1.00 4.94 742,744 0.20 0.20 0.28 4.81
$ 1.00 0.65%/2/ $ 341,762 0.45%/2/ 0.45%/2/ 0.54%/2/ 0.65%/2/
1.00 0.85 397,344 0.45 0.45 0.53 0.87
1.00 1.60 635,685 0.45 0.45 0.50 1.61
1.00 4.53 814,186 0.45 0.45 0.52 4.18
1.00 5.84 216,511 0.45 0.45 0.54 6.04
1.00 4.69 34,611 0.45 0.45 0.53 4.56
$ 1.00 0.50%/2/ $ 11,487 0.60%/2/ 0.60%/2/ 0.69%/2/ 0.50%/2/
1.00 0.592 13,492 0.602 0.60/2/ 0.69/2/ 0.58/2/
$ 1.00 0.20%/2/ $ 12,480 0.90%/2/ 0.90%/2/ 1.09%/2/ 0.20%/2/
1.00 0.33 7,889 0.95 0.95 1.08 0.30
1.00 0.89/2/ 2,728 1.00/2/ 1.00/2/ 1.08/2/ 0.87/2/
$ 1.00 0.67%/2/ $ 2 0.27%/2/ 0.27%/2/ 0.50%/2/ 0.26%/2/
$ 1.00 0.44%/2/ $ 2 0.53%/2/ 0.53%/2/ 0.85%/2/ 0.94%/2/
$ 1.00 0.38%/2/ $ 3 0.49%/2/ 0.49%/2/ 0.59%/2/ 0.22%/2/
77
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO
NET ASSET SHAREHOLDERS
VALUE NET FROM NET
BEGINNING INVESTMENT INVESTMENT
T-FUND OF PERIOD INCOME INCOME
- ------ ----------- ------------ -------------
Institutional Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0042 $(0.0042)
10/31/03 1.00 0.0106 (0.0106)
10/31/02 1.00 0.0179 (0.0179)
10/31/01 1.00 0.0454 (0.0454)
10/31/00 1.00 0.0579 (0.0579)
10/31/99 1.00 0.0473 (0.0473)
Dollar Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0030 $(0.0030)
10/31/03 1.00 0.0081 (0.0081)
10/31/02 1.00 0.0154 (0.0154)
10/31/01 1.00 0.0429 (0.0429)
10/31/00 1.00 0.0554 (0.0554)
10/31/99 1.00 0.0448 (0.0448)
Cash Management Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0017 $(0.0017)
10/31/03 1.00 0.0056 (0.0056)
10/31/02 1.00 0.0129 (0.0129)
10/31/01 1.00 0.0404 (0.0404)
10/31/00 1.00 0.0529 (0.0529)
05/17/99 through 10/31/99 1.00 0.0197 (0.0197)
Administration Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0037 $(0.0037)
10/31/03 1.00 0.0096 (0.0096)
04/09/02 through 10/31/02 1.00 0.0089 (0.0089)
Federal Trust Fund
------------------
Institutional Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0042 $(0.0042)
10/31/03 1.00 0.0106 (0.0106)
10/31/02 1.00 0.0183 (0.0183)
10/31/01 1.00 0.0465 (0.0465)
10/31/00 1.00 0.0593 (0.0593)
10/31/99 1.00 0.0478 (0.0478)
Dollar Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0030 $(0.0030)
10/31/03 1.00 0.0081 (0.0081)
10/31/02 1.00 0.0158 (0.0158)
10/31/01 1.00 0.0440 (0.0440)
10/31/00 1.00 0.0568 (0.0568)
10/31/99 1.00 0.0453 (0.0453)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
78
RATIO OF
EXPENSES TO RATIO OF
AVERAGE EXPENSES TO RATIO OF NET
NET RATIO OF DAILY NET AVERAGE INVESTMENT
ASSET EXPENSES TO ASSETS DAILY NET INCOME TO
VALUE, NET ASSETS, AVERAGE (INCLUDING ASSETS AVERAGE
END OF TOTAL END OF DAILY NET CUSTODY (EXCLUDING DAILY NET
PERIOD RETURN/11/ PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
- -------------- ------------- -------------- ------------- ------------- ------------- -------------
$ 1.00 0.85%/2/ $2,390,374 0.20%/2/ 0.20%/2/ 0.28%/2/ 0.85%/2/
1.00 1.06 2,601,725 0.20 0.20 0.27 1.06
1.00 1.80 2,831,278 0.20 0.20 0.25 1.79
1.00 4.63 2,582,091 0.20 0.19 0.27 4.46
1.00 5.95 2,209,396 0.20 0.19 0.28 5.77
1.00 4.83 2,397,386 0.20 0.20 0.26 4.72
$ 1.00 0.60%/2/ $ 699,255 0.45%/2/ 0.45%/2/ 0.53%/2/ 0.60%/2/
1.00 0.81 449,468 0.45 0.45 0.52 0.79
1.00 1.55 448,592 0.45 0.45 0.50 1.54
1.00 4.37 542,219 0.45 0.44 0.52 4.34
1.00 5.68 630,801 0.45 0.44 0.53 5.54
1.00 4.58 612,695 0.45 0.45 0.51 4.47
$ 1.00 0.35%/2/ $ 38,072 0.70%/2/ 0.70%/2/ 0.78%/2/ 0.35%/2/
1.00 0.56 73,714 0.70 0.70 0.77 0.56
1.00 1.29 79,717 0.70 0.70 0.76 1.27
1.00 4.11 45,678 0.70 0.69 0.77 3.99
1.00 5.42 62,480 0.70 0.69 0.78 5.31
1.00 4.372 3,252 0.70/2/ 0.70/2/ 0.78/2/ 4.43/2/
$ 1.00 0.75%/2/ $ 146 0.30%/2/ 0.30%/2/ 0.38%/2/ 0.75%/2/
1.00 0.96 142 0.30 0.30 0.37 0.98
1.00 1.58/2/ 185,529 0.30/2/ 0.30/2/ 0.37/2/ 1.55/2/
$ 1.00 0.86%/2/ $ 148,590 0.20%/2/ 0.20%/2/ 0.36%/2/ 0.85%/2/
1.00 1.07 193,437 0.20 0.20 0.35 1.07
1.00 1.84 194,335 0.20 0.20 0.30 1.84
1.00 4.75 187,005 0.20 0.20 0.31 4.53
1.00 6.10 138,396 0.20 0.20 0.34 5.84
1.00 4.88 219,344 0.20 0.20 0.32 4.76
$ 1.00 0.60%/2/ $ 7,851 0.45%/2/ 0.45%/2/ 0.61%/2/ 0.60%/2/
1.00 0.81 4,555 0.45 0.45 0.60 0.80
1.00 1.59 4,675 0.44 0.44 0.53 1.64
1.00 4.49 14,253 0.45 0.45 0.56 4.39
1.00 5.83 13,200 0.45 0.45 0.59 5.59
1.00 4.63 27,539 0.45 0.45 0.57 4.51
79
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO
NET ASSET SHAREHOLDERS
VALUE NET FROM NET
BEGINNING INVESTMENT INVESTMENT
TREASURY TRUST FUND OF PERIOD INCOME INCOME
- ------------------- ----------- ------------ -------------
Institutional Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0039 $(0.0039)
10/31/03 1.00 0.0098 (0.0098)
10/31/02 1.00 0.0170 (0.0170)
10/31/01 1.00 0.0443 (0.0443)
10/31/00 1.00 0.0552 (0.0552)
10/31/99 1.00 0.0442 (0.0442)
Dollar Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0026 $(0.0026)
10/31/03 1.00 0.0073 (0.0073)
10/31/02 1.00 0.0145 (0.0145)
10/31/01 1.00 0.0418 (0.0418)
10/31/00 1.00 0.0527 (0.0527)
10/31/99 1.00 0.0417 (0.0417)
Cash Management Shares/5/
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0014 $(0.0014)
12/03/02 through 10/31/03 1.00 0.0021 (0.0021)
11/01/01 through 10/15/02 1.00 0.0116 (0.0116)
12/11/00 /1/ through 10/31/01 1.00 0.0331 (0.0331)
Administration Shares/9/
11/01/02 through 10/02/03 $ 1.00 $ 0.0083 $(0.0083)
05/30/02 /1/ through 10/31/02 1.00 0.0063 (0.0063)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
80
RATIO OF
EXPENSES TO RATIO OF
AVERAGE EXPENSES TO RATIO OF NET
NET RATIO OF DAILY NET AVERAGE INVESTMENT
ASSET EXPENSES TO ASSETS DAILY NET INCOME TO
VALUE, NET ASSETS, AVERAGE (INCLUDING ASSETS AVERAGE
END OF TOTAL END OF DAILY NET CUSTODY (EXCLUDING DAILY NET
PERIOD RETURN/11/ PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
- -------------- ------------ -------------- ------------- ------------- ------------- -------------
$ 1.00 0.78%/2/ $ 921,080 0.20%/2/ 0.20%/2/ 0.31%/2/ 0.78%/2/
1.00 0.99 1,401,853 0.20 0.20 0.30 0.97
1.00 1.71 1,053,635 0.20 0.20 0.28 1.70
1.00 4.52 766,758 0.19 0.19 0.27 4.48
1.00 5.66 846,651 0.20 0.20 0.29 5.49
1.00 4.51 826,167 0.20 0.20 0.28 4.41
$ 1.00 0.53%/2/ $ 269,266 0.45%/2/ 0.45%/2/ 0.56%/2/ 0.53%/2/
1.00 0.74 270,930 0.45 0.45 0.56 0.75
1.00 1.46 321,730 0.45 0.45 0.53 1.46
1.00 4.26 379,989 0.44 0.44 0.52 4.17
1.00 5.40 310,589 0.45 0.45 0.54 5.23
1.00 4.26 398,972 0.45 0.45 0.53 4.14
$ 1.00 0.28%/2/ $ 5,116 0.70%/2/ 0.70%/2/ 0.80%/2/ 0.27%/2/
1.00 0.39/2/ 6,924 0.70/2/ 0.70/2/ 0.80/2/ 0.48/2/
1.00 1.16/2/ - 0.69/2/ 0.69/2/ 0.76/2/ 1.22/2/
1.00 3.78/2/ 8,363 0.76/2/ 0.76/2/ 0.85/2/ 4.42/2/
$ 1.00 0.91%/2/ $ - 0.30%/2/ 0.30%/2/ 0.41%/2/ 0.91%/2/
1.00 1.49/2/ 33,255 0.30/2/ 0.30/2/ 0.42/2/ 1.49/2/
81
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO
NET ASSET SHAREHOLDERS
VALUE NET FROM NET
BEGINNING INVESTMENT INVESTMENT
MUNIFUND OF PERIOD INCOME INCOME
- -------- ----------- ------------ -------------
Institutional Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0042 $(0.0042)
10/31/03 1.00 0.0096 (0.0096)
10/31/02 1.00 0.0142 (0.0142)
10/31/01 1.00 0.0302 (0.0302)
10/31/00 1.00 0.0379 (0.0379)
12/01/98 through 10/31/99 1.00 0.0273 (0.0273)
11/30/98 1.00 0.0327 (0.0327)
Dollar Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0030 $(0.0030)
10/31/03 1.00 0.0071 (0.0071)
10/31/02 1.00 0.0117 (0.0117)
10/31/01 1.00 0.0277 (0.0277)
10/31/00 1.00 0.0354 (0.0354)
12/01/98 through 10/31/99 1.00 0.0250 (0.0250)
11/30/98 1.00 0.0302 (0.0302)
Cash Management Shares4
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0017 $(0.0017)
10/31/03 1.00 0.0040 (0.0040)
10/31/02 1.00 0.0085 (0.0085)
10/31/01 1.00 0.0252 (0.0252)
10/31/00 1.00 0.0329 (0.0329)
06/14/99 /1/ through 10/31/99 1.00 0.0099 (0.0099)
Cash Reserve Shares/8/
11/01/02 through 08/06/03 $ 1.00 $ 0.0047 $(0.0047)
10/31/02 1.00 0.0102 (0.0102)
10/31/01 1.00 0.0262 (0.0262)
08/04/02 through 10/31/00 1.00 0.0090 (0.0090)
Administration Shares/10/
11/01/02 through 10/06/03 $ 1.00 $ 0.0081 $(0.0081)
04/18/02 /1/ through 10/31/02 1.00 0.0069 (0.0069)
Bear Stearns Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0010 $(0.0010)
10/31/03 1.00 0.0026 (0.0026)
05/20/02 /1/ through 10/31/02 1.00 0.0024 (0.0024)
Bear Stearns Private Client Shares
3/26/04 /1/ through 4/30/04 /12/ $ 1.00 $ 0.0004 $(0.0004)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
82
RATIO OF
EXPENSES TO RATIO OF
AVERAGE EXPENSES TO RATIO OF NET
NET RATIO OF DAILY NET AVERAGE INVESTMENT
ASSET EXPENSES TO ASSETS DAILY NET INCOME TO
VALUE, NET ASSETS, AVERAGE (INCLUDING ASSETS AVERAGE
END OF TOTAL END OF DAILY NET CUSTODY (EXCLUDING DAILY NET
PERIOD RETURN/11/ PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
- -------------- ------------ -------------- ------------- ------------- ------------- -------------
$ 1.00 0.96%/2/ $ 1,563,962 0.20%/2/ 0.19%/2/ 0.35%/2/ 0.84%/2/
1.00 0.96 1,549,951 0.20 0.19 0.35 0.93
1.00 1.43 1,037,163 0.20 0.19 0.37 1.41
1.00 3.06 688,837 0.20 0.19 0.39 3.02
1.00 3.86 605,741 0.20 0.19 0.41 3.79
1.00 3.02/2/ 483,033 0.20/2/ 0.20/2/ 0.41/2/ 2.96/2/
1.00 3.32 467,760 0.25 0.25 0.41 3.26
$ 1.00 0.60%/2/ $ 83,064 0.45%/2/ 0.44%/2/ 0.60%/2/ 0.60%/2/
1.00 0.71 37,749 0.45 0.44 0.60 0.74
1.00 1.18 74,526 0.45 0.44 0.62 1.18
1.00 2.81 70,990 0.45 0.44 0.64 2.66
1.00 3.60 63,619 0.45 0.44 0.66 3.55
1.00 2.77/2/ 56,238 0.45/2/ 0.45/2/ 0.66/2/ 2.71/2/
1.00 3.07 51,736 0.50 0.50 0.66 3.01
$ 1.00 0.35%/2/ $ 28,209 0.70%/2/ 0.69%/2/ 0.85%/2/ 0.34%/2/
1.00 0.45/2/ 22,423 0.70/2/ 0.69/2/ 0.85/2/ 0.40/2/
1.00 0.91/2/ 11,197 0.70/2/ 0.69/2/ 0.87/2/ 0.90/2/
1.00 2.55 4,763 0.70 0.69 0.89 2.39
1.00 3.34 3,663 0.70 0.69 0.90 3.33
1.00 2.61/2/ 2,712 0.70/2/ 0.70/2/ 0.92/2/ 2.58/2/
$ 1.00 0.57%/2/ $ - 0.60%/2/ 0.59%/2/ 0.75%/2/ 0.63%/2/
1.00 1.03 8,626 0.60 0.59 0.77 1.03
1.00 2.65 12,089 0.60 0.59 0.79 2.68
1.00 3.74/2/ 17,151 0.60/2/ 0.59/2/ 0.79/2/ 3.69/2/
$ 1.00 0.87%/2/ $ - 0.30%/2/ 0.29%/2/ 0.45% 0.90%/2/
1.00 1.28/2/ 13,051 0.30/2/ 0.29/2/ 0.47/2/ 1.27/2/
$ 1.00 0.20%/2/ $ 27,895 0.83%/2/ 0.83%/2/ 1.14%/2/ 0.20%/2/
1.00 0.26 5,371 0.88 0.87 1.15 0.25
1.00 0.54/2/ 6,215 1.00/2/ 0.99/2/ 1.16/2/ 0.57/2/
$ 1.00 0.42%/2/ $ 2 0.52%/2/ 0.52%/2/ 0.78%/2/ 0.26%/2/
83
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO
NET ASSET SHAREHOLDERS
VALUE NET FROM NET
BEGINNING INVESTMENT INVESTMENT
MUNICASH OF PERIOD INCOME INCOME
- -------- ----------- ------------ -------------
Institutional Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0044 $ (0.0044)
10/31/03 1.00 0.0108 (0.0108)
10/31/02 1.00 0.0156 (0.0156)
10/31/01 1.00 0.0325 (0.0325)
10/31/00 1.00 0.0392 (0.0392)
12/01/98 through 10/31/99 1.00 0.0281 (0.0281)
11/30/98 1.00 0.0346 (0.0346)
Dollar Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0032 $ (0.0032)
10/31/03 1.00 0.0083 (0.0083)
10/31/02 1.00 0.0131 (0.0131)
10/31/01 1.00 0.0300 (0.0300)
10/31/00 1.00 0.0367 (0.0367)
12/01/98 through 10/31/99 1.00 0.0258 (0.0258)
11/30/98 1.00 0.0321 (0.0321)
Cash Management Shares /6/
11/01/01 through 10/15/02 $ 1.00 $ 0.0101 $ (0.0101)
3/2/01 /1/ through 10/31/01 1.00 0.0163 (0.0163)
Bear Stearns Premier Select Shares
03/26/04 /1/ through 04/30/04 /12/ $ 1.00 $ 0.0006 $ (0.0006)
Bear Stearns Premier Shares
03/26/04 /1/ through 04/30/04 /12/ $ 1.00 $ 0.0004 $ (0.0004)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
84
RATIO OF
EXPENSES TO RATIO OF
AVERAGE EXPENSES TO RATIO OF NET
NET RATIO OF DAILY NET AVERAGE INVESTMENT
ASSET EXPENSES TO ASSETS DAILY NET INCOME TO
VALUE, NET ASSETS, AVERAGE (INCLUDING ASSETS AVERAGE
END OF TOTAL END OF DAILY NET CUSTODY (EXCLUDING DAILY NET
PERIOD RETURN/11/ PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
- -------------- ------------ -------------- ------------- ------------- ------------- -------------
$ 1.00 0.89%/2/ $ 2,050,747 0.20%/2/ 0.19%/2/ 0.32%/2/ 0.89%/2/
1.00 1.09 2,054,465 0.20 0.19 0.34 1.04
1.00 1.57 1,257,237 0.20 0.19 0.36 1.55
1.00 3.30 809,890 0.20 0.19 0.40 3.04
1.00 3.99 298,832 0.20 0.20 0.40 3.91
1.00 3.11/2/ 308,212 0.20/2/ 0.20/2/ 0.41/2/ 3.05/2/
1.00 3.51 500,254 0.18 0.18 0.40 3.47
$ 1.00 0.64%/2/ $ 87,853 0.45%/2/ 0.44%/2/ 0.58%/2/ 0.64%/2/
1.00 0.84 90,241 0.45 0.44 0.59 0.81
1.00 1.32 58,991 0.45 0.44 0.61 1.30
1.00 3.04 40,306 0.45 0.45 0.65 3.19
1.00 3.73 101,373 0.45 0.45 0.65 3.63
1.00 2.86/2/ 123,017 0.45/2/ 0.45/2/ 0.66/2/ 2.80/2/
1.00 3.26 91,404 0.43 0.43 0.65 3.22
$ 1.00 1.01%/2/ $ - 0.70%/2/ 0.69%/2/ 0.87%/2/ 1.07%/2/
1.00 2.47/2/ 5,118 0.69/2/ 0.69/2/ 0.89/2/ 2.36/2/
$ 1.00 0.67%/2/ $ 2 0.27%/2/ 0.27%/2/ 0.51%/2/ 0.40%/2/
$ 1.00 0.44%/2/ $ 2 0.47%/2/ 0.47%/2/ 0.61%/2/ 0.26%/2/
85
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO
NET ASSET SHAREHOLDERS
VALUE NET FROM NET
BEGINNING INVESTMENT INVESTMENT
CALIFORNIA MONEY FUND OF PERIOD INCOME INCOME
- --------------------- ----------- ------------ -------------
Institutional Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0040 $(0.0040)
10/31/03 1.00 0.0094 (0.0094)
10/31/02 1.00 0.0132 (0.0132)
10/31/01 1.00 0.0271 (0.0271)
10/31/00 1.00 0.0326 (0.0326)
02/01/99 through 10/31/99 1.00 0.0201 (0.0201)
1/31/99 1.00 0.0305 (0.0305)
Dollar Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0028 $(0.0028)
10/31/03 1.00 0.0069 (0.0069)
10/31/02 1.00 0.0107 (0.0107)
10/31/01 1.00 0.0246 (0.0246)
10/31/00 1.00 0.0301 (0.0301)
02/01/99 through 10/31/99 1.00 0.0182 (0.0182)
1/31/99 1.00 0.0280 (0.0280)
Cash Management Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0016 $(0.0016)
07/14/03 /1/ through 10/31/03 1.00 0.0008 (0.0008)
Bear Stearns Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0004 $(0.0004)
10/31/03 1.00 0.0025 (0.0025)
05/20/02 /1/ through 10/31/02 1.00 0.0022 (0.0022)
Bear Stearns Premier Select Shares
03/26/04 /1/ through 04/30/04 /12/ $ 1.00 $ 0.0006 $(0.0006)
Bear Stearns Private Client Shares
03/26/04 /1/ through 04/30/04 /12/ $ 1.00 $ 0.0004 $(0.0004)
Bear Stearns Premier Shares
03/26/04 /1/ through 04/30/04 /12/ $ 1.00 $ 0.0004 $(0.0004)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
86
RATIO OF
EXPENSES TO RATIO OF
AVERAGE EXPENSES TO RATIO OF NET
NET RATIO OF DAILY NET AVERAGE INVESTMENT
ASSET EXPENSES TO ASSETS DAILY NET INCOME TO
VALUE, NET ASSETS, AVERAGE (INCLUDING ASSETS AVERAGE
END OF TOTAL END OF DAILY NET CUSTODY (EXCLUDING DAILY NET
PERIOD RETURN/11/ PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
- -------------- ------------- -------------- ------------- ------------- ------------- -------------
$ 1.00 0.81%/2/ $ 372,633 0.20%/2/ 0.19%/2/ 0.40%/2/ 0.81%/2/
1.00 0.94 496,630 0.20 0.19 0.40 0.93
1.00 1.33 456,081 0.20 0.19 0.42 1.32
1.00 2.74 542,541 0.20 0.19 0.44 2.72
1.00 3.31 575,735 0.20 0.20 0.44 3.25
1.00 2.73/2/ 543,476 0.20/2/ 0.20/2/ 0.45/2/ 2.68/2/
1.00 3.09 549,170 0.20 0.20 0.45 3.02
$ 1.00 0.56%/2/ $ 1,401 0.45%/2/ 0.44%/2/ 0.65%/2/ 0.61%/2/
1.00 0.69 15,463 0.45 0.44 0.65 0.71
1.00 1.07 29,922 0.45 0.45 0.67 1.12
1.00 2.49 27,460 0.45 0.44 0.69 2.45
1.00 3.05 10,212 0.45 0.45 0.69 2.98
1.00 2.48/2/ 8,288 0.45/2/ 0.45/2/ 0.70/2/ 2.43/2/
1.00 2.84 139,601 0.45 0.45 0.70 2.77
$ 1.00 0.31%/2/ $ 182 0.70%/2/ 0.69%/2/ 0.90%/2/ 0.31%/2/
1.00 0.25/2/ 227 0.69/2/ 0.68/2/ 0.91/2/ 0.25/2/
$ 1.00 0.20%/2/ $ 10,602 0.80%/2/ 0.80%/2/ 1.20%/2/ 0.20%/2/
1.00 0.25 3,103 0.88 0.87 1.20 0.24
1.00 0.48/2/ 668 1.00/2/ 0.99/2/ 1.20/2/ 0.51/2/
$ 1.00 0.63%/2/ $ 2 0.26%/2/ 0.26%/2/ 0.61%/2/ 0.38%/2/
$ 1.00 0.41%/2/ $ 2 0.52%/2/ 0.52%/2/ 0.89%/2/ 0.23%/2/
$ 1.00 0.44%/2/ $ 3 0.38%/2/ 0.38%/2/ 0.64%/2/ 0.27%/2/
87
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO
NET ASSET SHAREHOLDERS
VALUE NET FROM NET
BEGINNING INVESTMENT INVESTMENT
NEW YORK MONEY FUND OF PERIOD INCOME INCOME
------------------- ----------- ------------ -------------
Institutional Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0041 $ (0.0041)
10/31/03 1.00 0.0096 (0.0096)
10/31/02 1.00 0.0131 (0.0131)
10/31/01 1.00 0.0285 (0.0285)
10/31/00 1.00 0.0364 (0.0364)
08/01/99 through 10/31/99 1.00 0.0076 (0.0076)
7/31/99 1.00 0.0289 (0.0289)
Dollar Shares3
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0029 $ (0.0029)
10/31/03 1.00 0.0071 (0.0071)
10/31/02 1.00 0.0106 (0.0106)
10/31/01 1.00 0.0260 (0.0260)
10/31/00 1.00 0.0205 (0.0205)
08/01/99 through 10/31/99 1.00 - -
7/31/99 1.00 - -
Bear Stearns Shares
11/01/03 through 4/30/04 /12/ $ 1.00 $ 0.0004 $ (0.0004)
10/31/03 1.00 0.0025 (0.0025)
05/20/02 /1/ through 10/31/02 1.00 0.0021 (0.0021)
Bear Stearns Premier Select Shares
03/26/04 /1/ through 04/30/04 /12/ $ 1.00 $ 0.0006 $ (0.0006)
Bear Stearns Private Client Shares
03/26/04 /1/ through 04/30/04 /12/ $ 1.00 $ 0.0004 $ (0.0004)
Bear Stearns Premier Shares
03/26/04 /1/ through 04/30/04 /12/ $ 1.00 $ 0.0004 $ (0.0004)
/1/ Commencement of operations of share class.
/2/ Annualized.
/3/ There were no Dollar Shares outstanding during the period July 21, 1998 to
April 10, 2000.
/4/ There were no Cash Management Shares outstanding during the periods
December 18, 2001 to January 10, 2002 and December 06, 2002 to January 09,
2003.
/5/ There were no Cash Management Shares outstanding during the periods October
16, 2002 to December 02, 2002 and January 17, 2003 to May 29, 2003.
/6/ There were no Cash Management Shares outstanding during the period October
16, 2002 to April 30, 2004.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
88
RATIO OF
EXPENSES TO RATIO OF
AVERAGE EXPENSES TO RATIO OF NET
NET RATIO OF DAILY NET AVERAGE INVESTMENT
ASSET EXPENSES TO ASSETS DAILY NET INCOME TO
VALUE, NET ASSETS, AVERAGE (INCLUDING ASSETS AVERAGE
END OF TOTAL END OF DAILY NET CUSTODY (EXCLUDING DAILY NET
PERIOD RETURN/11/ PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
------------ ----------- ------------- ------------- ------------- ------------- -------------
$ 1.00 0.83%/2/ $ 299,156 0.20%/2/ 0.20%/2/ 0.40%/2/ 0.83%/2/
1.00 0.96 347,960 0.20 0.19 0.40 0.95
1.00 1.32 362,077 0.20 0.19 0.41 1.31
1.00 2.89 369,989 0.20 0.19 0.44 2.82
1.00 3.71 302,194 0.20 0.19 0.46 3.61
1.00 3.06/2/ 323,247 0.20/2/ 0.20/2/ 0.50/2/ 3.02/2/
1.00 2.93 295,728 0.20 0.20 0.48 2.87
$ 1.00 0.58%/2/ $ 5,052 0.44%/2/ 0.45%/2/ 0.65%/2/ 0.59%/2/
1.00 0.71 5,216 0.45 0.44 0.65 0.68
1.00 1.07 4,716 0.45 0.44 0.66 1.06
1.00 2.63 3,896 0.45 0.44 0.69 2.52
1.00 3.73/2/ 1,647 0.45/2/ 0.44/2/ 0.70/2/ 3.66/2/
1.00 - - - - - -
1.00 - - - - - -
$ 1.00 0.20%/2/ $ 24,296 0.82%/2/ 0.82%/2/ 1.20%/2/ 0.20%/2/
1.00 0.25 18,652 0.91 0.90 1.20 0.25
1.00 0.46/2/ 16,997 1.00/2/ 0.99/2/ 1.19/2/ 0.46/2/
$ 1.00 0.59%/2/ $ 2 0.26%/2/ 0.26%/2/ 0.61%/2/ 0.34%/2/
$ 1.00 0.40%/2/ $ 2 0.52%/2/ 0.52%/2/ 0.90%/2/ 0.23%/2/
$ 1.00 0.42%/2/ $ 3 0.39%/2/ 0.39%/2/ 0.66%/2/ 0.26%/2/
/7/ There were no Cash Reserve Shares outstanding during the period August 7,
2003 to September 15, 2003 and December 16, 2003 to April 30, 2004.
/8/ There were no Cash Reserve Shares outstanding during the period August 7,
2003 to April 30, 2004.
/9/ There were no Administration Shares outstanding during the period October
3, 2003 to April 30, 2004.
/10/ There were no Administration Shares outstanding during the period October
7, 2003 to April 30, 2004.
/11/ Past performance is no guarantee of future results.
/12/ Unaudited.
89
NOTES TO FINANCIAL STATEMENTS
BlackRock Liquidity Funds (the "Trust") (formerly, BlackRock Provident
Institutional Funds) is organized as a Delaware statutory trust and is
registered as an open-end management investment company under the Investment
Company Act of 1940, as amended. The Trust is the successor to five investment
companies: (1) Temporary Investment Fund, Inc.; (2) Trust for Federal
Securities; (3) Municipal Fund for Temporary Investment; (4) Municipal Fund for
California Investors, Inc.; and (5) Municipal Fund for New York Investors, Inc.
(together, the "Predecessor Companies"). On February 10, 1999, the Predecessor
Companies were each reorganized into the Trust. The financial statements and
these accompanying notes relate to the Trust's ten portfolios: TempFund,
TempCash, FedFund, T-Fund, Federal Trust Fund, Treasury Trust Fund, MuniFund,
MuniCash, California Money Fund and New York Money (each a "Fund" and together,
the "Funds").
California Money Fund and New York Money Fund each offers eleven classes of
shares: Administration Shares, Bear Stearns Shares, Bear Stearns Premier Shares,
Bear Stearns Premier Select Shares, Bear Stearns Private Client Shares, Cash
Management Shares, Cash Plus Shares, Cash Reserve Shares, Dollar Shares,
Institutional Shares and Plus Shares. TempFund and MuniFund each offers eight
classes of shares: Administration Shares, Bear Stearns Shares, Bear Stearns
Private Client Shares, Cash Management Shares, Cash Reserve Shares, Dollar
Shares, Institutional Shares, and Plus Shares. FedFund offers ten classes of
shares: Administration Shares, Bear Stearns Shares, Bear Stearns Premier Shares,
Bear Stearns Premier Select Shares, Bear Stearns Private Client Shares, Cash
Management Shares, Cash Plus Shares, Cash Reserve Shares, Dollar Shares and
Institutional Shares. TempCash and MuniCash each offers eight classes of shares:
Administration Shares, Bear Stearns Premier Shares, Bear Stearns Premier Select
Shares, Cash Management Shares, Cash Plus Shares, Cash Reserve Shares, Dollar
Shares and Institutional Shares. T-Fund offers six classes of shares:
Administration Shares, Cash Management Shares, Cash Reserve Shares, Dollar
Shares, Institutional Shares and Plus Shares. Federal Trust Fund and Treasury
Trust Fund each offers five classes of shares: Administration Shares, Cash
Management Shares, Cash Reserve Shares, Dollar Shares and Institutional Shares.
Pursuant to a Shareholder Service Plan, and as specified in a servicing
agreement, financial institutions ("Service Organizations") provide certain
services, not intended to promote the sale of the shares, to their clients who
beneficially own shares of a particular class, in consideration for the Trust's
payment of a fee to the Servicing Organization at an annual rate not to exceed:
..10% for Administration Shares; .25% for Dollar Shares; .40% for Cash Reserve
Shares and Bear Stearns Premier Select Shares; and .50% for Cash Management
Shares, Bear Stearns Shares, Bear Stearns Premier Shares, Bear Stearns Private
Client Shares and Cash Plus Shares, of the average daily net asset value of such
Shares. The difference in the level of fees is related to the type and number of
services provided by the Servicing Organization. Pursuant to a Distribution
Plan, and as specified in a related agreement, institutions that are
broker/dealers ("Broker/Dealers") provide certain sales support and distribution
services to their clients who beneficially own Plus Shares, Bear Stearns Shares,
Bear Stearns Premier Shares, Bear Stearns Premier Select Shares, Bear Stearns
Private Client Shares, and Cash Plus Shares, in consideration for the Trust's
payment of a fee to the Broker/Dealer at an annual rate not to exceed .10% of
the average daily net asset value with respect to Bear Stearns Premier Shares
and Bear Stearns Premier Select Shares; .25% (not to exceed .40% in the case of
New York Money Fund and California Money Fund) of the average daily net asset
value with respect to Plus Shares; and .35% of the average daily net asset value
with respect to Bear Stearns Shares, Bear Stearns Private Client Shares and Cash
Plus Shares. Dividends paid to Administration, Dollar, Plus, Cash Reserve, Cash
Management, Bear Stearns Shares, Bear Stearns Premier Shares, Bear Stearns
Premier Select Shares, Bear Stearns Private Client Shares and Cash Plus Shares
shareholders are reduced by such fees. Institutional Shares are sold to
institutional investors who choose not to enter into agreements with the Trust.
As of April 30, 2004, no Plus Shares or Cash Plus Shares were outstanding.
Certain California municipal obligations in the California Money Fund may
be obligations of issuers that rely in whole or in part on California State
revenues, real property taxes, revenues from health care institutions, or
obligations secured by mortgages on real property. Consequently, the possible
effect of economic conditions in California or of California law on these
obligations must be considered.
90
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Certain New York municipal obligations in the New York Money Fund may be
obligations of issuers that rely in whole or in part on New York State revenues,
real property taxes, revenues from health care institutions, or obligations
secured by mortgages on real property. Consequently, the possible effect of
economic conditions in New York State or of New York law on these obligations
must be considered.
(A) Summary of Significant Accounting Policies
Use of Estimates -- The preparation of financial statements in conformity
with accounting principles generally accepted in the United States requires
management to make estimates and assumptions that could affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ
from these estimates.
Security Valuation -- Portfolio securities are valued under the amortized
cost method which approximates current market value. Under this method,
securities are valued at cost when purchased and thereafter a constant
proportionate amortization of any discount or premium is recorded until maturity
of the security. Regular review and monitoring of the valuation is performed in
an attempt to avoid dilution or other unfair results to shareholders. The Trust
seeks to maintain the net asset value per share of each portfolio at $1.00.
Repurchase Agreements -- For TempFund, TempCash, FedFund and T-Fund, the
Trust may purchase money market instruments from financial institutions, such as
banks and non-bank dealers, subject to the seller's agreement to repurchase them
at an agreed upon date and price. Collateral for repurchase agreements may have
longer maturities than the maximum permissible remaining maturity of portfolio
investments, provided the repurchase agreements themselves mature in one year or
less. The seller will be required on a daily basis to maintain the value of the
securities subject to the agreement at no less than the repurchase price.
Repurchase agreements with maturities in excess of seven days are subject to a
seven day put feature.
Dividends to Shareholders -- Dividends from net investment income are
declared daily and paid monthly. Net realized capital gains, if any, are
distributed at least annually.
Security Transactions and Investment Income -- Investment transactions are
accounted for on the trade date and the cost of investments sold and realized
gains and losses thereon are determined by use of the specific identification
method for both financial reporting and income tax purposes. Interest income is
recorded on the accrual basis.
Other -- Expenses that are directly related to one of the Funds are charged
directly to that Fund. Other operating expenses are prorated to the Funds on the
basis of relative net assets. Class- specific expenses, such as 12b-1 service
fees, are borne by that class. Income, other expenses and realized and
unrealized gains and losses of a Fund are allocated to the respective class on
the basis of the relative net assets each day. For the six months ended April
30, 2004, the following shows the various types of class-specific expenses borne
directly by each class of each Fund and any associated waivers of those
expenses.
91
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
1. SHAREHOLDER SERVICE FEES SHARE CLASSES
----------------------------------------------------------------------------------------------------
CASH CASH BEAR BEAR STEARNS BEAR STEARNS BEAR STEARNS
DOLLAR MANAGEMENT RESERVE ADMINISTRATION STEARNS PRIVATE CLIENT PREMIER PREMIER SELECT
---------- ---------- ------- -------------- -------- -------------- ------------ --------------
TempFund ...................... $4,601,424 $471,861 $ 6,414 $174 $338,032 $1,434 - -
TempCash ...................... 568,068 - - - - - 1 1
FedFund ....................... 486,147 - 25,033 - 24,757 1 1 1
T-Fund ........................ 892,105 133,288 - 120 - - - -
Federal Trust Fund ............ 6,777 - - - - - - -
Treasury Trust Fund ........... 352,745 36,470 - - - - - -
MuniFund ...................... 51,561 58,188 - - 31,943 1 - -
MuniCash ...................... 113,112 - - - - - 1 1
California Money Fund ......... 4,507 518 - - 23,073 1 1 1
New York Money Fund ........... 6,841 - - - 51,951 1 1 1
2. SHAREHOLDER SERVICE FEES
WAIVED SHARE CLASSES
-------------------------------------------------------
BEAR BEAR STEARNS BEAR STEARNS BEAR STEARNS
STEARNS PRIVATE CLIENT PREMIER PREMIER SELECT
-------- -------------- ------------ --------------
TempFund ...................... $60,781 $1,314 - -
TempCash ...................... - - - 1
FedFund ....................... 5,755 1 - 1
T-Fund ........................ - - - -
Federal Trust Fund ............ - - - -
Treasury Trust Fund ........... - - - -
MuniFund ...................... 11,741 1 - -
MuniCash ...................... - - 1 1
California Money Fund ......... 10,032 1 1 1
New York Money Fund ........... 20,586 1 1 1
3. DISTRIBUTION FEES SHARE CLASSES
-------------------------------------------------------
BEAR BEAR STEARNS BEAR STEARNS BEAR STEARNS
STEARNS PRIVATE CLIENT PREMIER PREMIER SELECT
-------- -------------- ------------ --------------
TempFund ...................... $251,726 $1,004 - -
TempCash ...................... - - - -
FedFund ....................... 19,256 1 1 1
T-Fund ........................ - - - -
Federal Trust Fund ............ - - - -
Treasury Trust Fund ........... - - - -
MuniFund ...................... 24,844 1 - -
MuniCash ...................... - - 1 1
California Money Fund ......... 17,946 1 1 1
New York Money Fund ........... 40,406 1 1 1
(B) Transactions with Affiliates and Related Parties
Pursuant to agreements between the Trust and BlackRock Institutional
Management Corporation ("BIMC"), an indirect wholly-owned subsidiary of
BlackRock, Inc., BIMC manages the Funds and serves as Co-Administrator (as
defined below). BlackRock, Inc. is an indirect majority-owned subsidiary of The
PNC Financial Services Group, Inc. ("PNC"). PFPC Trust Co., an indirect
subsidiary of PNC, is the Trust's custodian and PFPC Inc. ("PFPC"), an indirect
subsidiary of PNC, is the Trust's transfer agent and Co-Administrator.
BlackRock Distributors, Inc., ("BDI"), an indirect subsidiary of PNC,
serves as the Trust's distributor.
92
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The Trust has entered into an Administration Agreement with PFPC and BIMC
under which they provide certain administrative services (together, the
"Co-Administrators").
In return for BIMC's advisory services, the Trust pays BIMC a fee, computed
daily and payable monthly, based upon an annualized percentage of the average
net assets of TempFund as follows: .175% of the first $1 billion, .15% of the
next $1 billion, .125% of the next $1 billion, .10% of the next $1 billion,
..095% of the next $1 billion, .09% of the next $1 billion, .08% of the next $1
billion, .075% of the next $1 billion and .07% of net assets in excess of $8
billion. With respect to TempCash, MuniFund and MuniCash, the fee payable, based
on each portfolio's average daily net assets, and with respect to FedFund,
T-Fund, Federal Trust Fund and Treasury Trust Fund, the fee payable based on
those Funds' combined average assets, is as follows: .175% of the first $1
billion, .15% of the next $1 billion, .125% of the next $1 billion, .10% of the
next $1 billion, .095% of the next $1 billion, .09% of the next $1 billion,
..085% of the next $1 billion and .08% of net assets in excess of $7 billion.
California Money Fund and New York Money Fund pay BIMC a fee, computed daily and
payable monthly, at an annual rate of .20% of average net assets.
For the six months ended April 30, 2004, advisory fees and waivers for each
Fund were as follows:
GROSS NET ADVISORY
ADVISORY FEE WAIVER FEE
-------------- -------------- -------------
TempFund ...................... $ 10,794,504 $ 1,606,483 $ 9,188,021
TempCash ...................... 6,051,065 1,476,152 4,574,913
FedFund ....................... 1,507,946 593,056 914,890
T-Fund ........................ 1,842,470 667,472 1,174,998
Federal Trust Fund ............ 95,697 68,296 27,401
Treasury Trust Fund ........... 868,913 404,657 464,256
MuniFund ...................... 1,441,091 668,759 772,332
MuniCash ...................... 1,834,426 774,716 1,059,710
California Money Fund ......... 471,881 242,296 229,585
New York Money Fund ........... 366,682 187,262 179,420
In return for their administrative services, the Trust pays the
Co-Administrators a fee, computed daily and payable monthly, based upon an
annualized percentage of the average net assets of each Fund as follows: .175%
of the first $1 billion, .15% of the next $1 billion, .125% of the next $1
billion and .10% of amounts in excess of $3 billion.
For the six months ended April 30, 2004, administration fees and waivers
for each Fund were as follows:
GROSS NET
ADMINISTRATION ADMINISTRATION
FEE WAIVER FEE
---------------- ------------- ---------------
TempFund ...................... $13,822,360 $1,606,484 $12,215,876
TempCash ...................... 6,693,613 1,476,152 5,271,461
FedFund ....................... 2,022,671 593,056 1,429,615
T-Fund ........................ 2,357,666 667,472 1,690,194
Federal Trust Fund ............ 146,636 68,296 78,340
Treasury Trust Fund ........... 1,265,980 404,658 861,322
MuniFund ...................... 1,441,091 668,760 772,331
MuniCash ...................... 1,834,426 774,717 1,059,709
California Money Fund ......... 412,896 242,297 170,599
New York Money Fund ........... 320,847 187,263 133,584
93
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The Co-Administrators and BIMC have contractually agreed to reduce their
fees or reimburse expenses to the extent necessary to ensure that the net
operating expenses (excluding class specific fees paid to Service Organizations
and/or Broker/Dealers) of TempFund and TempCash do not exceed .18% of their
respective average net assets; and with respect to the other eight Funds, do not
exceed .20% of their respective average net assets. The net advisory and net
administration fees in the preceding tables reflect these reductions, if any.
In return for PFPC's transfer agent services, the Trust pays certain fees
and charges to PFPC. For the six months ended April 30, 2004, the Funds paid the
following amounts to PFPC for transfer agent services: $149,027 with respect to
TempFund, $32,430 with respect to TempCash, $29,828 with respect to FedFund,
$49,194 with respect to T-Fund, $16,858 with respect to Federal Trust Fund,
$23,487 with respect to Treasury Trust Fund, $25,538 with respect to MuniFund,
$13,239 with respect to MuniCash, $11,136 with respect to California Money Fund
and $10,215 with respect to New York Money Fund.
In return for custody services provided by PFPC Trust Co., the Trust pays
PFPC Trust Co. a fee, computed daily and payable monthly, based upon an
annualized percentage of the average gross assets of each Fund as follows: .006%
of the first $10 billion, .0055% of the next $10 billion and .005% of the
average gross assets in excess of $20 billion. The Trust may also pay certain
out-of-pocket expenses that are charged by PFPC Trust Co.
Pursuant to the Trust's operating procedures, custodian fees may be reduced
by amounts calculated on uninvested cash balances ("custody credits"). For the
six months ended April 30, 2004, custody credits earned were as follows: $761
with respect to FedFund, $5,322 with respect to T-Fund, $3 with respect to
Federal Trust Fund, $63,179 with respect to MuniFund, $97,927 with respect to
MuniCash, $11,977 with respect to California Money Fund and $8,482 with respect
to New York Money Fund.
Pursuant to the Plus Shares Distribution and Services Plan, the Cash Plus
Shares Distribution Plan, the Bear Stearns Shares Distribution Plan, the Bear
Stearns Premier Shares Distribution Plan, the Bear Stearns Premier Select Shares
Distribution Plan and the Bear Stearns Private Client Shares Distribution Plan,
the Trust may pay BlackRock Distributors, Inc. and/or a Broker/Dealer a fee for
distribution and sales support services. Currently, fees are only being paid
pursuant to the Bear Stearns Shares Distribution Plan, the Bear Stearns Premier
Shares Distribution Plan, the Bear Stearns Premier Select Shares Distribution
Plan and the Bear Stearns Private Client Shares Distribution Plan because there
are no Plus or Cash Plus Shares outstanding. In addition, the Trust may pay
Service Organizations, including affiliates of BIMC, fees for providing certain
services ("shareholder services") to their customers who own shares of the
Trust's portfolios. Pursuant to its respective Shareholder Services Plan, each
of the Administration, Dollar, Cash Management, Cash Reserve, Bear Stearns, Bear
Stearns Premier, Bear Stearns Premier Select and Bear Stearns Private Client
Shares classes are currently paying fees to Service Organizations, which may
include affiliates of BIMC.
For the six months ended April 30, 2004, certain portfolios paid
shareholder services fees to affiliates of BIMC in the amounts as follows:
$3,474,589 with respect to TempFund, $378,173 with respect to TempCash, $448,677
with respect to FedFund, $272,232 with respect to T-Fund, $128 with respect to
Federal Trust Fund, $51,355 with respect to Treasury Trust Fund, $18,095 with
respect to MuniFund, $58,440 with respect to MuniCash and $6,358 with respect to
New York Money Fund.
94
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of six months ended April 30, 2004, affiliated payables were as follows:
PFPC AND OTHER
PFPC TRUST BIMC
CO. (1) BIMC (2) AFFILIATES (3)
------------ ------------- ---------------
TempFund ...................... $637,795 $3,272,845 $592,252
TempCash ...................... 264,464 1,480,476 60,299
FedFund ....................... 91,104 329,139 69,856
T-Fund ........................ 99,200 444,104 49,911
Federal Trust Fund ............ 21,115 14,651 21
Treasury Trust Fund ........... 54,863 153,723 6,868
MuniFund ...................... 50,643 250,027 19,823
MuniCash ...................... 36,273 310,497 8,806
California Money Fund ......... 19,447 51,634 2,715
New York Money Fund ........... 22,167 44,468 9,403
(1) Payables to PFPC as of April 30, 2004 are for accounting, administration and
transfer agent services provided to the Trust. Payables to PFPC Trust Co. as of
April 30, 2004 are for custody services provided to the Trust.
(2) Payables to BIMC as of April 30, 2004 are for advisory and administration
services provided to the Trust.
(3) Payables to other BIMC affiliates are for shareholder services and/or
distribution and sales support services as described under the Trust's
Shareholder Services Plans and Distribution Plans, respectively.
(C) Capital Shares
The Trust's Declaration of Trust permits the Trustees to issue an unlimited
number of full and fractional shares of beneficial interest (shares) in the
Company and to classify or reclassify any unissued shares into one or more
additional classes of shares.
Because the Funds have each sold and redeemed shares only at a constant net
asset value of $1.00 per share, the number of shares represented by such sales,
acquisitions, reinvestments and redemptions is the same as the dollar amounts
shown below for such transactions.
