07/03/2024 | Press release | Distributed by Public on 07/03/2024 10:24
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: 811-03189
Name of Fund: | BlackRock Financial Institutions Series Trust |
BlackRock Summit Cash Reserves Fund |
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Financial Institutions Series Trust, 50 Hudson Yards, New York, NY 10001
Registrant's telephone number, including area code: (800) 441-7762
Date of fiscal year end: 04/30/2024
Date of reporting period: 04/30/2024
Item 1 - Report to Stockholders
(a) The Report to Shareholders is attached herewith.
2024 Annual Report
|
BlackRock Financial Institutions Series Trust
|
•BlackRock Summit Cash Reserves Fund
|
Not FDIC Insured • May Lose Value • No Bank Guarantee
|
Total Returns as of April 30, 2024
|
||
6-Month
|
12-Month
|
|
U.S. large cap equities
(S&P 500® Index)
|
20.98%
|
22.66%
|
U.S. small cap equities
(Russell 2000® Index)
|
19.66
|
13.32
|
International equities
(MSCI Europe, Australasia,
Far East Index)
|
18.63
|
9.28
|
Emerging market equities
(MSCI Emerging Markets Index)
|
15.40
|
9.88
|
3-month Treasury bills
(ICE BofA 3-Month
U.S. Treasury Bill Index)
|
2.66
|
5.36
|
U.S. Treasury securities
(ICE BofA 10-Year
U.S. Treasury Index)
|
3.66
|
(6.40)
|
U.S. investment grade bonds
(Bloomberg U.S. Aggregate
Bond Index)
|
4.97
|
(1.47)
|
Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)
|
7.06
|
2.08
|
U.S. high yield bonds
(Bloomberg U.S. Corporate
High Yield 2%
Issuer Capped Index)
|
8.99
|
9.01
|
Past performance is not an indication of future results. Index
performance is shown for illustrative purposes only. You
cannot invest directly in an index.
|
The Markets in Review
|
2
|
Annual Report:
|
|
Money Market Overview
|
4
|
Fund Summary
|
5
|
Disclosure of Expenses
|
5
|
Financial Statements:
|
|
Schedule of Investments
|
6
|
Statement of Assets and Liabilities
|
8
|
Statement of Operations
|
10
|
Statements of Changes in Net Assets
|
11
|
Financial Highlights
|
12
|
Notes to Financial Statements
|
15
|
Report of Independent Registered Public Accounting Firm
|
20
|
Important Tax Information
|
21
|
Trustee and Officer Information
|
22
|
Additional Information
|
26
|
Glossary of Terms Used in this Report
|
28
|
CURRENT SEVEN-DAYYIELDS
|
||
Share Class
|
7-Day
SEC Yield
|
7-Day
Yield
|
Institutional
|
4.93
%
|
4.93
%
|
Investor A
|
4.94
|
4.94
|
Investor C
|
4.18
|
4.18
|
The 7-Day SEC Yield may differ from the 7-Day Yield shown above due to the fact that the
7-Day SEC Yield excludes distributed capital gains.
Past performance is not an indication of future results.
|
PORTFOLIO COMPOSITION
|
|
Asset Type
|
Percent of
Net Assets
|
Repurchase Agreements
|
41.7
%
|
U.S. Treasury Obligations
|
40.7
|
U.S. Government Sponsored Agency Securities
|
18.2
|
Liabilities in Excess of Other Assets
|
(0.6
)
|
Actual
|
Hypothetical 5% Return
|
||||||
Beginning
Account Value
(11/01/23)
|
Ending
Account Value
(04/30/24)
|
Expenses
Paid During
the Period(a)
|
Beginning
Account Value
(11/01/23)
|
Ending
Account Value
(04/30/24)
|
Expenses
Paid During
the Period(a)
|
Annualized
Expense
Ratio
|
|
Institutional
|
$ 1,000.00
|
$ 1,025.00
|
$ 2.11
|
$ 1,000.00
|
$ 1,022.78
|
$ 2.11
|
0.42
%
|
Investor A
|
1,000.00
|
1,025.00
|
2.11
|
1,000.00
|
1,022.78
|
2.11
|
0.42
|
Investor C
|
1,000.00
|
1,021.20
|
5.87
|
1,000.00
|
1,019.05
|
5.87
|
1.17
|
(a)
|
For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect
the one-half year period shown).
|
Security
|
Par
(000)
|
Value
|
|
Short-Term Securities
|
|||
U.S. Government Sponsored Agency Securities - 18.2%
|
|||
Fannie Mae, 2.63%, 09/06/24
|
$
|
5,150
|
$ 5,099,823
|
Federal Farm Credit Banks Funding Corp.
