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
BlackRock Liquid Federal Trust Fund (Formerly Federal Trust Fund)
California Money Fund
FedFund
MuniCash
New York
Money Fund
TempCash
TempFund
T-Fund
Treasury Trust Fund
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Liquidity Funds, 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 441-7762
Date of fiscal year end: 10/31/2021
Date of reporting period: 10/31/2021
Item 1 – Report to Stockholders
(a)
The Report to Shareholders is attached herewith.
(b)
Not Applicable
October
31,
2021
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2021
Annual
Report
BlackRock
Liquidity
Funds
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
Treasury
Trust
Fund
MuniCash
California
Money
Fund
New
York
Money
Fund
Dear
Shareholder,
The
12-month
reporting
period
as
of
October
31,
2021
was
a
remarkable
period
of
adaptation
and
recovery,
as
the
global
economy
dealt
with
the
implications
of
the
coronavirus
(or
“COVID-19”)
pandemic.
The
United
States
began
the
reporting
period
as
the
initial
reopening-led
economic
rebound
was
beginning
to
slow.
Nonetheless,
the
economy
continued
to
grow
at
a
solid
pace
for
the
reporting
period,
eventually
regaining
the
output
lost
from
the
pandemic.
However,
a
rapid
rebound
in
consumer
spending
pushed
up
against
supply
constraints
and
led
to
elevated
inflation.
Equity
prices
rose
with
the
broader
economy,
as
the
implementation
of
mass
vaccination
campaigns
and
passage
of
two
additional
fiscal
stimulus
packages
further
boosted
stocks,
and
many
equity
indices
neared
or
surpassed
all-time
highs
late
in
the
reporting
period.
In
the
United
States,
returns
of
small-capitalization
stocks,
which
benefited
the
most
from
the
resumption
of
in-person
activities,
outpaced
large-capitalization
stocks.
International
equities
also
gained,
as
both
developed
and
emerging
markets
continued
to
recover
from
the
effects
of
the
pandemic.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
had
fallen
sharply
prior
to
the
beginning
of
the
reporting
period,
which
meant
bonds
were
priced
for
extreme
risk
avoidance
and
economic
disruption.
Despite
expectations
of
doom
and
gloom,
the
economy
expanded
rapidly,
stoking
inflation
concerns
in
early
2021,
which
led
to
higher
yields
and
a
negative
overall
return
for
most
U.S.
Treasuries.
In
the
corporate
bond
market,
support
from
the
U.S.
Federal
Reserve
(the
“Fed”)
assuaged
credit
concerns
and
led
to
solid
returns
for
high-yield
corporate
bonds,
outpacing
investment-grade
corporate
bonds.
The
Fed
remained
committed
to
accommodative
monetary
policy
by
maintaining
near-zero
interest
rates
and
by
reiterating
that
inflation
could
exceed
its
2%
target
for
a
sustained
period
without
triggering
a
rate
increase.
In
response
to
rising
inflation
late
in
the
period,
the
Fed
changed
its
market
guidance,
raising
the
possibility
of
higher
rates
2022
and
reducing
bond
purchasing
beginning
in
late
2021.
Looking
ahead,
we
believe
that
the
global
expansion
will
continue
to
broaden
as
Europe
and
other
developed
market
economies
gain
momentum,
although
the
Delta
variant
of
the
coronavirus
remains
a
threat,
particularly
in
emerging
markets.
While
we
expect
inflation
to
remain
elevated
in
the
medium-term
as
the
expansion
continues,
we
believe
the
recent
uptick
owes
more
to
temporary
supply
disruptions
than
a
lasting
change
in
fundamentals.
The
change
in
Fed
policy
also
means
that
moderate
inflation
is
less
likely
to
be
followed
by
interest
rate
hikes
that
could
threaten
the
economic
expansion.
Overall,
we
favor
a
moderately
positive
stance
toward
risk,
with
an
overweight
in
equities.
Sectors
that
are
better
poised
to
manage
the
transition
to
a
lower-carbon
world,
such
as
technology
and
health
care,
are
particularly
attractive
in
the
long-term.