95
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
TRANSACTIONS IN CAPITAL SHARES FOR EACH PERIOD WERE AS FOLLOWS:
TEMPFUND
----------------------------------------
SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003
---------------- ----------------
Shares sold:
Institutional Shares ....................... $103,672,769,181 $276,207,756,814
Dollar Shares .............................. 18,158,757,979 38,364,599,269
Cash Management Shares ..................... 601,661,000 437,731,482
Cash Reserve Shares ........................ 9,742,428 20,669,998
Administration Shares ...................... 123,240 291,414
Bear Stearns Shares ........................ 550,888,428 434,090,231
Bear Stearns Private Client Shares ......... 6,179,541 -
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 38,117,398 101,669,074
Dollar Shares .............................. 1,048,199 3,547,849
Cash Management Shares ..................... 263,800 68,325
Cash Reserve Shares ........................ 7,608 535,699
Administration Shares ...................... 1,445 2,668
Bear Stearns Shares ........................ 147,422 190,138
Bear Stearns Private Client Shares ......... 1,517
Shares redeemed:
Institutional Shares ....................... (103,222,339,737) (276,100,101,223)
Dollar Shares .............................. (18,540,677,144) (38,859,473,439)
Cash Management Shares ..................... (503,724,014) (355,247,097)
Cash Reserve Shares ........................ (16,372,544) (192,984,729)
Administration Shares ...................... (88,705) (88,882)
Bear Stearns Shares ........................ (449,257,524) (381,926,447)
Bear Stearns Private Client Shares ......... (2,233)
---------------- ----------------
Net increase (decrease) ..................... $ 307,247,285 $ (318,668,856)
================ ================
TEMPCASH
----------------------------------------
SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003
---------------- ----------------
Shares sold:
Institutional Shares ....................... $ 59,876,234,498 $113,438,535,749
Dollar Shares .............................. 766,576,089 1,919,869,864
Bear Stearns Premier Shares ................ 7,967 -
Bear Stearns Premier Select Shares ......... 4,388 -
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 27,585,492 61,528,458
Dollar Shares .............................. 1,364,967 3,522,686
Bear Stearns Premier Shares ................ 1 -
Bear Stearns Premier Select Shares ......... 1 -
Shares redeemed:
Institutional Shares ....................... (60,232,794,713) (109,502,300,170)
Dollar Shares .............................. (702,212,963) (1,892,301,884)
Bear Stearns Premier Shares ................ (4,678) -
Bear Stearns Premier Select Shares ......... (2,244) -
---------------- ----------------
Net increase (decrease) ..................... $ (263,241,195) $ 4,028,854,703
================ ================
96
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEDFUND
--------------------------------------
SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003
---------------- ----------------
Shares sold:
Institutional Shares ....................... $ 6,594,385,852 $ 18,617,146,278
Dollar Shares .............................. 4,989,973,420 9,347,454,997
Cash Reserve Shares ........................ 90,111 14,767,894
Bear Stearns Shares ........................ 36,994,968 39,623,477
Bear Stearns Private Client Shares ......... 6,902 -
Bear Stearns Premier Shares ................ 5,580 -
Bear Stearns Premier Select Shares ......... 4,390 -
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 2,953,471 6,438,915
Dollar Shares .............................. 10,008 35,588
Cash Reserve Shares ........................ -- -
Bear Stearns Shares ........................ 11,380 15,891
Bear Stearns Private Client Shares ......... 1 -
Bear Stearns Premier Shares ................ 1 -
Bear Stearns Premier Select Shares ......... 2 -
Shares redeemed:
Institutional Shares ....................... (6,440,385,395) (18,415,375,127)
Dollar Shares .............................. (5,045,569,225) (9,585,838,350)
Cash Reserve Shares ........................ (2,095,497) (1,276,147)
Bear Stearns Shares ........................ (32,415,772) (34,477,434)
Bear Stearns Private Client Shares ......... (4,668) -
Bear Stearns Premier Shares ................ (2,540) -
Bear Stearns Premier Select Shares ......... (2,246) -
---------------- ----------------
Net increase (decrease) ..................... $ 103,960,743 $ (11,484,018)
================ ================
T-FUND
--------------------------------------
SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003
---------------- ----------------
Shares sold:
Institutional Shares ....................... $ 15,336,708,756 $ 31,256,861,309
Dollar Shares .............................. 5,070,096,580 6,945,727,873
Cash Management Shares ..................... 53,762,797 159,487,289
Administration Shares ...................... 607,388 204,938,139
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 2,386,656 8,303,407
Dollar Shares .............................. 319,772 718,352
Cash Management Shares ..................... 1,807 5,039
Administration Shares ...................... 874 349
Shares redeemed:
Institutional Shares ....................... (15,550,494,435) (31,494,699,189)
Dollar Shares .............................. (4,820,646,836) (6,945,566,499)
Cash Management Shares ..................... (89,407,528) (165,494,286)
Administration Shares ...................... (604,168) (390,324,199)
---------------- ---------------
Net increase (decrease) ..................... $ 2,731,663 $ (420,042,416)
================ ================
97
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEDERAL TRUST FUND
-------------------------------------
SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003
----------------- -----------------
Shares sold:
Institutional Shares ..................... $ 499,878,372 $ 925,872,690
Dollar Shares ............................ 15,835,647 30,336,842
Shares issued in reinvestment of dividends:
Institutional Shares ..................... 343,193 635,035
Dollar Shares ............................ 1,897 813
Shares redeemed:
Institutional Shares ..................... (545,092,393) (927,449,372)
Dollar Shares ............................ (12,541,997) (30,446,752)
-------------- --------------
Net decrease .............................. $ (41,575,281) $ (1,050,744)
============== ==============
TREASURY TRUST FUND
-------------------------------------
SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003
----------------- -----------------
Shares sold:
Institutional Shares ..................... $ 4,000,148,046 $ 7,526,780,441
Dollar Shares ............................ 1,008,218,494 1,516,085,619
Cash Management Shares ................... 53,132,932 99,239,673
Administration Shares .................... - 99,493,892
Shares issued in reinvestment of dividends:
Institutional Shares ..................... 1,599,344 3,393,962
Dollar Shares ............................ 571,592 1,655,742
Cash Management Shares ................... - -
Administration Shares .................... - -
Shares redeemed:
Institutional Shares ..................... (4,482,533,012) (7,181,984,707)
Dollar Shares ............................ (1,010,457,586) (1,568,552,631)
Cash Management Shares ................... (54,941,435) (92,314,953)
Administration Shares .................... - (132,749,121)
---------------- ----------------
Net increase (decrease) ................... $ (484,261,625) $ 271,047,917
================ ================
98
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MUNIFUND
--------------------------------------
SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003
----------------- ----------------
Shares sold:
Institutional Shares ....................... $ 6,564,424,998 $ 10,025,819,513
Dollar Shares .............................. 204,520,466 261,916,785
Cash Management Shares ..................... 45,503,753 53,262,996
Cash Reserve Shares ........................ - 13,091,131
Administration Shares ...................... - 11,666,230
Bear Stearns Shares ........................ 89,498,156 39,238,063
Bear Stearns Private Client Shares ......... 4,370 -
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 2,380,588 3,878,153
Dollar Shares .............................. 53,428 368,498
Cash Management Shares ..................... 17,237 4,933
Cash Reserve Shares ........................ - 59,043
Administration Shares ...................... - -
Bear Stearns Shares ........................ 14,471 17,150
Bear Stearns Private Client Shares ......... 1 -
Shares redeemed:
Institutional Shares ....................... (6,552,727,325) (9,516,924,355)
Dollar Shares .............................. (159,256,731) (299,060,547)
Cash Management Shares ..................... (39,733,673) (42,041,975)
Cash Reserve Shares ........................ - (21,776,607)
Administration Shares ...................... - (24,717,378)
Bear Stearns Shares ........................ (66,988,075) (40,099,373)
Bear Stearns Private Client Shares ......... (2,235) -
----------------- ----------------
Net increase ................................ $ 87,709,429 $ 464,702,260
================= ================
MUNICASH
--------------------------------------
SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003
----------------- ----------------
Shares sold:
Institutional Shares ....................... $ 12,274,886,408 $ 16,020,739,562
Dollar Shares .............................. 126,107,333 260,401,423
Bear Stearns Premier Shares ................ 4,382 -
Bear Stearns Premier Select Shares ......... 4,392 -
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 5,133,576 8,031,860
Dollar Shares .............................. 275,190 666,236
Bear Stearns Premier Shares ................ 1 -
Bear Stearns Premier Select Shares ......... 2 -
Shares redeemed:
Institutional Shares ....................... (12,283,673,590) (15,231,552,683)
Dollar Shares .............................. (128,768,911) (229,848,005)
Bear Stearns Premier Shares ................ (2,241) -
Bear Stearns Premier Select Shares ......... (2,246) -
---------------- ----------------
Net increase (decrease) ..................... $ (6,035,704) $ 828,438,393
================ ================
99
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
CALIFORNIA MONEY FUND
-----------------------------------------
SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003
------------------- -------------------
Shares sold:
Institutional Shares ....................... $ 971,508,261 $ 2,047,564,056
Dollar Shares .............................. 6,643,000 21,619,460
Cash Management Shares ..................... 77,629 339,420
Bear Stearns Shares ........................ 61,668,960 20,618,338
Bear Stearns Private Client Shares ......... 4,374 -
Bear Stearns Premier Shares ................ 5,286 -
Bear Stearns Premier Select Shares ......... 4,395 -
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 32,756 133,257
Dollar Shares .............................. - 28,476
Cash Management Shares ..................... 333 134
Bear Stearns Shares ........................ 10,439 6,486
Bear Stearns Private Client Shares ......... 1 -
Bear Stearns Premier Shares ................ 1 -
Bear Stearns Premier Select Shares ......... 2 -
Shares redeemed:
Institutional Shares ....................... (1,095,514,379) (2,007,105,741)
Dollar Shares .............................. (20,704,939) (36,104,560)
Cash Management Shares ..................... (123,281) (112,876)
Bear Stearns Shares ........................ (54,180,000) (18,189,053)
Bear Stearns Private Client Shares ......... (2,237) -
Bear Stearns Premier Shares ................ (2,243) -
Bear Stearns Premier Select Shares ......... (2,248) -
---------------- ----------------
Net increase (decrease) ..................... $ (130,573,890) $ 28,797,397
================ ================
100
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NEW YORK MONEY FUND
---------------------------------------
SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003
----------------- -------------------
Shares sold:
Institutional Shares ....................... $ 747,331,726 $ 1,883,228,442
Dollar Shares .............................. 8,390,667 20,890,725
Bear Stearns Shares ........................ 84,158,502 114,656,512
Bear Stearns Private Client Shares ......... 4,372 -
Bear Stearns Premier Shares ................ 5,734 -
Bear Stearns Premier Select Shares ......... 4,394 -
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 101,679 59,217
Dollar Shares .............................. 16,423 47,573
Bear Stearns Shares ........................ 24,149 42,524
Bear Stearns Private Client Shares ......... 1 -
Bear Stearns Premier Shares ................ 2 -
Bear Stearns Premier Select Shares ......... 1 -
Shares redeemed:
Institutional Shares ....................... (796,334,887) (1,897,405,364)
Dollar Shares .............................. (8,572,541) (20,438,302)
Bear Stearns Shares ........................ (78,545,482) (113,044,259)
Bear Stearns Private Client Shares ......... (2,236) -
Bear Stearns Premier Shares ................ (2,643) -
Bear Stearns Premier Select Shares ......... (2,247) -
-------------- ----------------
Net decrease ................................ $ (43,422,386) $ (11,962,932)
============== ================
On April 30, 2004, one shareholder held approximately 10% of the
outstanding shares of TempFund, one shareholder held approximately 15% of
TempCash, two shareholders held approximately 44% of FedFund, one shareholder
held approximately 38% of T-Fund, two shareholders held approximately 27% of
Treasury Trust Fund, four shareholders held approximately 64% of Federal Trust
Fund, one shareholder held approximately 12% of MuniFund, four shareholders held
approximately 61% of MuniCash and three shareholders held approximately 59% of
New York Money Fund. Some of the shareholders are comprised of omnibus accounts.
Although it is considered a single shareholder for purposes of determining its
percentage of ownership of a particular Fund, each omnibus account executes
transactions in the Funds' shares on behalf of multiple underlying Fund
shareholders.
101
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(D) At April 30, 2004, net assets consisted of:
TEMPFUND TEMPCASH FEDFUND
--------------- --------------- --------------
Paid-in capital ............................. $24,436,532,787 $11,363,245,249 $2,686,022,968
Accumulated net realized gain (loss) on
security transactions ...................... (241,831) 357 24,119
--------------- --------------- --------------
Net Assets ................................ $24,436,290,956 $11,363,245,606 $2,686,047,087
=============== =============== ==============
FEDERAL TRUST TREASURY TRUST
T-FUND FUND FUND
--------------- --------------- --------------
Paid-in capital ............................. $ 3,127,863,360 $ 156,441,721 $1,195,693,533
Accumulated net realized loss on security
transactions ............................... (15,846) (242) (231,182)
--------------- --------------- --------------
Net Assets ................................ $ 3,127,847,514 $ 156,441,479 $1,195,462,351
=============== =============== ==============
MUNIFUND MUNICASH
--------------- --------------
Paid-in capital ............................. $ 1,703,221,001 $2,138,686,818
Undistributed net investment income ......... 2,304 -
Accumulated net realized loss on security
transactions ............................... (91,280) (82,978)
--------------- --------------
Net Assets ................................ $ 1,703,132,025 $2,138,603,840
=============== ==============
CALIFORNIA MONEY NEW YORK MONEY
FUND FUND
--------------- --------------
Paid-in capital ............................. $ 384,970,459 $ 328,405,896
Accumulated net realized gain (loss) on
security transactions ...................... (145,785) 105,882
--------------- --------------
Net Assets ................................ $ 384,824,674 $ 328,511,778
=============== ==============
(E) Federal Tax Information
No provision is made for Federal taxes as it is the Trust's intention to
have each Fund continue to qualify for and elect the tax treatment applicable to
regulated investment companies under Subchapter M of the Internal Revenue Code
of 1986, as amended, and make the requisite distributions to its shareholders
which will be sufficient to relieve it from all or substantially all federal
income and excise taxes. Short-term capital gain distributions that are reported
in the Statement of Changes in Net Assets are reported as ordinary income for
Federal tax purposes. There were no long-term capital gain distributions for the
year ended October 31, 2003.
Dividends from net investment income and distributions from net realized
capital gains are determined in accordance with U.S. Federal income tax
regulations, which may differ from those amounts determined under accounting
principles generally accepted in the United States. These book/tax differences
are either temporary or permanent in nature. To the extent these differences are
permanent, they are charged or credited to paid-in-capital or accumulated net
realized gain, as appropriate, in the period that the differences arise. The
following permanent differences as of October 31, 2003, attributable to capital
loss carryover expirations, were reclassified to the following accounts:
102
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
INCREASE/
INCREASE (DECREASE)
DECREASE ACCUMULATED UNDISTRIBUTED
PAID-IN- NET REALIZED NET INVESTMENT
CAPITAL GAIN INCOME
---------- -------------- ---------------
Federal Trust Fund ......... $ (849) $ 849 $ -
These reclassifications had no effect on net assets or net asset value per
share.
The tax character of distributions paid during the last two fiscal years
were as follows:
TAX-FREE ORDINARY
INCOME INCOME
------------- ---------------
TempFund
10/31/03 .................. $ - $317,184,756
10/31/02 .................. - 590,981,534
TempCash
10/31/03 .................. - 127,942,066
10/31/02 .................. - 155,527,167
FedFund
10/31/03 .................. - 31,715,282
10/31/02 .................. - 52,923,645
T-Fund
10/31/03 .................. - 36,188,579
10/31/02 .................. - 66,824,038
Federal Trust Fund
10/31/03 .................. - 2,034,392
10/31/02 .................. - 3,698,867
Treasury Trust Fund
10/31/03 .................. - 13,577,514
10/31/02 .................. - 20,120,419
MuniFund
10/31/03 .................. 14,565,441 -
10/31/02 .................. 13,706,740 -
MuniCash
10/31/03 .................. 19,199,722 -
10/31/02 .................. 17,051,605 -
California Money Fund
10/31/03 .................. 4,726,755 -
10/31/02 .................. 6,965,578 -
New York Money Fund
10/31/03 .................. 3,999,170 -
10/31/02 .................. 5,057,764 -
103
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
As of October 31, 2003, the components of distributable earnings/
(accumulated losses) were as follows:
UNDISTRIBUTED UNDISTRIBUTED
TAX-FREE ORDINARY CAPITAL LOSS
INCOME INCOME CARRYFORWARDS
--------------- -------------- --------------
TempFund ...................... $ - $19,542,716 ($459,902)
TempCash ...................... - 8,737,779 (10,389)
FedFund ....................... - 1,868,589 (1,281)
T-Fund ........................ - 2,244,225 (57,375)
Federal Trust Fund ............ - 131,613 (24,769)
Treasury Trust Fund ........... - 999,724 (247,837)
MuniFund ...................... 1,104,044 - -
MuniCash ...................... 1,501,654 - (13,010)
California Money Fund ......... 357,052 - (121,834)
New York Money Fund ........... 276,522 - (185)
At October 31, 2003, the Funds had capital loss carryforwards available to
offset future realized capital gains through the indicated expiration dates:
EXPIRING OCTOBER 31
-------------------------------------------------------------------------------------------
2004 2005 2006 2007 2008 2009 2010 2011 TOTAL
--------- --------- ------ --------- ---------- --------- ----------- --------- -----------
TempFund ...................... $ - $ - $ - $ - $ - $ - $ 459,902 $ - $ 459,902
TempCash ...................... - - - - - - 888 9,501 10,389
FedFund ....................... - 1,281 - - - - - - 1,281
T-Fund ........................ - - - - 57,375 - - - 57,375
Federal Trust Fund ............ 16,364 8,405 - - - - - - 24,769
Treasury Trust Fund ........... - - - 32,775 123,242 91,820 - - 247,837
MuniCash ...................... - - - - 13,010 - - - 13,010
California Money Fund ......... - 10,699 - - - 65,827 - 45,308 121,834
New York Money Fund ........... - - 185 - - - - - 185
(F) Contingencies
In the normal course of business, the Trust enters into contracts that
provide general indemnifications. The Trust's maximum exposure under these
arrangements is dependent on future claims that may be made against the Trust
and, therefore, cannot be estimated.
104
BLACKROCK LIQUIDITY FUNDS
ADDITIONAL INFORMATION
PricewaterhouseCoopers LLP ("PwC"), the former independent auditors to BlackRock
Liquidity Funds [the "Registrant"], have been hired as an internal audit
supporting service provider by The PNC Financial Services Group, Inc. ("PNC"),
an affiliate of the Registrant's investment adviser and certain other of its
service providers. In order to provide certain contemplated services to PNC and
its affiliates in the future, which would cause PwC to no longer be independent
with respect to the Registrant, PwC informed the Registrant on November 19, 2003
that it would decline to stand for re-election as independent auditors to the
Registrant after the completion of the Registrant's fiscal 2003 audit.
PwC's reports on the Registrant's financial statements for the fiscal years
ended October 31, 2003 and October 31, 2002 contained no adverse opinion or
disclaimer of opinion nor were they qualified or modified as to uncertainty,
audit scope or accounting principles. During the Registrant's fiscal years ended
October 31, 2003 and October 31, 2002, (i) there were no disagreements with PwC
on any matter of accounting principles or practices, financial statement
disclosure or auditing scope or procedure, which disagreements, if not resolved
to the satisfaction of PwC, would have caused it to make reference to the
subject matter of the disagreements in connection with its reports on the
Registrant's financial statements for such years, and (ii) there were no
"reportable events" of the kind described in Item 304(a)(1)(v) of Regulation S-K
under the Securities Exchange Act of 1934, as amended.
On November 19, 2003, the Registrant by action of its Board of Trustees upon the
recommendation of its Audit Committee engaged Deloitte & Touche LLP as the
independent auditors to audit the Registrant's financial statements for the
fiscal year ending October 31, 2004. During the Registrant's fiscal years ended
October 31, 2003 and October 31, 2002, neither the Registrant, its portfolios
nor anyone on their behalf has consulted Deloitte & Touche LLP on items which
(i) concerned the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit opinion that
might be rendered on the Registrant's financial statements or (ii) concerned the
subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of
Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of
said Item 304).
105
Investment Adviser
BlackRock Institutional Management Corporation
Wilmington, Delaware 19809
Co-Administrator
BlackRock Institutional Management Corporation
Wilmington, Delaware 19809
Co-Administrator and Transfer Agent
PFPC Inc.
Wilmington, DE 19809
Distributor
BlackRock Distributors, Inc.
King of Prussia, Pennsylvania 19406
Custodian
PFPC Trust Co.
Philadelphia, Pennsylvania 19153
Counsel
Drinker Biddle & Reath LLP
Philadelphia, Pennsylvania 19103
Independent Auditors
Deloitte & Touche LLP
Philadelphia, Pennsylvania 19103
A description of BlackRock Liquidity Funds' Proxy Voting Policies is available
upon request and without charge by calling 1-800-821-7432 or at the Securities
and Exchange Commission's website: www.sec.gov.
This report is submitted for the general information of the shareholders of the
Trust. It is not authorized for distribution to prospective investors unless
accompanied or preceded by effective prospectuses for each portfolio of the
Trust, which contain information concerning the investment policies of the
portfolios as well as other pertinent information. Statements and other
information contained in this report are as dated and subject to change.
[LOGO] BEAR STEARNS
Bear Stearns
Money Market Funds
Semi-Annual Report Dated
April 30, 2004
(Unaudited)
. TempFund
. TempCash
. FedFund
. MuniFund
. MuniCash
. California Money Fund
. New York Money Fund
BLACKROCK 100 Bellevue Parkway
4th Floor
Wilmington,DE 19809
(302) 797-2000
www.brpif.com
June 3, 2004
Dear Shareholder:
We are pleased to present the Semi-Annual Report to Shareholders of Bear
Stearns Shares of BlackRock Liquidity Funds for the six-month period ended
April 30, 2004.
BlackRock Liquidity Funds offer a variety of high quality Taxable and
Tax-Exempt Money Market Funds designed to meet the varied needs of our
investors. Please contact your account representative or call our Client
Service Center at (800) 821-7432 to discuss your investment options. We welcome
the opportunity to serve you.
Sincerely,
/s/ Ralph L. Schlosstein
Ralph L. Schlosstein
Chairman & President
BLACKROCK LIQUIDITY FUNDS
TEMPFUND
STATEMENT OF NET ASSETS
APRIL 30, 2004
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------- ---------------
AGENCY OBLIGATIONS - 13.2%
Federal Home Loan Bank Bonds - 2.9%
4.88% 05/14/04 $ 12,185 $ 12,200,040
3.38% 06/15/04 41,500 41,608,890
4.12% 01/14/05 75,065 76,476,448
1.38% 03/28/05 252,000 252,000,001
1.42% 04/04/05 256,000 256,000,000
1.41% 05/09/05 105,000 105,000,000
-------------
743,285,379
-------------
Federal Home Loan Mortgage Corporation Bonds - 3.4%
5.00% 05/15/04 56,191 56,268,214
1.33% 08/06/04 85,000 85,002,230
4.50% 08/15/04 40,000 40,378,532
1.88% 01/15/05 59,190 59,373,808
6.88% 01/15/05 57,040 59,211,325
1.42% 03/01/05 250,000 250,000,000
1.29% 03/23/05 270,500 270,500,000
-------------
820,734,109
-------------
Federal Home Loan Mortgage Corporation Discount
Notes - 1.9%
1.01% 06/02/04 112,000 111,899,450
1.00% 06/15/04 350,000 349,562,500
-------------
461,461,950
-------------
Federal National Mortgage Association Bonds - 3.8%
5.62% 05/14/04 128,795 128,989,164
1.02% 06/02/04 344,000 343,688,107
3.00% 06/15/04 181,240 181,632,755
1.54% 12/08/04 267,500 267,500,000
-------------
921,810,026
-------------
Federal National Mortgage Association Discount
Notes - 1.2%
1.01% 06/23/04 200,000 199,702,611
1.00% 06/30/04 88,543 88,395,428
-------------
288,098,039
-------------
TOTAL AGENCY OBLIGATIONS
(Cost $3,235,389,503) 3,235,389,503
-------------
CERTIFICATES OF DEPOSIT - 6.6%
Domestic
Citibank N.A. (A-1+, P-1)
1.03% 06/18/04 300,000 300,000,000
1.04% 06/21/04 250,000 250,000,000
1.04% 06/24/04 76,500 76,500,000
First Tennessee Bank N.A. (A-1, P-1)
1.03% 05/17/04 180,000 180,000,000
1.04% 06/07/04 20,000 20,000,000
State Street Bank & Trust Co. (A-1+,
P-1)
1.04% 06/22/04 135,000 135,000,000
PAR
MATURITY (000) VALUE
---------- ----------- ---------------
CERTIFICATES OF DEPOSIT (Continued)
Wells Fargo Bank N.A. (A-1+, P-1)
1.03% 05/28/04 $650,000 $ 650,000,000
-------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $1,611,500,000)
1,611,500,000
-------------
COMMERCIAL PAPER - 25.8%
Asset Backed Securities - 17.0%
Amsterdam Funding Corp. (A-1, P-1)
1.03% 05/05/04 84,500 84,490,328
1.03% 05/06/04 75,000 74,989,271
1.04% 05/27/04 25,000 24,981,222
Barton Capital Corp. (A-1+, P-1)
1.03% 05/07/04 180,154 180,123,074
1.03% 05/14/04 185,490 185,421,008
1.04% 06/10/04 71,775 71,692,060
Cafco LLC (A-1+, P-1)
1.03% 05/13/04 40,000 39,986,267
1.03% 05/26/04 50,000 49,964,236
1.04% 06/17/04 96,600 96,468,839
1.04% 06/21/04 100,000 99,852,667
CRC Funding LLC (A-1+, P-1)
1.04% 06/17/04 50,000 49,932,111
1.04% 06/21/04 100,000 99,852,667
1.04% 06/22/04 150,000 149,774,667
CXC LLC (A-1+, P-1)
1.03% 05/05/04 29,600 29,596,612
Daimler Chrysler Revolving Auto Co.
(A-1+, P-1)
1.04% 05/19/04 67,068 67,033,125
Delaware Funding LLC (A-1+, P-1)
1.03% 05/06/04 101,091 101,076,538
Edison Asset Securitization LLC (A-1+,
P-1)
1.03% 06/17/04 68,690 68,597,631
Fairway Finance Co. LLC (A-1, P-1)
1.04% 05/25/04 20,024 20,010,117
1.04% 06/01/04 15,039 15,026,401
1.04% 06/15/04 50,138 50,072,821
Falcon Asset Securitization Corp. (A-1,
P-1)
1.04% 05/18/04 61,803 61,772,648
Fcar Owner Trust Series I (A-1+, P-1)
1.03% 05/17/04 200,000 199,908,444
1.04% 05/17/04 100,000 99,953,778
1.03% 05/18/04 150,000 149,927,042
Giro Funding U.S. Corp. (A-1+, P-1)
1.04% 05/17/04 73,925 73,890,830
1.04% 05/18/04 48,946 48,921,962
Jupiter Securitization Corp. (A-1, P-1)
1.03% 05/04/04 137,905 137,893,163
Liberty Street Funding Corp. (A-1, P-1)
1.04% 06/21/04 27,000 26,960,220
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
2
TEMPFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------- ---------------
COMMERCIAL PAPER (Continued)
Asset Backed Securities (continued)
Moat Funding LLC (A-1+, P-1)
1.04% 06/22/04 $ 68,000 $ 67,897,849
Mortgage Interest Networking Trust
(A-1, P-1)
1.04% 05/03/04 100,000 99,994,222
Old Line Funding LLC (A-1+, P-1)
1.03% 05/06/04 44,677 44,670,609
Preferred Receivables Funding Corp.
(A-1, P-1)
1.04% 05/07/04 75,000 74,987,061
Regency Markets No. 1 LLC (A-1, P-1)
1.05% 05/07/04 86,205 86,189,914
1.05% 05/20/04 65,044 65,007,955
Scaldis Capital LLC (A-1+, P-1)
1.03% 05/07/04 200,000 199,965,667
1.04% 05/17/04 179,673 179,589,951
1.04% 05/25/04 161,260 161,148,193
Sheffield Receivables Corp. (A-1+, P-1)
1.04% 05/25/04 100,000 99,930,667
1.04% 06/17/04 54,545 54,470,940
Silver Tower US Funding LLC (A-1, P-1)
1.05% 05/17/04 148,000 147,930,933
Thames Asset Global Securitization
(A-1, P-1)
1.04% 05/07/04 20,000 19,996,533
1.04% 05/20/04 83,000 82,954,442
1.04% 05/21/04 41,357 41,333,105
Thunder Bay Funding LLC (A-1, P-1)
1.03% 05/03/04 65,062 65,058,277
1.03% 05/04/04 45,062 45,058,132
1.03% 05/05/04 25,047 25,044,134
1.03% 05/18/04 24,177 24,165,241
1.03% 05/20/04 20,246 20,234,994
1.04% 06/01/04 55,113 55,063,642
Yorktown Capital LLC (A-1+, P-1)
1.04% 06/02/04 120,505 120,393,600
-------------
4,139,255,810
-------------
Banks - 3.8%
Deutsche Bank Financial LLC (A-1+,
P-1)
1.03% 05/21/04 750,000 749,570,833
Societe Generale N.A. (A-1+, P-1)
1.04% 06/04/04 150,000 149,852,667
Toronto-Dominion Holdings (A-1, P-1)
1.02% 05/12/04 55,000 54,982,858
-------------
954,406,358
-------------
PAR
MATURITY (000) VALUE
---------- ----------- ---------------
COMMERCIAL PAPER (Continued)
Personal Credit Institutions - 2.5%
General Electric Capital Corp. (A-1+,
P-1)
1.03% 05/10/04 $200,000 $ 199,948,500
1.03% 06/08/04 100,000 99,891,278
1.04% 06/10/04 75,000 74,913,333
1.03% 06/17/04 225,290 224,987,049
-------------
599,740,160
-------------
Security Brokers & Dealers - 2.5%
Bear Stearns & Co., Inc. (A-1, P-1)
1.03% 06/02/04 200,000 199,816,889
Citigroup Global Markets Holdings
(A-1+, P-1)
1.03% 05/27/04 400,000 399,702,444
-------------
599,519,333
-------------
TOTAL COMMERCIAL PAPER
(Cost $6,292,921,661) 6,292,921,661
-------------
MASTER NOTES - 2.9%
Security Brokers & Dealers
Merrill Lynch Mortgage Capital, Inc.
(A-1, P-1)(b)
1.15% 05/03/04 310,250 310,250,000
Morgan Stanley Mortgage Capital, Inc.
(A-1, P-1)(b)
1.17% 04/30/05 405,000 405,000,000
-------------
TOTAL MASTER NOTES
(Cost $715,250,000) 715,250,000
-------------
VARIABLE RATE OBLIGATIONS - 30.1%
Asset Backed Securities - 1.9%
Racers XL (A-1, P-1)
1.10%(c) 10/22/04 111,000 111,000,000
SMM Trust Series 2003G (A-1+, P-1)
1.12%(c) 06/03/04 238,000 238,000,000
SMM Trust Series 2003M (A-1+, P-1)
1.11%(c) 12/15/04 110,000 110,000,000
-------------
459,000,000
-------------
Banks - 9.8%
Bank of America N.A. (AA+, Aa1)
1.05%(c) 06/17/04 350,000 350,000,000
1.05%(c) 02/04/05 307,000 307,000,000
Bank of New York Co. Inc. (A+, Aa3)
1.09%(c) 04/27/05 125,000 125,000,000
Bank of New York (AA-, Aa2)
1.03%(c) 05/20/05 35,015 35,011,284
Chase Manhatten Bank (A-1+, P-1)(b)
1.06%(c) 07/07/04 175,000 175,000,000
LP Pinewood Spv (Wachovia Bank N.A.
LOC) (A-1, P-1)(b)
1.10%(c) 05/07/04 50,000 50,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
3
TEMPFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------- ---------------
VARIABLE RATE OBLIGATIONS (Continued)
Banks (continued)
National City Bank of Indiana (A-1, P-1)
1.04%(c) 06/17/04 $ 460,000 $ 459,988,091
Wachovia Bank N.A. (A-1, P-1)
1.30%(c) 06/03/04 75,000 75,015,698
1.28%(c) 06/16/04 40,000 40,010,973
1.05%(c) 11/02/04 297,000 297,000,000
Wells Fargo Bank N.A. (AA, Aaa)
1.04%(c) 06/17/04 282,000 282,000,000
1.11%(c) 05/02/05 190,000 190,004,575
-------------
2,386,030,621
-------------
Federal Home Loan Bank Variable Rate Notes - 4.4%
1.04%(c) 03/21/05 400,000 399,937,537
1.00%(c) 09/08/05 250,000 249,812,910
0.98%(c) 09/12/05 328,000 327,730,317
0.99%(c) 10/03/05 100,000 99,933,811
-------------
1,077,414,575
-------------
Federal Home Loan Mortgage Corporation Variable Rate
Notes - 2.5%
1.10%(c) 10/07/05 220,000 220,000,000
1.12%(c) 11/07/05 400,000 400,091,212
-------------
620,091,212
-------------
Federal National Mortgage Association Variable Rate
Notes - 2.0%
1.04%(c) 02/18/05 295,000 294,941,490
0.99%(c) 09/06/05 200,000 199,839,239
-------------
494,780,729
-------------
Insurance - 1.0%
ING Security Life Insurance (AA3, Aa)
1.12%(c) 05/09/05 150,000 150,000,000
Metlife Global Funding (AA, Aa2)
1.24%(c) 04/08/05 10,000 10,014,850
1.14%(c) 04/28/05 95,000 95,000,000
-------------
255,014,850
-------------
Municipal Bonds - 0.4%
California Housing Finance Agency RB
(Taxable Home Meeting Project)
Series 1998 DN (A-1+, VMIG-1)
1.07%(c) 05/07/04 36,500 36,500,000
Hayes Brake Holdings RB Series 2003
DN (National City Bank N.A. LOC)
(A-1, P-1)(b)
1.15%(c) 05/07/04 11,110 11,110,000
PAR
MATURITY (000) VALUE
---------- ----------- ---------------
VARIABLE RATE OBLIGATIONS (Continued)
Municipal Bonds (continued)
North Carolina Medical Care
Commission Hospital RB (Baptist
Hospital Project) Series 2000 DN
(Wachovia Bank N.A. LOC) (A-1,
VMIG-1)
1.09%(c) 05/07/04 $ 1,300 $ 1,300,000
Texas GO (Veterans Housing Assesment
Project) Series 1999A-2 DN (A-1+,
VMIG-1)
1.07%(c) 05/07/04 43,100 43,100,000
-------------
92,010,000
-------------
Personal Credit Institutions - 2.2%
General Electric Capital Corp. (AAA,
Aaa)
1.26%(c) 09/15/04 20,000 20,015,691
1.25%(c) 02/03/05 130,000 130,177,236
1.18%(c) 02/16/05 382,000 382,114,320
-------------
532,307,247
-------------
Security Brokers & Dealers - 5.9%
Merrill Lynch Government Securities,
Inc. (A+, Aa3)
1.06%(c) 01/05/05 328,000 328,000,000
1.22%(c) 04/11/05 459,000 459,344,317
Morgan Stanley & Co., Inc. (A+, Aa3)
1.39%(c) 12/13/04 96,000 96,197,182
1.22%(c) 05/13/05 550,000 550,443,810
-------------
1,433,985,309
-------------
TOTAL VARIABLE RATE OBLIGATIONS
(Cost $7,350,634,543)
7,350,634,543
-------------
MEDIUM TERM NOTES - 1.6%
Security Brokers & Dealers
Goldman Sachs Group PN (A-1, P-1)
1.21%
(Cost $400,000,000) 05/18/04 400,000 400,000,000
-------------
TIME DEPOSITS - 5.0%
Citibank N.A. (A-1+, P-1)
9.90%
(Cost $1,209,000,000) 05/03/04 1,209,000 1,209,000,000
-------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
4
TEMPFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
------------ ------------- ----------------
REPURCHASE AGREEMENTS - 14.7%
J.P. Morgan Securities, Inc.
0.83% 05/03/04 $200,000 $200,000,000
(Agreement dated 04/30/04 to be
repurchased at $200,013,833,
collateralized by $207,161,000 Federal
Home Loan Bank Discount Notes and
Federal National Mortgage
Association Medium Term Notes
0.00% to 5.21% due from 05/03/04 to
12/27/18. The value of the collateral is
$206,000,822.)
Merrill Lynch Government Securities, Inc.
1.02% 05/24/04(d) 500,000 500,000,000
(Agreement dated 03/10/04 to be
repurchased at $501,062,500,
collateralized by $834,823,315 Federal
Home Loan Mortgage Corporation
Bonds and Federal National Mortgage
Association Bonds 4.50% to 9.50%,
due from 06/01/04 to 04/01/34. The
value of the collateral is
$515,002,323.)
Morgan Stanley & Co., Inc.
1.03% 05/03/04 249,000 249,000,000
(Agreement dated 04/30/04 to be
repurchased at $249,021,373
collateralized by $1,017,706,791
Federal Home Loan Mortgage
Corporation Adjustable Rate Mortgage
Notes and Bonds, Federal National
Mortgage Association Bonds, Discount
Notes and Variable Rate Notes 0.00%
to 12.00% due from 05/30/04
to05/01/34. The value of the collateral
is $258,087,610.)
Morgan Stanley & Co., Inc.
1.04% 05/03/04 201,900 201,900,000
(Agreement dated 04/30/04 to be
repurchased at $201,917,498,
collateralized by $825,200,807 Federal
Home Loan Mortgage Corporation
Adjustable Rate Mortgage Notes and
Bonds, Federal National Mortgage
Association Bonds, Discount Notes
and Variable Rate Notes 0.00% to
12.00% due from 05/30/04 to 05/01/34.
The value of the collateral is
$209,268,628.)
PAR
MATURITY (000) VALUE
------------ ------------- ----------------
REPURCHASE AGREEMENTS (Continued)
Morgan Stanley & Co., Inc.
1.06% 05/03/04 $142,000 $142,000,000
(Agreement dated 04/30/03 to be
repurchased at $142,012,543,
collateralized by $580,378,973 Federal
Home Loan Mortgage Corporation
Adjustable Rate Mortgage Notes and
Bonds, Federal National Mortgage
Association Bonds, Discount Notes
and Variable Rate Notes 0.00% to
12.00% due from 05/30/04 to 05/01/34.
The value of the collateral is
$147,182,492.)
PNC Bank N.A.(e)
0.76% 05/03/04 131,600 131,600,000
(Agreement dated 04/30/04 to be
repurchased at $131,608,335,
collateralized by $300,000,000 Federal
National Mortgage Association Bonds
2.92% due 08/15/07. The value of the
collateral is $303,468,000.)
UBS Securities LLC
1.05% 05/03/04 150,000 150,000,000
(Agreement dated 04/30/04 to be
repurchased at $150,013,125,
collateralized by $232,930,398 Federal
Home Loan Mortgage Corporation
Bonds and Federal National Mortgage
Association Bonds 4.50% to 8.00% due
from 11/01/11 to 03/01/34. The value
of the collateral is $154,504,167.)
UBS Securities LLC
1.06% 05/03/04 122,900 122,900,000
(Agreement dated 04/30/04 to be
repurchased at $122,910,856,
collateralized by $246,956,139 Federal
Home Loan Mortgage Corporation
Bonds and Federal National Mortgage
Association Bonds 5.00% to 11.00%
due from 06/01/05 to 04/01/31. The
value of the collateral is
$126,591,849.)
UBS Securities LLC
1.03% 05/26/04(d) 500,000 500,000,000
(Agreement dated 04/21/04 to be
repurchased at $500,500,694,
collateralized by $1,533,425,715
Federal Home Loan Mortgage
Corporation Bonds, Federal National
Mortgage Association Bonds and
Strips 0.00% to 11.50% due from
08/01/09 to 04/01/34. The value of the
collateral is $515,004,020.)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
5
TEMPFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------------- ----------- ----------------
REPURCHASE AGREEMENTS (Continued)
UBS Securities LLC
1.03% 06/18/04(d) $500,000 $ 500,000,000
(Agreement dated 03/10/04 to be
repurchased at $501,430,556,
collateralized by $1,818,952,391
Federal National Mortgage
Association Strips 0.00% due from
07/01/18 to 01/01/34. The value of the
collateral is $515,000,662.)
UBS Securities LLC
1.03% 06/30/04(d) 200,000 200,000,000
(Agreement dated 03/24/04 to be
repurchased at $200,560,778,
collateralized by Federal Home Loan
Mortgage Corporation Bonds and
Federal National Mortgage
Association Bonds 4.50% to 8.00% due
from 01/01/09 to 05/01/34. The value
of the collateral is $ 206,000,128.)
UBS Securities LLC
1.03% 06/30/04(d) 300,000 300,000,000
(Agreement dated 03/25/04 to be
repurchased at $300,832,583,
collateralized by $529,484,786 Federal
Home Loan Mortgage Corporation
Bonds and Federal National Mortgage
Association Bonds 4.00% to 8.50% due
from 02/01/08 to 05/01/34. The value
of the collateral is $309,001,862.)
UBS Securities LLC
1.03% 06/30/04(d) 100,000 100,000,000
(Agreement dated 03/25/04 to be
repurchased at $100,277,528,
collateralized by $149,860,000 Federal
Home Loan Mortgage Corporation
Bonds and Federal National Mortgage
Association Bonds 5.00% to 6.00% due
from 08/01/07 to 07/01/33. The value
of the collateral is $103,003,457.)
UBS Securities LLC
1.06% 06/30/04(d) 300,000 300,000,000
(Agreement dated 04/05/04 to be
repurchased at $300,759,667,
collateralized by $421,331,751 Federal
Home Loan Mortgage Corporation
Bonds and Federal National Mortgage
Association Bonds 4.50% to 7.50% due
from 10/01/13 to 04/01/34. The value
of the collateral is $309,001,832.)
-------------
TOTAL REPURCHASE AGREEMENTS
(Cost $3,597,400,000) 3,597,400,000
-------------
VALUE
---------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $24,412,095,707(a)) 99.9% $24,412,095,707
OTHER ASSETS IN EXCESS
OF LIABILITIES 0.1% 24,195,249
----- ---------------
NET ASSETS (Equivalent to
$1.00 per share based on
20,570,003,163
Institutional Shares,
3,437,241,938 Dollar
Shares, 245,894,176 Cash
Management Shares,
365,652 Administration
Shares, 176,849,033 Bear
Stearns Shares and
6,178,825 Bear Stearns
Private Client Shares
outstanding) 100.0% $24,436,290,956
===== ===============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($20,569,799,847/20,570,003,163) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($3,437,199,886/3,437,241,938) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
CASH MANAGEMENT SHARE
($245,895,925/245,894,176) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
ADMINISTRATION SHARE
($365,657/365,652) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS SHARE
($176,850,816/176,849,033) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PRIVATE CLIENT SHARE
($6,178,825/6,178,825) $ 1.00
=======
- ----------------------
(a) Aggregate cost for Federal tax purposes.
(b) Ratings reflect those of guarantor.
(c) Rates shown are the rates as of April 30, 2004 and maturities shown are the
next interest readjustment date or the date the principal owed can be
recovered through demand.
(d) Agreement has a putable option where principal and interest owed can be
recovered through demand in seven days.
(e) Pursuant to an exemptive order TempFund may enter into overnight repurchase
transactions with certain affiliated parties, which may include the PNC
Financial Services Group, Inc.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
6
TEMPFUND
STATEMENT OF NET ASSETS (CONCLUDED)
(UNAUDITED)
- --------------------------------------------------------------------------------
TEMPFUND
MATURITY INFORMATION
APRIL 30, 2004
(UNAUDITED)
MATURITY PAR PERCENTAGE
- ---------------- ------------------ ------------
1 - 30 Days $14,992,912,000 61.4%
31 - 60 Days 6,044,935,000 24.8
61 - 90 Days 1,656,793,000 6.8
91 - 120 Days 125,000,000 0.5
Over 150 Days 1,592,295,000 6.5
-----
100.0
=====
Average Weighted Maturity - 44 days
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
7
BLACKROCK LIQUIDITY FUNDS
TEMPCASH
STATEMENT OF NET ASSETS
APRIL 30, 2004
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------- ---------------
AGENCY OBLIGATIONS - 7.6%
Federal Home Loan Bank Bonds - 3.0%
3.38% 06/15/04 $100,000 $ 100,263,733
1.38% 03/28/05 115,000 115,000,000
1.42% 04/04/05 127,000 127,000,000
-------------
342,263,733
-------------
Federal Home Loan Mortgage Corporation Bonds - 1.0%
1.32% 05/15/04 2,600 2,598,667
1.29% 03/23/05 115,000 115,000,000
-------------
117,598,667
-------------
Federal Home Loan Mortgage Corporation Discount
Notes - 1.3%
1.00% 06/15/04 145,000 144,818,750
-------------
Federal National Mortgage Association Bonds - 2.3%
5.62% 05/14/04 51,787 51,864,866
1.54% 12/08/04 150,000 150,000,000
1.62% 12/08/04 55,000 55,000,000
-------------
256,864,866
-------------
TOTAL AGENCY OBLIGATIONS
(Cost $861,546,016) 861,546,016
-------------
CERTIFICATES OF DEPOSIT - 20.8%
Domestic - 5.8%
Citibank N.A. (A-1+,P-1)
1.04% 06/24/04 45,500 45,500,000
1.04% 06/29/04 14,020 14,019,539
State Street Bank & Trust Co. (A-1+,P-1)
1.04% 06/22/04 60,000 60,000,000
Washington Mutual Bank (A-2,P-1)
1.06% 06/08/04 450,000 450,000,000
1.06% 06/08/04 100,000 100,000,000
-------------
669,519,539
-------------
Euro Dollar - 4.6%
Barclays Bank PLC (A-1+,P-1)
1.36% 08/05/04 100,000 99,990,798
DEPFA Bank Europe PLC (A-1+,P-1)
1.14% 06/14/04 338,000 338,034,238
KBC Bank N.V. (A-1,P-1)
1.05% 05/28/04 92,000 92,000,689
-------------
530,025,725
-------------
Yankee Dollar - 10.4%
Banco Santander Puerto Rico (A-1,P-1)
1.05% 05/24/04 75,000 75,000,000
Banque Nationale de Paribas Yankee
(A-1+,P-1)
1.48% 01/11/05 200,000 199,979,090
Canadian Imperial Bank New York
1.06% 05/28/04 141,500 141,499,491
PAR
MATURITY (000) VALUE
---------- ----------- ---------------
CERTIFICATES OF DEPOSIT (Continued)
Yankee Dollar (continued)
Foreningssparbanken AB (Swedbank)
(A-1,P-1)
1.44% 03/01/05 $228,500 $ 228,471,543
Fortis Bank (A-1+,P-1)
1.38% 09/03/04 50,000 50,021,059
Societe Generale (A-1+,P-1)
1.44% 05/09/05 124,000 123,981,027
Svenska Handelsbanken (A-1,P-1)
1.28% 05/04/04 100,000 99,999,918
UBS AG Stamford (A-1+,P-1)
1.39% 08/05/04 160,000 159,995,771
Westdeutsche Landesbank New York
(A-1+,P-1)
1.50% 01/10/05 102,000 101,982,305
-------------
1,180,930,204
-------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $2,380,475,468)
2,380,475,468
-------------
COMMERCIAL PAPER - 12.0%
Asset Backed Securities - 8.8%
Atomium Funding Corp. (A-1,P-1)
1.05% 05/19/04 65,000 64,965,875
1.05% 05/25/04 42,052 42,022,564
Barton Capital Corp. (A-1+,P-1)
1.04% 06/10/04 25,000 24,971,111
Cafco LLC (A-1+,P-1)
1.04% 06/17/04 75,000 74,898,167
1.04% 06/28/04 98,000 97,835,796
CRC Funding LLC (A-1+,P-1)
1.04% 06/24/04 98,000 97,847,120
Crown Point Capital Co. (A-1,P-1)
1.04% 06/11/04 30,441 30,404,943
Fairway Finance Co. LLC (A-1,P-1)
1.04% 05/26/04 44,000 43,968,222
Giro Funding U.S. Corp. (A-1+,P-1)
1.04% 05/18/04 20,865 20,854,753
Moat Funding LLC (A-1+,P-1)
1.04% 06/22/04 32,000 31,951,929
Regency Markets No. 1 LLC (A-1,P-1)
1.05% 05/07/04 16,602 16,599,095
Scaldis Capital LLC (A-1+,P-1)
1.04% 05/25/04 62,240 62,196,847
Sheffield Receivables Corp. (A-1+,P-1)
1.04% 06/17/04 25,455 25,420,438
Thames Asset Global Securitization
(A-1,P-1)
1.04% 05/07/04 23,084 23,079,999
1.04% 05/20/04 30,772 30,755,110
1.04% 05/21/04 7,315 7,310,774
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
8
TEMPCASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- ---------------
COMMERCIAL PAPER (Continued)
Asset Backed Securities (continued)
Victory Receivables Corp. (A-1,P-1)
1.05% 05/10/04 $ 75,716 $ 75,696,125
1.06% 05/12/04 40,544 40,530,867
1.05% 05/18/04 59,619 59,589,439
1.05% 05/19/04 87,517 87,471,054
Yorktown Capital LLC (A-1+,P-1)
1.04% 06/02/04 54,495 54,444,621
-------------
1,012,814,849
-------------
Banks - 0.7%
Toronto-Dominion Holdings (A-1,P-1)
1.04% 06/23/04 90,000 89,862,862
-------------
Canned, Frozen, Preserved Fruit - 0.3%
Sara Lee Corp. (A-1,P-2)
0.86% 05/24/04 30,000 29,979,875
-------------
Personal Credit Institutions - 1.3%
General Electric Capital Corp. (A-1+,P-1)
1.04% 06/10/04 146,373 146,203,859
-------------
Security Brokers & Dealers - 0.9%
Citigroup Global Markets Holdings
(A-1+,P-1)
1.03% 06/15/04 100,000 99,871,250
-------------
TOTAL COMMERCIAL PAPER
(Cost $1,378,732,695) 1,378,732,695
-------------
MASTER NOTES - 3.0%
Security Brokers & Dealers
Merrill Lynch Mortgage Capital, Inc.
(A-1,P-1)(b)
1.15% 05/03/04 141,750 141,750,000
Morgan Stanley Mortgage Capital, Inc.
(A-1,P-1)(b)
1.17% 04/30/05 202,000 202,000,000
-------------
TOTAL MASTER NOTES
(Cost $343,750,000) 343,750,000
-------------
VARIABLE RATE OBLIGATIONS - 35.6%
Asset Backed Securities - 0.5%
Racers XL (A-1,P-1)
1.10%(c) 10/22/04 54,000 54,000,000
-------------
Banks - 13.8%
Bank of America N.A. (AA+,Aa1)
1.05%(c) 06/17/04 200,000 200,000,000
1.05%(c) 02/04/05 206,000 206,000,000
Bank of New York Co. (AA-,Aa2)
1.03%(c) 05/20/05 13,920 13,918,523
Bank of Nova Scotia (A+,Aa3)
1.20%(c) 07/18/04 15,000 15,002,733
Bank of Scotland New York (AA,Aa2)
1.04%(c) 11/29/04 15,000 14,997,465
PAR
MATURITY (000) VALUE
---------- ---------- ---------------
VARIABLE RATE OBLIGATIONS (Continued)
Banks (continued)
Banque Nationale de Paribas New York
(A-1+,P-1)
1.03%(c) 06/17/04 $250,000 $ 249,993,528
Citigroup, Inc. (AA-,Aa1)
1.20%(c) 02/07/05 90,000 90,086,757
HBOS Treasury Services PLC (A-1+,P-1)
1.10%(c) 04/22/05 150,000 150,000,000
Natexis Banque (Aa3)
1.07%(c) 12/13/04 50,000 49,999,661
National City Bank of Indiana (A-1,P-1)
1.04%(c) 06/17/04 420,000 419,989,127
Toronto Dominion Bank (A-1,P-1)
1.05%(c) 08/24/04 50,000 49,995,609
Westpac Banking Corp. (Aa3)
1.12%(c) 03/11/05 108,250 108,250,000
-------------
1,568,233,403
-------------
Federal Home Loan Bank Variable Rate Notes - 3.5%
Federal Home Loan Bank Variable Rate
Notes
0.98%(c) 09/12/05 200,000 199,835,558
0.99%(c) 10/03/05 200,000 199,867,623
-------------
399,703,181
-------------
Federal Home Loan Mortgage Corporation Variable Rate
Notes - 2.6%
Federal Home Loan Mortgage
Corporation Variable Rate Notes
1.10%(c) 10/07/05 100,000 100,000,000
1.12%(c) 11/07/05 200,000 200,045,606
-------------
300,045,606
-------------
Federal National Mortgage Association Variable Rate
Notes - 0.9%
Federal National Mortgage Association
Variable Rate Notes
1.04%(c) 02/18/05 100,000 99,980,168
-------------
Insurance - 2.9%
Allstate Life Global Funding II (AA,Aa2)
1.12%(c) 05/16/05 100,000 99,999,999
Allstate Life Insurance Co. (A-1+,P-1)
1.24%(c) 05/03/04 50,000 50,000,000
ING Security Life Insurance (AA,Aa3)
1.30%(c) 04/28/05 61,500 61,602,593
John Hancock Global Funding II (AA,Aa3)
1.21%(c) 09/13/04 45,000 45,022,006
1.26%(c) 09/27/04 49,500 49,534,918
Metlife Global Funding (AA,Aa2)
1.14%(c) 04/28/05 40,000 40,000,000
-------------
346,159,516
-------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
9
TEMPCASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------- ---------------
VARIABLE RATE OBLIGATIONS (Continued)
Life Insurance - 4.4%
Monumental Life Insurance Co.
(A-1+,P-1)
1.26%(c) 05/09/05 $ 200,000 $ 200,000,000
New York Life Insurance Co. (A-1+,P-1)
1.20%(c) 04/13/05 300,000 300,000,000
-------------
500,000,000
-------------
Municipal Bonds - 1.0%
California Housing Finance Agency RB
(Multi-Family Housing Project) Series
2000A AMT DN (A-1+,VMIG-1)
1.12%(c) 05/07/04 19,890 19,890,000
Daybreak Operations LLC Series 2002
DN (U.S. Bank N.A. LOC) (A-1,P-1)(b)
1.15%(c) 05/07/04 25 25,000
New York State Housing Finance Agency
RB (Victory Housing Project) Series
2000B DN (KeyBank N.A. LOC)
(VMIG-1)(b)
1.07%(c) 05/07/04 7,770 7,770,000
New York State Housing Finance Agency
RB Series 2003B DN (VMIG-1)
1.07%(c) 05/07/04 22,900 22,900,000
North Carolina Housing Financing
Authority RB Series 2002R II ROC175
DN (VMIG-1)
1.19%(c) 05/07/04 6,695 6,695,000
Savannah College RB (Art & Design
Project) Series 2004 DN
1.10%(c) 05/07/04 8,000 8,000,000
Shipley Group LP RB Series 2004 MB
(VMIG-1)
1.25%(c) 05/03/04 18,210 18,210,000
Wisconsin State RB (MB & B Holdings
LLC Project) DN (Marshall & Ilsley
Bank LOC)
1.20%(c) 05/07/04 7,130 7,130,000
1.20%(c) 05/07/04 3,885 3,885,000
Wisconsin State RB (North Square
Associates LLP Project) DN (Marshall
& Ilsley Bank LOC)
1.20%(c) 05/07/04 15,000 15,000,000
-------------
109,505,000
-------------
Personal Credit Institutions - 1.9%
General Electric Capital Corp. (AAA,Aaa)
1.26%(c) 09/15/04 25,000 25,019,946
1.18%(c) 02/16/05 92,000 92,024,563
1.18%(c)
05/09/05 100,000 99,999,999
-------------
217,044,508
-------------
PAR
MATURITY (000) VALUE
---------- ----------- ---------------
VARIABLE RATE OBLIGATIONS (Continued)
Security Brokers & Dealers - 4.1%
Merrill Lynch Government Securities,
Inc. (A+,Aa3)
1.06%(c) 01/05/05 $ 100,000 $ 100,000,001
1.22%(c) 04/11/05 300,000 300,168,564
Salomon Smith Barney Holdings
(A-1,P-1)
1.26%(c) 12/13/04 65,000 65,080,874
-------------
465,249,439
-------------
TOTAL VARIABLE RATE OBLIGATIONS
(Cost $4,059,920,821) 4,059,920,821
-------------
MUNICIPAL BONDS - 0.2%
California - 0.2%
Oakland County GO Series 2004 TRAN
(SP-1+,MIG-1)
1.62% 05/01/05 25,000 25,070,413
-------------
TOTAL MUNICIPAL BONDS
(Cost $25,070,413) 25,070,413
-------------
MEDIUM TERM NOTES - 2.4%
Security Brokers & Dealers
Goldman Sachs Group, Inc. (A-1,P-1)
1.23%
(Cost $275,000,000) 05/18/04 275,000 275,000,000
-------------
TIME DEPOSITS - 9.5%
KeyBank N.A. (A-1,P-1)
1.00%
(Cost $1,031,000,000) 05/03/04 1,031,000 1,031,000,000
-------------
REPURCHASE AGREEMENTS - 4.4%
Morgan Stanley & Co., Inc.
1.04% 05/03/04 60,000 60,000,000
(Agreement dated 4/30/04 to be
repurchased at $60,005,200,
collateralized by $63,385,000 Federal
Home Loan Mortgage Corporation
Medium Term Notes and Federal
National Mortgage Association
Discount Notes 0.00% to 4.50% due
from 09/08/04 to 12/16/10. The value
of the collateral is $61,872,724.)
UBS Securities LLC
1.05% 05/03/04 94,273 94,273,000
(Agreement dated 4/30/04 to be
repurchased at $94,281,249,
collateralized by $152,522,966 Federal
Home Loan Mortgage Corporation
Bonds and Federal National Mortgage
Association Bonds 5.50% to 6.50% due
from 04/01/14 to 02/01/34. The value
of the collateral is $97,101,478.)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
10
TEMPCASH
STATEMENT OF NET ASSETS (CONCLUDED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- --------- --------------
REPURCHASE AGREEMENTS (Continued)
UBS Securities LLC
1.06% 05/03/04 $144,470 $144,470,000
(Agreement dated 4/30/04 to be
repurchased at $144,482,762,
collateralized by $310,635,000 Federal
National Mortgage Association Bonds
5.00% to 7.00% due from 11/01/13 to
12/01/18. The value of the collateral is
$148,806,915.)
