BlackRock Liquidity Funds - FedFund (BUPXX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT

COMPANIES

Investment Company Act file number: 811-02354

Name of Fund: BlackRock Liquidity Funds

California Money Fund

Federal Trust Fund

FedFund

MuniCash

MuniFund

New York Money Fund

TempCash

TempFund

T-Fund

Treasury Trust Fund

Fund Address:    100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Liquidity Funds,

55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 10/31/2016

Date of reporting period: 10/31/2016

Item 1 – Report to Stockholders

OCTOBER 31, 2016        

  ANNUAL REPORT   BLACKROCK^®

BlackRock Liquidity Funds

▶   Federal Trust Fund

▶   FedFund

▶   TempCash

▶   TempFund

▶   T-Fund

▶   Treasury Trust Fund

▶   MuniCash

▶   MuniFund

▶   California Money Fund

▶   New York Money Fund

Not FDIC Insured ∎ May Lose Value ∎ No Bank Guarantee

Table of Contents

	Page
The Markets in Review	3
Annual Report:
Money Market Overview	4
Fund Information	5
Disclosure of Expenses	9
Financial Statements:
Schedules of Investments	11
Statements of Assets and Liabilities	52
Statements of Operations	56
Statements of Changes in Net Assets	58
Financial Highlights	62
Notes to Financial Statements	92
Report of Independent Registered Public Accounting Firm	114
Important Tax Information	114
Disclosure of Investment Advisory Agreement	115
Officers and Trustees	120
Additional Information	123

2 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

The Markets in Review

Dear Shareholder,

Central bank policy decisions have continued to provide support to financial markets, while changing economic outlooks and geopolitical risks have been major drivers of investor sentiment. After ending its near-zero interest rate policy at the end of 2015, the Federal Reserve (the “Fed”) remained in focus as investors considered the anticipated pace of future rate hikes. With the European Central Bank and the Bank of Japan having moved into stimulus mode, the divergence in global monetary policies drove heightened market volatility at the beginning of 2016 and caused the U.S. dollar to strengthen considerably.

Financial markets had a rough start to the year as the strong dollar challenged U.S. companies that generate revenues overseas and pressured emerging market currencies and commodities prices. Low and volatile oil prices and signs of slowing growth in China were also meaningful factors behind the decline in risk assets early in the year. However, as the first quarter wore on, these pressures abated and a more tempered outlook for U.S. rate hikes helped the markets rebound.

Volatility spiked in late June when the United Kingdom shocked investors with its vote to leave the European Union. Uncertainty around how the British exit might affect the global economy and political landscape drove investors to high-quality assets, pushing already low global yields to even lower levels. However, risk assets recovered swiftly in July as economic data suggested that the consequences had thus far been contained to the United Kingdom.

In a second episode of surprise vote results, equities fell sharply after the news of Donald Trump’s victory in the U.S. presidential election, but quickly recovered, and the yield curve steepened due to expectations for rising inflation. Broadly, a reflation theme has been building amid signs of rising price pressures, central banks signaling a greater tolerance to let inflation run hotter, and policy emphasis shifting from monetary to fiscal stimulus.

At BlackRock, we believe investors need to think globally, extend their scope across a broad array of asset classes and be prepared to adjust accordingly as market conditions change over time. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of October 31, 2016
	6-month			12-month
U.S. large cap equities (S&P 500® Index)		4.06	%		4.51	%
U.S. small cap equities (Russell 2000® Index)		6.13			4.11
International equities (MSCI Europe, Australasia, Far East Index)		(0.16	)		(3.23	)
Emerging market equities (MSCI Emerging Markets Index)		9.41			9.27
3-month Treasury bills (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index)		0.17			0.31
U.S. Treasury securities (BofA Merrill Lynch 10-Year U.S. Treasury Index)		0.46			4.24
U.S. investment-grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)		1.51			4.37
Tax-exempt municipal bonds (S&P Municipal Bond Index)		0.98			4.53
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		7.59			10.16
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

THIS PAGE NOT PART OF YOUR FUND REPORT 3

Money Market Overview

      For the 12 Month Period Ended October 31, 2016

After seven years of near-zero interest rate policy, the Federal Open Market Committee (the “FOMC”) in a unanimous decision raised the target range for the federal funds rate by 25 basis points (0.25%) to 0.25 — 0.50% at its December 2015 meeting. The FOMC was clear in its expectation that the future removal of monetary accommodation would likely be gradual and dependent on incoming data. Following broader financial market turmoil in early 2016, the FOMC left rates unchanged for the remainder of the 12-month period ended October 31, 2016 and tempered its outlook for the future path of interest rates.

October 14, 2016 represented the final compliance date for money market reform, marking the completion of an effort that began over two years ago. While the movement of assets to government money market funds from prime funds was substantial at approximately $1 trillion since these reforms were announced, the defensive positioning of prime funds ensured that the process remained manageable. At the same time, fears that government money market funds would be unable to accommodate the large shift in assets were put to rest, in part due to increased issuance of treasury bills and higher-than-usual utilization of the Federal Reserve Bank of New York’s Reverse Repo Program. The pace of outflows from prime funds and inflows to government funds both slowed as the month progressed, and London Interbank Offered Rate (“LIBOR”) settings for the most part moved marginally higher as the odds of a rate hike prior to the end of the year increased.

After the United Kingdom voted in late June to leave the European Union, markets broadly factored in expectations that the FOMC would not resume its course of raising interest rates before 2018. Markets further reflected that investors anticipated the Bank of England and European Central Bank would turn more accommodative. Additionally, major credit rating agencies generally viewed the result of the “leave” decision unfavorably, assigning or maintaining a negative outlook on the United Kingdom, and in certain cases, downgrading the nation’s long-term credit rating by as much as two “notches” to AA.

LIBOR moved higher over the period in response to both speculation of another possible rate hike from the FOMC later this year as well as money market reform, which created a shift in assets away from credit products into government products. The benchmark three-month LIBOR ended the period at 0.88% (rising over 20 basis points from the 0.63% March 31 level), which is over 50 basis points higher than it had been at the beginning of the year.

Outflows from prime money market funds, which in general remain defensively positioned, accelerated in the lead up to the October 14 implementation date for money market reform. Assets of prime money market funds fell below $1 trillion for the first time in over 20 years. Though a large percentage of the shift was likely attributable to conversions of funds in advance of the October 2016 implementation date for U.S. money market reform, investors did start actively moving out of prime funds into other vehicles. Despite these conditions, the increase in LIBOR generally stabilized. LIBOR settings were largely unchanged due in part to offsetting demand from non-traditional investors.

Consistent with supportive remarks from various Fed policy makers, another rate hike prior to the end of the year is possible as long as continued progress toward the Fed’s growth and inflation targets is achieved and financial conditions remain supportive of such an action. December 14, 2016 is the most likely date for such a move. Also, asset levels of prime money market funds are expected to continue to decline at a relatively slower pace and possibly stabilize in the weeks ahead. This may prompt an extension of portfolio durations in many prime funds, which in turn could result in an increase in the yield differential between prime and government money market funds.

A combination of anticipated rate increases by the Fed as well as the implementation of money market reform created a period of uncertainty that impacted the short-term tax-exempt market and contributed to a spike in yields. During the period, the tax-exempt money fund industry experienced an approximate 50% reduction in net assets as a result of money market reform, before stabilizing in mid-October. The SIFMA Index, which represents the average yield on 7-day variable rate demand note (“VRDN”) securities, began the period at 0.01% but increased to a multi-year high of 0.87% before ending October at 0.63%, well above the 12-month average of 0.32%. While VRDN rates remained low initially after the FOMC voted to increase the target range for the overnight federal funds rate to 0.25% — 0.50% in December 2015, an increase in rates was overdue when they began to move up in March 2016. Although new VRDN issuance remained light, inventory spiked to over $12 billion and remained elevated as money fund redemptions resulting from the impact of money market reform intensified. The elevated VRDN inventory levels forced dealers to reset yields high enough and well over 100% of taxable equivalents to entice a new buyer’s base that included short duration funds, separately managed accounts and taxable crossover accounts. With money market reform behind us, the focus again is on the overnight federal funds range which is anticipated to increase in the near term as the Fed assesses the current economic conditions and the national election impact. In addition, and given a lower municipal money asset base, VRDN yields are anticipated to align more closely with short-term taxable equivalent rates to entice and maintain the new buyer base of said securities.

The impact of the Fed and money market reform also affected the sensitivity investors had toward the purchase of one-year maturities in the primary note market. As money fund managers pursued a defensive investment strategy, municipalities felt the impact of increasing rates as they issued their annual fixed rate notes used to address their operating cash needs for fiscal year 2017. Yields on the Municipal Market Advisors AAA General Obligation One-Year Index, which began the period at 0.23%, reached a high of 0.84% before ending October 2016 at 0.70%, when money fund assets began to stabilize and a new buyer base evolved. While one-year municipal note yields have come down from their peak levels and stabilized since the implementation of money market reform on October 14, 2016, yields may begin to increase again as investors focus on the economy and the possibility of the Fed hiking short-term rates in the upcoming period. Yields on notes may remain near their comparable taxable equivalents as a new buyer base evolves beyond the traditional municipal money fund buyer base. As money fund assets continue to stabilize and grow again, we are beginning to reassess and adjust our investment strategy by moving from a defensive to a more neutral bias while selectively investing in longer-dated fixed income securities.

Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

4 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Fund Information as of October 31, 2016

      Federal Trust Fund

Federal Trust Fund’s (the “Fund”) investment objective is to seek current income as is consistent with liquidity and stability of principal.

Yields	7-Day SEC Yield	7-Day Yield
Institutional	0.23%		0.23%
Dollar	0.00%		0.00%
Cash Management	0.00%		0.00%
Cash Reserve	0.00%		0.00%
Administration	0.13%		0.13%

Portfolio Composition	Percent of Net Assets
U.S. Government Sponsored Agency Obligations	51%
U.S. Treasury Obligations	48
Other Assets Less Liabilities	1
Total	100%

      FedFund

FedFund’s (the “Fund”) investment objective is to seek current income as is consistent with liquidity and stability of principal.

Yields	7-Day SEC Yield	7-Day Yield
Institutional	0.32%		0.32%
Dollar	0.09%		0.09%
Cash Management	0.09%		0.09%
Cash Reserve	0.09%		0.09%
Administration	0.22%		0.22%
Select	0.09%		0.09%
Private Client	0.09%		0.09%
Premier	0.09%		0.09%

Portfolio Composition	Percent of Net Assets
Repurchase Agreements	46%
U.S. Government Sponsored Agency Obligations	36
U.S. Treasury Obligations	17
Other Assets Less Liabilities	1
Total	100%

      TempCash

TempCash’s (the “Fund”) investment objective is to seek as high a level of current income as is consistent with liquidity and stability of principal.

Yields	7-Day SEC Yield	7-Day Yield
Institutional	0.30%		0.30%
Dollar	0.06%		0.06%

Portfolio Composition	Percent of Net Assets
Repurchase Agreements	48%
Time Deposits	35
Commercial Paper	13
Municipal Bonds	4
Total	100%

The 7-Day SEC Yields may differ from the 7-Day Yields shown above due to the fact that the 7-Day SEC Yields exclude distributed capital gains.

Past performance is not indicative of future results.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 5

Fund Information (continued) as of October 31, 2016

      TempFund

TempFund’s (the “Fund”) investment objective is to seek as high a level of current income as is consistent with liquidity and stability of principal.

Yields	7-Day SEC Yield	7-Day Yield
Institutional	0.61%		0.61%
Dollar	0.36%		0.36%
Cash Management	0.11%		0.11%
Cash Reserve	0.21%		0.21%
Administration	0.51%		0.51%
Select	0.00%		0.00%
Private Client	0.11%		0.11%
Premier	0.00%		0.00%

Portfolio Composition	Percent of Net Assets
Commercial Paper	32%
Certificates of Deposit	22
Time Deposits	22
Repurchase Agreements	15
Municipal Bonds	7
Corporate Notes	2
Corporate Bonds	—*
Total	100%

* Representing less than 0.5% of the Fund’s net assets.

      T-Fund

T-Fund’s (the “Fund”) investment objective is to seek current income as is consistent with liquidity and stability of principal.

Yields	7-Day SEC Yield	7-Day Yield
Institutional	0.22%		0.22%
Dollar	0.01%		0.01%
Cash Management	0.01%		0.01%
Cash Reserve	0.01%		0.01%
Administration	0.12%		0.12%
Select	0.01%		0.01%
Premier	0.00%		0.00%

Portfolio Composition	Percent of Net Assets
Repurchase Agreements	49%
U.S. Treasury Obligations	49
Other Assets Less Liabilities	2
Total	100%

      Treasury Trust Fund

Treasury Trust Fund’s (the “Fund”) investment objective is to seek current income as is consistent with liquidity and stability of principal.

Yields	7-Day SEC Yield	7-Day Yield
Institutional	0.18%		0.18%
Dollar	0.00%		0.00%
Cash Management	0.00%		0.00%
Cash Reserve	0.00%		0.00%
Administration	0.08%		0.08%
Select	0.00%		0.00%

Portfolio Composition	Percent of Net Assets
U.S. Treasury Obligations	99%
Other Assets Less Liabilities	1
Total	100%

The 7-Day SEC Yields may differ from the 7-Day Yields shown above due to the fact that the 7-Day SEC Yields exclude distributed capital gains.

Past performance is not indicative of future results.

6 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Fund Information (continued) as of October 31, 2016

      MuniCash

MuniCash’s (the “Fund”) investment objective is to seek as high a level of current income exempt from federal income tax as is consistent with liquidity and stability of principal.

Yields	7-Day SEC Yield	7-Day Yield
Institutional	0.46%		0.46	%
Dollar	0.21%		0.21	%

Portfolio Composition	Percent of Net Assets
Variable Rate Demand Notes		79%
Municipal Bonds		11
Commercial Paper		8
Closed-Ended Investment Companies		5
Liabilities in Excess of Other Assets		(3)
Total		100%

      MuniFund

MuniFund’s (the “Fund”) investment objective is to seek as high a level of current income exempt from federal income tax as is consistent with liquidity and stability of principal.

Yields	7-Day SEC Yield	7-Day Yield
Institutional	0.46%		0.46	%
Dollar	0.21%		0.21	%
Cash Management	0.00%		0.00	%
Administration	0.36%		0.36	%
Select	0.00%		0.00	%
Private Client	0.00%		0.00	%
Premier	0.00%		0.00	%

Portfolio Composition	Percent of Net Assets
Variable Rate Demand Notes		87%
Municipal Bonds		6
Closed-Ended Investment Companies		5
Commercial Paper		2
Total		100%

      California Money Fund

California Money Fund’s (the “Fund”) investment objective is to seek as high a level of current income that is exempt from federal income tax and, to the extent possible, from California State personal income tax, as is consistent with liquidity and stability of principal.

Yields	7-Day SEC Yield	7-Day Yield
Institutional	0.41%		0.41	%
Dollar	0.16%		0.16	%
Administration	0.31%		0.31	%
Select	0.00%		0.00	%
Private Client	0.00%		0.00	%
Premier	0.00%		0.00	%

Portfolio Composition	Percent of Net Assets
Variable Rate Demand Notes		96%
Closed-Ended Investment Companies		4
Total		100%

The 7-Day SEC Yields may differ from the 7-Day Yields shown above due to the fact that the 7-Day SEC Yields exclude distributed capital gains. Past performance is not indicative of future results.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 7

Fund Information (concluded) as of October 31, 2016

      New York Money Fund

New York Money Fund’s (the “Fund”) investment objective is to seek as high a level of current income that is exempt from federal income tax and, to the extent possible, from New York State and New York City personal income taxes, as is consistent with liquidity and stability of principal.

Yields	7-Day SEC Yield	7-Day Yield
Institutional	0.40%		0.40	%
Cash Management	0.00%		0.00	%
Administration	0.30%		0.30	%
Select	0.00%		0.00	%
Private Client	0.00%		0.00	%
Premier	0.00%		0.00	%

Portfolio Composition	Percent of Net Assets
Variable Rate Demand Notes		97%
Closed-End Investment Companies		3
Total		100%

On July 28, 2015, the Board of Trustees of the Trust (the “Board”) approved the following:

• The Board and the Board of Trustees of Funds For Institutions Series (the “Target Trust”), approved the reorganization of FFI Institutional Tax-Exempt Fund (the “Target Fund”), a series of the Target Trust, with and into MuniCash (the “Acquiring Fund”), with the Acquiring Fund continuing as the surviving fund after the reorganization. At a special shareholder meeting on December 17, 2015, the requisite shareholders of the Target Fund approved the reorganization, which was completed on January 25, 2016.

On November 2, 2015, Bank of America reached an agreement to transfer the investment management responsibilities of BofA Global Capital Management (“BofA”) and its affiliates to BlackRock Advisors, LLC (the “Manager”). In connection with this transaction, the Manager proposed to reorganize (the “Reorganizations”) certain series of the BofA Funds Series Trust (the “Target Funds”) into certain funds managed by the Manager (the “Acquiring Funds”).

The Board of Trustees of the Target Funds at a meeting held on December 10, 2015 and the Board of the Acquiring Funds at a meeting held on December 14-15, 2015 approved the Reorganizations. At a special shareholder meeting on March 31, 2016, the requisite shareholders of the Target Funds approved each Reorganization, which was completed on April 18, 2016.

Target Funds	Acquiring Funds
BofA Government Reserves	Federal Trust Fund
BofA Government Plus Reserves	FedFund
BofA Cash Reserves	TempFund
BofA Money Market Reserves	TempFund
BofA Treasury Reserves	T-Fund

The 7-Day SEC Yields may differ from the 7-Day Yields shown above due to the fact that the 7-Day SEC Yields exclude distributed capital gains. Past performance is not indicative of future results.

8 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Disclosure of Expenses

Shareholders of these Funds may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including advisory fees, service and distribution fees, including 12b-1 fees, and other fund expenses. The expense examples shown below (which are based on a hypothetical investment of $1,000 invested on May 1, 2016 and held through October 31, 2016) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the headings entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

      Expense Examples

	Actual			Hypothetical2
	Beginning Account Value May 1, 2016	Ending Account Value October 31, 2016	Expenses Paid During the  Period1	Beginning Account Value May 1, 2016	Ending Account Value October 31, 2016	Expenses Paid During the  Period1	Annualized Expense Ratio
Federal Trust Fund
Institutional	$1,000.00	$1,001.10	$0.91	$1,000.00	$1,024.23	$0.92	0.18%
Dollar	$1,000.00	$1,000.00	$1.96	$1,000.00	$1,023.18	$1.98	0.39%
Cash Management	$1,000.00	$1,000.00	$1.96	$1,000.00	$1,023.18	$1.98	0.39%
Cash Reserve	$1,000.00	$1,000.00	$1.94	$1,000.00	$1,023.19	$1.97	0.39%
Administration	$1,000.00	$1,000.50	$1.41	$1,000.00	$1,023.73	$1.42	0.28%
FedFund
Institutional	$1,000.00	$1,001.50	$0.50	$1,000.00	$1,024.63	$0.51	0.10%
Dollar	$1,000.00	$1,000.30	$1.76	$1,000.00	$1,023.38	$1.78	0.35%
Cash Management	$1,000.00	$1,000.30	$1.81	$1,000.00	$1,023.33	$1.83	0.36%
Cash Reserve	$1,000.00	$1,000.30	$1.56	$1,000.00	$1,023.58	$1.58	0.31%
Administration	$1,000.00	$1,001.00	$0.96	$1,000.00	$1,024.18	$0.97	0.19%
Select	$1,000.00	$1,000.30	$1.76	$1,000.00	$1,023.38	$1.78	0.35%
Private Client	$1,000.00	$1,000.30	$1.81	$1,000.00	$1,023.33	$1.83	0.36%
Premier	$1,000.00	$1,000.30	$1.91	$1,000.00	$1,023.23	$1.93	0.38%
TempCash
Institutional	$1,000.00	$1,001.90	$0.50	$1,000.00	$1,024.63	$0.51	0.10%
Dollar	$1,000.00	$1,000.60	$1.76	$1,000.00	$1,023.38	$1.78	0.35%
TempFund
Institutional	$1,000.00	$1,002.50	$0.91	$1,000.00	$1,024.23	$0.92	0.18%
Dollar	$1,000.00	$1,001.20	$2.16	$1,000.00	$1,022.97	$2.19	0.43%
Cash Management	$1,000.00	$1,000.30	$2.92	$1,000.00	$1,022.22	$2.95	0.58%
Cash Reserve	$1,000.00	$1,000.50	$2.82	$1,000.00	$1,022.32	$2.85	0.56%
Administration	$1,000.00	$1,002.00	$1.41	$1,000.00	$1,023.73	$1.42	0.28%
Select	$1,000.00	$1,000.40	$2.92	$1,000.00	$1,022.22	$2.95	0.58%
Private Client	$1,000.00	$1,000.30	$2.97	$1,000.00	$1,022.17	$3.00	0.59%
Premier	$1,000.00	$1,000.40	$2.92	$1,000.00	$1,022.22	$2.95	0.58%

¹  For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown).

²  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 9

      Expense Examples (concluded)

	Actual			Hypothetical2
	Beginning Account Value May 1, 2016	Ending Account Value October 31, 2016	Expenses Paid During the  Period1	Beginning Account Value May 1, 2016	Ending Account Value October 31, 2016	Expenses Paid During the  Period1	Annualized Expense Ratio
T-Fund
Institutional	$1,000.00	$1,001.10	$0.80	$1,000.00	$1,024.33	$0.81	0.16%
Dollar	$1,000.00	$1,000.10	$1.81	$1,000.00	$1,023.33	$1.83	0.36%
Cash Management	$1,000.00	$1,000.10	$1.81	$1,000.00	$1,023.33	$1.83	0.36%
Cash Reserve	$1,000.00	$1,000.10	$1.80	$1,000.00	$1,023.34	$1.82	0.36%
Administration	$1,000.00	$1,000.60	$1.31	$1,000.00	$1,023.83	$1.32	0.26%
Select	$1,000.00	$1,000.10	$1.81	$1,000.00	$1,023.33	$1.83	0.36%
Premier	$1,000.00	$1,000.10	$1.81	$1,000.00	$1,023.33	$1.83	0.36%
Treasury Trust Fund
Institutional	$1,000.00	$1,000.90	$0.80	$1,000.00	$1,024.33	$0.81	0.16%
Dollar	$1,000.00	$1,000.10	$1.61	$1,000.00	$1,023.53	$1.63	0.32%
Cash Management	$1,000.00	$1,000.10	$1.61	$1,000.00	$1,023.53	$1.63	0.32%
Cash Reserve	$1,000.00	$1,000.10	$1.67	$1,000.00	$1,023.47	$1.69	0.33%
Administration	$1,000.00	$1,000.40	$1.31	$1,000.00	$1,023.83	$1.32	0.26%
Select	$1,000.00	$1,000.10	$1.64	$1,000.00	$1,023.49	$1.66	0.33%
MuniCash
Institutional	$1,000.00	$1,003.00	$1.06	$1,000.00	$1,024.08	$1.07	0.21%
Dollar	$1,000.00	$1,001.80	$2.21	$1,000.00	$1,022.92	$2.24	0.44%
MuniFund
Institutional	$1,000.00	$1,001.70	$1.01	$1,000.00	$1,024.13	$1.02	0.20%
Dollar	$1,000.00	$1,000.50	$2.11	$1,000.00	$1,023.03	$2.14	0.42%
Cash Management	$1,000.00	$1,000.00	$2.36	$1,000.00	$1,022.77	$2.39	0.47%
Administration	$1,000.00	$1,001.20	$1.51	$1,000.00	$1,023.63	$1.53	0.30%
Select	$1,000.00	$1,000.00	$2.46	$1,000.00	$1,022.67	$2.49	0.49%
Private Client	$1,000.00	$1,000.10	$2.51	$1,000.00	$1,022.62	$2.54	0.50%
Premier	$1,000.00	$1,000.10	$2.51	$1,000.00	$1,022.62	$2.54	0.50%
California Money Fund
Institutional	$1,000.00	$1,001.60	$0.60	$1,000.00	$1,024.53	$0.61	0.12%
Dollar	$1,000.00	$1,000.40	$1.86	$1,000.00	$1,023.28	$1.88	0.37%
Administration	$1,000.00	$1,000.90	$1.11	$1,000.00	$1,024.03	$1.12	0.22%
Select	$1,000.00	$1,000.00	$2.01	$1,000.00	$1,023.13	$2.03	0.40%
Private Client	$1,000.00	$1,000.10	$2.06	$1,000.00	$1,023.08	$2.08	0.41%
Premier	$1,000.00	$1,000.10	$2.06	$1,000.00	$1,023.08	$2.08	0.41%
New York Money Fund
Institutional	$1,000.00	$1,003.10	$1.01	$1,000.00	$1,024.13	$1.02	0.20%
Cash Management	$1,000.00	$1,001.50	$2.16	$1,000.00	$1,022.97	$2.19	0.43%
Administration	$1,000.00	$1,002.50	$1.51	$1,000.00	$1,023.63	$1.53	0.30%
Select	$1,000.00	$1,001.50	$2.52	$1,000.00	$1,022.62	$2.54	0.50%
Private Client	$1,000.00	$1,001.60	$2.47	$1,000.00	$1,022.67	$2.49	0.49%
Premier	$1,000.00	$1,001.60	$2.47	$1,000.00	$1,022.67	$2.49	0.49%

¹  For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown).

²  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366.

10 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Schedule of Investments October 31, 2016	Federal Trust Fund
	(Percentages shown are based on Net Assets)

U.S. Government Sponsored Agency Obligations	Par   (000)		Value
Federal Farm Credit Bank Discount Notes: (a)
0.46%, 12/16/16	$	8,985	$	8,979,834
0.44%, 1/10/17		31,085		31,058,405
0.50%, 1/13/17		4,685		4,680,250
0.60%, 1/20/17		30,775		30,733,967
0.42%, 1/26/17		10,925		10,914,039
0.56%, 2/09/17		2,125		2,121,694
0.54%, 2/10/17		25,810		25,770,867
0.55%, 2/10/17		1,160		1,158,241
0.50%, 2/17/17		7,490		7,478,765
0.54%, 3/07/17		11,790		11,767,717
0.50%, 3/16/17		23,710		23,665,544
0.59%, 3/30/17		36,090		36,001,870
0.57%, 4/21/17		15,000		14,959,388
0.64%, 6/08/17		18,070		17,999,647
0.60%, 7/11/17		800		796,640
Federal Farm Credit Bank Variable Rate Notes: (b)
0.53%, 11/10/16		10,000		9,999,975
0.55%, 11/14/16		5,984		5,984,001
0.53%, 11/29/16		785		785,012
0.62%, 12/06/16		3,090		3,090,293
0.76%, 12/16/16		3,047		3,047,000
0.57%, 12/28/16		14,945		14,946,189
0.56%, 1/03/17		24,065		24,065,684
0.59%, 1/17/17		6,515		6,515,921
0.50%, 1/24/17		15,680		15,679,837
0.54%, 2/06/17		46,409		46,411,450
0.57%, 2/13/17		4,115		4,115,642
0.53%, 2/23/17		8,599		8,599,220
0.59%, 2/27/17		16,434		16,437,564
0.53%, 3/02/17		40,745		40,747,107
0.56%, 3/16/17		17,699		17,696,368
0.50%, 3/20/17		61,750		61,748,317
0.56%, 3/24/17		1,500		1,500,240
0.55%, 3/29/17		12,700		12,702,830
0.52%, 4/04/17		30,300		30,299,343
0.59%, 4/17/17		30,258		30,267,899
0.56%, 4/26/17		4,980		4,978,625
0.57%, 5/24/17		1,155		1,154,396
0.56%, 6/05/17		39,835		39,827,385
0.53%, 6/15/17		30,000		29,996,221
0.56%, 6/20/17		28,085		28,093,097
0.46%, 7/13/17		39,125		39,122,245
0.57%, 7/14/17		10,000		10,003,538
0.57%, 8/04/17		2,055		2,054,538
0.57%, 8/29/17		250		249,751
0.54%, 10/13/17		16,675		16,659,087
0.56%, 11/13/17		5,940		5,935,285
0.66%, 12/04/17		3,000		3,000,000
0.57%, 12/08/17		1,880		1,877,385
0.57%, 1/02/18		658		657,072
0.63%, 9/06/18		27,300		27,298,478

U.S. Government Sponsored Agency Obligations	Par   (000)		Value
Federal Home Loan Bank Bonds, 4.88%, 5/17/17	$	16,135	$	16,495,076
Federal Home Loan Bank Discount Notes: (a)
0.34%, 1/04/17		87,170		87,117,054
0.36%, 1/13/17		29,365		29,343,861
0.35%, 1/20/17		17,420		17,406,451
0.36%, 1/25/17		35,000		34,968,186
0.44%, 1/25/17		20,975		20,955,934
0.37%, 1/27/17		77,006		76,938,074
0.46%, 2/01/17		35,000		34,958,856
0.48%, 4/19/17		31,040		30,970,057
0.58%, 5/04/17		11,865		11,864,368
0.66%, 8/03/17		33,500		33,331,104
0.73%, 10/10/17		30,500		30,287,864
Federal Home Loan Bank Variable Rate Notes: (b)
0.52%, 11/21/16		13,500		13,500,000
0.78%, 11/25/16		5,000		5,000,000
0.82%, 1/06/17		6,000		6,000,000
0.49%, 1/09/17		78,910		78,909,609
0.79%, 1/17/17		5,000		5,000,042
0.67%, 2/10/17		5,000		4,999,780
0.51%, 2/14/17		585		585,000
0.75%, 3/28/17		3,000		2,999,668
0.54%, 4/21/17		22,715		22,711,247
0.35%, 5/02/17		19,065		19,065,000
0.80%, 7/26/17		22,840		22,840,000
0.53%, 8/17/17		28,200		28,200,000
0.59%, 8/25/17		17,475		17,475,000
0.64%, 11/02/17		18,495		18,495,000
0.61%, 11/08/17		10,000		10,000,000
0.80%, 12/18/17		10,000		10,000,000
Tennessee Valley Authority Discount Notes, 0.26%, 11/01/16		300,000		300,000,000
Total U.S. Government Sponsored Agency Obligations — 51.6%				1,784,051,094

      Portfolio Abbreviations

AMT	Alternative Minimum Tax	IDA	Industrial Development Authority	PUTTERS	Puttable Tax-Exempt Receipts	TRAN	Tax and Revenue Anticipation
BAN	Bond Anticipation Notes	IDRB	Industrial Development Revenue	RB	Revenue Bonds		Notes
CalSTRS	California State Teachers’		Bonds	ROC	Reset Option Certificates	TECP	Tax-Exempt Commercial Paper
	Retirement System	LOC	Letter of Credit	SBPA	Stand-by Bond Purchase	VRDN	Variable Rate Demand Notes
COP	Certificates of Participation	MB	Municipal Bonds		Agreement	VRDP	Variable Rate Demand Preferred
DRIVERS	Derivative Inverse Tax-Exempt Receipts	PCRB	Pollution Control Revenue Bond	TAN	Tax Anticipation Notes
GO	General Obligation Bonds
HFA	Housing Finance Agency

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 11

Schedule of Investments (concluded) Federal Trust Fund

U.S. Treasury Obligations	Par   (000)		Value
U.S. Treasury Bills: (a)
0.10%-0.25%, 11/03/16	$	213,900	$	213,898,541
0.12%-0.26%, 11/10/16		827,120		827,070,756
0.25%, 11/17/16		132,000		131,985,627
0.24%, 11/25/16		200,000		199,968,001
0.43%, 1/19/17		17,000		16,983,959
0.35%-0.38%, 2/02/17		114,000		113,889,189
0.54%, 3/16/17		29,000		28,941,275
0.50%, 4/13/17		90,000		89,798,287

U.S. Treasury Obligations	Par   (000)		Value
U.S. Treasury Notes:
0.51%-0.61%, 11/01/16 (b)	$	8,005	$	8,002,242
0.75%, 1/15/17		15,510		15,520,754
Total U.S. Treasury Obligations — 47.6%				1,646,058,631
Total Investments (Cost — $3,430,109,725*) — 99.2%				3,430,109,725
Other Assets Less Liabilities — 0.8%				29,190,118
Net Assets — 100.0%			$	3,459,299,843

      Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Rates are discount rates or a range of discount rates at the time of purchase.

(b) Variable rate security. Rate as of period end.

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Short-Term Securities1		—		$	3,430,109,725		—		$	3,430,109,725

¹  See above Schedule of Investments for values in each security type.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, cash of $63,053,244 is categorized as Level 1 within the disclosure hierarchy.

During the period ended October 31, 2016, there were no transfers between levels.

See Notes to Financial Statements.

12 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Schedule of Investments October 31, 2016	FedFund
	(Percentages shown are based on Net Assets)

U.S. Government Sponsored Agency Obligations	Par   (000)		Value
Fannie Mae Benchmark Notes, 5.38%, 6/12/17	$	187,139	$	192,423,328
Fannie Mae Bonds:
5.00%, 2/13/17		62,250		63,040,200
0.75%, 3/14/17		20,000		20,019,239
0.75%, 4/20/17		32,000		32,030,408
5.00%, 5/11/17		129,711		132,632,000
Fannie Mae Discount Notes: (a)
0.52%, 12/16/16		127,970		127,886,820
0.52%, 1/03/17		40,093		40,056,515
0.53%, 1/05/17		197,510		197,320,994
0.44%, 2/14/17		98,225		98,098,945
Fannie Mae Variable Rate Notes: (b)
0.55%, 1/26/17		13,907		13,906,176
0.55%, 8/16/17		25,000		24,998,006
0.54%, 10/05/17		730		729,388
0.81%, 12/20/17		171,735		171,750,056
0.85%, 1/11/18		42,000		42,000,000
Federal Farm Credit Bank Discount Notes: (a)
0.35%, 11/25/16		85,000		84,980,562
0.42%, 1/12/17		25,000		24,979,000
0.44%, 1/23/17		40,445		40,403,971
0.56%, 2/09/17		94,620		94,472,813
0.55%, 2/10/17		42,345		42,279,659
0.48%, 2/15/17		100,000		99,869,725
0.47%, 3/20/17		75,000		74,863,896
0.58%, 6/23/17		84,055		83,738,113
0.60%, 7/11/17		6,810		6,781,398
0.67%, 8/04/17		25,000		24,871,583
Federal Farm Credit Bank Variable Rate Notes: (b)
0.55%, 11/14/16		2,295		2,295,000
0.53%, 11/29/16		215		215,003
0.53%, 12/01/16		8,618		8,618,003
0.62%, 12/06/16		1,855		1,855,164
0.76%, 12/16/16		182,015		182,015,000
0.57%, 12/28/16		4,055		4,055,323
0.56%, 1/03/17		6,950		6,950,197
0.59%, 1/17/17		2,430		2,430,310
0.50%, 1/24/17		4,320		4,319,955
0.54%, 2/06/17		7,866		7,866,676
0.57%, 2/13/17		885		885,152
0.53%, 2/23/17		1,701		1,701,054
0.59%, 2/27/17		1,680		1,680,212
0.53%, 3/02/17		10,845		10,845,522
0.56%, 3/16/17		7,558		7,556,876
0.50%, 3/20/17		16,995		16,994,537
0.52%, 4/04/17		9,700		9,699,790
0.59%, 4/17/17		3,442		3,443,078
0.65%, 4/24/17		112,000		111,997,207
0.56%, 4/26/17		2,730		2,729,479
0.56%, 5/08/17		205		204,855
0.57%, 5/24/17		440		439,768
0.56%, 6/05/17		17,130		17,126,770
0.75%, 6/19/17		50,000		49,999,058
0.56%, 6/20/17		9,805		9,807,827
0.46%, 7/13/17		10,875		10,874,234
0.56%, 7/19/17		200,000		199,993,938
0.57%, 7/20/17		78,410		78,407,593
0.57%, 8/04/17		845		844,810
0.57%, 8/29/17		100		99,900
0.57%, 9/05/17		282,565		282,540,485
0.64%, 9/21/17		45,000		45,000,000
0.54%, 10/13/17		5,775		5,769,489
0.59%, 11/06/17		835		834,365
0.56%, 11/13/17		2,265		2,263,354
0.66%, 12/04/17		97,000		97,000,000
0.57%, 12/08/17		740		738,971

U.S. Government Sponsored Agency Obligations	Par   (000)		Value
Federal Farm Credit Bank Variable Rate Notes: (b) (continued)
0.57%, 1/02/18	$	259	$	258,635
0.71%, 4/04/18		158,970		158,952,187
0.63%, 9/06/18		303,385		303,368,081
0.62%, 10/19/18		150,000		150,000,000
Federal Home Loan Bank Bonds:
0.43%, 1/11/17		50,000		49,994,109
0.49%, 2/01/17		127,265		127,256,679
1.00%, 6/21/17		29,965		30,039,336
Federal Home Loan Bank Discount Notes: (a)
0.55%, 11/02/16		180,000		179,997,250
0.30%, 11/03/16		500,000		499,991,667
0.32%, 11/09/16		450,000		449,968,000
0.45%, 11/14/16		42,280		42,273,160
0.26%, 11/15/16		10,000		9,999,008
0.26%, 11/16/16		400,000		399,946,852
0.46%, 11/16/16		90,000		89,988,042
0.55%, 11/16/16		50,000		49,993,356
0.55%, 11/18/16		50,000		49,987,132
0.27%, 11/22/16		200,000		199,969,083
0.34%, 11/25/16		196,495		196,450,066
0.34%, 11/30/16		1,754,000		1,753,515,181
0.35%, 12/02/16		285,505		285,420,181
0.59%, 12/05/16		39,000		38,978,268
0.38%, 12/14/16		94,000		93,957,334
0.50%, 12/21/16		176,745		176,622,260
0.34%, 1/04/17		550,000		549,667,022
0.33%, 1/06/17		150,000		149,905,197
0.34%, 1/06/17		540,000		539,658,708
0.42%, 1/06/17		34,680		34,658,081
0.37%, 1/11/17		1,814,778		1,813,446,735
0.36%, 1/13/17		436,440		436,123,934
0.35%, 1/18/17		209,000		208,841,508
0.36%, 1/20/17		111,600		111,493,383
0.48%, 1/20/17		55,000		54,947,456
0.47%, 1/20/17		129,000		128,876,760
0.36%, 1/25/17		1,131,854		1,130,849,390
0.44%, 1/25/17		400,680		400,324,365
0.37%, 1/27/17		1,300,000		1,298,856,433
0.45%, 2/01/17		125,000		124,856,250
0.47%, 2/10/17		523,240		522,550,050
0.40%, 2/15/17		100,000		99,869,725
0.47%, 2/15/17		25,000		24,967,431
0.48%, 2/17/17		99,135		98,992,246
0.38%, 2/21/17		144,000		143,829,760
0.48%, 2/24/17		550,000		549,151,396
0.50%, 2/28/17		100,000		99,834,722
0.48%, 3/01/17		588,900		587,956,387
0.50%, 3/10/17		32,000		31,942,667
0.55%, 3/15/17		75,800		75,642,943
0.56%, 3/15/17		300,000		299,378,404
0.51%, 3/17/17		420,000		419,190,800
0.47%, 3/31/17		150,000		149,709,375
0.50%, 4/05/17		866,000		864,139,423
0.49%, 4/07/17		250,000		249,466,854
0.48%, 4/17/17		512,000		510,864,697
0.54%, 5/03/17		40,000		39,890,200
0.57%, 5/04/17		101,055		101,049,621
0.73%, 10/10/17		331,000		328,697,803
Federal Home Loan Bank Variable Rate Notes: (b)
0.52%, 11/21/16		70,000		70,000,000
0.78%, 11/25/16		89,500		89,500,000
0.82%, 1/06/17		119,500		119,500,000
0.49%, 1/09/17		23,035		23,034,882
0.53%, 1/10/17		180,665		180,665,000
0.53%, 1/13/17		200,000		200,000,000

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 13

Schedule of Investments (continued) FedFund

U.S. Government Sponsored Agency Obligations	Par   (000)		Value
Federal Home Loan Bank Variable Rate Notes: (b) (continued)
0.65%, 2/07/17	$	204,000	$	203,991,324
0.68%, 2/13/17		200,000		199,991,370
0.51%, 2/14/17		14,170		14,170,000
0.67%, 2/17/17		50,000		49,997,759
0.67%, 2/17/17		50,000		49,995,114
0.50%, 2/24/17		190,500		190,476,594
0.55%, 3/10/17		62,500		62,500,066
0.78%, 4/05/17		92,095		92,095,000
0.54%, 4/21/17		8,485		8,483,684
0.54%, 4/25/17		25,000		24,995,826
0.35%, 4/26/17		500,000		500,000,000
0.35%, 4/26/17		500,000		500,000,000
0.35%, 5/02/17		505,975		505,975,000
0.35%, 5/02/17		250,000		250,000,000
0.72%, 6/15/17		215,400		215,400,000
0.58%, 7/06/17		306,565		306,565,000
0.58%, 7/06/17		145,000		145,000,000
0.58%, 7/07/17		358,500		358,500,000
0.58%, 7/07/17		130,000		129,999,682
0.59%, 7/14/17		78,645		78,645,000
0.58%, 7/24/17		235,935		235,935,000
0.80%, 7/26/17		104,680		104,680,000
0.53%, 8/17/17		9,670		9,670,000
0.59%, 8/25/17		292,625		292,625,000
0.59%, 8/25/17		178,540		178,540,000
0.51%, 9/01/17		880,000		880,000,000
0.58%, 9/01/17		200,370		200,370,000
0.77%, 9/13/17		172,980		172,980,000
0.81%, 10/27/17		127,000		126,991,099
0.81%, 10/30/17		100,000		99,997,685
0.64%, 11/02/17		167,680		167,680,000
0.61%, 11/08/17		473,600		473,600,000
0.52%, 12/19/17		115,000		114,989,539
0.65%, 12/21/17		250,000		250,000,000
0.84%, 1/08/18		83,700		83,700,000
0.49%, 1/18/18		500,000		500,000,000
0.58%, 1/24/18		200,000		200,000,000
0.82%, 1/26/18		95,000		94,994,147
0.82%, 1/26/18		274,000		274,000,000
0.67%, 2/15/18		100,000		100,000,000
0.84%, 3/08/18		53,925		53,932,343
0.68%, 3/15/18		250,000		250,000,000
0.68%, 3/16/18		250,000		250,000,000
0.67%, 3/22/18		247,500		247,500,000
0.63%, 3/26/18		245,000		245,023,415
0.68%, 3/26/18		55,000		55,007,804
0.65%, 3/27/18		250,000		250,000,000

U.S. Government Sponsored Agency Obligations	Par   (000)		Value
Freddie Mac Bonds:
0.50%, 1/27/17	$	149,430	$	149,446,392
0.88%, 2/22/17		76,311		76,361,047
Freddie Mac Discount Notes: (a)
0.27%, 11/09/16		100,000		99,994,000
0.40%, 1/04/17		3,339		3,336,626
0.44%, 1/18/17		54,505		54,453,408
0.44%, 2/02/17		147,340		147,172,524
0.50%, 5/01/17		23,650		23,590,547
Freddie Mac Variable Rate Notes: (b)
0.54%, 1/13/17		18,000		17,999,633
0.53%, 4/20/17		18,190		18,187,685
0.58%, 4/27/17		125,000		124,987,658
0.66%, 7/21/17		137,000		136,989,883
0.84%, 1/08/18		113,360		113,360,000
0.84%, 1/12/18		100,000		100,000,000
0.86%, 3/08/18		84,000		84,000,000
Total U.S. Government Sponsored Agency Obligations — 36.3%				32,072,364,079
U.S. Treasury Obligations
U.S. Treasury Bills: (a)
0.25%-0.26%, 11/10/16		1,212,765		1,212,686,825
0.25%, 11/17/16		3,200,250		3,199,893,405
0.19%-0.24%, 11/25/16		1,516,630		1,516,392,334
0.33%-0.34%, 12/08/16		750,000		749,742,413
0.36%, 12/15/16		600,000		599,739,483
0.50%-0.54%, 3/16/17		359,600		358,905,374
0.49%-0.50%, 3/23/17		380,000		379,261,699
0.48%, 4/06/17		275,000		274,430,979
0.50%, 4/13/17		2,300,000		2,294,845,125
0.47%, 4/20/17		1,159,000		1,156,427,664
0.61%, 4/27/17		191,700		191,129,772
0.68%, 10/12/17		416,970		414,271,174
U.S. Treasury Notes:
0.51%, 11/01/16 (b)		32,363		32,313,841
0.75%, 1/15/17		82,435		82,492,160
3.00%, 2/28/17		109,775		110,675,709
0.63%, 5/31/17		1,671,000		1,671,305,972
0.88%, 6/15/17		150,000		150,257,498
0.75%, 10/31/17		145,000		145,001,405
Total U.S. Treasury Obligations — 16.5%				14,539,772,832
Total Repurchase Agreements — 46.1%			40,712,204,179
Total Investments (Cost — $87,324,341,090*) — 98.9%				87,324,341,090
Other Assets Less Liabilities — 1.1%				955,898,665
Net Assets — 100.0%			$	88,280,239,755

      Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Rates are discount rates or a range of discount rates at the time of purchase.