|
|||
5.13%, 12/04/24
|
1,019
|
1,018,756
|
|
5.00%, 04/04/25
|
971
|
970,344
|
|
(1-day SOFR + 0.05%), 5.37%, 05/09/24(a)
|
2,215
|
2,215,000
|
|
(1-day SOFR + 0.05%), 5.37%, 06/20/25(a)
|
310
|
310,000
|
|
(1-day SOFR + 0.09%), 5.41%, 08/26/24(a)
|
4,280
|
4,280,000
|
|
(1-day SOFR + 0.09%), 5.41%, 09/23/24(a)
|
2,060
|
2,060,000
|
|
(1-day SOFR + 0.10%), 5.42%, 08/01/24(a)
|
1,055
|
1,055,000
|
|
(1-day SOFR + 0.14%), 5.46%, 05/27/25(a)
|
4,090
|
4,090,000
|
|
(1-day SOFR + 0.17%), 5.49%, 01/23/25(a)
|
2,845
|
2,845,000
|
|
Federal Farm Credit Discount Notes, 5.44%, 09/19/24(b)
|
1,620
|
1,587,133
|
|
Federal Home Loan Bank Discount Notes(b)
|
|||
5.46%, 06/10/24
|
12,020
|
11,949,883
|
|
5.46%, 06/17/24
|
600
|
595,891
|
|
5.33%, 07/24/24
|
4,540
|
4,484,311
|
|
5.24%, 08/02/24
|
1,855
|
1,830,752
|
|
5.09%, 09/03/24
|
776
|
762,945
|
|
4.97%, 10/04/24
|
8,000
|
7,833,427
|
|
5.23%, 11/01/24
|
7,503
|
7,311,623
|
|
5.15%, 11/04/24
|
776
|
756,208
|
|
4.92%, 11/12/24
|
753
|
733,748
|
|
4.94%, 11/26/24
|
4,620
|
4,493,268
|
|
4.83%, 01/03/25
|
8,000
|
7,746,962
|
|
5.01%, 01/24/25
|
850
|
819,722
|
|
4.85%, 01/27/25
|
5,096
|
4,918,386
|
|
5.00%, 02/10/25
|
2,007
|
1,931,370
|
|
5.00%, 02/11/25
|
3,465
|
3,333,969
|
|
Federal Home Loan Banks
|
|||
5.50%, 04/15/25
|
4,370
|
4,370,000
|
|
(1-day SOFR + 0.00%), 5.32%, 05/08/24(a)
|
2,145
|
2,145,000
|
|
(1-day SOFR + 0.00%), 5.32%, 05/09/24(a)
|
1,800
|
1,800,000
|
|
(1-day SOFR + 0.00%), 5.32%, 07/29/24(a)
|
1,700
|
1,700,000
|
|
(1-day SOFR + 0.00%), 5.32%, 08/23/24(a)
|
2,600
|
2,600,000
|
|
(1-day SOFR + 0.00%), 5.32%, 08/26/24(a)
|
900
|
900,000
|
|
(1-day SOFR + 0.00%), 5.32%, 08/27/24(a)
|
3,800
|
3,800,000
|
|
(1-day SOFR + 0.00%), 5.32%, 08/29/24(a)
|
880
|
880,000
|
|
(1-day SOFR + 0.00%), 5.32%, 09/04/24(a)
|
6,360
|
6,360,000
|
|
(1-day SOFR + 0.00%), 5.32%, 09/09/24(a)
|
3,845
|
3,844,988
|
|
(1-day SOFR + 0.00%), 5.32%, 09/17/24(a)
|
700
|
700,000
|
|
(1-day SOFR + 0.00%), 5.32%, 09/23/24(a)
|
1,400
|
1,400,000
|
|
(1-day SOFR + 0.01%), 5.33%, 06/18/24(a)
|
4,000
|
4,000,000
|
|
(1-day SOFR + 0.01%), 5.33%, 06/27/24(a)
|
1,700
|
1,700,000
|
|
(1-day SOFR + 0.01%), 5.33%, 10/16/24(a)
|
1,100
|
1,100,000
|
|
(1-day SOFR + 0.01%), 5.33%, 10/22/24(a)
|
2,800
|
2,800,000
|
|
(1-day SOFR + 0.01%), 5.33%, 10/24/24(a)
|
1,700
|
1,700,000
|
|
(1-day SOFR + 0.01%), 5.33%, 11/18/24(a)
|
1,800
|
1,800,000
|
|
(1-day SOFR + 0.01%), 5.33%, 11/21/24(a)
|
500
|
500,000
|
|
(1-day SOFR + 0.07%), 5.39%, 05/24/24(a)
|
1,000
|
1,000,035
|
|
(1-day SOFR + 0.07%), 5.39%, 07/12/24(a)
|
1,005
|
1,005,000
|
|
(1-day SOFR + 0.08%), 5.40%, 06/06/24(a)
|
2,100
|
2,100,134
|
|
(1-day SOFR + 0.11%), 5.43%, 10/28/24(a)
|
2,800
|
2,800,022
|
|
(1-day SOFR + 0.16%), 5.48%, 07/21/25(a)
|
5,060
|
5,060,000
|
|
(1-day SOFR + 0.20%), 5.52%, 11/13/25(a)
|
4,210
|
4,210,000
|
|
145,308,700
|
Security
|
Par
(000)
|
Value
|
|
U.S. Treasury Obligations - 40.7%
|
|||
U.S. Treasury Bills(b)
|
|||
5.39%, 05/07/24 - 10/31/24
|
$
|
33,033
|
$ 32,656,068
|
5.47%, 05/09/24
|
16,348
|
16,328,882
|
|
Series WI, 5.50%, 05/16/24
|
10,916
|
10,892,030
|
|
5.36%, 05/21/24 - 08/06/24
|
13,576
|
13,406,553
|
|
5.46%, 05/23/24
|
19,025
|
18,964,194
|
|
5.40%, 05/30/24 - 08/20/24
|
22,996
|
22,834,441
|
|
5.34%, 06/04/24 - 09/19/24
|
7,751
|
7,652,698
|
|
5.41%, 06/11/24 - 08/27/24
|
17,802
|
17,593,168
|
|
5.30%, 06/13/24
|
5,613
|
5,578,933
|
|
5.35%, 06/20/24
|
10,680
|
10,604,322
|
|
5.26%, 07/05/24
|
13,710
|
13,585,082
|
|
5.29%, 07/11/24
|
15,386
|
15,231,569
|
|
5.19%, 07/18/24
|
16,497
|
16,319,065
|
|
5.37%, 07/23/24 - 10/24/24
|
20,964
|
20,620,748
|
|
5.23%, 07/25/24
|
12,880
|
12,727,392
|
|
5.20%, 08/01/24
|
8,131
|
8,027,737
|
|
5.33%, 09/05/24
|
6,651
|
6,531,172
|
|
5.31%, 09/12/24
|
5,085
|
4,988,470
|
|
5.32%, 10/10/24
|
3,260
|
3,185,208
|
|
4.83%, 12/26/24
|
3,398
|
3,294,383
|
|
4.81%, 01/23/25
|
3,101
|
2,995,382
|
|
5.06%, 03/20/25
|
907
|
867,857
|
|
U.S. Treasury Floating Rate Notes(a)
|
|||
(3-mo. U.S. Treasury Money Market Yield + 0.04%),
5.36%, 07/31/24
|
7,000
|
7,000,558
|
|
