(7) Underwrite securities issued by other
persons;
(8) Purchase
securities of other investment companies, except in connection with a merger, consolidation, acquisition or reorganization;
(9) Purchase or sell real
estate (other than money market securities secured by real estate or interests therein or money market securities issued by companies which invest in real estate or interests therein), commodities or commodity contracts, interests in oil, gas or
other mineral exploration or development programs;
(10) Purchase any
securities on margin, except for the use of short-term credit necessary for clearance of purchases and sales of portfolio securities;
(11) Make short sales of
securities or maintain a short position or write, purchase or sell puts, calls, straddles, spreads or combinations thereof;
(12) Make loans to other
persons, provided that Money Fund may purchase money market securities or enter into repurchase agreements and lend securities owned or held by it pursuant to (13) below;
(13) Lend its portfolio
securities in excess of 33
1
∕
3
% of its total assets, taken at market value, provided that such loans are made according to the
guidelines set forth above;
(14) Borrow amounts in
excess of 20% of its total assets, taken at market value (including the amount borrowed), and then only from banks as a temporary measure for extraordinary or emergency purposes (the borrowing provisions shall not apply to reverse repurchase
agreements) (usually only “leveraged” investment companies may borrow in excess of 5% of their assets; however, Money Fund will not borrow to increase income but only to meet redemption requests which might otherwise require untimely
dispositions of portfolio securities). Money Fund will not purchase securities while borrowings are outstanding. Interest paid on such borrowings will reduce net income;
(15) Mortgage, pledge,
hypothecate or in any manner transfer (except as provided in (13) above) as security for indebtedness any securities owned or held by Money Fund except as may be necessary in connection with borrowings referred to in investment restriction (14)
above, and then such mortgaging, pledging or hypothecating may not exceed 10% of Money Fund’s net assets, taken at market value;
(16) Invest in securities
with legal or contractual restrictions on resale (except for repurchase agreements) or for which no readily available market exists if, regarding all such securities, more than 10% of its net assets (taken at market value) would be invested in such
securities;
(17)
Invest in securities of issuers (other than issuers of U.S. Government agency securities) having a record, together with predecessors, of less than three years of continuous operation if, regarding all such securities, more than 5% of its total
assets (taken at market value) would be invested in such securities;
(18) Enter into reverse
repurchase agreements if, as a result thereof, Money Fund’s obligations with respect to reverse repurchase agreements would exceed one-third of its net assets (defined to be total assets, taken at market value, less liabilities other than
reverse repurchase agreements);
(19) Purchase or retain the
securities of any issuer, if those individual officers and Trustees of Money Fund, BlackRock Advisors, LLC or any subsidiary thereof each owning beneficially more than 1% of the securities of such issuer own in the aggregate more than 5% of the
securities of the issuer; and
(20)
Issue senior securities to the extent such issuance would violate applicable law.
Notwithstanding the provisions of fundamental
investment restrictions (5) and (16), Money Fund will not invest more than 5% of the value of its total assets in securities that are illiquid (
i.e.
, securities that cannot be sold or disposed of in the
ordinary course of business within seven days at approximately the value ascribed to them by Money Fund).
Money LLC has adopted fundamental investment
restrictions that are substantially similar to fundamental investment restrictions (2), (7), (9), (12) and (20) of Money Fund. Under the following additional fundamental investment restrictions, Money LLC may not:
(1) Borrow money, except
that (i) Money LLC may borrow from banks (as defined in the Investment Company Act) in amounts up to 33
1
∕
3
% of its total
assets (including the amount borrowed), (ii) Money LLC may borrow up to an additional 5% of its total assets for temporary purposes, (iii) Money LLC may obtain such short-term credit as may be necessary for the clearance of purchases and sales of
portfolio securities, and (iv) Money LLC may purchase securities on margin to the extent permitted by applicable law. These restrictions on borrowing shall