UBS Securities LLC
1.06% 06/30/04(d) 200,000 200,000,000
(Agreement dated 4/02/04 to be
repurchased at $200,524,111,
collateralized by $235,163,157 Federal
Home Loan Mortgage Corporation
Bonds and Federal National Mortgage
Association Bonds 5.00% to 6.00% due
from 03/01/18 to 04/01/34. The value
of the collateral is $206,000,789.)
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $498,743,000) 498,743,000
---------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $10,854,238,413(a)) 95.5% 10,854,238,413
OTHER ASSETS IN EXCESS
OF LIABILITIES 4.5% 509,007,193
----- ---------------
NET ASSETS (Equivalent to
$1.00 per share based on
10,864,284,355
Institutional Shares,
498,955,459 Dollar Shares,
2,145 Bear Stearns
Premier Select Shares and
3,290 Bear Stearns
Premier Shares
outstanding) 100.0% $11,363,245,606
===== ===============
VALUE
-----------
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($10,864,284,641/10,864,284,355) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($498,955,530/498,955,459) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SELECT SHARE
($2,145/2,145) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SHARE
($3,290/3,290) $ 1.00
=======
- ----------------------
(a) Aggregate cost for Federal tax purposes.
(b) Ratings reflect those of guarantor.
(c) Rates shown are the rates as of April 30, 2004 and maturities shown are the
next interest readjustment date or the date the principal owed can be
recovered through demand.
(d) Agreement has a putable option where principal and interest owed can be
recovered through demand in seven days.
TEMPCASH
MATURITY INFORMATION
APRIL 30, 2004
(UNAUDITED)
MATURITY PAR PERCENTAGE
- -------------- ---------------- ------------
1 - 30 Days $5,255,381,000 48.4 %
31 - 60 Days 3,245,034,000 29.9
61 - 90 Days 903,250,000 8.3
91 - 120 Days 160,000,000 1.5
121 - 150 Days 50,000,000 0.5
Over 150 Days 1,241,500,000 11.4
-----
100.0
=====
Average Weighted Maturity - 61 days
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
11
BLACKROCK LIQUIDITY FUNDS
FEDFUND
STATEMENT OF NET ASSETS
APRIL 30, 2004
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
----------------- ------------- ---------------
AGENCY OBLIGATIONS - 62.9%
Federal Farm Credit Bank Variable Rate Notes - 6.8%
0.97%(b) 05/05/04 $ 33,000 $ 32,999,930
1.00%(b) 02/07/05 150,000 149,982,640
-------------
182,982,570
-------------
Federal Home Loan Bank Bonds - 7.1%
1.06% 05/03/04 100,000 99,994,111
0.94% 05/05/04 2,166 2,165,774
3.38% 05/14/04 3,995 3,997,838
4.88% 05/14/04 9,000 9,011,686
7.12% 05/14/04 4,885 4,894,932
3.38% 06/15/04 1,495 1,499,381
1.45% 01/11/05 15,000 15,003,033
1.38% 03/28/05 26,000 26,000,000
1.42% 04/04/05 15,000 15,000,000
1.41% 05/09/05 12,000 12,000,000
-------------
189,566,755
-------------
Federal Home Loan Bank Variable Rate Notes - 16.7%
0.96%(b) 05/27/04 65,000 64,997,907
0.97%(b) 07/06/04 20,000 19,999,083
0.98%(b) 08/25/04 60,000 59,993,301
1.04%(b) 03/21/05 102,000 101,984,072
1.00%(b) 09/08/05 102,000 101,923,667
0.98%(b) 09/12/05 50,000 49,958,890
0.99%(b) 10/03/05 50,000 49,966,906
-------------
448,823,826
-------------
Federal Home Loan Mortgage Corporation Bonds - 5.8%
5.00% 05/15/04 12,452 12,470,579
0.98% 05/25/04 3,000 2,998,040
6.72% 05/28/04 4,000 4,016,170
3.00% 07/15/04 25,000 25,098,818
4.50% 08/15/04 10,000 10,094,633
3.25% 11/15/04 25,000 25,247,809
1.46% 11/17/04 25,000 25,000,000
1.42% 03/01/05 25,000 25,000,000
1.29% 03/23/05 29,000 29,000,000
-------------
158,926,049
-------------
Federal National Mortgage Association Bonds - 1.2%
5.62% 05/14/04 1,000 1,001,642
3.00% 06/15/04 30,000 30,066,536
-------------
31,068,178
-------------
Federal National Mortgage Association Discount
Notes - 1.8%
1.32% 05/15/04 2,340 2,338,801
1.19% 08/20/04 20,000 19,926,617
1.33% 08/20/04 25,000 24,897,479
-------------
47,162,897
-------------
Federal National Mortgage Association Variable Rate
Notes - 21.6%
1.00%(b) 12/20/04 150,000 149,932,561
PAR
MATURITY (000) VALUE
---------------- ------------- ---------------
AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Association Variable Rate Notes
(continued)
1.07%(b) 01/28/05 $ 50,000 $ 49,981,114
1.04%(b) 02/18/05 100,000 99,983,597
1.04%(b) 03/23/05 100,000 99,986,531
1.03%(b) 06/09/05 50,000 49,995,569
0.98%(b) 08/29/05 50,000 49,968,255
0.99%(b) 09/06/05 80,000 79,935,696
-------------
579,783,323
-------------
Student Loan Marketing Association Bonds - 1.9%
5.00% 06/30/04 50,000 50,313,233
-------------
TOTAL AGENCY OBLIGATIONS
(Cost $1,688,626,831) 1,688,626,831
-------------
REPURCHASE AGREEMENTS - 37.0%
Deutsche Bank Securities, Inc.
1.03% 06/01/04(c) 100,000 100,000,000
(Agreement dated 04/02/04 to be
repurchased at $100,171,667,
collateralized by $140,069,174 Federal
Home Loan Mortgage Corporation
Adjustable Rate Mortgage Notes and
Federal National Mortgage
Association Bonds 3.37% to 7.00% due
from 11/01/18 to 03/01/34. The value
of the collateral is$103,000,000.)
Goldman Sachs & Co.
1.02% 05/19/04(c) 75,000 75,000,000
(Agreement dated 04/26/04 to be
repurchased at $75,048,875,
collateralized by $78,411,899 Federal
National Mortgage Association Bonds
5.50% due 02/01/34. The value of the
collateral is $77,250,001.)
Morgan Stanley & Co., Inc.
1.03% 05/03/04 200,000 200,000,000
(Agreement dated 04/30/04 to be
repurchased at $200,017,167,
collateralized by $197,892,768 Federal
Home Loan Bank Bonds and Discount
Notes, Federal Home Loan Mortgage
Corporation Discount Notes and
Federal National Mortgage
Association Medium Term Notes
0.00% to 7.00% due from 05/03/04 to
07/15/13.The value of the collateral is
$206,189,278.)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
12
FEDFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
-------------- ---------- ----------------
REPURCHASE AGREEMENTS (Continued)
Morgan Stanley & Co., Inc.
1.04% 05/03/04 $201,000 $ 201,000,000
(Agreement dated 04/30/04 to be
repurchased at $201,017,420,
collateralized by $198,882,232 Federal
Home Loan Bank Bonds and Discount
Notes, Federal Home Loan Mortgage
Corporation Discount Notes and
Federal National Mortgage
Association Medium Term Notes
0.00% to 7.00% due from 05/03/04 to
07/15/13.The value of the collateral is
$207,220,224.)
PNC Bank N.A.(d)
0.76% 05/03/04 24,500 24,500,000
(Agreement dated 04/30/04 to be
repurchased at $24,501,557,
collateralized by $100,000,000 Federal
National Mortgage Association Bonds
2.92% due 08/15/07. The value of the
collateral is $101,156,000.)
UBS Securities LLC
1.02% 05/03/04 100,000 100,000,000
(Agreement dated 04/19/04 to be
repurchased at $100,039,667,
collateralized by $103,000,274 Federal
National Mortgage Association Strips
0.00% due from 01/01/33 to 07/01/33.
The value of the collateral is
103,000,274.)
UBS Securities LLC
1.05% 05/03/04 69,000 69,000,000
(Agreement dated 04/30/04 to be
repurchased at $69,006,038,
collateralized by $71,072,314 Federal
National Mortgage Association Strips
0.00% due from 05/01/29 to 07/01/33.
The value of the collateral is
$71,072,314.)
UBS Securities LLC
1.02% 05/13/04(c) 75,000 75,000,000
(Agreement dated 04/22/04 to be
repurchased at $75,044,625,
collateralized by $77,250,001 Federal
National Mortgage Association Strips
0.00% due from 05/01/29 to 12/01/33.
The value of the collateral is
$77,250,001.)
UBS Securities LLC
1.03% 05/17/04(c) 100,000 100,000,000
(Agreement dated 04/16/04 to be
repurchased at $100,088,694,
collateralized by $103,001,250 Federal
National Mortgage Association Strips
0.00% due from 04/01/33 to 12/01/33.
The value of the collateral is
$103,001,250.)
PAR
MATURITY (000) VALUE
------------- ---------- ----------------
REPURCHASE AGREEMENTS (Continued)
UBS Securities LLC
1.03% 05/26/04(c) $ 50,000 $ 50,000,000
(Agreement dated 04/21/04 to be
repurchased at $50,042,917,
collateralized by $51,503,040 Federal
National Mortgage Association Strips
0.00% due 12/01/33. The value of the
collateral is $51,503,040.)
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $994,500,000) 994,500,000
--------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $2,683,126,831(a)) 99.9% 2,683,126,831
OTHER ASSETS IN EXCESS
OF LIABILITIES
0.1% 2,920,256
-------- --------------
NET ASSETS (Equivalent to
$1.00 per share based on
2,320,318,764 Institutional
Shares, 341,730,384 Dollar
Shares, 11,486,361 Cash
Reserve Shares,
12,480,037 Bear Stearns
Shares, 2,146 Bear Stearns
Premier Select Shares,
2,235 Bear Stearns Private
Client Shares and 3,041
Bear Stearns Premier
Shares outstanding) 100.0% $2,686,047,087
======== ==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
13
FEDFUND
STATEMENT OF NET ASSETS (CONCLUDED)
(UNAUDITED)
- --------------------------------------------------------------------------------
VALUE
-----------
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($2,320,311,445/2,320,318,764) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($341,761,615/341,730,384) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
CASH RESERVE SHARE
($11,486,425/11,486,361) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS SHARE
($12,480,180/12,480,037) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SELECT SHARE
($2,146/2,146) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PRIVATE CLIENT
SHARE ($2,235/2,235) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SHARE
($3,041/3,041) $ 1.00
=======
- ----------------------
(a) Aggregate cost for Federal tax purposes.
(b) Rates shown are the rates as of April 30, 2004 and maturities shown are the
next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) Agreement has a putable option where principal and interest owed can be
recovered through demand in seven days.
(d) Pursuant to an exemptive order FedFund may enter into overnight repurchase
transactions with certain affiliated parties, which may include the PNC
Financial Services Group, Inc.
FEDFUND
MATURITY INFORMATION
APRIL 30, 2004
(UNAUDITED)
MATURITY PAR PERCENTAGE
- ---------------- ----------------- ------------
1 - 30 Days $1,645,338,000 61.3%
31 - 60 Days 665,495,000 24.8
61 - 90 Days 145,000,000 5.4
91 - 120 Days 55,000,000 2.1
Over 150 Days 172,000,000 6.4
-----
100.0
=====
Average Weighted Maturity - 40 days
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
14
BLACKROCK LIQUIDITY FUNDS
MUNIFUND
STATEMENT OF NET ASSETS
APRIL 30, 2004
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS - 100.5%
Alabama - 4.3%
Alabama Housing Finance Authority
Multi-Family Housing RB (Rime
Village Hoover Project) Series
1996A DN (Federal National
Mortgage Association Guaranty)
(A-1+)
1.17%(b) 05/07/04 $10,265 $10,265,000
Columbia IDRB (Alabama Power Co.
Project) Series 1995B DN (The
Southern Co. Guaranty) (A-1,
VMIG-1)
1.10%(b) 05/07/04 3,000 3,000,000
Columbia IDRB (Alabama Power Co.
Project) Series 1999A DN (The
Southern Co. Guaranty) (A-1,
VMIG-1)
1.10%(b) 05/07/04 10,000 10,000,000
Eutaw Industrial Development Board
PCRB (Southern Co. Project)
Series 1998 DN (A-1, VMIG-1)
1.10%(b) 05/03/04 5,200 5,200,000
Jefferson County GO Warrants Series
2001B DN (Morgan Guaranty Trust,
Bayerische Landesbank
Girozentrale SBPA) (A-1+, VMIG-1)
1.10%(b) 05/07/04 44,555 44,555,000
-----------
73,020,000
-----------
Alaska - 0.2%
Matanuska-Susitna Borough RB
(Wachovia Merlots Trust Receipts)
Series 2001A-114 DN (Wachovia
Bank N.A LOC) (A-1)
1.15%(b) 05/07/04 3,185 3,185,000
-----------
Arkansas - 1.1%
Arkansas Housing Finance Authority
RB (Baptist Health Project) Series
1995 DN (MBIA Insurance) (A-1+)
1.14%(b) 05/07/04 14,900 14,900,000
University of Arkansas Regents RB
Series 1998 DN (MBIA Insurance)
(VMIG-1)
1.14%(b) 05/07/04 3,900 3,900,000
-----------
18,800,000
-----------
California - 7.6%
California Affordable Housing Agency
Multi-Family RB (Merrill Lynch
P-Float Trust Receipts) Series
2003 PT-2049 DN (Merrill Lynch &
Co. Guaranty, Merrill Lynch Capital
Services SBPA) (F-1+)
1.17%(b) 05/07/04 4,995 4,995,000
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
California (continued)
California Department of Water
Resources Power Supply RB
Series 2002B-5 DN (Westdeutsche
Landesbank Girozentrale LOC)
(A-1+, VMIG-1)
1.08%(b) 05/03/04 $13,100 $13,100,000
California GO (Municipal Securities
Trust Receipts) Series 1997
SGA-54 DN (AMBAC Insurance,
Societe Generale SBPA) (A-1+)
1.14%(b) 05/07/04 3,000 3,000,000
California GO Series 2003A DN
(Westdeutsche Landesbank
Girozentrale LOC, J.P. Morgan
Chase LOC) (A-1+, VMIG-1, F-1+)
1.08%(b) 05/07/04 2,500 2,500,000
California Health Facilities Financing
Authority RB Series 1999 PA-587
DN (Merrill Lynch Capital Services
Guaranty) (A-1+)
1.17%(b) 05/07/04 8,095 8,095,000
California Infrastructure & Economic
Development RB (Paul Getty
Project) Series 2003A MB (A-1+,
MIG-1)
1.17% 05/01/04 5,000 5,000,000
California Statewide Communities
Development Authority
Multi-Family RB (Merrill Lynch
P-Float Trust Receipts) Series
2000 PT-1268 DN (Merrill Lynch &
Co. Guaranty) (A-1+)
1.17%(b) 05/07/04 21,600 21,600,000
Los Angeles County Water & Power
RB (Power System Project) Series
2002A-8 DN (Bayerische
Landesbank Girozentrale LOC,
Banque Nationale de Paribas LOC,
Dexia Credit LOC, J.P. Morgan
Chase LOC, Westdeutsche
Landesbank Girozentrale SBPA)
(A-1+, VMIG-1)
1.14%(b) 05/07/04 10,300 10,300,000
Los Angeles Wastewater Systems RB
Series 2001A MB (FGIC Insurance)
(A-1+, MIG-1, F-1+)
1.15% 12/09/04 4,000 4,000,000
Metropolitan Water District of
Southern California Waterworks
RB Series 1996A DN (AMBAC
Insurance) (A-1+, VMIG-1)
1.06%(b) 05/07/04 17,450 17,450,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
15
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
California (continued)
Orange County Transportation
Authority Toll Road RB (Express
Lanes Project) Series 2003B-1 DN
(Kredietbank N.V. LOC) (A-1+,
VMIG-1, F-1)
1.05%(b) 05/07/04 $39,000 $ 39,000,000
------------
129,040,000
------------
Colorado - 1.3%
Colorado Educational & Cultural
Facilities Authority RB (Denver
Museum Project) Series 2001 DN
(Bank One N.A. LOC) (A-1)
1.11%(b) 05/07/04 1,800 1,800,000
Colorado Educational & Cultural
Facilities Authority RB (National
Cable Television Center Project)
Series 1999 DN (Wells Fargo Bank
LOC) (A-1+)
1.12%(b) 05/07/04 1,755 1,755,000
Colorado Health Facilities Authority
RB (Total Long-Term Care Project)
Series 2002 DN (U.S. Bank N.A.
LOC) (A-1+)
1.09%(b) 05/07/04 5,935 5,935,000
Colorado Housing & Finance
Authority RB (Single Family
Mortgage Project) Series 2003C-5
MB (AIG Insurance Guaranty)
(A-1+, MIG-1)
1.13% 11/01/04 5,000 5,000,000
East Cherry Creek Valley RB (Water
& Sanitation Project) Series 2004
DN (MBIA Insurance, Dexia Bank
SPBA) (A-1+)
1.02%(b) 05/07/04 3,500 3,500,000
Pitkin County IDRB Series 1994A DN
(Bank One N.A. LOC) (A-1+)
1.10%(b) 05/03/04 4,600 4,600,000
------------
22,590,000
------------
Connecticut - 1.5%
Connecticut GO Series 2004C MB
(AA, Aa3)
1.25% 05/01/05 15,000 15,134,850
Connecticut Housing Finance
Authortiy RB (Housing Mortgage
Finance Project) Series 2003F-1
MB (SP-1+, MIG-1)
1.15% 12/22/04 9,935 9,935,000
------------
25,069,850
------------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Delaware - 0.2%
Delaware Economic Development
Authority RB (St. Anne's Episcopal
School Project) Series 2001 DN
(Wilmington Trust Co. LOC) (A-1)
1.25%(b) 05/07/04 $ 2,000 $ 2,000,000
University of Delaware RB Series
2004A MB
2.00% 11/01/04 1,185 1,191,194
------------
3,191,194
------------
District of Columbia - 0.2%
District of Columbia RB Series 2001
DN (SunTrust Bank LOC) (VMIG-1)
1.09%(b) 05/07/04 1,800 1,800,000
District of Columbia Water & Sewer
Authority Public Utilities RB Series
2002A-64 DN (Wachovia Bank N.A.
LOC) (VMIG-1)
1.15%(b) 05/07/04 2,280 2,280,000
------------
4,080,000
------------
Florida - 3.2%
Broward County GO (Wachovia
Merlots Trust Receipts) Series
2004B-9 DN (Wachovia Bank N.A.
LOC) (A-1)
1.15%(b) 05/07/04 5,715 5,715,000
Broward County Municipal Securities
Trust Certificates RB (Bear
Stearns Trust Receipts) Series
2002 DN (FSA Insurance) (A-1)
1.13%(b)(c) 05/07/04 14,000 14,000,000
Florida Board of Education GO (Eagle
Tax Exempt Trust Receipts) Series
2003A DN (Citibank SBPA) (A-1+)
1.15%(b) 05/07/04 4,945 4,945,000
Florida Housing Finance Corporation
Multi-Family RB (Merrill Lynch
P-Float Trust Receipts) Series
2000 PT-1234 DN (Merrill Lynch
Capital Services SBPA) (A-1C+)
1.19%(b) 05/07/04 12,830 12,830,000
Florida State Department of
Environmental Protection RB
(Morgan Stanley Trust Receipts)
Series 2001-637 DN (MBIA
Insurance) (A-1+)
1.14%(b) 05/07/04 3,950 3,950,000
Lee County Healthcare Facilities
IDRB Series 1999 DN (Fifth Third
Bank N.A. LOC)
1.11%(b) 05/07/04 1,960 1,960,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
16
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Florida (continued)
Orange County Housing Finance
Authority Multi-Family RB (Post
Fountains at Lee Vista Project)
Series 1997E DN (Federal National
Mortgage Association Guaranty)
(A-1+)
1.09%(b) 05/07/04 $5,915 $ 5,915,000
Palm Beach County RB (Morse
Obligation Group Project) Series
2003 DN (KeyBank N.A. LOC) (A-1)
1.12%(b) 05/07/04 5,000 5,000,000
-----------
54,315,000
-----------
Georgia - 2.3%
Albany Dougherty County Housing
Financial Authority RB (Phoebe
Putney Memorial Hospital Project)
Series 1996 DN (SunTrust Bank
LOC) (A-1+, VMIG-1)
1.09%(b) 05/07/04 3,700 3,700,000
Appling County Development
Authority PCRB (Oglethorpe Power
Corp. Project) Series 2002 DN
(A-1+)
1.14%(b) 05/07/04 2,415 2,415,000
Bibb County Methodist Home
Development Authority RB Series
2001 DN (SunTrust Bank LOC)
(VMIG-1)
1.09%(b) 05/07/04 3,220 3,220,000
Clayton County Hospital Authority
Anticipation Certificates RB Series
1998B DN (SunTrust Bank LOC)
1.09%(b) 05/07/04 1,940 1,940,000
Cobb County Development Authority
RB (Boy Scouts of America Atlanta
Project) Series 2001 DN (SunTrust
Bank LOC) (VMIG-1)
1.09%(b) 05/07/04 3,000 3,000,000
Cobb County Development Authority
RB (Highland Park Associates
Project) Series 1998 DN (SunTrust
Bank LOC)
1.09%(b) 05/07/04 3,350 3,350,000
Dekalb County Housing Authority
Multi-Family Housing RB
(Clairmont Crest Project) Series
1995 DN (Federal National
Mortgage Association Guaranty)
(A-1+, VMIG-1)
1.09%(b) 05/07/04 400 400,000
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Georgia (continued)
Floyd County Development Authority
PCRB (Georgia Power Plant
Hammond Project) Series 1996 DN
(A-1, P-1)
1.10%(b) 05/03/04 $8,980 $ 8,980,000
Fulton County Development Authority
RB (Epstein School Project) Series
1997 DN (SunTrust Bank LOC)
(Aa3)
1.09%(b) 05/07/04 1,900 1,900,000
Fulton County Development Authority
RB (Trinity School Project) Series
2001 DN (SunTrust Bank LOC)
(VMIG-1)
1.09%(b) 05/07/04 2,000 2,000,000
Georgia Local Government
Certificates RB Series 2002O DN
(MBIA Insurance, Bank of America
N.A. Liquidity Facility) (A-1+)
1.17%(b) 05/07/04 1,310 1,310,000
Gwinnett County Hospital Authority
Revenue Anticipation Certificates
Series 2002 DN (SunTrust Bank
LOC) (A-1+)
1.09%(b) 05/07/04 3,000 3,000,000
La Grange Development Authority RB
Series 2001 DN (SunTrust Bank
LOC) (VMIG-1)
1.15%(b) 05/07/04 1,000 1,000,000
Macon-Bibb County Hospital
Authority RB (The Medical Center
of Central Georgia Project) Series
1998 DN (SunTrust Bank LOC)
(A-1+)
1.09%(b) 05/07/04 3,000 3,000,000
-----------
39,215,000
-----------
Hawaii - 1.2%
Hawaii GO (Citibank Eagle Trust
Receipts) Series 2002 DN (FSA
Insurance) (A-1+)
1.15%(b) 05/07/04 3,600 3,600,000
Hawaii Municipal Securities Trust
Certificates GO (Bear Stearns
Municipal Trust Certificates) Series
2002A DN (FSA Insurance) (A-1)
1.13%(b)(c) 05/07/04 9,990 9,990,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
17
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Hawaii (continued)
Hawaii Pacific Health Special
Purpose RB (Department of
Budget & Finance Project) Series
2004B DN (Bank of Nova Scotia
Liquidity Facility, Radian Asset
Assurance Guaranty) (A-1+, F-1+)
1.18%(b) 05/07/04 $ 6,100 $ 6,100,000
-----------
19,690,000
-----------
Illinois - 9.7%
Central Lake County Action Water
Agency RB (Wachovia Merlots
Trust Receipts) Series 2003B-18
DN (MBIA Insurance, Wachovia
Bank N.A. Liquidity Facility)
(VMIG-1)
1.15%(b) 05/07/04 4,995 4,995,000
Chicago Board of Education GO
(Wachovia Merlots Trust Receipts)
Series 1999A-47 DN (FGIC
Insurance, Wachovia Bank N.A.
LOC) (A-1)
1.15%(b) 05/07/04 3,090 3,090,000
Chicago Board of Education
Municipal Securities Trust
Certificates RB (Bear Stearns
Trust Receipts) Series 2001 DN
(FSA Insurance, Bear Stearns
Capital Markets Liquidity Facility)
(A-1)
1.13%(b)(c) 05/07/04 4,695 4,695,000
Chicago GO (Wachovia Merlots Trust
Receipts) Series 2000W DN
(AMBAC Insurance, Wachovia Bank
N.A. Liquidity Facility) (VMIG-1)
1.15%(b) 05/07/04 2,000 2,000,000
Chicago GO Series 2003 MB
(Landesbank Hessen-Thuringen
Girozentrale LOC) (VMIG-1)
1.05% 01/07/05 30,000 30,000,000
Chicago O'Hare International Airport
RB (Wachovia Merlot Trust
Receipts) Series 2002A-25 DN
(MBIA Insurance, Wachovia Bank
N.A. Liquidity Facitility) (VMIG-1)
1.15%(b) 05/07/04 5,315 5,315,000
Chicago Park District RB (Citibank
Eagle Trust Receipts) Series
2002-1306 DN (FGIC Insurance,
Citibank Liquidity Facility) (A-1+)
1.15%(b) 05/07/04 5,345 5,345,000
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Illinois (continued)
Chicago Sales Tax RB (Wachovia
Merlots Trust Receipts) Series
2000AAA DN (FGIC Insurance,
Wachovia Bank N.A. Liquidity
Facility) (VMIG-1)
1.15%(b) 05/07/04 $ 5,000 $ 5,000,000
Cook County Capital Improvement
GO (Wachovia Merlot Trust
Receipts) Series 2002C DN
(AMBAC Insurance, Wachovia Bank
N.A. Liquidity Facility) (VMIG-1)
1.15%(b) 05/07/04 3,500 3,500,000
Du Page County Municipal Securities
Trust Certificates RB (Bear
Stearns Trust Receipts) Series
2001A DN (FSA Insurance, Bear
Stearns SBPA) (A-1)
1.13%(b)(c) 05/07/04 15,970 15,970,000
Illinois Dedicated Tax RB (Macon
Trust Certificates) Series 2002N
DN (AMBAC Insurance) (A-1+)
1.19%(b) 05/07/04 2,935 2,935,000
Illinois Development Finance
Authority RB (Decatur Mental
Health Center Project) Series 1997
DN (First of America LOC)
1.16%(b) 05/07/04 2,775 2,775,000
Illinois Development Finance
Authority RB (Fenwick High School
Project) Series 2002 DN (Northern
Trust LOC) (A-1+)
1.08%(b) 05/07/04 12,200 12,200,000
Illinois Educational Facility Authority
RB (Aurora University Project)
Series 2002 DN (Fifth Third Bank
N.A. LOC) (VMIG-1)
1.13%(b) 05/07/04 1,800 1,800,000
Illinois GO (ABN-AMRO Munitops
Trust Certificates) Series 2002-23
MB (MBIA Insurance) (MIG-1)
1.15% 06/18/04 6,200 6,200,000
Illinois GO (Wachovia Merlots Trust
Receipts) Series 2002 DN (MBIA
Insurance, Wachovia Bank N.A.
Liquidity Facility) (VMIG-1)
1.15%(b) 05/07/04 3,685 3,685,000
Illinois GO (Wachovia Merlots Trust
Receipts) Series 2002 DN (MBIA
Insurance, Wachovia Bank N.A.
SBPA) (VMIG-1)
1.15%(b) 05/07/04 2,495 2,495,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
18
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Illinois (continued)
Illinois Health Facilities Authority
Municipal Securities Trust
Certificates RB (Bear Stearns
Trust Receipts) Series 2002 DN
(MBIA Insurance, Bear Stearns
Capital Markets Liquidity Facility)
(A-1)
1.13%(b)(c) 05/07/04 $10,255 $ 10,255,000
Illinois Health Facilities Authority RB
(Evanston Hospital Project) Series
2003 MB (A-1+, MIG-1)
1.15% 09/30/04 3,000 3,000,000
Illinois Health Facilities Authority RB
(Helping Hand Rehabilitation
Project) Series 2001 DN (Fifth
Third Bank N.A. LOC)
1.11%(b) 05/07/04 3,800 3,800,000
Illinois Health Facilities Authority RB
(Lutheran Home & Services
Project) Series 2001 DN (M&T
Bank Corp. LOC) (A-1+)
1.12%(b) 05/07/04 10,900 10,900,000
Illinois Health Facilities Authority RB
(Northwestern Memorial Hospital
Project) Series 1995 DN (A-1+,
VMIG-1)
1.10%(b) 05/03/04 4,500 4,500,000
Illinois Regional Transportation
Authority RB (Wachovia Merlots
Trust Receipts) Series 2002A-24
DN (Wachovia Bank N.A. LOC)
(VMIG-1)
1.15%(b) 05/07/04 12,730 12,730,000
Lake County First Preservation
District GO (Salomon Smith Barney
Trust Receipts) Series 2003R ROC
II DN (Citibank Liquidity Facility)
(A-1+)
1.15%(b) 05/07/04 2,000 2,000,000
Peoria Heights Limited Obligation RB
Series 2001 DN (National City
Bank N.A. LOC)
1.16%(b) 05/07/04 2,900 2,900,000
University of Illinois Auxiliary
Facilities System RB (Citibank
Eagle Trust Receipts) Series 2000
DN (MBIA Insurance) (VMIG-1)
1.15%(b) 05/07/04 3,500 3,500,000
------------
165,585,000
------------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Indiana - 1.2%
Gary Redevelopment District
Economic Growth RB Series 2001A
DN (American National Bank &
Trust Co. LOC) (A-1)
1.15%(b) 05/07/04 $ 745 $ 745,000
Indiana Municipal Power Agency
Power Supply System RB Series
2000A DN (Toronto Dominion LOC)
(A-1+, VMIG-1)
1.10%(b) 05/07/04 500 500,000
Indiana Municipal Securities Trust
Certificates RB (Bear Stearns
Municipal Trust Receipts) Series
2001A DN (Bear Stearns Capital
Markets Liquidity Facility) (A-1)
1.13%(b)(c) 05/07/04 6,000 6,000,000
Indiana State Educational Facilities
Authority RB (Wabash College
Project) Series 2003 DN (Bank One
N.A. LOC) (VMIG-1)
1.11%(b) 05/07/04 2,700 2,700,000
Porter County Industrial Jail Building
Corporation RB (Wachovia Merlots
Trust Receipts) Series 2001A-43
MB (Wachovia Bank N.A. LOC)
(A-1)
1.10% 03/15/05 7,155 7,155,000
Warren Township Vision 2005 School
Building Corporation RB (Wachovia
Merlots Trust Receipts) Series
2001A-52 DN (Wachovia Bank N.A.
LOC) (A-1)
1.15%(b) 05/07/04 3,300 3,300,000
------------
20,400,000
------------
Iowa - 1.6%
Des Moines Commercial
Development RB (Grand Office
Park Project) Series 1985 DN
(Principal Life Insurance Company
Guaranty) (A-1+)
1.23%(b) 05/07/04 6,000 6,000,000
Iowa GO Series 2003 TRAN (SP-1+,
MIG-1)
2.00% 06/29/04 5,675 5,683,640
Iowa Higher Education Loan
Authority RB (Private College
Project) Series 1985 DN (MBIA
Insurance) (A-1+, VMIG-1)
1.12%(b) 05/07/04 1,700 1,700,000
Urbandale IDRB (Aurora Business
Park Association Project) Series
1985 DN (Principal Life Insurance
Co. Guaranty) (A-1+)
1.18%(b) 05/07/04 9,200 9,200,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
19
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Iowa (continued)
Urbandale IDRB (Meredith Drive
Association Project) Series 1985
DN (Principal Life Insurance Co.
Guaranty) (A-1+)
1.18%(b) 05/07/04 $ 5,500 $ 5,500,000
-----------
28,083,640
-----------
Kentucky - 0.5%
Fort Mitchell League of Cities RB
(Funding Trust Lease Project)
Series 2002A DN (U.S. Bank N.A.
LOC) (VMIG-1)
1.11%(b) 05/07/04 4,975 4,975,000
Kentucky Housing Corporation Single
Family Mortgage RB (Merrill Lynch
P-Float Receipts) Series 2003
PT-741 DN (FGIC Insurance, Trinity
Plus Funding Guaranty) (VMIG-1)
1.19%(b) 05/07/04 130 130,000
Wickliffe PCRB Series 2001 DN
(SunTrust Bank LOC) (A-1+,
VMIG-1)
1.09%(b) 05/07/04 4,250 4,250,000
-----------
9,355,000
-----------
Louisiana - 0.3%
Plaquemines Port Harbor & Terminal
Distribution Port Facilities RB
(Chevron Pipe Line Co. Project)
Series 1984 MB (Chevron Texaco
Guaranty) (AA, Aa2)
1.00% 09/01/04 5,000 4,997,489
-----------
Maine - 0.4%
Maine GO Series 2003 MB
1.50% 06/15/04 7,020 7,025,184
-----------
Maryland - 0.4%
Maryland Health & Higher Education
Facilities Authority RB (Bear
Stearns Municipal Securities Trust
Receipts) Series 2003 SGA-143 DN
(Societe Generale Liquidity Facility)
(A-1+)
1.12%(b) 05/07/04 5,000 5,000,000
Montgomery County GO (Public
Improvement Project) Series 2004
MB
3.00% 04/01/05 2,530 2,573,727
-----------
7,573,727
-----------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Massachusetts - 2.3%
Commonwealth of Massachusetts GO
(Wachovia Merlots Trust Receipts)
Series 2002A-9 DN (FSA
Insurance, Wachovia Bank N.A.
SBPA) (A-1)
1.12%(b) 05/07/04 $ 3,620 $ 3,620,000
Massachusettes Development
Finance Agency Multi-Family
Housing RB (Carleton Willard
Village Project) Series 2000 DN
(Fleet National Bank LOC) (A-1)
1.09%(b) 05/07/04 13,520 13,520,000
Massachusetts Health & Educational
Facilities Authority RB (Capital
Assets Program Project) Series
1985D DN (MBIA Insurance) (A-1+,
VMIG-1)
1.08%(b) 05/03/04 6,620 6,620,000
Wellesley GO Series 2003 BAN
(SP-1+, MIG-1)
1.15% 06/03/04 15,000 15,001,999
-----------
38,761,999
-----------
Michigan - 3.6%
Detroit Sewer & Disposal Authority
RB (Wachovia Merlots Trust
Receipts) Series 2001A-112 DN
(MBIA Insurance) (VMIG-1)
1.15%(b) 05/07/04 2,445 2,445,000
Garden City Hospital Finance
Authority RB (Garden City Hospital
Project) Series 1996A DN (National
City Bank N.A. LOC) (A-1+)
1.13%(b) 05/07/04 3,870 3,870,000
Kalamazoo Education Authority RB
(Friendship Vl Project) Series 1997
DN (Fifth Third Bank N.A. LOC)
(A-1+)
1.08%(b) 05/07/04 3,750 3,750,000
Michigan GO Series 2004A MB
(SP-1+, MIG-1)
2.00% 09/30/04 15,000 15,063,344
Michigan Housing Development
Authortity Limited Obligation RB
Series 1985 DN (Bank One N.A.
LOC) (VMIG-1)
1.16%(b) 05/07/04 15,500 15,500,000
Michigan Municipal Board Authority
RB Series 2003B-1 MB (SP-1+)
2.00% 08/20/04 20,000 20,058,836
-----------
60,687,180
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
20
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------- ------------
MUNICIPAL BONDS (Continued)
Minnesota - 5.3%
Hennepin County GO Series 2000B
DN (Landesbank
Hessen-Thuringen Girozentrale
LOC) (A-1C+, VMIG-1)
0.97%(b) 05/07/04 $ 5,140 $5,140,000
Minneapolis & St. Paul Airport RB
(Wachovia Merlots Trust Receipts)
Series 2000A DN (FGIC Insurance)
(VMIG-1)
1.15%(b) 05/07/04 4,995 4,995,000
Minneapolis GO (Convention Center
Project) Series 1999 DN
(Bayerische Landesbank
Girozentrale LOC) (A-1+, VMIG-1)
0.97%(b) 05/07/04 2,100 2,100,000
Minneapolis GO (Guthrie Parking
Ramp Project) Series 2003 DN
(Dexia Credit Locale SBPA) (A-1+,
VMIG-1)
0.97%(b) 05/07/04 2,100 2,100,000
Minneapolis GO Series 1994A DN
(Bayerische Landesbank
Girozentrale LOC) (A-1+, VMIG-1)
0.97%(b) 05/07/04 135 135,000
Minneapolis Public Library GO Series
2003 DN (Dexia Credit SBPA)
(A-1+, VMIG-1, F-1+)
0.97%(b) 05/07/04 23,900 23,900,000
Minnesota GO (Salomon Smith
Barney Trust Receipts) Series 1031
ROC II DN (Citibank Liquidity
Facility) (A-1+)
1.15%(b) 05/07/04 5,120 5,120,000
Minnesota GO Series 2003 TRAN
4.00% 08/01/04 27,125 27,334,254
Minnesota Higher Education
Facilities Authority RB (Carleton
College Project) Series 2000G DN
(Wells Fargo Bank LOC) (VMIG-1)
0.97%(b) 05/07/04 4,580 4,580,000
Minnesota Public Facilities Authority
Water PCRB (Wachovia Merlots
Trust Receipts) Series 2002A DN
(Wachovia Bank N.A. LOC) (VMIG-1)
1.15%(b) 05/07/04 14,735 14,735,000
-----------
90,139,254
-----------
Mississippi - 1.8%
Mississippi Development Bank
Special Obligation RB
(Correctional Facilities Project)
Series 2002 DN (AMBAC
Insurance, Amsouth Bank of
Alabama SBPA) (A-1)
1.19%(b) 05/07/04 3,855 3,855,000
PAR
MATURITY (000) VALUE
---------- ----------- ------------
MUNICIPAL BONDS (Continued)
Mississippi (continued)
Mississippi Development Bank
Special Obligation RB (Mississippi
Bond Program Harrison County
Project) Series 2003 DN (AMBAC
Insurance, Banque Nationale de
Paribas Liquidity Facility) (A-1+)
1.19%(b) 05/07/04 $ 9,000 $9,000,000
Mississippi Development Bank
Special Obligation RB (Mississippi
Loan Programs Project) Series
2003 DN (AMBAC Insurance,
Banque Nationale de Paribas
Liquidity Facility) (A-1)
1.19%(b) 05/07/04 11,000 11,000,000
Mississippi Development Bank
Special Obligation RB (Wachovia
Merlots Trust Receipts) Series
2001A-16 DN (AMBAC Insurance)
(VMIG-1)
1.15%(b) 05/07/04 7,500 7,500,000
-----------
31,355,000
-----------
Missouri - 0.4%
Missouri State Board Public
Buildings Special Obligation RB
(Wachovia Merlots Trust Receipts)
Series 2003A DN (Wachovia Bank
N.A. LOC) (VMIG-1)
1.15%(b) 05/07/04 4,990 4,990,000
Missouri State Development Finance
Board Lease RB Series 1999 DN
(TransAmerican Life Insurance)
(A-1+)
1.12%(b) 05/07/04 700 700,000
St. Louis County Multi-Family
Housing IDRB (Heatherbrook
Gardens Project) Series 2002 DN
(U.S. Bank N.A. LOC)
1.27%(b) 05/07/04 1,765 1,765,000
-----------
7,455,000
-----------
Nebraska - 0.6%
American Public Energy Gas Supply
Agency RB (Nebraska Public Gas
Agency Project) Series 1998C MB
(AMBAC Insurance) (AAA, Aaa)
4.00% 09/01/04 3,000 3,030,301
Omaha GO (Eagle Trust Receipts)
Series 2004A DN (Citibank SBPA)
(A-1+)
1.15%(b) 05/07/04 8,000 8,000,000
-----------
11,030,301
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
21
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------- ------------
MUNICIPAL BONDS (Continued)
Nevada - 0.8%
Clark County School District
Municipal Securities Trust
Certificates RB (Bear Stearns
Trust Receipts) Series 2001A DN
(FSA Insurance) (A-1+)
1.13%(b)(c) 05/07/04 $ 7,980 $ 7,980,000
Reno Capital Improvement RB
(Municipal Securities Trust
Certificates) Series 2002A DN
(FGIC Insurance, Bear Stearns
LOC) (A-1)
1.13%(b)(c) 05/07/04 6,000 6,000,000
-----------
13,980,000
-----------
New Hampshire - 0.4%
New Hamshire Health & Educational
Facilities Authority RB (Southern
New Hampshire Medical Center
Project) Series 2004B DN (Radian
LOC) (A-1+)
1.19%(b) 05/07/04 7,000 7,000,000
-----------
New Jersey - 0.9%
New Jersey Health Care Facilities
Financing Authority RB (Merrill
Lynch P-Float Trust Receipts)
Series 2001 PT-1319 DN (AMBAC
Insurance, Merrill Lynch Capital
Services SBPA) (A-1)
1.12%(b) 05/07/04 600 600,000
New Jersey Health Care Facilities
Financing Authority RB (Monmouth
County Medical Center Project)
Series 1994C MB (FSA Insurance)
(AAA, Aaa)
6.25% 07/01/04 4,900 5,040,937
New Jersey State Housing &
Mortgage Finance Agency RB
(Single Family Housing Project)
Series 2004E MB
1.00% 04/01/05 7,000 7,000,000
New Jersey State Transportation
Trust Fund Authority RB Series
2002R-149 MB (AMBAC Insurance,
Citibank Liquidity Facility) (MIG-1)
1.20% 11/18/04 2,000 2,000,000
-----------
14,640,937
-----------
New Mexico - 0.0%
Farmington PCRB (Arizona Public
Service Co. Four Corners Project)
Series 1994B DN (Barclays Bank
LOC) (A-1+, P-1)
1.10%(b) 05/03/04 200 200,000
-----------
PAR
MATURITY (000) VALUE
---------- ----------- ------------
MUNICIPAL BONDS (Continued)
New York - 13.4%
City of New York GO Series 1993A-7
DN (Morgan Guaranty Trust LOC)
(A-1+, VMIG-1)
1.09%(b) 05/03/04 $ 1,400 $ 1,400,000
City of New York GO Series 1994B-4
DN (National Westminster Bank
LOC) (A-1+, VMIG-1)
1.08%(b) 05/03/04 2,800 2,800,000
City of New York GO Series 2004H-7
DN (A-1, VMIG-1)
1.09%(b) 05/03/04 47,800 47,800,000
City of New York Municipal Water
Finance Authority RB (Wachovia
Merlots Trust Receipts) Series
2000D DN (Wachovia Bank N.A.
LOC) (VMIG-1)
1.11%(b) 05/07/04 16,905 16,905,000
City of New York Municipal Water
Finance Authority RB (Water &
Sewer System Project) Series
1993B MB
5.62% 06/15/04 4,590 4,662,100
City of New York Municipal Water
Finance Authority RB (Water &
Sewer System Project) Series
1994C DN (FGIC Insurance)
(VMIG-1)
1.08%(b) 05/03/04 5,640 5,640,000
City of New York Municipal Water
Finance Authority RB (Water &
Sewer System Project) Series
1994G DN (FGIC Insurance) (A-1+,
VMIG-1)
1.09%(b) 05/03/04 700 700,000
City of New York Municipal Water
Finance Authority Water & Sewer
Systems RB Series 2001F-1 DN
(Credit Locale de France LOC)
(A-1+, VMIG-1)
1.12%(b) 05/03/04 29,400 29,400,000
City of New York Transitional Finance
Authority RB (Wachovia Merlots
Trust Receipts) Series 2003B-35
DN (Wachovia Bank N.A. LOC)
(VMIG-1)
1.11%(b) 05/07/04 5,000 5,000,000
Dormitory Authority of the State of
New York RB (Glen Eddy, Inc.
Project) Series 2000 DN (Fleet
National Bank LOC) (A-1)
1.07%(b) 05/07/04 2,315 2,315,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
22
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------- ------------
MUNICIPAL BONDS (Continued)
New York (continued)
Dormitory Authority of the State of
New York RB (Teresian Housing
Corp. Project) Series 2003 DN
(Lloyds Bank LOC) (A-1+)
1.07%(b) 05/07/04 $15,265 $15,265,000
Dormitory Authority of the State of
New York RB (Wachovia Merlots
Trust Receipts) Series 2001A-30
DN (AMBAC Insurance, Wachovia
Bank N.A. SBPA) (VMIG-1)
1.11%(b) 05/07/04 2,985 2,985,000
Dormitory Authority of the State of
New York RB (Wachovia Merlots
Trust Receipts) Series 2001A-65
DN (MBIA Insurance, Wachovia
Bank N.A. SBPA) (VMIG-1)
1.11%(b) 05/07/04 3,535 3,535,000
Dormitory Authority of the State of
New York RB (Wachovia Merlots
Trust Receipts) Series 2003 DN
(FGIC Insurance, Wachovia Bank
N.A. SBPA) (VMIG-1)
1.11%(b) 05/07/04 4,995 4,995,000
Long Island Power Authority GO
TECP (J.P. Morgan Chase LOC)
(A-1+)
1.00% 06/15/04 13,300 13,300,000
Metropolitan Transportation
Authority GO TECP (ABN-AMRO
Bank LOC) (A-1+, P-1)
1.00% 08/06/04 5,000 5,000,000
Metropolitan Transportation
Authority RB (Merrill Lynch
P-Float Trust Receipts) Series
2003R PA-1121 MB (MBIA
Insurance, Merrill Lynch & Co.
SBPA) (A-1)
1.03% 03/10/05 10,000 10,000,000
Metropolitan Transportation
Authority RB (Wachovia Merlots
Trust Receipts) Series 2000F DN
(Wachovia Bank N.A. LOC) (VMIG-1)
1.11%(b) 05/07/04 5,000 5,000,000
Metropolitan Transportation
Authority RB (Wachovia Merlots
Trust Receipts) Series 2002A-52
DN (Wachovia Bank N.A. Liquidity
Facility) (VMIG-1)
1.11%(b) 05/07/04 4,100 4,100,000
New York GO Series 2003A-2 DN
(Bank of America LOC) (A-1,
VMIG-1)
1.08%(b) 05/07/04 2,200 2,200,000
PAR
MATURITY (000) VALUE
---------- ----------- ------------
MUNICIPAL BONDS (Continued)
New York (continued)
New York GO Series 2003A-3 DN
(Banque Nationale de Paribas LOC)
(A-1+, VMIG-1)
1.07%(b) 05/07/04 $ 3,500 $ 3,500,000
New York GO Series 2003R
ROC-II-251A DN (Citibank Liquidity
Facility) (VMIG-1)
1.16%(b) 05/07/04 12,500 12,500,000
New York Local Government
Assistance Corporation RB Series
1994B DN (Credit Suisse LOC)
(A-1+, VMIG-1)
1.06%(b) 05/07/04 2,000 2,000,000
New York State Environmental
Facilities RB (Clean Water &
Drinking Project) Series 2004R
ROC-3016 DN (Citigroup Liquidity
Facility)
1.11%(b) 05/07/04 1,865 1,865,000
Triborough Bridge & Tunnel
Authority Municipal Securities
Trust Certificates RB (Bear
Stearns Municipal Trust
Certificates) Series 2002-210 DN
(Bear Stearns Liquidity Facility)
(A-1+)
1.10%(b)(c) 05/07/04 7,200 7,200,000
Triborough Bridge & Tunnel
Authority RB (ABN-AMRO
Munitops Trust Certificates) Series
2002-31 DN (MBIA Insurance,
ABN-AMRO Bank N.A. SBPA)
(VMIG-1)
1.13%(b) 05/07/04 5,000 5,000,000
Triborough Bridge & Tunnel
Authority RB (Citibank Eagle
Tax-Exempt Trust Receipts) Series
2003A DN (FGIC Insurance,
Citibank Liquidity Facility) (A-1+)
1.11%(b) 05/07/04 4,000 4,000,000
Triborough Bridge & Tunnel
Authority RB (Wachovia Merlots
Trust Receipts) Series 2003B-03
DN (MBIA Insurance, Wachovia
Bank N.A. Liquidity Facility)
(VMIG-1)
1.11%(b) 05/07/04 8,985 8,985,000
------------
228,052,100
------------
North Carolina - 2.7%
Charlotte Certificates of Participation
(Governmental Facilities Project)
Series 2003F MB (A-1+, MIG-1)
1.03% 06/01/04 8,400 8,400,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
23
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
-------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
North Carolina (continued)
Guilford County Industrial Facilities &
Pollution Recreational Facilities
RB Series 2002 DN (Branch
Banking & Trust Co. LOC) (VMIG-1)
1.12%(b) 05/07/04 $ 2,245 $ 2,245,000
North Carolina Capital Facilities
Finance Agency Educational
Facilities RB Series 2001 DN
(Branch Banking & Trust Co. LOC)
(VMIG-1)
1.12%(b) 05/07/04 2,275 2,275,000
North Carolina GO (Wachovia Merlots
Trust Receipts) Series 2003A-23
DN (Wachovia Bank N.A. SBPA)
(A-1)
1.15%(b) 05/07/04 6,300 6,300,000
North Carolina Medical Care
Commission Hospital RB (Baptist
Hospital Project) Series 1992B DN
(Wachovia Bank N.A. LOC) (A-1+,
VMIG-1)
1.09%(b) 05/07/04 1,100 1,100,000
North Carolina Medical Care
Commission Hospital RB (Park
Ridge Hospital Project) Series 1988
DN (NationsBank LOC) (A-1+)
1.09%(b) 05/07/04 1,275 1,275,000
North Carolina Medical Care
Commission Retirement Facilities
RB (Aldersgate Project) Series
2001 DN (Branch Banking & Trust
Co. LOC) (A-1)
1.18%(b) 05/07/04 6,155 6,155,000
North Carolina Medical Care
Commission Retirement Facilities
RB (Brookwood Project) Series
2001C DN (Branch Banking &
Trust Co. LOC) (A-1)
1.18%(b) 05/07/04 4,500 4,500,000
North Carolina Medical Care
Community Hospital RB (Duke
University Hospital Project) Series
1985B DN (Wachovia Bank N.A.
SBPA) (A-1+, VMIG-1)
1.04%(b) 05/07/04 300 300,000
North Carolina Municipal Power
Agency RB (Catawba Electric Co.