(b) Variable rate security. Rate as of period end.

See Notes to Financial Statements.

14 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Schedule of Investments (continued) FedFund

      Repurchase Agreements

Repurchase Agreements														Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		at Value (000)		Proceeds including Interest		Position	Original Par		Position received, at Value
Bank of Montreal		0.30	%		10/31/16		11/01/16	$	4,000	$	4,000	$	4,000,033	U.S. Treasury obligations, 0.00% to 3.63% due from 3/31/17 to 8/15/44	$	4,087,500	$	4,080,058
Bank of Nova Scotia		0.30	%		10/31/16		11/01/16		3,500		3,500		3,500,029	U.S. Treasury obligation, 6.25% due at 5/15/30		2,331,400		3,570,125
Barclays Capital Inc.		0.32	%		10/31/16		11/01/16		700,000		700,000		700,006,222	U.S. Treasury obligations, 0.00% to 5.00% due from 2/15/17 to 8/15/46		699,404,918		714,000,066
BNP Paribas Securities Corp.		0.34	%		10/31/16		11/01/16		322,000		322,000		322,003,041	U.S. government sponsored agency obligations and U.S. Treasury obligations, 0.07% to 7.47% due from 4/01/17 to 9/15/57		634,801,043		330,518,250
		0.30	%		10/25/16		11/01/16		308,265		308,265		308,282,982	U.S. Treasury obligations, 0.00% to 8.50% due from 2/16/17 to 11/15/45		293,901,100		314,430,364
		0.32	%		10/31/16		11/01/16		235,000		235,000		235,002,089	U.S. Treasury obligations, 0.00% to 7.13% due from 11/15/16 to 2/15/46		235,468,580		239,700,000
		0.48	%(a)		10/31/16		11/07/16		600,000		600,000		600,056,000	U.S. government sponsored agency obligations, 0.03% to 8.00% due from 7/01/18 to 8/20/66		6,912,491,875		630,569,057
		0.33	%(a)		10/25/16		11/08/16		1,530,000		1,530,000		1,530,196,350	U.S. Treasury obligations, 0.00% to 8.88% due from 11/15/16 to 2/15/46		1,498,208,833		1,560,600,000
		0.33	%(a)		10/20/16		11/18/16		500,000		500,000		500,132,917	U.S. government sponsored agency obligations and U.S. Treasury obligations, 0.07% to 7.50% due from 6/01/17 to 9/20/66		1,354,366,245		515,082,828
		0.32	%(a)		10/26/16		11/25/16		525,000		525,000		525,140,000	U.S. Treasury obligations, 0.00% to 8.13% due from 11/15/17 to 11/15/45		470,086,994		535,500,000

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 15

Schedule of Investments (continued) FedFund

Repurchase Agreements														Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		at Value (000)		Proceeds including Interest		Position	Original Par		Position received, at Value
		0.31	%(a)		10/28/16		11/28/16	$	1,232,500	$	1,232,500	$	1,232,829,009	U.S. Treasury obligations, 0.00% to 8.13% due from 6/30/17 to 11/15/45	$	1,203,011,386	$	1,257,150,000
		0.32	%(a)		10/27/16		11/29/16		554,895		554,895		555,057,769	U.S. Treasury obligations, 0.00% to 4.25% due from 12/22/16 to 8/15/45		483,366,781		565,992,900
		0.68	%(a)		10/31/16		12/05/16		100,000		100,000		100,066,111	U.S. government sponsored agency obligations and U.S. Treasury obligation, 0.00% to 7.47% due from 10/15/19 to 7/25/46		205,727,344		108,420,559
Total BNP Paribas Securities Corp.										$	5,907,660						$	6,057,963,958
Citigroup Global Markets, Inc.		0.29	%		10/25/16		11/01/16		116,130		116,130		116,136,548	U.S. Treasury obligations, 0.88% to 2.38% due from 7/15/18 to 12/31/20		115,151,300		118,452,648
		0.32	%(b)		10/31/16		11/01/16		60,000		60,000		60,000,533	U.S. Treasury obligations, 0.51% to 3.63% due from 6/30/18 to 11/15/22		59,669,702		61,200,014
Total Citigroup Global Markets, Inc.										$	176,130						$	179,652,662
Credit Agricole Corporate & Investment Bank		0.32	%(b)		10/31/16		11/01/16		1,265,000		1,265,000		1,265,011,244	U.S. Treasury obligations, 1.25% to 1.75% due from 9/30/19 to 12/31/20		1,272,497,885		1,290,300,053
		0.34	%		10/31/16		11/01/16		750,000		750,000		750,007,083	U.S. government sponsored agency obligations and U.S. Treasury obligations, 0.00% to 4.75% due from 1/27/17 to 11/20/42		899,562,820		765,000,090
		0.34	%		10/26/16		11/02/16		300,000		300,000		300,019,833	U.S. government sponsored agency obligation, 3.50% due at 5/20/46		301,287,954		306,000,001
Total Credit Agricole Corporate & Investment Bank										$	2,315,000						$	2,361,300,144

See Notes to Financial Statements.

16 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Schedule of Investments (continued) FedFund

Repurchase Agreements														Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		at Value (000)		Proceeds including Interest		Position	Original Par		Position received, at Value
Credit Suisse Securities (USA) LLC		0.31	%		10/31/16		11/01/16	$	1,000,000	$	1,000,000	$	1,000,008,611	U.S. government sponsored agency obligations, 3.50% to 4.00% due from 5/20/46 to 8/20/46	$	984,098,145	$	1,020,002,211
Deutsche Bank Securities Inc.		0.36	%		10/31/16		11/01/16		900,000		900,000		900,009,000	U.S. Treasury obligations, 0.00% to 2.75% due from 6/30/18 to 2/15/46		1,061,733,400		918,000,031
Federal Reserve Bank of New York		0.25	%		10/31/16		11/01/16		11,000,000		11,000,000		11,000,076,389	U.S. Treasury obligations, 1.00% to 7.63% due from 11/30/19 to 2/15/25		9,676,146,000		11,000,076,416
Goldman Sachs & Co.		0.37	%		10/25/16		11/01/16		505,000		505,000		505,036,332	U.S. government sponsored agency obligations, 0.00% to 8.00% due from 4/15/21 to 10/15/49		7,052,406,214		540,350,000
		0.32	%		10/31/16		11/01/16		69,500		69,500		69,500,618	U.S. government sponsored agency obligations, 3.00% to 3.50% due from 7/01/46 to 11/01/46		69,370,447		71,585,001
		0.31	%		10/31/16		11/01/16		50,000		50,000		50,000,431	U.S. Treasury obligations, 0.00% due from 2/15/41 to 11/15/42		102,050,871		51,000,009
		0.39	%		10/27/16		11/03/16		345,000		345,000		345,026,163	U.S. government sponsored agency obligations, 0.00% to 7.12% due from 1/01/21 to 10/25/46		2,644,549,200		366,486,683
Total Goldman Sachs & Co.										$	969,500						$	1,029,421,693
HSBC Securities (USA) Inc.		0.26	%		10/31/16		11/01/16		500,000		500,000		500,003,611	U.S. Treasury obligations, 2.38% to 2.88% due from 5/15/24 to 5/15/43		479,010,400		510,003,451
		0.30	%(c)		10/31/16		11/01/16		380,000		380,000		380,003,167	U.S. government sponsored agency obligation, 3.00% due at 9/01/46		380,735,000		391,402,750
		0.28	%(c)		10/31/16		11/01/16		325,000		325,000		325,002,528	U.S. Treasury obligations, 0.88% to 1.63% due from 9/15/19 to 5/31/23		330,304,000		331,501,908

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 17

Schedule of Investments (continued) FedFund

Repurchase Agreements														Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		at Value (000)		Proceeds including Interest		Position	Original Par		Position received, at Value
		0.27	%		10/28/16		11/04/16	$	315,000	$	315,000	$	315,016,538	U.S. Treasury obligations, 0.63% to 1.63% due from 11/15/16 to 5/31/23	$	319,182,000	$	321,303,660
Total HSBC Securities (USA) Inc.										$	1,520,000						$	1,554,211,769
JPMorgan Securities LLC		0.31	%		10/31/16		11/01/16		454,000		454,000		454,003,909	U.S. Treasury obligations, 0.00% to 1.63% due from 10/31/23 to 5/15/46		735,362,251		463,080,836
		0.40	%(c)		10/31/16		11/01/16		340,000		340,000		340,003,778	U.S. government sponsored agency obligations, 2.00% to 7.50% due from 11/01/19 to 10/01/46		630,080,583		350,201,209
		0.53	%(a)		10/31/16		11/07/16		500,000		500,000		500,051,528	U.S. government sponsored agency obligations, 2.00% to 6.00% due from 3/01/23 to 10/16/53		666,130,314		520,430,833
Total JPMorgan Securities LLC										$	1,294,000						$	1,333,712,878
Merrill Lynch, Pierce, Fenner & Smith, Inc.		0.32	%(b)		10/31/16		11/01/16		100,000		100,000		100,000,889	U.S. Treasury obligations, 1.38% to 4.50% due from 2/28/19 to 5/15/44		93,543,150		102,000,001
		0.32	%		10/31/16		11/01/16		50,000		50,000		50,000,444	U.S. Treasury obligation, 3.75% due at 11/15/43		40,678,300		51,000,072
		0.34	%		10/31/16		11/01/16		2,000		2,000		2,000,019	U.S. government sponsored agency obligation, 5.58% due at 11/25/46		10,405,929		2,140,000
		0.32	%		10/31/16		11/01/16		1,000		1,000		1,000,009	U.S. Treasury obligation, 1.50% due at 8/15/26		1,049,100		1,020,017
		0.40	%		10/27/16		11/03/16		300,000		300,000		300,023,333	U.S. government sponsored agency obligations, 0.10% to 7.57% due from 2/25/21 to 8/25/44		3,444,935,273		309,774,088
Total Merrill Lynch, Pierce, Fenner & Smith, Inc.										$	453,000						$	465,934,178
Mizuho Securities USA, Inc.		0.35	%		10/31/16		11/01/16		712,010		712,010		712,016,726	U.S. Treasury obligation, 0.00% due at 5/15/25		700,000,000		726,250,000

See Notes to Financial Statements.

18 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Schedule of Investments (continued) FedFund

Repurchase Agreements														Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		at Value (000)		Proceeds including Interest		Position	Original Par		Position received, at Value
		0.35	%		10/31/16		11/01/16	$	13,000	$	13,000	$	13,000,126	U.S. Treasury obligation, 2.00% due at 5/31/21	$	12,766,300	$	13,260,019
		0.36	%(a)		10/17/16		11/17/16		400,000		400,000		400,124,000	U.S. government sponsored agency obligations, 0.87% to 7.07% due from 10/01/25 to 12/20/65		2,247,325,333		417,647,591
		0.66	%(a)		10/31/16		12/05/16		750,000		750,000		750,481,250	U.S. Treasury obligations, 0.13% to 8.88% due from 4/15/17 to 2/15/46		723,008,800		765,000,047
Total Mizuho Securities USA, Inc.										$	1,875,010						$	1,922,157,657
Morgan Stanley & Co. LLC		0.29	%		10/31/16		11/01/16		4,000		4,000		4,000,032	U.S. government sponsored agency obligations and U.S. Treasury obligation, 2.45% to 5.00% due from 2/15/21 to 10/01/46		5,309,132		4,116,751
MUFG Securities Americas, Inc.		0.31	%		10/31/16		11/01/16		1,294,000		1,294,000		1,294,011,143	U.S. government sponsored agency obligations and U.S. Treasury obligations, 1.13% to 7.00% due from 9/30/18 to 11/01/46		3,675,101,477		1,330,952,971
		0.30	%		10/31/16		11/01/16		100,000		100,000		100,000,833	U.S. government sponsored agency obligations and U.S. Treasury obligations, 0.00% to 6.25% due from 11/10/16 to 5/15/30		103,789,977		102,017,559
Total MUFG Securities Americas, Inc.										$	1,394,000						$	1,432,970,530
Nomura Securities		0.37	%		10/31/16		11/01/16		2,600,000		2,600,000		2,600,026,722	U.S. government sponsored agency obligations and U.S. Treasury obligations, 0.00% to 9.50% due from 1/15/17 to 9/20/66		5,014,445,523		2,657,685,106
Prudential Insurance Company of America		0.37	%		10/31/16		11/01/16		71,812		71,812		71,813,238	U.S. Treasury obligation, 0.00% due at 11/15/43		150,000,000		73,249,500
		0.37	%		10/31/16		11/01/16		63,394		63,394		63,394,402	U.S. Treasury obligation, 0.00% due at 5/15/39		115,000,000		64,661,050

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 19

Schedule of Investments (continued) FedFund

Repurchase Agreements														Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		at Value (000)		Proceeds including Interest		Position	Original Par		Position received, at Value
		0.37	%		10/31/16		11/01/16	$	61,325	$	61,325	$	61,325,630	U.S. Treasury obligation, 0.00% due at 5/15/38	$	110,000,000	$	62,551,500
		0.37	%		10/31/16		11/01/16		48,159		48,159		48,159,870	U.S. Treasury obligation, 0.00% due at 2/15/37		82,500,000		49,122,150
		0.37	%		10/31/16		11/01/16		40,080		40,080		40,080,412	U.S. Treasury obligation, 0.00% due at 11/15/34		64,000,000		40,881,280
		0.37	%		10/31/16		11/01/16		30,812		30,812		30,812,817	U.S. Treasury obligation, 0.00% due at 5/15/35		50,000,000		31,429,000
		0.37	%		10/31/16		11/01/16		30,375		30,375		30,375,312	U.S. Treasury obligation, 0.00% due at 11/15/35		50,000,000		30,982,500
		0.37	%		10/31/16		11/01/16		24,188		24,188		24,187,749	U.S. Treasury obligation, 0.00% due at 2/15/43		50,000,000		24,671,500
		0.37	%		10/31/16		11/01/16		23,144		23,144		23,143,988	U.S. Treasury obligation, 0.00% due at 5/15/33		35,000,000		23,606,800
Total Prudential Insurance Company of America										$	393,289						$	401,155,280
RBC Capital Markets LLC		0.66	%(a)		10/31/16		12/05/16		825,000		825,000		825,529,375	U.S. government sponsored agency obligations, 0.00% to 15.37% due from 9/15/26 to 10/25/46		15,529,169,634		887,212,317
Societe Generale SA		0.33	%		10/31/16		11/01/16		26,000		26,000		26,000,238	U.S. Treasury obligations, 0.13% to 6.50% due from 7/15/17 to 8/15/43		21,602,100		26,520,000
		0.40	%(a)		10/05/16		12/02/16		570,885		570,885		571,252,904	U.S. Treasury obligations, 0.00% to 6.13% due from 11/03/16 to 2/15/44		515,897,700		582,302,741
		0.41	%(a)		10/05/16		12/05/16		289,190		289,190		289,390,907	U.S. Treasury obligations, 0.00% to 4.50% due from 11/03/16 to 8/15/44		224,959,595		294,973,800
		0.41	%(a)		10/06/16		12/06/16		144,375		144,375		144,475,301	U.S. Treasury obligations, 0.00% to 3.50% due from 11/03/16 to 2/15/42		139,457,700		147,262,526
		0.43	%(a)		9/27/16		12/23/16		269,715		269,715		269,995,279	U.S. Treasury obligations, 1.50% to 1.63% due from 5/31/20 to 7/31/20		269,501,200		275,109,379

See Notes to Financial Statements.

20 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Schedule of Investments (continued) FedFund

Repurchase Agreements														Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		at Value (000)		Proceeds including Interest		Position	Original Par		Position received, at Value
		0.43	%(a)		9/28/16		1/04/17	$	929,450	$	929,450	$	930,537,973	U.S. Treasury obligations, 0.00% to 8.00% due from 1/15/17 to 2/15/46	$	807,312,142	$	948,039,007
		0.38	%(a)		10/18/16		1/04/17		154,000		154,000		154,126,793	U.S. Treasury obligations, 0.13% to 8.50% due from 1/15/17 to 5/15/44		135,675,300		157,080,000
Total Societe Generale SA										$	2,383,615						$	2,431,287,453
Wells Fargo Bank NA		0.32	%(b)		10/31/16		11/01/16		108,000		108,000		108,000,960	U.S. Treasury obligations, 0.88% to 1.38% due from 11/15/17 to 10/31/20		109,447,164		110,160,012
Wells Fargo Securities LLC		0.34	%		10/31/16		11/01/16		2,970,000		2,970,000		2,970,028,050	U.S. government sponsored agency obligations, 3.00% due from 10/01/46 to 11/01/46		2,960,761,276		3,059,100,001
		0.32	%		10/25/16		11/01/16		517,000		517,000		517,032,169	U.S. government sponsored agency obligations, 2.50% due from 10/01/31 to 11/01/31		516,061,403		532,510,000
		0.34	%(c)		10/31/16		11/01/16		440,000		440,000		440,004,156	U.S. government sponsored agency obligations, 3.00% due from 10/01/46 to 11/01/46		438,792,257		453,200,001
		0.32	%(b)		10/31/16		11/01/16		325,000		325,000		325,002,889	U.S. Treasury obligations, 1.25% to 3.25% due from 11/30/16 to 5/15/23		326,631,037		331,500,015
		0.35	%		10/27/16		11/03/16		634,500		634,500		634,543,181	U.S. government sponsored agency obligations, 2.50% to 4.50% due from 7/01/31 to 11/01/46		632,585,768		653,535,001
Total Wells Fargo Securities LLC										$	4,886,500						$	5,029,845,018
Total										$	40,712,204						$	41,518,516,313

(a) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

(b) Traded in a joint account.

(c) Variable rate security. Rate as of period end.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 21

Schedule of Investments (concluded) FedFund

During the year ended October 31, 2016, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Par held at October 31, 2015		Par Purchased		Par Sold			Par held at October 31, 2016		Income
PNC Bank N.A.	$	27,800,000	$	37,826,600,000	($	37,854,400,000	)		—	$	376,397

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Short-Term Securities1		—	$	87,324,341,090		—	$	87,324,341,090

¹ See above Schedule of Investments for values in each security type.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, cash of $513,952,577 is categorized as Level 1 within the disclosure hierarchy.

During the period ended October 31, 2016, there were no transfers between levels.

See Notes to Financial Statements.

22 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Schedule of Investments October 31, 2016	TempCash
	(Percentages shown are based on Net Assets)

Commercial Paper (a)	Par   (000)		Value
Caisse Centrale Desjardins DU Queb, 0.41%, 11/01/16	$	4,000	$	3,999,955
Starbird Funding Corp., 0.45%, 11/01/16		3,461		3,460,957
Versailles Com Paper LLC, 0.48%, 11/01/16		1,300		1,299,984
Victory Receivables Corp., 0.40%, 11/01/16		4,000		3,999,956
Total Commercial Paper — 13.0%				12,760,852
Municipal Bonds (b)
Iowa Finance Authority RB 2015 VRDN (Federal Home Loan Bank SBPA), 0.68%, 11/07/16		2,000		2,000,000
Jets Stadium Development LLC Series 2007A-4C VRDN, 0.89%, 11/07/16		2,000		2,000,000
Total Municipal Bonds — 4.1%				4,000,000
Time Deposits
Credit Agricole Corporate & Investment Bank, 0.31%, 11/01/16		2,764		2,764,000

Time Deposits	Par   (000)		Value
Credit Industriel et Commercial, 0.31%, 11/01/16	$	4,000	$	4,000,000
KBC Bank NV (New York Branch), 0.33%, 11/01/16		4,000		4,000,000
Lloyds Bank PLC, 0.30%, 11/01/16		4,000		4,000,000
National Australia Bank Ltd., 0.30%, 11/01/16		4,000		4,000,000
Nordea Bank Finland Plc New York, 0.31%, 11/01/16		4,000		4,000,000
Skandinaviska Enskilda Banken AB, 0.32%, 11/01/16		4,000		4,000,000
Svenska Handelbanken AB, 0.30%, 11/01/16		4,000		4,000,000
Swedbank AB, New York, 0.30%, 11/01/16		4,000		4,000,000
Total Time Deposits — 35.3%				34,764,000
Total Repurchase Agreements — 47.8%			47,000,000
Total Investments (Cost — $98,525,001*) — 100.2%				98,524,852
Liabilities in Excess of Other Assets — (0.2)%				(220,259	)
Net Assets — 100.0%			$	98,304,593

      Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Rates are discount rates or a range of discount rates at the time of purchase.

(b) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

      Repurchase Agreements

Repurchase Agreements														Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		at Value (000)		Proceeds including Interest		Position	Original Par		Position received, at Value
Citigroup Global Markets, Inc.		0.32	%(a)		10/31/16		11/01/16	$	18,000	$	18,000	$	18,000,160	U.S. Treasury obligations, 0.51% to 3.63% due from 6/30/18 to 11/15/22	$	17,900,910	$	18,360,004
Credit Suisse Securities (USA) LLC		0.66	%(b)		10/31/16		11/01/16		2,000		2,000		2,000,037	U.S. government sponsored agency obligation, 6.00% due at 12/25/65		3,260,000		2,400,249
HSBC Securities (USA) Inc.		0.61	%(b)		10/28/16		11/01/16		2,000		2,000		2,000,034	U.S. government sponsored agency obligation, 0.85% due at 2/18/20		2,135,000		2,140,021
JP Morgan Securities LLC		0.53	%(b)		10/31/16		11/01/16		3,000		3,000		3,000,044	Corporate/debt obligation, 0.00% due at 11/01/16		3,155,000		3,154,965
RBC Capital Markets LLC		0.49	%(b)		10/31/16		11/01/16		2,000		2,000		2,000,027	Corporate/debt obligation, 4.30% due at 3/08/26		1,963,185		2,100,000

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 23

Schedule of Investments (concluded) TempCash

Repurchase Agreements														Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		at Value (000)		Proceeds including Interest		Position	Original Par		Position received, at Value
		0.49	%(b)		10/31/16		11/01/16	$	1,000	$	1,000	$	1,000,014	Corporate/debt obligations, 0.00% due from 11/10/16 to 2/22/17	$	1,049,764	$	1,050,001
Total RBC Capital Markets LLC										$	3,000						$	3,150,001
Wells Fargo Bank NA		0.32	%(a)		10/31/16		11/01/16		10,000		10,000		10,000,089	U.S. Treasury obligations, 0.88% to 1.38% due from 11/15/17 to 10/31/20		10,133,996		10,200,000
Wells Fargo Securities LLC		0.32	%(a)		10/31/16		11/01/16		9,000		9,000		9,000,080	U.S. Treasury obligations, 1.25% to 3.25% due from 11/30/16 to 5/15/23		9,045,169		9,180,002
Total										$	47,000						$	48,585,242

(a) Traded in a joint account.

(b) Variable rate security. Rate as of period end.

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Short-Term Securities1		—	$	98,524,852		—	$	98,524,852

¹ See above Schedule of Investments for values in each security type.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, cash of $1,112 is categorized as Level 1 within the disclosure hierarchy.

During the year ended October 31, 2016, there were no transfers between levels.

See Notes to Financial Statements.

24 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Schedule of Investments October 31, 2016	TempFund
	(Percentages shown are based on Net Assets)

Certificates of Deposit	Par   (000)		Value
Domestic — 2.2%
Wells Fargo Bank N.A., 1.30%, 1/17/17 (a)	$	200,000	$	200,159,140
				200,159,140
Yankee — 20.0% (b)
Bank of Montreal, Chicago:
0.56%, 11/15/16		50,000		50,001,935
0.57%, 11/17/16		25,000		25,001,133
Bank of Tokyo-Mitsubishi UFJ Ltd., New York:
0.90%, 1/20/17		50,000		50,009,540
1.28%, 4/13/17		30,000		30,016,071
1.26%, 4/27/17		50,000		50,005,580
Canadian Imperial Bank of Commerce, New York, 1.31%, 1/13/17 (a)		150,000		150,097,290
Cooperatieve Rabobank UA New York:
1.00%, 11/21/16 (a)		50,000		50,013,495
1.05%, 11/21/16 (a)		44,000		44,011,119
Credit Industriel et Commercial, New York:
1.24%, 4/11/17		25,000		25,030,173
1.24%, 4/13/17		25,000		25,029,408
Dexia Credit Local, New York, 1.07%, 5/24/17 (a)		70,000		69,995,877
DZ Bank AG Deutsche Zentral Genoss, New York:
1.04%, 2/14/17		60,000		59,992,332
1.22%, 4/18/17		25,000		25,005,193
Mitsubishi UFJ Trust and Banking Corp., New York, 1.23%, 11/14/16 (a)		45,000		45,016,128
Mizuho Bank Ltd., New York:
1.23%, 11/14/16 (a)		50,000		50,023,200
1.24%, 11/14/16 (a)		72,000		72,032,969
0.90%, 1/12/17		50,000		50,017,175
Natixis S.A., New York, 0.73%, 11/21/16 (a)		250,000		250,038,150
Nordea Bank Finland PLC, New York, 1.19%, 3/01/17		26,000		26,035,253
Norinchukin Bank, New York:
0.90%, 1/17/17		40,000		40,010,176
1.00%, 2/28/17		80,000		80,010,544
1.00%, 3/01/17		60,000		60,007,212
1.29%, 4/20/17		50,000		50,022,245
Skandinaviska Enskilda Banken, New York, 1.06%, 11/14/16 (a)		91,000		90,991,155
Sumitomo Mitsui Banking Corp, New York:
1.23%, 11/14/16 (a)		50,000		50,031,025
0.95%, 1/10/17		60,000		60,037,410
Sumitomo Mitsui Banking Corp., New York, 0.95%, 1/12/17		50,000		50,030,245
Sumitomo Mitsui Trust Bank Ltd., New York, 1.22%, 11/14/16 (a)		70,000		70,040,397
Sumitomo Mitsui Trust, New York, 1.23%, 11/14/16 (a)		70,000		70,043,435
Svenska Handelsbanken, Inc., New York, 1.07%, 11/15/16 (a)		57,000		57,024,282
				1,825,620,147
Total Certificates of Deposit — 22.2%				2,025,779,287
Commercial Paper
Albion Capital LLC, 0.68%, 11/15/16 (c)		60,000		59,989,002
Alpine Securitization Ltd., 1.05%, 1/17/17 (c)		25,000		24,951,575
Antalis SA, 0.69%, 11/14/16 (c)		60,000		59,987,982
Bank Nederlandse Gemeeten, 0.60%, 11/28/16 (c)		100,000		99,954,030
Bank of Nova Scotia, New York:
1.06%, 11/14/16 (a)		60,000		59,993,754
1.03%, 11/17/16 (a)		50,000		50,034,150

Commercial Paper	Par   (000)		Value
Barton Capital SA:
0.65%, 11/04/16 (c)	$	13,000	$	12,999,353
0.65%, 11/09/16 (c)		23,000		22,997,309
1.03%, 1/09/17 (c)		43,000		42,934,197
Bennington Stark Cap Co., 1.10%, 1/09/17 (c)		25,000		24,959,653
BNP Paribas (New York Branch):
1.00%, 2/10/17 (c)		30,000		29,926,050
1.25%, 4/13/17 (c)		40,000		39,802,288
Caisse Centrale Desjardins, 0.41%, 11/01/16		140,000		139,998,432
Cancara Asset Securitisation LLC, 1.02%, 1/19/17 (c)		30,000		29,939,334
Commonwealth Bank of Australia:
1.08%, 11/17/16 (a)		60,000		59,995,662
1.14%, 11/18/16 (a)		40,000		39,997,660
1.26%, 1/17/17 (a)		40,000		40,011,816
1.28%, 1/18/17 (a)		24,000		24,011,916
1.24%, 1/27/17 (a)		25,000		24,999,263
Cooperatieve Rabobank UA New York, 0.63%, 12/14/16 (c)		50,000		49,965,045
DBS Bank Ltd.:
0.56%, 11/18/16 (c)		10,000		9,997,900
0.90%, 1/13/17 (c)		75,000		74,908,268
DNB NOR Bank ASA, 1.00%, 11/21/16 (a)		85,000		85,020,103
Erste Abwicklungsanstalt:
0.95%, 11/21/16 (a)		50,000		50,020,175
1.00%, 11/21/16 (a)		50,000		50,018,305
1.05%, 2/15/17 (c)		77,000		76,840,256
HSBC Bank PLC, 1.03%, 11/17/16 (a)		57,000		57,020,383
Kells Funding LLC:
1.04%, 1/30/17 (c)		50,000		49,878,415
1.04%, 2/03/17 (c)		20,000		19,948,806
1.05%, 2/06/17 (c)		40,000		39,893,724
Liberty Street Funding LLC, 0.91%, 1/10/17 (c)		50,000		49,917,365
Matchpoint Finance PLC, 1.30%, 4/18/17 (c)		65,000		64,630,235
Mitsubishi UFJ Trust and Banking Corp., 0.93%, 1/12/17 (c)		40,000		39,938,356
National Australia Bank Ltd., New York, 1.25%, 1/17/17 (a)		50,000		50,021,730
Nieuw Amsterdam Receivables Corp., 0.73%, 12/02/16 (c)		40,000		39,978,276
NRW.Bank, 0.60%, 12/07/16 (c)		100,000		99,932,680
Old Line Funding LLC, 1.04%, 11/14/16 (a)		59,750		59,770,190
Standard Chartered Bank, 0.90%, 1/12/17 (c)		50,000		49,926,595
Starbird Funding Corp.:
1.18%, 11/14/16 (a)		60,000		60,026,112
1.18%, 11/17/16 (a)		70,000		70,020,461
Sumitomo Mitsui Trust Bank, New York, 0.95%, 1/12/17 (c)		70,000		69,907,593
Sumitomo Trust & Banking Co. Ltd., New York, 1.00%, 2/17/17 (c)		40,000		39,898,024
Thunder Bay Funding LLC:
1.06%, 11/14/16 (a)		57,000		56,994,140
1.03%, 11/21/16 (a)		50,000		50,007,735
Toyota Motor Credit Corp, 1.16%, 1/18/17 (a)		25,000		25,005,165
United Overseas Bank Ltd.:
0.90%, 1/12/17 (c)		100,000		99,826,830
0.92%, 1/20/17 (c)		90,000		89,814,105
0.99%, 2/09/17 (c)		60,000		59,829,648
Versailles Com Paper LLC:
0.65%, 11/18/16 (c)		25,000		24,993,250
1.03%, 1/13/17 (c)		25,000		24,955,703
1.00%, 1/23/17 (c)		50,000		49,890,100
Victory Receivables Corp.:
0.65%, 11/02/16 (c)		39,089		39,088,011
0.65%, 11/15/16 (c)		50,000		49,989,165
0.65%, 11/16/16 (c)		42,836		42,825,968
1.01%, 1/11/17 (c)		34,000		33,942,472

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 25

Schedule of Investments (continued) TempFund

Commercial Paper	Par   (000)		Value
Westpac Banking Corp., 1.23%, 1/20/17 (a)	$	60,000	$	60,001,146
Westpac Trust Securities Ltd., New Zealand, 1.05%, 11/21/16 (a)		25,000		25,003,058
Working Capital Management, 0.65%, 11/15/16 (c)		15,000		14,996,744
Total Commercial Paper — 31.7%				2,892,125,663
Corporate Notes
Connecticut State, 0.63%, 11/07/16 (d)		133,700		133,700,000
Jets Stadium Development LLC, 0.85%, 11/07/16 (d)		3,200		3,200,000
Santa Clara Valley Transportation Authority, 0.58%, 11/07/16 (d)		19,020		19,020,000
Total Corporate Notes — 1.7%				155,920,000
Municipal Bonds (d)
California GO Series B1 VRDN (Mizuho Bank Ltd.LOC), 0.50%, 11/07/16		45,000		45,000,000
Cleveland-Cuyahoga County Port Authority RB (89th Garage Project) Series 2007 VRDN (JP Morgan Chase Bank N.A. LOC), 0.61%, 11/07/16		45,650		45,650,000
Houston Utility System RB (First Lien Water Revenue) Series 2004-B5 VRDN (Lloyds Bank LOC), 0.61%, 11/07/16		92,000		92,000,000
Illinois Finance Authority RB Series 2009 VRDN (Wells Fargo Bank N.A. SBPA), 0.48%, 11/01/16		4,850		4,850,000
Jackson County PCRB (Chevron USA, Inc. Project) Series 1993 VRDN, 0.52%, 11/01/16		27,610		27,610,000
Los Angeles Department of Water & Power RB Series 2001B-1 VRDN (Royal Bank of Canada SBPA), 0.59%, 11/07/16		43,700		43,700,000
Maryland Health & Higher Educational Facilities Authority RB (University of Maryland Medical System Project) Series 2008D VRDN (TD Bank N.A. LOC), 0.50%, 11/01/16		19,530		19,530,000
Metropolitan Transportation Authority RB Series 2015E-2 VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.56%, 11/07/16		45,775		45,775,000
Mississippi Business Finance Corp RB (Chevron Corp. Project) VRDN, 0.48%, 11/01/16		5,165		5,165,000
Mississippi Business Finance Corp RB (Chevron USA Inc. Project) Series 2009C VRDN, 0.48%, 11/01/16		11,385		11,385,000
Mississippi Business Finance Corp. RB (Chevron USA, Inc. Project) Series 2009G VRDN, 0.48%, 11/01/16		15,300		15,300,000
Mississippi Business Finance Corp. RB (Chevron USA, Inc. Project) Series 2010F VRDN, 0.58%, 11/07/16		21,080		21,080,000
Mississippi Business Finance Corp. RB (Chevron USA, Inc. Project) Series 2010-I VRDN (Chevron Corp. Guaranty), 0.48%, 11/01/16		15,150		15,150,000
Mississippi Business Finance Corp. RB (Chevron USA, Inc. Project) Series 2011C VRDN, 0.48%, 11/01/16		27,720		27,720,000

Municipal Bonds	Par   (000)		Value
New York City RB Series 2011D-3B VRDN (Royal Bank of Canada LOC), 0.51%, 11/01/16	$	9,000	$	9,000,000
New York City GO Series 2008J-J8 VRDN (Sumitomo Mitsui Bank Corp. LOC), 0.68%, 11/07/16		20,000		20,000,000
New York City GO Series 2012G-7 VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.50%, 11/01/16		24,345		24,345,000
New York City GO Series 2013D-4 VRDN (TD Bank N.A. LOC), 0.50%, 11/01/16		24,000		24,000,000
New York Dormitory Authority RB (City University of New York Project) Series 2008D VRDN (TD Bank N.A. LOC), 0.60%, 11/07/16		18,200		18,200,000
North Carolina Medical Care Commission RB (Caromont Health Project ) Series 2003B VRDN (Wells Fargo Bank N.A. LOC), 0.59%, 11/07/16		33,445		33,445,000
North Hudson Sewerage Authority RB Series 2012C VRDN (TD Bank N.A. LOC), 0.70%, 11/07/16		20,000		20,000,000
Simmons College RB Series 2008 VRDN (TD Bank N.A. LOC), 0.64%, 11/07/16		7,890		7,890,000
South Carolina Jobs-Economic Development Authority RB (Anmed Health Project) Series 2009A VRDN (Wells Fargo Bank N.A. LOC), 0.60%, 11/07/16		25,285		25,285,000
Southern California Public Power Authority RB (Magnolia Power Project) Series 2009 VRDN (Wells Fargo Bank N.A. LOC), 0.57%, 11/07/16		20,000		20,000,000
Triborough Bridge & Tunnel Authority RB Series 2005B-2 VRDN (Wells Fargo Bank N.A. LOC), 0.48%, 11/01/16		32,470		32,470,000
Uinta County RB (Chevron USA Inc. Project) Series 1 VRDN, 0.48%, 11/01/16		8,945		8,945,000
Yonkers IDRB (Consumers Union of United States Project) Series 2005 VRDN (JPMorgan Chase Bank N.A. LOC), 0.65%, 11/07/16		19,575		19,575,000
Total Municipal Bonds — 7.5%				683,070,000
Corporate Bonds
Nordea North America, Inc., 3.13%, 3/20/17 (e)		7,265		7,322,835
Sumitomo Mitsui Banking Corp, 1.30%, 1/10/17		39,232		39,254,413
Total Corporate Bonds — 0.5%				46,577,248
Time Deposits
ANZ Bank New Zealand Ltd., 0.32%, 11/01/16		200,000		200,000,000
Credit Agricole Corporate & Investment Bank, 0.31%, 11/01/16		200,000		200,000,000
Credit Industriel et Commercial, 0.31%, 11/01/16		198,000		198,000,000
ING Bank N.V. (Amsterdam Branch), 0.48%, 11/04/16		200,000		200,000,000
KBC Bank NV (New York Branch), 0.33%, 11/01/16		300,000		300,000,000
Lloyds Bank PLC, 0.30%, 11/01/16		200,000		200,000,000
Natixis SA, 0.30%, 11/01/16		68,000		68,000,000
Nordea Bank Finland PLC New York, 0.31%, 11/01/16		200,000		200,000,000
Skandinaviska Enskilda Banken AB, 0.32%, 11/01/16		200,000		200,000,000

See Notes to Financial Statements.