(3-mo. U.S. Treasury Money Market Yield + 0.14%),
5.46%, 10/31/24
|
19,950
|
19,947,974
|
|
(3-mo. U.S. Treasury Money Market Yield + 0.20%),
5.52%, 01/31/25
|
9,000
|
9,000,000
|
|
(3-mo. U.S. Treasury Money Market Yield + 0.13%),
5.45%, 07/31/25
|
12,845
|
12,843,379
|
|
(3-mo. U.S. Treasury Money Market Yield + 0.17%),
5.53%, 10/31/25
|
2,461
|
2,459,869
|
|
(3-mo. U.S. Treasury Money Market Yield + 0.25%),
5.57%, 01/31/26
|
7,720
|
7,720,000
|
|
U.S. Treasury Notes
|
|||
4.99%, 02/28/25
|
166
|
160,864
|
|
5.03%, 02/28/25
|
166
|
162,973
|
|
324,180,971
|
|||
Total Short-Term Securities -58.9%
(Cost: $469,489,671)
|
469,489,671
|
||
Total Repurchase Agreements - 41.7%
(Cost: $332,000,000)
|
332,000,000
|
||
Total Investments - 100.6%
(Cost: $801,489,671)
|
801,489,671
|
||
Liabilities in Excess of Other Assets - (0.6)%
|
(4,819,320
)
|
||
Net Assets - 100.0%
|
$ 796,670,351
|
(a)
|
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
|
(b)
|
Rates are the current rate or a range of current rates as of period end.
|
Repurchase Agreements
|
Collateral
|
||||||||
Counterparty
|
Coupon
Rate
|
Purchase
Date
|
Maturity
Date
|
Par
(000)
|
At Value
|
Proceeds
Including
Interest
|
Position
|
Original Par
|
Position
Received,
at Value
|
BNP Paribas S.A.
|
5.32
%
|
04/30/24
|
05/01/24
|
$ 70,000
|
$ 70,000,000
|
$ 70,010,344
|
U.S. Treasury Obligation,
0.00% to 1.88%, due
7/31/26 to 2/15/47
|
$ 85,345,800
|
$ 71,400,031
|
BofA Securities, Inc.
|
5.31
|
04/30/24
|
05/01/24
|
35,000
|
35,000,000
|
35,005,163
|
U.S. Treasury Obligation,
5.48%, due 4/30/26
|
35,697,200
|
35,700,056
|
5.33
|
04/30/24
|
05/01/24
|
30,000
|
30,000,000
|
30,004,442
|
U.S. Government Sponsored
Agency Obligation, 2.00%
to 8.00%, due 5/15/30 to
1/20/72
|
40,910,080
|
30,600,000
|
|
Total BofA Securities, Inc.
|
$ 65,000,000
|
$ 66,300,056
|
|||||||
J.P. Morgan Securities LLC
|
5.31
|
04/30/24
|
05/01/24
|
65,000
|
65,000,000
|
65,009,587
|
U.S. Treasury Obligation,
4.25%, due 12/31/24 to
5/31/25
|
65,837,900
|
66,300,001
|
Mizuho Securities USA, Inc.
|
5.33
|
04/30/24
|
05/01/24
|
67,000
|
67,000,000
|
67,009,920
|
U.S. Treasury Obligation,
0.25% to 4.38%, due
10/31/24 to 8/15/33
|
73,711,700
|
68,340,043
|
TD Securities (USA) LLC
|
5.31
|
04/30/24
|
05/01/24
|
65,000
|
65,000,000
|
65,009,587
|
U.S. Treasury Obligation,
0.25% to 2.13%, due
6/15/24 to 2/15/26
|
68,168,700
|
66,300,053
|
$ 332,000,000
|
$ 338,640,184
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Assets
|
||||
Investments
|
||||
Short-Term Securities
|
||||
Repurchase Agreements
|
$ -
|
$ 332,000,000
|
$ -
|
$ 332,000,000
|
U.S. Government Sponsored Agency Securities
|
-
|
145,308,700
|
-
|
145,308,700
|
U.S. Treasury Obligations
|
-
|
324,180,971
|
-
|
324,180,971
|
$-
|
$801,489,671
|
$-
|
$801,489,671
|
BlackRock Summit
Cash Reserves
Fund
|
|
ASSETS
|
|
Investments, at value - unaffiliated(a)
|
$ 469,489,671
|
Cash
|
1,742,143
|
Repurchase agreements, at value(b)
|
332,000,000
|
Receivables:
|
|
Capital shares sold
|
8,923,777
|
Interest - unaffiliated
|
506,347
|
Prepaid expenses
|
47,311
|
Total assets
|
812,709,249
|
LIABILITIES
|
|
Payables:
|
|
Investments purchased
|
11,978,823
|
Accounting services fees
|
9,313
|
Capital shares redeemed
|
3,519,103
|
Custodian fees
|
7,674
|
Income dividend distributions
|
126,526
|
Investment advisory fees
|
240,554
|
Trustees' and Officer's fees
|
2,373
|
Other accrued expenses
|
14,859
|
Professional fees
|
90,560
|
Distribution fees
|
191
|
Transfer agent fees
|
48,922
|
Total liabilities
|
16,038,898
|
Commitments and contingent liabilities
|
|
NET ASSETS
|
$ 796,670,351
|
NET ASSETS CONSIST OF
|
|
Paid-in capital
|
$ 796,651,490
|
Accumulated earnings
|
18,861
|
NET ASSETS
|
$ 796,670,351
|
(a)Investments, at cost-unaffiliated
|
$469,489,671
|
(b)Repurchase agreements, at cost
|
$332,000,000
|
BlackRock Summit
Cash Reserves
Fund
|
|
NET ASSET VALUE
|
|
Institutional
|
|
Net assets
|
$ 114,948,186
|
Shares outstanding
|
114,973,750
|
Net asset value
|
$ 1.00
|
Shares authorized
|
Unlimited
|
Par value
|
$0.10
|
Investor A
|
|
Net assets
|
$ 681,247,050
|