Project) Series 2003 DN (MBIA
Insurance, Bank of New York
SBPA) (A-1)
1.13%(b) 05/07/04 2,600 2,600,000
Wake County GO Series 2004A DN
(Landesbank Hessen-Thuringen
Girozentrale SBPA) (A-1+,
VMIG-1, F-1+)
1.13%(b) 05/07/04 5,000 5,040,624
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
North Carolina (continued)
Winston-Salem Water & Sewer
System RB Series 2002C DN
(Credit Locale de France LOC)
(A-1+, VMIG-1)
1.10%(b) 05/07/04 $ 5,000 $ 5,000,000
-----------
45,190,624
-----------
North Dakota - 0.3%
Oliver County PCRB (Wachovia
Merlots Trust Receipts) Series
2003B-7 DN (AMBAC Insurance,
Wachovia Bank N.A. Liquidity
Facility) (VMIG-1)
1.15%(b) 05/07/04 4,995 4,995,000
-----------
Ohio - 6.1%
Akron Income Tax RB (Community
Learning Centers Project) Series
2004A MB (FGIC Insurance,
ABN-AMRO Bank N.V. SBPA) (A-1)
1.09% 12/08/04 5,500 5,500,000
Butler County Healthcare Facilities
RB (University of Cincinatti
Physicians LLC Project) Series
2001 DN (Fifth Third Bank N.A.
LOC)
1.11%(b) 05/07/04 2,800 2,800,000
Cambridge City Hospital Facilities
Authority RB (Regional Medical
Center Project) Series 2001 DN
(National City Bank LOC) (VMIG-1)
1.13%(b) 05/07/04 2,200 2,200,000
Carroll County RB (Health Care
Facilities Project) Series 2000 DN
(National City Bank N.A. LOC)
1.16%(b) 05/07/04 575 575,000
City of Westerville GO (ABN-AMRO
Munitops Trust Certificates) Series
2001 DN (ABN-AMRO Bank N.V.
SBPA) (VMIG-1)
1.16%(b) 05/07/04 1,000 1,000,000
Columbus GO Series 1996-1 DN
(Westdeutsche Landesbank
Girozentrale LOC) (A-1+, VMIG-1)
1.04%(b) 05/07/04 225 225,000
Franklin County Hospital Facilities
RB (U.S. Health Corp. Project)
Series 1996B DN (VMIG-1)
1.09%(b) 05/07/04 17,160 17,160,000
Hamilton County Electric System RB
Series 2002A DN (FSA Insurance)
(VMIG-1)
1.10%(b) 05/07/04 24,636 24,636,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
24
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Ohio (continued)
Hamilton County Hospital Facilities
RB (Children's Hospital Medical
Center Project) Series 2000 DN
(J.P. Morgan Chase LOC) (VMIG-1)
1.10%(b) 05/07/04 $13,300 $ 13,300,000
Hamilton County Hospital Facilities
RB (Elizabeth Gamble Project)
Series 2002A DN (Morgan
Guaranty Trust LOC) (VMIG-1)
1.10%(b) 05/07/04 6,000 6,000,000
Lucas County Health Facilities
Authority RB (Lutheran Homes
Society Project) Series 1996 DN
(Bank One N.A. LOC) (A-1+)
1.08%(b) 05/07/04 900 900,000
Montgomery County Catholic Health
Initiatives RB Series 1997B DN
(Morgan Guaranty Trust LOC)
(A-1+, VMIG-1)
1.06%(b) 05/07/04 1,200 1,200,000
Ohio GO (Salomon Smith Barney
Trust Receipts) Series 2003R-4015
ROC II DN (Citigroup Global
Markets Liquidity Facility) (VMIG-1)
1.15%(b) 05/07/04 9,080 9,080,000
Ohio Higher Education Facility RB
(Ashland University Project) Series
2004 DN (KeyBank N.A. LOC) (A-1)
1.15%(b) 05/07/04 4,000 4,000,000
University of Cincinatti RB Series
2004B DN (AMBAC Insurance,
Bayerische Landesbank
Girozentrale SBPA) (A-1+, VMIG-1)
1.10%(b) 05/07/04 10,000 10,000,000
Warren County Healthcare Facilities
RB (Otterbein Homes Project)
Series 1998B DN (Fifth Third Bank
N.A. LOC) (A-1+)
1.12%(b) 05/07/04 1,020 1,020,185
Washington County RB (Hospital
Facilities Project) Series 2001 DN
(Fifth Third Bank N.A. LOC)
1.11%(b) 05/07/04 1,500 1,500,000
Wood County Facilities Import Piping
Industry RB Series 2001 DN
(KeyBank N.A. LOC)
1.17%(b) 05/07/04 2,880 2,880,000
------------
103,976,185
------------
Oklahoma - 0.2%
Oklahoma State Industrial Authority
RB (Casady School Project) Series
2001 DN (Bank One N.A. LOC)
1.29%(b) 05/07/04 2,660 2,660,000
------------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Oregon - 1.0%
Oregon GO Series 2003 TAN (SP-1+,
MIG-1)
2.25% 11/15/04 $10,500 $ 10,566,315
Oregon Health, Housing, Education &
Cultural Facility Authority RB
(Peacehealth Project) Series 1998
DN (M&T Bank Corp. LOC) (A-1,
VMIG-1)
1.04%(b) 05/07/04 2,200 2,200,000
Umitilla County Hospital Facility
Authority RB (Catholic Health
Project) Series 1997B DN
(Bayerische Landesbank
Girozentrale LOC) (A-1+, VMIG-1)
1.11%(b) 05/07/04 3,720 3,720,000
------------
16,486,315
------------
Pennsylvania - 4.1%
Delaware Valley Industrial
Development Authority RB
(Citibank Eagle Trust Receipts)
Series 2001 DN (AMBAC
Insurance, Bank of New York
SBPA) (A-1+)
1.15%(b) 05/07/04 5,000 5,000,000
Eastern Pennsylvania Industrial &
Commercial Development
Authority IDRB (Electronic Data
System Project) Series 1993 DN
(Wachovia Bank N.A. LOC)
1.16%(b) 05/07/04 5,900 5,900,000
Franklin County IDRB
(Chambersburg Hospital Project)
Series 2000 DN (AMBAC
Insurance, Wachovia Bank N.A.
SBPA) (A-1+)
1.19%(b) 05/07/04 1,640 1,640,000
Lancaster County Hospital Authority
RB (Willow Valley Retirement
Project) Series 2002A DN (National
Westminster Bank LOC) (A-1)
1.19%(b) 05/07/04 21,000 21,000,000
Pennsylvania Higher Educational
Facilities Authority Hospital RB
(Merrill Lynch P-Float Trust
Receipts) Series 2003 PT-802 DN
(Merrill Lynch & Co. Guaranty)
(A-1)
1.19%(b) 05/07/04 7,580 7,580,000
Pennsylvania State Turnpike RB
Series 2002A-3 DN (Bayerische
Landesbank Girozentrale LOC)
(A-1+, VMIG-1)
1.08%(b) 05/07/04 900 900,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
25
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Pennsylvania (continued)
Southeastern Pennsylvania
Transportation Authority Municipal
Securities Trust Certificates RB
(Bear Stearns Municipal Trust
Certificates) Series 2001-9016 DN
(FGIC Insurance) (A-1)
1.11%(b)(c) 05/07/04 $11,575 $ 11,575,000
Upper Merion Municipal Utility
Authority RB Series 2003 DN
(Commerce Bank N.A. LOC)
(VMIG-1)
1.12%(b) 05/07/04 15,540 15,540,000
------------
69,135,000
------------
Puerto Rico - 0.8%
Commonwealth of Puerto Rico
Highway & Transportation
Authority RB (Merrill Lynch
P-Float Trust Receipts) Series
2002 PT-1052 DN (Merrill Lynch
Capital Services Liquidity Facility)
(A-1)
1.12%(b) 05/07/04 2,595 2,595,000
Commonwealth of Puerto Rico
Infrastructure Financing Authority
Special Obligation Bonds
(ABN-AMRO Munitops Trust
Certificates) Series 2000A-17 MB
(ABN-AMRO Bank N.V. SBPA)
(MIG-1, F-1+)
1.06% 09/22/04 5,900 5,900,000
Puerto Rico Public Financing
Corporation RB Series 2004-911
DN (Morgan Stanley Group
Liquidity Facility) (AAA, F-1+)
1.12%(b) 05/07/04 5,500 5,500,000
------------
13,995,000
------------
South Carolina - 1.0%
Oconee PCRB (Duke Facilities
Project) Series 1993 DN (Bank One
N.A. LOC)
1.11%(b) 05/07/04 7,000 7,000,000
South Carolina Transitional
Infrastructure RB Series 2002A DN
(ABN-AMRO Bank N.V. LOC)
(VMIG-1)
1.18%(b) 05/07/04 10,475 10,475,000
------------
17,475,000
------------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Tennessee - 3.1%
City of Chattanooga Health,
Education & Housing Facility Board
RB Series 1999 DN (Amsouth Bank
of Alabama LOC) (A-1)
1.24%(b) 05/07/04 $12,400 $12,400,000
Cleveland IDRB (YMCA Chattan
Project) Series 1999 DN (SunTrust
Bank LOC)
1.09%(b) 05/07/04 1,900 1,900,000
Gallatin Industrial Development
Board Educational Facilities RB
(John Vianney School Project)
Series 2002 DN (SunTrust Bank
LOC) (VMIG-1)
1.14%(b) 05/07/04 2,195 2,195,000
Jackson Energy Authority RB (Gas
System Project) Series 2002 DN
(FSA Insurance) (VMIG-1)
1.09%(b) 05/07/04 970 970,000
Memphis General Improvement RB
Series 1995A DN (Westdeutsche
Landesbank Girozentrale LOC)
(A-1+, VMIG-1)
1.12%(b) 05/07/04 500 500,000
Memphis GO Series 1995A DN
(Westdeutsche Landesbank
Girozentrale LOC) (A-1+, VMIG-1)
1.12%(b) 05/07/04 200 200,000
Metropolitan Government Nashville
& Davidson County Health &
Education Board RB (Belmont
University Project) Series 1997 DN
(SunTrust Bank LOC) (VMIG-1)
1.09%(b) 05/07/04 3,200 3,200,000
Metropolitan Government Nashville
& Davidson County IDRB (Nashville
Christian School Project) Series
2003 DN (SunTrust LOC) (VMIG-1)
1.14%(b) 05/07/04 500 500,000
Metropolitan Government Nashville
& Davidson County IDRB (Trevecca
Nazarene Project) Series 2003 DN
(SunTrust Bank LOC)
1.09%(b) 05/07/04 5,500 5,500,000
Metropolitan Government Nashville
& Davidson County IDRB
(Universtiy School Project) Series
2002 DN (SunTrust Bank LOC)
(VMIG-1)
1.09%(b) 05/07/04 4,000 4,000,000
Metropolitan Government Nashville
& Davidson County IDRB
(Vanderbilt University Project)
Series 1985A MB (A-1+, MIG-1)
1.05% 01/15/05 5,000 5,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
26
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------- -----------
MUNICIPAL BONDS (Continued)
Tennessee (continued)
Montgomery County Public Building
Authority Pooled Financing RB
(Tennessee County Loan Pool
Project) Series 1997 DN
(NationsBank LOC) (VMIG-1)
1.10%(b) 05/07/04 $ 2,570 $ 2,570,000
Shelby County GO Series 2003 TAN
2.00% 06/30/04 8,000 8,013,628
Shelby County Health Educational &
Housing Authority RB Series 1994
DN (Credit Suisse LOC) (A-1+)
1.14%(b) 05/07/04 5,000 5,000,000
Washington County IDRB
(Springbrook Properties Project)
Series 1996 DN (SunTrust Bank
LOC) (A-1+, VMIG-1)
1.09%(b) 05/07/04 900 900,000
-----------
52,848,628
-----------
Texas--7.8%
Austin Water & Wastewater System
RB (Wachovia Merlots Trust
Receipts) Series 2000 DN (MBIA
Insurance) (VMIG-1)
1.15%(b) 05/07/04 2,490 2,490,000
Collin County Housing Finance
Corporation Multi-Family RB
(Merrill Lynch P-Float Trust
Receipts) Series 1999 PT-1160 DN
(Merrill Lynch & Co. Guaranty,
Merrill Lynch Capital Services
Liquidity Facility) (A-1C+)
1.17%(b) 05/07/04 4,400 4,400,000
Eagle Mountain & Saginaw
Independent School District GO
(Municipal Securities Trust
Receipts) Series 2003 SGA-141 DN
(PSF Guaranty, Societe Generale
Liquidity Facility) (A-1+)
1.12%(b) 05/07/04 4,000 4,000,000
Harris County RB (Salomon Smith
Barney Trust Receipts) Series
2002-1029 ROC II DN (FSA
Insurance) (A-1+)
1.15%(b) 05/07/04 1,215 1,215,000
Houston Water & Sewer RB (Stars
Certificates Project) Series 2003
DN (FSA Insurance) (VMIG-1)
1.13%(b) 05/07/04 1,595 1,595,000
Lower Colorado River Authority RB
(Wachovia Merlots Trust Receipts)
Series 2000 DN (FSA Insurance,
Wachovia Bank N.A. SBPA)
(VMIG-1)
1.15%(b) 05/07/04 2,000 2,000,000
PAR
MATURITY (000) VALUE
---------- ----------- -----------
MUNICIPAL BONDS (Continued)
Texas (continued)
Northside Independent School
District GO (School Building
Project) Series 2003 MB (Bank of
America N.A. SBPA) (A-1+, MIG-1,
F-1+)
1.02% 06/15/04 $ 6,000 $ 6,000,000
San Antonio Electric & Gas RB Series
2003 DN (Bank of America N.A.
LOC) (A-1+)
1.12%(b) 05/07/04 7,000 7,000,000
Texas A & M University RB (Salomon
Smith Barney Trust Receipts)
Series 2003R-4005 ROC II DN
(Citibank Liquidity Facility)
(VMIG-1)
1.15%(b) 05/07/04 4,995 4,995,000
Texas GO Series 2003 TRAN (SP-1+,
MIG-1)
2.00% 08/31/04 64,800 64,989,986
Texas State Housing Agency
Multi-Family RB Series 2001 DN
(Federal Home Loan Mortgage
Corporation Guaranty) (A-1+)
1.14%(b) 05/07/04 3,895 3,895,000
Texas Technology University
Municipal Securities Trust
Certificates RB (Bear Stearns
Trust Receipts) Series 2002A DN
(MBIA Insurance) (A-1)
1.13%(b)(c) 05/07/04 13,630 13,630,000
University of Texas Permanent
University Fund RB Series 2004
ROCS-RR-II-6004 DN (Citibank
N.A. Liquidity Facility) (A-1+)
1.15%(b) 05/07/04 10,680 10,680,000
University of Texas RB (Wachovia
Merlots Trust Receipts) Series
2003B-14 DN (Wachovia Bank N.A.
SBPA) (VMIG-1)
1.13%(b) 05/07/04 6,270 6,270,000
-----------
133,159,986
-----------
Vermont - 0.5%
Vermont Economic Development
Authority RB (Green Mountain
College Project) Series 2003A DN
(Key Bank N.A. LOC)
1.17%(b) 05/07/04 7,775 7,775,000
-----------
Virginia - 0.4%
Commonwealth of Virginia
Transportation Authority RB
(Citibank Eagle Trust Receipts)
Series 1999 DN (Citibank Liquidity
Facility) (A-1+)
1.15%(b) 05/07/04 1,000 1,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
27
MUNIFUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------- -----------
MUNICIPAL BONDS (Continued)
Virginia (continued)
Commonwealth of Virginia
Transportation Board RB Series
2000 SG-134 DN (Societe Generale
LOC) (A-1C+)
1.13%(b) 05/07/04 $ 1,000 $1,000,000
Fairfax County GO (Salomon Smith
Barney Trust Receipts) Series
2003R-4016 ROC II DN (Citigroup
Global Markets Liquidity Facility)
(VMIG-1)
1.15%(b) 05/07/04 3,405 3,405,000
Virginia Public School Authority RB
(Citigroup Global Markets Trust
Receipts) Series 2003R-4050 ROC
II DN (Citigroup Liquidity Facility)
(A-1+)
1.15%(b) 05/07/04 2,000 2,000,000
----------
7,405,000
----------
Washington - 4.0%
King County GO (ABN-AMRO
Munitops Trust Certificates) Series
2001-1 DN (MBIA Insurance)
(VMIG-1)
1.18%(b) 05/07/04 2,500 2,500,000
King County School District
Municipal Securities Trust
Certificates RB (Highline Public
Schools Project) Series 2002 DN
(FGIC Insurance) (A-1)
1.13%(b)(c) 05/07/04 11,750 11,750,000
Seattle GO (Bear Stearns Municipal
Trust Receipts) Series 2003
SGA-142 DN (Societe Generale
LOC) (A-1+)
1.12%(b) 05/07/04 4,000 4,000,000
Seattle Municipal Light & Power RB
(Wachovia Merlots Trust Receipts)
Series 2001A-56 DN (FSA
Insurance, Wachovia Bank N.A.
Liquidity Facility) (VMIG-1)
1.15%(b) 05/07/04 7,440 7,440,000
Spokane County School District No.
081 GO Series 2003R-4000 DN
(FSA Insurance, Citibank Liquidity
Facility) (VMIG-1)
1.15%(b) 05/07/04 3,590 3,590,000
Washington GO (Motor Vehicle Fuel
Tax Project) Series 2003B MB
4.00% 07/01/04 4,895 4,919,783
Washington GO (Piper Jaffray Trust
Certificates) Series 2002G DN
(Bank of New York LOC) (VMIG-1)
1.17%(b) 05/07/04 5,170 5,170,000
PAR
MATURITY (000) VALUE
---------- ----------- -----------
MUNICIPAL BONDS (Continued)
Washington (continued)
Washington GO (Wachovia Merlots
Trust Receipts) Series 2002A-57
DN (MBIA Insurance) (VMIG-1)
1.15%(b) 05/07/04 $ 7,340 $7,340,000
Washington GO Series 2003A MB
4.00% 07/01/04 6,645 6,678,644
Washington GO Stars Certificates
Series 2004-54 DN (Banque
Nationale de Paribas LOC)
(VMIG-1)
1.13%(b) 05/07/04 5,060 5,060,000
Washington State Housing Financing
Committee Non-Profit Housing RB
(Emerald Heights Project) Series
2003 DN (Bank of America N.A.
LOC) (F-1+)
1.05%(b) 05/07/04 10,000 10,000,000
----------
68,448,427
----------
Wisconsin - 1.8%
Appleton Redevelopment Authority
RB (Fox City Project) Series 2001B
DN (Bank One N.A. LOC) (VMIG-1)
1.18%(b) 05/07/04 6,600 6,600,000
Southeast Wisconsin Professional
Baseball Park RB (Wachovia
Merlots Trust Receipts) Series
2000Y DN (MBIA Insurance,
Wachovia Bank N.A. SBPA)
(VMIG-1)
1.15%(b) 05/07/04 3,000 3,000,000
Wisconsin State Health &
Educational Facilities Authority RB
(Edgewood College Project) Series
1997 DN (Bank One N.A. LOC)
1.23%(b) 05/07/04 6,595 6,595,000
Wisconsin State Health &
Educational Facilities Authority RB
(Oakwood Village Project) Series
2000B DN (Marshall & Ilsley LOC)
(A-1)
1.12%(b) 05/07/04 2,445 2,445,000
Wisconsin State Health &
Educational Facilities Authority RB
(St. Joseph's Community Hospital
Project) Series 2001 DN (Marshall
& Ilsley LOC) (A-1)
1.12%(b) 05/07/04 11,200 11,200,000
----------
29,840,000
----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
28
MUNIFUND
STATEMENT OF NET ASSETS (CONCLUDED)
(UNAUDITED)
- --------------------------------------------------------------------------------
VALUE
--------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $1,711,908,020(a)) 100.5% $1,711,908,020
LIABILITIES IN EXCESS OF
OTHER ASSETS (0.5)% (8,775,995)
----- --------------
NET ASSETS (Equivalent to
$1.00 per share based on
1,564,043,139 Institutional
Shares, 83,070,503 Dollar
Shares, 28,209,624 Cash
Management Shares,
27,895,599 Bear Stearns
Shares and 2,136 Bear
Stearns Private Client
Shares outstanding) 100.0% $1,703,132,025
===== ==============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($1,563,961,367/1,564,043,139) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($83,064,225/83,070,503) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
CASH MANAGEMENT SHARE
($28,209,037/28,209,624) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS SHARE
($27,895,260/27,895,599) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PRIVATE CLIENT SHARE
($2,136/2,136) $ 1.00
=======
- ----------
(a) Aggregate cost for Federal tax purposes.
(b) Rates shown are the rates as of April 30, 2004 and maturities shown are the
next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional investors. As of April 30,
2004, the Fund held 7.0% of its net assets, with a current market value of
$119,045,000, in securities restricted as to resale.
MUNIFUND
MATURITY INFORMATION
APRIL 30, 2004
(UNAUDITED)
MATURITY PAR PERCENTAGE
- ------------------ ---------------- ------------
1 - 30 Days $1,356,511,185 79.3%
31 - 60 Days 66,185,000 3.9
61 - 90 Days 24,440,000 1.4
91 - 120 Days 52,125,000 3.0
121 - 150 Days 78,700,000 4.6
Over 150 Days 132,805,000 7.8
-----
100.0
=====
Average Weighted Maturity - 36 days
- --------------------------------------------------------------------------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
29
BLACKROCK LIQUIDITY FUNDS
MUNICASH
STATEMENT OF NET ASSETS
APRIL 30, 2004
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS - 102.9%
Alabama - 3.5%
Brundidge IDRB (Carter Brothers
Project) Series 2001 AMT DN
(Southtrust Bank LOC)
1.29%(b) 05/07/04 $ 1,000 $ 1,000,000
Columbia IDRB (Alabama Power Co.
Project) Series 1995B DN (The
Southern Co. Guaranty)
(A-1,VMIG-1)
1.10%(b) 05/07/04 2,300 2,300,000
Columbia IDRB (Alabama Power Co.
Project) Series 1998A AMT DN (The
Southern Co. Guaranty)
(A-1,VMIG-1)
1.25%(b) 05/03/04 5,400 5,400,000
Columbia IDRB (Alabama Power Co.
Project) Series 1999A DN (The
Southern Co. Guaranty)
(A-1,VMIG-1)
1.10%(b) 05/07/04 17,700 17,700,000
Jefferson County GO Warrants Series
2001B DN (Morgan Guaranty Trust,
Bayerische Landesbank
Girozentrale SBPA) (A-1+,VMIG-1)
1.10%(b) 05/07/04 42,995 42,995,000
Steele Industrial Development Board
RB Series 2001 AMT DN
(Southtrust Bank LOC)
1.29%(b) 05/07/04 4,000 4,000,000
Tuscaloosa IDRB Series 2000A AMT
DN (Southtrust Bank LOC)
1.34%(b) 05/07/04 1,480 1,480,000
-----------
74,875,000
-----------
Alaska - 1.8%
Alaska State International Airports
RB Series 2003 PT-2061 DN (MBIA
Insurance, Merrill Lynch & Co.
SBPA)
1.19%(b) 05/07/04 3,215 3,215,000
Valdez Marine Terminal RB (Exxon
Pipeline Co. Project) Series 1993A
DN (Exxon Mobil Guaranty)
(A-1+,VMIG-1)
1.02%(b) 05/03/04 29,750 29,750,000
Valdez Marine Terminal RB (Phillips
Trasportation, Inc. Project) Series
2002 MB (ConocoPhillips Co.
Guaranty) (A-2,VMIG-2)
1.47% 05/01/05 4,500 4,500,000
-----------
37,465,000
-----------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Arizona - 1.2%
Cochise County Solid Waste Disposal
PCRB (Arizona Electric Co-op
Project) Series 1994A AMT MB
(National Rural Utilities LOC)
(A-1,MIG-1)
1.00% 09/01/04 $11,600 $11,600,000
Phoenix IDRB (Leggett & Platt Inc.
Project) AMT DN (Wachovia Bank
N.A. LOC)
1.16%(b) 05/07/04 5,170 5,170,000
Pima County Single Family Mortgage
IDRB Series 2003 DN (Trinity
Funding Guaranty)
1.08%(b) 05/07/04 7,965 7,965,000
-----------
24,735,000
-----------
Arkansas - 0.3%
Arkansas Development Finance
Authority RB (Waste Water
Systems Project) Series 2004A MB
(MBIA Insurance) (AAA)
2.00% 12/01/04 935 939,666
City of Blytheville IDRB (Nucor Corp.
Project) Series 1998 AMT DN
(A-1+,P-1)
1.16%(b) 05/07/04 3,000 3,000,000
Fort Smith Water & Sewer RB Series
2004 MB (Aaa)
2.00% 10/01/04 1,160 1,167,192
Little Rock Waste Disposal RB Series
2002 MB (MBIA Insurance)
(AAA,Aaa)
3.00% 05/01/04 1,080 1,080,000
Pine Bluff School District No. 003 GO
Series 2003 MB (AMBAC
Insurance)
2.50% 06/01/04 485 485,569
-----------
6,672,426
-----------
California - 9.6%
California Affordable Housing Agency
Multi-Family RB (Merrill Lynch
P-Float Trust Receipts) Series
2003 PT-2049 DN (Merrill Lynch &
Co. Guaranty, Merrill Lynch Capital
Services SBPA) (F-1+)
1.17%(b) 05/07/04 1,500 1,500,000
California GO Series 2003A RAN
(SP-1+,MIG-1,F-1+)
2.00% 06/23/04 8,000 8,010,733
California GO Series 2003A DN
(Westdeutsche Landesbank
Girozentrale LOC, J.P. Morgan
Chase LOC) (A-1+,VMIG-1,F-1+)
1.08%(b) 05/07/04 2,600 2,600,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
30
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
California (continued)
California Health Facilities Financing
Authority RB Series 1999 PA-587
DN (Merrill Lynch Capital Services
Guaranty) (A-1+)
1.17%(b) 05/07/04 $ 1,000 $ 1,000,000
California Housing Finance Agency
RB Series 2001 DN (MBIA
Insurance) (A-1+,VMIG-1)
1.11%(b) 05/03/04 48,160 48,160,000
California Statewide Communities
Development Authority
Multi-Family RB (Merrill Lynch
P-Float Trust Receipts) Series
2000 PT-1268 DN (Merrill Lynch &
Co. Guaranty) (A-1+)
1.17%(b) 05/07/04 2,400 2,400,000
California Statewide Communities
Development Authority
Multi-Family RB (Merrill Lynch
P-Float Trust Receipts) Series
2001 PT-353 AMT DN (Merrill
Lynch & Co. Guaranty) (A-1C+)
1.23%(b) 05/07/04 11,140 11,140,000
California Statewide Communities
Development Authority
Multi-Family RB (Merrill Lynch
P-Float Trust Receipts) Series
2003 PT-2001 AMT DN (Merrill
Lynch & Co. Guaranty)
1.23%(b) 05/07/04 2,500 2,500,000
California Statewide Communities
Development Authority
Multi-Family RB (Parkwood
Apartments Project) Series 2002
PT-1375 AMT DN (Federal National
Mortgage Association Guaranty)
1.19%(b) 05/07/04 3,900 3,900,000
California Statewide Community
Development Authority RB (Biola
University Project) Series 2002B
DN (VMIG-1)
1.10%(b) 05/07/04 1,000 1,000,000
Los Angeles IDRB (P&C Poultry
Distributors Project) Series 1998
DN (Comercia Bank N.A. LOC)
1.25%(b) 05/07/04 2,500 2,500,000
Los Angeles Regulatory Airports
Corporation Lease RB (Los
Angeles International Lax Two
Project) Series 1985 DN (Societe
Generale LOC) (A-1)
1.10%(b) 05/07/04 22,000 22,000,000
Los Angeles Wastewater Systems RB
Series 2001A MB (FGIC Insurance)
(A-1+,MIG-1,F-1+)
1.15% 12/09/04 4,000 4,000,000
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
California (continued)
Metropolitan Water Distribution
Southern California Waterworks
RB Series 2000B-3 DN
(Westdeutsche Landesbank
Girozentrale LOC)
(A-1+,VMIG-1,F-1+)
1.08%(b) 05/03/04 $12,500 $ 12,500,000
Metropolitan Water Distribution
Southern California Waterworks
RB Series 2003C-1 DN (Dexia
Credit LOC) (A-1+,VMIG-1)
1.06%(b) 05/07/04 40,800 40,800,000
Metropolitan Water Distribution
Southern California Waterworks
RB Series 2003C-3 DN (Dexia
Credit SBPA) (A-1+,VMIG-1)
1.06%(b) 05/07/04 17,800 17,800,000
San Diego Multi-Family Housing RB
(Lusk Mira Mesa Apartments
Project) Series 1985E DN (Federal
Home Loan Bank LOC, Merrill
Lynch Capital Services SBPA)
(A-1+)
1.13%(b) 05/07/04 200 200,000
San Francisco City & County Airports
Commission RB (International
Airport Project) Series 2003
PT-899 AMT DN (FSA Insurance,
Merrill Lynch & Co. SBPA)
1.19%(b) 05/07/04 2,380 2,380,000
Southern California Home Finance
Authority Single Family Mortgage
RB Series 2003 PT-772 AMT DN
(FGIC Insurance, Merrill Lynch &
Co. SBPA)
1.19%(b) 05/07/04 8,370 8,370,000
Southern California Public Power
Authority RB (Palo Verde Project)
Series 1996B DN (A-1+,VMIG-1)
1.06%(b) 05/07/04 12,200 12,200,000
------------
204,960,733
------------
Colorado - 1.6%
Colorado Health Facilities Authority
Economic Development RB
(Johnson Publishing Co. Project)
Series 1999A AMT DN (Bank One
N.A. LOC)
1.28%(b) 05/07/04 2,010 2,010,000
Colorado Housing & Finance
Authority Multi-Family Housing RB
(Huntersridge Project ) Series
1996E DN (Federal National
Mortgage Association Guaranty)
(A-1+)
1.08%(b) 05/07/04 1,000 1,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
31
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Colorado (continued)
Colorado Housing & Finance
Authority RB (Single Family
Mortgage Project) Series 2003 MB
(AIG Insurance Guaranty)
(AAA,MIG-1)
1.18% 11/01/04 $ 4,000 $ 4,000,000
Denver City & County Airport RB
Series 2002A-61 AMT DN
(Wachovia Bank N.A. LOC) (VMIG-1)
1.20%(b) 05/07/04 11,020 11,020,000
Denver City & County Airport RB
Series 2003E DN (FGIC Insurance,
Bank of New York LOC) (A-1+)
1.16%(b) 05/07/04 2,300 2,300,000
Denver City & County Airport RB
Series 2003 PA-1186 AMT DN
(AMBAC Insurance, Merrill Lynch
& Co. Guaranty)
1.19%(b) 05/07/04 2,490 2,490,000
Denver City & County Airport RB
Series 2003 PT-754 AMT DN (MBIA
Insurance, Merrill Lynch & Co.
SBPA)
1.19%(b) 05/07/04 6,495 6,495,000
Denver City & County Airport RB
Series 2004 PT-2112 AMT DN (XL
Capital Insurance, Westdeutsche
Landesbank Girozentrale SBPA)
1.19%(b) 05/07/04 2,535 2,535,000
Denver City & County Airport RB
Series 2004 PT-920 AMT DN (FSA
Insurance, Merrill Lynch & Co.
SBPA) (F-1+)
1.19%(b) 05/07/04 1,500 1,500,000
El Paso County GO (Harrison School
District No. 2 Project) Series 1995
MB
7.05% 12/01/04 1,000 1,034,270
-----------
34,384,270
-----------
Connecticut - 2.2%
Connecticut Development Authority
IDRB (Atlas Container LLC Project)
Series 2003 AMT DN (LaSalle
National Bank LOC)
1.30%(b) 05/07/04 1,210 1,210,000
Connecticut GO Series 1999A DN
(Bayeriche Landesbank
Gironzentrale LOC) (A-1+,VMIG-1)
1.07%(b) 05/07/04 800 800,000
Connecticut Housing Finance
Authority RB (Mortgage Finance
Project) Series 2003F-2 MB
(SP-1+,MIG-1)
1.20% 12/22/04 7,000 7,000,000
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Connecticut (continued)
Connecticut State Health &
Educational Facilities Authority RB
(Yale University Project) Series
2003X-3 DN (A-1+,VMIG-1)
1.05%(b) 05/03/04 $38,900 $38,900,000
-----------
47,910,000
-----------
District of Columbia - 0.2%
Metropolitan Washington D.C. Airport
Authority Systems RB Series 2003
PT-1991 AMT DN (AIG Insurance
Guaranty, Merrill Lynch & Co.
SBPA) (F-1+)
1.19%(b) 05/07/04 3,240 3,240,000
-----------
Florida - 2.0%
Greater Orlando Aviation Authority
RB (Special Purpose Cessna
Aircraft Project) Series 2001 AMT
DN (Textron, Inc. Guaranty)
(A-2,P-1)
2.22%(b) 05/07/04 6,000 6,000,000
Hillborough Aviation Authority RB
Series 2003 PT-745 AMT DN (MBIA
Insurance, Svenska Bank SBPA)
(F-1+)
1.19%(b) 05/07/04 2,500 2,500,000
Jacksonville Economic Development
Commission IDRB (Glasfloss
Industries, Inc. Project) Series
2002 AMT DN (Huntington National
Bank LOC)
1.20%(b) 05/07/04 2,130 2,130,000
Lee County IDRB Series 1997 AMT
DN (SunTrust Bank LOC)
1.27%(b) 05/07/04 1,975 1,975,000
Orange County Housing Finance
Authority RB (Merrill Lynch
P-Float Trust Receipts) Series
2004 PT-2106 AMT DN (Merrill
Lynch Capital Services SBPA)
(VMIG-1)
1.19%(b) 05/07/04 5,000 5,000,000
Orange County Housing Finance
Authority RB (Merrill Lynch
P-Float Trust Receipts) Series
2004 PT-918 DN (Trinity Funding
Guaranty, Merrill Lynch Capital
Services SBPA) (VMIG-1)
1.19%(b) 05/07/04 10,000 10,000,000
Orlando County Utilities Commission
Water & Electric RB Series 2001
MB
4.00% 10/01/04 1,000 1,012,605
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
32
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------- ------------
MUNICIPAL BONDS (Continued)
Florida (continued)
Putnam County Development
Authority PCRB (Seminole Electric
Co-op Project) Series 1984D MB
(A-1)
1.12% 06/15/04 $ 9,450 $ 9,450,000
Putnam County Development
Authority PCRB (Seminole Electric
Co-op Project) Series 2003H-4 MB
(National Rural Utilities LOC) (A-1)
1.00% 09/15/04 5,300 5,300,000
-----------
43,367,605
-----------
Georgia - 2.7%
Atlanta Airport RB (Merrill Lynch
P-Float Trust Receipts) Series
2003 PT-901 AMT DN (FGIC
Insurance, Merrill Lynch Captial
Services SBPA)
1.19%(b) 05/07/04 6,175 6,175,000
Clayton County Development
Authority Special Facilities RB
(Delta Airlines Project ) Series
2000C AMT DN (General Electric
Capital Corp. LOC) (A-2,VMIG-1)
1.17%(b) 05/07/04 15,000 15,000,000
Cobb County Multi-Family Housing
Authority RB Series 2003 PT-1963
DN (Merrill Lynch & Co. Guaranty)
1.23%(b) 05/07/04 12,120 12,120,000
De Kalb County RB (De Kalb Medical
Center Project) Series 2003A RAN
(AAA)
2.00% 09/01/04 820 822,260
Dooly County IDRB (Hamburg
Enterprises Project) Series 2003
AMT DN (Fifth Third Bank N.A.
LOC)
1.18%(b) 05/07/04 1,000 1,000,000
Floyd County Hospital Authority RB
(Floyd Medical Center Project)
Series 2003 MB (MBIA Insurance)
(AAA)
3.00% 07/01/04 520 521,594
Gainesville Housing Authority RB
Series 2003 PT-1985 DN (Merrill
Lynch & Co. Guaranty)
1.23%(b) 05/07/04 3,470 3,470,000
Gordon County IDRB (Aladdin
Manufacturing Corp. Project)
Series 1997A AMT DN (Wachovia
Bank N.A. LOC)
1.22%(b) 05/07/04 1,000 1,000,000
Gordon County IDRB (Aladdin
Manufacturing Corp. Project)
Series 1997B DN (Wachovia Bank
N.A. LOC)
1.22%(b) 05/07/04 1,000 1,000,000
PAR
MATURITY (000) VALUE
---------- ----------- ------------
MUNICIPAL BONDS (Continued)
Georgia (continued)
Griffin-Spalding County IDRB
(Woodland Industries Project)
Series 2000 AMT DN (Wachovia
Bank N.A. LOC) (A-1+)
1.21%(b) 05/07/04 $ 2,150 $ 2,150,000
Gwinnett County IDRB (Suzanna
Project) Series 2001A AMT DN
(Wachovia Bank N.A. LOC) (VMIG-1)
1.21%(b) 05/07/04 3,350 3,350,000
Laurens County IDRB (Aladdin
Manufacturing Corp. Project)
Series 1997 AMT DN (Wachovia
Bank N.A. LOC)
1.22%(b) 05/07/04 1,000 1,000,000
Roswell Public Improvement GO
Series 1995 MB
5.45% 02/01/05 1,000 1,052,208
Thomaston-Upson IDRB (Southern
Mills Project) Series 1999 DN
(Wachovia Bank N.A. LOC)
1.21%(b) 05/07/04 4,940 4,940,000
Whitefield County Educational
Development Authority RB
(Aladdin Solid Waste Disposal
Project) Series 1999 AMT DN
(Wachovia Bank N.A. LOC)
1.22%(b) 05/07/04 3,100 3,100,000
-----------
56,701,062
-----------
Hawaii - 1.0%
Hawaii Airport Systems Municipal
Securities Trust Certificates RB
(Bigelow Project) Series 2001A
AMT DN (FGIC Insurance, Bear
Stearns SBPA) (A-1)
1.16%(b)(c) 05/07/04 8,800 8,800,000
Hawaii Airport Systems RB Series
2003 PT-830 DN (Merrill Lynch &
Co. Guaranty)
1.19%(b) 05/07/04 2,230 2,230,000
Hawaii Airports Systems RB Series
1994 AMT MB (AMBAC Insurance)
5.75% 07/01/04 2,275 2,338,460
Hawaii Department of Budget &
Finance RB Series 2003 PA-1224
AMT DN (AMBAC Insurance,
Merrill Lynch & Co. SBPA)
(A-1,Aaa)
1.18%(b) 05/07/04 2,340 2,340,000
Hawaii Department of Budget &
Finance RB Series 2003 PA-1244
AMT DN (AMBAC Insurance,
Merrill Lynch & Co. SBPA) (F-1+)
1.18%(b) 05/07/04 2,500 2,500,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
33
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------- ------------
MUNICIPAL BONDS (Continued)
Hawaii (continued)
Hawaii Housing Finance &
Development Corporation Single
Family Mortgage RB Series
2001A-15 AMT DN (Wachovia Bank
N.A. LOC) (VMIG-1)
1.20%(b) 05/07/04 $2,465 $ 2,465,000
-----------
20,673,460
-----------
Illinois - 2.3%
Chicago IDRB (Goose Island Beer Co.
Project) AMT DN (First Bank
Systems, N.A. LOC)
1.30%(b) 05/07/04 1,400 1,400,000
Chicago IDRB (Promise Candy
Project) Series 2001 AMT DN
(Lasalle National Bank LOC)
1.21%(b) 05/07/04 3,765 3,765,000
Chicago O'Hare International Airport
RB (Merrill Lynch P-Float Trust
Receipts) Series 2003 PT-1993
AMT DN (MBIA Insurance, Merrill
Lynch Capital Services SBPA)
(F-1+)
1.19%(b) 05/07/04 1,070 1,070,000
Chicago O'Hare International Airport
RB (Merrill Lynch P-Float Trust
Receipts) Series 2004 PT-925 AMT
MB (Merrill Lynch Capital Services
SBPA)
1.19% 07/01/04 4,025 4,025,000
Chicago O'Hare International Airport
RB (Merrill Lynch P-Float Trust
Receipts) Series 2004 PT-933 AMT
MB (Merrill Lynch Capital Services
SPBA)
1.25% 07/01/04 3,025 3,025,000
Chicago O'Hare International Airport
RB (Stars Certificates Banque
Nationale de Paribas) Series
2004-56 AMT DN (Banque
Nationale de Paribas LOC)
1.19%(b) 05/07/04 4,445 4,445,000
Chicago O'Hare International Airport
RB (Wachovia Merlots Trust
Receipts) Series 2001A-85 AMT DN
(Wachovia Bank N.A. LOC) (VMIG-1)
1.20%(b) 05/07/04 5,645 5,645,000
Cicero GO Series 2002 MB
3.00% 12/01/04 225 227,441
Elmhurst IDRB (Randall
Manufacturing Project) Series 2002
AMT DN (Lasalle National Bank
LOC) (A-1+)
1.29%(b) 05/07/04 1,915 1,915,000
PAR
MATURITY (000) VALUE
---------- ----------- ------------
MUNICIPAL BONDS (Continued)
Illinois (continued)
Harvard Multi-Family Housing RB
(Northfield Court Project) Series
1999 AMT DN (Lasalle National
Bank LOC) (A-1+)
1.29%(b) 05/07/04 $7,350 $ 7,350,000
Illinois Development Finance
Authority IDRB (Big Bolt Corp.
Project) Series 1996 AMT DN
(ABN-AMRO Bank N.V. LOC)
1.30%(b) 05/07/04 2,700 2,700,000
Illinois Development Finance
Authority IDRB (Cano Packaging
Corp. Project) Series 2001 AMT DN
(Lasalle National Bank LOC)
1.21%(b) 05/07/04 2,390 2,390,000
Illinois Development Finance
Authority IDRB (Harbortown
Industries Project) Series 2000A
AMT DN (Lasalle National Bank
LOC)
1.30%(b) 05/07/04 2,000 2,000,000
Illinois Industrial Development
Finance Authority RB (Mason Corp.
Project) Series 2000A AMT DN
(Lasalle National Bank LOC)
1.30%(b) 05/07/04 5,055 5,055,000
Naperville Economic Development
Authority RB (Independence
Village Associates Project) Series
1994 DN (National City Bank N.A.
LOC)
1.16%(b) 05/07/04 1,755 1,755,000
Springfield Community Improvement
RB Series 2000 AMT DN (National
City Bank N.A. LOC)
1.26%(b) 05/07/04 915 915,000
Upper River Valley IDRB (Advanced
Drainage System Project) Series
2002 AMT DN (National City Bank
N.A. LOC)
1.21%(b) 05/07/04 1,900 1,900,000
-----------
49,582,441
-----------
Indiana - 2.5%
Bremen IDRB (Universal Bearings,
Inc. Project) Series 1996A AMT DN
(KeyBank N.A. LOC) (A-1,P-1)
1.27%(b) 05/07/04 2,875 2,875,000
Elkhart Economic Development RB
(Jameson Inns, Inc. Project) AMT
DN (Firstar Bank N.A. LOC)
1.33%(b) 05/07/04 2,920 2,920,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
34
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------- ------------
MUNICIPAL BONDS (Continued)
Indiana (continued)
Elkhart Industrial Multi-Family RB
(Pedcor Investments Living LP
Project) Series 2002A AMT DN
(Federal Home Loan Bank
Guaranty) (VMIG-1)
1.20%(b) 05/07/04 $ 8,000 $ 8,000,000
Elkhart Industrial Multi-Family RB
(Pedcor Investments Living LP
Project) Series 2002B AMT DN
(Federal Home Loan Bank
Guaranty) (VMIG-1)
1.10%(b) 05/07/04 900 900,000
Fort Wayne Economic Development
Authority RB (Advanced Machine &
Tool Project) Series 2001 AMT DN
(National City Bank N.A. LOC)
1.21%(b) 05/07/04 2,070 2,070,000
Huntingburg Multi-Family RB
(Lincoln Village Apartments
Project) Series 2000 AMT DN
(Federal Home Loan Bank
Guaranty)
1.26%(b) 05/07/04 2,350 2,350,000
Indiana Development Finance
Authority Economic Development
RB (Saroyan Hardwoods, Inc.
Project) Series 1994 AMT DN (Fifth
Third Bank N.A. LOC)
1.28%(b) 05/07/04 950 950,000
Indiana Development Finance
Authority Economic Development
RB (Timerland Resources Project)
Series 2001 DN (Southtrust Bank
LOC)
1.29%(b) 05/07/04 930 930,000
Indiana Development Finance
Authority IDRB (Enterprise Center
II Project) Series 1992 AMT DN
(Bank One N.A. LOC) (A-1)
1.20%(b) 05/07/04 3,000 3,000,000
Indiana Economic Development
Finance Authority RB (Morris
Manufacturing & Sales Corp.
Project) Series 2002 AMT DN
(National City Bank N.A. LOC)
1.21%(b) 05/07/04 2,500 2,500,000
Indiana Port Commission RB
(Kosmos Cement Project) Series
2000 AMT DN (Wachovia Bank N.A.
LOC) (A-1+)
1.26%(b) 05/07/04 5,500 5,500,000
Indianapolis Gas Utility RB Series
1994A MB (Kredietbank N.V. LOC)
(AAA,Aaa)
5.88% 06/01/04 5,000 5,050,390
PAR
MATURITY (000) VALUE
---------- ----------- ------------
MUNICIPAL BONDS (Continued)
Indiana (continued)
Indianapolis IDRB (Public Import
Board Project) Series 2003 PT-731
AMT DN (FSA Insurance, Danske
Bank LOC) (A-1)
1.19%(b) 05/07/04 $ 2,550 $ 2,550,000
Jeffersonville Economic
Development Authority RB
(Scansteel Project) Series 1998
AMT DN (National City Bank N.A.
LOC)
1.26%(b) 05/07/04 1,200 1,200,000
Orleans Economic Development RB
(Almana LLC Project) Series 1995
AMT DN (National City Bank N.A.
LOC)
1.30%(b) 05/07/04 3,000 3,000,000
Scottsburg Economic Development
Authority RB (American Plastic
Corp. Project) Series 2000 AMT DN
(National City Bank N.A. LOC)
1.26%(b) 05/07/04 1,125 1,125,000
South Bend Economic Development
Authority RB (SGW Realty LLC
Project) Series 1998 AMT DN
(National City Bank N.A. LOC)
1.26%(b) 05/07/04 1,000 1,000,000
St. Joseph County Industrial
Economic Development RB
(Midcorr Land Development LLC
Project) Series 2002 DN (National
City Bank N.A. LOC)
1.21%(b) 05/07/04 3,510 3,510,000
Terre Haute Industrial Economic
Development RB (Jameson Inns,
Inc. Project) Series 1999 AMT DN
(Firstar Bank N.A. LOC) (A-1C+)
1.33%(b) 05/07/04 3,310 3,310,000
-----------
52,740,390
-----------
Iowa - 1.5%
Dallas County IDRB (Sioux City Brick
Project) Series 2000A AMT DN
(First Bank Systems LOC)
1.28%(b) 05/07/04 1,000 1,000,000
Iowa Finance Authority Economic
Development RB (West Liberty
Foods Project) Series 2002 DN
(Bank One N.A. LOC)
1.34%(b) 05/07/04 3,210 3,210,000
Iowa Finance Authority Retirement
Community RB (Deerfield
Retirement Community Project)
Series 2003B DN (Lasalle National
Bank LOC) (A-1)
1.09%(b) 05/07/04 15,000 15,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
35
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Iowa (continued)
Iowa GO Series 2003 TRAN
(SP-1+,MIG-1)
2.00% 06/29/04 $ 6,000 $ 6,009,134
Urbandale IDRB (Interstate Acres LP
Project) Series 1994 DN (Principle
Mutual Life Insurance Guaranty)
1.40%(b) 05/07/04 6,000 6,000,000
West Burlington IDRB (Borghi
Oilhydraulic Project) Series 2001A
AMT DN (Bank One N.A. LOC)
1.28%(b) 05/07/04 975 975,000
-----------
32,194,134
-----------
Kansas - 0.5%
Johnson County GO (Universal
School District No. 233 Project)
Series 2002A MB
3.00% 09/01/04 1,000 1,006,875
Johnson County Public Building
Common Lease Purchase RB
Series 2003A MB (AA+,Aa2)
2.38% 09/01/04 1,000 1,004,288
Kansas Department of
Transportation Highway RB Series
2002C-3 DN (Dexia Bank LOC,
Landesbank Hessen-Thuringen
Girozentrale LOC) (AA2,VMIG-1)
1.07%(b) 05/07/04 2,500 2,500,000
Shawnee Private Activity RB
(Simmons Co. Project) AMT DN
(SunTrust Bank LOC)
(A-1+,VMIG-1)
1.17%(b) 05/07/04 2,185 2,185,000
Topeka Utility RB Series 2004 MB
2.00% 08/01/04 905 907,158
Wichita Airport Flight Safety RB
Series 1990A AMT DN (Berkshire
Hathaway, Inc. Guaranty)
(AAA,VMIG-1)
1.16%(b) 05/07/04 3,500 3,500,000
-----------
11,103,321
-----------
Kentucky - 2.8%
Boyd County Sewer & Solid Waste RB
(Air Products & Chemicals Project)
Series 2003 AMT DN
1.16%(b) 05/07/04 1,275 1,275,000
City of Wilder Industrial Building RB
(Saratoga Investments LP Project)
Series 1998 AMT DN (Fifth Third
Bank N.A. LOC)
1.28%(b) 05/07/04 1,225 1,225,000
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Kentucky (continued)
Clark County PCRB (Eastern
Kentucky Power Project) Series
1984J-2 MB (National Rural
Utilities Guaranty) (A-1,MIG-1)
1.08% 10/15/04 $ 3,300 $ 3,300,000
Dayton IDRB (Ramkat Enterprise
Project) Series 2001 AMT DN (First
Bank Systems LOC)
1.33%(b) 05/07/04 2,055 2,055,000
Elsmere IDRB (International Mold
Steel, Inc. Project) Series 1996
AMT DN (Star Bank N.A. LOC)
1.28%(b) 05/07/04 1,530 1,530,000
Henderson Industrial Building RB
(Shamrock Technologies Project)
Series 1997 AMT DN (Wachovia
Bank N.A. LOC)
1.26%(b) 05/07/04 1,346 1,346,000
Jefferson County Industrial Building
RB (Atlas Machine & Supply Co.
Project) Series 1999 AMT DN
(Bank One N.A. LOC)
1.28%(b) 05/07/04 1,000 1,000,000
Kentucky Housing Corporation Single
Family Mortgage RB Series 2003
PT-740 AMT DN (FGIC Insurance,
Merrill Lynch & Co. Guaranty)
1.19%(b) 05/07/04 16,415 16,415,000
Kentucky Housing Corporation Single
Family Mortgage RB Series 2003
PT-863 AMT DN (FGIC Insurance,
Merrill Lynch & Co. Guaranty)
(VMIG-1)
1.19%(b) 05/07/04 9,370 9,370,000
Kentucky Housing Corporation Single
Family Mortgage RB Series 2003
PT-868 AMT DN (FGIC Insurance,
Merrill Lynch & Co. Guaranty)
(VMIG-1)
1.19%(b) 05/07/04 1,620 1,620,000
Lexington Central Corporation
Mortgage RB Series 2003A MB
2.00% 10/01/04 2,000 2,006,593
Mason County RB (School District
Finance Corp. School Building
Project) Series 2004 MB
2.00% 03/01/05 230 231,711
McCreary County Industrial Building
RB (Le Sportsac, Inc. Project)
Series 1998 AMT DN (Fifth Third
Bank N.A. LOC)
1.21%(b) 05/07/04 1,205 1,205,000
McCreary County Industrial Building
RB (Le Sportsac, Inc. Project)
Series 1998B AMT DN (Fifth Third
Bank N.A. LOC)
1.21%(b) 05/07/04 1,545 1,545,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
36
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Kentucky (continued)
McCreary County Industrial Building
RB (Le Sportsac, Inc. Project)
Series 1999B-3 AMT DN (Fifth
Third Bank N.A. LOC)
1.21%(b) 05/07/04 $ 3,460 $ 3,460,000
Pulaski County Solid Waste Disposal
RB (Natural Rural Utilities for East
Kentucky Power Project) Series
1993B AMT MB (MIG-1)
1.00% 08/15/04 4,850 4,850,000
Trimble County PCRB Series 2003
TECP (Louisville Gas & Electric
Guaranty) (A-2,P-1)
1.10% 05/04/04 10,000 10,000,000
University of Kentucky RB
(Educational Buildings Project)
Series 20030 MB (Aa3)
2.25% 05/01/04 565 565,000
----------
62,999,304
----------
Louisiana - 4.7%
Donaldsonville IDRB (John Folse &
Co., Inc. Project) Series 2003 DN
(Amsouth Bank LOC)
1.22%(b) 05/07/04 2,150 2,150,000
Iberville Parish PCRB (Air Products
& Chemicals Project) Series 1992
DN (A-1)
1.22%(b) 05/07/04 2,200 2,200,000
Jefferson Parish Home Mortgage
Authority RB (P-Float Trust
Receipts) Series 2000B PT-340
AMT DN (Bayerische Landesbank
Girozentrale LOC) (A-1C+)
1.18%(b) 05/07/04 2,950 2,950,000
Lafayette Educational Development
Authority RB (Holt County Project)
Series 1990 DN (Rabo Bank
Nederland LOC)
1.39%(b) 05/07/04 3,205 3,205,000
Louisiana Local Government
Environmental Facilities
Community Development Authority
RB (Ouachita Christian School, Inc.
Project) Series 2002 DN (Bank One
N.A. LOC)
1.34%(b) 05/07/04 1,605 1,605,000
Louisiana Local Government
Environmental Facilities
Community Development Authority
RB (Capital & Equipment
Programs Project) Series 2003A
DN (AMBAC Insurance, Banque
Nationale de Paribas Liquidity
Facility) (A-A+,Aaa)
1.19%(b) 05/07/04 21,485 21,485,000
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Louisiana (continued)
Louisiana Public Facilities Authority
RB (Air Products & Chemicals
Project) Series 2002 AMT DN
(A-1,P-1)
1.16%(b) 05/07/04 $ 3,000 $ 3,000,000
Louisiana Public Facilities Authority
RB (Air Products & Chemicals
Project) Series 2003 DN
1.16%(b) 05/07/04 18,650 18,650,000
Louisiana Public Facilities Authority
RB (Equipment & Capital Facilities
Project) Series 2003A DN (A-2)
1.14%(b) 05/07/04 9,000 9,000,000
Louisiana Public Facilities Authority
RB (Tiger Athletic Foundation
Project) Series 1999 DN
1.19%(b) 05/07/04 3,700 3,700,000
Louisiana Public Facilities Authority
RB (Tiger Athletic Foundation
Project) Series 2004 DN (VMIG-1)
1.18%(b) 05/07/04 11,500 11,500,000
North Webster Parish IDRB (CSP
Project) Series 2001 AMT DN
(Regions Bank N.A. LOC)
1.22%(b) 05/07/04 2,815 2,815,000
Plaquemines Port Harbor & Terminal
Distribution Port Facilities RB
(Chevron Pipe Line Co. Project)
Series 1984 MB (Chevron Texaco
Guaranty) (AA,Aa2)
1.00% 09/01/04 9,000 8,995,482
Plaquemines Port Harbor & Terminal
Distribution Port Facilities RB
(International Marine Terminal
Project) Series 1984A MB
1.08% 09/15/04 7,500 7,500,000
Shreveport Water & Sewer RB Series
2003C MB (FGIC Insurance)
(AAA,Aaa)
4.00% 06/01/04 870 872,121
------------
99,627,603
------------
Maine - 0.5%
Maine Housing Finance Authority RB
Series 2003 AMT DN (FGIC
Insurance, Merrill Lynch & Co.
SBPA) (VMIG-1)
1.19%(b) 05/07/04 11,605 11,605,000
------------
Maryland - 3.6%
Baltimore County RB (Golf Systems
Project ) Series 2001 DN (M&T
Bank Corp. LOC) (A-2)
1.19%(b) 05/07/04 5,000 5,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
37
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Maryland (continued)
Baltimore County RB (St. Paul's
School for Girls Facility Project)
Series 2000 DN (M&T Bank Corp.