U.S.
small-capitalization
stocks
and
European
equities
are
likely
to
benefit
from
the
continuing
vaccine-led
restart,
while
Chinese
equities
stand
to
gain
from
a
more
accommodative
monetary
and
fiscal
environment
as
the
Chinese
economy
slows.
We
are
underweight
long-term
credit,
but
inflation-protected
U.S.
Treasuries,
Asian
fixed
income,
and
emerging
market
local-currency
bonds
offer
potential
opportunities.
We
believe
that
international
diversification
and
a
focus
on
sustainability
can
help
provide
portfolio
resilience,
and
the
disruption
created
by
the
coronavirus
appears
to
be
accelerating
the
shift
toward
sustainable
investments.
In
this
environment,
our
view
is
that
investors
need
to
think
globally,
extend
their
scope
across
a
broad
array
of
asset
classes,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
October
31,
2021
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
10.91%
42.91%
U.S.
small
cap
equities
(Russell
2000
®
Index)
1.85
50.80
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
4.14
34.18
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(4.87)
16.96
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.01
0.06
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
1.59
(4.77)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
1.06
(0.48)
Tax-exempt
municipal
bonds
(S&P
Municipal
Bond
Index)
0.33
2.76
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
2.36
10.53
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Money
Market
Overview
..................................................................................................
4
Fund
Information
.......................................................................................................
6
Disclosure
of
Expenses
...................................................................................................
9
Financial
Statements:
Schedules
of
Investments
...............................................................................................
11
Statements
of
Assets
and
Liabilities
.........................................................................................
60
Statements
of
Operations
................................................................................................
65
Statements
of
Changes
in
Net
Assets
........................................................................................
67
Financial
Highlights
.....................................................................................................
72
Notes
to
Financial
Statements
...............................................................................................
116
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
129
Important
Tax
Information
.................................................................................................
130
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
...................................................................
131
Trustee
and
Officer
Information
..............................................................................................
135
Additional
Information
....................................................................................................
139
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
141
Money
Market
Overview
For
the
12-Month
Period
Ended
October
31,
2021
2021
BlackRock
Annual
Report
to
Shareholders
4
As
2020
ended
with
a
resolution
to
the
highly
contentious
presidential
election,
2021
began
with
the
transition
to
the
Biden-Harris
administration,
passage
of
the
$1.9
trillion
American
Rescue
Plan
Act
of
2021,
and
an
acceleration
of
COVID-19
vaccination
programs.
COVID-19
cases,
hospitalizations
and
deaths
trended
downward
over
the
first
half
of
2021
as
the
United
States
began
to
reopen
and
vaccine
efforts
held
steady.
However,
the
COVID-19
Delta
variant
dominated
headlines
for
much
of
the
second
half
of
2021
in
the
United
States
as
cases
climbed
and
threatened
the
global
economic
recovery.
Despite
the
ups
and
downs
of
the
pandemic,
U.S.
macroeconomic
data
continued
to
improve
throughout
the
period
as
evidenced
by
the
unemployment
rate
dropping
from
6.7%
to
4.8%
as
of
October
31,
2021.
During
the
12-month
period
ended
October
31,
2021,
the
Federal
Open
Market
Committee
(the
“FOMC”
or,
the
“Committee”)
left
the
range
for
the
Federal
Funds
target
rate
unchanged
at
0.00%--0.25%,
which
has
been
the
range
since
the
emergency
cuts
at
the
start
of
the
pandemic.
At
its
June
2021
meeting,
the
Fed
made
upward
“technical”
adjustments
of
0.05%
to
the
interest
rate
paid
on
required
and
excess
reserves
and
the
offering
rate
on
overnight
reverse
repurchase
agreement
operations,
bringing
these
“administered
rates”
to
0.15%
and
0.05%,
respectively.
Fed
Chair
Jerome
Powell
noted
in
the
press
conference
following
the
meeting
that
these
adjustments
were
made
“in
order
to
keep
the
Federal
Funds
rate
well
within
the
target
range
and
to
support
smooth
functioning
in
money
markets.”