26 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Schedule of Investments (continued)  �� TempFund

Time Deposits	Par   (000)		Value
Standard Chartered Bank, 0.43%, 11/01/16	$	200,000	$	200,000,000
Total Time Deposits — 21.5%				1,966,000,000

	Value
Total Repurchase Agreements — 15.0%	$	1,370,000,000
Total Investments (Cost — $9,138,123,758*) — 100.1%		9,139,472,198
Liabilities in Excess of Other Assets — (0.1)%		(9,536,744	)
Net Assets — 100.0%	$	9,129,935,454

      Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Variable rate security. Rate as of period end.

(b) Issuer is a U.S. branch of a foreign domiciled bank.

(c) Rates are discount rates or a range of discount rates at the time of purchase.

(d) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

(e) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

      Repurchase Agreements

Repurchase Agreements														Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par   (000)		at Value (000)		Proceeds including Interest		Position	Original Par		Position received, at Value
Citigroup Global Markets, Inc.		1.12	%(a)		10/31/16		1/04/17	$	100,000	$	100,000	$	100,202,222	Corporate/debt obligations, 0.67% to 5.50% due from 1/15/37 to 6/16/42	$	380,606,590	$	107,000,000
Credit Suisse Securities (USA) LLC		0.78	%(b)		10/31/16		11/01/16		75,000		75,000		75,001,625	U.S. government sponsored agency obligations, 0.00% to 5.88% due from 6/30/36 to 6/27/47		129,547,089		90,004,783
		0.98	%(b)		10/31/16		11/01/16		50,000		50,000		50,001,361	U.S. government sponsored agency obligations, 3.50% to 6.00% due from 10/25/46 to 12/25/65		63,870,000		60,001,257
		0.98	%(a)		10/31/16		12/05/16		12,000		12,000		12,011,433	U.S. government sponsored agency obligation, 6.00% due at 12/25/65		19,560,000		14,401,492
Total Credit Suisse Securities (USA) LLC										$	137,000						$	164,407,532
Federal Reserve Bank of New York		0.25	%		10/31/16		11/01/16		125,000		125,000		125,000,868	U.S. Treasury obligation, 2.13% due at 8/15/21		120,166,900		125,000,894
HSBC Securities (USA) Inc.		0.55	%(b)		10/31/16		11/01/16		62,000		62,000		62,000,947	Corporate/debt obligations, 0.85% to 5.88% due from 10/30/19 to 4/11/26		68,526,000		68,913,135
		0.63	%(b)		10/31/16		11/01/16		43,000		43,000		43,000,753	Corporate/debt obligations, 1.75% to 5.20% due from 10/30/19 to 12/03/25		50,485,000		51,602,399

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 27

Schedule of Investments (continued) TempFund

Repurchase Agreements														Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		at Value (000)		Proceeds including Interest		Position	Original Par		Position received, at Value
		0.61	%		10/31/16		11/01/16	$	29,000	$	29,000	$	29,000,491	Corporate/debt obligations, 1.00% to 3.70% due from 7/15/19 to 8/08/46	$	30,783,000	$	30,450,851
Total HSBC Securities (USA) Inc.										$	134,000						$	150,966,385
JP Morgan Securities LLC		0.53	%(b)		10/31/16		11/01/16		193,000		193,000		193,002,841	Corporate/debt obligations, 0.00% due from 11/01/16 to 12/05/16		202,714,000		202,653,065
		1.26	%(a)		10/31/16		1/30/17		100,000		100,000		100,318,500	U.S. government sponsored agency obligations, 0.67% to 6.03% due from 10/15/25 to 6/15/49		644,630,160		119,044,207
Total JP Morgan Securities LLC										$	293,000						$	321,697,272
Merrill Lynch, Pierce, Fenner & Smith, Inc.		1.01	%(a)		10/31/16		12/15/16		68,000		68,000		68,085,850	U.S. government sponsored agency obligations, 0.00% to 3.84% due from 8/01/20 to 6/25/46		97,391,928		85,000,001
Mizuho Securities USA, Inc.		0.63	%(b)		10/31/16		11/01/16		100,000		100,000		100,001,750	U.S. Treasury obligations, 0.13% to 2.88% due from 2/28/18 to 1/15/25		98,980,200		102,000,098
RBC Capital Markets LLC		0.51	%(b)		10/31/16		11/01/16		200,000		200,000		200,002,833	Corporate/debt obligations, 1.00% to 9.50% due from 11/14/16 to 7/01/16		202,287,131		210,148,462
		0.51	%(b)		10/31/16		11/01/16		130,000		130,000		130,001,842	Corporate/debt obligations, 0.00% to 0.70% due from 11/02/16 to 7/19/17		136,820,892		136,500,002
		0.51	%(b)		10/31/16		11/01/16		3,000		3,000		3,000,043	Corporate/debt obligations, 0.00% to 4.50% due from 1/15/18 to 9/15/26		3,351,457		3,150,001
Total RBC Capital Markets LLC										$	333,000						$	349,798,465

See Notes to Financial Statements.

28 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Schedule of Investments (concluded) TempFund

Repurchase Agreements														Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		at Value (000)		Proceeds including Interest		Position	Original Par		Position received, at Value
Wells Fargo Securities LLC		0.58	%(b)		10/31/16		11/01/16	$	80,000	$	80,000	$	80,001,289	U.S. government sponsored agency obligation, 1.09% to 5.79% due from 12/08/20 to 2/12/49	$	169,805,788	$	85,600,000
Total										$	1,370,000						$	1,491,470,647

(a) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

(b) Variable rate security. Rate as of period end.

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Short-Term Securities1		—	$	9,139,472,198		$—	$	9,139,472,198
1    See above Schedule of Investments for values in each security type.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, bank overdraft of $3,971,221 is categorized as Level 2 within the disclosure hierarchy.

During the period ended October 31, 2016, there were no transfers between levels.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 29

Schedule of Investments October 31, 2016	T-Fund
	(Percentages shown are based on Net Assets)

U.S. Treasury Obligations	Par   (000)		Value
U.S. Treasury Bills: (a)
0.40%, 11/03/16	$	300,000	$	299,993,417
0.25%-0.39%, 11/10/16		1,441,065		1,440,961,699
0.25%, 11/17/16		1,750,950		1,750,752,286
0.24%, 11/25/16		914,970		914,815,584
0.34%, 12/01/16		2,100,000		2,099,413,750
0.34%, 12/08/16		549,200		549,010,906
0.34%-0.39%, 1/12/17		792,000		791,426,560
0.43%, 1/19/17		600,000		599,433,833
0.42%-0.43%, 1/26/17		713,000		712,276,929
0.35%-0.44%, 2/02/17		519,640		519,116,682
0.44%, 2/09/17		678,000		677,171,333
0.45%, 2/16/17		200,000		199,735,472
0.48%, 3/02/17		517,630		516,794,890
0.48%, 3/09/17		487,000		486,168,852
0.54%, 3/16/17		525,000		523,936,875
0.48%-0.49%, 4/06/17		1,153,200		1,150,778,347
0.50%, 4/13/17		1,000,000		997,758,750
0.47%, 4/20/17		500,000		498,890,278
0.61%, 4/27/17		518,350		516,808,125
0.55%, 5/25/17		2,040		2,033,611
0.56%, 6/22/17		100,000		99,640,792
0.68%, 10/12/17		280,710		278,892,229

U.S. Treasury Obligations	Par   (000)		Value
U.S. Treasury Notes:
0.63%-3.25%, 12/31/16	$	837,210	$	840,117,305
0.75%, 1/15/17		393,280		393,545,807
0.42%, 1/31/17 (b)		300,293		300,292,616
0.50%-0.88%, 1/31/17		648,105		648,470,933
4.63%, 2/15/17		116,710		118,114,463
0.50%-3.00%, 2/28/17		1,230,135		1,233,658,289
0.75%, 3/15/17		766,355		767,139,127
0.50%-3.25%, 3/31/17		1,228,745		1,233,660,463
0.41%, 4/30/17 (b)		94,531		94,530,055
0.88%-8.75%, 5/15/17		547,830		557,393,907
0.63%-2.75%, 5/31/17		397,690		402,135,660
0.63%-2.50%, 6/30/17		294,150		294,832,176
0.88%, 7/15/17		234,380		234,948,319
0.42%, 7/31/17 (b)		600,055		599,966,046
0.50%, 7/31/17		384,045		383,955,170
0.63%, 8/31/17		339,630		339,495,781
0.51%, 10/31/17 (b)		840,447		840,243,442
0.61%, 1/31/18 (b)		588,890		589,471,924
0.53%, 4/30/18 (b)		2,004,340		2,004,530,619
0.51%, 7/31/18 (b)		869,985		870,083,657
0.51%, 10/31/18 (b)		365,990		365,983,284
Total U.S. Treasury Obligations — 48.8%				28,738,380,243
Total Repurchase Agreements — 49.3%				29,058,973,184
Total Investments (Cost — $57,797,353,427*) — 98.1%				57,797,353,427
Other Assets Less Liabilities — 1.9%				1,135,783,042
Net Assets — 100.0%			$	58,933,136,469

      Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Rates are discount rates or a range of discount rates at the time of purchase.

(b) Variable rate security. Rate as of period end.

      Repurchase Agreements

Repurchase Agreements														Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		at Value (000)		Proceeds including Interest		Position	Original Par		Position received, at Value
Bank of Montreal		0.30	%		10/31/16		11/01/16	$	2,000	$	2,000	$	2,000,017	U.S. Treasury obligations, 0.13% to 2.13% due from 3/31/18 to 2/15/45	$	1,990,700	$	2,040,040
Bank of Nova Scotia		0.30	%		10/31/16		11/01/16		20,500		20,500		20,500,171	U.S. Treasury obligations, 0.00% to 1.63% due from 12/29/16 to 11/30/20		20,919,200		20,910,215
Barclays Capital, Inc.		0.32	%		10/31/16		11/01/16		750,000		750,000		750,006,667	U.S. Treasury obligations, 0.00% to 0.13% due from 4/15/17 to 8/15/46		740,512,316		765,000,095

See Notes to Financial Statements.

30 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Schedule of Investments (continued) T-Fund

Repurchase Agreements														Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		at Value (000)		Proceeds including Interest		Position	Original Par		Position received, at Value
BNP Paribas SA		0.33	%(a)		10/14/16		11/14/16	$	600,000	$	600,000	$	600,170,500	U.S. Treasury obligations, 0.63% to 2.75% due from 8/31/17 to 2/15/46	$	575,911,200	$	612,000,037
		0.31	%(a)		10/20/16		11/18/16	��	500,000		500,000		500,124,861	U.S. Treasury obligations, 0.00% to 3.63% due from 2/23/17 to 2/15/46		472,347,541		510,000,000
Total BNP Paribas SA										$	1,100,000						$	1,122,000,037
BNP Paribas Securities Corp.		0.30	%		10/25/16		11/01/16		191,735		191,735		191,746,185	U.S. Treasury obligations, 0.00% to 8.75% due from 11/15/16 to 8/15/45		185,712,425		195,569,700
		0.32	%		10/31/16		11/01/16		84,000		84,000		84,000,747	U.S. Treasury obligations, 2.00% to 6.75% due from 2/15/22 to 8/15/26		82,679,500		85,680,036
		0.33	%(a)		10/25/16		11/08/16		970,000		970,000		970,124,483	U.S. Treasury obligations, 0.00% to 8.50% due from 11/15/16 to 8/15/45		1,062,417,300		989,400,043
		0.32	%(a)		10/26/16		11/25/16		475,000		475,000		475,126,667	U.S. Treasury obligations, 0.00% to 8.50% due from 4/27/17 to 8/15/26		451,853,000		484,500,061
		0.31	%(a)		10/28/16		11/28/16		767,500		767,500		767,704,880	U.S. Treasury obligations, 0.00% to 8.13% due from 11/10/16 to 8/15/45		779,014,641		782,850,000
		0.32	%(a)		10/27/16		11/29/16		445,105		445,105		445,235,564	U.S. Treasury obligations, 0.00% to 6.13% due from 12/08/16 to 5/15/45		417,372,900		454,007,125
Total BNP Paribas Securities Corp.										$	2,933,340						$	2,992,006,965
Citigroup Global Markets, Inc.		0.32	%(b)		10/31/16		11/01/16		347,000		347,000		347,003,084	U.S. Treasury obligations, 0.51% to 3.63% due from 6/30/18 to 11/15/22		345,089,786		353,940,081
		0.29	%		10/25/16		11/01/16		78,745		78,745		78,749,440	U.S. Treasury obligations, 0.00% to 2.13% due from 12/08/16 to 9/30/21		78,015,000		80,319,903

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 31

Schedule of Investments (continued) T-Fund

Repurchase Agreements														Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		at Value (000)		Proceeds including Interest		Position	Original Par		Position received, at Value
		0.32	%		10/31/16		11/01/16	$	76,000	$	76,000	$	76,000,676	U.S. Treasury obligation, 1.25% due at 11/30/18	$	76,584,500	$	77,520,011
Total Citigroup Global Markets, Inc.										$	501,745						$	511,779,995
Credit Agricole Corporate and Investment Bank SA		0.32	%		10/31/16		11/01/16		1,594,000		1,594,000		1,594,014,169	U.S. Treasury obligations, 0.13% to 2.50% due from 2/28/18 to 5/15/24		1,581,554,300		1,625,880,063
		0.32	%(b)		10/31/16		11/01/16		935,000		935,000		935,008,311	U.S. Treasury obligations, 1.25% to 1.75% due from 9/30/19 to 12/31/20		940,541,915		953,700,039
		0.32	%		10/26/16		11/02/16		400,000		400,000		400,024,889	U.S. Treasury obligations, 0.88% to 4.75% due from 11/30/17 to 2/15/41		320,925,700		408,000,027
Total Credit Agricole Corporate and Investment Bank SA										$	2,929,000						$	2,987,580,129
Deutsche Bank Securities, Inc.		0.36	%		10/31/16		11/01/16		500,000		500,000		500,005,000	U.S. Treasury obligations, 0.00% to 1.75% due from 11/30/16 to 5/15/23		508,643,500		510,000,013
Federal Reserve Bank of New York		0.25	%		10/31/16		11/01/16		8,200,000		8,200,000		8,200,056,944	U.S. Treasury obligations, 1.38% to 4.75% due from 8/15/19 to 8/15/43		7,304,830,100		8,200,056,993
Goldman Sachs & CO		0.25	%		10/31/16		11/01/16		28,000		28,000		28,000,194	U.S. Treasury obligations, 0.75% to 5.50% due from 7/31/18 to 8/15/28		23,658,500		28,560,009
HSBC Securities (USA) Inc.		0.27	%(c)		10/31/16		11/01/16		751,000		751,000		751,005,633	U.S. Treasury obligations, 0.00% due from 11/15/26 to 5/15/46		1,156,143,680		766,020,776
		0.27	%		10/25/16		11/01/16		492,000		492,000		492,025,830	U.S. Treasury obligations, 2.63% to 4.75% due from 11/15/20 to 8/15/41		393,001,900		501,841,295
		0.28	%		10/31/16		11/01/16		255,000		255,000		255,001,983	U.S. Treasury obligations, 0.42% to 1.50% due from 7/31/17 to 2/28/23		260,324,700		260,103,935

See Notes to Financial Statements.

32 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Schedule of Investments (continued) T-Fund

Repurchase Agreements														Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		at Value (000)		Proceeds including Interest		Position	Original Par		Position received, at Value
		0.28	%		10/31/16		11/01/16	$	10,000	$	10,000	$	10,000,078	U.S. Treasury obligations, 2.75% to 3.00% due from 8/15/42 to 5/15/45	$	9,513,200	$	10,202,385
		0.28	%		10/26/16		11/02/16		319,000		319,000		319,017,368	U.S. Treasury obligations, 0.75% to 3.88% due from 8/15/19 to 11/15/45		293,460,400		325,382,826
		0.27	%		10/28/16		11/04/16		196,000		196,000		196,010,290	U.S. Treasury obligations, 1.50% to 2.25% due from 2/28/23 to 8/15/46		208,300,000		199,920,448
Total HSBC Securities (USA) Inc.										$	2,023,000						$	2,063,471,665
JPMorgan Securities LLC		0.31	%(c)		10/31/16		11/01/16		250,000		250,000		250,002,153	U.S. Treasury obligations, 1.50% to 1.63% due from 5/15/26 to 8/15/26		258,813,100		255,004,760
Merrill Lynch, Pierce, Fenner & Smith, Inc.		0.32	%(b)		10/31/16		11/01/16		900,000		900,000		900,008,000	U.S. Treasury obligations, 1.38% to 4.50% due from 2/28/19 to 5/15/44		841,888,350		918,000,005
		0.32	%		10/31/16		11/01/16		85,000		85,000		85,000,756	U.S. Treasury obligation, 0.88% due at 1/15/18		86,343,600		86,700,021
		0.32	%		10/31/16		11/01/16		50,000		50,000		50,000,444	U.S. Treasury obligation, 3.75% due at 11/15/43		40,678,300		51,000,072
Total Merrill Lynch, Pierce, Fenner & Smith, Inc.										$	1,035,000						$	1,055,700,098
Mizuho Securities USA, Inc.		0.35	%		10/31/16		11/01/16		305,147		305,147		305,150,026	U.S. Treasury obligation, 0.00% due at 5/15/25		300,000,000		311,250,000
Morgan Stanley & CO LLC		0.27	%		10/31/16		11/01/16		14,000		14,000		14,000,105	U.S. Treasury obligations, 0.00% to 1.63% due from 11/10/16 to 12/31/19		13,960,000		14,280,099
MUFG Securities Americas, Inc.		0.29	%		10/31/16		11/01/16		922,000		922,000		922,007,427	U.S. Treasury obligations, 0.00% to 8.75% due from 11/10/16 to 8/15/46		844,261,400		940,440,066
Nomura Securities International, Inc.		0.34	%		10/31/16		11/01/16		2,200,000		2,200,000		2,200,020,778	U.S. Treasury obligations, 0.00% to 8.75% due from 11/15/16 to 8/15/46		2,151,242,655		2,244,000,075

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 33

Schedule of Investments (continued) T-Fund

Repurchase Agreements														Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		at Value (000)		Proceeds including Interest		Position	Original Par		Position received, at Value
Prudential Insurance Company of America		0.37	%		10/31/16		11/01/16	$	88,575	$	88,575	$	88,576,285	U.S. Treasury obligation, 2.25% due at 11/15/24	$	86,100,000	$	90,347,313
		0.37	%		10/31/16		11/01/16		63,750		63,750		63,750,655	U.S. Treasury obligation, 8.75% due at 8/15/20		50,000,000		65,025,000
		0.37	%		10/31/16		11/01/16		47,875		47,875		47,875,492	U.S. Treasury obligation, 0.00% due at 11/15/43		100,000,000		48,833,000
		0.37	%		10/31/16		11/01/16		40,538		40,538		40,537,917	U.S. Treasury obligation, 0.00% due at 11/15/36		69,000,000		41,348,250
		0.37	%		10/31/16		11/01/16		37,100		37,100		37,100,381	U.S. Treasury obligation, 0.00% due at 11/15/39		70,000,000		37,842,000
		0.37	%		10/31/16		11/01/16		36,750		36,750		36,750,378	U.S. Treasury obligation, 0.00% due at 2/15/40		70,000,000		37,485,000
		0.37	%		10/31/16		11/01/16		32,750		32,750		32,750,337	U.S. Treasury obligation, 0.00% due at 8/15/33		50,000,000		33,405,000
		0.37	%		10/31/16		11/01/16		30,188		30,188		30,187,810	U.S. Treasury obligation, 0.00% due at 2/15/36		50,000,000		30,791,500
		0.37	%		10/31/16		11/01/16		29,025		29,025		29,025,298	U.S. Treasury obligation, 0.00% due at 2/15/43		60,000,000		29,605,800
		0.37	%		10/31/16		11/01/16		28,375		28,375		28,375,292	U.S. Treasury obligation, 0.00% due at 11/15/37		50,000,000		28,942,500
		0.37	%		10/31/16		11/01/16		27,810		27,810		27,810,286	U.S. Treasury obligation, 2.25% due at 3/31/21		27,000,000		28,366,200
		0.37	%		10/31/16		11/01/16		27,312		27,312		27,312,781	U.S. Treasury obligation, 0.00% due at 8/15/36		46,000,000		27,858,980
		0.37	%		10/31/16		11/01/16		20,746		20,746		20,745,963	U.S. Treasury obligation, 2.50% due at 8/15/23		19,900,000		21,160,665
		0.37	%		10/31/16		11/01/16		18,062		18,062		18,062,686	U.S. Treasury obligation, 0.00% due at 5/15/30		25,000,000		18,423,750
Total Prudential Insurance Company of America										$	528,856						$	539,434,958
RBC Capital Markets LLC		0.29	%		10/31/16		11/01/16		12,000		12,000		12,000,097	U.S. Treasury obligations, 0.00% to 2.50% due from 4/27/17 to 11/15/43		9,831,588		12,240,079
Societe Generale SA		0.33	%		10/31/16		11/01/16		9,000		9,000		9,000,083	U.S. Treasury obligations, 0.63% to 3.50% due from 2/15/18 to 8/15/44		8,374,400		9,180,057

See Notes to Financial Statements.

34 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Schedule of Investments (continued) T-Fund

Repurchase Agreements														Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		at Value (000)		Proceeds including Interest		Position	Original Par		Position received, at Value
		0.38	%		10/13/16		11/15/16	$	350,000	$	350,000	$	350,121,917	U.S. Treasury obligations, 0.00% to 8.50% due from 11/03/16 to 2/15/45	$	330,795,300	$	357,000,033
		0.38	%		10/13/16		11/16/16		500,000		500,000		500,179,444	U.S. Treasury obligations, 0.00% to 8.00% due from 2/15/17 to 2/15/46		447,383,808		510,000,000
		0.35	%		10/20/16		11/18/16		500,000		500,000		500,140,972	U.S. Treasury obligations, 0.00% to 9.00% due from 11/03/16 to 8/15/45		482,659,000		510,000,000
		0.40	%(a)		10/05/16		12/02/16		429,115		429,115		429,391,541	U.S. Treasury obligations, 0.00% to 8.50% due from 11/03/16 to 2/15/45		407,758,600		437,697,318
		0.41	%(a)		10/05/16		12/05/16		210,810		210,810		210,956,454	U.S. Treasury obligations, 1.75% to 2.75% due from 6/30/17 to 1/15/27		191,672,000		215,026,204
		0.41	%(a)		10/06/16		12/06/16		105,625		105,625		105,698,380	U.S. Treasury obligations, 0.00% to 3.13% due from 11/03/16 to 11/15/41		94,690,400		107,737,590
		0.38	%(a)		10/19/16		12/19/16		250,000		250,000		250,160,972	U.S. Treasury obligations, 0.00% to 3.50% due from 11/03/16 to 8/15/44		234,563,233		255,000,000
		0.43	%(a)		9/27/16		12/23/16		230,285		230,285		230,524,305	U.S. Treasury obligations, 0.00% to 8.00% due from 11/25/16 to 11/15/43		218,796,100		234,890,759
		0.43	%(a)		9/28/16		1/04/17		745,550		745,550		746,422,708	U.S. Treasury obligations, 0.00% to 8.75% due from 1/05/17 to 11/15/45		706,778,162		760,461,000
		0.38	%(a)		10/18/16		1/04/17		96,000		96,000		96,079,040	U.S. Treasury obligations, 0.00% to 3.63% due from 11/03/16 to 2/15/44		81,960,200		97,920,007
Total Societe Generale SA										$	3,426,385						$	3,494,912,968
TD Securities (USA) LLC		0.30	%		10/31/16		11/01/16		30,000		30,000		30,000,250	U.S. Treasury obligations, 0.00% to 3.13% due from 11/25/16 to 8/15/44		29,592,800		30,600,024

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 35

Schedule of Investments (concluded) T-Fund

Repurchase Agreements														Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		at Value (000)		Proceeds including Interest		Position	Original Par		Position received, at Value
Wells Fargo Bank NA		0.32	%(b)		10/31/16		11/01/16	$	182,000	$	182,000	$	182,001,618	U.S. Treasury obligations, 0.88% to 1.38% due from 11/15/17 to 10/31/20	$	184,438,740	$	185,640,022
Wells Fargo Securities LLC		0.32	%(b)		10/31/16		11/01/16		716,000		716,000		716,006,364	U.S. Treasury obligations, 1.25% to 3.25% due from 11/30/16 to 5/15/23		719,593,296		730,320,031
		0.32	%		10/31/16		11/01/16		450,000		450,000		450,004,000	U.S. Treasury obligations, 1.25% to 1.88% due from 9/30/17 to 11/15/22		453,460,900		459,000,001
Total Wells Fargo Securities LLC										$	1,166,000						$	1,189,320,032
Total										$	29,058,973						$	29,476,229,337

(a) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

(b) Traded in a joint account.

(c) Variable rate security. Rate as of period end.

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Short-Term Securities1		—	$	57,797,353,427		—	$	57,797,353,427

¹ See above Schedule of Investments for values in each security type.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statements purposes. As of period end, cash of $560,332,071 is categorized as Level 1 within the disclosure hierarchy.

During the period ended October 31, 2016, there were no transfers between levels.

See Notes to Financial Statements.

36 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Schedule of Investments October 31, 2016	Treasury Trust Fund
	(Percentages shown are based on Net Assets)

U.S. Treasury Obligations	Par   (000)		Value
U.S. Treasury Bills: (a)
0.01%-0.26%, 11/03/16	$	3,828,600	$	3,828,548,307
0.11%-0.27%, 11/10/16		1,640,640		1,640,543,322
0.25%-0.42%, 11/17/16		2,911,905		2,911,586,999
0.20%-0.32%, 11/25/16		3,709,500		3,708,852,825
0.34%-0.43%, 12/08/16		593,000		592,783,530
0.34%, 1/05/17		300,000		299,815,833
0.36%-0.39%, 1/12/17		415,000		414,691,700
0.34%-0.43%, 1/19/17		310,000		309,748,956
0.34%-0.43%, 1/26/17		786,000		785,304,252
0.43%-0.44%, 2/02/17		112,690		112,563,728
0.44%, 2/09/17		138,000		137,831,333
0.45%, 2/16/17		175,000		174,768,538
0.45%-0.47%, 2/23/17		545,000		544,211,025
0.48%-0.66%, 3/02/17		188,500		188,168,662
0.48%, 3/09/17		206,500		206,147,573
0.54%, 3/16/17		100,000		99,797,500
0.62%-0.66%, 3/30/17		143,055		142,677,765
0.49%, 4/06/17		350,000		349,256,833
0.50%, 4/13/17		450,000		448,991,438
0.47%, 4/20/17		300,000		299,334,166
0.61%, 4/27/17		162,000		161,518,118
0.68%, 10/12/17		90,415		89,829,665

U.S. Treasury Obligations	Par   (000)		Value
U.S. Treasury Notes:
4.63%, 11/15/16	$	88,000	$	88,138,446
0.88%, 11/30/16		58,000		58,015,874
3.25%, 12/31/16		181,875		182,716,382
0.75%, 1/15/17		211,055		211,130,392
0.42%, 1/31/17 (b)		124,700		124,699,119
0.50%-0.88%, 1/31/17		289,410		289,710,786
0.88%-3.00%, 2/28/17		266,720		267,413,742
0.75%, 3/15/17		38,000		38,038,715
0.50%, 3/31/17		37,565		37,567,958
0.41%, 4/30/17 (b)		445,987		445,990,646
4.50%-8.75%, 5/15/17		143,335		147,547,141
0.63%, 5/31/17		26,570		26,558,965
0.63%-2.50%, 6/30/17		158,855		159,230,540
0.42%, 7/31/17 (b)		233,405		233,351,305
0.63%, 8/31/17		97,890		97,825,786
0.51%, 10/31/17 (b)		324,140		324,023,286
0.61%, 1/31/18 (b)		285,765		285,880,080
0.53%, 4/30/18 (b)		478,295		478,308,874
0.51%, 7/31/18 (b)		573,070		573,091,944
0.51%, 10/31/18 (b)		84,455		84,458,325
Total U.S. Treasury Obligations — 98.6%				21,600,670,374
Total Investments (Cost — $21,600,670,374*) — 98.6%				21,600,670,374
Other Assets Less Liabilities — 1.4%				307,215,953
Net Assets — 100.0%			$	21,907,886,327

      Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Rates are discount rates or a range of discount rates at the time of purchase.

(b) Variable rate security. Rate as of period end.

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Short-Term Securities1		—	$	21,600,670,374		—	$	21,600,670,374

¹  See above Schedule of Investments for values in each security type.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, cash of $302,305,836 is categorized as Level 1 within the disclosure hierarchy.

During the period ended October 31, 2016, there were no transfers between levels.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 37

Schedule of Investments October 31, 2016	MuniCash
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par   (000)		Value
Alabama — 0.9%
Tuscaloosa County Industrial Development Authority RB (Hunt Refining Co. Project) Series 2011F VRDN (JPMorgan Chase Bank N.A. LOC), 0.63%, 11/07/16 (a)	$	20,000	$	20,000,000
Alaska — 2.8%
Alaska Housing Finance Corp. RB Series 2009A VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.60%, 11/07/16 (a)		8,500		8,500,000
Alaska Housing Finance Corp. RB Series 2009B VRDN (Wells Fargo Bank N.A. SBPA), 0.60%, 11/07/16 (a)		30,100		30,100,000
Valdez RB (Exxon Pipeline Co. Project ) Series 1993B VRDN, 0.47%, 11/01/16 (a)		21,470		21,470,000
				60,070,000
Arizona — 0.5%
Arizona State University RB Series A VRDN, 0.58%, 11/07/16 (a)		4,140		4,140,000
Industrial Development Authority of the City of Phoenix RB (Mayo Clinic Project) Series 2014B VRDN (Wells Fargo Bank N.A. SBPA), 0.47%, 11/01/16 (a)		7,075		7,075,000
				11,215,000
Arkansas — 0.0%
Fayetteville RB Series 2015 MB, 2.00%, 11/01/16		200		200,000
California — 16.1%
Bay Area Toll Authority Tender Option Bond Trust Receipts/Certificates RB Series 2016-XG0019 VRDN (Bank of America N.A. SBPA), 0.68%, 11/07/16 (a)(b)(c)		5,250		5,250,000
California GO Series 2003A-3 VRDN (BMO Harris Bank N.A. LOC), 0.50%, 11/01/16 (a)		19,250		19,250,000
California GO Series 2005A-3 VRDN (Mizuho Bank Ltd. LOC), 0.68%, 11/07/16 (a)		6,000		6,000,000
California Health Facilities Funding Authority Tender Option Bond Trust Receipts/Certificates RB Series 2015-XF0152 VRDN (Bank of America N.A. SBPA), 0.75%, 11/07/16 (a)(b)(c)		1,500		1,500,000
California Infrastructure & Economic Development Bank RB (Pacific Gas Electric Project) Series 2009C VRDN, 0.47%, 11/01/16 (a)		23,305		23,305,000
California Municipal Finance Authority RB (Chevron USA Inc. Project) Series 2010A VRDN:
0.45%, 11/01/16 (a)		36,900		36,900,000
0.46%, 11/01/16 (a)		11,525		11,525,000
California Pollution Control Financing Authority RB (Air Products and Chemicals Inc. Project) Series 1997B VRDN, 0.50%, 11/01/16 (a)		10,000		10,000,000
California Pollution Control Financing Authority RB Series 1996C VRDN (Mizuho Bank Ltd.LOC), 0.56%, 11/01/16 (a)		28,100		28,100,000
California School Cash Reserve Program Authority GO Series 2016B MB, 2.00%, 6/30/17		4,500		4,541,265
California School Cash Reserve Program Authority GO Series 2016D MB, 2.00%, 6/30/17		2,100		2,115,603
California Tender Option Bond Trust Receipts/Certificates GO Series 2015-XF2171 VRDN (Citibank N.A. LOC), 0.67%, 11/07/16 (a)(b)(c)		200		200,000

Municipal Bonds	Par   (000)		Value
California (continued)
East Bay Municipal Utility District Water System Revenue RB Series 2008-A1 VRDN (Wells Fargo Bank N.A. SBPA), 0.58%, 11/07/16 (a)	$	9,350	$	9,350,000
Eastern Municipal Water District RB MB, 1.01%, 3/13/17		9,000		9,000,000
Eastern Municipal Water District RB Series 2014A VRDN (Wells Fargo Bank N.A. LOC), 0.60%, 11/07/16 (a)		25,850		25,850,000
Eastern Municipal Water District RB Series 2014C VRDN (Wells Fargo Bank N.A. SBPA), 0.58%, 11/07/16 (a)		24,450		24,450,000
Fontana Unified School District Tender Option Bond Trust Receipts/Certificates GO Series 2015-XF0111 VRDN (JPMorgan Chase Bank N.A. LOC), 0.73%, 11/07/16 (a)(b)(c)		5,100		5,100,000
Kern County RB Series 2016-17 TRAN, 3.00%, 6/30/17		2,500		2,538,400
Los Angeles County GO Series 2016-17 TRAN, 3.00%, 6/30/17		4,000		4,061,440
Los Angeles County Schools RB Series A-2 TRAN, 2.00%, 6/01/17		7,000		7,051,800
Los Angeles County Schools RB Series A-3 TRAN, 2.00%, 6/30/17		1,050		1,057,529
Los Angeles Department of Water & Power RB Series 2002A-1 VRDN (Bank of America N.A. SBPA), 0.45%, 11/01/16 (a)		26,000		26,000,000
Los Angeles Department of Water & Power RB Series 2002A-5 VRDN (Citibank N.A. SBPA), 0.49%, 11/01/16 (a)		11,900		11,900,000
Los Angeles GO Series 2016B TRAN, 3.00%, 6/29/17		8,000		8,124,560
Metropolitan Water District of Southern California RB Series 2015A-2 VRDN, 0.56%, 11/07/16 (a)		1,200		1,200,000
Mountain View-Whisman School District Tender Option Bond Trust Receipts/Certificates GO Series 2016-XF2225 VRDN (Citibank N.A. SBPA), 0.67%, 11/07/16 (a)(b)(c)		4,800		4,800,000
Orange County Housing Authority RB (Oasis Martinique LLC Project) Series 1998 VRDN (Fannie Mae Liquidity/Guarantee), 0.69%, 11/07/16 (a)		28,900		28,900,000
Palomar Community Collage District Tender Option Bond Trust Receipts/Certificates GO Series 2015-XF0137 VRDN (JP Morgan Chase Bank N.A.SBPA), 0.66%, 11/07/16 (a)(b)(c)		5,400		5,400,000
Riverside County RB Series 2016 TRAN, 3.00%, 6/30/17		8,500		8,634,555
San Diego Housing Authority RB (Hillside Garden Apartments Project) Series 2004 C VRDN (Fannie Mae Liquidity, Fannie Mae LOC), 0.58%, 11/07/16 (a)		1,200		1,200,000
University of California RB Series 2013AL-4 VRDN, 0.56%, 11/07/16 (a)		11,100		11,100,000
Upland Community Redevelopment Agency RB Series 2007 VRDN (Federal Home Loan Bank LOC), 0.56%, 11/07/16 (a)		1,400		1,400,000
				345,805,152
Colorado — 1.4%
Colorado GO Series 2016 MB, 2.00%, 6/27/17		10,000		10,080,100
Colorado RB Series 2016A TRANS, 3.00%, 6/27/17		15,000		15,230,700

See Notes to Financial Statements.