LOC ) (A-2)
1.19%(b) 05/07/04 $ 8,555 $ 8,555,000
Maryland Economic Development
Corporation RB (Associated
Catholic, Inc. Project) Series 2002
DN (M&T Bank Corp. LOC)
(VMIG-1)
1.19%(b) 05/07/04 5,265 5,265,000
Maryland Economic Development
Corporation RB (Joe Corbis Pizza
Project) Series 2000 AMT DN (M&T
Bank Corp. LOC) (A-1)
1.29%(b) 05/07/04 1,425 1,425,000
Maryland Economic Development
Corporation RB (Lithographing Co.
Project) Series 2001 AMT DN (M&T
Bank Corp. LOC) (A-1)
1.29%(b) 05/07/04 3,555 3,555,000
Maryland Economic Development
Corporation RB (Mirage-Tucker
LLC Facility Project) Series 2002
DN (M&T Bank Corp. LOC)
(VMIG-1)
1.29%(b) 05/07/04 1,400 1,400,000
Maryland Economic Development
Corporation RB (Pharmaceutics
International Project) Series 2001A
AMT DN (M&T Bank Corp. LOC)
(A-1)
1.29%(b) 05/07/04 6,200 6,200,000
Maryland Economic Development
Corporation RB (Redrock LLC
Facilities Project) Series 2002 DN
(M&T Bank Corp. LOC) (VMIG-1)
1.34%(b) 05/07/04 2,500 2,500,000
Maryland Health & Higher Education
Facilities Authority RB (Adventist
Healthcare Project) Series 2003B
DN (M&T Bank Corp. LOC)
1.14%(b) 05/07/04 9,800 9,800,000
Maryland Health & Higher Education
Facilities Authority RB (Doctors
Community Hospital Project)
Series 1997 DN (M&T Bank Corp.
LOC) (A-1)
1.19%(b) 05/07/04 6,145 6,145,000
Maryland Industrial Development
Financing Authority RB (Brass Mill
Road Project) Series 1995 DN
(M&T Bank Corp. LOC) (A-1)
1.29%(b) 05/07/04 1,245 1,245,000
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Maryland (continued)
Maryland Industrial Development
Financing Authority RB (Patapsco
Association Project) Series 1995
DN (M&T Bank Corp. LOC) (A-1)
1.29%(b) 05/07/04 $ 1,225 $ 1,225,000
Montgomery County Economic
Development RB (Brooke Grove
Foundation, Inc. Project) Series
1998 DN (M&T Bank Corp. LOC)
(A-1)
1.24%(b) 05/07/04 4,660 4,660,000
Montgomery County Housing Finance
Authority RB Series 2001-1276 DN
(Merrill Lynch & Co. Guaranty)
(A-1)
1.23%(b) 05/07/04 3,990 3,990,000
Montgomery County RB (Ivymount
School, Inc. Facilities Project)
Series 2000 DN (M&T Bank Corp.
LOC) (A-1)
1.24%(b) 05/07/04 2,900 2,900,000
Northeast Solid Waste Disposal
Authority RB Series 2003 PT-766
AMT DN (AMBAC Insurance,
Landesbank Hessen-Thuringen
Girozentrale SBPA)
1.18%(b) 05/07/04 7,730 7,730,000
Prince Georges County RB (Parsons
Paper Facilities Project) Series
1987 DN (M&T Bank Corp. LOC)
1.16%(b) 05/07/04 3,500 3,500,000
Wicomico County Economic
Development RB (Plymouth Tube
Co. Project) Series 1996 AMT DN
(Bank One N.A. LOC) (VMIG-1)
1.28%(b) 05/07/04 1,500 1,500,000
------------
76,595,000
------------
Massachusetts - 5.7%
Bedford County GO Series 2003 BAN
1.70% 05/06/04 3,871 3,871,686
Leicester Water District GO Series
2003 BAN
2.00% 06/03/04 2,000 2,001,568
Marlborough GO Series 2003 RAN
(SP-1+,MIG-1)
1.20% 06/17/04 5,684 5,686,592
Massachusettes Development
Finance Agency Multi-Family
Housing RB (Georgetown Village
Apartments Project) Series 2003A
AMT DN (Federal National
Mortgage Association Guaranty)
1.17%(b) 05/07/04 4,100 4,100,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
38
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Massachusetts (continued)
Massachusettes Development
Finance Agency RB (Boston
University Project) Series 2002R-2
DN (A-1+,VMIG-1)
1.04%(b) 05/07/04 $23,900 $ 23,900,000
Massachusettes Housing Finance
Agency RB (Single Family Notes
Project) Series 2003M AMT MB
1.15% 05/01/04 5,000 5,000,000
Massachusetts GO Series 1994C MB
(AAA,Aaa)
6.30% 11/01/04 1,500 1,553,768
Massachusetts GO Series 1998A DN
(Westdeutsche Landesbank
Girozentrale SBPA) (A-1+,VMIG-1)
1.07%(b) 05/07/04 1,000 1,000,000
Massachusetts Water Resources
Authority RB Series 2004D MB
2.00% 08/01/04 1,480 1,483,519
Millbury GO Series 2004 BAN
2.00% 01/21/05 23,860 24,010,182
Northborough-Southborough GO
Series 2003 BAN (MIG-1)
2.00% 10/29/04 18,700 18,782,591
Reading GO Series 2004 BAN
2.25% 01/07/05 14,500 14,607,091
Wellesley GO Series 2003 BAN
(SP-1+,MIG-1)
1.15% 06/03/04 6,250 6,250,833
Weymouth GO Series 2003 BAN
1.38% 05/19/04 10,000 10,001,407
------------
122,249,237
------------
Michigan - 3.8%
Detroit City School District RB Series
2004B-01 DN (VMIG-1)
1.15%(b) 05/07/04 14,475 14,475,000
Detroit Economic Development
Authority RB (Wachovia Merlots
Trust Receipts) Series 2001A-90
AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
1.20%(b) 05/07/04 2,500 2,500,000
Detroit Economic Development
Corporation RB (E.H. Association
Ltd. Project) Series 2002 DN
(Charter One Bank LOC)
1.22%(b) 05/07/04 1,370 1,370,000
Detroit Sewer & Disposal Authority
RB (Wachovia Merlots Trust
Receipts) Series 2001A-112 DN
(MBIA Insurance) (VMIG-1)
1.15%(b) 05/07/04 5,620 5,620,000
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Michigan (continued)
Detroit Sewer Disposal RB Series
2003B-41 DN (Wachovia Bank N.A.
LOC)
1.15%(b) 05/07/04 $ 800 $ 800,000
Jackson Public Schools GO (Student
Aid Anticipation Notes) Series 2003
MB (Comercia Bank N.A. LOC)
2.00% 05/21/04 1,745 1,745,928
Jackson Public Schools GO (Student
Aid Anticipation Notes) Series
2004A MB
2.00% 08/24/04 2,735 2,743,150
Macomb Hospital Finance Authority
RB (Mt. Clemens General Project)
Series 2003A-2 DN (Comercia
Bank N.A. LOC)
1.12%(b) 05/07/04 4,750 4,750,000
Michigan State Hospital Finance
Authority RB (Crittenton Hospital
Project) Series 2003A DN
(Comercia Bank N.A. LOC)
1.12%(b) 05/07/04 7,500 7,500,000
Michigan State Housing Development
Authority RB Series 2002D MB
(FSA Insurance) (A-1+)
1.20% 12/15/04 5,375 5,375,000
Michigan Strategic Fund Limited
Obligation RB (Alpha Technology
Corp. Project) Series 1997 AMT DN
(National City Bank N.A. LOC)
1.21%(b) 05/07/04 2,000 2,000,000
Michigan Strategic Fund Limited
Obligation RB (America Group LLC
Project) Series 2000 AMT DN
(Bank One N.A. LOC)
1.28%(b) 05/07/04 3,200 3,200,000
Michigan Strategic Fund Limited
Obligation RB (Bayloff Properties
Project) Series 1998 AMT DN
(National City Bank N.A. LOC)
1.26%(b) 05/07/04 1,000 1,000,000
Michigan Strategic Fund Limited
Obligation RB (Conway Products
Project) Series 2001 AMT DN
(Comerica Bank N.A. LOC)
1.25%(b) 05/07/04 2,315 2,315,000
Michigan Strategic Fund Limited
Obligation RB (Hannah Technical
Project) Series 2002 AMT DN
(Comerica Bank N.A. LOC)
1.25%(b) 05/07/04 4,400 4,400,000
Michigan Strategic Fund Limited
Obligation RB (Kay Screen
Printing, Inc. Project) Series 2000
AMT DN (Bank One N.A. LOC)
1.28%(b) 05/07/04 1,400 1,400,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
39
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Michigan (continued)
Michigan Strategic Fund Limited
Obligation RB (Midwest Glass
Fabricators, Inc. Project) Series
2001 DN (Bank of America N.A.
LOC)
1.30%(b) 05/07/04 $ 2,635 $ 2,635,000
Michigan Strategic Fund Limited
Obligation RB (PFG Enterprises,
Inc. Project) Series 2001 AMT DN
(Huntington National Bank LOC)
1.29%(b) 05/07/04 740 740,000
Michigan Strategic Fund Limited
Obligation RB (Saginaw Production
Corp. Project) Series 2001 AMT DN
(Comerica Bank N.A. LOC)
1.25%(b) 05/07/04 3,350 3,350,000
Michigan Strategic Fund Limited
Obligation RB (Sparta Foundry, Inc.
Project) Series 1999 AMT DN (Old
Kent Bank & Trust Co. LOC)
1.26%(b) 05/07/04 1,050 1,050,000
Michigan Strategic Fund Limited
Obligation RB (Total Business
Systems Project) Series 1998 AMT
DN (Comerica Bank N.A. LOC)
1.25%(b) 05/07/04 3,400 3,400,000
Michigan Strategic Fund Limited
Obligation RB (VK & W Investors
LLC Project) Series 2000 AMT DN
(Comerica Bank N.A. LOC)
1.25%(b) 05/07/04 3,000 3,000,000
Oakland County Educational Limited
Obligation RB Series 2000 AMT DN
(Bank One N.A. LOC)
1.25%(b) 05/07/04 5,200 5,200,000
-----------
80,569,078
-----------
Minnesota - 1.0%
Duluth GO (Tax & Aid Certificates
Project) Series 2004 MB (A-1,A1)
2.00% 12/31/04 8,000 8,046,832
Minneapolis Convention Center RB
Series 2000 DN (Bayerische
Landesbank Girozentrale LOC)
(A-1,VMIG-1)
0.97%(b) 05/07/04 11,600 11,600,000
Minneapolis St. Paul Metropolitan
Airports Commission RB Series
2003 PT-727 AMT DN (FGIC
Insurance, BNP Paribas Standby
LOC) (A-1+)
1.19%(b) 05/07/04 1,800 1,800,000
Minneapolis St. Paul Metropolitan
Airports Commission RB Series
2004 AMT DN (FGIC Insurance,
Merrill Lynch & Co. SBPA)
1.19%(b) 05/07/04 1,600 1,600,000
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Minnesota (continued)
Plymouth Meeting IDRB (Scoville
Press, Inc. Project) Series 1994 DN
(Wells Fargo Bank LOC)
1.24%(b) 05/07/04 $ 1,470 $ 1,470,000
-----------
24,516,832
-----------
Mississippi - 0.5%
Mississippi Business Finance
Corporation RB (Mississippi
Baking Co. LLC Project) Series
1995 DN (M&T Bank Corp. LOC)
1.29%(b) 05/07/04 5,100 5,100,000
Mississippi Business Finance
Corporation RB (Shuqualak
Lumber Co. Project) Series 2001
AMT DN (Bank One N.A. LOC)
1.28%(b) 05/07/04 2,500 2,500,000
Mississippi Development Bank
Special Obligation RB (Harrison
Mississippi Bond Program) Series
2003 DN (AMBAC Insurance,
Banque Nationale de Paribas
SBPA)
1.19%(b) 05/07/04 3,760 3,760,000
-----------
11,360,000
-----------
Missouri - 1.2%
Bridgeton IDRB (Gold Dust LLC
Project) AMT DN (Commerce Bank
N.A. LOC)
1.29%(b) 05/07/04 1,225 1,225,000
Medical Center Educational Building
Corporation RB (Adult Hospital
Project) Series 2001 DN (Amsouth
Bank of Alabama LOC) (A-1)
1.08%(b) 05/07/04 10,000 10,000,000
Missouri State Housing Development
Commission Single Family
Mortgage RB Series 2003 PT-2038
DN (Government National
Mortgage Association Insurance,
Merrill Lynch & Co. SBPA)
(A-1,Aaa)
1.18%(b) 05/07/04 2,725 2,725,000
St. Charles County IDRB (A.H. Land
Development Project) Series 1996
AMT DN (Commerce Bank N.A.
LOC) (A-1)
1.34%(b) 05/07/04 3,250 3,250,000
St. Charles County IDRB (Austin
Machine Co. Project) Series 2003A
DN (Bank of America N.A. LOC)
1.24%(b) 05/07/04 1,920 1,920,000
St. Charles County IDRB (Patriot
Machine, Inc. Project) Series 2002
AMT DN (U.S. Bank N.A. LOC)
1.26%(b) 05/07/04 3,500 3,500,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
40
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Missouri (continued)
St. Charles County IDRB (Peine Lake
Apartments Project) Series 2004
AMT DN (Wachovia Bank N.A. LOC)
1.16%(b) 05/07/04 $ 2,150 $ 2,150,000
-----------
4,770,000
-----------
Montana - 0.2%
Montana Housing Board RB
(Wachovia Merlots Trust Receipts)
Series 2001A-41 AMT DN
(Wachovia Bank N.A. LOC) (VMIG-1)
1.20%(b) 05/07/04 1,685 1,685,000
Montana Housing Board RB
(Wachovia Merlots Trust Receipts)
Series 2002A-19 AMT DN
(Wachovia Bank N.A. LOC) (VMIG-1)
1.20%(b) 05/07/04 2,835 2,835,000
-----------
4,520,000
-----------
Multi-State - 2.2%
Charter Mac Equity Issuer Trust RB
(Merrill Lynch P-Float Trust
Receipts) Series 2004 AMT DN
(Merrill Lynch & Co. Guaranty)
1.23%(b) 05/07/04 27,960 27,960,000
Charter Mac Equity Issuer Trust RB
(Merrill Lynch P-Float Trust
Receipts) Series 2004 PT-2121
AMT DN (Merrill Lynch & Co.
Guaranty)
1.23%(b) 05/07/04 19,495 19,495,000
-----------
47,455,000
-----------
Nebraska - 0.2%
American Public Energy Gas Supply
Agency RB (Nebraska Public Gas
Agency Project) Series 1998C MB
(AMBAC Insurance) (AAA,Aaa)
4.00% 09/01/04 3,550 3,585,856
-----------
Nevada - 0.2%
Clark County IDRB (Southwest Gas
Corp. Project) Series 2003A AMT
DN (Fleet National Bank LOC)
(A-1,VMIG-1)
1.13%(b) 05/07/04 2,500 2,500,000
Clark County Passenger Facility
Charge RB Series 2002 MB (MBIA
Insurance)
4.00% 07/01/04 1,570 1,577,971
-----------
4,077,971
-----------
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
New Hampshire - 0.2%
New Hampshire Business Finance
Authority Industrial Facilities RB
(Felton Brush, Inc. Project) Series
1997 AMT DN (KeyBank N.A. LOC)
1.27%(b) 05/07/04 $ 1,475 $ 1,475,000
New Hampshire Housing Finance
Authority RB (Wachovia Merlots
Trust Receipts) Series 2001A-51
AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
1.20%(b) 05/07/04 1,925 1,925,000
New Hampshire Housing Finance
Authority RB (Wachovia Merlots
Trust Receipts) Series 2001A-82
AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
1.20%(b) 05/07/04 1,670 1,670,000
-----------
5,070,000
-----------
New Jersey - 2.7%
Berkeley Township GO Series 2003
BAN
1.75% 05/20/04 2,263 2,263,605
Camden County Improvement
Authority RB (Congregation
Beth-El Project) Series 2001 DN
(Commerce Bank N.A. LOC)
1.14%(b) 05/07/04 300 300,000
East Brunswick Township GO Series
2003 BAN
1.00% 06/16/04 14,000 14,001,214
Hudson County Certificates of
Participation Series 2001A-35 DN
(MBIA Insurance, Wachovia Bank
N.A. LOC) (VMIG-1)
1.11%(b) 05/07/04 3,800 3,800,000
Mercer County Improvemnet
Authority RB Series 1998 DN (Bank
of America N.A. LOC) (A-1+)
1.04%(b) 05/07/04 17,045 17,045,000
Montclair GO Series 2003 BAN
(AAA,Aaa)
1.50% 05/28/04 7,612 7,614,500
Montclair GO Series 2003 MB
1.50% 05/28/04 3,000 3,000,985
New Jersey Economic Development
Authority RB (Somerset Hills
YMCA Project) Series 2003 DN
(Commerce Bank N.A. LOC)
1.14%(b) 05/07/04 100 100,000
New Jersey Economic Development
Authority Special Facilities RB
(Port Newark Container LLC
Project) Series 2003 AMT DN
(Citibank LOC) (A-1+,Aa)
1.14%(b) 05/07/04 700 700,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
41
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------- -----------
MUNICIPAL BONDS (Continued)
New Jersey (continued)
New Jersey Health Care Facilities
Financing Authority RB (Merrill
Lynch P-Float Trust Receipts)
Series 2001 PT-1319 DN (AMBAC
Insurance, Merrill Lynch Capital
Services SBPA) (A-1)
1.12%(b) 05/07/04 $ 4,900 $ 4,900,000
New Jersey Health Care Facilities
Financing Authority RB (Wachovia
Merlots Trust Receipts) Series
2001A DN (Wachovia Bank N.A.
LOC) (VMIG-1)
1.11%(b) 05/07/04 2,685 2,685,000
New Jersey Housing & Mortgage
Finance Agency RB (Single Family
Housing Project) Series 2003B
AMT MB (SP-1+,MIG-1)
1.10% 10/01/04 2,000 2,000,000
-----------
58,410,305
-----------
New Mexico - 0.1%
Dona Ana County IDRB (Merryweath
Project) Series 1998 AMT DN (First
Merit Bank N.A. LOC)
1.38%(b) 05/07/04 1,610 1,610,000
-----------
New York - 2.3%
City of New York Municipal Water &
Sewer System RB Series 2000C DN
(FGIC Insurance) (A-1+,VMIG-1)
1.06%(b) 05/03/04 13,550 13,550,000
Lancaster IDRB (Jiffy Tite Co., Inc.
Project) Series 1997 AMT DN (Key
Bank N.A. LOC)
1.27%(b) 05/07/04 1,650 1,650,000
Monroe County Asset Securitization
Corporation RB Series 2003
PA-1210 DN (Merrill Lynch & Co.
Guaranty) (F-1+)
1.18%(b) 05/07/04 15,000 15,000,000
New York Housing Finance Agency
RB (Theatre Row Tower Project)
Series 2001 AMT DN (Hypover-
insbank LOC)
1.32%(b) 05/07/04 5,000 5,000,000
Onondaga IDRB (Midstate Printing
Corp. Project) Series 2000 AMT DN
(KeyBank N.A. LOC)
1.27%(b) 05/07/04 1,480 1,480,000
Suffolk County GO (Longwood
Central School District Project)
Series 2006 TAN (SP-1+)
1.75% 06/30/04 10,000 10,011,292
PAR
MATURITY (000) VALUE
---------- ----------- -----------
MUNICIPAL BONDS (Continued)
New York (continued)
Ulster IDRB (Viking Industries, Inc.
Project) Series 1998A AMT DN
(KeyBank N.A. LOC)
1.27%(b) 05/07/04 $ 1,685 $ 1,685,000
-----------
48,376,292
-----------
North Carolina - 1.9%
Buncombe County IDRB (Lustar
Dyeing, Inc. Project) Series 1998
AMT DN (Wachovia Bank N.A. LOC)
1.26%(b) 05/07/04 2,165 2,165,000
Charlotte Airport RB Series 2003
PT-719 AMT DN (MBIA Insurance)
(A-1+)
1.19%(b) 05/07/04 3,335 3,335,000
Cleveland County Industrial Facilities
PCRB (Blanchford Rubber Project)
Series 2003 DN (Bank One N.A.
LOC)
1.13%(b) 05/07/04 1,000 1,000,000
Gates County IDRB (Coxe-Lewis
Corp. Project) Series 1999 AMT DN
(Wachovia Bank N.A. LOC)
1.26%(b) 05/07/04 1,010 1,010,000
Iredell County Industrial Facilities &
Pollution Control Financing
Authority IDRB (B&B Fabricators
Project) Series 1999 AMT DN
(Bank of America N.A. LOC)
1.20%(b) 05/07/04 2,300 2,300,000
Lee County Industrial Facilities &
Pollution Control Financing
Authority RB (Var-Arden Corp.
Project) Series 1999 AMT DN
(Comerica Bank N.A. LOC)
1.25%(b) 05/07/04 2,300 2,300,000
Mecklenburg County Industrial
Facilities & Pollution Control
Financing Authority IDRB (Otto
Industrial, Inc. Project) Series 1988
AMT DN (Bank of America N.A.
LOC)
1.20%(b) 05/07/04 2,090 2,090,000
Mecklenburg County Industrial
Facilities & Pollution Control
Financing Authority IDRB
(Peidmont Plastics Project) Series
1997 AMT DN (Branch Banking &
Trust Co. LOC)
1.22%(b) 05/07/04 1,700 1,700,000
North Carolina Housing Finance
Agency RB (Wachovia Merlots
Project) Series 2001A-70 AMT DN
(Wachovia Bank N.A. LOC) (VMIG-1)
1.20%(b) 05/07/04 2,640 2,640,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
42
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------- -----------
MUNICIPAL BONDS (Continued)
North Carolina (continued)
North Carolina Medical Care
Commission Retirement Facilities
RB (Brookwood Project) Series
2001C DN (Branch Banking &
Trust Co. LOC) (A-1)
1.18%(b) 05/07/04 $ 1,900 $ 1,900,000
North Carolina Ports Authority
Exempt Facilities RB (Wilmington
Bulk LLC Project) Series 2001A
AMT DN (Branch Banking & Trust
Co. LOC)
1.22%(b) 05/07/04 2,805 2,805,000
Rutherford County Industrial
Facilities PCRB (Thieman Metal
Technology Project) Series 1998
AMT DN (Branch Banking & Trust
Co. LOC)
1.22%(b) 05/07/04 2,250 2,250,000
Sampson County Industrial Facilities
PCRB (Dubose Strapping, Inc.
Project) Series 2003 AMT DN
(Wachovia Bank N.A. LOC)
1.26%(b) 05/07/04 3,200 3,200,000
Union County Industrial Facilities
PCRB (Tenn Coverting Co. Project)
Series 1997 AMT DN (SunTrust
Bank LOC)
1.17%(b) 05/07/04 1,750 1,750,000
Wake County GO Series 2004A DN
(Landesbank Hessen-Thuringen
Girozentrale SBPA)
(A-1+,VMIG-1,F-1+)
1.13%(b) 05/07/04 5,000 5,040,625
Wake County Housing Finance
Authority RB (Casa Melvid
Multi-Family Housing Project)
Series 2001A AMT DN (SunTrust
Bank LOC) (VMIG-1)
1.22%(b) 05/07/04 3,500 3,500,000
Washington County Industrial
Facilities PCRB (Mackey's Ferry
Sawmill, Inc. Project) Series 1997
AMT DN (Wachovia Bank N.A. LOC)
1.21%(b) 05/07/04 2,400 2,400,000
-----------
41,385,625
-----------
North Dakota - 0.6%
Mercer County Solid Waste Disposal
RB (National Rural Utilities United
Power Project) Series 1993U AMT
MB (National Rural Utilities LOC)
(A-1,P-1)
1.18% 06/01/04 5,900 5,900,000
PAR
MATURITY (000) VALUE
---------- ----------- -----------
MUNICIPAL BONDS (Continued)
North Dakota (continued)
Mercer County Solid Waste Disposal
RB (National Rural Utilities United
Power Project) Series 1995A AMT
MB (National Rural Utilities LOC)
(A-1)
1.00% 09/01/04 $ 2,400 $ 2,400,000
North Dakota Housing Finance
Agency RB Series 2001A-19 DN
(Wachovia Bank N.A. LOC) (VMIG-1)
1.20%(b) 05/07/04 3,515 3,515,000
-----------
11,815,000
-----------
Ohio - 9.0%
Akron Income Tax RB (Community
Learning Centers Project) Series
2004A MB (FGIC Insurance,
ABN-AMRO Bank N.V. LOC) (A-1)
1.09% 12/08/04 7,000 7,000,000
American Municipal Power
Incorporated RB (Bowling Green
Project) Series 2003 BAN
1.25% 12/02/04 1,635 1,635,000
American Municipal Power
Incorporated RB (City of Bryan
Project) Series 2003 BAN
1.20% 08/20/04 4,600 4,600,000
American Municipal Power
Incorporated RB (Cleveland Public
Power Project) Series 2003 BAN
1.10% 08/19/04 2,660 2,659,900
American Municipal Power
Incorporated RB (Deshler Project)
Series 2003 BAN
1.10% 07/08/04 542 542,000
American Municipal Power
Incorporated RB (Gorsuch Station
Improvement Project) Series
2004A MB (A-1,MIG-1)
1.10% 04/01/05 5,280 5,280,000
American Municipal Power
Incorporated RB (Hubbard, Inc.
Project) Series 2003 BAN
1.25% 12/15/04 2,100 2,100,000
American Municipal Power
Incorporated RB (Shelby Project)
Series 2003 BAN
1.30% 11/18/04 3,750 3,750,000
American Municipal Power
Incorporated RB (Woodville
Project) Series 2003 BAN
1.20% 07/22/04 1,300 1,300,000
American Municipal Power
Incorporated RB Series 2003 BAN
1.20% 11/04/04 2,320 2,320,000
Avon GO Series 2004 BAN
1.35% 04/14/05 1,000 1,002,355
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
43
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- --------- -----------
MUNICIPAL BONDS (Continued)
Ohio (continued)
Belmont County GO Series 2004 BAN
1.36% 03/16/05 $ 1,500 $ 1,503,365
Berea County GO Series 2003 BAN
1.15% 07/01/04 1,300 1,300,535
Brecksville City GO Series 2003 BAN
1.35% 05/06/04 500 500,013
Brunswick GO Series 2003 BAN
1.25% 05/27/04 3,600 3,600,403
Butler Hospital Facilities RB (Ucpha,
Inc. Project) Series 2004 DN (A-1)
1.15%(b) 05/07/04 8,450 8,450,000
Cuyahoga County Economic
Development RB (Cleveland
Botanical Garden Project) Series
2001 DN (M&T Bank Corp. LOC)
(VMIG-1)
1.13%(b) 05/07/04 635 635,000
Dayton-Montgomery County Port
Authority RB Series 2003 BAN
1.85% 05/14/04 1,500 1,500,342
Fairfield County GO Series 2004 BAN
2.00% 04/13/05 8,100 8,162,391
Franklin County Hospital Facilities
Referral & Improvement RB (U.S.
Health Corp. of Columbus Project)
Series 1996A DN (Morgan
Guaranty Trust LOC) (VMIG-1)
1.09%(b) 05/07/04 195 195,000
Galion GO Series 2003 BAN
1.62% 06/03/04 3,145 3,146,189
Geauga County GO Series 2003 BAN
1.30% 10/07/04 1,000 1,000,856
Greene County GO Series 2004A MB
(MIG-1)
1.33% 08/20/04 475 475,401
Greene County GO Series 2004B MB
(MIG-1)
1.33% 02/25/05 450 450,655
Hamilton County Economic
Development RB (Taft Museum
Project) Series 2002 DN (Fifth
Third Bank N.A. LOC)
1.11%(b) 05/07/04 5,000 5,000,000
Hamilton County Electric System RB
Series 2002B DN (FSA Insurance,
Dexia Bank LOC) (VMIG-1)
1.10%(b) 05/07/04 8,680 8,680,000
Hamilton County GO Series 2003
BAN (MIG-1)
1.16% 06/03/04 1,540 1,540,000
Hamilton County GO Series 2003I
BAN
1.36% 11/10/04 1,000 1,001,352
PAR
MATURITY (000) VALUE
---------- --------- -----------
MUNICIPAL BONDS (Continued)
Ohio (continued)
Hamilton County GO Series 2004
BAN
1.40% 01/28/05 $ 1,650 $ 1,653,627
Hamilton County Hospital Facilities
RB (Children's Hospital Medical
Center Project) Series 2000 DN
(J.P. Morgan Chase LOC) (VMIG-1)
1.10%(b) 05/07/04 1,000 1,000,000
Lancaster GO Series 2004 BAN
1.13% 09/10/04 2,525 2,527,971
Licking County GO Series 2004 BAN
1.57% 02/23/05 1,480 1,484,398
Lucas County Economic
Development RB (Maumee Valley
Country Day School Project) Series
1998 AMT DN (American National
Bank & Trust Co. LOC)
2.08%(b) 05/07/04 1,715 1,715,000
Lucas Industrial Development RB
(Conforming Matrix Corp. Project)
Series 1999 AMT DN (Sky Bank
LOC)
2.08%(b) 05/07/04 1,130 1,130,000
Lyndhurst GO Series 2004 BAN
1.35% 03/03/05 475 475,787
Marysville City Sewer Authority GO
Series 2003 BAN
1.41% 11/10/04 3,494 3,498,719
Middletown City School District GO
(School Improvement Project)
Series 2004 MB (FGIC Insurance)
(Aaa,AAA)
2.00% 12/01/04 1,665 1,673,298
Middletown School District GO Series
2003 BAN
1.75% 06/10/04 8,500 8,505,537
Napoleon GO Series 2003 BAN
1.17% 05/20/04 1,252 1,252,045
1.50% 07/29/04 1,000 1,000,942
North Olmstead GO Series 2003 BAN
1.25% 06/17/04 1,000 1,000,317
North Royalton GO Series 2004 BAN
1.35% 01/20/05 1,000 1,001,766
Oakwood GO Series 2004 BAN
1.25% 03/17/05 2,000 2,002,936
Ohio Higher Education Facility RB
(Ashland University Project) Series
2004 DN (KeyBank N.A. LOC) (A-1)
1.15%(b) 05/07/04 2,000 2,000,000
Ohio Higher Education Facility RB
(Cedarville University Project)
Series 2004 DN (KeyBank N.A.
LOC)
1.17%(b) 05/07/04 2,000 2,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
44
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- -------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- --------- -----------
MUNICIPAL BONDS (Continued)
Ohio (continued)
Pataskala GO Series 2004 BAN
1.68% 02/24/05 $ 1,595 $ 1,601,180
Penta Career Center Certificates of
Participation (Wood Lucas County
Project) Series 2004 MB
1.40% 04/01/05 1,135 1,138,092
Richland County GO Series 2003 BAN
(MIG-1)
1.47% 11/09/04 1,536 1,538,941
Richland County GO Series 2004
TRAN (F-1+)
1.50% 03/31/05 1,192 1,196,309
Strongsville GO Series 2003-1 BAN
1.15% 07/22/04 1,900 1,900,841
Summit County Civic Facility RB
(Akron Area Electrical Joint
Apprenticeship & Training Trust
Project) Series 2001 DN (KeyBank
N.A. LOC)
1.17%(b) 05/07/04 20 20,000
Summit County IDRB (J&P Capital
Project) Series 2001 AMT DN (Sky
Bank LOC)
1.57%(b) 05/07/04 1,840 1,840,000
Tallmadge GO (Recreational
Improvement Notes) Series 2004
MB
2.00% 03/15/05 2,100 2,115,539
Tipp County GO Series 2003 BAN
1.25% 05/06/04 1,000 1,000,009
Toledo City School District GO
(Wachovia Merlots Trust Receipts)
Series 2004A-15 DN (Wachovia
Bank N.A. LOC) (Aaa,VMIG-1)
1.17%(b) 05/07/04 3,555 3,555,000
Troy GO Series 2004 BAN
1.64% 09/30/04 1,900 1,904,599
University Akron RB (General
Receipts Project) Series 2004 DN
(VMIG-1)
1.09%(b) 05/07/04 37,605 37,605,000
University Heights GO Series 2004
BAN
1.60% 05/12/05 1,565 1,568,850
University of Cincinatti RB Series
2004B DN (AMBAC Insurance,
Bayerische Landesbank
Girozentrale SBPA) (A-1+,VMIG-1)
1.10%(b) 05/07/04 5,000 5,000,000
University of Toledo RB (Societe
Generale Trust Receipts) Series
2001 SGA-125 DN (FGIC Insurance)
(A-1+)
1.12%(b) 05/07/04 6,900 6,900,000
Vermilion GO Series 2004 BAN
1.40% 08/26/04 864 865,105
PAR
MATURITY (000) VALUE
---------- --------- -----------
MUNICIPAL BONDS (Continued)
Ohio (continued)
Wapokoneta GO Series 2003 BAN
1.65% 06/17/04 $ 877 $ 877,191
Westerville City School District GO
Series 2004 MB (AAA,Aaa)
2.00% 12/01/04 1,130 1,136,223
Wood County Economic Development
RB (Sun Seed Holding Co., Inc.
Project) Series 2001A AMT DN (Sky
Bank LOC)
2.08%(b) 05/07/04 700 700,000
Wood County IDRB (Hammill
Manufacturing Project) Series 2001
AMT DN (Sky Bank LOC)
2.08%(b) 05/07/04 690 690,000
Wood County RB (Toledo YMCA
Facilities Improvement Project)
Series 1998 DN (Sky Bank LOC)
2.08%(b) 05/07/04 3,715 3,715,000
Wyoming GO Series 2003 BAN
1.08% 07/09/04 1,644 1,644,514
-----------
191,765,494
-----------
Oklahoma - 1.2%
Broken Bow Economic Development
Authority Solid Waste Disposal RB
(J. M. Huber Project) Series 2003A
AMT DN (SunTrust Bank LOC)
1.17%(b) 05/07/04 7,500 7,500,000
Canadian County Home Financing
Authority RB (Merrill Lynch
P-Float Trust Receipts,
Multi-Family Housing Project)
Series 2003 PT-1885 AMT DN
(Merrill Lynch Captial Services
SBPA) (F-1+,AA-)
1.23%(b) 05/07/04 2,000 2,000,000
Muskogee Transport Authority IDRB
(Metals USA, Inc. Project) Series
1998 AMT DN (Bank One N.A. LOC)
1.28%(b) 05/07/04 2,850 2,850,000
Oklahoma City IDRB Series 1998
AMT DN (Bank One N.A. LOC)
1.28%(b) 05/07/04 2,240 2,240,000
Oklahoma Development Finance
Authority RB (ConocoPhillips Co.
Project) Series 2002B DN
(ConocoPhillips Guaranty)
(A-2,P-2)
1.28%(b) 05/07/04 2,500 2,500,000
Oklahoma Development Finance
Authority RB (ConocoPhillips Co.
Project) Series 2003 MB
(A-2,MIG-2)
1.35% 12/01/04 8,000 8,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
45
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- -------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- --------- -----------
MUNICIPAL BONDS (Continued)
Oklahoma (continued)
Oklahoma University Board of
Regents RB (Packaging Systems
Project) Series 2004 MB
2.00% 03/01/05 $ 250 $ 251,860
-----------
25,341,860
-----------
Oregon - 0.7%
Oregon GO Series 2003 TAN
(SP-1+,MIG-1)
2.25% 11/15/04 14,000 14,088,420
-----------
Pennsylvania - 4.0%
Cumberland County Municipal
Authority RB (Messiah Village
Project) Series 2002 DN (Citizens
Bank of Pennsylvania LOC)
1.10%(b) 05/07/04 7,600 7,600,000
Greater Latrobe School Authority
Building RB (School Building
Project) Series 2000 MB
5.30% 10/01/04 1,375 1,436,284
Harrisburg Authority RB (Haverford
School District Project) Series
2001A DN (FSA Insurance, Dexia
Bank LOC)
1.14%(b) 05/07/04 2,195 2,195,000
Kutztown Area School District GO
Series 2003 MB (AAA,Aaa)
2.00% 08/15/04 100 100,238
Mercer County Industrial Authority
Economic Development RB (Solar
Atmospheres Western
Pennsylvania Project) Series 2001
DN
1.10%(b) 05/07/04 2,900 2,900,000
Pennsylvania Higher Education
Assistance Agency Student Loan
RB Series 2002A AMT DN (FSA
Insurance) (A-1+,VMIG-1)
1.15%(b) 05/07/04 20,000 20,000,000
Pennsylvania Higher Educational
Facilities Authority RB (Holy Family
University Project) Series 2004 DN
(VMIG-1)
1.12%(b) 05/07/04 3,600 3,600,000
Pennsylvania Higher Educational
Facilities Authority RB (Thomas
Jefferson Project) Second Series
2001 DN (Morgan Guaranty Trust
LOC) (VMIG-1)
1.09%(b) 05/07/04 4,160 4,160,000
Pennsylvania Higher Educational
Facilities Authority RB Series
2002A DN (Commerce Bank N.A.
LOC) (VMIG-1)
1.12%(b) 05/07/04 125 125,000
PAR
MATURITY (000) VALUE
---------- --------- -----------
MUNICIPAL BONDS (Continued)
Pennsylvania (continued)
Pennsylvania Higher Educational
Facilities Authority RB Series
2002B DN (Commerce Bank N.A.
LOC) (VMIG-1)
1.12%(b) 05/07/04 $ 1,200 $ 1,200,000
Pennsylvania Housing Finance
Agency RB (Single Family
Mortgage Project) Series 1996-50A
MB
5.30% 10/01/04 1,970 2,004,982
Pennsylvania State GO Second Series
2003 DN (Wachovia Bank N.A. LOC)
(VMIG-1)
1.15%(b) 05/07/04 100 100,000
Pennsylvania Turnpike Commission
RB Series 2002B DN (Credit Locale
de France LOC) (A-1+,VMIG-1,F-1+)
1.10%(b) 05/07/04 12,400 12,400,000
Philadelphia Authority for Industrial
Development Health Care Facility
RB (Greater Philadelphia Health
System Project) Series 2003 DN
(Commerce Bank N.A. Liquidity
Facility)
1.12%(b) 05/07/04 4,500 4,500,000
Philadelphia GO Series 2003 TRAN
2.00% 06/30/04 15,000 15,025,336
Philadelphia Hospital & Higher
Education Facilities Authority RB
(Philadelphia Protestant Home
Project) Series 2004 DN (Fleet
National Bank LOC) (VMIG-1)
1.12%(b) 05/07/04 4,450 4,450,000
State Public School Building
Authority RB (Kennett
Consolidated School District
Project) Series 1998D MB
5.20% 02/15/05 500 516,287
State Public School Building
Authority RB (Wachovia Merlots
Trust Receipts) Series 2004A-1 MB
(FSA Insurance, Wachovia Bank
N.A. LOC) (MIG-1)
1.20% 02/04/05 3,640 3,640,000
-----------
85,953,127
-----------
Puerto Rico - 0.4%
Commonwealth of Puerto Rico GO
(Bear Stearns Trust Certificates)
Series 2002A-199 DN (MBIA
Insurance, Bear Stearns Capital
Markets Liquidity Facility) (A-1+)
1.08%(b)(c) 05/07/04 1,000 1,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
46
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- -------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- --------- -----------
MUNICIPAL BONDS (Continued)
Puerto Rico (continued)
Commonwealth of Puerto Rico
Government Development Bank
RB Series 1985 DN (Credit Suisse
LOC) (A-1+,VMIG-1)
1.03%(b) 05/07/04 $ 200 $ 200,000
Commonwealth of Puerto Rico Public
Improvement GO Series 2003
TRAN (Morgan Stanley Group
Liquidity Facility) (SP-1+,MIG-1)
2.00% 07/30/04 8,000 8,020,155
-----------
9,220,155
-----------
Rhode Island - 0.7%
Rhode Island Housing Finance
Authority RB (Municipal Securities
Trust Certificates) Series
2002A-9036 AMT DN (FSA
Insurance, Wachovia Bank N.A.
LOC) (A-1)
1.16%(b)(c) 05/07/04 9,100 9,100,000
Rhode Island Housing Finance
Authority RB (Wachovia Merlots
Trust Receipts) Series 2002A-6
AMT DN (Wachovia Bank N.A. LOC)
(A-1)
1.20%(b) 05/07/04 5,045 5,045,000
-----------
14,145,000
-----------
South Carolina - 1.0%
Berkeley County IDRB (Nucor Corp.
Project) Series 1997 AMT DN
(A-1+,P-1)
1.16%(b) 05/07/04 4,700 4,700,000
South Carolina Jobs Economic
Development Authority RB (Ellcon
National, Inc. Project) Series
1998B AMT DN (Wachovia Bank
N.A. LOC)
1.21%(b) 05/07/04 1,965 1,965,000
South Carolina Jobs Economic
Development Authority RB (Holcim
U.S., Inc. Project) Series 2003 AMT
DN (Comercia Bank N.A. LOC)
(A-1)
1.25%(b) 05/07/04 6,250 6,250,000
South Carolina Jobs Economic
Development Authority RB
(Persona, Inc. Project) Series 1998
AMT DN (Lasalle National Bank
LOC) (A-1)
1.20%(b) 05/07/04 1,770 1,770,000
South Carolina Jobs Economic
Development Authority RB
(Republic Services South Carolina
LLC Project) Series 2003 AMT DN
(SunTrust Bank LOC)
1.17%(b) 05/07/04 5,000 5,000,000
PAR
MATURITY (000) VALUE
---------- --------- -----------
MUNICIPAL BONDS (Continued)
South Carolina (continued)
South Carolina Jobs Economic
Development Authority RB
(Synthetics International, Inc.
Project) Series 1995 AMT DN
(Southtrust Bank LOC)
1.34%(b) 05/07/04 $ 900 $ 900,000
-----------
20,585,000
-----------
South Dakota - 0.5%
South Dakota Housing Development
Authority Single Family RB (Merrill
Lynch P-Float Trust Receipts)
Series 2003 PT-837 DN (FGIC
Insurance, Merrill Lynch & Co.
SPBA)
1.19%(b) 05/07/04 140 140,000
South Dakota Housing Development
Authority Single Family RB (Merrill
Lynch P-Float Trust Receipts)
Series 2003 PT-889 DN (FGIC
Insurance, Merrill Lynch & Co.
SBPA)
1.19%(b) 05/07/04 605 605,000
South Dakota Housing Development
Authority Single Family RB (Merrill
Lynch P-Float Trust Receipts)
Series 2004 PT-907 DN (FGIC
Insurance, Merrill Lynch & Co.
SBPA)
1.19%(b) 05/07/04 10,230 10,230,000
-----------
10,975,000
-----------
Tennessee - 0.8%
Grundy County IDRB (Toyota Seat
Project) Series 2001 AMT DN
(Comerica Bank N.A. LOC)
1.30%(b) 05/07/04 4,255 4,255,000
Kingsport GO (Water & Sewer
Project) Series 2004B MB (AMBAC
Insurance) (AAA,Aaa)
2.00% 03/01/05 350 352,606
Memphis-Shelby County Airport
Authority RB Series 1997A MB
(MBIA Insurance) (AAA,Aaa)
6.00% 02/15/05 1,000 1,038,066
Metropolitan Government Nashville
& Davidson County IDRB (Family
LLC Project) Series 2002 AMT DN
(SunTrust Bank LOC) (F-1+)
1.22%(b) 05/07/04 3,200 3,200,000
Metropolitan Nashville Airport
Authority RB Series 2003 DN
(SunTrust Bank LOC) (VMIG-1)
1.17%(b) 05/07/04 5,000 5,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
47
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Tennessee (continued)
Morristown IDRB (Petoskey Plastic
Project) Series 1999 AMT DN
(Comerica Bank N.A. LOC)
1.30%(b) 05/07/04 $ 4,005 $ 4,005,000
-----------
17,850,672
-----------
Texas - 7.7%
Austin Airport Systems RB Series
2000J AMT DN (MBIA Insurance,
Wachovia Bank N.A. LOC) (VMIG-1)
1.20%(b) 05/07/04 3,000 3,000,000
Brazos Industrial Development
Corporation Environmental
Facilities RB (ConocoPhillips Co.
Project) Series 2003 AMT MB
(A-2,MIG-2)
1.38% 08/01/04 5,500 5,500,000
Brazos River Authority PCRB (Credit
Suisse LOC) AMT DN
(A-1+,VMIG-1)
1.16%(b) 05/07/04 9,900 9,900,000
Collin County Housing Finance
Corporation Multi-Family RB
(Merrill Lynch P-Float Trust
Receipts) Series 1999 PT-1160 DN
(Merrill Lynch & Co. Guaranty,
Merrill Lynch Capital Services
Liquidity Facility) (A-1C+)
1.17%(b) 05/07/04 2,300 2,300,000
Dallas Fort Worth International
Airport RB (Merrill Lynch P-Float
Trust Receipts) Series 2004
PT-2156 DN (Merrill Lynch Captial
Services SBPA) (F-1+)
1.19%(b) 05/07/04 630 630,000
Dallas Fort Worth International
Airport RB Series 2003A-34 AMT
DN (FSA Insurance, Wachovia Bank
N.A. LOC) (VMIG-1)
1.20%(b) 05/07/04 5,000 5,000,000
Grapevine GO Series 1995 MB
(AAA,Aaa)
5.25% 02/15/05 500 516,509
Gulf Coast Waste Disposal Authority
RB (Air Products Project) Series
1999 AMT DN (A-1,VMIG-1)
1.16%(b) 05/07/04 10,000 10,000,000
Gulf Coast Waste Disposal Authority
RB (Waste Management Project)
Series 2004A AMT DN (J.P. Morgan
Chase Bank LOC) (A-1+)
1.15%(b) 05/07/04 2,500 2,500,000
Harris County GO (Toll Road Project)
Series 1994 MB (AAA,Aa1)
6.12% 08/15/04 1,500 1,549,221
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Texas (continued)
Harris County Housing Financing
Corporation Multi-Family Housing
RB (Torrey Chase Apartments
Project) Series 1998 AMT DN
(General Electric Co. Guaranty)
(P-1)
1.39%(b) 05/07/04 $10,920 $10,920,000
Harris County RB (Port of Houston
Authority Project) Series 2002 MB
5.00% 05/01/04 200 200,000
Houston Housing Finance
Corporation RB (Merrill Lynch
P-Float Trust Receipts) Series
2004 PT-2101 AMT DN (Merrill
Lynch & Co. Guaranty)
1.23%(b) 05/07/04 5,985 5,985,000
Montgomery County IDRB (Sawyer
Research Products, Inc. Project)
Series 1995 AMT DN (KeyBank
N.A. LOC)
1.27%(b) 05/07/04 868 867,500
Northside Independent School
District GO (School Building
Project) Series 2003 MB (Bank of
America N.A. SBPA)
(A-1+,MIG-1,F-1+)
1.02% 06/15/04 4,000 4,000,000
Panhandle Regional Housing Finance
RB Series 2004 PT-2086 AMT DN
(Merrill Lynch & Co. Guaranty)
(AA-,F-1+)
1.23%(b) 05/07/04 3,365 3,365,000
Port Arthur Navigation District
Industrial Development
Corporation Exempt Facilities RB
(Air Products & Chemical Project)
Series 2000 AMT DN (A-1,VMIG-1)
1.16%(b) 05/07/04 10,000 10,000,000
Texas GO Series 2003 TRAN
(SP-1+,MIG-1)
2.00% 08/31/04 55,455 55,645,369
Texas Public Finance Authority GO
Series 2003 MB (AA,Aa1)
3.00% 10/01/04 1,000 1,007,591
Texas State Department of Housing
& Community Affairs Multi-Family
RB (Merrill Lynch P-Float Trust
Receipts) Series 2001 PT-1278
AMT DN (Merrill Lynch & Co.
Guaranty) (A-1C+)
1.23%(b) 05/07/04 9,065 9,065,000
Texas State Department of Housing
& Community Affairs Multi-Family
RB Series 2001 PT-1347 AMT DN
(Merrill Lynch & Co. Guaranty)
(A-1C+)
1.23%(b) 05/07/04 10,655 10,655,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
48
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Texas (continued)
Texas State Department of Housing
& Community Affairs Multi-Family
RB Series 2003 PT-1868 AMT DN
(Merrill Lynch & Co. Guaranty)
1.23%(b) 05/07/04 $ 3,970 $ 3,970,000
Victory Street Public Facilities
Corporation Texas Multi-Family RB
Series 2003 PT-2059 AMT DN
(Merrill Lynch & Co. Guaranty)
1.23%(b) 05/07/04 7,300 7,300,000
------------
163,876,190
------------
Vermont - 0.4%
Vermont Educational & Health
Buildings Financing Agency RB
(Rutland Medical Center Project)
Series 2001A DN (National
Westminster Bank LOC) (A-1)
1.16%(b) 05/07/04 6,600 6,600,000
Vermont IDRB (Alpine Pipeline Co.
Project) Series 1999 AMT DN
(KeyBank N.A. LOC)
1.27%(b) 05/07/04 1,265 1,265,000
------------
7,865,000
------------
Virginia - 2.2%
Botetourt County IDRB (Altec
Industries Project) Series 2001
AMT DN (Amsouth Bank of
Alabama LOC) (A-1)
1.30%(b) 05/07/04 2,600 2,600,000
Cabell Lifecare Facilities RB (Foster
Foundation Project) Series 2003
DN (Huntington National Bank
LOC)
1.15%(b) 05/07/04 4,500 4,500,000
Capital Region Airport Commission
RB (Richmond International
Airport Project) Series 1995C AMT
DN (Credit Locale de France LOC)
(A-1+,VMIG-1)
1.20%(b) 05/07/04 1,305 1,305,000
Chesterfield County IDRB (Lumberg,
Inc. Project) Series 1998 AMT DN
(NationsBank LOC) (A-1+)
1.20%(b) 05/07/04 800 800,000
Chesterfield County IDRB Series
2003 PT-886 DN (Merrill Lynch &
Co. Guaranty) (F-1+)
1.19%(b) 05/07/04 22,595 22,595,000
Greensville County IDRB (Perdue
Farms, Inc. Project) Series 1986
AMT DN (SunTrust Bank LOC)
1.17%(b) 05/07/04 1,600 1,600,000
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Virginia (continued)
King George County IDA Solid Waste
Disposal Facility RB (Garnet of
Virginia, Inc. Project) Series 1996
AMT DN (Morgan Guaranty Trust
LOC) (A-1+)
1.20%(b) 05/07/04 $ 300 $ 300,000
Mount Jackson IDRB (Bowman Apple
Products Project) Series 2002 AMT
DN (Bank of America N.A. LOC)
(VMIG-1)
1.17%(b) 05/07/04 4,500 4,500,000
Nelson County IDRB (Taylor Ramsey
Corp. Project) Series 1999 AMT DN
(Bank of America N.A. LOC)
1.20%(b) 05/07/04 800 800,000
Norfolk Redevelopment & Housing
Authority Multi-Family Housing RB
(Residential Rental Project) Series
2003 AMT DN (SunTrust Bank LOC)
1.27%(b) 05/07/04 2,064 2,064,000
Richmond IDRB (PM Beef Co.
Project) Series 1997 AMT DN
(Bank of America N.A. LOC)
1.24%(b) 05/07/04 1,400 1,400,000
Smyth County IDRB (Summit
Properties Project) Series 1995
AMT DN (Fifth Third Bank N.A.
LOC) (VMIG-1)
1.11%(b) 05/07/04 100 100,000
Virginia Beach Development
Authority Multi-Family Housing RB
(Residential Rental Housing
Project) Series 2002 AMT DN
(Branch Banking & Trust Co. LOC)
1.27%(b) 05/07/04 1,780 1,780,000
Virginia Public School Authority RB
(School Financing Project) Series
2003D MB (AA+,Aa1)
2.50% 08/01/04 2,820 2,839,784
Virginia Public School Authority RB
Series 1994A MB (Aa1,AA)
6.12% 08/01/04 600 619,540
Virginia Small Business Financing
Authority RB (Coastal Development
Group Project) Series 1989 AMT
DN (Branch Banking & Trust Co.
LOC)
1.60%(b) 05/07/04 135 135,000
------------
47,938,324
------------
Washington - 3.4%
Chelan County Public Utility District
RB Series 2001B DN (MBIA
Insurance, Wachovia Bank N.A.