Daily
reverse
repurchase
agreement
volume
surged
following
the
adjustment
to
the
program’s
offering
rate,
reaching
$992
billion
as
of
June
30,
2021.
According
to
the
minutes
from
the
September
21,
2021
FOMC
meeting
released
on
October
18,
2021,
“all
participants”
agreed
it
would
be
appropriate
to
communicate
that
if
progress
toward
the
Committee’s
maximum-employment
and
inflation
goals
“continued
broadly
as
expected,
a
moderation
in
the
pace
of
assets
purchased
may
soon
be
warranted.”
It
was
noted
that
if
a
decision
to
begin
tapering
asset
purchases
was
made
at
the
November
2021
meeting,
“tapering
could
commence”
as
soon
as
mid-
November.
Participants
also
“generally
assessed
that
a
gradual
tapering
process
that
concluded
around
the
middle
of
next
year
would
likely
be
appropriate.
Participants
also
“reaffirmed”
that
“a
policy
shift
toward
a
moderation
of
asset
purchases
provided
no
direct
signal
about
its
interest
rate
policy.”
That
said,
as
of
late
October
2021,
futures
contracts
for
Federal
Funds
were
priced
for
approximately
two
0.25%
rate
hikes
during
2022,
with
a
high
probability
of
“liftoff”
occurring
as
soon
as
September
2022.
The
federal
debt
ceiling
situation
remained
front
and
center
during
the
period.
The
U.S.
Treasury
continues
to
employ
accounting
“maneuvers”
known
as
“extraordinary
measures”
to
fund
the
U.S.
government
following
the
expiration
of
the
suspension
of
the
debt
ceiling
at
the
end
of
July.
On
October
14,
2021,
President
Joe
Biden
signed
a
bill
to
raise
the
U.S.
debt
limit
through
early
December.
While
this
legislation
provides
breathing
room
for
Congress
to
agree
to
a
more
lasting
resolution
of
the
debt
ceiling,
the
current
stalemate
is
distinguished
from
other
episodes
by
an
elevated
level
of
partisanship
relating
in
part
to
contention
over
costs
associated
with
two
large
infrastructure
bills,
razor
thin
margins
in
the
House
and
Senate
and
the
looming
midterm
election.
With
the
debt
ceiling
yet
to
be
resolved,
net
Treasury
bill
(“T-bill”)
issuance
fell
an
additional
$561
billion
throughout
the
third
quarter
of
2021,
on
top
of
a
decline
of
over
$680
billion
through
the
first
half
of
2021.
This
reduction
in
issuance
exacerbated
the
painful
supply-demand
imbalance
in
the
front-end
of
the
market.
The
Fed’s
reverse
repurchase
agreement
facility
has
consistently
seen
daily
utilization
above
$1
trillion
since
August
11,
2021.
Given
the
acute
disparity
between
supply
and
demand
in
the
front-end
of
the
market,
average
daily
utilization
was
higher
in
October
2021
at
$1.43
trillion.
The
secured
overnight
financing
rate
(“SOFR”)—a
broad
measure
of
the
cost
of
borrowing
cash
overnight
collateralized
by
Treasury
securities—
held
steady
at
0.05%
at
the
end
of
October
2021.
SOFR
has
been
unchanged
at
0.05%
since
the
Fed’s
technical
adjustments
in
June
2021.
Before
that
SOFR
had
been
pegged
at
0.01%
since
March
2021.
The
three-month
London
Interbank
Offered
Rate
(“LIBOR”)
averaged
0.17%
throughout
the
12-month
period.
In
our
view,
the
lower
rates
were
partly
due
to
the
supply-
demand
imbalance
in
the
front-end
of
the
curve.
The
three-month
LIBOR-overnight
indexed
swap
spread
–
a
gauge
of
stress
in
the
financial
system
–
started
the
period
at
0.14%
and
grinded
lower
to
end
the
period
at
0.05%
as
of
October
29,
2021.