38 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Schedule of Investments (continued) MuniCash

Municipal Bonds	Par   (000)		Value
Colorado (continued)
Sheridan Redevelopment Agency Tax Allocation RB (South Santa Fe Drive Project) Series 2011 VRDN (JPMorgan Chase Bank N.A. LOC), 0.68%, 11/07/16 (a)	$	3,865	$	3,865,000
				29,175,800
Connecticut — 0.8%
Capital City Economic Development Authority RB Series 2004B VRDN (Bank of America N.A. SBPA), 0.66%, 11/07/16 (a)		3,170		3,170,000
Connecticut Housing Finance Authority RB (CILS Realty Inc. Project) Series 2008 VRDN (HSBC Bank USA LOC), 0.58%, 11/07/16 (a)		3,575		3,575,000
Connecticut Housing Finance Authority RB Series 2016A-3 VRDN (Royal Bank of Canada LOC), 0.62%, 11/07/16 (a)		400		400,000
Connecticut Special Tax Revenue RB Series A MB, 5.00%, 9/01/17		9,720		10,060,492
				17,205,492
Delaware — 0.1%
Delaware State Economic Development Authority RB Series 1997 VRDN (Manufacturers and Traders Trust Co. LOC), 0.68%, 11/07/16 (a)		1,125		1,125,000
District of Columbia — 0.8%
District of Columbia RB Series 2007-C1 VRDN (Sumitono Mitsui LOC), 0.61%, 11/07/16 (a)		10,675		10,675,000
District of Columbia Water & Sewer Authority Tender Option Bond Trust Receipts/Certificates RB Series 2016-X VRDN (JPMorgan Chase Bank N.A. SBPA), 0.71%, 11/07/16 (a)(b)(c)		6,675		6,675,000
				17,350,000
Florida — 2.7%
Escambia County Health Facilities Authority RB (Azalea Inc. Project) Series 2003B VRDN (TD Bank N.A. LOC), 0.64%, 11/01/16 (a)		3,000		3,000,000
Hillsborough Community College Foundation Inc. RB Series 2006 VRDN (BMO Harris Bank N.A. LOC), 0.60%, 11/07/16 (a)		1,500		1,500,000
Miami Dade Water & Sewer Authority GO Series B-1 TECP (Sumitomo Mitsui Bank Corp. LOC), 0.94%, 12/08/16		25,000		25,001,500
Orlando Utilities Commission RB Series 2011 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.65%, 11/07/16 (a)		5,475		5,475,000
Orlando Utilities Commission Utilities System RB Series 2011A VRDN 7 Month Window, 0.88%, 5/29/17 (a)		1,100		1,100,000
Palm Beach County RB (Pine Crest Preparatory School Inc. Project) Series 2012B VRDN (TD Bank N.A. LOC), 0.60%, 11/07/16 (a)		22,455		22,455,000
				58,531,500
Georgia — 1.1%
Gainesville & Hall County Development Authority RB (ACTS Retirement-Life Communities Inc. Project) Series 2003B VRDN (TD Bank N.A. LOC), 0.64%, 11/01/16 (a)		10,890		10,890,000
Municipal Electric Authority of Georgia RB Series 2008B VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.60%, 11/07/16 (a)		12,850		12,850,000
				23,740,000

Municipal Bonds	Par   (000)		Value
Hawaii — 0.1%
Hawaii Tender Option Bond Trust Receipts/Certificates GO Series 2016XF VRDN (Royal Bank of Canada Liquidity Agreement), 0.67%, 11/07/16 (a)(b)(c)	$	1,900	$	1,900,000
Idaho — 0.2%
Idaho GO TAN, 2.00%, 6/30/17		3,250		3,279,120
Illinois — 2.9%
Hampshire Special Service Area JPMorgan Chase Putters/Drivers Trust RB Series 4048 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.85%, 11/07/16 (a)(b)(c)		9,085		9,085,000
Illinois Finance Authority Puttable Floating Option Tax-Exempt Receipts RB (Bank of America N.A. Guaranty) Series PT-4702 VRDN, 0.82%, 11/07/16 (a)(b)		8,690		8,690,000
Illinois Finance Authority RB Series 2004 VRDN (BMO Harris Bank N.A. LOC), 0.72%, 11/07/16 (a)		6,800		6,800,000
Illinois Finance Authority RB (Advocate Health Care Network Project) Series 2008C-2B VRDN (JPMorgan Chase Bank N.A. SBPA), 0.64%, 11/07/16 (a)		10,000		10,000,000
Illinois Finance Authority RB (Herman M Finch University Health Services Project) Series 2003 VRDN (JPMorgan Chase Bank N.A. LOC), 0.64%, 11/07/16 (a)		4,315		4,315,000
Illinois Finance Authority RB (Northshore University Health System Project) VRDN (Wells Fargo Bank N.A. SBPA), 0.60%, 11/07/16 (a)		8,530		8,530,000
Illinois GO Series B-3 VRDN (Wells Fargo Bank N.A. LOC), 0.60%, 11/07/16 (a)		2,900		2,900,000
Illinois Highway Authority Tender Option Bond Trust Receipt Floaters RB Series 2015-XF2202 VRDN (Citibank N.A. Liquidity Agreement), 0.67%, 11/07/16 (a)(b)(c)		1,140		1,140,000
Illinois State Toll Highway Authority RB Series A-1B VRDN (Bank of America N.A. LOC), 0.63%, 11/07/16 (a)		9,620		9,620,000
				61,080,000
Indiana — 0.1%
Indianapolis Local Public Improvement Bond Bank RB Series 2009 ROC-RR-II-R-11779 VRDN (Citibank N.A. Liquidity Facility), 0.78%, 11/07/16 (a)(b)		2,930		2,930,000
Iowa — 3.2%
Iowa Finance Authority RB (CJ Bio America Inc. Project) Series 2012 VRDN (Korea Development Bank LOC), 0.88%, 11/07/16 (a)		55,940		55,940,000
Iowa Finance Authority RB 2015 VRDN (Federal Home Loan Bank SBPA), 0.68%, 11/07/16 (a)		5,975		5,975,000
Iowa Finance Authority RB Series 2016E VRDN (Federal Home Loan Bank SBPA), 0.65%, 11/07/16 (a)		7,500		7,500,000
				69,415,000
Kansas — 0.6%
Burlington Environmental Improvement RB Series 2007B (Power & Light Project) VRDN (JPMorgan Chase Bank N.A. LOC), 0.68%, 11/07/16 (a)		12,500		12,500,000
Kentucky — 0.5%
Louisville & Jefferson County Metropolitan Sewer District RB Series 2016 BAN, 3.50%, 11/15/17		10,000		10,265,916

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 39

Schedule of Investments (continued) MuniCash

Municipal Bonds	Par   (000)		Value
Louisiana — 4.5%
Ascension Parish Industrial Development Board Inc. RB (BASF Corp. Project) Series 2009 VRDN, 0.77%, 11/07/16 (a)	$	8,000	$	8,000,000
Louisiana Housing Corp. RB (Walmsley Housing Corp. Project) Series 2004 VRDN (Fannie Mae Liquidity, Fannie Mae LOC), 0.83%, 11/07/16 (a)		1,500		1,500,000
Louisiana Local Government Environmental Facilities & Community Development Authority RB (BASF SE Project) Series 2000B VRDN, 0.77%, 11/07/16 (a)		7,500		7,500,000
Louisiana Public Facilities Authority RB (Air Products and Chemical Inc. Project) Series 2005 VRDN, 0.50%, 11/01/16 (a)		17,500		17,500,000
Louisiana Public Facilities Authority RB (Air Products and Chemical Inc. Project) Series 2010 VRDN, 0.60%, 11/07/16 (a)		7,000		7,000,000
Louisiana Public Facilities Authority RB (Air Products and Chemical Inc. Project) VRDN, 0.50%, 11/01/16 (a)		22,500		22,500,000
Louisiana Public Facilities Authority RB (Air Products and Chemicals Inc. Project) Series 2004 VRDN, 0.63%, 11/07/16 (a)		7,150		7,150,000
Louisiana Public Facilities Authority RB (Air Products and Chemicals Inc. Project) Series 2008-C VRDN, 0.50%, 11/01/16 (a)		25,200		25,200,000
				96,350,000
Maryland — 1.7%
Baltimore County RB Series 1996 VRDN (Manufacturers and Traders Trust Co. LOC), 0.79%, 11/07/16 (a)		2,435		2,435,000
Maryland Community Development Administration RB Series 2007-J VRDN (TD Bank N.A. SBPA), 0.60%, 11/07/16 (a)		13,705		13,705,000
Maryland Health & Higher Educational Facilities Authority RB Series 2008 ROCS-RR-II-R-11415 VRDN (Citibank N.A. Liquidity Facility), 0.83%, 11/07/16 (a)(b)(c)		10,940		10,940,000
Washington County RB (Homewood Williamsport Facility Project) Series 2007 VRDN (Manufacturers and Traders Trust Co. LOC), 0.79%, 11/07/16 (a)		9,780		9,780,000
				36,860,000
Massachusetts — 7.6%
Commonwealth of Massachusetts GO MB, 2.00%, 4/24/17		13,800		13,885,284
Danvers GO MB, 1.50%, 8/18/17		4,500		4,522,815
Massachusetts Bay Transportation Authority RB Series 2010A-7 VRDN 7 Month Window, 0.72%, 5/29/17 (a)		13,650		13,650,000
Massachusetts Clipper Tax-Exempt Certificates Trust RB Series 2007-2009-47 AMT VRDN (State Street Bank & Trust Co. Liquidity Facility), 0.67%, 11/07/16 (a)(b)(c)		39,080		39,080,000
Massachusetts Health & Educational Facilities Authority RB Series P2 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.60%, 11/07/16 (a)		42,100		42,100,000
Massachusetts Tender Option Bond Trust Receipt Floaters GO Series 2015-XF2197 VRDN (Citibank N.A. SBPA), 0.67%, 11/07/16 (a)(b)(c)		825		825,000
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue RB Series 2010A-1 VRDN (TD Bank N.A. SBPA), 0.60%, 11/07/16 (a)		9,375		9,375,000
Massachusetts Water Resources Authority RB Series 2008E VRDN (JPMorgan Chase Bank N.A. SBPA), 0.67%, 11/07/16 (a)		750		750,000

Municipal Bonds	Par   (000)		Value
Massachusetts (continued)
RBC Municipal Products Inc Trust RB Series VRDN, 0.66%, 11/03/16 (a)	$	22,935	$	22,935,000
University of Massachusetts Building Authority RB Series 20111 VRDN (Wells Fargo Bank N.A. LOC), 0.60%, 11/07/16 (a)		3,250		3,250,000
University of Massachusetts Building Authority RB Series 2011-2 VRDN 7 Month Window (Massachusetts State Guaranteed), 0.72%, 5/29/17 (a)		11,600		11,600,000
				161,973,099
Michigan — 0.4%
Michigan State Hospital Finance Authority RB (Ascension Health Project) Series 2010F-7 VRDN, 0.69%, 5/29/17 (a)		7,805		7,805,000
Southfield Economic Development Corp. RB (Lawerence Tech University Project ) VRDN (JPMorgan Chase Bank N.A. LOC), 0.65%, 11/07/16 (a)		400		400,000
				8,205,000
Minnesota — 1.1%
Minneapolis Health Care System Revenue Authority RB (Fairview Health Services Project) RBC Municipal Products, Inc. Trust Series 2010C-E-19 VRDN (Royal Bank of Canada LOC, Royal Bank of Canada SBPA), 0.66%, 11/07/16 (a)(b)		14,600		14,600,000
Minnesota 911 Services Revenue RB Series 2016 MB, 5.00%, 6/01/17		9,000		9,222,750
				23,822,750
Mississippi — 1.0%
Mississippi Business Finance Corp RB (Chevron Corp. Project) Series 2010A VRDN, 0.62%, 11/07/16 (a)		3,700		3,700,000
Mississippi Business Finance Corp RB (Chevron Corp. Project) VRDN, 0.48%, 11/01/16 (a)		10,300		10,300,000
Mississippi Business Finance Corp. RB (Chevron USA, Inc. Project) Series 2011C VRDN, 0.48%, 11/01/16 (a)		8,500		8,500,000
				22,500,000
Missouri — 0.2%
Kansas City RB Series 2008E VRDN (Sumitomo Mitsui Bank Corp. LOC), 0.60%, 11/07/16 (a)		4,025		4,025,000
Nebraska — 0.8%
Nebraska Tender Option Bond Trust Receipts/Certificates Floaters GO Series 2015-XF2206 VRDN (Citibank N.A. Liquidity Facility), 0.69%, 11/07/16 (a)(b)(c)		2,240		2,240,000
Omaha Public Power District GO Series TECP, 0.57%, 11/07/16		14,370		14,369,569
				16,609,569
New Hampshire — 0.8%
New Hampshire Health and Education Facilities Authority Act RB (University Systems of New Hampshire Project) Series 2011B VRDN (State Street Bank & Trust Co. SBPA), 0.52%, 11/01/16 (a)		16,900		16,900,000
New Jersey — 1.3%
Passaic County GO Series 2015A MB, 2.00%, 12/13/16		21,300		21,327,051

See Notes to Financial Statements.

40 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Schedule of Investments (continued) MuniCash

Municipal Bonds	Par   (000)		Value
New Jersey (continued)
Passaic County Improvement Authority RB Series 2016 BAN, 2.00%, 6/28/17	$	7,440	$	7,490,815
				28,817,866
New York — 18.7%
Amherst Development Corp. Senior Living RB (Asbury Pointe Inc. Project ) Series 2011A VRDN (Manufacturers and Traders Trust Co. LOC), 0.68%, 11/07/16 (a)		2,610		2,610,000
East Rochester Housing Authority RB Series 2008 VRDN (Manufacturers and Traders Trust Co. LOC), 0.68%, 11/07/16 (a)		3,450		3,450,000
Erie Industrial Development Agency School Facility Revenue Tender Option Bond Trust Receipts/Certificates RB Series 2015-XF0112 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.75%, 11/07/16 (a)(b)(c)		4,270		4,270,000
Metropolitan Transportation Authority RB Series E-3 VRDN (Citibank N.A. LOC), 0.54%, 11/07/16 (a)		300		300,000
Metropolitan Transportation Authority RB VRDN (Royal Bank of Canada LOC), 0.51%, 11/01/16 (a)		14,870		14,870,000
Metropolitan Transportaton Authority Tender Option Bond Trust Receipts/Certificates RB Series 2016-XF0 VRDN (TD Bank N.A. SBPA), 0.78%, 11/07/16 (a)(b)(c)		12,970		12,970,000
New York City GO Series 2012A-3 VRDN (Mizuho Bank Ltd. LOC), 0.54%, 11/01/16 (a)		25,040		25,040,000
New York City GO Series 2014I-2 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.52%, 11/01/16 (a)		2,000		2,000,000
New York City GO Series 2008J-J8 VRDN (Sumitomo Mitsui Bank Corp. LOC), 0.68%, 11/07/16 (a)		8,100		8,100,000
New York City GO Series 2013D-4 VRDN (TD Bank N.A. LOC), 0.50%, 11/01/16 (a)		14,220		14,220,000
New York City Industrial Development Agency RB Series 2004 VRDN (TD Bank N.A. LOC), 0.59%, 11/07/16 (a)		6,480		6,480,000
New York City Metropolitan Transportation Authority RB Series 2016A BAN, 2.00%, 2/01/17		20,725		20,788,498
New York City Municipal Water Finance Authority RB Series 2013A-A3 VRDN (TD Bank N.A. SBPA), 0.50%, 11/01/16 (a)		18,750		18,750,000
New York City Transitional Finance Authority Future Tax Secured Revenue RB Series 2016 E-4 VRDN (JPMorgan Chase Bank N.A. LOC), 0.52%, 11/01/16 (a)		10,600		10,600,000
New York City Transitional Finance Authority Future Tax Secured Revenue RB Series A-4 VRDN (Mizuho Bank Ltd.LOC), 0.49%, 11/01/16 (a)		41,760		41,760,000
New York City Transitional Finance Authority Future Tax Secured Revenue RB Series D-3 VRDN (Mizuho Bank Ltd.SBPA), 0.53%, 11/01/16 (a)		34,000		34,000,000
New York City Transitional Finance Authority Future Tax Secured Revenue RB Series 2003A-4 VRDN (TD Bank N.A. SBPA), 0.50%, 11/01/16 (a)		400		400,000
New York City Water & Sewer System RB Series 2006CC-2 VRDN (BMO Harris Bank N.A. SBPA), 0.49%, 11/01/16 (a)		5,000		5,000,000

Municipal Bonds	Par   (000)		Value
New York (continued)
New York City Water & Sewer System RB Series 2012 A VRDN (State Street Bank & Trust Co. SBPA), 0.51%, 11/01/16 (a)	$	2,800	$	2,800,000
New York City Water & Sewer System RB Series 2012A-2 VRDN (Mizuho Bank Ltd. SBPA), 0.48%, 11/01/16 (a)		20,000		20,000,000
New York City Water & Sewer System RB Series BB 1A VRDN (State Street Bank & Trust Co. SBPA), 0.50%, 11/01/16 (a)		50,700		50,700,000
New York Environmental Facilities Corp. Tender Option Bond Trust Receipts/Certificates RB Series 2016-XF2 VRDN (Citibank N.A. SBPA), 0.67%, 11/07/16 (a)(b)(c)		4,000		4,000,000
New York State Housing Finance Agency RB Series 2012A-1 VRDN (Manufacturers and Traders Trust Co. LOC), 0.65%, 11/07/16 (a)		6,700		6,700,000
New York State Housing Finance Agency RB Series 2013A VRDN (Wells Fargo Bank N.A. LOC), 0.63%, 11/07/16 (a)		10,900		10,900,000
New York State Housing Finance Agency RB Series 2014A VRDN (Bank of New York MellonLOC), 0.59%, 11/07/16 (a)		11,850		11,850,000
New York State Housing Finance Agency RB Series 2014A-1 VRDN (Manufacturers and Traders Trust Co. LOC), 0.65%, 11/07/16 (a)		300		300,000
New York State Housing Finance Agency RB Series 2015A-1 VRDN (Bank of New York Mellon LOC), 0.59%, 11/07/16 (a)		11,305		11,305,000
New York State Housing Finance Agency RB Series 2016A VRDN (Manufacturers and Traders Trust Co. LOC), 0.64%, 11/07/16 (a)		10,000		10,000,000
Rensselaer County Industrial Development Agency RB Series A VRDN (Manufacturers and Traders Trust Co. LOC), 0.68%, 11/07/16 (a)		4,015		4,015,000
Triborough Bridge & Tunnel Authority RB Series 2005B-2 VRDN (Wells Fargo Bank N.A. LOC), 0.48%, 11/01/16 (a)		34,095		34,095,000
Upstate Telecommunications Corp. RB (Information Technology Project) Series 2005 VRDN (Manufacturers and Traders Trust Co. LOC), 0.68%, 11/07/16 (a)		9,075		9,075,000
				401,348,498
North Carolina — 0.3%
Charlotte RB Series 2013G VRDN (Wells Fargo Bank N.A. SBPA), 0.59%, 11/07/16 (a)		2,085		2,085,000
North Carolina Capital Facilities Finance Agency RB Eagle Trust Receipts Series 2014-0052A VRDN (Citibank N.A. Liquidity Facility), 0.67%, 11/07/16 (a)(b)(c)		2,580		2,580,000
North Carolina GO Series 2005B MB, 5.00%, 4/01/17		1,230		1,252,325
				5,917,325
Ohio — 0.5%
American Municipal Power Series 2016 BAN:
1.25%, 4/27/17		300		300,738
1.25%, 5/02/17		1,000		1,002,500
Licking County GO BAN, 2.00%, 5/24/17		1,500		1,510,605
Ohio Water Development Authority Water Pollution Control Loan Fund RB Series 2016A VRDN (BMO Harris Bank N.A. SBPA), 0.68%, 11/07/16 (a)		7,250		7,250,000

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 41

Schedule of Investments (continued) MuniCash

Municipal Bonds	Par   (000)		Value
Ohio (continued)
Springfield GO Series 2016 BAN, 1.50%, 8/03/17	$	1,000	$	1,004,000
				11,067,843
Oregon — 1.0%
Oregon GO Series 2016A TAN, 2.00%, 6/30/17		21,000		21,188,370
Pennsylvania — 4.5%
Blair County Industrial Development Authority RB (Homewood at Martinsburg Project) VRDN (Manufacturers and Traders Trust Co. LOC), 0.79%, 11/07/16 (a)		5,000		5,000,000
Bucks County Water & Sewer Authority RB MB, 1.00%, 12/01/16		605		605,145
Bucks County Water & Sewer Authority RB Series 2016 MB, 1.50%, 6/01/17		1,215		1,219,374
Chester County Health & Education Facilities Authority RB Series 2013S-3 VRDN (Manufacturers and Traders Trust Co. LOC), 0.65%, 11/07/16 (a)		13,410		13,410,000
Geisinger Authority RB Series A VRDN (TD Bank N.A. SBPA), 0.48%, 11/01/16 (a)		22,600		22,600,000
Geisinger Authority RB Series B VRDN (TD Bank N.A. SBPA), 0.48%, 11/01/16 (a)		16,200		16,200,000
General Authority of Southcentral Pennsylvania RB VRDN (Manufacturers and Traders Trust Co. LOC), 0.68%, 11/07/16 (a)		4,145		4,145,000
Lycoming County Authority RB (Lycoming College Project ) Series 2013S-1 VRDN (Manufacturers and Traders Trust Co. LOC), 0.68%, 11/07/16 (a)		4,175		4,175,000
Montgomery County Industrial Development Authority RB (Big Little Associates Project ) VRDN (Wells Fargo Bank N.A. LOC), 0.80%, 11/07/16 (a)		290		290,000
Philadelphia RB Series 2016A TRANS, 2.00%, 6/30/17		21,650		21,814,107
Pottstown Borough Authority RB Series 2016A MB, 2.00%, 12/15/16		1,030		1,031,535
University of Pittsburgh RB Series 2007B TECP, 0.55%, 11/15/16		4,950		4,949,604
Westmoreland County Municipal Authority RB Series 2016 MB, 2.00%, 2/15/17		1,285		1,289,073
				96,728,838
South Carolina — 0.5%
Columbia Waterworks & Sewer System Revenue RB Series 2009 VRDN (U.S. Bank N.A. LOC), 0.64%, 11/07/16 (a)		7,925		7,925,000
South Carolina Public Service Authority Tender Option Bond Trust Receipts/Certificates RB Series 2016X VRDN (JPMorgan Chase Bank N.A. LOC), 0.75%, 11/07/16 (a)(b)(c)		2,000		2,000,000
				9,925,000
South Dakota — 0.3%
South Dakota Housing Development Authority RB Series 2009A VRDN (Federal Home Loan Bank SBPA), 0.57%, 11/07/16 (a)		5,870		5,870,000
Tennessee — 0.3%
Clarksville Public Building Authority GO Series 1999 VRDN (Bank of America N.A. LOC), 0.68%, 11/07/16 (a)		6,370		6,370,000
Texas — 9.3%
Austin Electric Utility Tender Option Bond Trust Receipts/Certificates Floaters RB Series 2015-XF0220 VRDN (JPMorgan Chase Bank Liquidity Facility), 0.73%, 11/07/16 (a)(b)(c)		27,745		27,745,000

Municipal Bonds	Par   (000)		Value
Texas (continued)
Board of Regents of the University of Texas System GO TECP, 0.78%, 12/01/16	$	3,000	$	3,000,090
Garland RB TECP (Sumitomo Mitsui Bank Corp. LOC):
0.74%, 11/09/16		10,000		10,000,000
0.93%, 12/13/16		10,000		10,000,500
Harris County Education Facility RB (The Methodist Hospital Project) Series 9C-1 TECP, 0.86%, 12/19/16		20,000		20,001,200
Harris County Education Facility RB (The Methodist Hospital Project) Series 9C-2 TECP, 0.86%, 12/19/16		28,570		28,571,714
Harris County Education Facility RB Series 9C-1 TECP, 0.91%, 12/05/16		20,000		20,000,400
Harris County Industrial Development Corp. RB (Exxon Mobile Guaranty) Series 1984B VRDN, 0.50%, 11/01/16 (a)		9,100		9,100,000
Pharr San Juan Alamo Independent School District GO Series 2016 MB, 3.00%, 2/01/17		1,000		1,005,730
Port of Corpus Christi Authority of Nueces County RB (Flint Hlls Resources LLC Guaranty) Series 2002B VRDN, 0.66%, 11/07/16 (a)		7,500		7,500,000
San Antonio GO Series A TECP (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.90%, 1/09/17		10,000		10,000,700
San Antonio GO TECP (State Street Bank & Trust Co. and Wells Fargo Bank N.A. LOC), 0.93%, 11/03/16		31,000		31,001,017
San Jacinto College District GO Municipal Trust Receipts Floaters Series 2009-2976 VRDN (Morgan Stanley Bank SBPA), 0.66%, 11/07/16 (a)(b)(c)		3,000		3,000,000
Tarrant County Cultural Education Facilities Finance Corp RB Series 2008A VRDN (TD Bank N.A. LOC), 0.50%, 11/01/16 (a)		1,700		1,700,000
Texas Clipper Tax-Exempt Certificate Trust RB Series 2009-73 VRDN (State Street Bank & Trust Co. SBPA), 0.68%, 11/07/16 (a)(b)(c)		10,360		10,360,000
Texas Department of Housing & Community Affairs RB Series 2016 MB, 0.80%, 6/01/17		2,600		2,596,859
Texas Tender Option Bond Trust Receipts/Certificates Floaters RB Series 2015-XF2201 VRDN (Citibank N.A. Liquidity Facility), 0.67%, 11/07/16 (a)(b)(c)		300		300,000
Waco Educational Finance Corp. RB Municipal Trust Receipts Floaters (Baylor University Project) Series 2008A VRDN (The Bank of New York Mellon Corp. LOC), 0.64%, 11/07/16 (a)(c)		3,315		3,315,000
				199,198,210
Utah — 5.2%
City of Murray RB (IHC Health Services Inc. Project) Series 2003A VRDN, 0.58%, 11/07/16 (a)		25,000		25,000,000
City of Murray RB (IHC Health Services Inc. Project) Series A VRDN (JPMorgan Chase Bank N.A. SBPA), 0.53%, 11/01/16 (a)		3,500		3,500,000
City of Murray RB (IHC Health Services Inc. Project) Series C VRDN, 0.52%, 11/01/16 (a)		23,540		23,540,000
Utah RB (IHC Health Services Inc. Project) Series 2016C VRDN (BMO Harris Bank N.A. 0), 0.60%, 11/07/16 (a)		40,400		40,400,000

See Notes to Financial Statements.

42 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Schedule of Investments (continued) MuniCash

Municipal Bonds	Par   (000)		Value
Utah (continued)
Weber County Hospital Revenue RB (IHC Health Services Inc. Project) Series 2000C VRDN (Bank of New York MellonSBPA), 0.53%, 11/01/16 (a)	$	10,000	$	10,000,000
West Jordan RB Series 2004 VRDN, 0.69%, 11/07/16 (a)		9,675		9,675,000
				112,115,000
Vermont — 0.3%
Vermont Educational & Health Buildings Financing Agency RB Series 2002A VRDN (TD Bank N.A. LOC), 0.60%, 11/07/16 (a)		5,960		5,960,000
Virginia — 0.8%
Alexandria IDRB (YMCA of Billings Project) Series 1998 VRDN (Manufacturers and Traders Trust Co. LOC), 0.84%, 11/07/16 (a)		1,765		1,765,000
Loudoun County Economic Development Authority RB Series 2016 A MB, 2.00%, 12/01/16		1,105		1,106,193
University of Virginia RB Eagle Trust Receipts Series 2014-0048-A VRDN (Citibank N.A. Liquidity Facility), 0.67%, 11/07/16 (a)(b)(c)		2,110		2,110,000
Virginia College Building Authority Educational Facilities RB (21st Century College & Equipment Program Project) Series 2006C VRDN (Wells Fargo Bank N.A. SBPA), 0.48%, 11/01/16 (a)		12,300		12,300,000
				17,281,193
Washington — 0.5%
Washington State Housing Finance Commission RB (Living Care Centers Project) Series 2000 VRDN (Wells Fargo Bank N.A. LOC), 0.60%, 11/07/16 (a)		9,955		9,955,000
Wisconsin — 1.2%
Milwaukee RB Series 2016R-1 MB, 1.50%, 12/20/16		10,000		10,010,200
Wisconsin Housing & Economic Development Authority RB Series C VRDN (Royal Bank of Canada LOC), 0.63%, 11/07/16 (a)		15,200		15,200,000
				25,210,200
Wyoming — 0.7%
County of Lincoln RB (Exxon Mobil Corp. Project) Series 2014 VRDN, 0.50%, 11/01/16 (a)		14,250		14,250,000
Total Municipal Bonds — 98.3%				2,104,236,741

Closed-End Investment Companies(a)	Par   (000)		Value
California — 1.6%
Nuveen California AMT-Free Municipal Income Fund RB VRDN (Sumitomo Mitsui LOC), 0.72%, 11/07/16	$	25,000	$	25,000,000
Nuveen California AMT-Free Municipal Income Fund Series 2010-4 VRDP (Citibank N.A. LOC), 0.72%, 11/07/16		10,000		10,000,000
				35,000,000
New York — 3.6%
Nuveen New York AMT-Free Municipal Income Fund GO Series 2 VRDP (Citibank N.A. LOC), 0.72%, 11/07/16		32,800		32,800,000
Nuveen New York AMT-Free Municipal Income Fund GO Series 3 VRDP (Citibank N.A. LOC), 0.72%, 11/07/16		8,000		8,000,000
Nuveen New York AMT-Free Municipal Income Fund GO VRDN (Citibank LOC), 0.72%, 11/07/16		8,700		8,700,000
Nuveen New York AMT-Free Municipal Income Fund GO VRDN (TD Bank LOC), 0.88%, 11/07/16		27,000		27,000,000
				76,500,000
Ohio — 0.1%
Nuveen AMT-Free Quality Municipal Income Fund GO VRDN, 0.74%, 11/07/16		2,900		2,900,000
Total Closed-End Investment Companies — 5.3%				114,400,000
Total Investments (Cost — $2,218,619,265*) — 103.6%				2,218,636,741
Liabilities in Excess of Other Assets — (3.6)%				(77,014,492	)
Net Assets — 100.0%			$	2,141,622,249

      Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 43

Schedule of Investments (concluded) MuniCash

      Fair Value Hierarchy as of Period Ended

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Short-Term Securities1		—	$	2,218,636,741			—	$	2,218,636,741
1   See above Schedule of Investments for values in each state.
Assets:
Cash	$	17,921		—			—	$	17,921
Liabilities:
Bank overdraft		—	$	(22,940,419	)		—	$	(22,940,419	)
Total	$	17,921	$	(22,940,419	)		—	$	(22,922,498	)
During the period ended October 31, 2016, there were no transfers between levels.

See Notes to Financial Statements.

44 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Schedule of Investments October 31, 2016	MuniFund
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par   (000)		Value
California — 6.9%
California Infrastructure & Economic Development Bank RB (Pacific Gas and Electric Co. Project) Series 2009B VRDN (Mizuho Bank Ltd.LOC), 0.54%, 11/01/16 (a)	$	5,000	$	5,000,000
California Statewide Communities Development Authority RB (Rady Childrens Hospital Project) Series 2008C VRDN (Northern Trust Company LOC), 0.57%, 11/07/16 (a)		3,000		3,000,000
Metropolitan Water District of Southern California RB Series 2015A-2 VRDN, 0.56%, 11/07/16 (a)		3,900		3,900,000
				11,900,000
Colorado — 2.7%
Colorado HFA RB Series 2006-1A2 VRDN (Federal Home Loan Bank SBPA), 0.75%, 11/07/16 (a)		155		155,000
Colorado Springs Utilities System Revenue RB Series 2006A VRDN (JPMorgan Chase Bank N.A. SBPA), 0.64%, 11/07/16 (a)		2,120		2,120,000
Sheridan Redevelopment Agency Tax Allocation RB (South Santa Fe Drive Project) Series 2011 VRDN (JPMorgan Chase Bank N.A. LOC), 0.68%, 11/07/16 (a)		2,325		2,325,000
				4,600,000
Connecticut — 4.8%
Connecticut Health and Educational Facilities Authority Tender Option Bond Trust Receipts/Certificates Floaters RB Series 2015-XF0247 VRDN (Bank of America N.A. Liquidity Facility), 0.69%, 11/07/16 (a)(b)(c)		2,636		2,636,000
Connecticut Housing Finance Authority RB Series 2014C-2 VRDN (Bank of Tokyo Mitsubishi UFJ Ltd. SBPA), 0.63%, 11/07/16 (a)		5,595		5,595,000
Connecticut Housing Finance Authority RB Series 2016A-3 VRDN (Royal Bank of Canada LOC), 0.62%, 11/07/16 (a)		100		100,000
				8,331,000
Delaware — 0.3%
University of Delaware Rev (SPA TD Bank NA), 0.54%, 11/01/16 (a)		600		600,000
Florida — 1.9%
Escambia County Health Facilities Authority RB (Azalea Inc. Project) Series 2003B VRDN (TD Bank N.A. LOC), 0.64%, 11/01/16 (a)		3,290		3,290,000
Hawaii — 1.2%
Hawaii Tender Option Bond Trust Receipts/Certificates GO Series 2016XF VRDN (Liquidity Agreement Royal Bank of Canada), 0.67%, 11/07/16 (a)(b)(c)		2,000		2,000,000
Idaho — 3.1%
Idaho Housing & Finance Association RB (Traditions at Boise LLC Project) Series 2011A VRDN (Federal Home Loan Mortgage Corporation LOC), 0.59%, 11/07/16 (a)		5,320		5,320,000
Illinois — 0.9%
Illinois Finance Authority RB (Center on Deafness Project) Series 2008 VRDN (BMO Harris Bank N.A. LOC), 0.65%, 11/07/16 (a)		1,500		1,500,000

Municipal Bonds	Par   (000)		Value
Illinois (continued)
Illinois Finance Authority RB (Northwestern Memorial Hospital Project) Series 2009A-1 VRDN (JPMorgan Chase Bank SBPA), 0.50%, 11/01/16 (a)	$	100	$	100,000
				1,600,000
Indiana — 4.4%
Indiana Finance Authority RB (Lease Appropriation Project) Series 2008 VRDN (BMO Harris Bank N.A. SBPA), 0.63%, 11/07/16 (a)		5,060		5,060,000
Indianapolis Local Public Improvement Bond Bank RB Series 2009 ROC-RR-II-R-11779 VRDN (Citibank N.A. Liquidity Facility), 0.78%, 11/07/16 (a)(b)		2,600		2,600,000
				7,660,000
Iowa — 3.5%
Iowa Finance Authority RB (CJ Bio America Inc. Project) Series 2012 VRDN (Korea Development Bank LOC), 0.88%, 11/07/16 (a)		6,000		6,000,000
Kansas — 1.7%
Kansas Department of Transportation RB Series 2004C-3 VRDN (Wells Fargo Bank N.A. SBPA), 0.60%, 11/07/16 (a)		3,000		3,000,000
Louisiana — 1.7%
Louisiana Housing Corp. RB (Walmsley Housing Corp. Project) Series 2004 VRDN (Liquidity Agreement Fannie Mae LOC Fannie Mae), 0.83%, 11/07/16 (a)		3,025		3,025,000
Maryland — 2.5%
Baltimore County RB (Odyssey School Facility Project) Series 2001 VRDN (Manufacturers and Traders Trust Co. LOC), 0.63%, 11/07/16 (a)		1,275		1,275,000
Maryland Health & Higher Educational Facilities Authority RB Series 2008 ROCS-RR-II-R-11415 VRDN (Citibank N.A. Liquidity Facility), 0.83%, 11/07/16 (a)(b)(c)		3,020		3,020,000
				4,295,000
Massachusetts — 1.2%
University of Massachusetts Building Authority RB Series 20111 VRDN (Wells Fargo Bank N.A. LOC), 0.60%, 11/07/16 (a)		2,100		2,100,000
Minnesota — 3.1%
Minnesota Housing Finance Agency RB (Residential Housing Project) Series 2015G VRDN (Royal Bank of Canada SBPA), 0.63%, 11/07/16 (a)		5,325		5,325,000
Mississippi — 1.6%
Mississippi Business Finance Corp RB (Chevron Corp. Project) Series 2010A VRDN, 0.62%, 11/07/16 (a)		800		800,000
Mississippi Business Finance Corp RB (Chevron Corp. Project) VRDN, 0.48%, 11/01/16 (a)		2,000		2,000,000
				2,800,000
Montana — 2.9%
Forsyth RB (Pacificorp Project) Series 1988 VRDN (Bank of Nova Scotia LOC), 0.52%, 11/01/16 (a)		5,000		5,000,000

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 45

Schedule of Investments (continued) MuniFund

Municipal Bonds	Par   (000)		Value
Nebraska — 2.8%
Madison County Hospital Authority RB (Faith Regional Health Services Project ) Series 2008-B VRDN (U.S. Bank N.A. LOC), 0.60%, 11/07/16 (a)	$	4,800	$	4,800,000
New York — 17.5%
Amherst Development Corp. Senior Living RB (Asbury Pointe Inc. Project ) Series 2011A VRDN (Manufacturers and Traders Trust Co. LOC), 0.68%, 11/07/16 (a)		3,715		3,715,000
Franklin County Civic Development Corp. RB (Alice Hyde Medical Center) Series 2013 VRDN (HSBC Bank USA N.A. LOC), 0.68%, 11/07/16 (a)		400		400,000
Metropolitan Transportation Authority RB Series 2012G-2 VRDN (TD Bank N.A. LOC), 0.60%, 11/07/16 (a)		1,800		1,800,000
New York City GO Series 2012A-3 VRDN (Mizuho Bank Ltd. LOC), 0.54%, 11/01/16 (a)		5,000		5,000,000
New York City Municipal Water Finance Authority RB Series B VRDN (State Street Bank & Trust Co. SBPA), 0.52%, 11/01/16 (a)		1,400		1,400,000
New York City Transitional Finance Authority Future Tax Secured Revenue RB Series 2012A-4 VRDN (Northern Trust SBPA), 0.50%, 11/01/16 (a)		6,000		6,000,000
New York City Transitional Finance Authority RB (New York City Recovery Project) Series 2002-3F VRDN (Royal Bank of Canada SBPA), 0.51%, 11/01/16 (a)		2,300		2,300,000
New York City Water & Sewer System RB Series 2012A-2 VRDN (Mizuho Bank Ltd. SBPA), 0.48%, 11/01/16 (a)		700		700,000
New York City Water & Sewer System RB Series BB 1A VRDN (State Street Bank & Trust Co. SBPA), 0.50%, 11/01/16 (a)		4,100		4,100,000
New York Dormitory Authority RB (Rockefeller University Project) Series 2009B VRDN (U.S. Bank N.A. SBPA), 0.63%, 11/07/16 (a)		200		200,000
New York State HFA RB (Clinton Park Development LLC Project) Series 2010A VRDN (Freddie Mac Liquidity Agreement), 0.63%, 11/07/16 (a)		300		300,000
Niagara Development Corp. RB (Niagara University Project) Series 2012B VRDN (LOC HSBC Bank USA N.A.), 0.65%, 11/07/16 (a)		4,405		4,405,000
				30,320,000
Ohio — 2.3%
American Municipal Power Series 2016 BAN:
1.25%, 4/27/17		550		551,340
1.25%, 5/02/17		1,000		1,002,505
Licking County GO BAN, 2.00%, 5/24/17		1,500		1,510,647
Springfield GO Series 2016 BAN, 1.50%, 8/03/17		850		854,444
				3,918,936
Oklahoma — 0.0%
Tulsa County Tender Option Bond Trust Receipts/Certificates RB Series 2016-XF0390 VRDN (Bank of America N.A. SBPA), 0.67%, 11/07/16 (a)(b)(c)		2		2,000
Oregon — 2.6%
Oregon GO Series 2011-83 VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.63%, 11/07/16 (a)		4,500		4,500,000
Pennsylvania — 4.1%
Geisinger Authority RB Series A VRDN (Wells Fargo Bank N.A. SBPA), 0.47%, 11/01/16 (a)		4,000		4,000,000

Municipal Bonds	Par   (000)		Value
Pennsylvania (continued)
Philadelphia RB Series 2016A TRANS, 2.00%, 6/30/17	$	3,000	$	3,020,637
				7,020,637
Texas — 7.2%
Board of Regents of the University of Texas System GO TECP, 0.78%, 12/01/16		2,000		2,000,000
Harris County Education Facility RB Series 9C-1 TECP, 0.91%, 12/05/16		2,000		2,000,000
Port of Arthur Navigation District RB (Atofina Project) Series 2002C VRDN (Total Petrochemicals USA, Inc. Corporate Underlier), 0.75%, 11/07/16 (a)		1,500		1,500,000
Texas Department of Housing & Community Affairs RB Series 2016 MB, 0.80%, 6/01/17		2,900		2,900,000
University of Texas Financing System RB Series 2008B VRDN (University of Texas Investment Management Co. Liquidity Facility), 0.57%, 11/07/16 (a)		4,100		4,100,000
				12,500,000
Utah — 4.8%
Emery County PCRB (Pacific Corp.) Series 1994A VRDN (Canadian Imperial Bank LOC), 0.60%, 11/07/16 (a)		2,100		2,100,000
Murray Hospital RB (IHC Health Services Project) Series 2005C VRDN (Citibank N.A. SBPA), 0.53%, 11/01/16 (a)		2,250		2,250,000
Utah County Hospital Revenue RB (IHC Health Services Inc. Project) Series 2016E VRDN (JPMorgan Chase Bank N.A. SBPA), 0.64%, 11/07/16 (a)		2,900		2,900,000
Weber County Hospital RB (IHC Health Services, Inc. Project) Series 2000B VRDN (U.S. Bank N.A. SBPA), 0.58%, 11/07/16 (a)		1,000		1,000,000
				8,250,000
Virginia — 4.6%
Lexington IDRB (Washington and Lee University Project) Series 2010 VRDN, 0.60%, 11/07/16 (a)		1,230		1,230,000
Loudoun County IDA (Howard Hughes Medical Institute Project) Series 2003F VRDN, 0.55%, 11/07/16 (a)		3,800		3,800,000
Virginia College Building Authority RB (Washington Lee University Project) Series 2015B VRDN, 0.60%, 11/07/16 (a)		3,000		3,000,000
				8,030,000
Washington — 0.7%
Washington State Housing Finance RB (Pioneer Human Services Project) Series 2009A VRDN (U.S. Bank N.A. LOC), 0.70%, 11/07/16 (a)		1,285		1,285,000
Wisconsin — 4.0%
Wisconsin Health & Educational Facilities Authority RB (Oakwood Village Project) Series 2000B VRDN (BMO Harris Bank N.A. LOC), 0.70%, 11/07/16 (a)		3,730		3,730,000
Wisconsin Housing & Economic Development Authority RB Series C VRDN (Royal Bank of Canada LOC), 0.63%, 11/07/16 (a)		3,200		3,200,000
				6,930,000
Total Municipal Bonds — 95.0%				164,402,573

See Notes to Financial Statements.

46 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Schedule of Investments (concluded) MuniFund

Closed-End Investment Companies (a)	Par   (000)		Value
New York — 2.6%
Nuveen New York AMT-Free Municipal Income Fund GO VRDN:
0.72%, 11/07/16	$	1,500	$	1,500,000
0.88%, 11/07/16		3,000		3,000,000
				4,500,000
Ohio — 2.3%
Nuveen AMT-Free Quality Municipal Income Fund GO VRDN, 0.74%, 11/07/16		4,000		4,000,000
Total Closed-End Investment Companies — 4.9%				8,500,000

	Value
Total Investments (Cost — $172,902,573*) — 99.9%		172,902,573
Other Assets Less Liabilities — 0.1%		109,235
Net Assets — 100.0%	$	173,011,808

      Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities.

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Short-Term Securities1		—	$	172,902,573		—	$	172,902,573

    ¹  See above Schedule of Investments for values in each state.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, cash of $48,071 is categorized as Level 1 within the disclosure hierarchy.