SBPA) (A-1)
1.20%(b) 05/07/04 5,000 5,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
49
MUNICASH
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Washington (continued)
Pilchuck Public Development
Corporation RB (Holden-
McDaniels Partners Project) Series
1996 AMT DN (KeyBank N.A. LOC)
1.27%(b) 05/07/04 $ 1,745 $ 1,745,000
Port of Seattle RB Series 2003
PT-1718 DN (FGIC Insurance,
Banque Nationale de Paribas
SBPA) (A-1+)
1.18%(b) 05/07/04 1,800 1,800,000
Port of Seattle GO (Stars Certificates
Project) Series 2004-47 AMT DN
(FSA Insurance, Banque Nationale
de Paribas SBPA) (AAA,VMIG-1)
1.18%(b) 05/07/04 5,345 5,345,000
Port of Seattle RB (Wachovia Merlot
Trust Receipts) Series 2002B-04
AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
1.20%(b) 05/07/04 13,545 13,545,000
Port of Seattle RB Series 2003
PT-1719 DN (FGIC Insurance,
Banque Nationale de Paribas
SBPA)
1.20%(b) 05/07/04 1,545 1,545,000
Port of Seattle RB Series 2003
PT-720 AMT DN (FGIC Insurance,
Banque Nationale de Paribas
SBPA) (A-1+)
1.20%(b) 05/07/04 2,500 2,500,000
Seattle Housing Authority RB (High
Point Project Phase I) Series 2003
DN (Bank of America N.A. LOC)
1.17%(b) 05/07/04 6,400 6,400,000
Seattle Housing Authority RB
(Newholly Phase 111 Project)
Series 2002 AMT DN (KeyBank
N.A. LOC) (VMIG-1)
1.17%(b) 05/07/04 2,355 2,355,000
Seattle Housing Authority RB
(Rainier Vista Project Phase I)
Series 2003 AMT DN (KeyBank
N.A. LOC) (A-1)
1.15%(b) 05/07/04 5,625 5,625,000
Washington State GO Series
1994R-95A MB (AA+,Aa1,AA)
5.80% 10/01/04 2,000 2,039,671
Washington State Housing Financing
Committee Non-Profit Housing RB
(Emerald Heights Project) Series
2003 DN (Bank of America N.A.
LOC) (F-1+)
1.05%(b) 05/07/04 10,260 10,260,000
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Washington (continued)
Washington State Housing Financing
Committee Non-Profit Housing RB
Series 2003 PT-838 AMT DN (AIG
Insurance, Merrill Lynch & Co.
SBPA)
1.19%(b) 05/07/04 $ 3,810 $ 3,810,000
Washington State Housing Financing
Committee Non-Profit Housing RB
Series 2003 PT-892 DN (AIG
Insurance, Merrill Lynch & Co.
SBPA)
1.19%(b) 05/07/04 13,040 13,040,000
Yakima County Public Corporation
RB (Michelsen Packaging Co.
Project) Series 2000 AMT DN
(Bank of America N.A. LOC) (A-1+)
1.25%(b) 05/07/04 795 795,000
-----------
75,804,670
-----------
West Virginia - 0.1%
West Virginia State Hospital RB (West
Virginia Hospital Pooled Financing
Program) Series 2001B-2 DN
(Branch Banking & Trust Co. LOC)
1.29%(b) 05/07/04 1,660 1,660,000
-----------
Wisconsin - 2.1%
Kohler Village Solid Waste Disposal
RB (Kohler Project) Series 1997
AMT DN (Wachovia Bank N.A. LOC)
1.21%(b) 05/07/04 4,000 4,000,000
Mequon IDRB (Johnson Level GRW
Investment Project) Series 1995
AMT DN (Bank One N.A. LOC)
1.28%(b) 05/07/04 890 890,000
Oshkosh IDRB (Oskosh Coil Spring
Project) Series 2000A AMT DN
(Bank One Wisconsin LOC)
1.28%(b) 05/07/04 2,100 2,100,000
Sauk County GO Series 2001A MB
3.25% 10/01/04 500 504,363
Wisconsin GO Series 2004-1 MB
0.96% 07/15/04 6,000 6,000,000
Wisconsin Health & Educational
Facilities RB (Pooled Loan
Financing Program) Series 2002E
DN (Associated Bank N.A. LOC)
(VMIG-1)
1.29%(b) 05/07/04 2,200 2,200,000
Wisconsin Housing & Economic
Development Authority Single
Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2003 PT-758
AMT DN (Security Life of Denver
Insurance, Merrill Lynch SBPA)
1.19%(b) 05/07/04 14,990 14,990,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
50
MUNICASH
STATEMENT OF NET ASSETS (CONCLUDED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- --------- -------------
MUNICIPAL BONDS (Continued)
Wisconsin (continued)
Wisconsin Housing & Economic
Development Authority Single
Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2003 PT-860
DN (Bayeriche Landesbank
Girozentrale SBPA, Merrill Lynch &
Co. Guaranty)
1.19%(b) 05/07/04 $ 13,455 $ 13,455,000
--------------
44,139,363
--------------
Wyoming - 1.4%
Cheyenne IDRB (Grobet File Co., Inc.
Project) Series 2001 AMT DN
(National City Bank N.A. LOC)
1.21%(b) 05/07/04 2,700 2,700,000
Green River RB (Rhone-Poulenc LP
Project) Series 1994 AMT DN (Fleet
National Bank LOC) (VMIG-1)
1.35%(b) 05/07/04 11,400 11,400,000
Lincoln County PCRB (Exxon Project)
Series 1985 DN (Exxon Mobil
Guaranty) (A-1+,P-1)
1.04%(b) 05/07/04 15,000 15,000,000
--------------
29,100,000
--------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $2,201,511,222(a)) 102.9% 2,201,511,222
LIABILITIES IN EXCESS
OF OTHER ASSETS (2.9)% (62,907,382)
-------- --------------
NET ASSETS (Equivalent
to $1.00 per share
based on 2,050,830,992
Institutional Shares,
87,854,997 Dollar
Shares, 2,148 Bear
Stearns Premier Select
Shares and 2,142 Bear
Stearns Premier
Shares outstanding) 100.0% $2,138,603,840
======== ==============
VALUE
-------------
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($2,050,746,591/2,050,830,992) $1.00
=====
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($87,852,960/87,854,997) $1.00
=====
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SELECT SHARE
($2,147/2,148) $1.00
=====
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SHARE
($2,142/2,142) $1.00
=====
- --------------
(a) Aggregate cost for Federal tax purposes.
(b) Rates shown are the rates as of April 30, 2004 and maturities shown are the
next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional investors. As of April
30, 2004, the Fund held 0.9% of its net assets, with a current market value
of $18,900,000, in securities restricted as to resale.
------------------------------------------------------------
MUNICASH
MATURITY INFORMATION
APRIL 30, 2004
(UNAUDITED)
MATURITY PAR PERCENTAGE
------------------ --------------- ------------
1 - 30 Days $1,737,915,721 79.0%
31 - 60 Days 81,831,300 3.6
61 - 90 Days 43,050,900 2.0
91 - 120 Days 37,088,900 1.7
121 - 150 Days 100,150,000 4.6
Over 150 Days 199,846,927 9.1
-----
100.0
=====
Average Weighted Maturity - 37 days
------------------------------------------------------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
51
BLACKROCK LIQUIDITY FUNDS
CALIFORNIA MONEY FUND
STATEMENT OF NET ASSETS
APRIL 30, 2004
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- --------- ------------
MUNICIPAL BONDS - 100.9%
California - 94.0%
ABAG Finance Authority Non-Profit
Corporations RB (Blood Centers of
Pacific Project) Series 2002A DN
(Wells Fargo Bank LOC) (A-1+)
0.99%(b) 05/03/04 $ 5,890 $ 5,890,000
ABAG Finance Authority Non-Profit
Corporations RB (Lease Revenue
Pass-Through Obligation) Series
2003A DN (Societe Generale LOC)
(A-1+)
1.15%(b) 05/07/04 1,845 1,845,000
Alameda-Contra Costa Schools
Finance Authority Certificates of
Participation (Captial
Improvements Financing Project)
Series 1997F DN (Kredietbank N.V.
LOC) (A-1+)
1.15%(b) 05/07/04 800 800,000
California Communities Housing &
Finance Agency RB (Lease
Revenue Pass-Through Obligation)
Series 2001A DN (Societe Generale
LOC) (A-1+)
1.15%(b) 05/07/04 4,000 4,000,000
California Department of Water
Resource Power Supply RB Series
2002C-7 DN (FSA Insurance, Dexia
Credit SBPA) (A-1+,VMIG-1)
1.11%(b) 05/07/04 4,850 4,850,000
California Educational Facilities
Authority RB (Art Center Design
College Project) Series 2002A DN
(Allied Irish Bank PLC LOC)
(VMIG-1)
1.17%(b) 05/07/04 3,745 3,745,000
California Educational Facilities
Authority RB (Santa Clara
University Project) Series 2002B
DN (MBIA Insurance, Allied Irish
Bank PLC SBPA) (VMIG-1)
1.07%(b) 05/07/04 2,000 2,000,000
California Educational Facilities
Authority RB (University of
Southern California Project) Series
2003C MB (A-1+,MIG-1)
1.01% 03/18/05 7,000 7,000,000
California Floating Rate Receipts GO
Series 1997 SG-91 DN (FGIC
Insurance, Societe Generale LOC)
(A-1+)
1.13%(b) 05/07/04 10,120 10,120,000
California GO (ABN-AMRO Munitops
Trust Certificates) Series 2003 DN
(AMBAC Insurance, ABN-AMRO
Bank N.V. SBPA ) (VMIG-1,F-1+)
1.14%(b) 05/07/04 6,000 6,000,000
PAR
MATURITY (000) VALUE
---------- --------- ------------
MUNICIPAL BONDS (Continued)
California (continued)
California GO (Wachovia Merlots
Trust Receipts) Series 2002A-47
DN (MBIA Insurance, Wachovia
Bank N.A. LOC) (VMIG-1)
1.10%(b) 05/07/04 $ 3,385 $ 3,385,000
California GO (Wavhovia Merlots
Trust Receipts) Series 2003 DN
(AMBAC Insurance, Wachovia Bank
N.A. LOC) (VMIG-1)
1.10%(b) 05/07/04 5,185 5,185,000
California GO Series 2003A RAN
(Nordbanken LOC)
(SP-1+, MIG-1,F-1+)
2.00% 06/23/04 2,000 2,002,683
California GO Series 2003C-1 DN
(Landesbank Hessen-Thuringen
Girozentrale LOC)
(A-1,VMIG-1,F-1+)
1.09%(b) 05/07/04 3,000 3,000,000
California Health Facilities Financing
Authority RB (Catholic Healthcare
West Project) Series 1988B DN
(MBIA Insurance, Morgan Guaranty
Trust SBPA) (A-1+, VMIG-1)
1.11%(b) 05/07/04 2,500 2,500,000
California Health Facilities Financing
Authority RB Series 1999 PA-587
DN (Merrill Lynch Capital Services
Guaranty) (A-1+)
1.17%(b) 05/07/04 10,000 10,000,000
California Health Facilities Financing
Authority RB Series 2002-591 DN
(Morgan Stanley Group LOC) (A-1+)
1.14%(b) 05/07/04 9,400 9,400,000
California Infrastructure & Economic
Development Bank RB (Academy
of Motion Pictures Arts & Science
Project) Series 2002 DN (AMBAC
Insurance, J.P. Morgan Chase LOC)
(A-1+,VMIG-1)
1.09%(b) 05/07/04 2,500 2,500,000
California Infrastructure & Economic
Development Bank RB (J. Paul
Getty Trust) Series 2003B MB
(A-1+,MIG-1)
1.17% 02/01/05 5,000 5,000,000
California Infrastructure & Economic
Development Bank RB Series
2002B DN (Kredietbank N.V. LOC)
(A-1+)
1.07%(b) 05/03/04 7,300 7,300,000
California Municipal Securities Trust
Receipts RB Series 1997 SGA-58
DN (FGIC Insurance, Societe
Generale SBPA) (SP-1+,VMIG-1)
1.14%(b) 05/07/04 5,665 5,665,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
52
CALIFORNIA MONEY FUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- --------- -----------
MUNICIPAL BONDS (Continued)
California (continued)
California Statewide Communities
Development Authority
Multi-Family RB (Merrill Lynch
P-Float Trust Receipts) Series
2000 PT-1268 DN (Merrill Lynch
Capital Services Liquidity facility)
(A-1+)
1.17%(b) 05/07/04 $ 10,000 $ 10,000,000
Cupertino Unified School District GO
Series 2003 TRAN
1.50% 06/30/04 8,900 8,908,529
Foothill-De Anza Community College
GO Series 2000Y DN (Wachovia
Bank N.A. LOC) (VMIG-1)
1.10%(b) 05/07/04 4,475 4,475,000
Fresno County GO Series 2003 TRAN
(SP-1+)
2.00% 06/30/04 5,000 5,007,834
Glendale Hospital RB Series
2002-590 DN (Morgan Stanley
Group LOC) (A-1+)
1.14%(b) 05/07/04 8,800 8,800,000
Grossmont-Cuyamaca Community
College District GO Series 2003A
MB (MBIA Insurance) (AAA, Aaa)
2.50% 08/01/04 2,650 2,659,982
Irvine Improvement Board ACT 1915
RB (Assessment District Project)
Series 2004A DN (Bank of New
York, California State Teachers
Retirement System LOC) (VMIG-1)
1.09%(b) 05/03/04 10,000 10,000,000
Kern County GO Series 2003 TRAN
(SP-1+)
2.00% 06/30/04 14,400 14,425,727
Los Angeles County Public Works
Finance Authority Lease RB Series
2000J DN (AMBAC Insurance,
Wachovia Bank N.A. LOC) (VMIG-1)
1.10%(b) 05/07/04 5,000 5,000,000
Los Angeles County Water & Power
RB (Power System Project) Series
2002A-8 DN (Bayerische
Landesbank Girozentrale LOC,
Banque Nationale de Paribas LOC,
Dexia Credit LOC, J.P. Morgan
Chase LOC, Westdeutsche
Landesbank Girozentrale SBPA)
(A-1+, VMIG-1)
1.14%(b) 05/07/04 5,100 5,100,000
Los Angeles GO Series 2003 TRAN
(SP-1+, MIG-1, F-1+)
2.00% 06/30/04 5,500 5,509,373
PAR
MATURITY (000) VALUE
---------- --------- -----------
MUNICIPAL BONDS (Continued)
California (continued)
Los Angeles Unified School District
GO (ABN-AMRO Munitops Trust
Certificates) Series 1999C DN
(MBIA Insurance, ABN-AMRO Bank
N.V. SBPA) (VMIG-1)
1.16%(b) 05/07/04 $ 4,600 $ 4,600,000
Los Angeles Unified School District
GO Series 1997E DN (MBIA
Insurance, Wachovia Bank N.A.
LOC) (VMIG-1)
1.10%(b) 05/07/04 4,990 4,990,000
Los Angeles Unified School District
GO Series 2003A TRAN
(SP-1+, MIG-1)
2.00% 07/01/04 13,000 13,022,417
Los Angeles Wastewater Systems RB
Series 2001A MB (FGIC Insurance)
(A-1+, MIG-1, F-1+)
1.15% 12/09/04 2,500 2,500,000
Los Angeles Wastewater Systems RB
Series 2002A DN (FGIC Insurance,
Bank of America N.A. Liquidity
Facility) (A-1+)
1.12%(b) 05/07/04 5,000 5,000,000
Metropolitan Water Distribution
Southern California Waterworks
RB Series 2000B-3 DN
(Westdeutsche Landesbank
Girozentrale LOC)
(A-1+, VMIG-1, F-1+)
1.08%(b) 05/03/04 7,050 7,050,000
Metropolitan Water Distribution
Southern California Waterworks
RB Series 2001C-2 DN
(Westdeutsche Landesbank
Girozentrale LOC)
(A-1+, VMIG-1, F-1+)
1.02%(b) 05/03/04 11,100 11,100,000
Newport Beach RB (Hoag Memorial
Presbyterian Hospital Project)
Series 1992 DN (Bank of America
SBPA) (A-1+, VMIG-1)
1.04%(b) 05/03/04 10,680 10,680,000
Oakland Unified School District of
Alameda County GO (Bear Stearns
Trust Certificates) Series
2002A-9035 DN (FGIC Insurance,
Bear Stearns Capital Markets
Liquidity Facility) (A-1)
1.11%(b)(c) 05/07/04 11,095 11,095,000
Orange County Sanitation District RB
Series 2000B AMT DN (Dexia
Public Finance Bank SBPA)
(A-1+, VMIG-1)
1.09%(b) 05/03/04 5,490 5,490,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
53
CALIFORNIA MONEY FUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
California (continued)
Pacific Housing & Finance Agency RB
(Lease Revenue Pass-Through
Obligation) Series 2001A DN
(Societe Generale LOC) (A-1+)
1.15%(b) 05/07/04 $ 4,000 $ 4,000,000
Port of Oakland GO Series 2003 TECP
(Bank of America N.A. LOC, J.P.
Morgan Chase LOC) (A-1+)
0.93% 06/09/04 10,780 10,780,000
Riverside County Certificates of
Participation (Riverside County
Public Facilities Project) Series
1985B DN (State Street LOC)
(A-1+, VMIG-1)
1.07%(b) 05/07/04 13,500 13,500,000
Sacramento County Board of
Education GO Series 2004 TRAN
2.00% 10/01/04 12,000 12,049,162
Sacramento Municipal Utilities
District RB (ABN-AMRO Munitops
Trust Certificates) Series 2003-17
DN (MBIA Insurance, ABN-AMRO
Bank N.V. SBPA) (VMIG-1)
1.14%(b) 05/07/04 11,835 11,835,000
Sacramento Municipal Utility District
RB (Macon Trust Certificates)
Series 2002M DN (AMBAC
Insurance, Kredietbank N.V. LOC)
(A-1+)
1.12%(b) 05/07/04 3,975 3,975,000
Sacramento Municipal Utility District
RB Series 2000A DN (AMBAC
Insurance, Wachovia Bank N.A.
LOC) (VMIG-1)
1.10%(b) 05/03/04 7,855 7,855,000
Sacramento Unified School District
GO (ABN-AMRO Munitops Trust
Certificates) Series 2002-9 MB
(MBIA Insurance, ABN-AMRO Bank
N.V. SBPA) (MIG-1, F-1+)
1.12% 06/18/04 7,485 7,485,000
Sacramento Unified School District
GO Series 2003-04 TRAN (MIG-1)
2.00% 11/12/04 5,000 5,025,029
San Diego GO Series 2003 TRAN
(SP-1+, MIG-1, F-1+)
1.75% 06/30/04 2,000 2,002,594
San Francisco City & County Public
Utilities RB (Commission for Clean
Water Project) Series 2003A DN
(MBIA Insurance, Wachovia Bank
N.A. LOC) (VMIG-1)
1.10%(b) 05/07/04 3,190 3,190,000
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
California (continued)
San Jose Evergreen Community
College District RB Series 2002J
DN (MBIA Insurance, Bank of New
York SBPA) (VMIG-1)
1.12%(b) 05/07/04 $ 8,278 $ 8,278,500
San Jose Multi-Family Housing RB
(Timberwood Apartments Project)
Series 1995A DN (Wells Fargo
Bank LOC) (VMIG-1)
1.10%(b) 05/07/04 2,775 2,775,000
Southern California Public Power
Authority RB (San Juan Power
Project) Series 2002 DN (FSA
Insurance, Wachovia Bank N.A.
LOC) (VIMG-1)
1.10%(b) 05/07/04 1,635 1,635,000
Ventura County GO Series 2003 TRAN
(SP-1+, MIG-1)
1.50% 07/01/04 10,000 10,009,900
------------
361,996,730
------------
Puerto Rico - 6.9%
Commonwealth of Puerto Rico
Electric Power Authority RB
(Goldman Sachs Trust Receipts)
Series 2002-1 DN (MBIA
Insurance, Bank of New York
SBPA) (A-1+)
1.07%(b) 05/07/04 3,000 3,000,000
Commonwealth of Puerto Rico
Infrastructure Financing Authority
Special Obligation Bonds
(ABN-AMRO Munitops Trust
Certificates) Series 2000A-17 MB
(ABN-AMRO Bank N.V. SBPA)
(MIG-1, F-1+)
1.06% 09/22/04 7,500 7,500,000
Commonwealth of Puerto Rico Public
Improvement GO Series 2001 DN
(FSA Insurance, Toronto Dominion
LOC) (A-1+)
1.07%(b) 05/03/04 4,445 4,445,000
Commonwealth of Puerto Rico Public
Improvement GO Series 2002A DN
(FGIC Insurance, Salomon Smith
Barney Liquidity Facility) (VMIG-1)
1.11%(b) 05/07/04 1,905 1,905,000
Commonwealth of Puerto Rico Public
Improvement GO Series 2003
TRAN (SP-1+, MIG-1)
2.00% 07/30/04 5,000 5,012,597
Puerto Rico Public Financing
Corporation RB Series 2004-911
DN (CIFG-TCRS Credit Support,
Morgan Stanley Group Liquidity
Facility) (AAA, F-1+)
1.12%(b) 05/07/04 4,500 4,500,000
------------
26,362,597
------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
54
CALIFORNIA MONEY FUND
STATEMENT OF NET ASSETS (CONCLUDED)
(UNAUDITED)
- --------------------------------------------------------------------------------
Value
------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $388,359,327(a)) 100.9% $388,359,327
LIABILITIES IN EXCESS OF
OTHER ASSETS (0.9)% (3,534,653)
----- ------------
NET ASSETS (Equivalent to
$1.00 per share based on
372,824,824 Institutional
Shares, 1,406,165 Dollar
Shares, 181,359 Cash
Management Shares,
10,602,720 Bear Stearns
Shares, 2,149 Bear Stearns
Premier Select Shares,
2,138 Bear Stearns Private
Client Shares and 3,044
Bear Stearns Premier
Shares outstanding) 100.0% $384,824,674
===== ============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($372,632,820/372,824,824) $1.00
=====
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($1,401,144/1,406,165) $1.00
=====
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
CASH MANAGEMENT SHARE
($181,352/181,359) $1.00
=====
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS SHARE
($10,602,027/10,602,720) $1.00
=====
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SELECT SHARE
($2,149/2,149) $1.00
=====
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PRIVATE CLIENT SHARE
($2,138/2,138) $1.00
=====
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SHARE
($3,044/3,044) $1.00
=====
(a) Aggregate cost for Federal tax purposes.
(b) Rates shown are the rates as of April 30, 2004 and maturities shown are
the next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional investors. As of April
30, 2004, the Fund held 2.9% of its net assets, with a current market
value of $11,095,000, in securities restricted as to resale.
-------------------------------------------------------------
CALIFORNIA MONEY FUND
MATURITY INFORMATION
APRIL 30, 2004
(UNAUDITED)
MATURITY PAR PERCENTAGE
------------------- --------------- -----------
1 - 30 Days $262,458,500 67.6%
31 - 60 Days 20,265,000 5.2
61 - 90 Days 58,800,000 15.1
91 - 120 Days 7,650,000 2.1
121 - 150 Days 7,500,000 1.9
Over 150 Days 31,500,000 8.1
-----
100.0
=====
Average Weighted Maturity - 38 days
-------------------------------------------------------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
55
BLACKROCK LIQUIDITY FUNDS
NEW YORK MONEY FUND
STATEMENT OF NET ASSETS
APRIL 30, 2004
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS - 96.2%
New York - 91.9%
Buffalo GO Series 2003A RAN
2.75% 07/29/04 $ 2,700 $ 2,710,901
City of New York GO Series 1994H-4
DN (Kredietbank N.V. LOC)
(A-1, VMIG-1)
1.06%(b) 05/03/04 2,400 2,400,000
City of New York GO Series 1997 DN
(AMBAC Insurance, Societe
Generale Liquidity Facility) (A-1+)
1.12%(b) 05/07/04 1,760 1,760,000
City of New York GO Series 2004H-4
DN (A-1+, VMIG-1)
1.09%(b) 05/03/04 400 400,000
City of New York Housing
Development Corporation
Multi-Family Rental Housing RB
(Columbus Apartments Project)
Series 1995A DN (Federal National
Mortgage Association Guaranty)
(A-1+)
1.08%(b) 05/07/04 1,200 1,200,000
City of New York Housing
Development Corporation
Multi-Family Rental Housing RB
(Parkgate Development Project)
Series 1998A DN (Federal National
Mortgage Association Guaranty)
(A-1+)
1.03%(b) 05/07/04 1,000 1,000,000
City of New York Housing
Development Corporation
Multi-Family Rental Housing RB
(Related Monterey Project) Series
1997A DN (Federal National
Mortgage Association Guaranty)
(A-1+)
1.08%(b) 05/07/04 2,500 2,500,000
City of New York IDA Civic Facilities
RB (Abraham Joshua Heschel
Project) Series 2002 DN (M&T
Bank Corp. LOC) (VMIG-1)
1.09%(b) 05/07/04 2,000 2,000,000
City of New York IDA Civic Facilities
RB (Hewitt School Project) Series
2002 DN (M&T Bank Corp. LOC)
1.10%(b) 05/07/04 1,600 1,600,000
City of New York Municipal
Assistance Corporation RB Series
1996G MB (AA+, Aa1)
5.50% 07/01/04 300 302,221
City of New York Municipal Water
Finance Authority Water & Sewer
Systems RB Series 2001F-1 DN
(Credit Locale de France LOC)
(A-1+, VMIG-1)
1.12%(b) 05/03/04 3,085 3,085,000
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
New York (continued)
City of New York Municipal Water
Finance Authority Water & Sewer
Systems RB Series 2001F-2 DN
(Morgan Guaranty Trust SBPA)
(VMIG-1)
1.05%(b) 05/03/04 $ 9,100 $ 9,100,000
City of New York Municipal Water
Finance Authority Water & Sewer
Systems RB Series 2002B MB
(AA, Aa2)
5.00% 06/15/04 8,000 8,039,612
City of New York Municipal Water
Finance Authority Water & Sewer
Systems RB Series 2004R-4061
ROC-II DN (Citigroup Global
Market Holdings, Inc. SBPA)
1.11%(b) 05/07/04 3,000 3,000,000
City of New York Transitional Finance
Authority Financing RB (Citibank
Eagle Tax-Exempt Trust Receipts)
DN (AMBAC Insurance, Citibank
Liquidity Facility) (VMIG-1)
1.11%(b) 05/07/04 8,000 8,000,000
City of New York Transitional Finance
Authority Financing RB (Citibank
Eagle Tax-Exempt Trust Receipts)
Series 2000 DN (Citibank Liquidity
Facility) (A-1+)
1.11%(b) 05/07/04 9,900 9,900,000
City of New York Transitional Finance
Authority Financing RB (Citibank
Eagle Tax-Exempt Trust Receipts)
Series 2001 DN (Citibank Liquidity
Facility) (A-1+)
1.11%(b) 05/07/04 3,300 3,300,000
City of New York Transitional Finance
Authority Financing RB (Future Tax
Secured Bonds) Series 1998A-2
DN (Morgan Guaranty Trust LOC)
(A-1+, VMIG-1)
1.07%(b) 05/07/04 300 300,000
City of New York Transitional Finance
Authority Financing RB (Future Tax
Secured Bonds) Series 1998C DN
(Bayerische Landesbank
Girozentrale LOC) (A-1+, VMIG-1)
1.08%(b) 05/03/04 600 600,000
City of New York Trust for Cultural
Resources RB (Manhattan School
of Music Project) Series 2000 DN
(A-1)
1.08%(b) 05/07/04 2,000 2,000,000
City of New York Trust for Cultural
Resources RB (The Museum of
Broadcasting Project) Series 1989
DN (KBC Bank LOC) (A-1+, VMIG-1)
1.05%(b) 05/07/04 2,400 2,400,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
56
NEW YORK MONEY FUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------- -----------
MUNICIPAL BONDS (Continued)
New York (continued)
Dormitory Authority of the State of
New York RB (Glen Eddy, Inc.
Project) Series 2000 DN (Fleet
National Bank LOC) (A-1)
1.07%(b) 05/07/04 $ 1,495 $ 1,495,000
Dormitory Authority of the State of
New York RB (Mental Health
Services Project) Series 2003D-2B
DN (Credit Locale de France LOC)
(A-1+)
1.07%(b) 05/07/04 600 600,000
Dormitory Authority of the State of
New York RB (Teresian Housing
Corp. Project) Series 2003 DN
(Lloyds Bank LOC) (A-1+)
1.07%(b) 05/07/04 5,000 5,000,000
Dormitory Authority of the State of
New York RB (Wachovia Merlots
Trust Receipts) Series 2001A-30
DN (AMBAC Insurance, Wachovia
Bank N.A. SBPA) (VMIG-1)
1.11%(b) 05/07/04 2,990 2,990,000
Dormitory Authority of the State of
New York RB (Wachovia Merlots
Trust Receipts) Series 2003 DN
(FGIC Insurance, Wachovia Bank
N.A. SBPA) (VMIG-1)
1.11%(b) 05/07/04 9,670 9,670,000
Dormitory Authority of the State of
New York RB Series 2001D DN
(MBIA Insurance) (A-1+)
1.13%(b) 05/07/04 1,900 1,900,000
Erie County Asset Securitization
Corporation RB (Merrill Lynch
P-Float Trust Receipts) Series
2003 PA-1213 DN (Merrill Lynch &
Co. Guaranty) (F-1+)
1.18%(b) 05/07/04 3,620 3,620,000
Erie County Civic Facilities IDRB
(Hauptman-Woodward Project)
Series 2004 DN
1.17%(b) 05/07/04 2,300 2,300,000
Fishkill GO Series 2003 BAN
1.75% 05/21/04 2,385 2,385,844
Franklin County IDA Civic Facility RB
(Paul Smith's College Project)
Series 1998 DN (KeyBank N.A.
LOC)
1.17%(b) 05/07/04 3,405 3,405,000
Gates Chili Centenial School District
GO Series 2003 MB
1.75% 06/15/04 300 300,303
Hauppauge Free School District GO
Series 2003 TAN
1.30% 06/29/04 5,000 5,003,186
PAR
MATURITY (000) VALUE
---------- ----------- -----------
MUNICIPAL BONDS (Continued)
New York (continued)
Hempstead GO Series 2004A BAN
1.25% 07/15/04 $ 6,230 $ 6,232,691
Hicksville Free School District GO
Series 2003 TAN
1.25% 06/29/04 4,000 4,001,658
Jay Street Development Corporation
RB (County Facilities Project)
Series 2003A-4 DN (Depfa Bank
PLC LOC) (A-1+, VMIG-1)
1.09% (b) 05/03/04 5,100 5,100,000
Long Island Power Authority
Electrical Systems RB TECP (A-1+)
1.00% 06/15/04 5,000 5,000,000
Long Island Power Authority
Electrical Systems RB TECP (J.P.
Morgan Chase LOC) (A-1+)
0.97% 08/06/04 5,000 5,000,000
Long Island Power Authority GO
TECP (HSH & Nordbank LOC)
(P-1, F-1+)
1.08% 06/15/04 2,000 2,000,000
1.02% 08/10/04 2,000 2,000,000
Metropolitan Transportation
Authority GO TECP (ABN-AMRO
Bank N.V. LOC) (A-1+, P-1)
0.95% 05/07/04 7,000 7,000,000
Metropolitan Transportation
Authority RB (Merrill Lynch
P-Float Trust Receipts) Series
2003R PA-1121 MB (MBIA
Insurance, Merrill Lynch & Co.
SBPA) (A-1)
1.03% 03/10/05 2,495 2,495,000
Metropolitan Transportation
Authority RB (Piper Jaffray Trust
Certificates) Series 2002F DN
(Bank of New York LOC) (VMIG-1)
1.12%(b) 05/07/04 5,680 5,679,500
Metropolitan Transportation
Authority RB (Wachovia Merlots
Trust Receipts) Series 2002A-43
DN (FGIC Insurance, Wachovia
Bank N.A. Liquidity Facility)
(VMIG-1)
1.11%(b) 05/07/04 2,465 2,465,000
Metropolitan Transportation
Authority RB (Wachovia Merlots
Trust Receipts) Series 2002A-52
DN (Wachovia Bank N.A. Liquidity
Facility) (VMIG-1)
1.11%(b) 05/07/04 4,345 4,345,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
57
NEW YORK MONEY FUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------- -----------
MUNICIPAL BONDS (Continued)
New York (continued)
Metropolitan Transportation
Authority RB (Wachovia Merlots
Trust Receipts) Series 2003B-25
DN (FGIC Insurance, Wachovia
Bank N.A. Liquidity Facility)
(VMIG-1)
1.11%(b) 05/07/04 $ 4,990 $ 4,990,000
Metropolitan Transportation
Authority RB Series 1993M MB
(Kredietbank N.V. LOC) (AAA, Aaa)
5.10% 07/01/04 535 538,719
Middletown City School District GO
Series 2003 BAN
2.00% 12/17/04 5,575 5,604,754
Monroe County IDA Civic Facility RB
(YMCA of Greater Rochester
Project) Series 2004 DN (M&T
Bank Corp. LOC) (A-1)
1.15%(b) 05/07/04 2,750 2,750,000
Monroe County IDRB Series 2002A
DN (M&T Bank Corp. LOC)
(VMIG-1)
1.14%(b) 05/07/04 2,500 2,500,000
Nassau County Intermediate Finance
Authority RB Series 2002B DN
(FSA Insurance) (A-1+, VMIG-1)
1.05%(b) 05/07/04 1,435 1,435,000
New York GO (Morgan Stanley Trust
Receipts) Series 2002-725X DN
(FSA Insurance, Morgan Stanley
Group Liquidity Facility) (VMIG-1)
1.12%(b) 05/07/04 9,644 9,643,750
New York GO Series 2000B MB (Dexia
Credit LOC, Credit Locale de
France LOC) (A-1+, MIG-1)
1.02% 08/05/04 2,000 2,000,000
New York GO Series 2003A-5 DN
(HSBC Bank LOC) (A-1)
1.10%(b) 05/07/04 1,000 1,000,000
New York GO Series 2003R
ROC-II-251A DN (Citibank Liquidity
Facility) (VMIG-1)
1.16%(b) 05/07/04 4,700 4,700,000
New York Local Government
Assistance Corporation RB Series
1994B DN (Credit Suisse LOC)
(A-1+, VMIG-1)
1.06%(b) 05/07/04 7,020 7,020,000
New York State Energy, Research &
Development Authority PCRB
(Orange and Rockland Utilities,
Inc. Project) Series 1994A DN
(FGIC Insurance) (A-1+, VMIG-1)
1.06%(b) 05/07/04 4,700 4,700,000
PAR
MATURITY (000) VALUE
---------- ----------- -----------
MUNICIPAL BONDS (Continued)
New York (continued)
New York State Environmental
Facilities Corporation RB (Citibank
Eagle Tax-Exempt Trust Receipts)
(Clean Water & Drinking Project)
Series 2003A DN (Citibank
Liquidity Facility) (A-1+)
1.11%(b) 05/07/04 $ 5,710 $ 5,710,000
New York State Environmental
Facilities Corporation RB (Salomon
Smith Barney Trust Receipts)
(Facscorp Clean Water & Drinking
Project) Series 2003R-2014 ROC II
DN (Citibank Liquidity Facility)
(A-1+)
1.11%(b) 05/07/04 2,700 2,700,000
New York State Environmental
Facilities Corporation RB (Salomon
Smith Barney Trust Receipts)
(Facscorp Clean Water & Drinking
Project) Series 2003R-4001 ROC II
DN (Citibank Liquidity Facility)
(A-1+)
1.11%(b) 05/07/04 1,595 1,595,000
New York State Housing Finance
Agency RB (10 Liberty Street
Project) Series 2003 DN (Fleet
National Bank LOC) (VMIG-1)
1.08%(b) 05/07/04 600 600,000
New York State Thruway Authority
RB Series 2003-4 DN (STARs
Certificates, MBIA Insurance)
(VMIG-1)
1.11%(b) 05/07/04 2,130 2,130,000
New York State Thruway Authority
RB TECP (Landesbank
Hessen-Thurigen Girozentrale
LOC) (A-1+, P-1)
0.98% 05/14/04 2,000 2,000,000
Onondaga County IDA Civic Facility
RB (Crouse Health Hospital
Project) Series 2003A DN (VMIG-1)
1.14%(b) 05/07/04 3,000 3,000,000
Onondaga County IDA Civic Facility
RB (YMCA Greater Syracuse
Project) Series 2003A DN (HSBC
Bank LOC)
1.16%(b) 05/07/04 4,000 4,000,000
Oyster Bay GO Series 2000A MB
2.00% 01/21/05 8,000 8,051,544
Port Authority of New York & New
Jersey RB (ABN-AMRO Munitops
Trust Certificates) Series 2000-19
DN (MBIA Insurance, ABN-AMRO
Bank N.V. SBPA) (VMIG-1, F-1+)
1.13%(b) 05/07/04 6,670 6,670,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
58
NEW YORK MONEY FUND
STATEMENT OF NET ASSETS (CONTINUED)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR
MATURITY (000) VALUE
---------- ----------- ------------
MUNICIPAL BONDS (Continued)
New York (continued)
Rensselaer County IDA Civic
Facilities RB (The Sage Colleges
Project) Series 2002A DN (M&T
Bank Corp. LOC) (VMIG-1)
1.14%(b) 05/07/04 $ 2,900 $ 2,900,000
Rockland County IDRB (Northern
Manor Multicare Project) Series
2002 DN (M&T Bank Corp. LOC)
(VMIG-1)
1.19%(b) 05/07/04 2,700 2,700,000
Schenectady County IDA Civic Facility
RB (Sunnyview Project) Series
2003B DN (KeyBank N.A. LOC)
1.12%(b) 05/07/04 2,390 2,390,000
South Orangetown Central School
District GO Series 2003 TAN
1.25% 06/30/04 5,000 5,002,835
Suffolk County GO (Longwood
Central School District Project)
Series 2006 TAN (SP-1+)
1.75% 06/30/04 4,200 4,204,743
Syracuse GO Series 2003B RAN
(MIG-1)
1.75% 06/30/04 9,000 9,011,973
Syracuse GO Series 2003C RAN
(MIG-1)
1.75% 06/30/04 5,500 5,506,438
Triborough Bridge & Tunnel
Authority Municipal Securities
Trust Certificates RB (Bear
Stearns Municipal Trust
Certificates) Series 2002-210 DN
(Bear Stearns Liquidity Facility)
(A-1+)
1.10%(b)(c) 05/07/04 10,500 10,500,000
Triborough Bridge & Tunnel
Authority RB (ABN-AMRO
Munitops Trust Certificates) Series
2002-14 DN (AMBAC Insurance,
ABN-AMRO Bank N.V. SBPA)
(VMIG-1)
1.13%(b) 05/07/04 4,240 4,240,000
Triborough Bridge & Tunnel
Authority RB (Citibank Eagle
Tax-Exempt Trust Receipts) Series
2003A DN (FGIC Insurance,
Citibank Liquidity Facility) (A-1+)
1.11%(b) 05/07/04 2,000 2,000,000
Triborough Bridge & Tunnel
Authority RB (Merrill Lynch
P-Float Trust Receipts) Series
PA-956 DN (Merrill Lynch Capital
Services Liquidity Facility) (A-1+)
1.14%(b) 05/07/04 5,000 5,000,000
PAR
MATURITY (000) VALUE
---------- ----------- ------------
MUNICIPAL BONDS (Continued)
New York (continued)
Triborough Bridge & Tunnel
Authority RB Series 2004-922 DN
(Morgan Stanley Liquidity Facility)
(F-1+)
1.12%(b) 05/07/04 $ 3,000 $ 3,000,000
Triborough Bridge & Tunnel
Authority Special Obligation RB
Series 2000C DN (FSA Insurance)
(A-1+, VMIG-1)
1.08%(b) 05/07/04 490 490,000
Wappinger GO Series 2004 BAN
2.00% 04/29/05 3,000 3,023,571
West Islip Free School District GO
Series 2003 TAN
1.75% 06/30/04 3,000 3,003,310
------------
301,897,553
------------
Puerto Rico - 4.3%
Commonwealth of Puerto Rico
Highway & Transportation
Authority RB (Merrill Lynch
P-Float Trust Receipts) Series
2002 PT-1052 DN (Merrill Lynch
Capital Services Liquidity Facility)
(A-1)
1.12%(b) 05/07/04 4,000 4,000,000
Commonwealth of Puerto Rico
Infrastructure Financing Authority
Special Obligation Bonds
(ABN-AMRO Munitops Trust
Certificates) Series 2000A-17 MB
(ABN-AMRO Bank N.V. SBPA)
(MIG-1, F-1+)
1.06% 09/22/04 7,000 7,000,000
Commonwealth of Puerto Rico Public
Improvement GO Series 2003 MB
(Merrill Lynch Capital Services
Liquidity Facility) (A-1, AA+)
1.30% 11/18/04 3,000 3,000,000
------------
14,000,000
------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
59
NEW YORK MONEY FUND
STATEMENT OF NET ASSETS (CONCLUDED)
(UNAUDITED)
- --------------------------------------------------------------------------------
VALUE
------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $315,897,553(a)) 96.2% $315,897,553
OTHER ASSETS IN EXCESS OF LIABILITIES 3.8% 12,614,225
----- ------------
NET ASSETS (Equivalent to
$1.00 per share based on
299,071,409 Institutional Shares,
5,050,727 Dollar Shares 24,288,836
Bear Stearns Shares, 2,148 Bear
Stearns Premier Select Shares,
2,137 Bear Stearns Private Client
Shares and 3,093 Bear Stearns
Premier Shares
outstanding) 100.0% $328,511,778
===== ============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($299,155,894/299,071,409) $1.00
=====
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($5,052,236/5,050,727) $1.00
=====
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS SHARE
($24,296,270/24,288,836) $1.00
=====
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SELECT SHARE
($2,148/2,148) $1.00
=====
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PRIVATE CLIENT SHARE
($2,137/2,137) $1.00
=====
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SHARE
($3,093/3,093) $1.00
=====
- ----------------------
(a) Aggregate cost for Federal tax purposes.
(b) Rates shown are the rates as of April 30, 2004 and maturities shown are
the next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional investors. As of April
30, 2004, the Fund held 3.2% of its net assets, with a current market
value of $10,500,000, in securities restricted as to resale.
---------------------------------------------------------
NEW YORK MONEY FUND
MATURITY INFORMATION
APRIL 30, 2004
(UNAUDITED)
MATURITY PAR PERCENTAGE
- ------------------- --------------- ------------
1 - 30 Days $216,863,250 68.7%
31 - 60 Days 24,300,000 7.7
61 - 90 Days 36,464,508 11.6
91 - 120 Days 9,000,000 2.9
121 - 150 Days 7,000,000 2.1
Over 150 Days 22,070,000 7.0
-----
100.0
=====
Average Weighted Maturity - 41 days
---------------------------------------------------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
60
Key to Investment Abbreviations
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
DN Demand Note (Variable Rate)
GO General Obligation
IDA Industrial Development Authority
IDRB Industrial Development Revenue Bond
LOC Letter of Credit
MB Municipal Bond
PCRB Pollution Control Revenue Bond
PN Promissory Notes
PLC Public Limited Company
RB Revenue Bond
RAN Revenue Anticipation Note
SBPA Stand-by Bond Purchase Agreement
TAN Tax Anticipation Note
TECP Tax Exempt Commercial Paper
TRAN Tax and Revenue Anticipation Note
The Fitch Investors Service, Moody's Investors Service, Inc. and Standard &
Poor's Ratings Service ratings of the Investments in the various Portfolios are
believed to be the most recent ratings available at April 30, 2004.
61
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2004
(UNAUDITED)
TEMPFUND TEMPCASH FEDFUND
--------------- -------------- --------------
Investment Income:
Interest income ........................................... $ 146,860,961 $ 69,728,381 $ 14,467,725
------------- ------------ ------------
Expenses:
Investment advisory fee ................................... 10,794,504 6,051,065 1,507,946
Administration fee ........................................ 13,822,360 6,693,613 2,022,671
Custodian fee ............................................. 895,457 424,159 110,473
Transfer agent fee ........................................ 673,631 236,356 95,238
Shareholder servicing fees - class specific ............... 5,419,339 568,070 535,940
Distribution fees - class specific ........................ 252,730 1 19,259
Legal fees ................................................ 93,376 41,143 9,109
Audit fees ................................................ 56,490 23,387 5,270
Printing .................................................. 36,473 16,397 3,529
Registration fees and expenses ............................ 20,068 12,190 18,917
Trustees' fees and expenses ............................... 85,232 35,922 8,803
Other ..................................................... 298,751 127,600 42,394
------------- ------------ ------------
Total expenses ............................................. 32,448,411 14,229,903 4,379,549
------------- ------------ ------------
Less investment advisory and administration fees waived .... (3,212,967) (2,952,304) (1,186,112)
Less shareholder servicing fees waived - class specific .... (62,095) (1) (5,757)
Less custody fees paid indirectly .......................... - - (761)
------------- ------------ ------------
Net expenses ............................................... 29,173,349 11,277,598 3,186,919
------------- ------------ ------------
Net investment income ...................................... 117,687,612 58,450,783 11,280,806
Net realized gain (loss) from investment transactions ..... 238,267 10,746 25,400
------------- ------------ ------------
Net increase in net assets resulting from operations ...... $ 117,925,879 $ 58,461,529 $ 11,306,206
============= ============ ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
62
CALIFORNIA NEW YORK
MUNIFUND MUNICASH MONEY FUND MONEY FUND
- -------------- -------------- ------------- -------------
$ 9,106,948 $ 12,685,256 $ 2,373,489 $ 1,886,656
------------ ------------ ----------- -----------
1,441,091 1,834,426 471,881 366,682
1,441,091 1,834,426 412,896 320,847
79,255 103,690 28,821 22,931
65,202 52,247 24,271 19,565
141,693 113,114 28,101 58,795
24,845 2 17,949 40,409
6,532 8,279 2,032 1,606
3,908 4,895 1,102 830
2,510 3,246 559 180
26,630 15,723 7,618 2,524
5,211 6,795 - -
21,904 25,122 7,287 6,037
------------ ------------ ----------- -----------
3,259,872 4,001,965 1,002,517 840,406
------------ ------------ ----------- -----------
(1,337,519) (1,549,433) (484,593) (374,525)
(11,742) (2) (10,035) (20,589)
(63,179) (97,927) (11,977) (8,482)
------------ ------------ ----------- -----------
1,847,432 2,354,603 495,912 436,810
------------ ------------ ----------- -----------
7,259,516 10,330,653 1,877,577 1,449,846
(71,199) (66,419) (23,951) 106,067
------------ ------------ ----------- -----------
$ 7,188,317 $ 10,264,234 $ 1,853,626 $ 1,555,913
============ ============ =========== ===========
63
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF CHANGES IN NET ASSETS
TEMPFUND TEMPCASH
----------------------------------------- -------------------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003 (UNAUDITED) OCTOBER 31, 2003
-------------------- -------------------- -------------------- ------------------
Increase (decrease) in net assets:
Operations:
Net investment income ............... $ 117,687,612 $ 317,184,756 $ 58,450,783 $ 127,942,066
Net gain (loss) on investments ...... 238,267 (11,642) 10,746 (9,501)
---------------- ---------------- ---------------- ----------------
Net increase in net assets
resulting from operations .......... 117,925,879 317,173,114 58,461,529 127,932,565
---------------- ---------------- ---------------- ----------------
Distributions to shareholders from:
Net investment income:
Institutional Shares ................ (104,353,788) (279,906,630) (56,765,155) (123,842,104)
Dollar Shares ....................... (12,758,213) (36,272,849) (1,685,626) (4,099,962)
Cash Management Shares .............. (416,266) (458,513) - -
Cash Reserve Shares ................. (8,784) (348,756) - -
Administration Shares ............... (1,473) (2,770) - -
Bear Stearns Shares ................. (147,564) (195,238) - -
Bear Stearns Premier Select
Shares ............................. - - (1) -
Bear Stearns Private Client
Shares ............................. (1,524) - - -
Bear Stearns Premier Shares ......... - - (1) -
---------------- ---------------- ---------------- ----------------
Total distributions from net
investment income ................. (117,687,612) (317,184,756) (58,450,783) (127,942,066)
---------------- ---------------- ---------------- ----------------
Capital share transactions .......... 307,247,285 (318,668,856) (263,241,195) 4,028,854,703
---------------- ---------------- ---------------- ----------------
Total increase (decrease) in
net assets ......................... 307,485,552 (318,680,498) (263,230,449) 4,028,845,202
Net assets:
Beginning of period ................. 24,128,805,404 24,447,485,902 11,626,476,055 7,597,630,853
---------------- ---------------- ---------------- ----------------
End of period ....................... $ 24,436,290,956 $ 24,128,805,404 $ 11,363,245,606 $ 11,626,476,055
================ ================ ================ ================
End of period undistributed net
investment income .................. $ - $ - $ - $ -
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
64
FEDFUND MUNIFUND MUNICASH
- -------------------------------------- -------------------------------------- ---------------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED APRIL 30, 2004 YEAR ENDED APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003 (UNAUDITED) OCTOBER 31, 2003 (UNAUDITED) OCTOBER 31, 2003
- ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
$ 11,280,806 $ 31,715,282 $ 7,259,516 $ 14,565,441 $ 10,330,653 $ 19,199,722
25,400 24,682 (71,199) 13,252 (66,419) 38,928
--------------- --------------- --------------- --------------- --------------- ---------------
11,306,206 31,739,964 7,188,317 14,578,693 10,264,234 19,238,650
--------------- --------------- --------------- --------------- --------------- ---------------
(9,981,091) (27,344,879) (7,082,689) (14,031,321) (10,039,651) (18,534,647)
(1,257,573) (4,306,454) (123,311) (358,615) (290,999) (665,075)
- - (39,262) (51,894) - -
(31,091) (48,268) - (51,034) - -
- - - (55,948) - -
(11,047) (15,681) (14,253) (16,629) - -
(2) - - - (2) -
(1) - (1) - - -
(1) - - - (1) -
--------------- --------------- --------------- --------------- --------------- ---------------
(11,280,806) (31,715,282) (7,259,516) (14,565,441) (10,330,653) (19,199,722)
--------------- --------------- --------------- --------------- --------------- ---------------
103,960,743 (11,484,018) 87,709,429 464,702,260 (6,035,704) 828,438,393
--------------- --------------- --------------- --------------- --------------- ---------------
103,986,143 (11,459,336) 87,638,230 464,715,512 (6,102,123) 828,477,321
2,582,060,944 2,593,520,280 1,615,493,795 1,150,778,283 2,144,705,963 1,316,228,642
--------------- --------------- --------------- --------------- --------------- ---------------
$ 2,686,047,087 $ 2,582,060,944 $ 1,703,132,025 $ 1,615,493,795 $ 2,138,603,840 $ 2,144,705,963
=============== =============== =============== =============== =============== ===============
$ - $ - $ 2,304 $ 2,304 $ - $ -
65
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF CHANGES IN NET ASSETS
CALIFORNIA MONEY FUND NEW YORK MONEY FUND
------------------------------------- -------------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003 (UNAUDITED) OCTOBER 31, 2003
---------------- ---------------- ---------------- ----------------
Increase (decrease) in net assets:
Operations:
Net investment income .................. $ 1,877,577 $ 4,726,755 $ 1,449,846 $ 3,999,170
Net gain (loss) on investments ......... (23,951) (45,308) 106,067 1,205
-------------- ------------- -------------- -------------
Net increase in net assets
resulting from operations ............. 1,853,626 4,681,447 1,555,913 4,000,375
-------------- ------------- -------------- -------------
Distributions to shareholders from:
Net investment income:
Institutional Shares ................... (1,856,020) (4,596,334) (1,410,610) (3,914,008)
Dollar Shares .......................... (10,928) (123,700) (16,026) (45,195)
Cash Management Shares ................. (325) (197) - -
Cash Reserve Shares .................... - - - -
Administration Shares .................. - - - -
Bear Stearns Shares .................... (10,301) (6,524) (23,207) (39,967)
Bear Stearns Premier Select
Shares ................................ (1) - (2) -
Bear Stearns Private Client
Shares ................................ (1) - - -
Bear Stearns Premier Shares ............ (1) - (1) -
-------------- ------------- -------------- -------------
Total distributions from net
investment income .................... (1,877,577) (4,726,755) (1,449,846) (3,999,170)
-------------- ------------- -------------- -------------
Capital share transactions ............. (130,573,890) 28,797,397 (43,422,386) (11,962,932)
-------------- ------------- -------------- -------------
Total increase (decrease) in
net assts ............................ (130,597,841) 28,752,089 (43,316,319) (11,961,727)
Net assets:
Beginning of period .................... 515,422,515 486,670,426 371,828,097 383,789,824
-------------- ------------- -------------- -------------
End of period .......................... $ 384,824,674 $ 515,422,515 $ 328,511,778 $ 371,828,097
============== ============= ============== =============
End of period undistributed net
investment income ..................... $ - $ - $ - $ -
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
66
[THIS PAGE INTENTIONALLY LEFT BLANK.]