Industry-wide
money
market
mutual
funds
(“MMFs”)
experienced
inflows
of
nearly
$210
billion
during
the
12-month
period.
Of
this,
assets
of
prime
and
municipal
MMFs
fell
$139
billion
and
$25
billion,
respectively,
while
government
MMFs
experienced
$374
billion
of
inflows.
For
the
first
time,
government
MMF
assets
exceeded
the
$4
trillion
mark
in
May
2021.
Turning
to
short-term
municipal
bonds,
strong
inflows
into
municipal
bond
funds
and
separately
managed
accounts
led
an
increased
demand
from
non-traditional
investors
for
variable
rate
demand
note
(“VRDN”)
securities
that
kept
VRDN
inventory
on
dealer
balance
sheets
very
manageable.
As
a
result
of
the
low
overall
interest
rate
policy,
the
Securities
Industry
and
Financial
Markets
Association
(“SIFMA”)
Index,
which
represents
the
average
yield
on
weekly
VRDNs,
remained
in
a
tight
two-basis-point
to
12-basis-
point
range
(0.02%
to
0.12%
range)
throughout
the
annual
period.
Although
tax
payments
were
pushed
back
to
May
2021,
the
SIFMA
Index
remained
muted,
moving
to
a
high
of
seven
basis
points
before
migrating
lower
to
two
basis
points
for
twelve
weeks
and
ultimately
ending
the
period
at
five
basis
points.
With
low
supply
remaining
a
dominant
theme
in
short-term
municipal
market,
new
VRDN
issuance
remained
light
throughout
the
period
as
issuers
instead
opted
to
bond
out
debt
and
take
advantage
of
low
longer-term
bond
yields.
Also,
note
supply
in
the
short-term
municipal
space
remained
subdued,
down
41%
year-over-year,
as
municipal
state
and
local
governments
continued
to
benefit
from
fiscal
stimulus
monies
as
well
as
broad-based
improvements
in
tax
revenue
streams.
Yields
on
commercial
paper,
municipal
notes
and
municipal
bonds
remained
low
for
the
majority
of
the
period,
however
migrated
slightly
higher
to
end
the
period.
The
one-
year
Municipal
Market
Data
yield,
which
represents
one-year
municipal
bonds
and
the
one-year
MIG1
yield,
which
represents
municipal
notes,
ended
the
period
at
0.15%
and
0.16%,
respectively.
With
SIFMA
at
5
basis
points
and
one-year
municipal
notes
pricing
at
16
basis
points,
the
spread
between
the
seven-day
SIFMA
Index
and
one-year
MIG1
note
scale
ended
the
third
quarter
at
11
basis
points,
representing
a
fairly
flat,
but
positively
sloped
municipal
money
market
yield
curve.
Money
Market
Overview
For
the
12-Month
Period
Ended
October
31,
2021
(continued)
5
Money
Market
Overview
Looking
ahead,
the
Fed
continues
to
monitor
economic
conditions
in
order
to
determine
an
appropriate
time
to
taper
its
asset
purchases
in
the
market
while
emphasizing
the
clear
separation
in
their
decision
to
taper
from
their
decision
to
begin
hiking
rates.
Amongst
the
Fed's
accommodative
stance,
BlackRock’s
strategy
remains
neutral.
High
liquidity
levels
continue
to
be
maintained
through
our
overweight
to
VRDNs
and
other
weekly
par
put
securities.
Finally,
we
maintain
a
steady
allocation
to
municipal
commercial
paper
by
laddering
maturities
across
the
30-
to
120-day
range
in
order
to
benefit
from
the
relative
yield
attractiveness
versus
VRDNs.
Municipal
money
market
fund
managers
continue
to
monitor
inflation
readings
along
with
other
economic
data
releases
that
may
prompt
the
Fed
to
alter
their
ultra-accommodative
stance,
which
could
have
an
impact
on
future
market
prices
and
yield
expectations.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Fund
Information
as
of
October
31,
2021
2021
BlackRock
Annual
Report
to
Shareholders
6
BlackRock
Liquid
Federal
Trust
Fund
BlackRock
Liquid
Federal
Trust
Fund’s
(formerly
known
as
"Federal
Trust
Fund")
(the
“Fund”)
investment
objective
is
to
seek
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
FedFund
FedFund’s
(the
“Fund”)
investment
objective
is
to
seek
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
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.