Shares outstanding
|
681,397,761
|
Net asset value
|
$ 1.00
|
Shares authorized
|
Unlimited
|
Par value
|
$0.10
|
Investor C
|
|
Net assets
|
$ 475,115
|
Shares outstanding
|
475,221
|
Net asset value
|
$ 1.00
|
Shares authorized
|
Unlimited
|
Par value
|
$0.10
|
BlackRock Summit
Cash Reserves
Fund
|
|
INVESTMENT INCOME
|
|
Interest - unaffiliated
|
$36,233,193
|
Total investment income
|
36,233,193
|
EXPENSES
|
|
Investment advisory
|
3,394,768
|
Transfer agent - class specific
|
157,206
|
Professional
|
136,190
|
Registration
|
122,826
|
Accounting services
|
28,083
|
Printing and postage
|
26,377
|
Custodian
|
23,065
|
Trustees and Officer
|
11,493
|
Distribution - class specific
|
4,446
|
Miscellaneous
|
12,674
|
Total expenses
|
3,917,128
|
Less:
|
|
Fees waived and/or reimbursed by the Manager
|
(914,001
)
|
Transfer agent fees waived and/or reimbursed by the Manager - class specific
|
(155,437
)
|
Total expenses after fees waived and/or reimbursed
|
2,847,690
|
Net investment income
|
33,385,503
|
REALIZED AND UNREALIZED GAIN (LOSS)
|
|
Net realized gain from:
|
|
Investments - unaffiliated
|
4,979
|
Net realized and unrealized gain
|
4,979
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$33,390,482
|
BlackRock Summit
Cash Reserves Fund
|
||
Year Ended
04/30/24
|
Year Ended
04/30/23
|
|
INCREASE (DECREASE) IN NET ASSETS
|
||
OPERATIONS
|
||
Net investment income
|
$33,385,503
|
$14,552,466
|
Net realized gain
|
4,979
|
7,043
|
Net increase in net assets resulting from operations
|
33,390,482
|
14,559,509
|
DISTRIBUTIONS TO SHAREHOLDERS(a)
|
||
Institutional
|
(5,290,379
)
|
(2,608,344
)
|
Investor A
|
(28,068,800
)
|
(11,926,437
)
|
Investor C
|
(24,629
)
|
(17,812
)
|
Decrease in net assets resulting from distributions to shareholders
|
(33,383,808
)
|
(14,552,593
)
|
CAPITAL SHARE TRANSACTIONS
|
||
Net increase in net assets derived from capital share transactions
|
213,847,102
|
123,541,067
|
NET ASSETS
|
||
Total increase in net assets
|
213,853,776
|
123,547,983
|
Beginning of year
|
582,816,575
|
459,268,592
|
End of year
|
$796,670,351
|
$582,816,575
|
(a)
|
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
|
BlackRock Summit Cash Reserves Fund
|
|||||
Institutional
|
|||||
Year Ended
04/30/24
|
Year Ended
04/30/23
|
Year Ended
04/30/22
|
Year Ended
04/30/21
|
Period from
07/15/19(a)
to 04/30/20
|
|
Net asset value, beginning of period
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
Net investment income
|
0.0491
|
0.0263
|
0.0001
|
0.0000
(b)
|
0.0098
|
Net realized and unrealized gain
|
0.0000
(b)
|
0.0000
(b)
|
0.0000
(b)
|
0.0003
|
0.0000
(b)
|
Net increase from investment operations
|
0.0491
|
0.0263
|
0.0001
|
0.0003
|
0.0098
|
Distributions(c)
|
|||||
From net investment income
|
(0.0491
)
|
(0.0263
)
|
(0.0001
)
|
(0.0000
)(d)
|
(0.0098
)
|
From net realized gain
|
(0.0000
)(d)
|
(0.0000
)(d)
|
(0.0000
)(d)
|
(0.0003
)
|
(0.0000
)(d)
|
Total distributions
|
(0.0491
)
|
(0.0263
)
|
(0.0001
)
|
(0.0003
)
|
(0.0098
)
|
Net asset value, end of period
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
Total Return(e)
|
|||||
Based on net asset value
|
5.03
%
|
2.66
%
|
0.01
%
|
0.03
%
|
0.98
%(f)
|
Ratios to Average Net Assets
|
|||||
Total expenses
|
0.59
%
|
0.59
%
|
0.60
%
|
0.61
%
|
0.64
%(g)(h)
|
Total expenses after fees waived and/or reimbursed
|
0.42
%
|
0.41
%
|
0.12
%
|
0.17
%
|
0.42
%(g)(h)
|
Net investment income
|
4.92
%
|
2.66
%
|
0.00
%(i)
|
0.00
%(i)
|
1.20
%(h)
|
Supplemental Data
|
|||||
Net assets, end of period (000)
|
$114,948
|
$97,307
|
$101,901
|
$87,699
|
$97,718
|
(a)
|
Commencement of operations.
|
(b)
|
Amount is less than $0.00005 per share.
|
(c)
|
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
|
(d)
|
Amount is greater than $(0.00005) per share.
|
(e)
|
Where applicable, assumes the reinvestment of distributions.
|
(f)
|
Not annualized.
|
(g)
|
Includes non-recurring expenses of offering, organization and reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have
been 0.62% and 0.39% respectively.
|
(h)
|
Annualized.
|
(i)
|
Amount is less than 0.005%.