During the period ended October 31, 2016, there were no transfers between levels.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 47

Schedule of Investments October 31, 2016	California Money Fund
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par   (000)		Value
California — 96.2%
Bay Area Toll Authority Toll Bridge RB (San Francisco Bay Area Project) RB Series 2008E-1 VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.60%, 11/07/16 (a)	$	400	$	400,000
California GO (Daily Kindergarten University Project) Series 2004A-3 VRDN (State Street Bank & Trust Co. LOC, CalSTRS LOC), 0.43%, 11/01/16 (a)		400		400,000
California GO Series 2003A-3 VRDN (BMO Harris Bank N.A. LOC), 0.50%, 11/01/16 (a)		200		200,000
California GO Series B-7 VRDN (JPMorgan Chase Bank N.A. LOC), 0.42%, 11/01/16 (a)		900		900,000
California Health Facilities Funding Authority Tender Option Bond Trust Receipts/Certificates RB Series 2015-XF0152 VRDN (Bank of America N.A. SBPA), 0.75%, 11/07/16 (a)(b)(c)		2,190		2,190,000
California Infrastructure & Economic Development Bank RB (California Academy Sciences Project) Series 2008E VRDN (Northern Trust Company LOC), 0.42%, 11/01/16 (a)		2,000		2,000,000
California Municipal Finance Authority RB (Chevron USA Inc. Project) Series 2010A VRDN, 0.46%, 11/01/16 (a)		2,100		2,100,000
California Municipal Finance Authority RB (Copper Square Apartments LP Project) Series A-1 VRDN (Federal Home Loan Bank LOC), 0.55%, 11/07/16 (a)		750		750,000
California Pollution Control Financing Authority RB (Air Products and Chemicals Inc. Project) Series 1997B VRDN, 0.50%, 11/01/16 (a)		4,600		4,600,000
California Pollution Control Financing Authority RB Series 1996C VRDN (Mizuho Bank Ltd.LOC), 0.56%, 11/01/16 (a)		2,000		2,000,000
California RB VRDN (State Street Bank & Trust Co. LOC), 0.42%, 11/01/16 (a)		100		100,000
California Statewide Communities Development Authority RB (Rady Childrens Hospital Project) Series 2008C VRDN (Northern Trust Company LOC), 0.57%, 11/07/16 (a)		2,000		2,000,000
California Tender Option Bond Trust Receipts/Certificates GO Series 2015-XF2171 VRDN (Citibank N.A. Liquidity Facility), 0.67%, 11/07/16 (a)(b)(c)		600		600,000
East Bay Municipal Utility District Water System Revenue RB Series 2008-A1 VRDN (Wells Fargo Bank N.A. SBPA), 0.58%, 11/07/16 (a)		2,000		2,000,000
Eastern Municipal Water District RB Series 2014C VRDN (Wells Fargo Bank N.A. SBPA), 0.58%, 11/07/16 (a)		2,000		2,000,000
Elsinore Valley Municipal Water District COP Series 2008B VRDN (Bank of America N.A. LOC), 0.65%, 11/07/16 (a)		1,100		1,100,000
Fontana Unified School District Tender Option Bond Trust Receipts/Certificates GO Series 2015-XF0111 VRDN (JPMorgan Chase Bank N.A. LOC), 0.73%, 11/07/16 (a)(b)(c)		2,000		2,000,000
Los Angeles County Housing Authority RB (Lincoln Malibu Meadows II Project) Series 2015C VRDN, 0.55%, 11/07/16 (a)		2,199		2,199,000
Los Angeles Department of Water & Power RB Series 2002A-5 VRDN (Citibank N.A. SBPA), 0.49%, 11/01/16 (a)		2,300		2,300,000
Los Angeles Department of Water & Power RB Series 2001B-1 VRDN (Royal Bank of Canada SBPA), 0.59%, 11/07/16 (a)		250		250,000

Municipal Bonds	Par   (000)		Value
California (continued)
Los Angeles Department of Water & Power RB Series 2001B-3 VRDN (Bank of America N.A. SBPA), 0.45%, 11/01/16 (a)	$	1,200	$	1,200,000
Los Angeles Department of Water & Power RB Series 2001B-3 VRDN (Royal Bank of Canada SBPA), 0.57%, 11/07/16 (a)		500		500,000
Los Angeles Department of Water & Power Waterworks RB Series 2001B-2 VRDN (Royal Bank of Canada SBPA), 0.46%, 11/01/16 (a)		100		100,000
Metropolitan Water District of Southern California Waterworks RB Series 2005A-1 VRDN, 0.56%, 11/07/16 (a)		2,000		2,000,000
Orange County RB Series 2016A VRDN (Sumitomo Mitsui Bank Corp. LOC), 0.63%, 11/07/16 (a)		2,000		2,000,000
Palomar California Community College District Tender Option Bond Trust Receipts/Certificates GO Series 2015-XF0137 VRDN (JP Morgan Chase Bank N.A. SBPA), 0.66%, 11/07/16 (a)(b)(c)		2,100		2,100,000
Riverside County Transportation Commission RB Series 2009B VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.59%, 11/07/16 (a)		300		300,000
Riverside County Transportation Commission RB Series 2016-XF2297 VRDN (Citibank N.A. SBPA), 0.67%, 11/07/16 (a)(b)		1,675		1,675,000
Sacramento Transportation Authority RB Series 2015 VRDN (Mizuho Bank Ltd.SBPA), 0.58%, 11/07/16 (a)		1,000		1,000,000
San Diego County Regional Transportation Commission RB Series 2008C VRDN (Mizuho Corporate Bank SBPA), 0.58%, 11/07/16 (a)		2,000		2,000,000
San Diego Housing Authority RB (Hillside Garden Apartments Project) Series 2004C VRDN (Fannie Mae LOC, Liquidity Agreement), 0.58%, 11/07/16 (a)		2,185		2,185,000
Santa Clara Valley Transportation Authority RB Series 2008C VRDN (Sumitomo Mitsui Banking Corp. SBPA), 0.58%, 11/07/16 (a)		1,900		1,900,000
University of California RB Series 2013AL-4 VRDN, 0.56%, 11/07/16 (a)		2,000		2,000,000
Upland Community Redevelopment Agency RB Series 2007 VRDN (Federal Home Loan Bank LOC, East West Bank LOC), 0.56%, 11/07/16 (a)		2,100		2,100,000
Total Municipal Bonds — 96.2%				51,149,000
Closed-End Investment Companies (a)
California — 3.8%
Nuveen California AMT-Free Municipal Income Fund Series 2010-4 VRDP (Citibank N.A. LOC), 0.72%, 11/07/16 (a)(b)		2,000		2,000,000
Total Investments (Cost — $53,149,000*) — 100.0%				53,149,000
Other Assets Less Liabilities — 0.0%				25,513
Net Assets — 100.0%			$	53,174,513

See Notes to Financial Statements.

48 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Schedule of Investments (concluded) California Money Fund

      Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities.

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Short-Term Securities1		—	$	53,149,000		—	$	53,149,000

¹  See above Schedule of Investments for values in the state.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, cash of $46,361 is categorized as Level 1 within the disclosure hierarchy.

During the period ended October 31, 2016, there were no transfers between levels.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 49

Schedule of Investments October 31, 2016	New York Money Fund
	(Percentages shown are based on Net Assets)

Municipal Bonds (a)	Par   (000)		Value
New York — 97.4%
Amherst Development Corp. Senior Living RB (Asbury Pointe Inc. Project ) Series 2011A VRDN (Manufacturers and Traders Trust Co. LOC), 0.68%, 11/07/16	$	1,100	$	1,100,000
East Rochester Housing Authority RB Series 2008 VRDN (Manufacturers and Traders Trust Co. LOC), 0.68%, 11/07/16		500		500,000
Franklin County Civic Development Corp. RB (Alice Hyde Medical Center) Series 2013 VRDN (HSBC Bank USA N.A. LOC), 0.68%, 11/07/16		800		800,000
Metropolitan Transportation Authority RB Series 2005E-1 VRDN (Bank of Montreal LOC), 0.49%, 11/01/16		300		300,000
Metropolitan Transportation Authority RB Series 2015E-2 VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.56%, 11/07/16		500		500,000
Nassau Health Care Corp. RB Series 2009 VRDN (TD Bank N.A. LOC), 0.60%, 11/07/16		600		600,000
New York City RB Series 2011D-3A VRDN (Royal Bank of Canada LOC), 0.51%, 11/01/16		600		600,000
New York City RB Series 2011D-3B VRDN (Royal Bank of Canada LOC), 0.51%, 11/01/16		500		500,000
New York City GO Series 2008L-3 VRDN (Bank of America N.A. SBPA), 0.50%, 11/01/16		900		900,000
New York City GO Series 2012G-7 VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.50%, 11/01/16		400		400,000
New York City Health & Hospital Corp. RB Series 2008C VRDN (TD Banknorth N.A. LOC), 0.52%, 11/07/16		300		300,000
New York City Municipal Water Finance Authority RB Series AA-6 VRDN (Mizuho Bank Ltd.SBPA), 0.52%, 11/01/16		500		500,000
New York City Municipal Water Finance Authority RB Series B VRDN (State Street Bank & Trust Co. SBPA), 0.52%, 11/01/16		200		200,000
New York City Transitional Finance Authority Future Tax Secured Revenue RB Series 2012A-4 VRDN (Northern Trust SBPA), 0.50%, 11/01/16		300		300,000
New York City Transitional Finance Authority RB Series 2016 VRDN (Royal Bank of Canada SBPA), 0.51%, 11/01/16		500		500,000
New York Dormitory Authority RB (City University of New York Project) Series 2008D VRDN (TD Bank N.A. LOC), 0.60%, 11/07/16		600		600,000
New York Dormitory Authority RB (Rockefeller University Project) Series 2009B VRDN (U.S. Bank N.A. SBPA), 0.63%, 11/07/16		800		800,000
New York Housing Finance Agency RB Series 2003L VRDN (Bank of America N.A. LOC), 0.53%, 11/07/16		800		800,000
New York Local Government Assistance Corp. RB Series 2003A-8V VRDN (JPMorgan Chase Bank N.A. SBPA), 0.65%, 11/07/16		800		800,000
New York State Energy Research & Development Authority Facility RB (Con Edison Project) Series 2005A-1 VRDN (Mizuho Corporate Bank N.A. LOC), 0.54%, 11/07/16		600		600,000

Municipal Bonds (a)	Par   (000)		Value
New York (continued)
New York State HFA RB (Clinton Park Development LLC Project) Series 2010A VRDN (Freddie Mac Liquidity Agreement), 0.63%, 11/07/16	$	800	$	800,000
New York State Housing Finance Agency RB Series 2004A VRDN (Fannie Mae LOC), 0.65%, 11/07/16		200		200,000
New York State Housing Finance Agency RB Series 2016A VRDN (Wells Fargo Bank N.A. LOC), 0.61%, 11/07/16		300		300,000
New York State Housing Finance Agency RB Series 2008A VRDN (Federal Home Loan Mortgage Corporation LOC), 0.59%, 11/07/16		500		500,000
New York State Housing Finance Agency RB Series 2014A VRDN (Bank of New York MellonLOC), 0.59%, 11/07/16		300		300,000
New York State Housing Finance Agency RB Series 2015A-1 VRDN (Bank of New York Mellon LOC), 0.59%, 11/07/16		900		900,000
New York State Urban Development Corp. RB Series 2008A-1 VRDN (Wells Fargo Bank N.A. LOC), 0.63%, 11/07/16		800		800,000
Rensselaer County Industrial Development Agency RB Series A VRDN (Manufacturers and Traders Trust Co. LOC), 0.68%, 11/07/16		1,100		1,100,000
Saratoga County RB (Saratoga Hospital Project) Series 2014 VRDN (HSBC Bank USA N.A. LOC), 0.68%, 11/07/16		630		630,000
Syracuse IDRB (Syracuse University Project) Series 2008A-2 VRDN (JPMorgan Chase Bank N.A. LOC), 0.50%, 11/01/16		200		200,000
Triborough Bridge & Tunnel Authority RB Series 2005B-2 VRDN (Wells Fargo Bank N.A. LOC), 0.48%, 11/01/16		700		700,000
Westchester County Industrial Development Agency RB Series 2004 VRDN (TD Bank N.A. LOC), 0.60%, 11/07/16		300		300,000
Total Municipal Bonds — 97.4%				18,330,000
Closed-End Investment Companies (a)(b)
New York — 2.7%
Nuveen New York AMT-Free Municipal Income Fund GO Series 3 VRDP (Citibank N.A. LOC), 0.72%, 11/07/16		500		500,000
Total Investments (Cost — $18,830,000*) — 100.1%				18,830,000
Liabilities in Excess of Other Assets — (0.1)%				(13,830	)
Net Assets — 100.0%			$	18,816,170

      Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

See Notes to Financial Statements.

50 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Schedule of Investments (concluded) New York Money Fund

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Short-Term Securities1		—	$	18,830,000		—	$	18,830,000

¹  See above Schedule of Investments for values in the state.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, cash of $22,321 is categorized as Level 1 within the disclosure hierarchy.

During the period ended October 31, 2016, there were no transfers between levels.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 51

Statements of Assets and Liabilities

October 31, 2016	Federal Trust Fund		FedFund		TempCash			TempFund			T-Fund
Assets
Investments at value — unaffiliated1	$	3,430,109,725	$	46,612,136,911	$	51,524,852		$	7,769,472,198		$	28,738,380,243
Repurchase agreements at value — unaffiliated2		—		40,712,204,179		47,000,000			1,370,000,000			29,058,973,184
Cash		63,053,244		513,952,577		1,112			—			560,332,071
Receivables:
Investments sold		—		1,193,563,927		—			—			806,275,101
Interest		706,772		22,736,997		3,700			2,170,620			33,391,816
From the Manager		47,421		5,980		—			—			—
Prepaid expenses		30,269		102,301		35,760			150,743			236,421
Total assets		3,493,947,431		89,054,702,872		98,565,424			9,141,793,561			59,197,588,836
Liabilities
Bank overdraft		—		—		—			3,971,221			—
Payables:
Investments purchased		33,052,614		755,975,000		—			—			249,778,819
Custodian fees		33,262		431,003		22,719			484,630			486,441
Income dividends		385,781		12,075,819		26,764			3,568,750			4,431,531
Management fees		465,720		622,050		6,358			1,847,343			6,155,695
Officer’s and Trustees’ fees		94,221		36,834		5,290			86,699			129,035
Other accrued expenses		297,629		3,749,965		29,842			305,418			229,467
Printing fees		74,792		48,939		21,119			38,109			51,826
Professional fees		69,412		260,719		52,355			495,677			286,667
Registration fees		—		—		70,883			—			1,643,008
Service and distribution fees		46,683		852,922		7,469			498,028			863,412
Transfer agent fees		127,474		409,866		18,032			562,232			396,466
Total liabilities		34,647,588		774,463,117		260,831			11,858,107			264,452,367
Net Assets	$	3,459,299,843	$	88,280,239,755	$	98,304,593		$	9,129,935,454		$	58,933,136,469
Net Assets Consist of
Paid-in capital	$	3,459,147,853	$	88,279,320,052	$	98,303,921		$	9,128,928,060		$	58,931,430,436
Undistributed (distributions in excess of) net investment income		47,241		554,558		(38,235	)		(2,155,236	)		682,416
Undistributed net realized gain		104,749		365,145		39,056			1,814,190			1,023,617
Net unrealized appreciation (depreciation)		—		—		(149	)		1,348,440			—
Net Assets	$	3,459,299,843	$	88,280,239,755	$	98,304,593		$	9,129,935,454		$	58,933,136,469
1      Investments at cost — unaffiliated	$	3,430,109,725	$	46,612,136,911	$	51,525,001		$	7,768,123,758		$	28,738,380,243
2      Repurchase agreements at cost — unaffiliated		—	$	40,712,204,179	$	47,000,000		$	1,370,000,000		$	29,058,973,184

See Notes to Financial Statements.

52 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Statements of Assets and Liabilities (continued)

October 31, 2016	Federal Trust Fund		FedFund		TempCash		TempFund			T-Fund
Net Asset Value
Institutional
Net assets	$	3,142,076,647	$	84,001,936,833	$	72,310,834	$	8,183,070,153		$	53,764,049,072
Shares outstanding3		3,141,931,726		84,001,046,454		72,310,329		8,181,811,107			53,762,442,729
Net asset value	$	1.00	$	1.00	$	1.0000	$	1.0002		$	1.00
Dollar
Net assets	$	242,959,152	$	2,029,495,610	$	25,993,759	$	91,943,421		$	3,807,290,471
Shares outstanding3		242,947,946		2,029,474,039		25,993,592		91,928,711			3,807,176,718
Net asset value	$	1.00	$	1.00	$	1.0000	$	1.0002		$	1.00
Cash Management
Net assets	$	31,560,107	$	90,564,799		—	$	831,482,553		$	1,133,743,162
Shares outstanding3		31,558,652		90,563,839		—		831,357,528			1,133,709,287
Net asset value	$	1.00	$	1.00		—	$	1.0002		$	1.00
Cash Reserve
Net assets	$	499,055	$	220,572,311		—	$	5,630,405		$	68,784,269
Shares outstanding3		499,032		220,569,973		—		5,629,515		$	68,782,214
Net asset value	$	1.00	$	1.00		—	$	1.0002		$	1.00
Administration
Net assets	$	42,204,882	$	1,693,931,584		—	$	15,196,574		$	75,294,109
Shares outstanding3		42,202,936		1,693,913,628		—		15,194,108			75,291,859
Net asset value	$	1.00	$	1.00		—	$	1.0002		$	1.00
Select
Net assets		—	$	241,780,881		—	$	963,018		$	83,975,386
Shares outstanding3		—		241,778,318		—		962,870			83,972,876
Net asset value		—	$	1.00		—	$	1.0002		$	1.00
Private Client
Net assets		—	$	1,945,318		—	$	1,649,330			—
Shares outstanding3		—		1,945,297		—		1,649,081			—
Net asset value		—	$	1.00		—	$	1.0002			—
Premier
Net assets		—	$	12,419		—		—	4		—	4
Shares outstanding3		—		12,419		—		—	5		—	5
Net asset value		—	$	1.00		—	$	1.0002		$	1.00

³  Unlimited number of shares authorized, no par value.

⁴  Net assets end of period are less than $1.

⁵  Shares end of period are less than 1.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 53

Statements of Assets and Liabilities (continued)

October 31, 2016	Treasury Trust Fund		MuniCash		MuniFund		California Money Fund		New York Money Fund
Assets
Investments at value — unaffiliated1	$	21,600,670,374	$	2,218,636,741	$	172,902,573	$	53,149,000	$	18,830,000
Cash		302,305,836		17,921		48,071		46,361		22,321
Receivables:
Interest		10,592,841		3,039,322		180,016		39,746		8,826
From Manager		17,911		—		12,312		22,088		36,569
Prepaid expenses		287,916		157,288		57,021		7,665		17,284
Other assets		—		—		—		15,363		—
Total assets		21,913,874,878		2,221,851,272		173,199,993		53,280,223		18,915,000
Liabilities
Bank overdraft		—		22,940,419		—		—		—
Payables:
Investments purchased		—		55,891,020		—		—		—
Custodian fees		195,431		20,782		8,784		—		1,625
Income dividends		1,928,901		818,149		36,946		14,548		3,670
Management fees		2,846,324		237,905		2,536		—		—
Officer’s and Trustees’ fees		32,239		3,819		5,709		2,877		2,809
Other accrued expenses		20,973		94,403		23,976		10,015		10,257
Printing fees		26,537		21,264		19,595		20,940		20,767
Professional fees		143,069		64,518		50,700		52,694		53,576
Registration fees		424,164		88,044		18		74		19
Service and distribution fees		188,582		2,450		6,362		4,562		1,756
Transfer agent fees		182,331		46,250		33,559		—		4,351
Total liabilities		5,988,551		80,229,023		188,185		105,710		98,830
Net Assets	$	21,907,886,327	$	2,141,622,249	$	173,011,808	$	53,174,513	$	18,816,170
Net Assets Consist of
Paid-in capital	$	21,906,478,852	$	2,141,604,773	$	172,973,090	$	53,111,535	$	18,816,170
Undistributed (distributions in excess of) net investment income		50,828		—		2,300		—		—
Undistributed net realized gain		1,356,647		—		36,418		62,978		—
Net unrealized appreciation (depreciation)		—		17,476		—		—		—
Net Assets	$	21,907,886,327	$	2,141,622,249	$	173,011,808	$	53,174,513	$	18,816,170
1      Investments at cost — unaffiliated	$	21,600,670,374	$	2,218,619,265	$	172,902,573	$	53,149,000	$	18,830,000

See Notes to Financial Statements.

54 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Statements of Assets and Liabilities (concluded)

October 31, 2016	Treasury Trust Fund		MuniCash		MuniFund		California Money Fund			New York Money Fund
Net Asset Value
Institutional
Net assets	$	20,911,540,194	$	2,139,819,900	$	141,457,743	$	41,191,742		$	17,837,649
Shares outstanding2		20,910,196,732		2,139,598,425		141,278,443		41,142,100			17,815,532
Net asset value	$	1.00	$	1.0001	$	1.00	$	1.00		$	1.00
Dollar
Net assets	$	420,094,969	$	1,802,349	$	5,723,804		—	3		—
Shares outstanding2		420,067,979		1,802,158		5,716,549		—	4		—
Net asset value	$	1.00	$	1.0001	$	1.00	$	1.00			—
Cash Management
Net assets	$	16,560,781		—	$	62,989		—		$	1
Shares outstanding2		16,559,717		—		62,909		—			1
Net asset value	$	1.00		—	$	1.00		—		$	1.00
Cash Reserve
Net assets	$	3,635,209		—		—		—			—
Shares outstanding2		3,634,976		—		—		—			—
Net asset value	$	1.00		—		—		—			—
Administration
Net assets	$	476,145,095		—	$	21,554,144		—	3		—	3
Shares outstanding2		476,114,504		—		21,526,829		—	4		—	4
Net asset value	$	1.00		—	$	1.00	$	1.00		$	1.00
Select
Net assets	$	79,910,079		—	$	3,862,809	$	7,905,872		$	568,963
Shares outstanding2		79,904,944		—		3,857,911		7,896,344			568,258
Net asset value	$	1.00		—	$	1.00	$	1.00		$	1.00
Private Client
Net assets		—		—	$	350,318	$	4,076,898		$	409,556
Shares outstanding2		—		—		349,874		4,071,985			409,048
Net asset value		—		—	$	1.00	$	1.00		$	1.00
Premier
Net assets		—		—	$	1	$	1		$	1
Shares outstanding2		—		—		1		1			1
Net asset value		—		—	$	1.00	$	1.00		$	1.00

²  Unlimited number of shares authorized, no par value.

³  Net assets end of period are less than $1.

⁴  Shares end of period are less than 1.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 55

Statements of Operations

Year Ended October 31, 2016	Federal Trust Fund			FedFund			TempCash			TempFund			T-Fund
Investment Income
Interest — unaffiliated	$	7,417,623		$	102,593,969		$	3,533,883		$	320,488,553		$	112,571,706
Interest — affiliated		—			376,397			—			—			—
Other income — affiliated		—			5,980			—			—			—
Total investment income		7,417,623			102,976,346			3,533,883			320,488,553			112,571,706
Expenses
Management		4,533,694			49,476,738			3,125,478			106,842,508			60,629,559
Service and distribution — class specific		432,778			6,680,349			167,133			12,663,654			12,928,699
Professional		82,919			345,754			62,140			863,260			412,832
Registration		238,164			3,756,029			87,263			824,332			1,822,332
Transfer agent		163,954			647,418			42,429			2,032,251			768,916
Printing		112,037			113,950			38,776			190,176			118,062
Officer and Trustees		115,664			292,451			17,423			517,725			441,175
Custodian		49,372			680,028			64,929			1,365,398			857,011
Miscellaneous		150,386			284,262			36,398			762,526			408,052
Total expenses		5,878,968			62,276,979			3,641,969			126,061,830			78,386,638
Less:
Expenses reimbursed by the Manager		(48,326	)		—			—			—			—
Fees waived by the Manager		(1,807,489	)		(24,146,650	)		(2,267,659	)		(5,385,773	)		(12,165,572	)
Service and distribution fees waived — class specific		(119,800	)		(2,475,962	)		(32,744	)		(1,976,423	)		(6,382,316	)
Total expenses after fees waived and/or reimbursed		3,903,353			35,654,367			1,341,566			118,699,634			59,838,750
Net investment income		3,514,270			67,321,979			2,192,317			201,788,919			52,732,956
Realized and Unrealized Gain (Loss)
Net realized gain from investments		151,382			871,395			581			2,005,843			1,652,855
Net change in unrealized appreciation (depreciation) on investments		—			—			(149	)		1,348,440			—
Net Increase in Net Assets Resulting from Operations	$	3,665,652		$	68,193,374		$	2,192,749		$	205,143,202		$	54,385,811

See Notes to Financial Statements.

56 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Statements of Operations (concluded)

Year Ended October 31, 2016	Treasury Trust Fund			MuniCash			MuniFund			California Money Fund			New York Money Fund
Investment Income
Interest — unaffiliated	$	52,388,825		$	5,169,443		$	2,565,939		$	493,670		$	213,798
Other income — affiliated		17,911			—			—			—			—
Total investment income		52,406,736			5,169,443			2,565,939			493,670			213,798
Expenses
Management		33,466,326			3,977,193			4,047,311			755,316			327,165
Service and distribution — class specific		1,743,195			4,694			470,053			125,601			74,775
Transfer agent		518,120			95,302			93,970			19,207			12,231
Custodian		400,584			39,146			34,647			6,548			4,828
Registration		742,652			171,358			112,241			29,030			35,717
Professional		226,956			72,842			66,712			68,596			61,143
Officer and Trustees		200,656			20,755			20,838			11,358			9,801
Reorganization		—			131,802			—			—			—
Printing		73,912			42,749			42,193			44,922			43,204
Miscellaneous		155,120			35,584			51,477			12,929			11,609
Total expenses		37,527,521			4,591,425			4,939,442			1,073,507			580,473
Less:
Expenses reimbursed by the Manager		—			(20,268	)		(12,903	)		(37,881	)		(75,807	)
Fees waived by the Manager		(6,962,305	)		(2,310,135	)		(3,113,914	)		(645,337	)		(308,612	)
Reorganization costs reimbursed by the Manager		—			(131,802	)		—			—			—
Service and distribution fees waived — class specific		(1,020,749	)		(2,129	)		(301,026	)		(95,627	)		(59,348	)
Total expenses after fees waived and/or reimbursed		29,544,467			2,127,091			1,511,599			294,662			136,706
Net investment income		22,862,269			3,042,352			1,054,340			199,008			77,092
Realized and Unrealized Gain (Loss)
Net realized gain from investments		1,402,702			19,069			38,704			63,054			8,715
Net change in unrealized appreciation on investments		—			17,476			—			—			—
Net Increase in Net Assets Resulting from Operations	$	24,264,971		$	3,078,897		$	1,093,044		$	262,062		$	85,807

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 57

Statements of Changes in Net Assets

	Federal Trust Fund						FedFund
	Year Ended October 31,						Year Ended October 31,
Increase (Decrease) in Net Assets:	2016			2015			2016			2015
Operations
Net investment income	$	3,514,270		$	32,064		$	67,321,979		$	2,118,890
Net realized gain		151,382			8,206			871,395			717,941
Net increase in net assets resulting from operations		3,665,652			40,270			68,193,374			2,836,831
Distributions to Shareholders1
From net investment income:
Institutional		(3,497,902	)		(31,647	)		(65,691,861	)		(1,917,343	)
Dollar		(47	)		(382	)		(689,996	)		(119,662	)
Cash Management		(7	)		—			(31,489	)		(1,902	)
Cash Reserve		—			—			(30,734	)		(735	)
Administration		(16,314	)		(35	)		(804,665	)		(51,175	)
Select		—			—			(72,196	)		(26,991	)
Private Client		—			—			(1,001	)		(777	)
Premier		—			—			(37	)		(305	)
From net realized gain:
Institutional		(7,879	)		(6,303	)		(437,757	)		(360,193	)
Dollar		(21	)		(87	)		(42,760	)		(28,757	)
Cash Management		—			—			(1,815	)		(825	)
Cash Reserve		—			—			(207	)		(162	)
Administration		—			(57	)		(12,578	)		(8,208	)
Select		—			—			(7,166	)		(4,942	)
Private Client		—			—			(139	)		(150	)
Premier		—			—			(5	)		(36	)
Decrease in net assets resulting from distributions to shareholders		(3,522,170	)		(38,511	)		(67,824,406	)		(2,522,163	)
Capital Share Transactions
Net increase in net assets derived from capital share transactions		3,125,502,380			91,672,741			75,374,520,238			1,124,112,696
Net Assets
Total increase in net asset		3,125,645,862			91,674,500			75,374,889,206			1,124,427,364
Beginning of year		333,653,981			241,979,481			12,905,350,549			11,780,923,185
End of year	$	3,459,299,843		$	333,653,981		$	88,280,239,755		$	12,905,350,549
Undistributed net investment income, end of year	$	47,241		$	1,179		$	554,558		$	22,099

¹  Distributions for annual periods determined in accordance with federal income tax regulations.

See Notes to Financial Statements.

58 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Statements of Changes in Net Assets (continued)

	TempCash						TempFund						T-Fund
	Year Ended October 31,						Year Ended October 31,						Year Ended October 31,
Increase (Decrease) in Net Assets:	2016			2015			2016			2015			2016			2015
Operations
Net investment income	$	2,192,317		$	1,149,607		$	201,788,919		$	45,275,739		$	52,732,956		$	1,982,325
Net realized gain		581			120,501			2,005,843			2,244,494			1,652,855			1,252,533
Net change in unrealized appreciation (depreciation) on investments		(149	)		—			1,348,440			—			—			—
Net increase in net assets resulting from operations		2,192,749			1,270,108			205,143,202			47,520,233			54,385,811			3,234,858
Distributions to Shareholders1
From net investment income:
Institutional		(2,155,187	)		(1,133,307	)		(192,915,859	)		(44,221,255	)		(52,057,188	)		(1,830,518	)
Dollar		(37,130	)		(16,300	)		(2,708,329	)		(350,966	)		(493,282	)		(78,174	)
Cash Management		—			—			(37,116	)		(53,567	)		(135,899	)		(52,397	)
Cash Reserve		—			—			(1,478	)		(3,124	)		(8,258	)		(121	)
Administration		—			—			(6,125,788	)		(584,265	)		(23,694	)		(325	)
Select		—			—			(254	)		(59,192	)		(14,635	)		(20,790	)
Private Client		—			—			(87	)		(2,102	)		—			—
Premier		—			—			(8	)		(1,268	)		—			—
From net realized gain:
Institutional		(115,449	)		(292,650	)		(4,366,238	)		(3,786,269	)		(567,256	)		(1,354,702	)
Dollar		(9,105	)		(36,405	)		(100,852	)		(184,664	)		(28,927	)		(60,216	)
Cash Management		—			—			(175,845	)		(19,935	)		(25,978	)		(46,779	)
Cash Reserve		—			—			(3,737	)		(1,468	)		(27	)		—
Administration		—			—			(96,923	)		(198,214	)		—			—
Select		—			—			(8,805	)		(29,935	)		(7,050	)		(15,360	)
Private Client		—			—			(579	)		(1,012	)		—			—
Premier		—			—			(317	)		(560	)		—			—
Decrease in net assets resulting from distributions to shareholders		(2,316,871	)		(1,478,662	)		(206,542,215	)		(49,497,796	)		(53,362,194	)		(3,459,382	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		(1,128,023,833	)		(475,967,922	)		(58,177,093,133	)		15,018,099,962			37,353,219,144			1,496,328,765
Net Assets
Total increase (decrease) in net assets		(1,128,147,955	)		(476,176,476	)		(58,178,492,146	)		15,016,122,399			37,354,242,761			1,496,104,241
Beginning of year		1,226,452,548			1,702,629,024			67,308,427,600			52,292,305,201			21,578,893,708			20,082,789,467
End of year	$	98,304,593		$	1,226,452,548		$	9,129,935,454		$	67,308,427,600		$	58,933,136,469		$	21,578,893,708
Undistributed (distributions in excess of) net investment income, end of year	$	(38,235	)	$	39,403		$	(2,155,236	)	$	18,582		$	682,416		$	15,813

¹  Distributions for annual periods determined in accordance with federal income tax regulations.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 59

Statements of Changes in Net Assets (continued)

	Treasury Trust Fund						MuniCash						MuniFund
	Year Ended October 31,						Year Ended October 31,						Year Ended October 31,
Increase (Decrease) in Net Assets:	2016			2015			2016			2015			2016			2015
Operations
Net investment income	$	22,862,269		$	3,943		$	3,042,352		$	19,816		$	1,054,340		$	328,241
Net realized gain		1,402,702			735,266			19,069			3,537			38,704			136,115
Net change in unrealized appreciation on investments		—			—			17,476			—			—			—
Net increase in net assets resulting from operations		24,264,971			739,209			3,078,897			23,353			1,093,044			464,356
Distributions to Shareholders1
From net investment income:
Institutional		(22,707,741	)		(3,752	)		(3,051,247	)		(19,539	)		(886,032	)		(246,633	)
Dollar		(42,202	)		(134	)		(1,138	)		(277	)		(7,296	)		(8,641	)
Cash Management		(1,938	)		(3	)		—			—			(194	)		(1,413	)
Administration		(101,961	)		(54	)		—			—			(159,609	)		(67,690	)
Select		(7,511	)		—			—			—			(1,010	)		(3,454	)
Cash Reserve		(916	)		—			—			—			—			—
Private Client		—			—			—			—			(199	)		(339	)
Premier		—			—			—			—			—			(71	)
From net realized gain:
Institutional		(564,501	)		(416,638	)		(22,436	)		(3,218	)		(99,013	)		(91,383	)
Dollar		(15,034	)		(15,059	)		(63	)		(56	)		(2,633	)		(2,750	)
Cash Management		(416	)		(484	)		—			—			(175	)		(503	)
Administration		(9,724	)		(5,907	)		—			—			(33,097	)		(22,613	)
Select		(666	)		(70	)		—			—			(729	)		(932	)
Cash Reserve		(194	)		—			—			—			—			—
Private Client		—			—			—			—			(120	)		(123	)
Premier		—			—			—			—			—			(55	)
From return of capital:
Institutional		—			—			(1,883,093	)		—			—			—
Dollar		—			—			(1,980	)		—			—			—
Decrease in net assets resulting from distributions to shareholders		(23,452,804	)		(442,101	)		(4,959,957	)		(23,090	)		(1,190,107	)		(446,600	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		7,370,571,346			3,379,340,490			1,996,129,957			(1,032,253	)		(1,589,835,163	)		149,158,773
Net Assets
Total increase (decrease) in net assets		7,371,383,513			3,379,637,598			1,994,248,897			(1,031,990	)		(1,589,932,226	)		149,176,529
Beginning of year		14,536,502,814			11,156,865,216			147,373,352			148,405,342			1,762,944,034			1,613,767,505
End of year	$	21,907,886,327		$	14,536,502,814		$	2,141,622,249		$	147,373,352		$	173,011,808		$	1,762,944,034
Undistributed net investment income, end of year	$	50,828		$	20,325			—		$	10,033		$	2,300		$	2,300

¹  Distributions for annual periods determined in accordance with federal income tax regulations.

See Notes to Financial Statements.

60 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Statements of Changes in Net Assets (concluded)

	California Money Fund						New York Money Fund
	Year Ended October 31,						Year Ended October 31,
Increase (Decrease) in Net Assets:	2016			2015			2016			2015
Operations
Net investment income	$	199,008		$	17,775		$	77,092		$	13,100
Net realized gain (loss)		63,054			(76	)		8,715			5,109
Net increase in net assets resulting from operations		262,062			17,699			85,807			18,209
Distributions to Shareholders1
From net investment income:
Institutional		(197,733	)		(16,110	)		(75,344	)		(10,106	)
Dollar		(4	)		(244	)		—			—
Cash Management		—			—			(379	)		(1,887	)
Administration		(489	)		(153	)		(1,175	)		(559	)
Select		(235	)		(849	)		(129	)		(416	)
Private Client		(547	)		(418	)		(65	)		(115	)
Premier		—			(1	)		—			(17	)
From net realized gain:
Institutional		—			—			(12,392	)		(714	)
Dollar		—			—			—			—
Cash Management		—			—			(275	)		(131	)
Administration		—			—			(231	)		(33	)
Select		—			—			(607	)		(44	)
Private Client		—			—			(270	)		(12	)
Premier		—			—			—			(3	)
From return of capital:
Institutional		—			—			(28,833	)		—
Select		—			—			(1,681	)		—
Private Client		—			—			(876	)		—
Decrease in net assets resulting from distributions to shareholders		(199,008	)		(17,775	)		(122,257	)		(14,037	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		(190,058,850	)		103,570,397			(95,480,948	)		(39,828,313	)
Net Assets
Total increase (decrease) in net assets		(189,995,796	)		103,570,321			(95,517,398	)		(39,824,141	)
Beginning of year		243,170,309			139,599,988			114,333,568			154,157,709
End of year	$	53,174,513		$	243,170,309		$	18,816,170		$	114,333,568

¹  Distributions for annual periods determined in accordance with federal income tax regulations.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 61

Financial Highlights Federal Trust Fund

	Institutional
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0016			0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0001
Net increase from investment operations		0.0016			0.0001			0.0001			0.0001			0.0002
Distributions:2
From net investment income		(0.0016	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0001	)
Total distributions		(0.0016	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0002	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.16	%		0.01	%		0.01	%		0.01	%		0.02	%
Ratios to Average Net Assets
Total expenses		0.28	%		0.33	%		0.33	%		0.32	%		0.33	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.18	%		0.08	%		0.07	%		0.11	%		0.11	%
Net investment income		0.19	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	3,142,077		$	331,549		$	236,113		$	235,349		$	188,110
	Dollar
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0001
Net increase from investment operations		0.0000			0.0001			0.0001			0.0001			0.0002
Distributions:2
From net investment income		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0001	)
Total distributions		(0.0000	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0002	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.00	%		0.01	%		0.01	%		0.01	%		0.02	%
Ratios to Average Net Assets
Total expenses		0.52	%		0.58	%		0.58	%		0.57	%		0.58	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.38	%		0.08	%		0.07	%		0.11	%		0.11	%
Net investment income		0.00	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	242,959		$	2,105		$	3,683		$	15,061		$	10,917

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

See Notes to Financial Statements.

62 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Financial Highlights (continued) Federal Trust Fund

	Cash Management
	Period April 18, 20161 to October 31, 2016
Per Share Operating Performance
Net asset value, beginning of period		$      1.00
Net investment income		0.0000	2
Net realized gain		—
Net increase from investment operations		0.0000
Distributions:3
From net investment income		(0.0000	)4
From net realized gain		—
Total distributions		(0.0000	)
Net asset value, end of period		$      1.00
Total Return5
Based on net asset value		0.00	%6
Ratios to Average Net Assets
Total expenses		0.69	%7
Total expenses after fees waived and/or reimbursed and paid indirectly		0.34	%7
Net investment income		0.00	%7
Supplemental Data
Net assets, end of period (000)		$    31,560

	Cash Reserve
	Period April 18, 20161 to October 31, 2016
Per Share Operating Performance
Net asset value, beginning of period		$      1.00
Net investment income		0.0000	2
Net realized gain		—
Net increase from investment operations		0.0000
Distributions:3
From net investment income		(0.0000	)4
From net realized gain		—
Total distributions		(0.0000	)
Net asset value, end of period		$      1.00
Total Return5
Based on net asset value		0.00	%6
Ratios to Average Net Assets
Total expenses		0.61	%7
Total expenses after fees waived and/or reimbursed and paid indirectly		0.35	%7
Net investment income		0.00	%7
Supplemental Data
Net assets, end of period (000)		$      499

¹  Commencement of operations.

²  Amount is less than $0.00005 per share.

³  Distributions for annual periods determined in accordance with federal income tax regulations.

⁴  Amount is greater than $(0.00005) per share.

⁵  Where applicable, assumes the reinvestment of distributions.

⁶  Aggregate total return.

⁷  Annualized.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 63

Financial Highlights (concluded) Federal Trust Fund

	Administration
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0007			0.0001			0.0001			0.0001			0.0001
Net realized gain		—			0.0000	1		0.0000	1		0.0000	1		0.0001
Net increase from investment operations		0.0007			0.0001			0.0001			0.0001			0.0002
Distributions:2
From net investment income		(0.0007	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		—			(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0001	)
Total distributions		(0.0007	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0002	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.06	%		0.01	%		0.01	%		0.01	%		0.02	%
Ratios to Average Net Assets
Total expenses		0.37	%		0.43	%		0.43	%		0.42	%		0.43	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.28	%		0.08	%		0.07	%		0.10	%		0.11	%
Net investment income		0.11	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	42,205		$	—	5	$	2,183		$	2,289		$	1,629

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Net assets end of period are less than $1,000.

See Notes to Financial Statements.

64 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Financial Highlights FedFund

	Institutional
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0023			0.0002			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net increase from investment operations		0.0023			0.0002			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0023	)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
Total distributions		(0.0023	)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.23	%		0.02	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.21	%		0.21	%		0.21	%		0.21	%		0.21	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.12	%		0.12	%		0.09	%		0.14	%		0.17	%
Net investment income		0.28	%		0.02	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	84,001,937		$	11,361,624		$	10,689,737		$	12,265,686		$	11,698,677
	Dollar
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0004			0.0002			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net increase from investment operations		0.0004			0.0002			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0004	)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
Total distributions		(0.0004	)		(0.0002	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.04	%		0.02	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.34	%		0.13	%		0.09	%		0.13	%		0.17	%
Net investment income		0.04	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	2,029,496		$	917,631		$	748,382		$	593,574		$	325,447

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 65

Financial Highlights (continued) FedFund

	Cash Management
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0003			0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net increase from investment operations		0.0003			0.0001			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0003	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
Total distributions		(0.0003	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.04	%		0.02	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.71	%		0.71	%		0.71	%		0.71	%		0.71	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.36	%		0.13	%		0.09	%		0.13	%		0.16	%
Net investment income		0.03	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	90,565		$	64,483		$	3,547		$	2,947		$	2,350
	Cash Reserve
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0003			0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net increase from investment operations		0.0003			0.0001			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0003	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
Total distributions		(0.0003	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.04	%		0.02	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.62	%		0.61	%		0.61	%		0.61	%		0.61	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.31	%		0.13	%		0.09	%		0.12	%		0.17	%
Net investment income		0.09	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	220,572		$	5,442		$	4,561		$	4,863		$	208

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.    