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
0.00%
0.02
%
Administration
............................
0.00
0.02
Cash
Management
.........................
0.00
0.02
Cash
Reserve
............................
0.00
0.04
Dollar
..................................
0.00
0.02
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.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
U.S.
Government
Sponsored
Agency
Obligations
..............
58
%
U.S.
Treasury
Obligations
..............................
44
Liabilities
in
Excess
of
Other
Assets
.......................
(2)
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
0.03
%
0.03
%
Administration
............................
0.03
0.03
Capital
.................................
0.03
0.03
Cash
Management
.........................
0.03
0.03
Cash
Reserve
............................
0.03
0.03
Dollar
..................................
0.03
0.03
Mischler
Financial
Group
Shares
...............
0.03
0.03
Premier
................................
0.03
0.03
Private
Client
............................
0.03
0.03
Select
.................................
0.03
0.03
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.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Repurchase
Agreements
...............................
61
%
U.S.
Treasury
Obligations
..............................
25
U.S.
Government
Sponsored
Agency
Obligations
..............
13
Other
Assets
Less
Liabilities
............................
1
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
0.04
%
0.04
%
Dollar
..................................
0.03
0.03
Premier
................................
0.03
0.03
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
an
indication
of
future
results.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Commercial
Paper
...................................
30
%
Time
Deposits
......................................
22
Certificates
of
Deposit
.................................
19
Repurchase
Agreements
...............................
16
Municipal
Bonds
....................................
5
Corporate
Bonds
....................................
1
U.S.
Treasury
Obligations
..............................
1
Closed-End
Investment
Companies
.......................
1
U.S.
Government
Sponsored
Agency
Obligations
..............
—
(a)
Other
Assets
Less
Liabilities
............................
5
(a)
Represents
less
than
1%
of
the
Fund's
net
assets.
Fund
Information
as
of
October
31,
2021
(continued)
7
Fund
Information
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.
T-Fund
T-Fund’s
(the
“Fund”)
investment
objective
is
to
seek
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
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.
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
0.04
%
0.04
%
Administration
............................
0.04
0.04
Capital
.................................
0.04
0.04
Cash
Management
.........................
0.04
0.04
Cash
Reserve
............................
0.04
0.04
Dollar
..................................
0.04
0.04
Private
Client
............................
0.04
0.04
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.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Commercial
Paper
...................................
32
%
Certificates
of
Deposit
.................................
23
Time
Deposits
......................................
20
Repurchase
Agreements
...............................
18
Municipal
Bonds
....................................
5
Corporate
Bonds
....................................
1
U.S.
Treasury
Obligations
..............................
1
Closed-End
Investment
Companies
.......................
—
(a)
U.S.
Government
Sponsored
Agency
Obligations
..............
—
(a)
Liabilities
in
Excess
of
Other
Assets
.......................
—
(a)
(a)
Represents
less
than
1%
of
the
Fund's
net
assets.
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
0.00
%
0.01
%
Administration
............................
0.00
0.01
Capital
.................................
0.00
0.01
Cash
Management
.........................
0.00
0.01
Cash
Reserve
............................
0.00
0.01
Dollar
..................................
0.00
0.01
Premier
................................
0.00
0.01
Select
.................................
0.00
0.01
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.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Repurchase
Agreements
...............................
64
%
U.S.
Treasury
Obligations
..............................
33
Other
Assets
Less
Liabilities
............................
3
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
0.00
%
0.01
%
Administration
............................
0.00
0.01
Capital
.................................
0.00
0.01
Cash
Management
.........................
0.00
0.01
Cash
Reserve
............................
0.00
0.01
Dollar
..................................
0.00
0.01
Select
.................................
0.00
0.01
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
an
indication
of
future
results.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
U.S.
Treasury
Obligations
..............................