|
BlackRock Summit Cash Reserves Fund (continued)
|
|||||
Investor A
|
|||||
Year Ended
04/30/24
|
Year Ended
04/30/23
|
Year Ended
04/30/22
|
Year Ended
04/30/21
|
Year Ended
04/30/20
|
|
Net asset value, beginning of year
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
Net investment income
|
0.0491
|
0.0263
|
0.0002
|
0.0000
(a)
|
0.0142
|
Net realized and unrealized gain
|
0.0000
(a)
|
0.0000
(a)
|
0.0000
(a)
|
0.0003
|
0.0000
(a)
|
Net increase from investment operations
|
0.0491
|
0.0263
|
0.0002
|
0.0003
|
0.0142
|
Distributions(b)
|
|||||
From net investment income
|
(0.0491
)
|
(0.0263
)
|
(0.0002
)
|
(0.0000
)(c)
|
(0.0142
)
|
From net realized gain
|
(0.0000
)(c)
|
(0.0000
)(c)
|
(0.0000
)(c)
|
(0.0003
)
|
(0.0000
)(c)
|
Total distributions
|
(0.0491
)
|
(0.0263
)
|
(0.0002
)
|
(0.0003
)
|
(0.0142
)
|
Net asset value, end of year
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
Total Return(d)
|
|||||
Based on net asset value
|
5.03
%
|
2.66
%
|
0.02
%
|
0.04
%
|
1.43
%
|
Ratios to Average Net Assets
|
|||||
Total expenses
|
0.57
%
|
0.59
%
|
0.61
%
|
0.60
%
|
0.64
%(e)
|
Total expenses after fees waived and/or reimbursed
|
0.42
%
|
0.41
%
|
0.10
%
|
0.17
%
|
0.42
%(e)
|
Net investment income
|
4.92
%
|
2.74
%
|
0.01
%
|
0.00
%(f)
|
1.36
%
|
Supplemental Data
|
|||||
Net assets, end of year (000)
|
$681,247
|
$484,690
|
$356,419
|
$346,281
|
$405,760
|
(a)
|
Amount is less than $0.00005 per share.
|
(b)
|
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
|
(c)
|
Amount is greater than $(0.00005) per share.
|
(d)
|
Where applicable, assumes the reinvestment of distributions.
|
(e)
|
Includes non-recurring expenses of offering, organization and reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have
been 0.61% and 0.40% respectively.
|
(f)
|
Amount is less than 0.005%.
|
BlackRock Summit Cash Reserves Fund (continued)
|
|||||
Investor C
|
|||||
Year Ended
04/30/24
|
Year Ended
04/30/23
|
Year Ended
04/30/22
|
Year Ended
04/30/21
|
Year Ended
04/30/20
|
|
Net asset value, beginning of year
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
Net investment income
|
0.0416
|
0.0194
|
0.0002
|
0.0000
(a)
|
0.0075
|
Net realized and unrealized gain
|
0.0000
(a)
|
0.0000
(a)
|
0.0000
(a)
|
0.0003
|
0.0000
(a)
|
Net increase from investment operations
|
0.0416
|
0.0194
|
0.0002
|
0.0003
|
0.0075
|
Distributions(b)
|
|||||
From net investment income
|
(0.0416
)
|
(0.0194
)
|
(0.0002
)
|
(0.0000
)(c)
|
(0.0075
)
|
From net realized gain
|
(0.0000
)(c)
|
(0.0000
)(c)
|
(0.0000
)(c)
|
(0.0003
)
|
(0.0000
)(c)
|
Total distributions
|
(0.0416
)
|
(0.0194
)
|
(0.0002
)
|
(0.0003
)
|
(0.0075
)
|
Net asset value, end of year
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
Total Return(d)
|
|||||
Based on net asset value
|
4.24
%
|
1.96
%
|
0.03
%
|
0.04
%
|
0.75
%
|
Ratios to Average Net Assets
|
|||||
Total expenses
|
1.35
%
|
1.35
%
|
1.46
%
|
1.38
%
|
1.52
%(e)
|
Total expenses after fees waived and/or reimbursed
|
1.17
%
|
1.11
%
|
0.10
%
|
0.20
%
|
0.90
%(e)
|
Net investment income
|
4.15
%
|
1.75
%
|
0.02
%
|
0.00
%(f)
|
0.51
%
|
Supplemental Data
|
|||||
Net assets, end of year (000)
|
$475
|
$820
|
$948
|
$1,052
|
$1,956
|
(a)
|
Amount is less than $0.00005 per share.
|
(b)
|
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
|
(c)
|
Amount is greater than $(0.00005) per share.
|
(d)
|
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
|
(e)
|
Includes non-recurring expenses of offering, organization and reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have
been 1.49% and 0.87% respectively.
|
(f)
|
Amount is less than 0.005%.
|
Share Class
|
Distribution Fees
|
Investor C
|
0.75
%
|
Investor C
|
|
Distribution fees - class specific
|
$ 4,446
|
Fund Name
|
Investor A
|
Investor C
|
Total
|
BlackRock Summit Cash Reserves Fund
|
$ 10,172
|
$ 65
|
$ 10,237
|
Institutional
|
Investor A
|
Investor C
|
Total
|
|
Transfer agent fees - class specific
|
$ 34,367
|
$ 122,593
|
$ 246
|
$ 157,206
|
Investor A
|
Investor C
|
Total
|
|
CDSC
|
$ 4,332
|
$ 22
|
$ 4,354
|
Share Class
|
Expense Limitation
|
Institutional
|
0.42
%
|
Investor A
|
0.42
|
Investor C
|
1.17
|
Institutional
|
Investor A
|
Investor C
|
Total
|
|
Transfer agent fees waived and/or reimbursed by the Manager - class specific
|
$ 33,768
|
$ 121,426
|
$ 243
|
$ 155,437
|
Fund Name
|
Year Ended
04/30/24
|
Year Ended
04/30/23
|
BlackRock Summit Cash Reserves Fund
|
||
Ordinary income
|
$ 33,383,808
|
$ 14,552,593
|
Fund Name
|
Undistributed
Ordinary Income
|
Net Unrealized
Gains (Losses)(a)
|
Total
|
BlackRock Summit Cash Reserves Fund
|
$ 18,939
|
$ (78
)
|
$ 18,861
|
(a)
|
The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales.