67
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO
NET ASSET SHAREHOLDERS
VALUE NET FROM NET
BEGINNING INVESTMENT INVESTMENT
TEMPFUND OF PERIOD INCOME INCOME
- -------- --------- ---------- ------------
Institutional Shares
11/01/03 through 4/30/04 /10/ $1.00 $0.0047 $(0.0047)
10/31/03 1.00 0.0113 (0.0113)
10/31/02 1.00 0.0186 (0.0186)
10/31/01 1.00 0.0477 (0.0477)
10/31/00 1.00 0.0611 (0.0611)
10/01/99 through 10/31/99 1.00 0.0045 (0.0045)
9/30/99 1.00 0.0495 (0.0495)
Dollar Shares
11/01/03 through 4/30/04 /10/ $1.00 $0.0034 $(0.0034)
10/31/03 1.00 0.0088 (0.0088)
10/31/02 1.00 0.0161 (0.0161)
10/31/01 1.00 0.0452 (0.0452)
10/31/00 1.00 0.0586 (0.0586)
10/01/99 through 10/31/99 1.00 0.0043 (0.0043)
9/30/99 1.00 0.0470 (0.0470)
Cash Management Shares
11/01/03 through 4/30/04 /10/ $1.00 $0.0022 $(0.0022)
10/31/03 1.00 0.0063 (0.0063)
10/31/02 1.00 0.0136 (0.0136)
10/31/01 1.00 0.0427 (0.0427)
10/31/00 1.00 0.0561 (0.0561)
10/01/99 through 10/31/99 1.00 0.0041 (0.0041)
06/14/99 /1/ through 09/30/99 1.00 0.0135 (0.0135)
Cash Reserve Shares/6/
11/01/03 through 12/15/03 /10/ $1.00 $0.0007 $(0.0007)
10/31/03 1.00 0.0067 (0.0067)
10/31/02 1.00 0.0146 (0.0146)
10/31/01 1.00 0.0437 (0.0437)
05/30/00 /1/ through 10/31/00 1.00 0.0258 (0.0258)
Administration Shares
11/01/03 through 4/30/04 /10/ $1.00 $0.0042 $(0.0042)
10/31/03 1.00 0.0103 (0.0103)
04/04/02 /1/ through 10/31/02 1.00 0.0095 (0.0095)
Bear Stearns Shares
11/01/03 through 4/30/04 /10/ $1.00 $0.0010 $(0.0010)
10/31/03 1.00 0.0034 (0.0034)
05/20/02 /1/ through 10/31/02 1.00 0.0041 (0.0041)
Bear Stearns Private Client Shares
03/26/04 /1/ through 4/30/04 /10/ $1.00 $0.0005 $(0.0005)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
68
RATIO OF
RATIO OF EXPENSES TO RATIO OF NET
NET RATIO OF EXPENSES TO AVERAGE INVESTMENT
ASSET EXPENSES TO AVERAGE DAILY DAILY NET INCOME TO
VALUE NET ASSETS AVERAGE NET ASSETS ASSETS AVERAGE
END OF TOTAL END OF DAILY NET (INCLUDING (EXCLUDING DAILY NET
PERIOD RETURN/9/ PERIOD (000) ASSETS CUSTODY CREDITS) WAIVERS) ASSETS
- ------- --------- ----------- ----------- ---------------- ----------- ------------
$1.00 0.94%/2/ $20,569,800 0.18%/2/ 0.18%/2/ 0.20%/2/ 0.94%/2/
1.00 1.14 20,081,053 0.18 0.18 0.20 1.15
1.00 1.88 19,871,753 0.18 0.18 0.18 1.88
1.00 4.87 26,150,330 0.18 0.18 0.20 4.62
1.00 6.28 15,862,970 0.18 0.18 0.20 6.12
1.00 5.42/2/ 13,884,164 0.18/2/ 0.18/2/ 0.20/2/ 5.31/2/
1.00 5.06 12,045,566 0.18 0.18 0.22 4.96
$1.00 0.69%/2/ $ 3,437,200 0.43%/2/ 0.43%/2/ 0.45%/2/ 0.69%/2/
1.00 0.89 3,818,036 0.43 0.43 0.45 0.90
1.00 1.62 4,309,354 0.43 0.43 0.43 1.63
1.00 4.61 5,677,232 0.43 0.43 0.45 4.32
1.00 6.02 815,132 0.43 0.43 0.45 5.94
1.00 5.15/2/ 446,569 0.43/2/ 0.43/2/ 0.45/2/ 5.06/2/
1.00 4.81 497,178 0.43 0.43 0.47 4.71
$1.00 0.44%/2/ $ 245,896 0.68%/2/ 0.68%/2/ 0.70%/2/ 0.44%/2/
1.00 0.63 147,693 0.68 0.68 0.70 0.57
1.00 1.37 65,140 0.68 0.68 0.68 1.34
1.00 4.35 58,043 0.68 0.68 0.70 3.93
1.00 5.75 30,242 0.68 0.68 0.70 5.68
1.00 4.92/2/ 14,069 0.68/2/ 0.68/2/ 0.70/2/ 4.81/2/
1.00 4.60/2/ 13,789 0.68/2/ 0.68/2/ 0.71/2/ 4.57/2/
$1.00 0.54%/2/ $ - 0.58%/2/ 0.58%/2/ 0.60%/2/ 0.55%/2/
1.00 0.76/2/ 6,622 0.58/2/ 0.58/2/ 0.60/2/ 0.94/2/
1.00 1.47 178,398 0.58 0.58 0.58 1.47
1.00 4.46 208,114 0.58 0.58 0.60 4.42
1.00 6.24/2/ 222,325 0.58/2/ 0.58/2/ 0.60/2/ 6.16/2/
$1.00 0.84%/2/ $ 365 0.28%/2/ 0.28%/2/ 0.30%/2/ 0.84%/2/
1.00 1.04 330 0.28 0.28 0.30 1.00
1.00 1.66/2/ 124 0.28/2/ 0.28/2/ 0.29/2/ 1.62/2/
$1.00 0.20%/2/ $ 176,851 0.92%/2/ 0.92%/2/ 1.02%/2/ 0.21%/2/
1.00 0.34 75,071 0.96 0.96 1.02 0.30
1.00 0.91/2/ 22,717 1.00/2/ 1.00/2/ 1.01/2/ 0.88/2/
$1.00 0.53%/2/ $ 6,179 0.34%/2/ 0.34%/2/ 0.63%/2/ 0.32%/2/
69
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO
NET ASSET SHAREHOLDERS
VALUE NET FROM NET
BEGINNING INVESTMENT INVESTMENT
TEMPCASH OF PERIOD INCOME INCOME
- -------- --------- ---------- ------------
Institutional Shares
11/01/03 through 4/30/04 /10/ $1.00 $0.0049 $(0.0049)
10/31/03 1.00 0.0118 (0.0118)
10/31/02 1.00 0.0193 (0.0193)
10/31/01 1.00 0.0483 (0.0483)
10/31/00 1.00 0.0613 (0.0613)
10/01/99 through 10/31/99 1.00 0.0044 (0.0044)
09/30/99 1.00 0.0496 (0.0496)
Dollar Shares
11/01/03 through 4/30/04 /10/ $1.00 $0.0036 $(0.0036)
10/31/03 1.00 0.0093 (0.0093)
10/31/02 1.00 0.0168 (0.0168)
10/31/01 1.00 0.0458 (0.0458)
10/31/00 1.00 0.0588 (0.0588)
10/01/99 through 10/31/99 1.00 0.0042 (0.0042)
09/30/99 1.00 0.0471 (0.0471)
Bear Stearns Premier Select Shares
03/26/04 /1/ through 4/30/04 /10/ $1.00 $0.0006 $(0.0006)
Bear Stearns Premier Shares
03/26/04 /1/ through 4/30/04 /10/ $1.00 $0.0004 $(0.0004)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
70
RATIO OF
RATIO OF EXPENSES TO RATIO OF NET
NET RATIO OF EXPENSES TO AVERAGE INVESTMENT
ASSET EXPENSES TO AVERAGE DAILY DAILY NET INCOME TO
VALUE NET ASSETS AVERAGE NET ASSETS ASSETS AVERAGE
END OF TOTAL END OF DAILY NET (INCLUDING (EXCLUDING DAILY NET
PERIOD RETURN/9/ PERIOD (000) ASSETS CUSTODY CREDITS) WAIVERS) ASSETS
- -------- ---------- -------------- ------------- ------------------ ------------- -------------
$1.00 0.98%/2/ $10,864,285 0.18%/2/ 0.18%/2/ 0.23%/2/ 0.99%/2/
1.00 1.18 11,193,249 0.18 0.18 0.23 1.18
1.00 1.95 7,195,494 0.18 0.18 0.24 1.92
1.00 4.93 4,923,190 0.18 0.18 0.29 4.76
1.00 6.30 3,785,528 0.18 0.18 0.31 6.18
1.00 5.31/2/ 1,951,436 0.18/2/ 0.18/2/ 0.34/2/ 5.19/2/
1.00 5.07 1,968,626 0.18 0.18 0.30 4.95
$1.00 0.73%/2/ $ 498,956 0.43%/2/ 0.43%/2/ 0.45%/2/ 0.74%/2/
1.00 0.93 433,227 0.43 0.43 0.48 0.94
1.00 1.70 402,137 0.43 0.43 0.50 1.71
1.00 4.67 447,082 0.43 0.43 0.54 4.56
1.00 6.04 427,625 0.43 0.43 0.56 5.89
1.00 5.06/2/ 401,426 0.43/2/ 0.43/2/ 0.59/2/ 4.94/2/
1.00 4.82 378,010 0.43 0.43 0.55 4.70
$1.00 0.61%/2/ $ 2 0.27%/2/ 0.27%/2/ 0.38%/2/ 0.36%/2/
$1.00 0.39%/2/ $ 3 0.47%/2/ 0.47%/2/ 0.54%/2/ 0.25%/2/
71
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO
NET ASSET SHAREHOLDERS
VALUE NET FROM NET
BEGINNING INVESTMENT INVESTMENT
FEDFUND OF PERIOD INCOME INCOME
- ------- ----------- ------------ -------------
Institutional Shares
11/01/03 through 4/30/04 /10/ $1.00 $0.0045 $(0.0045)
10/31/03 1.00 0.0110 (0.0110)
10/31/02 1.00 0.0183 (0.0183)
10/31/01 1.00 0.0469 (0.0469)
10/31/00 1.00 0.0594 (0.0594)
10/31/99 1.00 0.0483 (0.0483)
Dollar Shares
11/01/03 through 4/30/04 /10/ $1.00 $0.0032 $(0.0032)
10/31/03 1.00 0.0085 (0.0085)
10/31/02 1.00 0.0158 (0.0158)
10/31/01 1.00 0.0444 (0.0444)
10/31/00 1.00 0.0569 (0.0569)
10/31/99 1.00 0.0458 (0.0458)
Cash Reserve Shares
11/01/03 through 4/30/04 /10/ $1.00 $0.0025 $(0.0025)
04/01/03 /1/ through 10/31/03 1.00 0.0034 (0.0034)
Bear Stearns Shares
11/01/03 through 4/30/04 /10/ $1.00 $0.0003 $(0.0003)
10/31/03 1.00 0.0033 (0.0033)
05/20/02 /1/ through 10/31/02 1.00 0.0040 (0.0040)
Bear Stearns Premier Select Shares
03/26/04 /1/ through 4/30/04 /10/ $1.00 $0.0007 $(0.0007)
Bear Stearns Private Client Shares
03/26/04 /1/ through 4/30/04 /10/ $1.00 $0.0005 $(0.0005)
Bear Stearns Premier Shares
03/26/04 /1/ through 4/30/04 /10/ $1.00 $0.0004 $(0.0004)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
72
RATIO OF
RATIO OF EXPENSES TO RATIO OF NET
NET RATIO OF EXPENSES TO AVERAGE INVESTMENT
ASSET EXPENSES TO AVERAGE DAILY DAILY NET INCOME TO
VALUE NET ASSETS AVERAGE NET ASSETS ASSETS AVERAGE
END OF TOTAL END OF DAILY NET (INCLUDING (EXCLUDING DAILY NET
PERIOD RETURN/9/ PERIOD (000) ASSETS CUSTODY CREDITS) WAIVERS) ASSETS
- -------- ---------- -------------- ------------- ------------------ ------------- -------------
$1.00 0.90%/2/ $2,320,311 0.20%/2/ 0.20%/2/ 0.29%/2/ 0.90%/2/
1.00 1.10 2,163,336 0.20 0.20 0.28 1.10
1.00 1.85 1,955,108 0.20 0.20 0.26 1.82
1.00 4.79 1,684,597 0.20 0.20 0.27 4.61
1.00 6.10 1,400,232 0.20 0.20 0.29 6.01
1.00 4.94 742,744 0.20 0.20 0.28 4.81
$1.00 0.65%/2/ $ 341,762 0.45%/2/ 0.45%/2/ 0.54%/2/ 0.65%/2/
1.00 0.85 397,344 0.45 0.45 0.53 0.87
1.00 1.60 635,685 0.45 0.45 0.50 1.61
1.00 4.53 814,186 0.45 0.45 0.52 4.18
1.00 5.84 216,511 0.45 0.45 0.54 6.04
1.00 4.69 34,611 0.45 0.45 0.53 4.56
$1.00 0.50%/2/ $ 11,487 0.60%/2/ 0.60%/2/ 0.69%/2/ 0.50%/2/
1.00 0.59/2/ 13,492 0.60/2/ 0.60/2/ 0.69/2/ 0.58/2/
$1.00 0.20%/2/ $ 12,480 0.90%/2/ 0.90%/2/ 1.09%/2/ 0.20%/2/
1.00 0.33 7,889 0.95 0.95 1.08 0.30
1.00 0.89/2/ 2,728 1.00/2/ 1.00/2/ 1.08/2/ 0.87/2/
$1.00 0.67%/2/ $ 2 0.27%/2/ 0.27%/2/ 0.50%/2/ 0.26%/2/
$1.00 0.44%/2/ $ 2 0.53%/2/ 0.53%/2/ 0.85%/2/ 0.94%/2/
$1.00 0.38%/2/ $ 3 0.49%/2/ 0.49%/2/ 0.59%/2/ 0.22%/2/
73
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO
NET ASSET SHAREHOLDERS
VALUE NET FROM NET
BEGINNING INVESTMENT INVESTMENT
MUNIFUND OF PERIOD INCOME INCOME
- -------- ----------- ------------ -------------
Institutional Shares
11/01/03 through 4/30/04 /10/ $1.00 $0.0042 $(0.0042)
10/31/03 1.00 0.0096 (0.0096)
10/31/02 1.00 0.0142 (0.0142)
10/31/01 1.00 0.0302 (0.0302)
10/31/00 1.00 0.0379 (0.0379)
12/01/98 through 10/31/99 1.00 0.0273 (0.0273)
11/30/98 1.00 0.0327 (0.0327)
Dollar Shares
11/01/03 through 4/30/04 /10/ $1.00 $0.0030 $(0.0030)
10/31/03 1.00 0.0071 (0.0071)
10/31/02 1.00 0.0117 (0.0117)
10/31/01 1.00 0.0277 (0.0277)
10/31/00 1.00 0.0354 (0.0354)
12/01/98 through 10/31/99 1.00 0.0250 (0.0250)
11/30/98 1.00 0.0302 (0.0302)
Cash Management Shares/4/
11/01/03 through 4/30/04 /10/ $1.00 $0.0017 $(0.0017)
10/31/03 1.00 0.0040 (0.0040)
10/31/02 1.00 0.0085 (0.0085)
10/31/01 1.00 0.0252 (0.0252)
10/31/00 1.00 0.0329 (0.0329)
06/14/99 /1/ through 10/31/99 1.00 0.0099 (0.0099)
Cash Reserve Shares/7/
11/01/02 through 08/06/03 $1.00 $0.0047 $(0.0047)
10/31/02 1.00 0.0102 (0.0102)
10/31/01 1.00 0.0262 (0.0262)
08/04/02 through 10/31/00 1.00 0.0090 (0.0090)
Administration Shares/8/
11/01/02 through 10/06/03 $1.00 $0.0081 $(0.0081)
04/18/02 /1/ through 10/31/02 1.00 0.0069 (0.0069)
Bear Stearns Shares
11/01/03 through 4/30/04 /10/ $1.00 $0.0010 $(0.0010)
10/31/03 1.00 0.0026 (0.0026)
05/20/02 /1/ through 10/31/02 1.00 0.0024 (0.0024)
Bear Stearns Private Client Shares
3/26/04 /1/ through 4/30/04 /10/ $1.00 $0.0004 $(0.0004)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
74
RATIO OF
EXPENSES TO RATIO OF
AVERAGE EXPENSES TO RATIO OF NET
NET RATIO OF DAILY NET AVERAGE INVESTMENT
ASSET EXPENSES TO ASSETS DAILY NET INCOME TO
VALUE, NET ASSETS, AVERAGE (INCLUDING ASSETS AVERAGE
END OF TOTAL END OF DAILY NET CUSTODY (EXCLUDING DAILY NET
PERIOD RETURN/9/ PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
- -------- ---------- -------------- ------------- ------------- ------------- -------------
$1.00 0.96%/2/ $1,563,962 0.20%/2/ 0.19%/2/ 0.35%/2/ 0.84%/2/
1.00 0.96 1,549,951 0.20 0.19 0.35 0.93
1.00 1.43 1,037,163 0.20 0.19 0.37 1.41
1.00 3.06 688,837 0.20 0.19 0.39 3.02
1.00 3.86 605,741 0.20 0.19 0.41 3.79
1.00 3.02/2/ 483,033 0.20/2/ 0.20/2/ 0.41/2/ 2.96/2/
1.00 3.32 467,760 0.25 0.25 0.41 3.26
$1.00 0.60%/2/ $ 83,064 0.45%/2/ 0.44%/2/ 0.60%/2/ 0.60%/2/
1.00 0.71 37,749 0.45 0.44 0.60 0.74
1.00 1.18 74,526 0.45 0.44 0.62 1.18
1.00 2.81 70,990 0.45 0.44 0.64 2.66
1.00 3.60 63,619 0.45 0.44 0.66 3.55
1.00 2.77/2/ 56,238 0.45/2/ 0.45/2/ 0.66/2/ 2.71/2/
1.00 3.07 51,736 0.50 0.50 0.66 3.01
$1.00 0.35%/2/ $ 28,209 0.70%/2/ 0.69%/2/ 0.85%/2/ 0.34%/2/
1.00 0.45/2/ 22,423 0.70/2/ 0.69/2/ 0.85/2/ 0.40/2/
1.00 0.91/2/ 11,197 0.70/2/ 0.69/2/ 0.87/2/ 0.90/2/
1.00 2.55 4,763 0.70 0.69 0.89 2.39
1.00 3.34 3,663 0.70 0.69 0.90 3.33
1.00 2.61/2/ 2,712 0.70/2/ 0.70/2/ 0.92/2/ 2.58/2/
$1.00 0.57%/2/ $ - 0.60%/2/ 0.59%/2/ 0.75%/2/ 0.63%/2/
1.00 1.03 8,626 0.60 0.59 0.77 1.03
1.00 2.65 12,089 0.60 0.59 0.79 2.68
1.00 3.74/2/ 17,151 0.60/2/ 0.59/2/ 0.79/2/ 3.69/2/
$1.00 0.87%/2/ $ - 0.30%/2/ 0.29%/2/ 0.45% 0.90%/2/
1.00 1.28/2/ 13,051 0.30/2/ 0.29/2/ 0.47/2/ 1.27/2/
$1.00 0.20%/2/ $ 27,895 0.83%/2/ 0.83%/2/ 1.14%/2/ 0.20%/2/
1.00 0.26 5,371 0.88 0.87 1.15 0.25
1.00 0.54/2/ 6,215 1.00/2/ 0.99/2/ 1.16/2/ 0.57/2/
$1.00 0.42%/2/ $ 2 0.52%/2/ 0.52%/2/ 0.78%/2/ 0.26%/2/
75
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO
NET ASSET SHAREHOLDERS
VALUE NET FROM NET
BEGINNING INVESTMENT INVESTMENT
MUNICASH OF PERIOD INCOME INCOME
- -------- --------- ---------- ------------
Institutional Shares
11/01/03 through 4/30/04 /10/ $ 1.00 $ 0.0044 $ (0.0044)
10/31/03 1.00 0.0108 (0.0108)
10/31/02 1.00 0.0156 (0.0156)
10/31/01 1.00 0.0325 (0.0325)
10/31/00 1.00 0.0392 (0.0392)
12/01/98 through 10/31/99 1.00 0.0281 (0.0281)
11/30/98 1.00 0.0346 (0.0346)
Dollar Shares
11/01/03 through 4/30/04 /10/ $ 1.00 $ 0.0032 $ (0.0032)
10/31/03 1.00 0.0083 (0.0083)
10/31/02 1.00 0.0131 (0.0131)
10/31/01 1.00 0.0300 (0.0300)
10/31/00 1.00 0.0367 (0.0367)
12/01/98 through 10/31/99 1.00 0.0258 (0.0258)
11/30/98 1.00 0.0321 (0.0321)
Cash Management Shares/5/
11/01/01 through 10/15/02 $ 1.00 $ 0.0101 $ (0.0101)
3/2/01 /1/ through 10/31/01 1.00 0.0163 (0.0163)
Bear Stearns Premier Select Shares
03/26/04 /1/ through 04/30/04 /10/ $ 1.00 $ 0.0006 $ (0.0006)
Bear Stearns Premier Shares
03/26/04 /1/ through 04/30/04 /10/ $ 1.00 $ 0.0004 $ (0.0004)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
76
RATIO OF
EXPENSES TO RATIO OF
AVERAGE EXPENSES TO RATIO OF NET
NET RATIO OF DAILY NET AVERAGE INVESTMENT
ASSET EXPENSES TO ASSETS DAILY NET INCOME TO
VALUE, NET ASSETS, AVERAGE (INCLUDING ASSETS AVERAGE
END OF TOTAL END OF DAILY NET CUSTODY (EXCLUDING DAILY NET
PERIOD RETURN/9/ PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
------ --------- ------------ ----------- ----------- ----------- ------------
$ 1.00 0.89%/2/ $ 2,050,747 0.20%/2/ 0.19%/2/ 0.32%/2/ 0.89%/2/
1.00 1.09 2,054,465 0.20 0.19 0.34 1.04
1.00 1.57 1,257,237 0.20 0.19 0.36 1.55
1.00 3.30 809,890 0.20 0.19 0.40 3.04
1.00 3.99 298,832 0.20 0.20 0.40 3.91
1.00 3.11/2/ 308,212 0.20/2/ 0.20/2/ 0.41/2/ 3.05/2/
1.00 3.51 500,254 0.18 0.18 0.40 3.47
$ 1.00 0.64%/2/ $ 87,853 0.45%/2/ 0.44%/2/ 0.58%/2/ 0.64%/2/
1.00 0.84 90,241 0.45 0.44 0.59 0.81
1.00 1.32 58,991 0.45 0.44 0.61 1.30
1.00 3.04 40,306 0.45 0.45 0.65 3.19
1.00 3.73 101,373 0.45 0.45 0.65 3.63
1.00 2.86/2/ 123,017 0.45/2/ 0.45/2/ 0.66/2/ 2.80/2/
1.00 3.26 91,404 0.43 0.43 0.65 3.22
$ 1.00 1.01%/2/ $ - 0.70%/2/ 0.69%/2/ 0.87%/2/ 1.07%/2/
1.00 2.47/2/ 5,118 0.69/2/ 0.69/2/ 0.89/2/ 2.36/2/
$ 1.00 0.67%/2/ $ 2 0.27%/2/ 0.27%/2/ 0.51%/2/ 0.40%/2/
$ 1.00 0.44%/2/ $ 2 0.47%/2/ 0.47%/2/ 0.61%/2/ 0.26%/2/
77
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO
NET ASSET SHAREHOLDERS
VALUE NET FROM NET
BEGINNING INVESTMENT INVESTMENT
CALIFORNIA MONEY FUND OF PERIOD INCOME INCOME
- --------------------- --------- ------ ------
Institutional Shares
11/01/03 through 4/30/04 /10/ $1.00 $0.0040 $(0.0040)
10/31/03 1.00 0.0094 (0.0094)
10/31/02 1.00 0.0132 (0.0132)
10/31/01 1.00 0.0271 (0.0271)
10/31/00 1.00 0.0326 (0.0326)
02/01/99 through 10/31/99 1.00 0.0201 (0.0201)
1/31/99 1.00 0.0305 (0.0305)
Dollar Shares
11/01/03 through 4/30/04 /10/ $1.00 $0.0028 $(0.0028)
10/31/03 1.00 0.0069 (0.0069)
10/31/02 1.00 0.0107 (0.0107)
10/31/01 1.00 0.0246 (0.0246)
10/31/00 1.00 0.0301 (0.0301)
02/01/99 through 10/31/99 1.00 0.0182 (0.0182)
1/31/99 1.00 0.0280 (0.0280)
Cash Management Shares
11/01/03 through 4/30/04 /10/ $1.00 $0.0016 $(0.0016)
07/14/03 /1/ through 10/31/03 1.00 0.0008 (0.0008)
Bear Stearns Shares
11/01/03 through 4/30/04 /10/ $1.00 $0.0004 $(0.0004)
10/31/03 1.00 0.0025 (0.0025)
05/20/02 /1/ through 10/31/02 1.00 0.0022 (0.0022)
Bear Stearns Premier Select Shares
03/26/04 /1/ through 04/30/04 /10/ $1.00 $0.0006 $(0.0006)
Bear Stearns Private Client Shares
03/26/04 /1/ through 04/30/04 /10/ $1.00 $0.0004 $(0.0004)
Bear Stearns Premier Shares
03/26/04 /1/ through 04/30/04 /10/ $1.00 $0.0004 $(0.0004)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
78
RATIO OF
EXPENSES TO RATIO OF
AVERAGE EXPENSES TO RATIO OF NET
NET RATIO OF DAILY NET AVERAGE INVESTMENT
ASSET EXPENSES TO ASSETS DAILY NET INCOME TO
VALUE, NET ASSETS, AVERAGE (INCLUDING ASSETS AVERAGE
END OF TOTAL END OF DAILY NET CUSTODY (EXCLUDING DAILY NET
PERIOD RETURN/9/ PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
- ------ --------- ------------ ------ -------- -------- ------
$1.00 0.81%/2/ $372,633 0.20%/2/ 0.19%/2/ 0.40%/2/ 0.81%/2/
1.00 0.94 496,630 0.20 0.19 0.40 0.93
1.00 1.33 456,081 0.20 0.19 0.42 1.32
1.00 2.74 542,541 0.20 0.19 0.44 2.72
1.00 3.31 575,735 0.20 0.20 0.44 3.25
1.00 2.73/2/ 543,476 0.20/2/ 0.20/2/ 0.45/2/ 2.68/2/
1.00 3.09 549,170 0.20 0.20 0.45 3.02
$1.00 0.56%/2/ $ 1,401 0.45%/2/ 0.44%/2/ 0.65%/2/ 0.61%/2/
1.00 0.69 15,463 0.45 0.44 0.65 0.71
1.00 1.07 29,922 0.45 0.45 0.67 1.12
1.00 2.49 27,460 0.45 0.44 0.69 2.45
1.00 3.05 10,212 0.45 0.45 0.69 2.98
1.00 2.48/2/ 8,288 0.45/2/ 0.45/2/ 0.70/2/ 2.43/2/
1.00 2.84 139,601 0.45 0.45 0.70 2.77
$1.00 0.31%/2/ $ 182 0.70%/2/ 0.69%/2/ 0.90%/2/ 0.31%/2/
1.00 0.25/2/ 227 0.69/2/ 0.68/2/ 0.91/2/ 0.25/2/
$1.00 0.20%/2/ $ 10,602 0.80%/2/ 0.80%/2/ 1.20%/2/ 0.20%/2/
1.00 0.25 3,103 0.88 0.87 1.20 0.24
1.00 0.48/2/ 668 1.00/2/ 0.99/2/ 1.20/2/ 0.51/2/
$1.00 0.63%/2/ $ 2 0.26%/2/ 0.26%/2/ 0.61%/2/ 0.38%/2/
$1.00 0.41%/2/ $ 2 0.52%/2/ 0.52%/2/ 0.89%/2/ 0.23%/2/
$1.00 0.44%/2/ $ 3 0.38%/2/ 0.38%/2/ 0.64%/2/ 0.27%/2/
79
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO
NET ASSET SHAREHOLDERS
VALUE NET FROM NET
BEGINNING INVESTMENT INVESTMENT
NEW YORK MONEY FUND OF PERIOD INCOME INCOME
- ------------------- --------- ---------- ------------
Institutional Shares
11/01/03 through 4/30/04 /10/ $ 1.00 $ 0.0041 $ (0.0041)
10/31/03 1.00 0.0096 (0.0096)
10/31/02 1.00 0.0131 (0.0131)
10/31/01 1.00 0.0285 (0.0285)
10/31/00 1.00 0.0364 (0.0364)
08/01/99 through 10/31/99 1.00 0.0076 (0.0076)
7/31/99 1.00 0.0289 (0.0289)
Dollar Shares/3/
11/01/03 through 4/30/04 /10/ $ 1.00 $ 0.0029 $ (0.0029)
10/31/03 1.00 0.0071 (0.0071)
10/31/02 1.00 0.0106 (0.0106)
10/31/01 1.00 0.0260 (0.0260)
10/31/00 1.00 0.0205 (0.0205)
08/01/99 through 10/31/99 1.00 - -
7/31/99 1.00 - -
Bear Stearns Shares
11/01/03 through 4/30/04 /10/ $ 1.00 $ 0.0004 $ (0.0004)
10/31/03 1.00 0.0025 (0.0025)
05/20/02 /1/ through 10/31/02 1.00 0.0021 (0.0021)
Bear Stearns Premier Select Shares
03/26/04 /1/ through 04/30/04 /10/ $ 1.00 $ 0.0006 $ (0.0006)
Bear Stearns Private Client Shares
03/26/04 /1/ through 04/30/04 /10/ $ 1.00 $ 0.0004 $ (0.0004)
Bear Stearns Premier Shares
03/26/04 /1/ through 04/30/04 /10/ $ 1.00 $ 0.0004 $ (0.0004)
/1/ Commencement of operations of share class.
/2/ Annualized.
/3/ There were no Dollar Shares outstanding during the period July 21, 1998 to
April 10, 2000.
/4/ There were no Cash Management Shares outstanding during the periods December
18, 2001 to January 10, 2002 and December 06, 2002 to January 09, 2003.
/5/ There were no Cash Management Shares outstanding during the period October
16, 2002 to April 30, 2004.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
80
RATIO OF
EXPENSES TO RATIO OF
AVERAGE EXPENSES TO RATIO OF NET
NET RATIO OF DAILY NET AVERAGE INVESTMENT
ASSET EXPENSES TO ASSETS DAILY NET INCOME TO
VALUE, NET ASSETS, AVERAGE (INCLUDING ASSETS AVERAGE
END OF TOTAL END OF DAILY NET CUSTODY (EXCLUDING DAILY NET
PERIOD RETURN/9/ PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
- -------- --------- ------------ ----------- ----------- ----------- ------------
$ 1.00 0.83%/2/ $ 299,156 0.20%/2/ 0.20%/2/ 0.40%/2/ 0.83%/2/
1.00 0.96 347,960 0.20 0.19 0.40 0.95
1.00 1.32 362,077 0.20 0.19 0.41 1.31
1.00 2.89 369,989 0.20 0.19 0.44 2.82
1.00 3.71 302,194 0.20 0.19 0.46 3.61
1.00 3.06/2/ 323,247 0.20/2/ 0.20/2/ 0.50/2/ 3.02/2/
1.00 2.93 295,728 0.20 0.20 0.48 2.87
$ 1.00 0.58%/2/ $ 5,052 0.44%/2/ 0.45%/2/ 0.65%/2/ 0.59%/2/
1.00 0.71 5,216 0.45 0.44 0.65 0.68
1.00 1.07 4,716 0.45 0.44 0.66 1.06
1.00 2.63 3,896 0.45 0.44 0.69 2.52
1.00 3.73/2/ 1,647 0.45/2/ 0.44/2/ 0.70/2/ 3.66/2/
1.00 - - - - - -
1.00 - - - - - -
$ 1.00 0.20%/2/ $ 24,296 0.82%/2/ 0.82%/2/ 1.20%/2/ 0.20%/2/
1.00 0.25 18,652 0.91 0.90 1.20 0.25
1.00 0.46/2/ 16,997 1.00/2/ 0.99/2/ 1.19/2/ 0.46/2/
$ 1.00 0.59%/2/ $ 2 0.26%/2/ 0.26%/2/ 0.61%/2/ 0.34%/2/
$ 1.00 0.40%/2/ $ 2 0.52%/2/ 0.52%/2/ 0.90%/2/ 0.23%/2/
$ 1.00 0.42%/2/ $ 3 0.39%/2/ 0.39%/2/ 0.66%/2/ 0.26%/2/
/6/ There were no Cash Reserve Shares outstanding during the period August 7,
2003 to September 15, 2003 and December 16, 2003 to April 30, 2004.
/7/ There were no Cash Reserve Shares outstanding during the period August 7,
2003 to April 30, 2004.
/8/ There were no Administration Shares outstanding during the period October
7, 2003 to October 31, 2003.
/9/ Past performance is no guarantee of future results.
/10/ Unaudited.
81
NOTES TO FINANCIAL STATEMENTS
BlackRock Liquidity Funds (the "Trust") (formerly, BlackRock Provident
Institutional Funds) is organized as a Delaware statutory trust and is
registered as an open-end management investment company under the Investment
Company Act of 1940, as amended. The Trust is the successor to five investment
companies: (1) Temporary Investment Fund, Inc.; (2) Trust for Federal
Securities; (3) Municipal Fund for Temporary Investment; (4) Municipal Fund for
California Investors, Inc.; and (5) Municipal Fund for New York Investors, Inc.
(together, the"Predecessor Companies"). On February 10, 1999, the Predecessor
Companies were each reorganized into the Trust. The financial statements and
these accompanying notes relate to the Trust's ten portfolios: TempFund,
TempCash, FedFund, T-Fund, Federal Trust Fund, Treasury Trust Fund, MuniFund,
MuniCash, California Money Fund and New York Money (each a "Fund" and together,
the "Funds").
California Money Fund and New York Money Fund each offers eleven classes of
shares: Administration Shares, Bear Stearns Shares, Bear Stearns Premier Shares,
Bear Stearns Premier Select Shares, Bear Stearns Private Client Shares, Cash
Management Shares, Cash Plus Shares, Cash Reserve Shares, Dollar Shares,
Institutional Shares and Plus Shares. TempFund and MuniFund each offers eight
classes of shares: Administration Shares, Bear Stearns Shares, Bear Stearns
Private Client Shares, Cash Management Shares, Cash Reserve Shares, Dollar
Shares, Institutional Shares, and Plus Shares. FedFund offers ten classes of
shares: Administration Shares, Bear Stearns Shares, Bear Stearns Premier Shares,
Bear Stearns Premier Select Shares, Bear Stearns Private Client Shares, Cash
Management Shares, Cash Plus Shares, Cash Reserve Shares, Dollar Shares and
Institutional Shares. TempCash and MuniCash each offers eight classes of shares:
Administration Shares, Bear Stearns Premier Shares, Bear Stearns Premier Select
Shares, Cash Management Shares, Cash Plus Shares, Cash Reserve Shares, Dollar
Shares and Institutional Shares. Pursuant to a Shareholder Service Plan, and as
specified in a servicing agreement, financial institutions ("Service
Organizations") provide certain services, not intended to promote the sale of
the shares, to their clients who beneficially own shares of a particular class,
in consideration for the Trust's payment of a fee to the Servicing Organization
at an annual rate not to exceed: .10% for Administration Shares; .25% for Dollar
Shares; .40% for Cash Reserve Shares and Bear Stearns Premier Select Shares; and
..50% for Cash Management Shares, Bear Stearns Shares, Bear Stearns Premier
Shares, Bear Stearns Private Client Shares and Cash Plus Shares, of the average
daily net asset value of such Shares. The difference in the level of fees is
related to the type and number of services provided by the Servicing
Organization. Pursuant to a Distribution Plan, and as specified in a related
agreement, institutions that are broker/dealers ("Broker/Dealers") provide
certain sales support and distribution services to their clients who
beneficially own Plus Shares, Bear Stearns Shares, Bear Stearns Premier Shares,
Bear Stearns Premier Select Shares, Bear Stearns Private Client Shares, and Cash
Plus Shares, in consideration for the Trust's payment of a fee to the
Broker/Dealer at an annual rate not to exceed .10% of the average daily net
asset value with respect to Bear Stearns Premier Shares and Bear Stearns Premier
Select Shares; .25% (not to exceed .40% in the case of New York Money Fund and
California Money Fund) of the average daily net asset value with respect to Plus
Shares; and .35% of the average daily net asset value with respect to Bear
Stearns Shares, Bear Stearns Private Client Shares and Cash Plus Shares.
Dividends paid to Administration, Dollar, Plus, Cash Reserve, Cash Management,
Bear Stearns Shares, Bear Stearns Premier Shares, Bear Stearns Premier Select
Shares, Bear Stearns Private Client Shares and Cash Plus Shares shareholders are
reduced by such fees. Institutional Shares are sold to institutional investors
who choose not to enter into agreements with the Trust. As of April 30, 2004, no
Plus Shares or Cash Plus Shares were outstanding.
Certain California municipal obligations in the California Money Fund may
be obligations of issuers that rely in whole or in part on California State
revenues, real property taxes, revenues from health care institutions, or
obligations secured by mortgages on real property. Consequently, the possible
effect of economic conditions in California or of California law on these
obligations must be considered.
Certain New York municipal obligations in the New York Money Fund may be
obligations of issuers that rely in whole or in part on New York State revenues,
real property taxes, revenues from health care
82
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
institutions, or obligations secured by mortgages on real property.
Consequently, the possible effect of economic conditions in New York State or of
New York law on these obligations must be considered.
(A) Summary of Significant Accounting Policies
Use of Estimates - The preparation of financial statements in conformity
with accounting principles generally accepted in the United States requires
management to make estimates and assumptions that could affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ
from these estimates.
Security Valuation - Portfolio securities are valued under the amortized
cost method which approximates current market value. Under this method,
securities are valued at cost when purchased and thereafter a constant
proportionate amortization of any discount or premium is recorded until maturity
of the security. Regular review and monitoring of the valuation is performed in
an attempt to avoid dilution or other unfair results to shareholders. The Trust
seeks to maintain the net asset value per share of each portfolio at $1.00.
Repurchase Agreements - For TempFund, TempCash and FedFund the Trust may
purchase money market instruments from financial institutions, such as banks and
non-bank dealers, subject to the seller's agreement to repurchase them at an
agreed upon date and price. Collateral for repurchase agreements may have longer
maturities than the maximum permissible remaining maturity of portfolio
investments, provided the repurchase agreements themselves mature in one year or
less. The seller will be required on a daily basis to maintain the value of the
securities subject to the agreement at no less than the repurchase price.
Repurchase agreements with maturities in excess of seven days are subject to a
seven day put feature.
Dividends to Shareholders - Dividends from net investment income are
declared daily and paid monthly. Net realized capital gains, if any, are
distributed at least annually.
Security Transactions and Investment Income - Investment transactions are
accounted for on the trade date and the cost of investments sold and realized
gains and losses thereon are determined by use of the specific identification
method for both financial reporting and income tax purposes. Interest income is
recorded on the accrual basis.
Other - Expenses that are directly related to one of the Funds are charged
directly to that Fund. Other operating expenses are prorated to the Funds on the
basis of relative net assets. Class- specific expenses, such as 12b-1 service
fees, are borne by that class. Income, other expenses and realized and
unrealized gains and losses of a Fund are allocated to the respective class on
the basis of the relative net assets each day. For the six months ended April
30, 2004, the following shows the various types of class-specific expenses borne
directly by each class of each Fund and any associated waivers of those
expenses.
83
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
1. SHAREHOLDER SERVICE FEES SHARE CLASSES
-----------------------------------------------------------------------------------------------------
CASH CASH BEAR BEAR STEARNS BEAR STEARNS BEAR STEARNS
DOLLAR MANAGEMENT RESERVE ADMINISTRATION STEARNS PRIVATE CLIENT PREMIER PREMIER SELECT
------------ ---------- --------- -------------- -------- -------------- ------------ --------------
TempFund ...................... $4,601,424 $471,861 $ 6,414 $174 $338,032 $1,434 - -
TempCash ...................... 568,068 - - - - - 1 1
FedFund ....................... 486,147 - 25,033 - 24,757 1 1 1
MuniFund ...................... 51,561 58,188 - - 31,943 1 - -
MuniCash ...................... 113,112 - - - - - 1 1
California Money Fund ......... 4,507 518 - - 23,073 1 1 1
New York Money Fund ........... 6,841 - - - 51,951 1 1 1
2. SHAREHOLDER SERVICE FEES WAIVED SHARE CLASSES
-----------------------------------------------------
BEAR BEAR STEARNS BEAR STEARNS BEAR STEARNS
STEARNS PRIVATE CLIENT PREMIER PREMIER SELECT
--------- -------------- ------------ --------------
TempFund ...................... $60,781 $1,314 - -
TempCash ...................... - - - 1
FedFund ....................... 5,755 1 - 1
MuniFund ...................... 11,741 1 - -
MuniCash ...................... - - 1 1
California Money Fund ......... 10,032 1 1 1
New York Money Fund ........... 20,586 1 1 1
3. DISTRIBUTION FEES SHARE CLASSES
-----------------------------------------------------
BEAR BEAR STEARNS BEAR STEARNS BEAR STEARNS
STEARNS PRIVATE CLIENT PREMIER PREMIER SELECT
---------- -------------- ------------ --------------
TempFund ...................... $251,726 $1,004 - -
TempCash ...................... - - - -
FedFund ....................... 19,256 1 1 1
MuniFund ...................... 24,844 1 - -
MuniCash ...................... - - 1 1
California Money Fund ......... 17,946 1 1 1
New York Money Fund ........... 40,406 1 1 1
(B) Transactions with Affiliates and Related Parties
Pursuant to agreements between the Trust and BlackRock Institutional
Management Corporation ("BIMC"), an indirect wholly-owned subsidiary of
BlackRock, Inc., BIMC manages the Funds and serves as Co-Administrator (as
defined below). BlackRock, Inc. is an indirect majority-owned subsidiary of The
PNC Financial Services Group, Inc. ("PNC"). PFPC Trust Co., an indirect
subsidiary of PNC, is the Trust's custodian and PFPC Inc. ("PFPC"), an indirect
subsidiary of PNC, is the Trust's transfer agent and Co-Administrator.
BlackRock Distributors, Inc., ("BDI"), an indirect subsidiary of PNC,
serves as the Trust's distributor.
The Trust has entered into an Administration Agreement with PFPC and BIMC
under which they provide certain administrative services (together, the
"Co-Administrators").
In return for BIMC's advisory services, the Trust pays BIMC a fee, computed
daily and payable monthly, based upon an annualized percentage of the average
net assets of TempFund as follows: .175% of the first $1 billion, .15% of the
next $1 billion, .125% of the next $1 billion, .10% of the next $1 billion,
..095% of the next $1 billion, .09% of the next $1 billion, .08% of the next $1
billion, .075% of the next $1 billion and .07% of net assets in excess of $8
billion. With respect to TempCash, MuniFund and MuniCash, the fee payable,
84
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
based on each portfolio's average daily net assets, with respect to FedFund, the
fee payable based on its average net assets as combined with the average net
assets of T-Fund, Federal Trust Fund and Treasury Trust Fund, which are other
portfolios offered by the Trust, as follows: .175% of the first $1 billion, .15%
of the next $1 billion, .125% of the next $1 billion, .10% of the next $1
billion, .095% of the next $1 billion, .09% of the next $1 billion, .085% of the
next $1 billion and .08% of net assets in excess of $7 billion. California Money
Fund and New York Money Fund pay BIMC a fee, computed daily and payable monthly,
at an annual rate of .20% of average net assets.
For the six months ended April 30, 2004, advisory fees and waivers for each
Fund were as follows:
GROSS NET ADVISORY
ADVISORY FEE WAIVER FEE
-------------- ------------ ------------
TempFund ............................. $10,794,504 $1,606,483 $9,188,021
TempCash ............................. 6,051,065 1,476,152 4,574,913
FedFund .............................. 1,507,946 593,056 914,890
MuniFund ............................. 1,441,091 668,759 772,332
MuniCash ............................. 1,834,426 774,716 1,059,710
California Money Fund ................ 471,881 242,296 229,585
New York Money Fund .................. 366,682 187,262 179,420
In return for their administrative services, the Trust pays the
Co-Administrators a fee, computed daily and payable monthly, based upon an
annualized percentage of the average net assets of each Fund as follows: .175%
of the first $1 billion, .15% of the next $1 billion, .125% of the next $1
billion and .10% of amounts in excess of $3 billion.
For the six months ended April 30, 2004, administration fees and waivers
for each Fund were as follows:
GROSS NET
ADMINISTRATION ADMINISTRATION
FEE WAIVER FEE
-------------- ------------ ----------------
TempFund .............................. $13,822,360 $1,606,484 $12,215,876
TempCash .............................. 6,693,613 1,476,152 5,271,461
FedFund ............................... 2,022,671 593,056 1,429,615
MuniFund .............................. 1,441,091 668,760 772,331
MuniCash .............................. 1,834,426 774,717 1,059,709
California Money Fund ................. 412,896 242,297 170,599
New York Money Fund ................... 320,847 187,263 133,584
The Co-Administrators and BIMC have contractually agreed to reduce their
fees or reimburse expenses to the extent necessary to ensure that the net
operating expenses (excluding class specific fees paid to Service Organizations
and/or Broker/Dealers) of TempFund and TempCash do not exceed .18% of their
respective average net assets; and with respect to the other Funds, do not
exceed .20% of their respective average net assets. The net advisory and net
administration fees in the preceding tables reflect these reductions, if any.
In return for PFPC's transfer agent services, the Trust pays certain fees
and charges to PFPC. For the six months ended April 30, 2004, the Funds paid the
following amounts to PFPC for transfer agent services: $149,027 with respect to
TempFund, $32,430 with respect to TempCash, $29,828 with respect to FedFund,
$25,538 with respect to MuniFund, $13,239 with respect to MuniCash, $11,136 with
respect to California Money Fund and $10,215 with respect to New York Money
Fund.
85
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
In return for custody services provided by PFPC Trust Co., the Trust pays
PFPC Trust Co. a fee, computed daily and payable monthly, based upon an
annualized percentage of the average gross assets of each Fund as follows: .006%
of the first $10 billion, .0055% of the next $10 billion and .005% of the
average gross assets in excess of $20 billion. The Trust may also pay certain
out-of-pocket expenses that are charged by PFPC Trust Co.
Pursuant to the Trust's operating procedures, custodian fees may be
reduced by amounts calculated on uninvested cash balances ("custody credits").
For the six months ended April 30, 2004, custody credits earned were as follows:
$761 with respect to FedFund, $63,179 with respect to MuniFund, $97,927 with
respect to MuniCash, $11,977 with respect to California Money Fund and $8,482
with respect to New York Money Fund.
Pursuant to the Plus Shares Distribution and Services Plan, the Cash Plus
Shares Distribution Plan, the Bear Stearns Shares Distribution Plan, the Bear
Stearns Premier Shares Distribution Plan, the Bear Stearns Premier Select Shares
Distribution Plan and the Bear Stearns Private Client Shares Distribution Plan,
the Trust may pay BlackRock Distributors, Inc. and/or a Broker/Dealer a fee for
distribution and sales support services. Currently, fees are only being paid
pursuant to the Bear Stearns Shares Distribution Plan, the Bear Stearns Premier
Shares Distribution Plan, the Bear Stearns Premier Select Shares Distribution
Plan and the Bear Stearns Private Client Shares Distribution Plan because there
are no Plus or Cash Plus Shares outstanding. In addition, the Trust may pay
Service Organizations, including affiliates of BIMC, fees for providing certain
services ("shareholder services") to their customers who own shares of the
Trust's portfolios. Pursuant to its respective Shareholder Services Plan, each
of the Administration, Dollar, Cash Management, Cash Reserve, Bear Stearns, Bear
Stearns Premier, Bear Stearns Premier Select and Bear Stearns Private Client
Shares classes are currently paying fees to Service Organizations, which may
include affiliates of BIMC.
For the six months ended April 30, 2004, certain portfolios paid
shareholder services fees to affiliates of BIMC in the amounts as follows:
$3,474,589 with respect to TempFund, $378,173 with respect to TempCash, $448,677
with respect to FedFund, $18,095 with respect to MuniFund, $58,440 with respect
to MuniCash and $6,358 with respect to New York Money Fund.
As of six months ended April 30, 2004, affiliated payables were as follows:
PFPC AND OTHER
PFPC TRUST BIMC
CO. (1) BIMC (2) AFFILIATES (3)
---------- ---------- --------------
TempFund ...................... $637,795 $3,272,845 $592,252
TempCash ...................... 264,464 1,480,476 60,299
FedFund ....................... 91,104 329,139 69,856
MuniFund ...................... 50,643 250,027 19,823
MuniCash ...................... 36,273 310,497 8,806
California Money Fund ......... 19,447 51,634 2,715
New York Money Fund ........... 22,167 44,468 9,403
(1) Payables to PFPC as of April 30, 2004 are for accounting, administration
and transfer agent services provided to the Trust. Payables to PFPC Trust Co.
as of April 30, 2004 are for custody services provided to the Trust.
(2) Payables to BIMC as of April 30, 2004 are for advisory and administration
services provided to the Trust.
(3) Payables to other BIMC affiliates are for shareholder services and/or
distribution and sales support services as described under the Trust's
Shareholder Services Plans and Distribution Plans, respectively.
86
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(C) Capital Shares
The Trust's Declaration of Trust permits the Trustees to issue an
unlimited number of full and fractional shares of beneficial interest (shares)
in the Company and to classify or reclassify any unissued shares into one or
more additional classes of shares.
Because the Funds have each sold and redeemed shares only at a constant
net asset value of $1.00 per share, the number of shares represented by such
sales, acquisitions, reinvestments and redemptions is the same as the dollar
amounts shown below for such transactions.