97
%
Other
Assets
Less
Liabilities
............................
3
Fund
Information
as
of
October
31,
2021
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
8
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.
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.
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.
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
0.01
%
0.01
%
Dollar
..................................
0.01
0.01
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.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Variable
Rate
Demand
Notes
............................
7
3
%
Municipal
Bonds
....................................
22
Closed-End
Investment
Companies
.......................
4
Other
Assets
Less
Liabilities
............................
1
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
0.01
%
0.01
%
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
an
indication
of
future
results.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Variable
Rate
Demand
Notes
............................
66
%
Municipal
Bonds
....................................
14
Closed-End
Investment
Companies
.......................
4
Other
Assets
Less
Liabilities
............................
16
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
0.01
%
0.01
%
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
an
indication
of
future
results.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Variable
Rate
Demand
Notes
............................
8
8
%
Municipal
Bonds
....................................
8
Closed-End
Investment
Companies
.......................
4
Other
Assets
Less
Liabilities
............................
—
(a)
(a)
Represents
less
than
1%
of
the
Fund's
net
assets.
Disclosure
of
Expenses
9
Disclosure
of
Expenses
Shareholders
of
each
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees, service
and
distribution
fees, and
other
fund
expenses.
The
expense
examples shown
(which are
based
on
a
hypothetical
investment
of
$1,000
invested
on May
1,
2021 and
held
through
October
31,
2021) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their
Fund and
share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
these
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds.
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only,
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Expense
Examples
Actual
Hypothetical
(a)
Beginning
Account
Value
(05/01/21)
Ending
Account
Value
(10/31/21)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(05/01/21)
Ending
Account
Value
(10/31/21)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
BlackRock
Liquid
Federal
Trust
Fund
Institutional
...............................
$
1,000.00
$
1,000.10
$
0.30
$
1,000.00
$
1,024.90
$
0.31
0.06%
Administration
.............................
1,000.00
1,000.10
0.30
1,000.00
1,024.90
0.31
0.06
Cash
Management
..........................
1,000.00
1,000.10
0.30
1,000.00
1,024.90
0.31
0.06
Cash
Reserve
.............................
1,000.00
1,000.20
0.30
1,000.00
1,024.90
0.31
0.06
Dollar
...................................
1,000.00
1,000.10
0.30
1,000.00
1,024.90
0.31
0.06
FedFund
Institutional
...............................
$
1,000.00
$
1,000.10
$
0.25
$
1,000.00
$
1,024.95
$
0.26
0.05%
Administration
.............................
1,000.00���
1,000.10
0.25
1,000.00
1,024.95
0.26
0.05
Capital
..................................
1,000.00
1,000.10
0.25
1,000.00
1,024.95
0.26
0.05
Cash
Management
..........................
1,000.00
1,000.10
0.25
1,000.00
1,024.95
0.26
0.05
Cash
Reserve
.............................
1,000.00
1,000.10
0.25
1,000.00
1,024.95
0.26
0.05
Dollar
...................................
1,000.00
1,000.10
0.25
1,000.00
1,024.95
0.26
0.05
Mischler
Financial
Group
Shares
................
1,000.00
1,000.10
0.25
1,000.00
1,024.95
0.26
0.05
Premier
.................................
1,000.00
1,000.10
0.25
1,000.00
1,024.95
0.26
0.05
Private
Client
.............................
1,000.00
1,000.10
0.25
1,000.00
1,024.95
0.26
0.05
Select
..................................
1,000.00
1,000.10
0.25
1,000.00
1,024.95
0.26
0.05
TempCash
Institutional
...............................
$
1,000.00
$
1,000.10
$
0.76
$
1,000.00
$
1,024.45
$
0.77
0.15%
Dollar
...................................
1,000.00
1,000.00
0.81
1,000.00
1,024.40
0.82
0.16
Premier
.................................
1,000.00
1,000.10
0.76
1,000.00
1,024.45
0.77
0.15
TempFund
Institutional
...............................