|
Fund Name
|
Tax Cost
|
Gross Unrealized
Appreciation
|
Gross Unrealized
Depreciation
|
Net Unrealized
Appreciation
(Depreciation)
|
BlackRock Summit Cash Reserves Fund
|
$ 801,489,749
|
$ -
|
$ (78
)
|
$ (78
)
|
Share Class
|
Year Ended
04/30/24
|
Year Ended
04/30/23
|
Institutional
|
||
Shares sold
|
107,767,952
|
85,998,626
|
Shares issued in reinvestment of distributions
|
5,211,434
|
2,556,959
|
Shares redeemed
|
(95,343,127)
|
(93,161,642)
|
17,636,259
|
(4,606,057)
|
|
Investor A
|
||
Shares sold and automatic conversion of shares
|
545,172,960
|
422,593,014
|
Shares issued in reinvestment of distributions
|
27,648,737
|
11,698,275
|
Shares redeemed
|
(376,266,084)
|
(306,015,734)
|
196,555,613
|
128,275,555
|
|
Investor C
|
||
Shares sold
|
597,117
|
1,507,820
|
Shares issued in reinvestment of distributions
|
21,609
|
16,640
|
Shares redeemed and automatic conversion of shares
|
(963,496)
|
(1,652,891)
|
(344,770)
|
(128,431)
|
|
213,847,102
|
123,541,067
|
Fund Name
|
Federal Obligation
Interest
|
BlackRock Summit Cash Reserves Fund
|
$ 15,118,938
|
Fund Name
|
Interest
Dividends
|
BlackRock Summit Cash Reserves Fund
|
$ 33,385,503
|
Fund Name
|
Interest-
Related
Dividends
|
Qualified
Short-Term
Capital Gains
|
BlackRock Summit Cash Reserves Fund
|
$ 33,376,641
|
$ 7,043
|
Independent Trustees(a)
|
||||
Name
Year of Birth(b)
|
Position(s) Held
(Length of Service)(c)
|
Principal Occupation(s) During Past 5 Years
|
Number of BlackRock-Advised
Registered Investment Companies
("RICs") Consisting of Investment
Portfolios ("Portfolios") Overseen
|
Public Company
and Other
Investment
Company
Directorships Held
During
Past 5 Years
|
Mark Stalnecker
1951
|
Chair of the Board
(Since 2019) and
Trustee
(Since 2015)
|
Chief Investment Officer, University of Delaware from
1999 to 2013; Trustee and Chair of the Finance and
Investment Committees, Winterthur Museum and Country
Estate from 2005 to 2016; Member of the Investment
Committee, Delaware Public Employees' Retirement
System since 2002; Member of the Investment Committee,
Christiana Care Health System from 2009 to 2017;
Member of the Investment Committee, Delaware
Community Foundation from 2013 to 2014; Director and
Chair of the Audit Committee, SEI Private Trust Co. from
2001 to 2014.
|
28 RICs consisting of 164 Portfolios
|
None
|
Susan J. Carter
1956
|
Trustee
(Since 2016)
|
Trustee, Financial Accounting Foundation from 2017 to
2021; Advisory Board Member, Center for Private Equity
and Entrepreneurship at Tuck School of Business from
1997 to 2021; Director, Pacific Pension Institute from
2014 to 2018; Senior Advisor, Commonfund Capital, Inc.
("CCI") (investment adviser) in 2015; Chief Executive
Officer, CCI from 2013 to 2014; President & Chief
Executive Officer, CCI from 1997 to 2013; Advisory Board
Member, Girls Who Invest from 2015 to 2018 and Board
Member thereof from 2018 to 2022; Advisory Board
Member, Bridges Fund Management from 2016 to 2018;
Practitioner Advisory Board Member, Private Capital
Research Institute ("PCRI") since 2017; Lecturer in the
Practice of Management, Yale School of Management
since 2019; Advisor to Finance Committee, Altman
Foundation since 2020; Investment Committee Member,
Tostan since 2021; Member of the President's Counsel,
Commonfund since 2023.
|
28 RICs consisting of 164 Portfolios
|
None
|
Collette Chilton
1958
|
Trustee
(Since 2015)
|
Senior advisor, Insignia since 2024; Chief Investment
Officer, Williams College from 2006 to 2023; Chief
Investment Officer, Lucent Asset Management Corporation
from 1998 to 2006; Director, Boys and Girls Club of Boston
since 2017; Director, B1 Capital since 2018; Director,
David and Lucile Packard Foundation since 2020.
|
28 RICs consisting of 164 Portfolios
|
None
|
Neil A. Cotty
1954
|
Trustee
(Since 2016)
|
Bank of America Corporation from 1996 to 2015, serving in
various senior finance leadership roles, including Chief
Accounting Officer from 2009 to 2015, Chief Financial
Officer of Global Banking, Markets and Wealth
Management from 2008 to 2009, Chief Accounting Officer
from 2004 to 2008, Chief Financial Officer of Consumer
Bank from 2003 to 2004, Chief Financial Officer of Global
Corporate Investment Bank from 1999 to 2002.
|
28 RICs consisting of 164 Portfolios
|
None
|
Lena G. Goldberg
1949
|
Trustee
(Since 2019)
|
Director, Pioneer Public Interest Law Center since 2023;
Director, Charles Stark Draper Laboratory, Inc. from
2013 to 2021; Senior Lecturer, Harvard Business School
from 2008 to 2021; FMR LLC/Fidelity Investments
(financial services) from 1996 to 2008, serving in various
senior roles including Executive Vice President - Strategic
Corporate Initiatives and Executive Vice President and
General Counsel; Partner, Sullivan & Worcester LLP from
1985 to 1996 and Associate thereof from 1979 to 1985.