Transactions in capital shares for each period were as follows:
TEMPFUND
--------------------------------------
SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003
----------------- -----------------
Shares sold:
Institutional Shares ....................... $ 103,672,769,181 $ 276,207,756,814
Dollar Shares .............................. 18,158,757,979 38,364,599,269
Cash Management Shares ..................... 601,661,000 437,731,482
Cash Reserve Shares ........................ 9,742,428 20,669,998
Administration Shares ...................... 123,240 291,414
Bear Stearns Shares ........................ 550,888,428 434,090,231
Bear Stearns Private Client Shares ......... 6,179,541 -
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 38,117,398 101,669,074
Dollar Shares .............................. 1,048,199 3,547,849
Cash Management Shares ..................... 263,800 68,325
Cash Reserve Shares ........................ 7,608 535,699
Administration Shares ...................... 1,445 2,668
Bear Stearns Shares ........................ 147,422 190,138
Bear Stearns Private Client Shares ......... 1,517
Shares redeemed:
Institutional Shares ....................... (103,222,339,737) (276,100,101,223)
Dollar Shares .............................. (18,540,677,144) (38,859,473,439)
Cash Management Shares ..................... (503,724,014) (355,247,097)
Cash Reserve Shares ........................ (16,372,544) (192,984,729)
Administration Shares ...................... (88,705) (88,882)
Bear Stearns Shares ........................ (449,257,524) (381,926,447)
Bear Stearns Private Client Shares ......... (2,233)
----------------- -----------------
Net increase (decrease) ..................... $ 307,247,285 $ (318,668,856)
================= =================
87
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
TEMPCASH
--------------------------------------
SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003
----------------- -----------------
Shares sold:
Institutional Shares ....................... $ 59,876,234,498 $ 113,438,535,749
Dollar Shares .............................. 766,576,089 1,919,869,864
Bear Stearns Premier Shares ................ 7,967 -
Bear Stearns Premier Select Shares ......... 4,388 -
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 27,585,492 61,528,458
Dollar Shares .............................. 1,364,967 3,522,686
Bear Stearns Premier Shares ................ 1 -
Bear Stearns Premier Select Shares ......... 1 -
Shares redeemed:
Institutional Shares ....................... (60,232,794,713) (109,502,300,170)
Dollar Shares .............................. (702,212,963) (1,892,301,884)
Bear Stearns Premier Shares ................ (4,678) -
Bear Stearns Premier Select Shares ......... (2,244) -
---------------- -----------------
Net increase (decrease) ..................... $ (263,241,195) $ 4,028,854,703
================ =================
FEDFUND
--------------------------------------
SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003
----------------- -----------------
Shares sold:
Institutional Shares ....................... $ 6,594,385,852 $ 18,617,146,278
Dollar Shares .............................. 4,989,973,420 9,347,454,997
Cash Reserve Shares ........................ 90,111 14,767,894
Bear Stearns Shares ........................ 36,994,968 39,623,477
Bear Stearns Private Client Shares ......... 6,902 -
Bear Stearns Premier Shares ................ 5,580 -
Bear Stearns Premier Select Shares ......... 4,390 -
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 2,953,471 6,438,915
Dollar Shares .............................. 10,008 35,588
Cash Reserve Shares ........................ - -
Bear Stearns Shares ........................ 11,380 15,891
Bear Stearns Private Client Shares ......... 1 -
Bear Stearns Premier Shares ................ 1 -
Bear Stearns Premier Select Shares ......... 2 -
Shares redeemed:
Institutional Shares ....................... (6,440,385,395) (18,415,375,127)
Dollar Shares .............................. (5,045,569,225) (9,585,838,350)
Cash Reserve Shares ........................ (2,095,497) (1,276,147)
Bear Stearns Shares ........................ (32,415,772) (34,477,434)
Bear Stearns Private Client Shares ......... (4,668) -
Bear Stearns Premier Shares ................ (2,540) -
Bear Stearns Premier Select Shares ......... (2,246) -
---------------- -----------------
Net increase (decrease) ..................... $ 103,960,743 $ (11,484,018)
================ =================
88
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MUNIFUND
--------------------------------------
SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003
------------------ ------------------
Shares sold:
Institutional Shares ............................... $ 6,564,424,998 $10,025,819,513
Dollar Shares ...................................... 204,520,466 261,916,785
Cash Management Shares ............................. 45,503,753 53,262,996
Cash Reserve Shares ................................ - 13,091,131
Administration Shares .............................. - 11,666,230
Bear Stearns Shares ................................ 89,498,156 39,238,063
Bear Stearns Private Client Shares ................. 4,370 -
Shares issued in reinvestment of dividends:
Institutional Shares ............................... 2,380,588 3,878,153
Dollar Shares ...................................... 53,428 368,498
Cash Management Shares ............................. 17,237 4,933
Cash Reserve Shares ................................ - 59,043
Administration Shares .............................. - -
Bear Stearns Shares ................................ 14,471 17,150
Bear Stearns Private Client Shares ................. 1 -
Shares redeemed:
Institutional Shares ............................... (6,552,727,325) (9,516,924,355)
Dollar Shares ...................................... (159,256,731) (299,060,547)
Cash Management Shares ............................. (39,733,673) (42,041,975)
Cash Reserve Shares ................................ - (21,776,607)
Administration Shares .............................. - (24,717,378)
Bear Stearns Shares ................................ (66,988,075) (40,099,373)
Bear Stearns Private Client Shares ................. (2,235) -
--------------- ---------------
Net increase ........................................ $ 87,709,429 $ 464,702,260
=============== ===============
MUNICASH
--------------------------------------
SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003
------------------ ------------------
Shares sold:
Institutional Shares ............................... $12,274,886,408 $16,020,739,562
Dollar Shares ...................................... 126,107,333 260,401,423
Bear Stearns Premier Shares ........................ 4,382 -
Bear Stearns Premier Select Shares ................. 4,392 -
Shares issued in reinvestment of dividends:
Institutional Shares ............................... 5,133,576 8,031,860
Dollar Shares ...................................... 275,190 666,236
Bear Stearns Premier Shares ........................ 1 -
Bear Stearns Premier Select Shares ................. 2 -
Shares redeemed:
Institutional Shares ............................... (12,283,673,590) (15,231,552,683)
Dollar Shares ...................................... (128,768,911) (229,848,005)
Bear Stearns Premier Shares ........................ (2,241) -
Bear Stearns Premier Select Shares ................. (2,246) -
--------------- ---------------
Net increase (decrease) ............................. $ (6,035,704) $ 828,438,393
=============== ===============
89
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
CALIFORNIA MONEY FUND
--------------------------------------
SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003
------------------ ------------------
Shares sold:
Institutional Shares ............................... $ 971,508,261 $ 2,047,564,056
Dollar Shares ...................................... 6,643,000 21,619,460
Cash Management Shares ............................. 77,629 339,420
Bear Stearns Shares ................................ 61,668,960 20,618,338
Bear Stearns Private Client Shares ................. 4,374 -
Bear Stearns Premier Shares ........................ 5,286 -
Bear Stearns Premier Select Shares ................. 4,395 -
Shares issued in reinvestment of dividends:
Institutional Shares ............................... 32,756 133,257
Dollar Shares ...................................... - 28,476
Cash Management Shares ............................. 333 134
Bear Stearns Shares ................................ 10,439 6,486
Bear Stearns Private Client Shares ................. 1 -
Bear Stearns Premier Shares ........................ 1 -
Bear Stearns Premier Select Shares ................. 2 -
Shares redeemed:
Institutional Shares ............................... (1,095,514,379) (2,007,105,741)
Dollar Shares ...................................... (20,704,939) (36,104,560)
Cash Management Shares ............................. (123,281) (112,876)
Bear Stearns Shares ................................ (54,180,000) (18,189,053)
Bear Stearns Private Client Shares ................. (2,237) -
Bear Stearns Premier Shares ........................ (2,243) -
Bear Stearns Premier Select Shares ................. (2,248) -
--------------- ---------------
Net increase (decrease) ............................. $ (130,573,890) $ 28,797,397
=============== ===============
90
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NEW YORK MONEY FUND
--------------------------------------
SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2003
------------------ ------------------
Shares sold:
Institutional Shares ............................... $ 747,331,726 $ 1,883,228,442
Dollar Shares ...................................... 8,390,667 20,890,725
Bear Stearns Shares ................................ 84,158,502 114,656,512
Bear Stearns Private Client Shares ................. 4,372 -
Bear Stearns Premier Shares ........................ 5,734 -
Bear Stearns Premier Select Shares ................. 4,394 -
Shares issued in reinvestment of dividends:
Institutional Shares ............................... 101,679 59,217
Dollar Shares ...................................... 16,423 47,573
Bear Stearns Shares ................................ 24,149 42,524
Bear Stearns Private Client Shares ................. 1 -
Bear Stearns Premier Shares ........................ 2 -
Bear Stearns Premier Select Shares ................. 1 -
Shares redeemed:
Institutional Shares ............................... (796,334,887) (1,897,405,364)
Dollar Shares ...................................... (8,572,541) (20,438,302)
Bear Stearns Shares ................................ (78,545,482) (113,044,259)
Bear Stearns Private Client Shares ................. (2,236) -
Bear Stearns Premier Shares ........................ (2,643) -
Bear Stearns Premier Select Shares ................. (2,247) -
------------- ---------------
Net decrease ........................................ $ (43,422,386) $ (11,962,932)
============= ===============
On April 30, 2004, one shareholder held approximately 10% of the
outstanding shares of TempFund, one shareholder held approximately 15% of
TempCash, two shareholders held approximately 44% of FedFund, one shareholder
held approximately 12% of MuniFund, four shareholders held approximately 61% of
MuniCash and three shareholders held approximately 59% of New York Money Fund.
Some of the shareholders are comprised of omnibus accounts. Although it is
considered a single shareholder for purposes of determining its percentage of
ownership of a particular Fund, each omnibus account executes transactions in
the Funds' shares on behalf of multiple underlying Fund shareholders.
91
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(D) At April 30, 2004, net assets consisted of:
TEMPFUND TEMPCASH FEDFUND
--------------- --------------- ---------------
Paid-in capital ................................. $24,436,532,787 $11,363,245,249 $ 2,686,022,968
Accumulated net realized gain (loss) on
security transactions .......................... (241,831) 357 24,119
--------------- --------------- ---------------
Net Assets .................................... $24,436,290,956 $11,363,245,606 $ 2,686,047,087
=============== =============== ===============
MUNIFUND MUNICASH
--------------- ---------------
Paid-in capital ................................. $ 1,703,221,001 $ 2,138,686,818
Undistributed net investment income ............. 2,304 -
Accumulated net realized loss on security
transactions ................................... (91,280) (82,978)
--------------- ---------------
Net Assets .................................... $ 1,703,132,025 $ 2,138,603,840
=============== ===============
CALIFORNIA MONEY NEW YORK MONEY
FUND FUND
--------------- ---------------
Paid-in capital ................................. $ 384,970,459 $ 328,405,896
Accumulated net realized gain (loss) on
security transactions .......................... (145,785) 105,882
--------------- ---------------
Net Assets .................................... $ 384,824,674 $ 328,511,778
=============== ===============
(E) Federal Tax Information
No provision is made for Federal taxes as it is the Trust's intention to
have each Fund continue to qualify for and elect the tax treatment applicable to
regulated investment companies under Subchapter M of the Internal Revenue Code
of 1986, as amended, and make the requisite distributions to its shareholders
which will be sufficient to relieve it from all or substantially all federal
income and excise taxes. Short-term capital gain distributions that are reported
in the Statement of Changes in Net Assets are reported as ordinary income for
Federal tax purposes. There were no long-term capital gain distributions for the
year ended October 31, 2003.
Dividends from net investment income and distributions from net realized
capital gains are determined in accordance with U.S. Federal income tax
regulations, which may differ from those amounts determined under accounting
principles generally accepted in the United States. These book/tax differences
are either temporary or permanent in nature. To the extent these differences are
permanent, they are charged or credited to paid-in-capital or accumulated net
realized gain, as appropriate, in the period that the differences arise. As of
October 31, 2003, there were no permanent differences with respect to the Bear
Stearns, Bear Stearns Premier, Bear Stearns Premier Select and Bear Stearns
Private Client Shares classes.
92
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The tax character of distributions paid during the last two fiscal years
were as follows:
TAX-FREE ORDINARY
INCOME INCOME
------------- ---------------
TempFund
10/31/03 ...................... $ - $317,184,756
10/31/02 ...................... - 590,981,534
TempCash
10/31/03 ...................... - 127,942,066
10/31/02 ...................... - 155,527,167
FedFund
10/31/03 ...................... - 31,715,282
10/31/02 ...................... - 52,923,645
MuniFund
10/31/03 ...................... 14,565,441 -
10/31/02 ...................... 13,706,740 -
MuniCash
10/31/03 ...................... 19,199,722 -
10/31/02 ...................... 17,051,605 -
California Money Fund
10/31/03 ...................... 4,726,755 -
10/31/02 ...................... 6,965,578 -
New York Money Fund
10/31/03 ...................... 3,999,170 -
10/31/02 ...................... 5,057,764 -
As of October 31, 2003, the components of distributable
earnings/(accumulated losses) were as follows:
UNDISTRIBUTED UNDISTRIBUTED
TAX-FREE ORDINARY CAPITAL LOSS
INCOME INCOME CARRYFORWARDS
--------------- --------------- ---------------
TempFund ......................... $ - $ 19,542,716 ($459,902)
TempCash ......................... - 8,737,779 (10,389)
FedFund .......................... - 1,868,589 (1,281)
MuniFund ......................... 1,104,044 - -
MuniCash ......................... 1,501,654 - (13,010)
California Money Fund ............ 357,052 - (121,834)
New York Money Fund .............. 276,522 - (185)
At October 31, 2003, the Funds had capital loss carryforwards available to
offset future realized capital gains through the indicated expiration dates:
EXPIRING OCTOBER 31
----------------------------------------------------------------------------------
2004 2005 2006 2007 2008 2009 2010 2011 TOTAL
------ -------- ------ ------ --------- --------- ----------- --------- ----------
TempFund ...................... $ - $ - $ - $ - $ - $ - $ 459,902 $ - $459,902
TempCash ...................... - - - - - - 888 9,501 10,389
FedFund ....................... - 1,281 - - - - - - 1,281
MuniCash ...................... - - - - 13,010 - - - 13,010
California Money Fund ......... - 10,699 - - - 65,827 - 45,308 121,834
New York Money Fund ........... - - 185 - - - - - 185
93
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
(F) Contingencies
In the normal course of business, the Trust enters into contracts that
provide general indemnifications. The Trust's maximum exposure under these
arrangements is dependent on future claims that may be made against the Trust
and, therefore, cannot be estimated.
94
BLACKROCK LIQUIDITY FUNDS
ADDITIONAL INFORMATION
PricewaterhouseCoopers LLP ("PwC"), the former independent auditors to BlackRock
Liquidity Funds [the "Registrant"], have been hired as an internal audit
supporting service provider by The PNC Financial Services Group, Inc. ("PNC"),
an affiliate of the Registrant's investment adviser and certain other of its
service providers. In order to provide certain contemplated services to PNC and
its affiliates in the future, which would cause PwC to no longer be independent
with respect to the Registrant, PwC informed the Registrant on November 19, 2003
that it would decline to stand for re-election as independent auditors to the
Registrant after the completion of the Registrant's fiscal 2003 audit.
PwC's reports on the Registrant's financial statements for the fiscal years
ended October 31, 2003 and October 31, 2002 contained no adverse opinion or
disclaimer of opinion nor were they qualified or modified as to uncertainty,
audit scope or accounting principles. During the Registrant's fiscal years ended
October 31, 2003 and October 31, 2002, (i) there were no disagreements with PwC
on any matter of accounting principles or practices, financial statement
disclosure or auditing scope or procedure, which disagreements, if not resolved
to the satisfaction of PwC, would have caused it to make reference to the
subject matter of the disagreements in connection with its reports on the
Registrant's financial statements for such years, and (ii) there were no
"reportable events" of the kind described in Item 304(a)(1)(v) of Regulation S-K
under the Securities Exchange Act of 1934, as amended.
On November 19, 2003, the Registrant by action of its Board of Trustees upon the
recommendation of its Audit Committee engaged Deloitte & Touche LLP as the
independent auditors to audit the Registrant's financial statements for the
fiscal year ending October 31, 2004. During the Registrant's fiscal years ended
October 31, 2003 and October 31, 2002, neither the Registrant, its portfolios
nor anyone on their behalf has consulted Deloitte & Touche LLP on items which
(i) concerned the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit opinion that
might be rendered on the Registrant's financial statements or (ii) concerned the
subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of
Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of
said Item 304).
95
Investment Adviser
BlackRock Institutional Management Corporation
Wilmington, Delaware 19809
Co-Administrator
BlackRock Institutional Management Corporation
Wilmington, Delaware 19809
Co-Administrator and Transfer Agent
PFPC Inc.
Wilmington, DE 19809
Distributor
BlackRock Distributors, Inc.
King of Prussia, Pennsylvania 19406
Custodian
PFPC Trust Co.
Philadelphia, Pennsylvania 19153
Counsel
Drinker Biddle & Reath LLP
Philadelphia, Pennsylvania 19103
Independent Auditors
Deloitte & Touche LLP
Philadelphia, Pennsylvania 19103
A description of BlackRock Liquidity Funds' Proxy Voting Policies is available
upon request and without charge by calling 1-800-821-7432 or at the Securities
and Exchange Commission's website: www.sec.gov.
This report is submitted for the general information of the shareholders of the
Trust. It is not authorized for distribution to prospective investors unless
accompanied or preceded by effective prospectuses for each portfolio of the
Trust, which contain information concerning the investment policies of the
portfolios as well as other pertinent information. Statements and other
information contained in this report are as dated and subject to change.
[LOGO OF SIERRA CLUB]
[GRAPHIC APPEARS HERE]
Offering
FedFund - Cash Reserve Shares
SEMI-ANNUAL REPORT
April 30, 2004
(unaudited)
As with all mutual funds, the Securities and Exchange
Commission has not approved or disapproved the Fund's
shares or passed upon the adequacy of this prospectus.
Any representation to the contrary is a criminal
offense.
[GRAPHIC]
June 3, 2004
Dear Shareholder:
We are pleased to present the Semi-Annual Report to Shareholders of FedFund
Cash Reserve Shares of BlackRock Liquidity Funds for the six-month period ended
April 30, 2004.
BlackRock Liquidity Funds offer a variety of high quality Taxable and
Tax-Exempt Money Market Funds designed to meet the varied needs of our
investors. Please contact your account representative or call our Client
Service Center at (800) 821-7432 to discuss your investment options. We welcome
the opportunity to serve you.
Sincerely,
/s/Ralph L. Schlosstein
Ralph L. Schlosstein
Chairman & President
BlackRock Liquidity Funds
FedFund
Statement of Net Assets
April 30, 2004
(Unaudited)
- --------------------------------------------------------------------------------
Par
Maturity (000) Value
-------- -------- --------------
AGENCY OBLIGATIONS--62.9%
Federal Farm Credit Bank Variable Rate Notes--6.8%
0.97%(b) 05/05/04 $ 33,000 $ 32,999,930
1.00%(b) 02/07/05 150,000 149,982,640
--------------
182,982,570
--------------
Federal Home Loan Bank Bonds--7.1%
1.06% 05/03/04 100,000 99,994,111
0.94% 05/05/04 2,166 2,165,774
3.38% 05/14/04 3,995 3,997,838
4.88% 05/14/04 9,000 9,011,686
7.12% 05/14/04 4,885 4,894,932
3.38% 06/15/04 1,495 1,499,381
1.45% 01/11/05 15,000 15,003,033
1.38% 03/28/05 26,000 26,000,000
1.42% 04/04/05 15,000 15,000,000
1.41% 05/09/05 12,000 12,000,000
--------------
189,566,755
--------------
Federal Home Loan Bank Variable Rate Notes--16.7%
0.96%(b) 05/27/04 65,000 64,997,907
0.97%(b) 07/06/04 20,000 19,999,083
0.98%(b) 08/25/04 60,000 59,993,301
1.04%(b) 03/21/05 102,000 101,984,072
1.00%(b) 09/08/05 102,000 101,923,667
0.98%(b) 09/12/05 50,000 49,958,890
0.99%(b) 10/03/05 50,000 49,966,906
--------------
448,823,826
--------------
Federal Home Loan Mortgage Corporation Bonds--5.8%
5.00% 05/15/04 12,452 12,470,579
0.98% 05/25/04 3,000 2,998,040
6.72% 05/28/04 4,000 4,016,170
3.00% 07/15/04 25,000 25,098,818
4.50% 08/15/04 10,000 10,094,633
3.25% 11/15/04 25,000 25,247,809
1.46% 11/17/04 25,000 25,000,000
1.42% 03/01/05 25,000 25,000,000
1.29% 03/23/05 29,000 29,000,000
--------------
158,926,049
--------------
See accompanying notes to financial statements.
2
FedFund
Statement of Net Assets (Continued)
(Unaudited)
- --------------------------------------------------------------------------------
Par
Maturity (000) Value
-------- -------- --------------
AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association Bonds--1.2%
5.62% 05/14/04 $ 1,000 $ 1,001,642
3.00% 06/15/04 30,000 30,066,536
--------------
31,068,178
--------------
Federal National Mortgage Association Discount Notes--1.8%
1.32% 05/15/04 2,340 2,338,801
1.19% 08/20/04 20,000 19,926,617
1.33% 08/20/04 25,000 24,897,479
--------------
47,162,897
--------------
Federal National Mortgage Association Variable Rate Notes--21.6%
1.00%(b) 12/20/04 150,000 149,932,561
1.07%(b) 01/28/05 50,000 49,981,114
1.04%(b) 02/18/05 100,000 99,983,597
1.04%(b) 03/23/05 100,000 99,986,531
1.03%(b) 06/09/05 50,000 49,995,569
0.98%(b) 08/29/05 50,000 49,968,255
0.99%(b) 09/06/05 80,000 79,935,696
--------------
579,783,323
--------------
Student Loan Marketing Association Bonds--1.9%
5.00% 06/30/04 50,000 50,313,233
--------------
TOTAL AGENCY OBLIGATIONS
(Cost $1,688,626,831) 1,688,626,831
--------------
REPURCHASE AGREEMENTS--37.0%
Deutsche Bank Securities, Inc.
1.03% 06/01/04(c) 100,000 100,000,000
(Agreement dated 04/02/04 to be repurchased at $100,171,667,
collateralized by $140,069,174 Federal Home Loan Mortgage
Corporation Adjustable Rate Mortgage Notes and Federal
National Mortgage Association Bonds 3.37% to 7.00% due from
11/01/18 to 03/01/34. The value of the collateral is $103,000,000.)
Goldman Sachs & Co.
1.02% 05/19/04(c) 75,000 75,000,000
(Agreement dated 04/26/04 to be repurchased at $75,048,875,
collateralized by $78,411,899 Federal National Mortgage
Association Bonds 5.50% due 02/01/34. The value of the
collateral is $77,250,001.)
See accompanying notes to financial statements.
3
FedFund
Statement of Net Assets (Continued)
(Unaudited)
- --------------------------------------------------------------------------------
Par
Maturity (000) Value
-------- -------- ------------
REPURCHASE AGREEMENTS (Continued)
Morgan Stanley & Co., Inc.
1.03% 05/03/04 $200,000 $200,000,000
(Agreement dated 04/30/04 to be repurchased at $200,017,167,
collateralized by $197,892,768 Federal Home Loan Bank Bonds
and Discount Notes, Federal Home Loan Mortgage Corporation
Discount Notes and Federal National Mortgage Association Medium
Term Notes 0.00% to 7.00% due from 05/03/04 to 07/15/13. The
value of the collateral is $206,189,278.)
Morgan Stanley & Co., Inc.
1.04% 05/03/04 201,000 201,000,000
(Agreement dated 04/30/04 to be repurchased at $201,017,420,
collateralized by $198,882,232 Federal Home Loan Bank Bonds
and Discount Notes, Federal Home Loan Mortgage Corporation
Discount Notes and Federal National Mortgage Association Medium
Term Notes 0.00% to 7.00% due from 05/03/04 to 07/15/13. The
value of the collateral is $207,220,224.)
PNC Bank N.A.(d)
0.76% 05/03/04 24,500 24,500,000
(Agreement dated 04/30/04 to be repurchased at $24,501,557,
collateralized by $100,000,000 Federal National Mortgage Association
Bonds 2.92% due 08/15/07. The value of the collateral is $101,156,000.)
UBS Securities LLC
1.02% 05/03/04 100,000 100,000,000
(Agreement dated 04/19/04 to be repurchased at $100,039,667,
collateralized by $103,000,274 Federal National Mortgage
Association Strips 0.00% due from 01/01/33 to 07/01/33. The value
of the collateral is 103,000,274.)
UBS Securities LLC
1.05% 05/03/04 69,000 69,000,000
(Agreement dated 04/30/04 to be repurchased at $69,006,038,
collateralized by $71,072,314 Federal National Mortgage
Association Strips 0.00% due from 05/01/29 to 07/01/33. The value
of the collateral is $71,072,314.)
UBS Securities LLC
1.02% 05/13/04(c) 75,000 75,000,000
(Agreement dated 04/22/04 to be repurchased at $75,044,625,
collateralized by $77,250,001 Federal National Mortgage
Association Strips 0.00% due from 05/01/29 to 12/01/33. The value
of the collateral is $77,250,001.)
See accompanying notes to financial statements.
4
FedFund
Statement of Net Assets (Continued)
(Unaudited)
- --------------------------------------------------------------------------------
Par
Maturity (000) Value
-------- -------- --------------
REPURCHASE AGREEMENTS (Continued)
UBS Securities LLC
1.03% 05/17/04(c) $100,000 $ 100,000,000
(Agreement dated 04/16/04 to be repurchased at $100,088,694,
collateralized by $103,001,250 Federal National Mortgage
Association Strips 0.00% due from 04/01/33 to 12/01/33. The
value of the collateral is $103,001,250.)
UBS Securities LLC
1.03% 05/26/04(c) 50,000 50,000,000
(Agreement dated 04/21/04 to be repurchased at
$50,042,917, collateralized by $51,503,040 Federal
National Mortgage Association Strips 0.00% due
12/01/33. The value of the collateral is
$51,503,040.)
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $994,500,000) 994,500,000
--------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $2,683,126,831(a)) 99.9% 2,683,126,831
OTHER ASSETS IN EXCESS OF LIABILITIES 0.1% 2,920,256
-------- --------------
NET ASSETS (Equivalent to $1.00 per share
based on 2,320,318,764 Institutional Shares,
341,730,384 Dollar Shares, 11,486,361
Cash Reserve Shares, 12,480,037 Bear
Stearns Shares, 2,146 Bear Stearns Premier
Select Shares, 2,235 Bear Stearns Private
Client Shares and 3,041 Bear Stearns
Premier Shares outstanding) 100.0% $2,686,047,087
======== ==============
See accompanying notes to financial statements.
5
FedFund
Statement of Net Assets (Continued)
(Unaudited)
- --------------------------------------------------------------------------------
Value
-----
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($2,320,311,445/2,320,318,764) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
DOLLAR SHARE
($341,761,615/341,730,384) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER CASH
RESERVE SHARE
($11,486,425/11,486,361) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER BEAR
STEARNS SHARE
($12,480,180/12,480,037) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER BEAR
STEARNS PREMIER SELECT SHARE
($2,146/2,146) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER BEAR
STEARNS PRIVATE CLIENT SHARE
($2,235/2,235) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER BEAR
STEARNS PREMIER SHARE
($3,041/3,041) $1.00
=====
- --------
(a)Aggregate cost for Federal tax purposes.
(b)Rates shown are the rates as of April 30, 2004 and maturities shown are the
next interest readjustment date or the date the principal owed can be
recovered through demand.
(c)Agreement has a putable option where principal and interest owed can be
recovered through demand in seven days.
(d)Pursuant to an exemptive order FedFund may enter into overnight repurchase
transactions with certain affiliated parties, which may include the PNC
Financial Services Group, Inc.
See accompanying notes to financial statements.
6
FedFund
Statement of Net Assets (Concluded)
(Unaudited)
- --------------------------------------------------------------------------------
FedFund
Maturity Information
April 30, 2004
(Unaudited)
Maturity Par Percentage
------------- -------------- ----------
1-30 Days $1,645,338,000 61.3%
31-60 Days 665,495,000 24.8
61-90 Days 145,000,000 5.4
91-120 Days 55,000,000 2.1
Over 150 Days 172,000,000 6.4
-----
100.0
=====
Average Weighted Maturity--40 days
The Fitch Investors Service, Moody's Investors Service, Inc. and Standard &
Poor's Ratings Service ratings of the Investments in the various Portfolios are
believed to be the most recent ratings available at April 30, 2004.
See accompanying notes to financial statements.
7
BlackRock Liquidity Funds
Statement of Operations
For the Six Months Ended April 30, 2004
(Unaudited)
FED FUND
-----------
Investment Income:
Interest income...................................... $14,467,725
-----------
Expenses:
Investment advisory fee.............................. 1,507,946
Administration fee................................... 2,022,671
Custodian fee........................................ 110,473
Transfer agent fee................................... 95,238
Shareholder servicing fees--class specific........... 535,940
Distribution fees--class specific.................... 19,259
Legal fees........................................... 9,109
Audit fees........................................... 5,270
Printing............................................. 3,529
Registration fees and expenses....................... 18,917
Trustees' fees and expenses.......................... 8,803
Other................................................ 42,394
-----------
Total expenses........................................ 4,379,549
-----------
Less investment advisory and administration fees
waived.............................................. (1,186,112)
Less shareholder servicing fees waived--class specific (5,757)
Less custody fees paid indirectly..................... (761)
-----------
Net expenses.......................................... 3,186,919
-----------
Net investment income................................. 11,280,806
Net realized gain from investment transactions....... 25,400
-----------
Net increase in net assets resulting from operations. $11,306,206
===========
See accompanying notes to financial statements.
8
BlackRock Liquidity Funds
Statement of Changes in Net Assets
FED FUND
--------------------------------
SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED
(UNAUDITED ) OCTOBER 31, 2003
---------------- ----------------
Increase (decrease) in net assets:
Operations:
Net investment income.................. $ 11,280,806 $ 31,715,282
Net gain on investments................ 25,400 24,682
-------------- --------------
Net increase in net assets resulting
from operations....................... 11,306,206 31,739,964
-------------- --------------
Distributions to shareholders from:
Net investment income:
Institutional Shares................... (9,981,091) (27,344,879)
Dollar Shares.......................... (1,257,573) (4,306,454)
Cash Management Shares................. -- --
Cash Reserve Shares.................... (31,091) (48,268)
Administration Shares.................. -- --
Bear Stearns Shares.................... (11,047) (15,681)
Bear Stearns Premier Select Shares..... (2) --
Bear Stearns Private Client Shares..... (1) --
Bear Stearns Premier Shares............ (1) --
-------------- --------------
Total distributions from net
investment income.................... (11,280,806) (31,715,282)
-------------- --------------
Capital share transactions............. 103,960,743 (11,484,018)
-------------- --------------
Total increase (decrease) in net
assets............................... 103,986,143 (11,459,336)
Net assets:
Beginning of period.................... 2,582,060,944 2,593,520,280
-------------- --------------
End of period.......................... $2,686,047,087 $2,582,060,944
============== ==============
End of period undistributed net
investment income..................... $ -- $ --
See accompanying notes to financial statements.
9
BlackRock Liquidity Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
DIVIDENDS TO
NET ASSET SHAREHOLDERS
VALUE NET FROM NET
BEGINNING INVESTMENT INVESTMENT
FedFund OF PERIOD INCOME INCOME
======= --------- ---------- ------------
Institutional Shares
11/01/03 through 4/30/04/4/ $1.00 $0.0045 ($0.0045)
10/31/03 1.00 0.0110 (0.0110)
10/31/02 1.00 0.0183 (0.0183)
10/31/01 1.00 0.0469 (0.0469)
10/31/00 1.00 0.0594 (0.0594)
10/31/99 1.00 0.0483 (0.0483)
Dollar Shares
11/01/03 through 4/30/04/4/ $1.00 $0.0032 ($0.0032)
10/31/03 1.00 0.0085 (0.0085)
10/31/02 1.00 0.0158 (0.0158)
10/31/01 1.00 0.0444 (0.0444)
10/31/00 1.00 0.0569 (0.0569)
10/31/99 1.00 0.0458 (0.0458)
Cash Reserve Shares
11/01/03 through 4/30/04/4/ $1.00 $0.0025 ($0.0025)
04/01/03/1/ through 10/31/03 1.00 0.0034 (0.0034)
Bear Stearns Shares
11/01/03 through 4/30/04/4/ $1.00 $0.0003 ($0.0003)
10/31/03 1.00 0.0033 (0.0033)
05/20/02/1 /through 10/31/02 1.00 0.0040 (0.0040)
Bear Stearns Premier Select Shares
03/26/04/1/ through 4/30/04/4/ $1.00 $0.0007 ($0.0007)
Bear Stearns Private Client Shares
03/26/04/1/ through 4/30/04/4/ $1.00 $0.0005 ($0.0005)
Bear Stearns Premier Shares
03/26/04/1/ through 4/30/04/4/ $1.00 $0.0004 ($0.0004)
- --------
1 Commencement of operations of share class.
2 Annualized.
3 Past performance is no guarantee of future results.
4 Unaudited.
See accompanying notes to financial statements.
10
RATIO OF
EXPENSES TO RATIO OF
AVERAGE EXPENSES TO RATIO OF NET
NET RATIO OF DAILY NET AVERAGE INVESTMENT
ASSET EXPENSES TO ASSETS DAILY NET INCOME TO
VALUE NET ASSETS AVERAGE (INCLUDING ASSETS AVERAGE
END OF TOTAL END OF DAILY NET CUSTODY (EXCLUDING DAILY NET
PERIOD RETURN/3/ PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
- ------ -------- ------------ ----------- ----------- ----------- ------------
$1.00 0.90%/2/ $2,320,311 0.20%/2/ 0.20%/2/ 0.29%/2/ 0.90%/2/
1.00 1.10 2,163,336 0.20 0.20 0.28 1.10
1.00 1.85 1,955,108 0.20 0.20 0.26 1.82
1.00 4.79 1,684,597 0.20 0.20 0.27 4.61
1.00 6.10 1,400,232 0.20 0.20 0.29 6.01
1.00 4.94 742,744 0.20 0.20 0.28 4.81
$1.00 0.65%/2/ $ 341,762 0.45%/2/ 0.45%/2/ 0.54%/2/ 0.65%/2/
1.00 0.85 397,344 0.45 0.45 0.53 0.87
1.00 1.60 635,685 0.45 0.45 0.50 1.61
1.00 4.53 814,186 0.45 0.45 0.52 4.18
1.00 5.84 216,511 0.45 0.45 0.54 6.04
1.00 4.69 34,611 0.45 0.45 0.53 4.56
$1.00 0.50%/2/ $ 11,487 0.60%/2/ 0.60%/2/ 0.69%/2/ 0.50%/2/
1.00 0.59/2/ 13,492 0.60/2/ 0.60/2/ 0.69/2/ 0.58/2/
$1.00 0.20%/2/ $ 12,480 0.90%/2/ 0.90%/2/ 1.09%/2/ 0.20%/2/
1.00 0.33 7,889 0.95 0.95 1.08 0.30
1.00 0.89/2/ 2,728 1.00/2/ 1.00/2/ 1.08/2/ 0.87/2/
$1.00 0.67%/2/ $ 2 0.27%/2/ 0.27%/2/ 0.50%/2/ 0.26%/2/
$1.00 0.44%/2/ $ 2 0.53%/2/ 0.53%/2/ 0.85%/2/ 0.94%/2/
$1.00 0.38%/2/ $ 3 0.49%/2/ 0.49%/2/ 0.59%/2/ 0.22%/2/
11
Notes to Financial Statements
BlackRock Liquidity Funds (the "Trust") (formerly, BlackRock Provident
Institutional Funds) is organized as a Delaware statutory trust and is
registered as an open-end management investment company under the Investment
Company Act of 1940, as amended. The Trust is the successor to five investment
companies: (1) Temporary Investment Fund, Inc.; (2) Trust for Federal
Securities; (3) Municipal Fund for Temporary Investment; (4) Municipal Fund for
California Investors, Inc.; and (5) Municipal Fund for New York Investors, Inc.
(together, the "Predecessor Companies"). On February 10, 1999, the Predecessor
Companies were each reorganized into the Trust. The financial statements and
these accompanying notes relate to the Trust's ten portfolios: TempFund,
TempCash, FedFund, T-Fund, Federal Trust Fund, Treasury Trust Fund, MuniFund,
MuniCash, California Money Fund and New York Money (each a "Fund" and together,
the "Funds").
FedFund offers ten classes of shares: Administration Shares, Bear Stearns
Shares, Bear Stearns Premier Shares, Bear Stearns Premier Select Shares, Bear
Stearns Private Client Shares, Cash Management Shares, Cash Plus Shares, Cash
Reserve Shares, Dollar Shares and Institutional Shares. Pursuant to a
Shareholder Service Plan, and as specified in a servicing agreement, financial
institutions ("Service Organizations") provide certain services, not intended
to promote the sale of the shares, to their clients who beneficially own
FedFund shares of a particular class, in consideration for the Trust's payment
of a fee to the Servicing Organization at an annual rate not to exceed: .10%
for Administration Shares; .25% for Dollar Shares; .40% for Cash Reserve Shares
and Bear Stearns Premier Select Shares; and .50% for Cash Management Shares,
Bear Stearns Shares, Bear Stearns Premier Shares, Bear Stearns Private Client
Shares and Cash Plus Shares, of the average daily net asset value of such
Shares. The difference in the level of fees is related to the type and number
of services provided by the Servicing Organization. Pursuant to a Distribution
Plan, and as specified in a related agreement, institutions that are
broker/dealers ("Broker/Dealers") provide certain sales support and
distribution services to their clients who beneficially own Plus Shares, Bear
Stearns Shares, Bear Stearns Premier Shares, Bear Stearns Premier Select
Shares, Bear Stearns Private Client Shares, and Cash Plus Shares, in
consideration for the Trust's payment of a fee to the Broker/Dealer at an
annual rate not to exceed .10% of the average daily net asset value with
respect to Bear Stearns Premier Shares and Bear Stearns Premier Select Shares;
..25% (not to exceed .40% in the case of New York Money
12
Notes to Financial Statements (Continued)
Fund and California Money Fund) of the average daily net asset value with
respect to Plus Shares; and .35% of the average daily net asset value with
respect to Bear Stearns Shares, Bear Stearns Private Client Shares and Cash
Plus Shares. Dividends paid to Administration, Dollar, Plus, Cash Reserve, Cash
Management, Bear Stearns Shares, Bear Stearns Premier Shares, Bear Stearns
Premier Select Shares, Bear Stearns Private Client Shares and Cash Plus Shares
shareholders are reduced by such fees. Institutional Shares are sold to
institutional investors who choose not to enter into agreements with the Trust.
As of April 30, 2004, no Plus Shares or Cash Plus Shares were outstanding.
(A) Summary of Significant Accounting Policies
Use of Estimates--The preparation of financial statements in conformity with
accounting principles generally accepted in the United States requires
management to make estimates and assumptions that could affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ
from these estimates.
Security Valuation--Portfolio securities are valued under the amortized cost
method which approximates current market value. Under this method, securities
are valued at cost when purchased and thereafter a constant proportionate
amortization of any discount or premium is recorded until maturity of the
security. Regular review and monitoring of the valuation is performed in an
attempt to avoid dilution or other unfair results to shareholders. The Trust
seeks to maintain the net asset value per share of each portfolio at $1.00.
Repurchase Agreements--For FedFund, the Trust may purchase money market
instruments from financial institutions, such as banks and non-bank dealers,
subject to the seller's agreement to repurchase them at an agreed upon date and
price. Collateral for repurchase agreements may have longer maturities than the
maximum permissible remaining maturity of portfolio investments, provided there
purchase agreements themselves mature in one year or less. The seller will be
required on a daily basis to maintain the value of the securities subject to
the agreement at no less than the repurchase price. Repurchase agreements with
maturities in excess of seven days are subject to a seven day put feature.
13
Notes to Financial Statements (Continued)
Dividends to Shareholders--Dividends from net investment income are declared
daily and paid monthly. Net realized capital gains, if any, are distributed at
least annually.
Security Transactions and Investment Income--Investment transactions are
accounted for on the trade date and the cost of investments sold and realized
gains and losses thereon are determined by use of the specific identification
method for both financial reporting and income tax purposes. Interest income is
recorded on the accrual basis.
Other--Expenses that are directly related to FedFund are charged directly to
that Fund. Other operating expenses are prorated to FedFund on the basis of
relative net assets. Class- specific expenses, such as 12b-1 service fees, are
borne by that class. Income, other expenses and realized and unrealized gains
and losses of FedFund are allocated to the respective class on the basis of the
relative net assets each day. For the six months ended April 30, 2004, the
following shows the various types of class-specific expenses borne directly by
each class of FedFund and any associated waivers of those expenses.
1. Shareholder Service Fees
SHARE CLASSES
------------------------------------------
CASH BEAR
DOLLAR RESERVE STEARNS
-------------- ------------ --------------
FedFund $486,147 $25,033 $24,757
SHARE CLASSES
------------------------------------------
BEAR STEARNS BEAR STEARNS BEAR STEARNS
PRIVATE CLIENT PREMIER PREMIER SELECT
-------------- ------------ --------------
FedFund $1 $1 $1
2. Shareholder Service Fees Waived
SHARE CLASSES
--------------------------------------------------
BEAR BEAR STEARNS BEAR STEARNS BEAR STEARNS
STEARNS PRIVATE CLIENT PREMIER PREMIER SELECT
------- -------------- ------------ --------------
FedFund $5,755 $1 -- $1
3. Distribution Fees
SHARE CLASSES
--------------------------------------------------
BEAR BEAR STEARNS BEAR STEARNS BEAR STEARNS
STEARNS PRIVATE CLIENT PREMIER PREMIER SELECT
------- -------------- ------------ --------------
FedFund $19,256 $1 $1 $1
14
Notes to Financial Statements (Continued)
(B) Transactions with Affiliates and Related Parties
Pursuant to agreements between the Trust and BlackRock Institutional
Management Corporation ("BIMC"), an indirect wholly-owned subsidiary of
BlackRock, Inc., BIMC manages the Funds and serves as Co-Administrator (as
defined below). BlackRock, Inc. is an indirect majority-owned subsidiary of The
PNC Financial Services Group, Inc. ("PNC"). PFPC Trust Co., an indirect
subsidiary of PNC, is the Trust's custodian and PFPC Inc. ("PFPC"), an indirect
subsidiary of PNC, is the Trust's transfer agent and Co-Administrator.
BlackRock Distributors, Inc., ("BDI"), an indirect subsidiary of PNC, serves
as the Trust's distributor.
The Trust has entered into an Administration Agreement with PFPC and BIMC
under which they provide certain administrative services (together, the
"Co-Administrators").
In return for BIMC's advisory services, the Trust pays BIMC a fee, computed
daily and payable monthly, based upon an annualized percentage of the combined
average net assets of FedFund as combined with T-Fund, Federal Trust Fund and
Treasury Trust Fund, which are other portfolios offered by the Trust, as
follows: .175% of the first $1 billion, .15% of the next $1 billion, .125% of
the next $1 billion, .10% of the next $1 billion, .095% of the next $1 billion,
..09% of the next $1 billion, .085% of the next $1 billion and .08% of net
assets in excess of $7 billion. California Money Fund and New York Money Fund
pay BIMC a fee, computed daily and payable monthly, at an annual rate of .20%
of average net assets.
For the six months ended April 30, 2004, advisory fees and waivers for
FedFund were as follows:
GROSS NET
ADVISORY FEE WAIVER ADVISORY FEE
------------ -------- ------------
FedFund $1,507,946 $593,056 $914,890
In return for their administrative services, the Trust pays the
Co-Administrators a fee, computed daily and payable monthly, based upon an
annualized percentage of the average net assets of each Fund as follows: .175%
of the first $1 billion, .15% of the next $1 billion, .125% of the next $1
billion and .10% of amounts in excess of $3 billion.
15
Notes to Financial Statements (Continued)
For the six months ended April 30, 2004, administration fees and waivers for
FedFund were as follows:
GROSS NET
ADMINISTRATION ADMINISTRATION
FEE WAIVER FEE
-------------- -------- --------------
FedFund $2,022,671 $593,056 $1,429,615
The Co-Administrators and BIMC have contractually agreed to reduce their
fees or reimburse expenses to the extent necessary to ensure that the net
operating expenses (excluding class specific fees paid to Service Organizations
and/or Broker/Dealers) of FedFund do not exceed .20% its respective average net
assets. The net advisory and net administration fees in the preceding tables
reflect these reductions, if any.
In return for PFPC's transfer agent services, the Trust pays certain fees
and charges to PFPC. For the six months ended April 30, 2004, FedFund paid
$29,828 to PFPC for transfer agent services.
In return for custody services provided by PFPC Trust Co., the Trust pays
PFPC Trust Co. a fee, computed daily and payable monthly, based upon an
annualized percentage of the average gross assets of FedFund as follows: .006%
of the first $10 billion, .0055% of the next $10 billion and .005% of the
average gross assets in excess of $20 billion. The Trust may also pay certain
out-of-pocket expenses that are charged by PFPC Trust Co.
Pursuant to the Trust's operating procedures, custodian fees may be reduced
by amounts calculated on uninvested cash balances ("custody credits"). For the
six months ended April 30, 2004, FedFund earned $761 in custody credits.
Pursuant to the Plus Shares Distribution and Services Plan, the Cash Plus
Shares Distribution Plan, the Bear Stearns Shares Distribution Plan, the Bear
Stearns Premier Shares Distribution Plan, the Bear Stearns Premier Select
Shares Distribution Plan and the Bear Stearns Private Client Shares
Distribution Plan, the Trust may pay BlackRock Distributors, Inc. and/or a
Broker/Dealer a fee for distribution and sales support services. Currently,
fees are only being paid pursuant to the Bear Stearns Shares Distribution Plan,
the Bear Stearns Premier Shares
16
Notes to Financial Statements (Continued)
Distribution Plan, the Bear Stearns Premier Select Shares Distribution Plan and
the Bear Stearns Private Client Shares Distribution Plan because there are no
Plus or Cash Plus Shares outstanding. In addition, the Trust may pay Service
Organizations, including affiliates of BIMC, fees for providing certain
services ("shareholder services") to their customers who own shares of the
Trust's portfolios. Pursuant to its respective Shareholder Services Plan, each
of the Administration, Dollar, Cash Management, Cash Reserve, Bear Stearns,
Bear Stearns Premier, Bear Stearns Premier Select and Bear Stearns Private
Client Shares classes are currently paying fees to Service Organizations, which
may include affiliates of BIMC.
For the six months ended April 30, 2004, FedFund paid $448,677 shareholder
servicing fees to affiliates of BIMC.
As of six months ended April 30, 2004, affiliated payables were as follows:
PFPC AND
PFPC TRUST OTHER BIMC
CO . (1) BIMC (2) AFFILIATES (3)
---------- -------- --------------
FedFund $91,104 $329,139 $69,856
- --------
(1)Payables to PFPC as of April 30, 2004 are for accounting, administration and
transfer agent services provided to the Trust. Payables to PFPC Trust Co. as
of April 30, 2004 are for custody services provided to the Trust.
(2)Payables to BIMC as of April 30, 2004 are for advisory and administration
services provided to the Trust.
(3)Payables to other BIMC affiliates are for shareholder services and/or
distribution and sales support services as described under the Trust's
Shareholder Services Plans and Distribution Plans, respectively.
(C) Capital Shares
The Trust's Declaration of Trust permits the Trustees to issue an unlimited
number of full and fractional shares of beneficial interest (shares) in the
Company and to classify or reclassify any unissued shares into one or more
additional classes of shares.
Because FedFund has sold and redeemed shares only at a constant net asset
value of $1.00 per share, the number of shares represented by
17
Notes to Financial Statements (Continued)
such sales, acquisitions, reinvestments and redemptions is the same as the
dollar amounts shown below for such transactions.
Transactions in capital shares for each period were as follows:
FEDFUND
---------------------------------
SIX MONTHS ENDED
APRIL 30, 2004 YEAR ENDED
(UNAUDITED ) OCTOBER 31, 2003
---------------- ----------------
Shares sold:
Institutional Shares......... $ 6,594,385,852 $ 18,617,146,278
Dollar Shares................ 4,989,973,420 9,347,454,997
Cash Reserve Shares.......... 90,111 14,767,894
Bear Stearns Shares.......... 36,994,968 39,623,477
Bear Stearns Private Client
Shares..................... 6,902 --
Bear Stearns Premier
Shares..................... 5,580 --
Bear Stearns Premier Select
Shares..................... 4,390 --
Shares issued in reinvestment of
dividends:
Institutional Shares......... 2,953,471 6,438,915
Dollar Shares................ 10,008 35,588
Cash Reserve Shares.......... -- --
Bear Stearns Shares.......... 11,380 15,891
Bear Stearns Private Client
Shares..................... 1 --
Bear Stearns Premier
Shares..................... 1 --
Bear Stearns Premier Select
Shares..................... 2 --
Shares redeemed:
Institutional Shares......... (6,440,385,395) (18,415,375,127)
Dollar Shares................ (5,045,569,225) (9,585,838,350)
Cash Reserve Shares.......... (2,095,497) (1,276,147)
Bear Stearns Shares.......... (32,415,772) (34,477,434)
Bear Stearns Private Client
Shares..................... (4,668) --
Bear Stearns Premier
Shares..................... (2,540) --
Bear Stearns Premier Select
Shares..................... (2,246) --
--------------- ----------------
Net increase (decrease)......... $ 103,960,743 $ (11,484,018)
=============== ================
18
Notes to Financial Statements (Continued)
On April 30, 2004, two shareholders held approximately 44% of FedFund. Some
of the shareholders are comprised of omnibus accounts. Although it is
considered a single shareholder for purposes of determining its percentage of
ownership of FedFund, each omnibus account executes transactions in FedFund
shares on behalf of multiple underlying FedFund shareholders.
(D) At April 30, 2004, net assets consisted of:
FEDFUND
--------------
Paid-in capital.......................... $2,686,022,968
Accumulated net realized gain on security
transactions........................... 24,119
--------------
Net Assets............................ $2,686,047,087
==============
(E) Federal Tax Information
No provision is made for Federal taxes as it is the Trust's intention to
have each Fund continue to qualify for and elect the tax treatment applicable
to regulated investment companies under Subchapter M of the Internal Revenue
Code of 1986, as amended, and make the requisite distributions to its
shareholders which will be sufficient to relieve it from all or substantially
all federal income and excise taxes. Short-term capital gain distributions that
are reported in the Statement of Changes in Net Assets are reported as ordinary
income for Federal tax purposes. There were no long-term capital gain
distributions for the year ended October 31, 2003.
Dividends from net investment income and distributions from net realized
capital gains are determined in accordance with U.S. Federal income tax
regulations, which may differ from those amounts determined under accounting
principles generally accepted in the United States. These book/tax differences
are either temporary or permanent in nature. To the extent these differences
are permanent, they are charged or credited to paid-in-capital or accumulated
net realized gain, as appropriate, in the period that the differences arise. As
of October 31, 2003, there were no permanent differences with respect to
FedFund Cash Reserve Shares.
19
Notes to Financial Statements (Concluded)
The tax character of distributions paid during the last two fiscal years
were as follows:
TAX-FREE ORDINARY
INCOME INCOME
-------- -----------
FedFund
10/31/03. $-- $31,715,282
10/31/02. -- 52,923,645
As of October 31, 2003, the components of distributable
earnings/(accumulated losses) were as follows:
UNDISTRIBUTED UNDISTRIBUTED
TAX-FREE ORDINARY CAPITAL LOSS
INCOME INCOME CARRYFORWARDS
------------- ------------- -------------
FedFund $-- $1,868,589 $(1,281)
At October 31, 2003, FedFund had capital loss carryforwards available to
offset future realized capital gains through the indicated expiration dates:
EXPIRING OCTOBER 31
------------------------------------------------
2004 2005 2006 2007 2008 2009 2010 2011 TOTAL
---- ------ ---- ---- ---- ---- ---- ---- ------
FedFund $-- $1,281 $-- $-- $-- $-- $-- $-- $1,281
(F) Contingencies
In the normal course of business, the Trust enters into contracts that
provide general indemnifications. The Trust's maximum exposure under these
arrangements is dependent on future claims that may be made against the Trust
and, therefore, cannot be estimated.
20
BLACKROCK LIQUIDITY FUNDS
ADDITIONAL INFORMATION
PricewaterhouseCoopers LLP ("PwC"), the former independent auditors to
BlackRock Liquidity Funds [the "Registrant"], have been hired as an internal
audit supporting service provider by The PNC Financial Services Group, Inc.
("PNC"), an affiliate of the Registrant's investment adviser and certain other
of its service providers. In order to provide certain contemplated services to
PNC and its affiliates in the future, which would cause PwC to no longer be
independent with respect to the Registrant, PwC informed the Registrant on
November 19, 2003 that it would decline to stand for re-election as independent
auditors to the Registrant after the completion of the Registrant's fiscal 2003
audit.
PwC's reports on the Registrant's financial statements for the fiscal years
ended October 31, 2003 and October 31, 2002 contained no adverse opinion or
disclaimer of opinion nor were they qualified or modified as to uncertainty,
audit scope or accounting principles. During the Registrant's fiscal years
ended October 31, 2003 and October 31, 2002, (i) there were no disagreements
with PwC on any matter of accounting principles or practices, financial
statement disclosure or auditing scope or procedure, which disagreements, if
not resolved to the satisfaction of PwC, would have caused it to make reference
to the subject matter of the disagreements in connection with its reports on
the Registrant's financial statements for such years, and (ii) there were no
"reportable events" of the kind described in Item 304(a)(1)(v) of Regulation
S-K under the Securities Exchange Act of 1934, as amended.
On November 19, 2003, the Registrant by action of its Board of Trustees upon
the recommendation of its Audit Committee engaged Deloitte & Touche LLP as the
independent auditors to audit the Registrant's financial statements for the
fiscal year ending October 31, 2004. During the Registrant's fiscal years ended
October 31, 2003 and October 31, 2002, neither the Registrant, its portfolios
nor anyone on their behalf has consulted Deloitte & Touche LLP on items which
(i) concerned the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit opinion that
might be rendered on the Registrant's financial statements or (ii) concerned
the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304
of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of
said Item 304).
21
Investment Adviser
BlackRock Institutional Management Corporation
Wilmington, Delaware 19809
Co-Administrator
BlackRock Institutional Management Corporation
Wilmington, Delaware 19809
Co-Administrator and Transfer Agent
PFPC Inc.
Wilmington, Delaware 19809
Distributor
BlackRock Distributors, Inc.
King of Prussia, Pennsylvania 19406
Custodian
PFPC Trust Co.
Philadelphia, Pennsylvania 19153
Counsel
Drinker Biddle & Reath LLP
Philadelphia, Pennsylvania 19103
Independent Auditors
Deloitte & Touche LLP
Philadelphia, Pennsylvania 19103
A description of BlackRock Liquidity Funds' Proxy Voting Policies is available
upon request and without charge by calling 1-800-821-7432 or at the Securities
and Exchange Commission's website: www.sec.gov.
This report is submitted for the general information of the shareholders of the
Trust. It is not authorized for distribution to prospective investors unless
accompanied or preceded by effective prospectuses for each portfolio of the
Trust, which contain information concerning the investment policies of the
portfolios as well as other pertinent information. Statements and other
information contained in this report are as dated and subject to change.
We all have reasons to invest. Some of us have greater
objectives. Sierra Club Mutual Funds are for people
interested in uniting their financial goals with
environmental progress.
INVEST WITH A PURPOSE.
INVEST FOR OUR PLANET.
Sierra Club Mutual Funds
www.sierraclubfunds.com
E-Mail: info@sierraclubfunds.com
Toll-Free Tel: (866) 897-5982
[SEC File Number: 811-2354]
SCMMANN 4/04
Printed on recycled paper
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments
Not applicable for reports for periods ending before July 9, 2004.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 8. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 9. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's board of trustees.
Item 10. Controls and Procedures.
(a) The registrant's principal executive and principal financial officers have
concluded that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as
amended (the "1940 Act") are effective as of a date within 90 days of the
filing of this report that includes the disclosure required by this
paragraph, based on the evaluation of these controls and procedures
required by Rule 30a - 3(b) under the 1940 Act and Rule 15d-15(b) under the
Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(c) under the 1940 Act) that occurred
during the registrant's most recent fiscal half-year that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
Item 11. Exhibits.
(a)(1) Not attached, since it is not applicable for semi-annual reports.
(a)(2) Certifications of principal executive officer and principal financial
officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are
filed herewith.
(a)(3) Not applicable for the semi-annual reporting period ended April 30, 2004.
(b) Certifications of principal executive officer and principal financial
officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are
filed herewith.
SIGNATURES
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.
(Registrant) BlackRock Liquidity Funds
By (Signature and Title)* /s/ Ralph L. Schlosstein
------------------------------------------------------
Ralph L. Schlosstein, President
(principal executive officer)
Date June 29, 2004
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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 (Signature and Title)* /s/ Ralph L. Schlosstein
------------------------------------------------------
Ralph L. Schlosstein, President
(principal executive officer)
Date June 29, 2004
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By (Signature and Title)* /s/ Paul L. Audet
------------------------------------------------------
Paul L. Audet, Treasurer
(principal financial officer)
Date June 24, 2004
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* Print the name and title of each signing officer under his or her signature.