$
1,000.00
$
1,000.10
$
0.71
$
1,000.00
$
1,024.50
$
0.71
0.14%
Administration
.............................
1,000.00
1,000.10
0.71
1,000.00
1,024.50
0.71
0.14
Capital
..................................
1,000.00
1,000.10
0.71
1,000.00
1,024.50
0.71
0.14
Cash
Management
..........................
1,000.00
1,000.20
0.71
1,000.00
1,024.50
0.71
0.14
Cash
Reserve
.............................
1,000.00
1,000.20
0.71
1,000.00
1,024.50
0.71
0.14
Dollar
...................................
1,000.00
1,000.20
0.71
1,000.00
1,024.50
0.71
0.14
Private
Client
.............................
1,000.00
1,000.10
0.71
1,000.00
1,024.50
0.71
0.14
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
six-
month
period
shown).
Disclosure
of
Expenses
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
10
Actual
Hypothetical
(a)
Beginning
Account
Value
(05/01/21)
Ending
Account
Value
(10/31/21)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(05/01/21)
Ending
Account
Value
(10/31/21)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
T-Fund
Institutional
...............................
$
1,000.00
$
1,000.00
$
0.30
$
1,000.00
$
1,024.90
$
0.31
0.06%
Administration
.............................
1,000.00
1,000.00
0.30
1,000.00
1,024.90
0.31
0.06
Capital
..................................
1,000.00
1,000.00
0.30
1,000.00
1,024.90
0.31
0.06
Cash
Management
..........................
1,000.00
1,000.00
0.30
1,000.00
1,024.90
0.31
0.06
Cash
Reserve
.............................
1,000.00
1,000.00
0.30
1,000.00
1,024.90
0.31
0.06
Dollar
...................................
1,000.00
1,000.00
0.30
1,000.00
1,024.90
0.31
0.06
Premier
.................................
1,000.00
1,000.00
0.30
1,000.00
1,024.90
0.31
0.06
Select
..................................
1,000.00
1,000.00
0.30
1,000.00
1,024.90
0.31
0.06
Treasury
Trust
Fund
Institutional
...............................
$
1,000.00
$
1,000.00
$
0.20
$
1,000.00
$
1,025.00
$
0.20
0.04%
Administration
.............................
1,000.00
1,000.00
0.20
1,000.00
1,025.00
0.20
0.04
Capital
..................................
1,000.00
1,000.00
0.25
1,000.00
1,024.95
0.26
0.05
Cash
Management
..........................
1,000.00
1,000.00
0.20
1,000.00
1,025.00
0.20
0.04
Cash
Reserve
.............................
1,000.00
1,000.00
0.20
1,000.00
1,025.00
0.20
0.04
Dollar
...................................
1,000.00
1,000.00
0.20
1,000.00
1,025.00
0.20
0.04
Select
..................................
1,000.00
1,000.00
0.20
1,000.00
1,025.00
0.20
0.04
MuniCash
Institutional
...............................
$
1,000.00
$
999.90
$
0.30
$
1,000.00
$
1,024.90
$
0.31
0.06%
Dollar
...................................
1,000.00
1,000.00
0.25
1,000.00
1,024.95
0.26
0.05
California
Money
Fund
Institutional
...............................
$
1,000.00
$
1,000.00
$
0.15
$
1,000.00
$
1,025.05
$
0.15
0.03%
New
York
Money
Fund
Institutional
...............................
$
1,000.00
$
1,000.00
$
0.20
$
1,000.00
$
1,025.00
$
0.20
0.04%
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
six-month
period
shown).
Expense
Examples
(continued)
BlackRock
Liquid
Federal
Trust
Fund
Schedules
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
October
31,
2021
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
—
57.3%
Federal
Farm
Credit
Bank,
0.07%, 08/10/22
.
USD
16,945
$
16,943,879
Federal
Farm
Credit
Bank
Discount
Notes
(a)
0.02%
,
11/04/21
.................
25,000
24,999,917
0.03%
,
11/09/21
.................
37,515
37,514,500
0.03%
,
11/15/21
.................
32,245
32,244,498
0.04%
,
11/24/21
.................