|
28 RICs consisting of 164 Portfolios
|
None
|
Independent Trustees(a)(continued)
|
||||
Name
Year of Birth(b)
|
Position(s) Held
(Length of Service)(c)
|
Principal Occupation(s) During Past 5 Years
|
Number of BlackRock-Advised
Registered Investment Companies
("RICs") Consisting of Investment
Portfolios ("Portfolios") Overseen
|
Public Company
and Other
Investment
Company
Directorships Held
During
Past 5 Years
|
Henry R. Keizer
1956
|
Trustee
(Since 2019)
|
Director, Park Indemnity Ltd. (captive insurer) from 2010 to
2022.
|
28 RICs consisting of 164 Portfolios
|
GrafTech
International Ltd.
(materials
manufacturing);
Sealed Air Corp.
(packaging); WABCO
(commercial vehicle
safety systems) from
2015 to 2020; Hertz
Global Holdings (car
rental) from 2015 to
2021.
|
Cynthia A. Montgomery
1952
|
Trustee
(Since 2007)
|
Professor, Harvard Business School since 1989.
|
28 RICs consisting of 164 Portfolios
|
None
|
Donald C. Opatrny
1952
|
Trustee
(Since 2019)
|
Chair of the Board of Phoenix Art Museum since 2022 and
Trustee thereof since 2018; Chair of the Investment
Committee of The Arizona Community Foundation since
2022 and Trustee thereof since 2020; Director, Athena
Capital Advisors LLC (investment management firm) from
2013 to 2020; Trustee, Vice Chair, Member of the
Executive Committee and Chair of the Investment
Committee, Cornell University from 2004 to 2019; Member
of Affordable Housing Supply Board of Jackson, Wyoming
from 2017 to 2022; Member, Investment Funds
Committee, State of Wyoming from 2017 to 2023; Trustee,
Artstor (a Mellon Foundation affiliate) from 2010 to 2015;
Member of the Investment Committee, Mellon Foundation
from 2009 to 2015; President, Trustee and Member of the
Investment Committee, The Aldrich Contemporary Art
Museum from 2007 to 2014; Trustee and Chair of the
Investment Committee, Community Foundation of Jackson
Hole since 2014.
|
28 RICs consisting of 164 Portfolios
|
None
|
Kenneth L. Urish
1951
|
Trustee
(Since 2007)
|
Managing Partner, Urish Popeck & Co., LLC (certified
public accountants and consultants) since 1976; Past-
Chairman of the Professional Ethics Committee of the
Pennsylvania Institute of Certified Public Accountants and
Committee Member thereof since 2007; Member of
External Advisory Board, The Pennsylvania State
University Accounting Department since 2001, Emeritus
since 2022; Principal, UP Strategic Wealth Investment
Advisors, LLC since 2013; Trustee, The Holy Family
Institute from 2001 to 2010; President and Trustee,
Pittsburgh Catholic Publishing Associates from 2003 to
2008; Director, Inter-Tel from 2006 to 2007; Member,
Advisory Board, ESG Competent Boards since 2020.
|
28 RICs consisting of 164 Portfolios
|
None
|
Claire A. Walton
1957
|
Trustee
(Since 2016)
|
Advisory Board Member, Grossman School of Business at
the University of Vermont since 2023; Advisory Board
Member, Scientific Financial Systems since 2022; General
Partner of Neon Liberty Capital Management, LLC from
2003 to 2023; Chief Operating Officer and Chief Financial
Officer of Liberty Square Asset Management, LP from
1998 to 2015; Director, Boston Hedge Fund Group from
2009 to 2018; Director, Massachusetts Council on
Economic Education from 2013 to 2015; Director,
Woodstock Ski Runners from 2013 to 2022.
|
28 RICs consisting of 164 Portfolios
|
None
|
Interested Trustees(a)(d)
|
||||
Name
Year of Birth(b)
|
Position(s) Held
(Length of Service)(c)
|
Principal Occupation(s) During Past 5 Years
|
Number of BlackRock-Advised
("RICs") Consisting of Investment
Portfolios ("Portfolios") Overseen
|
Public Company
and Other
Investment
Company
Directorships
Held During
Past 5 Years
|
Robert Fairbairn
1965
|
Trustee
(Since 2018)
|
Vice Chairman of BlackRock, Inc. since 2019; Member of
BlackRock's Global Executive and Global Operating
Committees; Co-Chair of BlackRock's Human Capital
Committee; Senior Managing Director of BlackRock, Inc.
from 2010 to 2019; oversaw BlackRock's Strategic Partner
Program and Strategic Product Management Group from
2012 to 2019; Member of the Board of Managers of
BlackRock Investments, LLC from 2011 to 2018; Global
Head of BlackRock's Retail and iShares® businesses from
2012 to 2016.
|
96 RICs consisting of 266 Portfolios
|
None
|
John M. Perlowski(e)
1964
|
Trustee
(Since 2015)
President
(Since 2018),
Chief
Executive Officer
(Since 2010)
|
Managing Director of BlackRock, Inc. since 2009; Head of
BlackRock Global Accounting and Product Services since
2009; Advisory Director of Family Resource Network
(charitable foundation) since 2009.
|
98 RICs consisting of 268 Portfolios
|
None
|
(a)
|
The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.
|
(b)
|
Independent Trustees serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The Board may determine to extend the terms of
Independent Trustees on a case-by-case basis, as appropriate.
|
(c)
|
Following the combination of Merrill Lynch Investment Managers, L.P. ("MLIM") and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were
realigned and consolidated into three new fund boards in 2007. Furthermore, effective January 1, 2019, three BlackRock Fund Complexes were realigned and consolidated into two BlackRock
Fund Complexes. As a result, although the chart shows the year that each Independent Trustee joined the Board, certain Independent Trustees first became members of the boards of other
BlackRock-advised Funds, legacy MLIM funds or legacy BlackRock funds as follows: Cynthia A. Montgomery, 1994; Kenneth L. Urish, 1999; Lena G. Goldberg, 2016; Henry R. Keizer, 2016;
Donald C. Opatrny, 2015.
|
(d)
|
Mr. Fairbairn and Mr. Perlowski are both "interested persons," as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr.