See Notes to Financial Statements.

66 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Financial Highlights (continued) FedFund

	Administration
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0014			0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net increase from investment operations		0.0014			0.0001			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0014	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
Total distributions		(0.0014	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.14	%		0.02	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.31	%		0.31	%		0.31	%		0.31	%		0.31	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.21	%		0.13	%		0.09	%		0.14	%		0.17	%
Net investment income		0.17	%		0.02	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	1,693,932		$	346,593		$	233,421		$	12,271		$	18,664
	Select
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0003			0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net increase from investment operations		0.0003			0.0001			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0003	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
Total distributions		(0.0003	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.04	%		0.02	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		1.06	%		1.06	%		1.06	%		1.06	%		1.06	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.34	%		0.13	%		0.09	%		0.14	%		0.17	%
Net investment income		0.04	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	241,781		$	205,658		$	92,940		$	111,589		$	100,792

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 67

Financial Highlights (concluded) FedFund

	Private Client
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0003			0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net increase from investment operations		0.0003			0.0001			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0003	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
Total distributions		(0.0003	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.04	%		0.02	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		1.06	%		1.06	%		1.06	%		1.06	%		1.06	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.35	%		0.13	%		0.09	%		0.14	%		0.17	%
Net investment income		0.03	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	1,945		$	3,777		$	6,385		$	7,729		$	16,948
	Premier
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0003			0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net increase from investment operations		0.0003			0.0001			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0003	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
Total distributions		(0.0003	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.04	%		0.02	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.80	%		0.81	%		0.81	%		0.81	%		0.81	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.36	%		0.13	%		0.09	%		0.14	%		0.17	%
Net investment income		0.03	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	12		$	143		$	1,951		$	479		$	1,042

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

See Notes to Financial Statements.

68 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Financial Highlights TempCash

	Institutional
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0027			0.0006			0.0004			0.0010			0.0015
Net realized and unrealized gain		0.0002			0.0002			0.0002			0.0000	1		0.0001
Net increase from investment operations		0.0029			0.0008			0.0006			0.0010			0.0016
Distributions:2
From net investment income		(0.0027	)		(0.0006	)		(0.0004	)		(0.0010	)		(0.0015	)
From net realized gain		(0.0002	)		(0.0002	)		(0.0002	)		(0.0000	)3		(0.0001	)
Total distributions		(0.0029	)		(0.0008	)		(0.0006	)		(0.0010	)		(0.0016	)
Net asset value, end of year	$	1.0000		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.29	%		0.08	%		0.06	%		0.10	%		0.16	%
Ratios to Average Net Assets
Total expenses		0.39	%		0.35	%		0.33	%		0.31	%		0.28	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.13	%		0.18	%		0.18	%		0.18	%		0.18	%
Net investment income		0.26	%		0.06	%		0.05	%		0.10	%		0.15	%
Supplemental Data
Net assets, end of year (000)	$	72,311		$	1,142,790		$	1,489,543		$	2,647,717		$	3,622,878
	Dollar
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0006			0.0001			0.0000	1		0.0002			0.0001
Net realized and unrealized gain		0.0002			0.0002			0.0002			0.0000	1		0.0001
Net increase from investment operations		0.0008			0.0003			0.0002			0.0002			0.0002
Distributions:2
From net investment income		(0.0006	)		(0.0001	)		(0.0000	)3		(0.0002	)		(0.0001	)
From net realized gain		(0.0002	)		(0.0002	)		(0.0002	)		(0.0000	)3		(0.0001	)
Total distributions		(0.0008	)		(0.0003	)		(0.0002	)		(0.0002	)		(0.0002	)
Net asset value, end of year	$	1.0000		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.08	%		0.03	%		0.02	%		0.02	%		0.02	%
Ratios to Average Net Assets
Total expenses		0.64	%		0.59	%		0.58	%		0.56	%		0.53	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.34	%		0.23	%		0.22	%		0.26	%		0.32	%
Net investment income		0.06	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	25,994		$	83,662		$	213,086		$	464,691		$	551,888

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.    

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 69

Financial Highlights TempFund

	Institutional
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0036			0.0008			0.0003			0.0008			0.0013
Net realized and unrealized gain		0.0004			0.0001			0.0001			0.0000	1		0.0001
Net increase from investment operations		0.0040			0.0009			0.0004			0.0008			0.0014
Distributions:2
From net investment income		(0.0036	)		(0.0008	)		(0.0003	)		(0.0008	)		(0.0013	)
From net realized gain		(0.0002	)		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0001	)
Total distributions		(0.0038	)		(0.0009	)		(0.0004	)		(0.0008	)		(0.0014	)
Net asset value, end of year	$	1.0002		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.41	%		0.09	%		0.04	%		0.08	%		0.14	%
Ratios to Average Net Assets
Total expenses		0.19	%		0.19	%		0.19	%		0.19	%		0.19	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.18	%		0.16	%		0.17	%		0.18	%		0.18	%
Net investment income		0.35	%		0.08	%		0.03	%		0.08	%		0.14	%
Supplemental Data
Net assets, end of year (000)	$	8,183,070		$	62,215,214		$	46,327,088		$	42,517,741		$	43,032,035
	Dollar
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0013			0.0002			0.0002			0.0001			0.0001
Net realized and unrealized gain		0.0004			0.0001			0.0001			0.0000	1		0.0001
Net increase from investment operations		0.0017			0.0003			0.0003			0.0001			0.0002
Distributions:2
From net investment income		(0.0013	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0002	)		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0001	)
Total distributions		(0.0015	)		(0.0003	)		(0.0003	)		(0.0001	)		(0.0002	)
Net asset value, end of year	$	1.0002		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.17	%		0.03	%		0.03	%		0.02	%		0.02	%
Ratios to Average Net Assets
Total expenses		0.44	%		0.44	%		0.44	%		0.44	%		0.44	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.42	%		0.22	%		0.18	%		0.25	%		0.31	%
Net investment income		0.13	%		0.02	%		0.02	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	91,943		$	1,511,529		$	2,673,968		$	2,300,509		$	1,941,890

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.    

See Notes to Financial Statements.

70 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Financial Highlights (continued) TempFund

	Cash Management
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0002			0.0002			0.0001			0.0001
Net realized and unrealized gain		0.0004			0.0001			0.0001			0.0000	1		0.0001
Net increase from investment operations		0.0004			0.0003			0.0003			0.0001			0.0002
Distributions:2
From net investment income		(0.0000	)3		(0.0002	)		(0.0002	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0002	)		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0001	)
Total distributions		(0.0002	)		(0.0003	)		(0.0003	)		(0.0001	)		(0.0002	)
Net asset value, end of year	$	1.0002		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.04	%		0.03	%		0.03	%		0.02	%		0.02	%
Ratios to Average Net Assets
Total expenses		0.68	%		0.69	%		0.69	%		0.69	%		0.69	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.56	%		0.23	%		0.18	%		0.25	%		0.31	%
Net investment income		0.01	%		0.02	%		0.02	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	831,483		$	403,371		$	278,181		$	231,804		$	300,910
	Cash Reserve
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0004			0.0002			0.0002			0.0001			0.0001
Net realized and unrealized gain		0.0002			0.0001			0.0001			0.0000	1		0.0001
Net increase from investment operations		0.0006			0.0003			0.0003			0.0001			0.0002
Distributions:2
From net investment income		(0.0002	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0002	)		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0001	)
Total distributions		(0.0004	)		(0.0003	)		(0.0003	)		(0.0001	)		(0.0002	)
Net asset value, end of year	$	1.0002		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.06	%		0.03	%		0.03	%		0.02	%		0.02	%
Ratios to Average Net Assets
Total expenses		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.51	%		0.23	%		0.18	%		0.24	%		0.30	%
Net investment income		0.01	%		0.02	%		0.02	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	5,630		$	16,693		$	19,977		$	15,031		$	13,130

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.    

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 71

Financial Highlights (continued) TempFund

	Administration
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0026			0.0002			0.0002			0.0002			0.0004
Net realized and unrealized gain		0.0004			0.0001			0.0001			0.0000	1		0.0001
Net increase from investment operations		0.0030			0.0003			0.0003			0.0002			0.0005
Distributions:2
From net investment income		(0.0026	)		(0.0002	)		(0.0002	)		(0.0002	)		(0.0004	)
From net realized gain		(0.0002	)		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0001	)
Total distributions		(0.0028	)		(0.0003	)		(0.0003	)		(0.0002	)		(0.0005	)
Net asset value, end of year	$	1.0002		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.31	%		0.03	%		0.03	%		0.02	%		0.06	%
Ratios to Average Net Assets
Total expenses		0.29	%		0.29	%		0.29	%		0.29	%		0.29	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.28	%		0.23	%		0.18	%		0.24	%		0.27	%
Net investment income		0.24	%		0.02	%		0.02	%		0.01	%		0.05	%
Supplemental Data
Net assets, end of year (000)	$	15,197		$	2,843,390		$	2,542,670		$	2,740,631		$	2,548,103
	Select
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0002			0.0000	1		0.0000	1		0.0000	1
Net realized and unrealized gain		0.0004			0.0001			0.0001			0.0000	1		0.0001
Net increase from investment operations		0.0004			0.0003			0.0001			0.0000			0.0001
Distributions:2
From net investment income		(0.0000	)3		(0.0002	)		(0.0000	)3		(0.0000	)3		(0.0000	)3
From net realized gain		(0.0002	)		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0001	)
Total distributions		(0.0002	)		(0.0003	)		(0.0001	)		(0.0000	)		(0.0001	)
Net asset value, end of year	$	1.0002		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.04	%		0.03	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		1.04	%		1.04	%		1.04	%		1.04	%		1.04	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.51	%		0.22	%		0.19	%		0.26	%		0.32	%
Net investment income		0.00	%		0.02	%		0.01	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of year (000)	$	963		$	295,371		$	424,555		$	514,918		$	536,971

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.    

See Notes to Financial Statements.

72 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Financial Highlights (concluded) TempFund

	Private Client
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0002			0.0000	1		0.0000	1		0.0000	1
Net realized and unrealized gain		0.0004			0.0001			0.0001			0.0000	1		0.0001
Net increase from investment operations		0.0004			0.0003			0.0001			0.0000			0.0001
Distributions:2
From net investment income		(0.0000	)3		(0.0002	)		(0.0000	)3		(0.0000	)3		(0.0000	)3
From net realized gain		(0.0002	)		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0001	)
Total distributions		(0.0002	)		(0.0003	)		(0.0001	)		(0.0000	)		(0.0001	)
Net asset value, end of year	$	1.0002		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.04	%		0.03	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		1.04	%		1.04	%		1.04	%		1.04	%		1.04	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.53	%		0.23	%		0.19	%		0.26	%		0.32	%
Net investment income		0.00	%		0.02	%		0.01	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of year (000)	$	1,649		$	9,855		$	14,738		$	16,524		$	19,248
	Premier
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0002			0.0000	1		0.0000	1		0.0000	1
Net realized and unrealized gain		0.0004			0.0001			0.0001			0.0000	1		0.0001
Net increase from investment operations		0.0004			0.0003			0.0001			0.0000			0.0001
Distributions:2
From net investment income		(0.0000	)3		(0.0002	)		(0.0000	)3		(0.0000	)3		(0.0000	)3
From net realized gain		(0.0002	)		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0001	)
Total distributions		(0.0002	)		(0.0003	)		(0.0001	)		(0.0000	)		(0.0001	)
Net asset value, end of year	$	1.0002		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.04	%		0.03	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.79	%		0.79	%		0.79	%		0.79	%		0.79	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.45	%		0.24	%		0.19	%		0.26	%		0.31	%
Net investment income		0.00	%		0.01	%		0.01	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of year (000)	$	—	5	$	13,005		$	11,127		$	17,700		$	18,072

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Net assets are less than $1,000.    

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 73

Financial Highlights T-Fund

	Institutional
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0017			0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0001			0.0001			0.0000	1		0.0000	1
Net increase from investment operations		0.0017			0.0002			0.0002			0.0001			0.0001
Distributions:2
From net investment income		(0.0017	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0000	)3
Total distributions		(0.0017	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.17	%		0.02	%		0.02	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.20	%		0.20	%		0.21	%		0.21	%		0.20	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.17	%		0.08	%		0.06	%		0.11	%		0.12	%
Net investment income		0.18	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	53,764,049		$	19,598,433		$	18,501,009		$	15,448,264		$	17,649,086
	Dollar
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0001			0.0001			0.0000	1		0.0000	1
Net increase from investment operations		0.0001			0.0002			0.0002			0.0001			0.0001
Distributions:2
From net investment income		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0000	)3
Total distributions		(0.0001	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.02	%		0.02	%		0.02	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.45	%		0.45	%		0.46	%		0.46	%		0.45	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.34	%		0.08	%		0.06	%		0.09	%		0.12	%
Net investment income		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	3,807,290		$	988,153		$	755,491		$	855,847		$	479,912

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

See Notes to Financial Statements.

74 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Financial Highlights (continued) T-Fund

	Cash Management
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0001			0.0001			0.0000	1		0.0000	1
Net increase from investment operations		0.0001			0.0002			0.0002			0.0001			0.0001
Distributions:2
From net investment income		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0000	)3
Total distributions		(0.0001	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.02	%		0.02	%		0.02	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.70	%		0.70	%		0.71	%		0.71	%		0.70	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.32	%		0.08	%		0.06	%		0.11	%		0.12	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	1,133,743		$	771,441		$	629,757		$	1,002,044		$	1,454,450

	Cash Reserve
	Year Ended October 31, 2016			Period September 24, 20155 to October 31,  2015
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.0001			0.0000	1
Net realized gain		0.0000	1		—
Net increase (decrease) from investment operations		0.0001			0.0000
Distributions:2
From net investment income		(0.0001	)		(0.0000	)3
From net realized gain		(0.0000	)3		—
Total distributions		(0.0001	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00
Total Return4
Based on net asset value		0.02	%		0.00	%6
Ratios to Average Net Assets
Total expenses		0.60	%		0.56	%7
Total expenses after fees waived and/or reimbursed and paid indirectly		0.35	%		0.08	%7
Net investment income		0.02	%		0.01	%7
Supplemental Data
Net assets, end of period (000)	$	68,784		$	—	8

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Commencement of operations.

⁶  Aggregate total return.

⁷  Annualized.

⁸  Net assets are less than $1,000.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 75

Financial Highlights (continued) T-Fund

	Administration
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0008			0.0001			0.0001			0.0000	1		0.0001
Net realized gain		0.0000	1		0.0001			0.0001			0.0001			0.0000	1
Net increase from investment operations		0.0008			0.0002			0.0002			0.0001			0.0001
Distributions:2
From net investment income		(0.0008	)		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0001	)
From net realized gain		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0001	)		(0.0000	)3
Total distributions		(0.0008	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.08	%		0.02	%		0.02	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.30	%		0.30	%		0.00	%		0.30	%		0.30	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.26	%		0.08	%		0.00	%		0.15	%		0.12	%
Net investment income		0.12	%		0.01	%		0.00	%		0.00	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	75,294		$	5		$	—	5	$	—	5	$	16,431
	Select
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0001			0.0001			0.0000	1		0.0000	1
Net increase from investment operations		0.0001			0.0002			0.0002			0.0001			0.0001
Distributions:2
From net investment income		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0000	)3
Total distributions		(0.0001	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.02	%		0.02	%		0.02	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		1.05	%		1.05	%		1.06	%		1.06	%		1.05	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.31	%		0.08	%		0.06	%		0.11	%		0.12	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	83,975		$	220,861		$	196,531		$	214,156		$	103,189

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Net assets are less than $1,000.

See Notes to Financial Statements.

76 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Financial Highlights (concluded) T-Fund

	Premier
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0000	1		0.0001			0.0001			0.0000	1		0.0000	1
Net increase from investment operations		0.0001			0.0002			0.0002			0.0001			0.0001
Distributions:2
From net investment income		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0000	)3
Total distributions		(0.0001	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.02	%		0.02	%		0.02	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.80	%		0.83	%		0.80	%		0.81	%		0.80	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.31	%		0.08	%		0.06	%		0.09	%		0.13	%
Net investment income		0.01	%		0.01	%		0.00	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	—	5	$	—	5	$	1		$	51,805		$	13

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Net assets are less than $1,000.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 77

Financial Highlights Treasury Trust Fund

	Institutional
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0013			0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net realized gain		0.0000	1		0.0000	1		0.0001			0.0000	1		0.0000	1
Net increase from investment operations		0.0013			0.0000			0.0001			0.0000			0.0000
Distributions:2
From net investment income		(0.0013	)		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0001	)		(0.0000	)3		(0.0000	)3
Total distributions:		(0.0013	)		(0.0000	)		(0.0001	)		(0.0000	)		(0.0000	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.13	%		0.00	%		0.01	%		0.00	%		0.00	%
Ratios to Average Net Assets
Total expenses		0.21	%		0.21	%		0.21	%		0.22	%		0.23	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.17	%		0.05	%		0.05	%		0.07	%		0.07	%
Net investment income		0.14	%		0.00	%		0.00	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of year (000)	$	20,911,540		$	13,517,000		$	10,367,067		$	7,021,176		$	4,901,611
	Dollar
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0002			0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net realized gain		0.0000	1		0.0000	1		0.0001			0.0000	1		0.0000	1
Net increase from investment operations		0.0002			0.0000			0.0001			0.0000			0.0000
Distributions:2
From net investment income		(0.0002	)		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0001	)		(0.0000	)3		(0.0000	)3
Total distributions		(0.0002	)		(0.0000	)		(0.0001	)		(0.0000	)		(0.0000	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.02	%		0.00	%		0.01	%		0.00	%		0.00	%
Ratios to Average Net Assets
Total expenses		0.46	%		0.46	%		0.46	%		0.47	%		0.48	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.28	%		0.05	%		0.04	%		0.08	%		0.08	%
Net investment income		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of year (000)	$	420,095		$	428,958		$	439,496		$	191,695		$	198,062

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

See Notes to Financial Statements.

78 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Financial Highlights (continued) Treasury Trust Fund

		Cash Management
		Year Ended October 31,
		2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income			0.0002			0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net realized gain			0.0000	1		0.0000	1		0.0001			0.0000	1		0.0000	1
Net increase from investment operations			0.0002			0.0000			0.0001			0.0000			0.0000
Distributions:2
From net investment income			(0.0002	)		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
From net realized gain			(0.0000	)3		(0.0000	)3		(0.0001	)		(0.0000	)3		(0.0000	)3
Total distributions			(0.0002	)		(0.0000	)		(0.0001	)		(0.0000	)		(0.0000	)
Net asset value, end of year		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value			0.02	%		0.00	%		0.01	%		0.00	%		0.00	%
Ratios to Average Net Assets
Total expenses			0.71	%		0.71	%		0.71	%		0.72	%		0.73	%
Total expenses after fees waived and/or reimbursed and paid indirectly			0.29	%		0.05	%		0.05	%		0.08	%		0.07	%
Net investment income			0.01	%		0.00	%		0.00	%		0.00	%		0.00	%
Supplemental Data	��
Net assets, end of year (000)		$	16,561		$	8,528		$	14,777		$	12,942		$	15,122

	Cash Reserve
	Period December 16, 20155 to October 31, 2016
Per Share Operating Performance
Net asset value, beginning of period	$	1.00
Net investment income		0.0001
Net realized gain		0.0000	1
Net increase (decrease) from investment operations		0.0001
Distributions:2
From net investment income		(0.0001	)
From net realized gain		(0.0000	)3
Total distributions		(0.0001	)
Net asset value, end of period	$	1.00
Total Return4
Based on net asset value		0.01	%6
Ratios to Average Net Assets
Total expenses		0.61	%7
Total expenses after fees waived and/or reimbursed and paid indirectly		0.29	%7
Net investment income		0.01	%7
Supplemental Data
Net assets, end of period (000)	$	3,635

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Commencement of operations.

⁶  Aggregate total return.

⁷  Annualized.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 79

Financial Highlights (concluded) Treasury Trust Fund

	Administration
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0005			0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net realized gain		0.0000	1		0.0000	1		0.0001			0.0000	1		0.0000	1
Net increase from investment operations		0.0005			0.0000	1		0.0001			0.0000			0.0000
Distributions:2
From net investment income		(0.0005	)		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0001	)		(0.0000	)3		(0.0000	)3
Total distributions		(0.0005	)		(0.0000	)		(0.0001	)		(0.0000	)		(0.0000	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.05	%		0.00	%		0.01	%		0.00	%		0.00	%
Ratios to Average Net Assets
Total expenses		0.31	%		0.31	%		0.31	%		0.32	%		0.33	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.24	%		0.05	%		0.05	%		0.08	%		0.07	%
Net investment income		0.04	%		0.00	%		0.00	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of year (000)	$	476,145		$	573,959		$	335,524		$	108,091		$	128,154

	Select
	Year Ended October 31, 2016			Period September 28, 20155 to October 31, 2015
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00
Net investment income		0.0002			0.0000	1
Net realized gain		0.0000	1		0.0000	1
Net increase (decrease) from investment operations		0.0002			0.0000
Distributions:2
From net investment income		(0.0002	)		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3
Total distributions		(0.0002	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00
Total Return4
Based on net asset value		0.02	%		0.00	%6
Ratios to Average Net Assets
Total expenses		1.06	%		1.09	%7
Total expenses after fees waived and/or reimbursed and paid indirectly		0.31	%		0.06	%7
Net investment income		0.01	%		0.00	%7
Supplemental Data
Net assets, end of period (000)	$	79,910		$	8,058

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Commencement of operations.

⁶  Aggregate total return.

⁷  Annualized.

See Notes to Financial Statements.

80 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Financial Highlights MuniCash

	Institutional
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0019			0.0001			0.0001			0.0004			0.0009
Net realized and unrealized gain		0.0013			0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net increase from investment operations		0.0032			0.0001			0.0001			0.0004			0.0009
Distributions:2
From net investment income		(0.0019	)		(0.0001	)		(0.0001	)		(0.0004	)		(0.0009	)
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
From return of capital		(0.0012	)		—			—			—			—
Total distributions		(0.0031	)		(0.0001	)		(0.0001	)		(0.0004	)		(0.0009	)
Net asset value, end of year	$	1.0001		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.33	%		0.02	%		0.01	%		0.04	%		0.09	%
Ratios to Average Net Assets
Total expenses		0.38	%5		0.49	%		0.45	%		0.42	%		0.40	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.18	%		0.13	%		0.16	%		0.19	%		0.20	%
Net investment income		0.25	%		0.01	%		0.01	%		0.04	%		0.09	%
Supplemental Data
Net assets, end of year (000)	$	2,139,820		$	145,329		$	144,892		$	189,271		$	233,569
	Dollar
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0006			0.0001			0.0001			0.0000	1		0.0000	1
Net realized and unrealized gain		0.0013			0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net increase from investment operations		0.0019			0.0001			0.0001			0.0000			0.0000
Distributions:2
From net investment income		(0.0006	)		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0000	)3
From net realized gain		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
From return of capital		(0.0012	)		—			—			—			—
Total distributions		(0.0018	)		(0.0001	)		(0.0001	)		(0.0000	)		(0.0000	)
Net asset value, end of year	$	1.0001		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.19	%		0.02	%		0.01	%		0.01	%		0.00	%
Ratios to Average Net Assets
Total expenses		0.63	%5		0.74	%		0.69	%		0.66	%		0.65	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.30	%		0.13	%		0.17	%		0.23	%		0.29	%
Net investment income		0.05	%		0.01	%		0.01	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of year (000)	$	1,802		$	2,045		$	3,513		$	41,042		$	50,060

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Includes reorganization costs associated with the Fund’s reorganization. Without these costs, total expenses for Institutional and Dollar classes would have been 0.38% and 0.63%, respectively.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 81

Financial Highlights MuniFund

	Institutional
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0019			0.0002			0.0002			0.0002			0.0004
Net realized gain		0.0001			0.0001			0.0002			0.0001			0.0000	1
Net increase from investment operations		0.0020			0.0003			0.0004			0.0003			0.0004
Distributions:2
From net investment income		(0.0019	)		(0.0002	)		(0.0002	)		(0.0002	)		(0.0004	)
From net realized gain		(0.0001	)		(0.0001	)		(0.0002	)		(0.0001	)		(0.0000	)3
Total distributions		(0.0020	)		(0.0003	)		(0.0004	)		(0.0003	)		(0.0004	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.20	%		0.03	%		0.04	%		0.03	%		0.04	%
Ratios to Average Net Assets
Total expenses		0.37	%		0.36	%		0.36	%		0.35	%		0.34	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.11	%		0.06	%		0.08	%		0.15	%		0.19	%
Net investment income		0.10	%		0.02	%		0.02	%		0.02	%		0.04	%
Supplemental Data
Net assets, end of year (000)	$	141,458		$	1,369,069		$	1,219,566		$	1,159,440		$	1,212,494
	Dollar
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0006			0.0002			0.0002			0.0001			0.0000	1
Net realized gain		0.0001			0.0001			0.0002			0.0001			0.0000	1
Net increase from investment operations		0.0007			0.0003			0.0004			0.0002			0.0000
Distributions:2
From net investment income		(0.0006	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0000	)3
From net realized gain		(0.0001	)		(0.0001	)		(0.0002	)		(0.0001	)		(0.0000	)3
Total distributions		(0.0007	)		(0.0003	)		(0.0004	)		(0.0002	)		(0.0000	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.07	%		0.03	%		0.04	%		0.03	%		0.00	%
Ratios to Average Net Assets
Total expenses		0.63	%		0.61	%		0.61	%		0.60	%		0.59	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.22	%		0.06	%		0.08	%		0.15	%		0.23	%
Net investment income		0.03	%		0.02	%		0.02	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of year (000)	$	5,724		$	41,554		$	49,420		$	58,832		$	64,251

¹ Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

See Notes to Financial Statements.

82 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Financial Highlights (continued) MuniFund

	Cash Management
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0002			0.0002			0.0001			0.0000	1
Net realized gain		0.0001			0.0001			0.0002			0.0001			0.0000	1
Net increase from investment operations		0.0002			0.0003			0.0004			0.0002			0.0000
Distributions:2
From net investment income		(0.0001	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0000	)3
From net realized gain		(0.0001	)		(0.0001	)		(0.0002	)		(0.0001	)		(0.0000	)3
Total distributions		(0.0002	)		(0.0003	)		(0.0004	)		(0.0002	)		(0.0000	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.02	%		0.03	%		0.04	%		0.03	%		0.00	%
Ratios to Average Net Assets
Total expenses		0.87	%		0.86	%		0.86	%		0.86	%		0.84	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.26	%		0.06	%		0.08	%		0.11	%		0.23	%
Net investment income		0.01	%		0.02	%		0.02	%		0.02	%		0.00	%
Supplemental Data
Net assets, end of year (000)	$	63		$	2,261		$	8,693		$	18,390		$	1,287
	Administration
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0013			0.0002			0.0002			0.0001			0.0000	1
Net realized gain		0.0001			0.0001			0.0002			0.0001			0.0000	1
Net increase from investment operations		0.0014			0.0003			0.0004			0.0002			0.0000
Distributions:2
From net investment income		(0.0013	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0000	)3
From net realized gain		(0.0001	)		(0.0001	)		(0.0002	)		(0.0001	)		(0.0000	)3
Total distributions		(0.0014	)		(0.0003	)		(0.0004	)		(0.0002	)		(0.0000	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.14	%		0.03	%		0.04	%		0.03	%		0.00	%
Ratios to Average Net Assets
Total expenses		0.46	%		0.46	%		0.46	%		0.45	%		0.44	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.15	%		0.06	%		0.08	%		0.16	%		0.22	%
Net investment income		0.05	%		0.02	%		0.02	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of year (000)	$	21,554		$	325,641		$	315,869		$	288,779		$	306,763

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 83

Financial Highlights (continued) MuniFund

	Select
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0002			0.0002			0.0001			0.0000	1
Net realized gain		0.0001			0.0001			0.0002			0.0001			0.0000	1
Net increase from investment operations		0.0002			0.0003			0.0004			0.0002			0.0000
Distributions:2
From net investment income		(0.0001	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0000	)3
From net realized gain		(0.0001	)		(0.0001	)		(0.0002	)		(0.0001	)		(0.0000	)3
Total distributions		(0.0002	)		(0.0003	)		(0.0004	)		(0.0002	)		(0.0000	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.02	%		0.03	%		0.04	%		0.03	%		0.00	%
Ratios to Average Net Assets
Total expenses		1.22	%		1.21	%		1.21	%		1.20	%		1.19	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.24	%		0.06	%		0.08	%		0.15	%		0.23	%
Net investment income		0.01	%		0.02	%		0.02	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of year (000)	$	3,863		$	22,769		$	17,580		$	16,299		$	15,107
	Private Client
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0002			0.0002			0.0002			0.0001			0.0000	1
Net realized gain		0.0001			0.0001			0.0002			0.0001			0.0000	1
Net increase from investment operations		0.0003			0.0003			0.0004			0.0002			0.0000
Distributions:2
From net investment income		(0.0002	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0000	)3
From net realized gain		(0.0001	)		(0.0001	)		(0.0002	)		(0.0001	)		(0.0000	)3
Total distributions		(0.0003	)		(0.0003	)		(0.0004	)		(0.0002	)		(0.0000	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.03	%		0.03	%		0.04	%		0.03	%		0.00	%
Ratios to Average Net Assets
Total expenses		1.22	%		1.21	%		1.21	%		1.20	%		1.19	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.25	%		0.06	%		0.08	%		0.15	%		0.23	%
Net investment income		0.02	%		0.02	%		0.02	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of year (000)	$	350		$	1,649		$	1,817		$	1,787		$	1,998

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

See Notes to Financial Statements.

84 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Financial Highlights (concluded) MuniFund

	Premier
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0002			0.0002			0.0002			0.0001			0.0000	1
Net realized gain		0.0001			0.0001			0.0002			0.0001			0.0000	1
Net increase from investment operations		0.0003			0.0003			0.0004			0.0002			0.0000
Distributions:2
From net investment income		(0.0002	)		(0.0002	)		(0.0002	)		(0.0001	)		(0.0000	)3
From net realized gain		(0.0001	)		(0.0001	)		(0.0002	)		(0.0001	)		(0.0000	)3
Total distributions		(0.0003	)		(0.0003	)		(0.0004	)		(0.0002	)		(0.0000	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.03	%		0.03	%		0.04	%		0.03	%		0.00	%
Ratios to Average Net Assets
Total expenses		0.97	%		0.95	%		0.96	%		0.95	%		0.94	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.25	%		0.06	%		0.08	%		0.15	%		0.22	%
Net investment income		0.02	%		0.02	%		0.02	%		0.01	%		0.00	%
Supplemental Data
Net assets, end of year (000)	$	—	5	$	1		$	822		$	1,040		$	687

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Net assets are less than $1,000.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 85

Financial Highlights California Money Fund

	Institutional
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0019			0.0001			0.0001			0.0001			0.0002
Net realized gain (loss)		0.0000	1		(0.0000	)2		0.0001			—			—
Net increase from investment operations		0.0019			0.0001			0.0002			0.0001			0.0002
Distributions:3
From net investment income		(0.0019	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0002	)
From net realized gain		—			—			(0.0001	)		—			—
Total distributions		(0.0019	)		(0.0001	)		(0.0002	)		(0.0001	)		(0.0002	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.19	%		0.01	%		0.02	%		0.01	%		0.02	%
Ratios to Average Net Assets
Total expenses		0.47	%		0.47	%		0.46	%		0.45	%		0.43	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.12	%		0.05	%		0.08	%		0.13	%		0.18	%
Net investment income		0.12	%		0.01	%		0.01	%		0.01	%		0.02	%
Supplemental Data
Net assets, end of year (000)	$	41,192		$	227,884		$	122,721		$	136,074		$	162,188
	Dollar
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0004			0.0001			0.0001			0.0001			0.0001
Net realized gain (loss)		0.0000	1		(0.0000	)2		0.0001			—			—
Net increase from investment operations		0.0004			0.0001			0.0002			0.0001			0.0001
Distributions:3
From net investment income		(0.0004	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		—			—			(0.0001	)		—			—
Total distributions		(0.0004	)		(0.0001	)		(0.0002	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.04	%		0.01	%		0.02	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.73	%		0.72	%		0.71	%		0.69	%		0.68	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.06	%		0.05	%		0.08	%		0.14	%		0.19	%
Net investment income		0.00	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	—	5	$	2,182		$	1,101		$	4,800		$	15,876

¹  Amount is less than $0.00005 per share.

²  Amount is greater than $(0.00005) per share.

³  Distributions for annual periods determined in accordance with federal income tax regulations.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Net assets are less than $1,000.

See Notes to Financial Statements.

86 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Financial Highlights (continued) California Money Fund

	Administration
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0011			0.0001			0.0001			0.0001			0.0001
Net realized gain (loss)		0.0000	1		(0.0000	)2		0.0001			—			—
Net increase from investment operations		0.0011			0.0001			0.0002			0.0001			0.0001
Distributions:3
From net investment income		(0.0011	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		—			—			(0.0001	)		—			—
Total distributions		(0.0011	)		(0.0001	)		(0.0002	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.11	%		0.01	%		0.02	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.55	%		0.57	%		0.56	%		0.55	%		0.53	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.17	%		0.05	%		0.08	%		0.13	%		0.19	%
Net investment income		0.05	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	—	5	$	1,696		$	1,253		$	2,313		$	1,191
	Select
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0001			0.0001			0.0001			0.0001
Net realized gain (loss)		0.0000	1		(0.0000	)2		0.0001			—			—
Net increase from investment operations		0.0000			0.0001			0.0002			0.0001			0.0001
Distributions:3
From net investment income		(0.0000	)2		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		—			—			(0.0001	)		—			—
Total distributions		(0.0000	)		(0.0001	)		(0.0002	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.00	%		0.01	%		0.02	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		1.39	%		1.32	%		1.32	%		1.29	%		1.28	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.36	%		0.05	%		0.08	%		0.13	%		0.19	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	7,906		$	7,313		$	10,228		$	6,385		$	7,600

¹  Amount is less than $0.00005 per share.

²  Amount is greater than $(0.00005) per share.

³  Distributions for annual periods determined in accordance with federal income tax regulations.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Net assets are less than $1,000.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 87

Financial Highlights (concluded) California Money Fund

	Private Client
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0001			0.0001			0.0001			0.0001
Net realized gain (loss)		0.0000	1		(0.0000	)2		0.0001			—			—
Net increase from investment operations		0.0001			0.0001			0.0002			0.0001			0.0001
Distributions:3
From net investment income		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		—			—			(0.0001	)		—			—
Total distributions		(0.0001	)		(0.0001	)		(0.0002	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.01	%		0.01	%		0.02	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		1.39	%		1.32	%		1.32	%		1.30	%		1.28	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.31	%		0.05	%		0.08	%		0.13	%		0.19	%
Net investment income		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	4,077		$	4,096		$	4,280		$	4,949		$	4,601
	Premier
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0001			0.0001			0.0001			0.0001
Net realized gain (loss)		0.0000	1		(0.0000	)2		0.0001			—			—
Net increase from investment operations		0.0001			0.0001			0.0002			0.0001			0.0001
Distributions:3
From net investment income		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		—			—			(0.0001	)		—			—
Total distributions		(0.0001	)		(0.0001	)		(0.0002	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.01	%		0.01	%		0.02	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		1.06	%		1.06	%		1.05	%		1.05	%		1.03	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.32	%		0.05	%		0.08	%		0.14	%		0.19	%
Net investment income		0.00	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)		—	5		—	5	$	17		$	17		$	1,786

¹  Amount is less than $0.00005 per share.

²  Amount is greater than $(0.00005) per share.

³  Distributions for annual periods determined in accordance with federal income tax regulations.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Net assets are less than $1,000.

See Notes to Financial Statements.

88 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Financial Highlights New York Money Fund

	Institutional
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0019			0.0001			0.0001			0.0001			0.0002
Net realized gain		0.0015			0.0000	1		0.0000	1		—			0.0000	1
Net increase from investment operations		0.0034			0.0001			0.0001			0.0001			0.0002
Distributions:2
From net investment income		(0.0019	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0002	)
From net realized gain		(0.0003	)		(0.0000	)3		(0.0000	)3		—			(0.0000	)3
From return of capital		(0.0012	)		—			—			—			—
Total distributions		(0.0034	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0002	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.34	%		0.01	%		0.01	%		0.02	%		0.03	%
Ratios to Average Net Assets
Total expenses		0.58	%		0.49	%		0.48	%		0.46	%		0.45	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.14	%		0.09	%		0.09	%		0.14	%		0.18	%
Net investment income		0.10	%		0.01	%		0.01	%		0.01	%		0.02	%
Supplemental Data
Net assets, end of year (000)	$	17,838		$	92,999		$	118,278		$	94,547		$	106,194
	Cash Management
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0015			0.0000	1		0.0000	1		—			0.0000	1
Net increase from investment operations		0.0015			0.0001			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0015	)		(0.0000	)3		(0.0000	)3		—			(0.0000	)3
Total distributions		(0.0015	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.16	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		1.07	%		0.99	%		0.98	%		0.96	%		0.95	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.27	%		0.09	%		0.09	%		0.14	%		0.21	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	—	5	$	9,335		$	20,752		$	21,079		$	5,324

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Net assets are less than $1,000.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 89

Financial Highlights (continued) New York Money Fund

	Administration
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0011			0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0015			0.0000	1		0.0000	1		—			0.0000	1
Net increase from investment operations		0.0026			0.0001			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0011	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0015	)		(0.0000	)3		(0.0000	)3		—			(0.0000	)3
Total distributions		(0.0026	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.26	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		0.68	%		0.60	%		0.58	%		0.56	%		0.55	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.15	%		0.09	%		0.09	%		0.14	%		0.19	%
Net investment income		0.03	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	—	5	$	7,396		$	5,417		$	7,233		$	3,315
	Select
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0015			0.0000	1		0.0000	1		—			0.0000	1
Net increase from investment operations		0.0015			0.0001			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0000	)3		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0003	)		(0.0000	)3		(0.0000	)3		—			(0.0000	)3
From return of capital		(0.0012	)		—			—			—			—
Total distributions		(0.0015	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.16	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		1.43	%		1.34	%		1.33	%		1.31	%		1.30	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.31	%		0.09	%		0.09	%		0.15	%		0.20	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	569		$	3,911		$	7,493		$	9,473		$	11,812

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Net assets are less than $1,000.

See Notes to Financial Statements.

90 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Financial Highlights (concluded) New York Money Fund

	Private Client
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0015			0.0000	1		0.0000	1		—			0.0000	1
Net increase from investment operations		0.0016			0.0001			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0003	)		(0.0000	)3		(0.0000	)3		—			(0.0000	)3
From return of capital		(0.0012	)		—			—			—			—
Total distributions		(0.0016	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.17	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		1.43	%		1.34	%		1.34	%		1.31	%		1.30	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.31	%		0.09	%		0.08	%		0.16	%		0.20	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	410		$	692		$	1,827		$	266		$	506
	Premier
	Year Ended October 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0001			0.0001			0.0001			0.0001
Net realized gain		0.0015			0.0000	1		0.0000	1		—			0.0000	1
Net increase from investment operations		0.0016			0.0001			0.0001			0.0001			0.0001
Distributions:2
From net investment income		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
From net realized gain		(0.0015	)		(0.0000	)3		(0.0000	)3		—			(0.0000	)3
Total distributions		(0.0016	)		(0.0001	)		(0.0001	)		(0.0001	)		(0.0001	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.16	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets
Total expenses		1.18	%		1.07	%		1.08	%		1.06	%		1.05	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.31	%		0.09	%		0.09	%		0.16	%		0.20	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental Data
Net assets, end of year (000)	$	—	5	$	—	5	$	391		$	232		$	438

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Net assets are less than $1,000.

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 91

Notes to Financial Statements

1. Organization:

BlackRock Liquidity Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust. The following are referred to collectively as the “Funds” or individually, a “Fund”:

Fund Name	Diversification Classification
Federal Trust Fund	Diversified
FedFund	Diversified
TempCash	Diversified
TempFund	Diversified
T-Fund	Diversified
Treasury Trust Fund	Diversified
MuniCash	Diversified
MuniFund	Diversified
California Money Fund	Non-Diversified1
New York Money Fund	Non-Diversified1

¹  California Money Fund and New York Money Fund must satisfy the diversification requirement set forth in Rule 2a-7 under the 1940 Act and will thereby be deemed to be diversified under the 1940 Act.