Perlowski are also board members of the BlackRock Fixed-Income Complex.
|
(e)
|
Mr. Perlowski is also a trustee of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.
|
Officers Who Are Not Trustees(a)
|
||
Name
Year of Birth(b)
|
Position(s) Held
(Length of Service)
|
Principal Occupation(s) During Past 5 Years
|
Roland Villacorta
1971
|
Vice President
(Since 2022)
|
Managing Director of BlackRock, Inc. since 2002; Head of Global Cash Management and Head of Securities Lending
within BlackRock's Global Markets Group since 2022; Member of BlackRock's Global Operating Committee since
2016 and Human Capital Committee since 2023.
|
Jennifer McGovern
1977
|
Vice President
(Since 2014)
|
Managing Director of BlackRock, Inc. since 2016.
|
Trent Walker
1974
|
Chief Financial Officer
(Since 2021)
|
Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019.
|
Jay M. Fife
1970
|
Treasurer
(Since 2007)
|
Managing Director of BlackRock, Inc. since 2007.
|
Aaron Wasserman
1974
|
Chief Compliance Officer
(Since 2023)
|
Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the BlackRock-advised funds in the
BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex since 2023; Deputy
Chief Compliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-
Income Complex and the iShares Complex from 2014 to 2023.
|
Lisa Belle
1968
|
Anti-Money Laundering
Compliance Officer
(Since 2019)
|
Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for Asset and Wealth Management of JP
Morgan from 2013 to 2019.
|
Janey Ahn
1975
|
Secretary
(Since 2019)
|
Managing Director of BlackRock, Inc. since 2018.
|
(a)
|
The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.
|
(b)
|
Officers of the Trust serve at the pleasure of the Board.
|
Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer of the Trust.
|
Effective June 1, 2024, Lori Richards was appointed as a Trustee of the Trust.
|
Portfolio Abbreviation
|
|
SOFR
|
Secured Overnight Financing Rate
|
(b) Not Applicable
Item 2 - |
Code of Ethics - The registrant (or the "Fund") has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762. |
Item 3 - |
Audit Committee Financial Expert - The registrant's board of directors (the "board of directors"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent: |
Neil A. Cotty
Henry R. Keizer
Kenneth L. Urish
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
Item 4 - |
Principal Accountant Fees and Services |
The following table presents fees billed by Deloitte & Touche LLP ("D&T") in each of the last two fiscal years for the services rendered to the Fund:
(a) Audit Fees |
(b) Audit-Related Fees1 |
(c) Tax Fees2 | (d) All Other Fees | |||||||||||||
Entity Name |
Current End |
Previous End |
Current End |
Previous End |
Current End |
Previous End |
Current End |
Previous End |
||||||||
BlackRock Summit Cash Reserves Fund | $28,356 | $28,356 | $407 | $0 | $9,880 | $9,900 | $0 | $218 |
The following table presents fees billed by D&T that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser
2
whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):
Current Fiscal Year End | Previous Fiscal Year End | |||
(b) Audit-Related Fees1 |
$0 | $0 | ||
(c) Tax Fees2 |
$0 | $0 | ||
(d) All Other Fees3 |
$2,149,000 | $2,154,000 |
1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3Non-audit fees of $2,149,000 and $2,154,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund's principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC's auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g) The aggregate non-audit fees, defined as the sum of the fees shown under "Audit-Related Fees,"
3
"Tax Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
Entity Name |
Current Fiscal Year End |
Previous Fiscal Year End |
||
BlackRock Summit Cash Reserves Fund | $10,287 | $10,118 |
Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
Current Fiscal Year End |
Previous Fiscal Year End |
|
$2,149,000 |
$2,154,000 |
These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.
(i) - Not Applicable
(j) - Not Applicable
Item 5 - |
Audit Committee of Listed Registrant - Not Applicable |
Item 6 - |
Investments |
(a) The registrant's Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 - |
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies - Not Applicable |
Item 8 - |
Portfolio Managers of Closed-End Management Investment Companies - Not Applicable |
Item 9 - |
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers - Not Applicable |
Item 10 - |
Submission of Matters to a Vote of Security Holders - There have been no material changes to these procedures. |
Item 11 - |
Controls and Procedures |
4
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 12 - |
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies - Not Applicable |
Item 13 - |
Recovery of Erroneously Awarded Compensation - Not Applicable |
Item 14 - |
Exhibits attached hereto |
(a)(1) Code of Ethics - See Item 2
(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the Registrant's securities are listed - Not Applicable
(a)(3) Section 302 Certifications are attached
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 - Not Applicable
(a)(5) Change in Registrant's independent public accountant - Not Applicable
(b) Section 906 Certifications are attached
5
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Financial Institutions Series Trust
By: |
/s/ John M. Perlowski |
||
John M. Perlowski |
|||
Chief Executive Officer (principal executive officer) of |
|||
BlackRock Financial Institutions Series Trust |
Date: June 24, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: |
/s/ John M. Perlowski |
||
John M. Perlowski |
|||
Chief Executive Officer (principal executive officer) of |
|||
BlackRock Financial Institutions Series Trust |
Date: June 24, 2024
By: |
/s/ Trent Walker |
||
Trent Walker |
|||
Chief Financial Officer (principal financial officer) of |
|||
BlackRock Financial Institutions Series Trust |
Date: June 24, 2024
6