Each Fund offers multiple classes of shares although certain share classes may not be outstanding at the report date. Each Fund offers the following classes of shares: Institutional Shares, Dollar Shares, Cash Management Shares, Cash Reserve Shares, Administration Shares, Select Shares, Private Client Shares, Premier Shares and Premier Choice Shares. TempFund, T-Fund, MuniFund, California Money Fund and New York Money Fund also offer Plus Shares. FedFund, TempCash, MuniCash, California Money Fund and New York Money Fund also offer Cash Plus Shares. For the year ended October 31, 2016, no Plus Shares, Cash Plus Shares or Premier Choice Shares were outstanding. Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.

Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund each operate as a “government money market fund” under Rule 2a-7 under the 1940 Act. Each Fund is not subject to liquidity fees or temporary suspensions of redemptions due to declines in the Fund’s weekly liquid assets.

On October 3, 2016, California Money Fund, MuniFund and New York Money Fund each began operating as a “retail money market fund” under Rule 2a-7 under the 1940 Act. Effective October 11, 2016, with respect to each of California Money Fund, MuniFund and New York Money Fund, the Board of Trustees of the Trust (the “Board”) is permitted to impose a liquidity fee of up to 2% on the value redeemed or temporarily restrict redemptions from the Fund for up to 10 business days in a 90 day period, in the event that the Fund’s weekly liquid assets fall below certain thresholds.

On October 11, 2016, TempCash, TempFund and MuniCash began pricing and transacting their shares at a net asset value (“NAV”) per share calculated to four decimal places, reflecting market-based values of their portfolio holdings (i.e., at a “floating” NAV). The NAV of TempFund is priced multiple times each day such Fund accepts purchase orders and redemption requests. With respect to each of TempCash, TempFund and MuniCash, the Board is permitted to impose a liquidity fee of up to 2% on the value redeemed or temporarily restrict redemptions from the Fund for up to 10 business days in a 90 day period, in the event that the Fund’s weekly liquid assets fall below certain thresholds.

Effective October 1, 2015, TempCash may invest only in securities that, under normal circumstances, will mature (without reference to interest rate adjustment dates), or are subject to an unconditional demand feature that is exercisable and payable, within 5 business days or less.

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of open-end funds referred to as the Equity-Liquidity Complex.

Reorganizations:

The Board and shareholders of MuniCash, the Board and shareholders of FFI Institutional Tax-Exempt Fund, and the Board of Master Institutional Tax-Exempt Portfolio, approved the reorganization of FFI Institutional Tax-Exempt Fund into MuniCash. As a result, MuniCash acquired substantially all of the assets and assumed substantially all of the liabilities of FFI Institutional Tax-Exempt Fund in exchange for an equal aggregate value of MuniCash shares. The reorganization was preceded by an in-kind liquidation of Master Institutional Tax-Exempt Portfolio into FFI Institutional Tax-Exempt Fund.

Each Shareholder of FFI Institutional Tax-Exempt Fund received shares of MuniCash in an amount equal to the aggregate net asset value (“NAV”) of such shareholder’s FFI Institutional Tax-Exempt shares, as determined at the close of business on January 22, 2016.

The reorganization was accomplished by a tax-free exchange of shares of MuniCash in the following amounts and at the following conversion ratios:

92 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Notes to Financial Statements (continued)

FFI Institutional Tax-Exempt Fund’s Share Class	FFI Institutional Tax-Exempt Fund’s Shares Prior to Reorganization	Conversion Ratio	MuniCash’s Share Class	Shares of MuniCash
Institutional	973,844,721	1.00	Institutional	973,844,721

FFI Institutional Tax-Exempt Fund’s net assets and composition of net assets on January 22, 2016, the valuation date of the reorganization, were as follows:

Fund	Net Assets	Paid-in Capital	Accumulated Net Investment Income	Accumulated Net Realized Gain	Net Unrealized Appreciation
FFI Institutional Tax-Exempt Fund	$975,867,477	$975,867,477	—	—	—

For financial reporting purposes, assets received and shares issued by MuniCash were recorded at fair value; however, the cost basis of the investments received from Master Institutional Tax-Exempt Portfolio was carried forward to align ongoing reporting of MuniCash’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of MuniCash immediately after the acquisition amounted to $1,606,383,609. Master Institutional Tax-Exempt Portfolio’s fair value and cost of investments prior to the reorganization were as follows:

Fund	Fair Value of Investments	Cost of Investments
Master Institutional Tax-Exempt Portfolio	$972,843,985	$972,843,985

The purpose of the transaction was to combine three funds managed by the Manager with the same or substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. The reorganization was a tax-free event and was effective on January 25, 2016.

Assuming the acquisition had been completed on November 1, 2015 the beginning of the fiscal reporting year of MuniCash, the pro forma results of operations for the year ended October 31, 2016, are as follows:

• Net investment income: $3,107,636

• Net realized and change in unrealized gain on investments: $48,846

• Net increase in net assets resulting from operations: $3,156,482

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of FFI Institutional Tax-Exempt Fund and Master Institutional Tax-Exempt Portfolio that have been included in MuniCash’s Statement of Operations since January 22, 2016.

Reorganization costs incurred by MuniCash in connection with the reorganization were expensed by MuniCash. The Manager reimbursed MuniCash $131,802 which is shown as reorganization costs reimbursed by the Manager in the Statements of Operations.

BofA Global Capital Management, Inc. (BofA) reached an agreement to transfer its investment management responsibilities to the Manager and its affiliates. In connection with this transaction, the Manager reorganized (the “Reorganizations”) certain series of the BofA Funds Series Trust into certain funds managed by the Manager, as discussed below:

The Board and shareholders of Federal Trust Fund and the Board and shareholders of BofA Government Reserves approved the reorganization of BofA Government Reserves into Federal Trust Fund. As a result, Federal Trust Fund acquired substantially all of the assets and assumed substantially all of the liabilities of BofA Government Reserves in exchange for an equal aggregate value of Federal Trust Fund shares.

Each Shareholder of BofA Government Reserves received shares of Federal Trust Fund in an amount equal to the aggregate NAV of such shareholder’s BofA Government Reserves shares, as determined at the close of business on April 15, 2016.

The reorganization was accomplished by a tax-free exchange of shares of Federal Trust Fund in the following amounts and at the following conversion ratios:

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 93

Notes to Financial Statements (continued)

BofA Government Reserves’ Share Class	BofA Government Reserves’ Shares Prior to Reorganization		Conversion Ratio	Federal Trust Fund’s Share Class	Shares of Federal Trust Fund
Capital		2,492,360,838	1.00	Institutional		2,492,360,838
Institutional Capital		33,058,382	1.00	Institutional		33,058,382
Institutional		76,010,004	1.00	Institutional		76,010,004
Trust		843,373,241	1.00	Institutional		843,373,241
Liquidity		22,113,378	1.00	Administration		22,113,378
Adviser		238,870,923	1.00	Dollar		238,870,923
Investor		1,241,087	1.00	Dollar		1,241,087
Investor II		697,139	1.00	Cash Reserve		697,139
Daily		49,348,361	1.00	Cash Management		49,348,361

BofA Government Reserves’ net assets and composition of net assets on April 15, 2016, the valuation date of the reorganization, were as follows:

Fund	��	Net Assets		Paid-in Capital		Accumulated Net Investment Income	Accumulated Net Realized Gain	Net Unrealized Appreciation
BofA Government Reserves		$	3,757,081,536	$	3,757,081,536	—	—	—

For financial reporting purposes, assets received and shares issued by Federal Trust Fund were recorded at fair value; however, the cost basis of the investments received from Federal Trust Fund was carried forward to align ongoing reporting of Federal Trust Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of Federal Trust Fund immediately after the acquisition amounted to $4,070,767,577. BofA Government Reserves’ fair value and cost of investments prior to the reorganization were as follows:

Fund	Fair Value of Investments	Cost of Investments
BofA Government Reserves	$3,062,006,646	$3,062,006,646

The purpose of the transaction was to combine two funds managed by the Manager with the same or substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. The reorganization was a tax-free event and was effective on April 18, 2016.

Assuming the acquisition had been completed on November 1, 2015 the beginning of the fiscal reporting year of Federal Trust Fund, the pro forma results of operations for the year ended October 31, 2016, are as follows:

• Net investment income: $4,979,626

• Net realized and change in unrealized gain on investments: $170,735

• Net increase in net assets resulting from operations: $5,150,361

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of BofA Government Reserves that have been included in Federal Trust Fund’s Statement of Operations since April 15, 2016.

The Board and shareholders of FedFund and the Board and shareholders of BofA Government Plus Reserves approved the reorganization of BofA Government Plus Reserves into FedFund. As a result, FedFund acquired substantially all of the assets and assumed substantially all of the liabilities of BofA Government Plus Reserves in exchange for an equal aggregate value of FedFund shares.

Each Shareholder of BofA Government Plus Reserves received shares of FedFund in an amount equal to the aggregate NAV of such shareholder’s BofA Government Plus Reserves shares, as determined at the close of business on April 15, 2016.

The reorganization was accomplished by a tax-free exchange of shares of FedFund in the following amounts and at the following conversion ratios:

94 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Notes to Financial Statements (continued)

BofA Government Plus Reserves’ Share Class	BofA Government Plus Reserves’ Shares Prior to Reorganization		Conversion Ratio	FedFund’s Share Class	Shares of FedFund
Capital		1,700,717,861	1.00	Institutional		1,700,717,861
Institutional Capital		815,152	1.00	Institutional		815,152
Institutional		5,100,324	1.00	Institutional		5,100,324
Trust		34,702,920	1.00	Institutional		34,702,920
Liquidity		11,327	1.00	Administration		11,327
Adviser		2,639,203	1.00	Dollar		2,639,203
Investor		21,312,408	1.00	Dollar		21,312,408
Investor II		5,773,677	1.00	Cash Reserve		5,773,677
Daily		218,482	1.00	Cash Management		218,482

BofA Government Plus Reserves’ net assets and composition of net assets on April 15, 2016, the valuation date of the reorganization, were as follows:

Fund	Net Assets		Paid-in Capital		Accumulated Net Investment Income	Accumulated Net Realized Gain	Net Unrealized Appreciation
BofA Government Plus Reserves	$	1,771,307,438	$	1,771,307,438	—	—	—

For financial reporting purposes, assets received and shares issued by FedFund were recorded at fair value: however, the cost basis of the investments received from BofA Government Plus Reserves was carried forward to align ongoing reporting of FedFund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of FedFund immediately after the acquisition amounted to $15,267,743,671. BofA Government Plus Reserves’ fair value and cost of investments prior to the reorganization were as follows:

Fund	Fair Value of Investments	Cost of Investments
BofA Government Plus Reserves	$1,408,220,303	$1,408,220,303

The purpose of the transaction was to combine two funds managed by the Manager with the same or substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. The reorganization was a tax-free event and was effective on April 18, 2016.

Assuming the acquisition had been completed on November 1, 2015 the beginning of the fiscal reporting year of FedFund, the pro forma results of operations for the year ended October 31, 2016, are as follows:

• Net investment income: $68,499,989

• Net realized and change in unrealized gain on investments: $872,670

• Net increase in net assets resulting from operations: $69,372,659

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of BofA Government Plus Reserves that have been included in FedFund’s Statement of Operations since April 15, 2016.

The Board and shareholders of TempFund and the Board and shareholders of BofA Cash Reserves and BofA Money Market Reserves approved the reorganization of BofA Cash Reserves and BofA Money Market Reserves into TempFund. As a result, TempFund acquired substantially all of the assets and assumed substantially all of the liabilities of BofA Cash Reserves and BofA Money Market Reserves in exchange for an equal aggregate value of TempFund shares.

Each Shareholder of BofA Cash Reserves and BofA Money Market Reserves received shares of TempFund in an amount equal to the aggregate NAV of such shareholder’s BofA Cash Reserves and BofA Money Market Reserves shares, as determined at the close of business on April 15, 2016.

The reorganization was accomplished by a tax-free exchange of shares of TempFund in the following amounts and at the following conversion ratios:

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 95

Notes to Financial Statements (continued)

Fund	Fund’s Share Class	Shares Prior to Reorganization		Conversion Ratio	TempFund’s Share Class	Shares of TempFund
BofA Cash Reserves	Capital		5,233,416,674	1.00	Institutional		5,233,416,674
BofA Cash Reserves	Institutional Capital		50,866,374	1.00	Institutional		50,866,374
BofA Cash Reserves	Institutional		144,124,349	1.00	Institutional		144,124,349
BofA Cash Reserves	Trust		631,050,581	1.00	Institutional		631,050,581
BofA Cash Reserves	Liquidity		20,791,582	1.00	Administration		20,791,582
BofA Cash Reserves	Adviser		1,082,806,080	1.00	Dollar		1,082,806,080
BofA Cash Reserves	Investor		3,197,910	1.00	Dollar		3,197,910
BofA Cash Reserves	Marsico		10,003	1.00	Dollar		10,003
BofA Cash Reserves	Investor II		5,207,912	1.00	Cash Reserve		5,207,912
BofA Cash Reserves	Daily		459,097,449	1.00	Cash Management		459,097,449
BofA Money Market Reserves	Capital		14,413,178,009	1.00	Institutional		14,413,178,009
BofA Money Market Reserves	Institutional Capital		689,942,813	1.00	Institutional		689,942,813
BofA Money Market Reserves	Institutional		289,940,077	1.00	Institutional		289,940,077
BofA Money Market Reserves	Trust		250,460,764	1.00	Institutional		250,460,764
BofA Money Market Reserves	Liquidity		5,535,183	1.00	Administration		5,535,183
BofA Money Market Reserves	Adviser		310,015,551	1.00	Dollar		310,015,551

BofA Cash Reserves and BofA Money Market Reserves’ net assets and composition of net assets on April 15, 2016, the valuation date of the reorganization, were as follows:

Fund	Net Assets		Paid-in Capital		Accumulated Net Investment Income	Accumulated Net Realized Loss			Net Unrealized Appreciation
BofA Cash Reserves	$	7,630,748,025	$	7,630,936,384	—	$	(188,359	)	—
BofA Money Market Reserves	$	15,959,115,200	$	15,959,115,200	—		—		—

For financial reporting purposes, assets received and shares issued by TempFund were recorded at fair value; however, the cost basis of the investments received from BofA Cash Reserves and BofA Money Market Reserves were carried forward to align ongoing reporting of TempFund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of TempFund immediately after the acquisition amounted to $79,065,952,628. BofA Cash Reserves and BofA Money Market Reserves’ fair value and cost of investments prior to the reorganization were as follows:

Fund	Fair Value of Investments		Cost of Investments
BofA Cash Reserves	$	6,599,290,161	$	6,599,290,161
BofA Money Market Reserves	$	14,081,447,742	$	14,081,447,742

The purpose of these transactions was to combine three funds managed by the Manager with the same or substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. The reorganization was a tax-free event and was effective on April 18, 2016.

Assuming the acquisition had been completed on November 1, 2015 the beginning of the fiscal reporting year of TempFund, the pro forma results of operations for the year ended October 31, 2016, are as follows:

• Net investment income: $235,496,383

• Net realized and change in unrealized gain on investments: $3,421,521

• Net increase in net assets resulting from operations: $238,917,904

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of BofA Cash Reserves and BofA Money Market Reserves that have been included in TempFund’s Statement of Operations since April 15, 2016.

The Board and shareholders of T-Fund and the Board and shareholders of BofA Treasury Reserves approved the reorganization of BofA Treasury Reserves into T-Fund. As a result, T-Fund acquired substantially all of the assets and assumed substantially all of the liabilities of BofA Treasury Reserves in exchange for an equal aggregate value of T-Fund shares.

96 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Notes to Financial Statements (continued)

Each Shareholder of BofA Treasury Reserves received shares of T-Fund in an amount equal to the aggregate NAV of such shareholder’s BofA Treasury Reserves shares, as determined at the close of business on April 15, 2016.

The reorganization was accomplished by a tax-free exchange of shares of T-Fund in the following amounts and at the following conversion ratios:

BofA Treasury Reserves’ Share Class	BofA Treasury Reserves’ Shares Prior to Reorganization		Conversion Ratio	T-Fund’s Share Class	Shares of T-Fund
Capital		4,871,525,139	1.00	Institutional		4,871,525,139
Institutional Capital		355,867,754	1.00	Institutional		355,867,754
Institutional Class		214,682,063	1.00	Institutional		214,682,063
Trust		638,500,984	1.00	Institutional		638,500,984
Liquidity		26,084,388	1.00	Administration		26,084,388
Adviser		3,493,590,243	1.00	Dollar		3,493,590,243
Investor		6,889,229	1.00	Dollar		6,889,229
Investor II		66,628,684	1.00	Cash Reserve		66,628,684
Daily		168,559,475	1.00	Cash Management		168,559,475

BofA Treasury Reserves’ net assets and composition of net assets on April 15, 2016, the valuation date of the reorganization were as follows:

Fund	Net Assets		Paid-in Capital		Accumulated Net Investment Income	Accumulated Net Realized Gain	Net Unrealized Appreciation
BofA Treasury Reserves	$	9,842,382,711	$	9,842,382,711	—	—	—

For financial reporting purposes, assets received and shares issued by T-Fund were recorded at fair value; however, the cost basis of the investments received from BofA Treasury Reserves was carried forward to align ongoing reporting of T-Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of T-Fund immediately after the acquisition amounted to $31,400,843,204. BofA Treasury Reserves’ fair value and cost of investments prior to the reorganization were as follows:

Fund	Fair Value of Investments	Cost of Investments
BofA Treasury Reserves	$8,926,722,556	$8,926,722,556

The purpose of these transactions was to combine two funds managed by the Manager with the same or substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. The reorganization was a tax-free event and was effective on April 18, 2016.

Assuming the acquisition had been completed on November 1, 2015 the beginning of the fiscal reporting year of T-Fund, the pro forma results of operations for the year ended October 31, 2016, are as follows:

• Net investment income: $55,467,363

• Net realized and change in unrealized gain on investments: $1,657,272

• Net increase in net assets resulting from operations: $57,124,635

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of BofA Treasury Reserves that has been included in T-Fund’s Statement of Operations since April 15, 2016.

The Manager and BofA and/or their respective affiliates have agreed to pay all of the expenses incurred in connection with the Reorganizations. During the period ended April 30, 2016, the Manager incurred $1,843,027 in connection with the Reorganizations.

2. Significant Accounting Policies:

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 97

Notes to Financial Statements (continued)

assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on the accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Distributions: Distributions from net investment income are declared and reinvested daily. Distributions of capital gains are distributed at least annually and are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on its relative net assets or other appropriate methods.

The Funds have an arrangement with their custodian whereby credits are earned on uninvested cash balances, which could be used to reduce custody fees and/or overdraft charges. The Funds may incur charges on certain uninvested cash balances and overdrafts, subject to certain conditions.

3. Investment Valuation and Fair Value Measurements:

Investment Valuation Policies (TempCash, TempFund and MuniCash): The Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of 3:00 p.m. (Eastern time). U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of TempCash, TempFund and MuniCash assets and liabilities:

• Investments are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments.

Investment Valuation Policies (Federal Trust Fund, FedFund, T-Fund, Treasury Trust Fund, California Money Fund, MuniFund and New York Money Fund): U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds’ investments are valued under the amortized cost method which approximates current market value in accordance with Rule 2a-7 under the 1940 Act. Under this method, investments are valued at cost when purchased and, thereafter, a constant proportionate accretion of discounts and amortization of premiums are recorded until the maturity of the security. Each Fund seeks to maintain its NAV per share at $1.00, although there is no assurance that it will be able to do so on a continuing basis.

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments. These inputs to valuation methodologies are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:

• Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access

• Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

98 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Notes to Financial Statements (continued)

• Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including each Fund’s own assumptions used in determining the fair value of investments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with each Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in those securities.

4. Securities and Other Investments:

Repurchase Agreements: Repurchase agreements are commitments to purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain eligible collateral subject to the agreement and in value no less than the agreed upon repurchase amount. Pursuant to the custodial undertaking associated with a tri-party repurchase arrangement, an unaffiliated third party custodian maintains accounts to hold collateral for a Fund and its counterparties. Typically, a Fund and counterparty are not permitted to sell, re-pledge or use the collateral absent a default by the counterparty or a Fund, respectively. Certain Funds, along with other registered investment companies advised by the Manager, may transfer uninvested cash into a single joint trading account which is then invested in one or more repurchase agreements. As of period end, FedFund, TempCash, TempFund and T-Fund invested in repurchase agreements through joint trading accounts.

In the event the counterparty defaults and the fair value of the collateral declines, a Fund could experience losses, delays and costs in liquidating the collateral.

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (each, an “MRA”). The MRA permits a Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, a Fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, a Fund would recognize a liability with respect to such excess collateral. The liability reflects a Fund’s obligation under bankruptcy law to return the excess to the counterparty.

5. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock, Inc. (“BlackRock”) for 1940 Act purposes.

Investment Advisory: The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement with the Manager, the Trust’s investment adviser, an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund. For such services, each Fund pays the Manager a monthly fee, which is determined by calculating a percentage of each Fund’s average daily net assets, based on the following annual rates:

Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund
Calculation A	Calculation B
Management Fee is equal to calculation A plus calculation B
.175% of the first $1 Billion1	.175% of the first $1 Billion2
.150% of the next $1 Billion1	.150% of the next $1 Billion2
.125% of the next $1 Billion1	.125% of the next $1 Billion2
.100% of the next $1 Billion1	.100% of amounts in excess of $3 Billion2
.095% of the next $1 Billion1
.090% of the next $1 Billion1
.085% of the next $1 Billion1
.080% of amounts in excess of $7 Billion1

¹  Based on the combined average net assets of Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund.

²  Based on the average net assets of the Fund whose fee is being calculated.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 99

Notes to Financial Statements (continued)

TempCash, MuniCash and MuniFund
Management Fee	.350% of the first $1 Billion
	.300% of the next $1 Billion
	.250% of the next $1 Billion
	.200% of the next $1 Billion
	.195% of the next $1 Billion
	.190% of the next $1 Billion
	.185% of the next $1 Billion
	.180% of amounts in excess of $7 Billion
TempFund
Management Fee	.350% of the first $1 Billion
	.300% of the next $1 Billion
	.250% of the next $1 Billion
	.200% of the next $1 Billion
	.195% of the next $1 Billion
	.190% of the next $1 Billion
	.180% of the next $1 Billion
	.175% of the next $1 Billion
	.170% of amounts in excess of $8 Billion
California Money Fund and New York Money Fund
Management Fee	.375% of the first $1 Billion
	.350% of the next $1 Billion
	.325% of the next $1 Billion
	.300% of amounts in excess of $3 Billion

Service and Distribution Fees: The Trust, on behalf of the Funds, entered into a Distribution Agreement, Distribution Plans and Shareholder Service Plans with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Select Shares Distribution Plan, the Private Client Shares Distribution Plan and the Premier Shares Distribution Plan, the Trust may pay BRIL a fee for distribution and sales support services. In addition, the Trust may pay service organizations, including affiliates of the Manager, fees for providing certain services (“shareholder services”) to their customers who own shares of the Funds. Pursuant to its respective Shareholder Services Plan, each of the Dollar, Cash Management, Cash Reserve, Administration, Select, Private Client and Premier Share classes are currently paying fees to service organizations, which may include affiliates of the Manager. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:

	Service Fee1			Distribution Fee1
Dollar		0.25	%		—
Cash Management		0.50	%		—
Cash Reserve		0.40	%		—
Administration		0.10	%		—
Select		0.50	%		0.35%
Private Client		0.50	%		0.35%
Premier		0.50	%		0.10%

¹  Due to certain contractual and voluntary waivers, the above stated rates may be reduced.

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fees compensate BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to Dollar, Cash Management, Cash Reserve, Administration, Select, Private Client and Premier shareholders.

For the year ended October 31, 2016, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

Service and Distribution Fees
	Dollar		Cash Management		Cash Reserve		Administration		Select		Private Client		Premier		Total
Federal Trust Fund	$	320,065	$	96,155	$	1,269	$	15,289		—		—		—	$	432,778
FedFund	$	3,934,869	$	494,399	$	137,780	$	473,588	$	1,609,715	$	29,155	$	843	$	6,680,349
TempCash	$	167,133		—		—		—		—		—		—	$	167,133
TempFund	$	5,359,202	$	3,250,865	$	56,124	$	2,479,424	$	1,422,223	$	68,719	$	27,097	$	12,663,654
T-Fund	$	6,664,246	$	4,710,494	$	160,539	$	20,423	$	1,372,997		—		—	$	12,928,699
Treasury Trust Fund	$	923,671	$	75,296	$	37,170	$	239,444	$	467,614		—		—	$	1,743,195
MuniCash	$	4,694		—		—		—		—		—		—	$	4,694
MuniFund	$	71,120	$	10,137		—	$	297,987	$	80,725	$	10,081	$	3	$	470,053
California Money Fund	$	96		—		—	$	1,177	$	89,680	$	34,648		—	$	125,601

100 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Notes to Financial Statements (continued)

Service and Distribution Fees
	Dollar		Cash Management		Cash Reserve		Administration		Select		Private Client		Premier		Total
New York Money Fund		—	$	44,813		—	$	3,392	$	20,760	$	5,810		—	$	74,775

Expense Limitations, Waivers and Reimbursements: The Manager has contractually agreed to waive fees and/or reimburse operating expenses in order to keep combined management fees and miscellaneous/other expenses (excluding: (i) interest, taxes, dividends tied to short sales, brokerage commissions, and other expenditures which are capitalized in accordance with generally accepted accounting principles; (ii) expenses incurred indirectly by a Fund as a result of investments in other investment companies and pooled investment vehicles; (iii) other expenses attributable to, and incurred as a result of, a Fund’s investments; and (iv) other extraordinary expenses (including litigation expenses) not incurred in the ordinary course of a Fund’s business) from exceeding 0.18% of the average daily net assets of TempCash and TempFund, 0.17% of the average daily net assets of Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund and 0.20% of the average daily net assets of MuniCash, MuniFund, California Money Fund and New York Money Fund. Any fees waived by the Manager with respect to a particular fiscal year are not recoverable. The Manager has agreed not to reduce or discontinue this contractual waiver or reimbursement prior to March 1, 2018, unless approved by the Board of Trustees, including a majority of the independent Trustees, or by a vote of a majority of the outstanding voting securities of such fund. These amounts are reported in the Statements of Operations as fees waived by the Manager.

Prior to July 1, 2016, the cap was 0.20% for Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund.

In addition, BRIL has contractually agreed to waive service and/or distribution fees until March 1, 2018 so that the net annual fund operating expenses, excluding extraordinary expenses, of the Select Shares, Private Client Shares and Premier Shares do not exceed 1.00%, 0.68% and 0.68%, respectively. The agreement renews automatically for successive one-year periods and may be terminated by any party to the agreement upon written notice 75 days prior to the commencement of a successive one year period.

The Manager and BRIL voluntarily agreed to waive a portion of their respective management, service and distribution fees and/or reimburse operating expenses to enable the Funds’ share classes to maintain minimum levels of daily net investment income. These amounts are reported in the Statements of Operations as fees waived by the Manager and service and distribution fees waived — class specific. The Manager and BRIL may discontinue the voluntary waiver at any time.

Class specific expense waivers and/or reimbursements are as follows:

Service and Distribution Fees
Waived
	Dollar		Cash Management		Cash Reserve		Administration		Select		Private Client		Premier		Total
Federal Trust Fund	$	61,967	$	57,209	$	624		—		—		—		—	$	119,800
FedFund	$	809,006	$	294,268	$	60,334	$	41,020	$	1,248,032	$	22,733	$	569	$	2,475,962
TempCash	$	32,744		—		—		—		—		—		—	$	32,744
TempFund	$	241,448	$	806,668	$	9,543	$	1,083	$	862,227	$	40,487	$	14,967	$	1,976,423
T-Fund	$	1,878,645	$	3,258,083	$	83,446		—	$	1,162,142		—		—	$	6,382,316
Treasury Trust Fund	$	493,488	$	56,627	$	26,410	$	57,046	$	387,178		—		—	$	1,020,749
MuniCash	$	2,129		—		—		—		—		—		—	$	2,129
MuniFund	$	43,508	$	7,485		—	$	172,350	$	69,126	$	8,555	$	2	$	301,026
California Money Fund	$	96		—		—	$	745	$	67,186	$	27,600		—	$	95,627
New York Money Fund		—	$	34,441		—	$	2,363	$	17,798	$	4,746		—	$	59,348

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or directors of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Trust’s Chief Compliance Officer, which is included in Officer and Trustees in the Statements of Operations.

Other Transactions: The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the year ended October 31, 2016, the purchase and sale transactions and any net realized gains (losses) with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:

	Purchases		Sales		Net Realized Gain (Loss)
TempCash	$	28,526,130	$	18,800,803	—
TempFund	$	1,872,250,570		—	—
MuniCash	$	2,033,152,883	$	1,147,794,471	—
MuniFund	$	716,060,140	$	1,522,521,088	—
California Money Fund	$	333,484,216	$	449,513,939	—

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 101

Notes to Financial Statements (continued)

	Purchases		Sales		Net Realized Gain (Loss)
New York Money Fund	$	126,451,249	$	163,558,594	—

6. Income Tax Information:

It is the Funds’ policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. Therefore, no federal income tax provision is required.

The Funds file U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remain open for each of the four years ended October 31, 2016. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2016, inclusive of open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. As of October 31, 2016, the following permanent differences attributable to fees received on trade settlements and the reclassification of distributions were reclassified to the following accounts:

	Paid in-Capital	Undistributed Net Investment Income			Accumulated Net Realized Gain
Federal Trust Fund	—	$	46,062		$	(46,062	)
Fed Fund	—	$	532,459		$	(532,459	)
Temp Cash	—	$	(77,638	)	$	77,638
Treasury Trust Fund	—	$	30,503		$	(30,503	)
TempFund	—	$	(2,173,818	)	$	2,173,818
T-Fund	—	$	666,603		$	(666,603	)

The tax character of distributions paid was as follows:

	Tax-Exempt Income1		Ordinary Income2		Long-Term Capital  Gain		Return of Capital		Total
Federal Trust Fund
10/31/16		—	$	3,514,666	$	7,504		—	$	3,522,170
10/31/15		—	$	38,511		—		—	$	38,511
FedFund
10/31/16		—	$	67,752,978	$	71,428		—	$	67,824,406
10/31/15		—	$	2,513,107	$	9,056		—	$	2,522,163
TempCash
10/31/16		—	$	2,316,871		—		—	$	2,316,871
10/31/15		—	$	1,472,508	$	6,154		—	$	1,478,662
TempFund
10/31/16		—	$	206,521,346	$	20,869		—	$	206,542,215
10/31/15		—	$	49,448,318	$	49,478		—	$	49,497,796
T-Fund
10/31/16		—	$	53,344,956	$	17,238		—	$	53,362,194
10/31/15		—	$	3,457,630	$	1,752		—	$	3,459,382
Treasury Trust Fund
10/31/16		—	$	23,434,769	$	18,035		—	$	23,452,804
10/31/15		—	$	442,101		—		—	$	442,101
MuniCash2
10/31/16	$	3,052,385	$	15,359	$	7,140	$	1,885,073	$	4,959,957
10/31/15	$	19,816		115	$	3,159		—	$	23,090
MuniFund2
10/31/16	$	1,054,340	$	5,579	$	130,188		—	$	1,190,107
10/31/15	$	328,241	$	12,184	$	106,175		—	$	446,600
California Money Fund
10/31/16	$	199,008		—		—		—	$	199,008
10/31/15	$	17,775		—		—		—	$	17,775
New York Money Fund2
10/31/16	$	77,092	$	5,312	$	8,463	$	31,390	$	122,257
10/31/15	$	13,100		—	$	937		—	$	14,037

⁽¹⁾ The Trusts designate these amounts paid during the fiscal year ended October 31, 2016, as exempt-interest dividend.

⁽²⁾ Ordinary income consists primarily of net short-term capital gains. Additionally, all ordinary income distributions are comprised of interest related dividends and qualified short-term capital dividends for non-US residents and are eligible for exemption from US withholding tax for nonresident aliens and foreign corporations.

102 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Notes to Financial Statements (continued)

As of October 31, 2016, the tax components of accumulated net earnings/losses were as follows:

	Undistributed tax-exempt income		Undistributed ordinary income		Undistributed long-term capital gains		Capital Loss Carryforward	Net Unrealized Gains and Losses1			Total
Federal Trust Fund		—	$	151,990		—	—		—		$	151,990
FedFund		—	$	872,410	$	47,293	—		—		$	919,703
TempCash		—	$	821		—	—	$	(149	)	$	672
TempFund		—		—		—	—	$	1,007,394		$	1,007,394
T-Fund		—	$	1,483,670	$	227,509	—	$	(5,146	)	$	1,706,033
Treasury Trust Fund		—	$	1,358,374	$	55,468	—	$	(6,367	)	$	1,407,475
MuniCash		—		—		—	—	$	17,476		$	17,476
MuniFund	$	2,294	$	10,551	$	25,873	—		—		$	38,718
California Money Fund		—	$	33,018	$	29,960	—		—		$	62,978
New York Money Fund		—		—		—	—		—			—

⁽¹⁾ The difference between book-basis and tax-basis net unrealized losses was attributable primarily to the tax deferral of losses on wash sales.

During the year ended October 31, 2016, TempFund and California Money Fund utilized $188,359 and $76, respectively of their respective capital loss carryforward.

7. Principal Risks:

Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation.

Inventories of municipal bonds held by brokers and dealers may decrease, which would lessen their ability to make a market in these securities. Such a reduction in market making capacity could potentially decrease a Fund’s ability to buy or sell bonds. As a result, a Fund may sell a security at a lower price, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative impact on performance. If a Fund needed to sell large blocks of bonds, those sales could further reduce the bonds’ prices and impact performance.

In the normal course of business, certain Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer to meet all its obligations, including the ability to pay principal and interest when due (issuer credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers of securities owned by the Funds. Changes arising from the general economy, the overall market and local, regional or global political and/or social instability, as well as currency, interest rate and price fluctuations, may also affect the securities’ value.

Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

Certain obligations held by the Funds have a credit enhancement or liquidity feature that may, under certain circumstances, provide for repayment of principal and interest on the obligation when due. These enhancements, which may include letters of credit, stand-by bond purchase agreements and/or third party insurance, are issued by financial institutions. The value of the obligations may be affected by changes in creditworthiness of the entities that provide the credit enhancements or liquidity features. The Funds monitor their exposure by reviewing the creditworthiness of the issuers, as well as the financial institutions issuing the credit enhancements and by limiting the amount of holdings with credit enhancements from one financial institution.

Concentration Risk: MuniCash, MuniFund, California Money Fund and New York Money Fund invest a substantial amount of their assets in issuers located in a single state or limited number of states. This may subject each Fund to the risk that economic, political or social issues impacting a particular state or group of states could have an adverse and disproportionate impact on the income from, or the value or liquidity of, each Fund’s respective portfolios. Investment percentages in specific states or U.S. territories are presented in the Schedules of investments.

Counterparty Credit Risk: Similar to issuer credit risk, the Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 103

Notes to Financial Statements (continued)

8. Capital Share Transactions:

The Trust’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (shares) and to classify or reclassify any unissued shares into one or more additional classes of shares.

The number of shares sold, reinvested and redeemed corresponds to the net proceeds from the sale of shares, reinvestment of all distributions and cost of shares redeemed, respectively, since shares are sold and redeemed at $1.00 per share for Federal Trust Fund, FedFund, T-Fund, Treasury Trust Fund, MuniFund, California Money Fund, and New York Money Fund.

Transactions in capital shares for each class were as follows:

	Year Ended October 31,
Federal Trust Fund	2016			2015
Institutional
Shares issued in the reorganization1		3,444,802,465			—
Shares sold		9,433,086,256			630,624,120
Shares issued in reinvestment of distributions		1,051,520			10,747
Shares redeemed		(10,068,549,410	)		(535,201,368	)
Net increase		2,810,390,831			95,433,499
Dollar
Shares issued in the reorganization1		240,112,010			—
Shares sold		1,033,307,909			19,216,012
Shares issued in reinvestment of distributions		2			161
Shares redeemed		(1,032,577,175	)		(20,793,726	)
Net increase (decrease)		240,842,746			(1,577,553	)
Cash Management
Shares issued in the reorganization1		49,348,361			—
Shares sold		27,877,851			—
Shares redeemed		(45,667,560	)		—
Net increase		31,558,652			—
Cash Reserve
Shares issued in the reorganization1		697,139			—
Shares sold		243,907			—
Shares redeemed		(442,014	)		—
Net increase		499,032			—
Administration
Shares issued in the reorganization1		22,113,378			—
Shares sold		62,653,569			711,977
Shares issued in reinvestment of distributions		16,313			56
Shares redeemed		(42,580,325	)		(2,895,238	)
Net increase (decrease)		42,202,935			(2,183,205	)
Total Net Increase		3,125,494,196			91,672,741

104 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Notes to Financial Statements (continued)

	Year Ended October 31,
FedFund	2016			2015
Institutional
Shares issued in the reorganization1		1,741,336,257			—
Shares sold		309,108,001,853			110,435,925,746
Shares issued in reinvestment of distributions		28,160,144			1,298,481
Shares redeemed		(238,237,591,408	)		(109,765,607,731	)
Net increase		72,639,906,846			671,616,496
Dollar
Shares issued in the reorganization1		23,951,611			—
Shares sold		36,103,556,345			23,290,463,815
Shares issued in reinvestment of distributions		6,060			722
Shares redeemed		(35,015,631,238	)		(23,121,239,439	)
Net increase		1,111,882,778			169,225,098
Cash Management
Shares issued in the reorganization1		218,482			—
Shares sold		639,408,625			266,460,812
Shares issued in reinvestment of distributions		26,232			2,079
Shares redeemed		(613,569,384	)		(205,529,921	)
Net increase		26,083,955			60,932,970
Cash Reserve
Shares issued in the reorganization1		5,773,677			—
Shares sold		264,870,895			14,307,759
Shares issued in reinvestment of distributions		5			—
Shares redeemed		(55,516,214	)		(13,427,065	)
Net increase		215,128,363			880,694
Administration
Shares issued in the reorganization1		11,327			—
Shares sold		2,070,299,999			947,882,600
Shares issued in reinvestment of distributions		40,947			1,220
Shares redeemed		(723,017,079	)		(834,721,281	)
Net increase		1,347,335,194			113,162,539
Select
Shares sold		325,378,104			812,577,593
Shares issued in reinvestment of distributions		78,944			31,853
Shares redeemed		(289,327,824	)		(699,898,420	)
Net increase		36,129,224			112,711,026
Private Client
Shares sold		1,049,042			2,475,791
Shares issued in reinvestment of distributions		1,137			927
Shares redeemed		(2,881,559	)		(5,084,943	)
Net decrease		(1,831,380	)		(2,608,225	)

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 105

Notes to Financial Statements (continued)

	Year Ended October 31,
FedFund	2016			2015
Premier
Shares sold		87,842			5,961,757
Shares issued in reinvestment of distributions		42			341
Shares redeemed		(218,712	)		(7,770,000	)
Net decrease		(130,828	)		(1,807,902	)
Total Net Increase		75,374,504,152			1,124,112,696
T-Fund
Institutional
Shares issued in the reorganization1		6,080,575,940			—
Shares sold		240,296,278,288			138,670,835,623
Shares issued in reinvestment of distributions		24,218,841			1,528,158
Shares redeemed		(212,236,443,972	)		(137,574,723,392	)
Net increase		34,164,629,097			1,097,640,389
Dollar
Shares issued in the reorganization1		3,500,479,472			—
Shares sold		8,578,433,384			1,597,066,605
Shares issued in reinvestment of distributions		13,060			12,719
Shares redeemed		(9,259,871,164	)		(1,364,414,737	)
Net increase		2,819,054,752			232,664,587
Cash Management
Shares issued in the reorganization1		168,559,475			—
Shares sold		3,779,653,664			1,449,399,208
Shares issued in reinvestment of distributions		82,485			29,460
Shares redeemed		(3,586,002,891	)		(1,307,740,908	)
Net increase		362,292,733			141,687,760
Cash Reserve
Shares issued in the reorganization1		66,628,684			—
Shares sold		218,626,783			120,000,009
Shares issued in reinvestment of distributions		200			55
Shares redeemed		(216,473,453	)		(120,000,064	)
Net increase		68,782,214			—
Administration
Shares issued in the reorganization1		26,084,388			—
Shares sold		82,059,559			43,905,373
Shares issued in reinvestment of distributions		16,634			—
Shares redeemed		(32,873,463	)		(43,900,636	)
Net increase		75,287,118			4,737
Select
Shares sold		329,335,389			519,522,492
Shares issued in reinvestment of distributions		21,784			36,150
Shares redeemed		(466,238,695	)		(495,226,490	)
Net increase (decrease)		(136,881,522	)		24,332,152

106 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Notes to Financial Statements (continued)

	Year Ended October 31,
T-Fund		2016		2015
Premier
Shares sold		—		2,380
Shares redeemed		—		(3,240	)
Net decrease		—		(860	)
Total Net Increase		37,353,164,392		1,496,328,765
Treasury Trust Fund
Institutional
Shares sold		51,666,627,831		32,460,345,224
Shares issued in reinvestment distributions		6,954,163		110,609
Shares redeemed		(44,279,832,109	)	(29,310,799,353	)
Net increase		7,393,749,885		3,149,656,480
Dollar
Shares sold		2,074,421,866		1,836,923,588
Shares issued in reinvestment of distributions		7,761		1,804
Shares redeemed		(2,083,301,791	)	(1,847,469,796	)
Net decrease		(8,872,164	)	(10,544,404	)
Cash Management
Shares sold		13,990,024		5,719,242
Shares redeemed		(5,958,126	)	(11,968,378	)
Net increase (decrease)		8,031,898		(6,249,136	)
Cash Reserve
Shares sold		288,877,965		—
Shares issued in reinvestment of distributions		1,110		—
Shares redeemed		(285,244,099	)	—
Net increase		3,634,976		—
Administration
Shares sold		5,784,997,854		4,435,458,750
Shares issued in reinvestment of distributions		20,567		315
Shares redeemed		(5,882,839,025	)	(4,197,039,104	)
Net increase (decrease)		(97,820,604	)	238,419,961
Select
Shares sold		270,670,451		23,152,489
Shares issued in reinvestment of distributions		8,184		63
Shares redeemed		(198,831,280	)	(15,094,963	)
Net increase		71,847,355		8,057,589
Total Net Increase		7,370,571,346		3,379,340,490
MuniFund
Institutional
Shares sold		3,928,544,654		5,596,948,757
Shares issued in reinvestment of distributions		225,673		107,160
Shares redeemed		(5,156,315,326	)	(5,447,572,677	)
Net increase (decrease)		(1,227,544,999	)	149,483,240

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 107

Notes to Financial Statements (continued)

	Year Ended October 31,
MuniFund		2016		2015
Dollar
Shares sold		91,814,629		124,868,049
Shares issued in reinvestment of distributions		—		—
Shares redeemed		(127,644,664	)	(132,732,120	)
Net decrease		(35,830,035	)	(7,864,071	)
Cash Management
Shares sold		3,937,532		7,399,046
Shares issued in reinvestment of distributions		253		1,720
Shares redeemed		(6,135,618	)	(13,831,054	)
Net decrease		(2,197,833	)	(6,430,288	)
Administration
Shares sold		388,584,053		466,345,982
Shares issued in reinvestment of distributions		35,622		9,593
Shares redeemed		(692,675,561	)	(456,583,830	)
Net increase (decrease)		(304,055,886	)	9,771,745
Select
Shares sold		63,937,512		78,486,529
Shares issued in reinvestment of distributions		1,764		4,394
Shares redeemed		(82,845,943	)	(73,303,548	)
Net increase (decrease)		(18,906,667	)	5,187,375
Private Client
Shares sold		1,437		15
Shares issued in reinvestment of distributions		321		462
Shares redeemed		(1,300,458	)	(168,757	)
Net decrease		(1,298,700	)	(168,280	)
Premier
Shares sold		3		20,730
Shares issued in reinvestment of distributions		—		126
Shares redeemed		(1,046	)	(841,804	)
Net decrease		(1,043	)	(820,948	)
Total Net Increase (Decrease)		(1,589,835,163	)	149,158,773
California Money Fund
Institutional
Shares sold		544,935,840		616,376,040
Shares issued in reinvestment of distributions		9,712		511
Shares redeemed		(731,686,840	)	(511,213,430	)
Net increase (decrease)		(186,741,288	)	105,163,121
Dollar
Shares sold		390,835		25,624,897
Shares issued in reinvestment of distributions		2		235
Shares redeemed		(2,572,422	)	(24,544,169	)
Net increase (decrease)		(2,181,585	)	1,080,963

108 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Notes to Financial Statements (continued)

	Year Ended October 31,
California Money Fund		2016		2015
Administration
Shares sold		1,973,022		4,228,756
Shares redeemed		(3,668,518	)	(3,786,314	)
Net increase (decrease)		(1,695,496	)	442,442
Select
Shares sold		45,783,433		10,988,997
Shares issued in reinvestment of distributions		239		847
Shares redeemed		(45,200,415	)	(13,904,625	)
Net increase (decrease)		583,257		(2,914,781	)
Private Client
Shares sold		2		2
Shares issued in reinvestment of distributions		549		416
Shares redeemed		(24,280	)	(184,904	)
Net decrease		(23,729	)	(184,486	)
Premier
Shares sold		—		11
Shares redeemed		(9	)	(16,873	)
Net decrease		(9	)	(16,862	)
Total Net Increase (Decrease)		(190,058,850	)	103,570,397
New York Money Fund
Institutional
Shares sold		294,695,511		263,441,617
Shares issued in reinvestment of distributions		28,114		942
Shares redeemed		(369,858,621	)	(288,727,150	)
Net decrease		(75,134,996	)	(25,284,591	)
Cash Management
Shares sold		51,505,025		70,064,604
Shares redeemed		(60,835,353	)	(81,478,410	)
Net decrease		(9,330,328	)	(11,413,806	)
Administration
Shares sold		8,577,895		15,264,489
Shares redeemed		(15,969,617	)	(13,287,803	)
Net increase (decrease)		(7,391,722	)	1,976,686
Select
Shares sold		2,129,893		9,552,220
Shares issued in reinvestment of distributions		2,420		460
Shares redeemed		(5,473,470	)	(13,133,842	)
Net decrease		(3,341,157	)	(3,581,162	)

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 109

Notes to Financial Statements (continued)

	Year Ended October 31,
New York Money Fund		2016		2015
Private Client
Shares sold		69,608		569,371
Shares issued in reinvestment of distributions		1,211		128
Shares redeemed		(353,565	)	(1,703,588	)
Net decrease		(282,746	)	(1,134,089	)
Premier
Shares sold		—		132,035
Shares issued in reinvestment of distributions		1		20
Shares redeemed		—		(523,406	)
Net increase (decrease)		1		(391,351	)
Total Net Decrease		(95,480,948	)	(39,828,313	)

Effective October 11, 2016, the number of shares sold, reinvested and redeemed for TempCash, TempFund and MuniCash were transacted at each class’ floating NAV per share calculated to four decimal places.

Transactions in capital shares for each class of TempCash, TempFund and MuniCash were as follows:

	Year Ended October 31, 2016						Year Ended October 31, 2015
	Shares			Amount			Shares			Amount2
TempCash
Institutional
Shares sold		6,911,703,331			6,911,703,331			14,239,499,716			14,239,499,716
Shares issued in reinvestment of distributions		1,178,947			1,178,947			624,725			624,725
Shares redeemed		(7,983,245,903	)		(7,983,245,903	)		(14,586,702,332	)		(14,586,702,332	)
Net Decrease		(1,070,363,625	)		(1,070,363,625	)		(346,577,891	)		(346,577,891	)
Dollar
Shares sold		20,997,367			20,997,367			54,335,095			54,335,095
Shares issued in reinvestment of distributions		35,212			35,212			38,752			38,752
Shares redeemed		(78,692,787	)		(78,692,787	)		(183,763,878	)		(183,763,878	)
Net decrease		(57,660,208	)		(57,660,208	)		(129,390,031	)		(129,390,031	)
Total Net Decrease		(1,128,023,833	)		(1,128,023,833	)		(475,967,922	)		(475,967,922	)
TempFund
Institutional
Shares issued in the reorganization1		21,702,979,641			21,703,313,407			—			—
Shares sold		667,085,782,288			667,085,908,200			784,161,774,141			784,161,774,141
Shares issued in reinvestment of distributions		87,483,059			87,483,059			18,319,111			18,319,111
Shares redeemed		(742,907,248,975	)		(742,907,533,285	)		(768,290,316,558	)		(768,290,316,558	)
Net increase (decrease)		(54,031,003,987	)		(54,030,828,619	)		15,889,776,694			15,889,776,694
Dollar
Shares issued in the reorganization1		1,396,029,544			1,396,082,675			—			—
Shares sold		6,784,854,129			6,784,821,978			22,453,461,543			22,453,461,543
Shares issued in reinvestment of distributions		105,183			105,183			192,788			192,788
Shares redeemed		(9,600,531,327	)		(9,600,532,354	)		(23,615,916,034	)		(23,615,916,034	)
Net decrease		(1,419,542,471	)		(1,419,522,518	)		(1,162,261,703	)		(1,162,261,703	)

110 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Notes to Financial Statements (continued)

	Year Ended October 31, 2016						Year Ended October 31, 2015
	Shares			Amount			Shares			Amount2
TempFund (continued)
Cash Management
Shares issued in the reorganization1		459,097,449			459,119,558			—			—
Shares sold		976,774,761			976,765,235			649,303,269			649,303,269
Shares issued in reinvestment of distributions		175,703			175,703			68,670			68,670
Shares redeemed		(1,008,045,540	)		(1,008,046,567	)		(524,173,511	)		(524,173,511	)
Net increase		428,002,373			428,013,929			125,198,428			125,198,428
Cash Reserve
Shares issued in the reorganization1		5,207,912			5,208,163			—			—
Shares sold		377,803,247			377,802,849			397,880,899			397,880,899
Shares issued in reinvestment of distributions		1,473			1,473			2,065			2,065
Shares redeemed		(394,075,483	)		(394,075,649	)		(401,166,257	)		(401,166,257	)
Net decrease		(11,062,851	)		(11,063,164	)		(3,283,293	)		(3,283,293	)
Administration
Shares issued in the reorganization1		26,326,765			26,327,781			—			—
Shares sold		17,805,982,215			17,805,981,716			15,046,641,343			15,046,641,343
Shares issued in reinvestment of distributions		875,143			875,143			74,484			74,484
Shares redeemed		(20,661,270,010	)		(20,661,270,017	)		(14,745,883,760	)		(14,745,883,760	)
Net increase (decrease)		(2,828,085,887	)		(2,828,085,377	)		300,832,067			300,832,067
Select
Shares sold		253,973,426			253,973,135			741,554,064			741,554,064
Shares issued in reinvestment of distributions		9,220			9,220			89,127			89,127
Shares redeemed		(548,379,380	)		(548,379,380	)		(870,801,540	)		(870,801,540	)
Net decrease		(294,396,734	)		(294,397,025	)		(129,158,349	)		(129,158,349	)
Private Client
Shares sold		8,866,084			8,866,085			9,506,410			9,506,410
Shares issued in reinvestment of distributions		664			664			3,114			3,114
Shares redeemed		(17,072,728	)		(17,072,732	)		(14,391,527	)		(14,391,527	)
Net decrease		(8,205,980	)		(8,205,983	)		(4,882,003	)		(4,882,003	)
Premier
Shares sold		16,449,311			16,449,312			17,261,192			17,261,192
Shares issued in reinvestment of distributions		332			332			1,828			1,828
Shares redeemed		(29,454,020	)		(29,454,020	)		(15,384,899	)		(15,384,899	)
Net increase (decrease)		(13,004,377	)		(13,004,376	)		1,878,121			1,878,121
Total Net Increase (Decrease)		(58,177,299,914	)		(58,177,093,133	)		15,018,099,962			15,018,099,962

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 111

Notes to Financial Statements (continued)

	Year Ended October 31, 2016						Year Ended October 31, 2015
	Shares			Amount			Shares			Amount2
MuniCash
Institutional
Shares issued in the reorganization1		973,844,721			975,867,477			—			—
Shares sold		14,693,254,630			14,693,344,893			276,664,275			276,664,275
Shares issued in reinvestment of distributions		1,235,510			1,235,510			2,792			2,792
Shares redeemed		(13,674,004,329	)		(13,674,076,417	)		(276,231,202	)		(276,231,202	)
Net increase		1,994,330,532			1,996,371,463			435,865			435,865
Dollar
Shares sold		2,320,856			2,320,857			2,763,822			2,763,822
Shares issued in reinvestment of distributions		2,695			2,695			333			333
Shares redeemed		(2,565,056	)		(2,565,058	)		(4,232,273	)		(4,232,273	)
Net decrease		(241,505	)		(241,506	)		(1,468,118	)		(1,468,118	)
Total Net Increase (Decrease)		1,994,089,027			1,996,129,957			(1,032,253	)		(1,032,253	)

¹  See Note 1 regarding the reorganization.

²  Amounts were included for consistency of current year presentation.

112 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Notes to Financial Statements (concluded)

9. Subsequent Events:

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were issued and the following items were noted:

On November 17, 2016, the Board approved a change in the investment policy of TempCash, effective as of the opening of business on February 28, 2017, as follows:

	Current Policy	Approved Policy
Investment Maturity	Purchase securities that under normal circumstances will mature (without reference to interest rate adjustment dates), or are subject to an unconditional demand feature that is exercisable and payable, within 5 business days or less	Purchase securities maturing in 397 days or less (with certain exceptions) and to maintain a portfolio dollar- weighted average maturity of 60 days or less
Dollar-weighted average maturity	5 days or less	60 days or less
Dollar-weighted average life	5 days or less	120 days or less

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 113

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of BlackRock Liquidity Funds:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Federal Trust Fund, FedFund, TempCash, TempFund, T-Fund, Treasury Trust Fund, MuniCash, MuniFund, California Money Fund, and New York Money Fund, constituting BlackRock Liquidity Funds (collectively the “Funds”), as of October 31, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2016, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of October 31, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Philadelphia, Pennsylvania

December 22, 2016

Important Tax Information (Unaudited)

The following information is provided with respect to the ordinary income distributions paid by Federal Trust Fund, FedFund, TempCash, TempFund, T-Fund, Treasury Trust Fund, MuniCash, MuniFund, and New York Money Fund the fiscal year ended October 31, 2016:

Interest Related Dividends and Qualified Short-Term Capital Gains for Non-U.S. Residents1
	Month Paid:
	November 2015 - October 2016
Federal Trust Fund	100.00%
FedFund	100.00%
TempCash	92.11%
TempFund	90.55%
T-Fund	100.00%
Treasury Trust Fund	100.00%
MuniCash	100.00%
MuniFund	100.00%
New York Money Fund	100.00%
Federal Obligation Interest2
Federal Trust Fund	100.00%
FedFund	54.03%
TempFund	0.30%
T-Fund	49.91%
Treasury Trust Fund	100.00%

¹  Represents the portion of the taxable ordinary income dividends eligible for exemption from U.S. withholding tax for non-resident aliens and foreign corporations.

²  The law varies in each state as to whether and what percentage of dividend income attributable to federal obligations is exempt from state income tax. We recommend that you consult your tax advisor to determine if any portion of the dividends you received is exempt from state income tax.

114 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Disclosure of Investment Advisory Agreement

The Board of Trustees (the “Board,” and the members of which are referred to as “Board Members”) of BlackRock Liquidity Funds (the “Trust”) met in person on April 21, 2016 (the “April Meeting”) and May 18-20, 2016 (the “May Meeting”) to consider the approval of the investment advisory agreement (the “Agreement”) between the Trust, on behalf of each series of the Trust (each, a “Fund” and together, the “Funds”), and BlackRock Advisors, LLC (the “Manager” or “BlackRock”), the Trust’s investment advisor.

Activities and Composition of the Board

On the date of the May Meeting, the Board consisted of fifteen individuals, thirteen of whom were not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of the Trust and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Board Member. The Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight and Contract Committee and an Executive Committee, each of which is chaired by an Independent Board Member and composed of Independent Board Members (except for the Executive Committee, which also has one interested Board Member).

The Agreement

Pursuant to the 1940 Act, the Board is required to consider the continuation of the Agreement on an annual basis. The Board has four quarterly meetings per year, each extending over two days, a fifth one-day meeting to consider specific information surrounding the consideration of renewing the Agreement and additional in-person and telephonic meetings as needed. In connection with this year-long deliberative process, the Board assessed, among other things, the nature, extent and quality of the services provided to the Funds by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management; administrative and shareholder services; the oversight of fund service providers; marketing; risk oversight; compliance; and ability to meet applicable legal and regulatory requirements.

The Board, acting directly and through its committees, considers at each of its meetings, and from time to time as appropriate, factors that are relevant to its annual consideration of the renewal of the Agreement, including the services and support provided by BlackRock to the Funds and their shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. This additional information is discussed further below in the section titled “Board Considerations in Approving the Agreement.” Among the matters the Board considered, with respect to teach Fund, were: (a) investment performance for one-year, three-year, five-year, ten-year, and/or since inception periods, as applicable, against peer funds, applicable benchmark, and performance metrics, as applicable, as well as senior management’s and portfolio managers’ analysis of the reasons for any over-performance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund’s investment objective(s), policies and restrictions, and meeting regulatory requirements; (e) the Trust’s compliance with its compliance policies and procedures; (f) the nature, cost and character of non-investment management services provided by BlackRock and its affiliates; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) execution quality of portfolio transactions; (j) BlackRock’s implementation of the Trust’s valuation and liquidity procedures; (k) an analysis of management fees for products with similar investment mandates across the open-end fund, exchange-traded fund (“ETF”), closed-end fund and institutional account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Funds; (l) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (m) periodic updates on BlackRock’s business.

Board Considerations in Approving the Agreement

The Approval Process: Prior to the April Meeting, the Board requested and received materials specifically relating to the Agreement. The Board is continuously engaged in a process with its independent legal counsel and BlackRock to review the nature and scope of the information provided to better assist its deliberations. The materials provided in connection with the April Meeting included (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”) on the fees and expenses of each Fund as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds as determined by Broadridge¹; (b) information on the profits realized by BlackRock and its affiliates pursuant to the Agreement and a discussion of fall-out benefits to BlackRock and its affiliates; (c) a general analysis provided by BlackRock concerning investment management fees charged to other clients, such as institutional clients, sub-advised mutual funds, ETFs and closed-end funds, under similar investment mandates, as well as the performance of such other clients, as applicable; (d) review of non-management fees; (e) the existence, impact and sharing of potential economies of scale; (f) a summary of aggregate amounts paid by each Fund to BlackRock; and (g) sales and redemption data regarding each Fund’s shares.

¹  Funds are ranked by Broadridge in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 115

Disclosure of Investment Advisory Agreement (continued)

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreement. As a result of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board presented BlackRock with questions and requests for additional information. BlackRock responded to these requests with additional written information in advance of the May Meeting.

At the May Meeting, the Board, including the Independent Board Members, approved the continuation of the Agreement between the Manager and the Trust with respect to each Fund for a one-year term ending June 30, 2017. In approving the continuation of the Agreement, the Board considered: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund; (c) the advisory fee and the cost of the services and profits to be realized by BlackRock and its affiliates from their relationship with the Funds; (d) each Fund’s costs to investors compared to the costs of Expense Peers and performance compared to the relevant performance metrics as previously discussed; (e) the sharing of potential economies of scale; (f) fall-out benefits to BlackRock and its affiliates as a result of its relationship with the Funds; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates, securities lending and cash management, services related to the valuation and pricing of the portfolio holdings of each Fund, and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review. The Board noted the willingness of BlackRock personnel to engage in open, candid discussions with the Board. The Board did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock: The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of each Fund. Throughout the year, the Board compared each Fund’s performance to the performance of a comparable group of mutual funds, relevant benchmark, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing the Fund’s performance and the Fund’s investment objective(s), strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and each Fund’s portfolio management team; BlackRock’s research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide the Funds with certain administrative, shareholder and other services (in addition to any such services provided to the Funds by third parties) and officers and other personnel as are necessary for the operations of the Funds. In particular, BlackRock and its affiliates provide the Funds with administrative services including, among others: (i) preparing disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) preparing periodic filings with regulators; (iv) overseeing and coordinating the activities of other service providers; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing other administrative functions necessary for the operation of the Funds, such as tax reporting, fulfilling regulatory filing requirements and call center services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal & compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Funds and BlackRock: The Board, including the Independent Board Members, also reviewed and considered the performance history of each Fund. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included a comprehensive analysis of each Fund’s performance. The Board also reviewed a narrative and statistical analysis of the Broadridge data that was prepared by BlackRock. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to other funds in its applicable Broadridge category. The Board was provided with a description of the methodology used by Broadridge to select peer funds and periodically meets with Broadridge representatives to review its methodology. The Board was provided with information on the composition of the Broadridge performance universes and expense universes. The Board and its Performance Oversight and Contract Committee regularly review, and meet with Fund management to discuss, the performance of each Fund throughout the year.

In evaluating performance, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. Further, the Board recognized that it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to affect long-term performance disproportionately.

116 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Disclosure of Investment Advisory Agreement (continued)

The Board reviewed each Fund’s performance within the context of the low yield environment that has existed over the past several years.

The Board noted that for each of the one-, three- and five-year periods reported, California Money Fund, MuniFund, TempCash, TempFund and T-Fund each ranked in the first quartile against its Broadridge Performance Universe.

The Board noted that for the one-, three- and five-year periods reported, MuniCash ranked in the first, second and first quartiles, respectively, against its Broadridge Performance Universe.

The Board noted that for the one-, three- and five-year periods reported, Treasury Trust Fund ranked in the first, third, and third quartiles, respectively, against its Broadridge Performance Universe. However, the Board noted that the Fund performed within the one basis point threshold of its Broadridge Performance Universe peer median for the three- and five-year periods.

The Board noted that for the one-, three- and five-year periods reported, New York Money Fund ranked in the second, first and first quartiles, respectively, against its Broadridge Performance Universe.

The Board noted that for the one-, three- and five-year periods reported, FedFund ranked in the second, first and second quartiles, respectively, against its Broadridge Performance Universe.

The Board noted that for each of the one-, three- and five-year periods reported, Federal Trust Fund ranked in the second quartile against its Broadridge Performance Universe.

The quartile standing of each Fund in its Broadridge peer group takes into account the Fund’s current yield only. The Board believes that the performance of a money market fund can only be understood holistically, accounting for current yield and risk. While the Board reviews each Fund’s current yield performance, it also examines the liquidity, duration, and credit quality of each Fund’s portfolio. In the Board’s view, BlackRock’s money market funds have performed well over the one-, three- and five-year periods given BlackRock’s emphasis on preserving capital and seeking as high a level of current income as is consistent with liquidity while simultaneously managing risk.

C. Consideration of the Advisory/Management Fees and the Cost of the Services and Profits to be Realized by BlackRock and its Affiliates from their Relationship with the Funds: The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with the other funds in its Broadridge category. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate, to those of other funds in its Broadridge category. The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non 12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers that benefit a fund, and the actual management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Funds. The Board reviewed BlackRock’s profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2015 compared to available aggregate profitability data provided for the prior two years. The Board reviewed BlackRock’s profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. As a result, calculating and comparing profitability at individual fund levels is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly-traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

In addition, the Board considered the cost of the services provided to the Funds by BlackRock, and BlackRock’s and its affiliates’ profits relating to the management and distribution of the Funds and the other funds advised by BlackRock and its affiliates. As part of its analysis, the Board reviewed BlackRock’s methodology in allocating its costs of managing the Funds, to each respective Fund. The Board may receive and review information from independent third parties as part of its annual evaluation. The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreement and to continue to provide the high quality of

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 117

Disclosure of Investment Advisory Agreement (continued)

services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing the Funds in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund and institutional account product channels, as applicable.

The Board noted that Treasury Trust Fund’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Fund’s Expense Peers.

The Board noted that the contractual management fee rate of each of FedFund and T-Fund ranked in the second quartile, and that the actual management fee rate and total expense ratio of each of these Funds each ranked in the fourth quartile, relative to the Fund’s Expense Peers.

The Board noted that TempFund’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio each ranked in the third quartile, relative to the Fund’s Expense Peers.

The Board noted that MuniFund’s contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Fund’s Expense Peers.

The Board noted that MuniCash’s contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile, relative to the Fund’s Expense Peers.

The Board noted that California Money Fund’s contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio ranked in the third and first quartiles, respectively, relative to the Fund’s Expense Peers.

The Board noted that New York Money Fund’s contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio ranked in the third and second quartiles, respectively, relative to the Fund’s Expense Peers.

The Board noted that TempCash’s contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio ranked in the fourth and third quartiles, respectively, relative to the Fund’s Expense Peers.

The Board noted that Federal Trust Fund’s contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio each ranked in the fourth quartile, relative to the Fund’s Expense Peers.

The Board reviewed each Fund’s expenses within the context of the low yield environment and consequent expense waivers and reimbursements. The Board also noted that each of California Money Fund, MuniCash, MuniFund, New York Money Fund, TempCash and TempFund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board further noted that each of FedFund, Federal Trust Fund, T-Fund and Treasury Trust Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the combined aggregate asset level of the four Funds increases above certain contractually specified levels. The Board further noted that BlackRock has contractually agreed to a cap on each Fund’s total expenses as a percentage of the Fund’s average daily net assets on a class-by-class basis. The Board additionally noted that, to enable each Fund to maintain minimum levels of daily net investment income, BlackRock and the Funds’ distributor have voluntarily agreed to waive a portion of each Fund’s fees and/or reimburse each Fund’s operating expenses as necessary. The voluntary waivers and/or reimbursements may be discontinued at any time without notice.

D. Economies of Scale:

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Funds increase, as well as the existence of expense caps, as applicable. The Board also considered the extent to which each Fund benefits from such economies in a variety of ways and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Fund to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee schedule was appropriate. In their consideration, the Board Members took into account the existence of any expense caps and further considered the continuation and/or implementation, as applicable, of such caps.

E. Other Factors Deemed Relevant by the Board Members: The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from their respective relationships with the Funds, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Funds, including for administrative, distribution, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

118 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Disclosure of Investment Advisory Agreement (concluded)

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the open-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the pertinent Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Conclusion

he Board, including the Independent Board Members, approved the continuation of the Agreement between the Manager and the Trust with respect to each Fund for a one-year term ending June 30, 2017. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination. The contractual fee arrangements for the Funds reflect the results of several years of review by the Board Members and predecessor Board Members, and discussions between such Board Members (and predecessor Board Members) and BlackRock. As a result, the Board Members’ conclusions may be based in part on their consideration of these arrangements in prior years.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 119

Officers and Trustees

Name, Address1, and Year of Birth	Position(s) Held with the Trust	Length of Time Served3	Principal Occupation(s) During Past Five 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 Five Years
Independent Trustees2
Rodney D. Johnson 1941	Chair of the Board and Trustee	Since 2007	President, Fairmount Capital Advisors, Inc. from 1987 to 2013; Member of the Archdiocesan Investment Committee of the Archdiocese of Philadelphia from 2004 to 2012; Director, The Committee of Seventy (civic) from 2006 to 2012; Director, Fox Chase Cancer Center from 2004 to 2011; Director, The Mainstay (non-profit) since 2016.	26 RICs consisting of 143 Portfolios	None
David O. Beim 1940	Trustee	Since 2007	Professor of Professional Practice at the Columbia University Graduate School of Business from 1991 to 2014; Trustee, Phillips Exeter Academy from 2002 to 2012; Chairman, Wave Hill, Inc. (public garden and cultural center) from 1990 to 2006.	26 RICs consisting of 143 Portfolios	None
Susan J. Carter 1956	Trustee	Since 2016	Director, Pacific Pension Institute since 2014; Advisory Board Member, Center for Private Equity and Entrepreneurship at Tuck School of Business since 1997; 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 since 2015; Advisory Board Member, Bridges Ventures since 2016.	26 RICs consisting of 143 Portfolios	None
Collette Chilton 1958	Trustee	Since 2015	Chief Investment Officer, Williams College since 2006; Chief Investment Officer, Lucent Asset Management Corporation from 1998 to 2006.	26 RICs consisting of 143 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.	26 RICs consisting of 143 Portfolios	None
Dr. Matina S. Horner 1939	Trustee	Since 2007	Executive Vice President, Teachers Insurance and Annuity Association and College Retirement Equities Fund from 1989 to 2003.	26 RICs consisting of 143 Portfolios	NSTAR (electric and gas utility)
Cynthia A. Montgomery 1952	Trustee	Since 2007	Professor, Harvard Business School since 1989; Director, McLean Hospital from 2005 to 2012.	26 RICs consisting of 143 Portfolios	Newell Rubbermaid, Inc. (manufacturing)
Joseph P. Platt 1947	Trustee	Since 2007	General Partner, Thorn Partners, LP (private investments) since 1998; Director, WQED Multi-Media (public broadcasting not-for-profit) since 2001; Chair, Basic Health International (non-profit) since 2015.	26 RICs consisting of 143 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company); Consol Energy Inc.
Robert C. Robb, Jr. 1945	Trustee	Since 2007	Partner, Lewis, Eckert, Robb and Company (management and financial consulting firm) since 1981 and Principal since 2010.	26 RICs consisting of 143 Portfolios	None
Mark Stalnecker 1951	Trustee	Since 2015	Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee, Winterthur Museum and Country Estate from 2001 to 2015; Member of the Investment Committee, Delaware Public Employees’ Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System since 2009; Member of the Investment Committee, Delaware Community Foundation from 2013 to 2014; Director, SEI Private Trust Co. from 2001 to 2014.	26 RICs consisting of 143 Portfolios	None

120 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Officers and Trustees (continued)

Name, Address1, and Year of Birth	Position(s) Held with the Trust	Length of Time Served3	Principal Occupation(s) During Past Five 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 Five Years
Independent Trustees2 (concluded)
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 founding in 2001; 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.	26 RICs consisting of 143 Portfolios	None
Claire A. Walton 1957	Trustee	Since 2016	Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; General Partner of Neon Liberty Capital Management, LLC since 2003; Director, Boston Hedge Fund Group since 2009; Director, Woodstock Ski Runners since 2013; Director, Massachusetts Council on Economic Education from 2013 to 2015.	26 RICs consisting of 143 Portfolios	None
Frederick W. Winter 1945	Trustee	Since 2007	Director, Alkon Corporation since 1992; Dean Emeritus of the Joseph M. Katz School of Business, University of Pittsburgh, Dean and Professor from 1997 to 2005, Professor until 2013.	26 RICs consisting of 143 Portfolios	None
	1    The address of each Trustee and Officers is c/o BlackRock, Inc., 55 East 52nd Street, New York, NY 10055 2    Independent Trustees serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The Board has determined to extend the terms of Independent Trustees on a case-by-case basis, as appropriate. The Board has unanimously approved extending the mandatory retirement age for David O. Beim and Dr. Matina S. Horner until December 31, 2016, which the Board believes is in the best interests of shareholders of the Trust. 3    Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. As a result, although the chart shows certain Independent Directors as joining the Board in 2007, those Independent Directors first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: David O. Beim, 1998; Dr. Matina S. Horner, 2004; Rodney D. Johnson, 1995; Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Robert C. Robb, Jr., 1999; Kenneth L. Urish, 1999; and Frederick W. Winter, 1999.
Interested Trustees4
Barbara G. Novick 1960	Trustee	Since 2015	Vice Chairman of BlackRock, Inc. since 2006; Chair of BlackRock’s Government Relations Steering Committee since 2009; Head of the Global Client Group of BlackRock, Inc. from 1988 to 2008.	100 RICs consisting of 217 Portfolios	None
John M. Perlowski 1964	Trustee, President and Chief Executive Officer	Since 2015 (Trustee); Since 2010 (President and Chief Executive Officer)	Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Fund & Accounting Services since 2009; Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, L.P. from 2003 to 2009; Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and Senior Vice President thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009; Director of Family Resource Network (charitable foundation) since 2009.	128 RICs consisting of 315 Portfolios	None
	4    Ms. Novick and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Fund based on their positions with BlackRock, Inc. and its affiliates. Mr. Perlowski and Ms. Novick are also board members of certain complexes of BlackRock registered open-end and closed-end funds. Mr. Perlowski is also a board member of the BlackRock Equity-Bond Complex and the BlackRock Closed-End Complex, and Ms. Novick is also a board member of the BlackRock Closed-End Complex.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 121

Officers and Trustees (concluded)

Name, Address1, and Year of Birth	Position(s) Held with the Trust	Length of Time Served as an Officer	Principal Occupation(s) During Past Five Years
Officers Who Are Not Trutees2
Thomas Callahan 1968	Vice President	Since 2016	Managing Director of BlackRock, Inc. since 2013; Head of BlackRock’s Global Cash Management Business since 2016; Co-Head of the Global Cash Management Business from 2014 to 2016; Deputy Head of the Global Cash Management Business from 2013 to 2014; Member of the Cash Management Group Executive Committee since 2013; Chief Executive Officer of NYSE Liffe U.S. from 2008 to 2013.
Jennifer McGovern 1977	Vice President	Since 2014	Managing Director of BlackRock, Inc. since 2016; Director of BlackRock, Inc. from 2011 to 2015; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group since 2013; Vice President of BlackRock, Inc. from 2008 to 2010.
Neal J. Andrews 1966	Chief Financial Officer	Since 2007	Managing Director of BlackRock since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.
Jay M. Fife 1970	Treasurer	Since 2007	Managing Director of BlackRock, Inc. since 2007; Director of BlackRock in 2006; Assistant Treasurer of the MLIM and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.
Charles Park 1967	Chief Compliance Officer	Since 2014	Anti-Money Laundering Compliance Officer for the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex since 2014; Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.
Fernanda Piedra 1969	Anti-Money Laundering Compliance Officer	Since 2015	Director of BlackRock since 2014; Anti-Money Laundering Compliance Officer and Regional Head of Financial Crime for the Americas at BlackRock, Inc. since 2014; Head of Regulatory Changes and Remediation for the Asset Wealth Management Division of Deutsche Bank from 2010 to 2014; Vice President of Goldman Sachs (Anti-Money Laundering/Suspicious Activities Group) from 2004 to 2010.
Benjamin Archibald 1975	Secretary	Since 2012	Managing Director of BlackRock, Inc. since 2014; Director of BlackRock, Inc. from 2010 to 2013; Secretary of the iShares® exchange traded funds since 2015; Secretary of the BlackRock-advised mutual funds since 2012.

¹    The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, NY 10055.

²    Officers of the Trust serve at the pleasure of the Board.

Further information about the Trust’s Officers and Trustees is available in the Trust’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7450.

Investment Adviser and Administrator BlackRock Advisors, LLC Wilmington, DE 19809	Accounting Agent, Sub-Administrator and Transfer Agent BNY Mellon Investment Servicing (US) Inc. Wilmington, DE 19809	Custodian The Bank of New York Mellon New York, NY 10286	Address of the Trust 100 Bellevue Parkway Wilmington, DE 19809
Legal Counsel Sidley Austin LLP New York, NY 10019	Independent Registered Public Accounting Firm Deloitte & Touche LLP Philadelphia, PA 19103	Distributor BlackRock Investments, LLC New York, NY 10022

122 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

Additional Information

      Proxy Results

A Special Meeting of Shareholders was held on March 7, 2016 for shareholders of record on December 11, 2015, to elect a Board of Trustees of the Funds.

		Votes For	Votes Withheld
Approved the Trustees* as follows:	David O. Beim	46,764,637,042	54,107,580
	Susan J. Carter	46,790,129,700	28,614,922
	Collette Chilton	46,792,279,798	26,464,824
	Neil A. Cotty	46,790,950,296	27,794,326
	Matina S. Horner	46,792,219,415	26,525,208
	Rodney D. Johnson	46,790,536,049	28,208,573
	Cynthia A. Montgomery	46,792,016,096	26,728,526
	Joseph P. Platt	46,790,616,336	28,128,286
	Robert C. Robb, Jr.	46,792,193,774	26,550,848
	Mark Stalnecker	46,744,874,147	73,870,476
	Kenneth L. Urish	46,745,006,848	73,737,774
	Claire A. Walton	46,791,985,274	26,759,348
	Frederick W. Winter	46,744,191,567	74,553,055
	Barbara G. Novick	46,792,153,288	26,591,334
	John M. Perlowski	46,791,382,034	27,362,588

* Denotes Trust-wide proposal and voting results.

      General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program. Electronic copies of shareholder reports and prospectuses are available on BlackRock’s website.

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7450.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room or how to access documents on the SEC’s website without charge may be obtained by calling (800) SEC-0330. The Funds’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7450.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge, (1) by calling (800) 441-7450; (2) at http://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Funds voted proxies relating to securities held in each Fund’s portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com; or by calling (800) 441-7450 and (2) on the SEC’s website at http://www.sec.gov.

BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016 123

Additional Information (concluded)

      BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

124 BLACKROCK LIQUIDITY FUNDS OCTOBER 31, 2016

The following applies to TempCash, TempFund and MuniCash: This report is intended for existing current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. You could lose money by investing in a Fund. Because the share price of the Funds will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Funds may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Funds’ liquidity falls below required minimums because of market conditions or other factors. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds at any time. Performance data quoted represents past performance and does not guarantee future results. Total return information assumes reinvestment of all distributions. Current performance may be higher or lower than the performance data quoted. For current month-end performance information, call (800) 441-7762. Each Fund’s current 7-day yield more closely reflects the current earnings of a Fund than the total returns quoted. Statements and other information herein are as dated and are subject to change.

The following applies to Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund: This report is intended for existing current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. You could lose money by investing in a Fund. Although the Funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they will do so. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds at any time. Performance data quoted represents past performance and does not guarantee future results. Total return information assumes reinvestment of all distributions. Current performance may be higher or lower than the performance data quoted. For current month-end performance information, call (800) 441-7762. Each Fund’s current 7-day yield more closely reflects the current earnings of a Fund than the total returns quoted. Statements and other information herein are as dated and are subject to change.

The following applies to California Money Fund, MuniFund and New York Money Fund: This report is intended for existing current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. You could lose money by investing in a Fund. Although the Funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they will do so. The Funds may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Funds’ liquidity falls below required minimums because of market conditions or other factors. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds at any time. Performance data quoted represents past performance and does not guarantee future results. Total return information assumes reinvestment of all distributions. Current performance may be higher or lower than the performance data quoted. For current month-end performance information, call (800) 441-7762. Each Fund’s current 7-day yield more closely reflects the current earnings of a Fund than the total returns quoted. Statements and other information herein are as dated and are subject to change.

BRLF-10/16-AR

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, by calling 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 expert serving on its audit committee and (ii) each audit committee financial expert is independent: 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.
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  Fees3
Entity Name	Current   Fiscal   Year End	Previous   Fiscal Year   End	Current   Fiscal Year   End	Previous   Fiscal Year   End	Current   Fiscal Year   End	Previous   Fiscal Year   End	Current   Fiscal Year   End	Previous Fiscal Year End
California Money Fund	$22,163	$22,163	$0	$0	$10,812	$10,812	$0	$0
Federal Trust Fund	$22,163	$22,163	$0	$0	$9,792	$9,792	$0	$0
FedFund	$30,000	$25,063	$0	$0	$9,792	$9,792	$4,500	$4,500
MuniCash	$25,700	$22,163	$0	$0	$10,812	$10,812	$0	$0
MuniFund	$24,363	$24,363	$0	$0	$10,812	$10,812	$0	$0
New York Money Fund	$26,500	$22,163	$0	$0	$10,812	$10,812	$0	$0
TempCash	$24,713	$24,713	$0	$0	$9,792	$9,792	$0	$0
TempFund	$32,000	$26,713	$0	$0	$9,792	$9,792	$0	$4,500
T-Fund	$30,000	$25,063	$0	$0	$9,792	$9,792	$0	$0
Treasury Trust Fund	$24,363	$24,363	$0	$0	$9,792	$9,792	$0	$0

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 (“Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Fund Service Providers”):

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related  Fees1	$0	$0
(c) Tax Fees2	$0	$0

2

(d) All Other Fees³ $2,129,000 $2,391,000

¹ The nature of the services includes assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.

² The nature of the services includes tax compliance, tax advice and tax planning.

³ Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by D&T with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

(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 Fund 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 minimus exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Fund Service Providers were:

Entity Name	Current Fiscal Year     End	Previous Fiscal Year   End
California Money Fund	$10,812	$10,812
Federal Trust Fund	$9,792	$9,792
FedFund	$9,792	$9,792
MuniCash	$10,812	$10,812
MuniFund	$10,812	$10,812
New York Money Fund	$10,812	$10,812
TempCash	$9,792	$9,792
TempFund	$9,792	$9,792
T-Fund	$9,792	$9,792

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Treasury Trust Fund $9,792 $9,792

		Additionally, SSAE 16 Review (Formerly, SAS No. 70) fees for the current and previous fiscal years of $2,129,000 and $2,391,000, respectively, were billed by D&T to the Investment Adviser.
		(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Fund 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.
Item 5	–	Audit Committee of Listed Registrants – Not Applicable
Item 6	–	Investments
		(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.
		(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7	–	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8	–	Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9	–	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10	–	Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 11	–	Controls and Procedures
		(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
		(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12	–	Exhibits attached hereto
		(a)(1) Code of Ethics – See Item 2

4

(a)(2) Certifications – Attached hereto

(a)(3) Not Applicable

(b) Certifications – Attached hereto

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Liquidity Funds

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Liquidity Funds
Date:	January 4, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Liquidity Funds
Date:	January 4, 2017

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Liquidity Funds
Date:	January 4, 2017

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