31,630
31,629,192
0.04%
,
12/01/21
.................
55,000
54,998,625
0.04%
,
12/06/21
.................
51,065
51,062,284
0.04%
,
12/07/21
.................
8,000
7,999,600
0.04%
,
12/28/21
.................
4,980
4,979,369
0.05%
,
01/06/22
.................
50,455
50,451,300
0.05%
,
01/10/22
.................
35,000
34,997,278
0.05%
,
01/13/22
.................
16,000
15,998,702
0.05%
,
01/19/22
.................
13,285
13,282,668
0.05%
,
01/24/22
.................
31,720
31,717,039
0.05%
,
01/28/22
.................
11,625
11,622,727
0.06%
,
02/03/22
.................
40,000
39,994,778
0.06%
,
02/07/22
.................
8,000
7,998,911
0.06%
,
02/10/22
.................
5,000
4,999,299
0.06%
,
02/11/22
.................
15,370
15,368,258
0.06%
,
02/15/22
.................
9,000
8,998,675
0.06%
,
03/03/22
.................
20,000
19,996,611
0.07%
,
04/19/22
.................
31,200
31,192,677
0.09%
,
06/21/22
.................
19,135
19,127,601
0.09%
,
06/23/22
.................
19,030
19,022,578
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(b)
(SOFR
+
0.19%),
0.24%
,
11/18/21
.....
6,715
6,715,000
(SOFR
+
0.18%),
0.23%
,
01/14/22
.....
16,200
16,200,000
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.28%),
0.34%
,
02/08/22
....
38,000
38,000,000
(SOFR
+
0.40%),
0.45%
,
04/01/22
.....
40,000
40,000,000
(SOFR
+
0.20%),
0.25%
,
06/23/22
.....
25,000
25,000,000
(SOFR
+
0.04%),
0.09%
,
07/11/22
.....
21,750
21,753,048
(US
Federal
Funds
Effective
Rate
(continuous
series)
+
0.18%),
0.26%
,
07/20/22
...............
55,990
55,986,034
(SOFR
+
0.10%),
0.15%
,
09/02/22
.....
8,160
8,160,000
(SOFR
+
0.05%),
0.10%
,
09/08/22
.....
24,035
24,038,106
(SOFR
+
0.06%),
0.11%
,
10/21/22
.....
41,035
41,035,000
(SOFR
+
0.08%),
0.12%
,
11/03/22
.....
33,455
33,455,000
(SOFR
+
0.03%),
0.07%
,
01/12/23
.....
34,915
34,912,886
(SOFR
+
0.06%),
0.11%
,
01/13/23
.....
11,855
11,855,000
(SOFR
+
0.06%),
0.11%
,
01/20/23
.....
11,260
11,260,000
(SOFR
+
0.05%),
0.10%
,
02/17/23
.....
19,120
19,120,000
Federal
Home
Loan
Bank
0.05%
,
11/12/21
.................
50,000
49,999,981
0.05%
,
11/30/21
.................
36,315
36,314,898
0.05%
,
12/23/21
.................
9,260
9,259,955
0.04%
,
01/12/22
.................
40,455
40,454,120
0.04%
-
0.05% 01/28/22
............
55,105
55,103,712
0.06%
,
03/29/22
.................
10,270
10,269,550
Federal
Home
Loan
Bank
Discount
Notes
(a)
0.02%
,
11/03/21
.................
4,735
4,734,989
0.03%
,
11/17/21
.................
153,000
152,997,960
0.04%
,
11/19/21
.................
41,000
40,999,488
0.04%
,
11/24/21
.................
100,000
99,997,508
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Obligations
(continued)
0.04%
,
11/26/21
.................
USD
165,000
$
164,995,552
0.04%
,
12/01/21
.................
363,000
362,987,492
0.04%
,
12/03/21
.................
93,130
93,126,523
0.04%
,
12/08/21
.................
114,380
114,374,945
0.04%
,
12/10/21
.................
10,000
9,999,621
0.04%
,
12/15/21
.................
137,280
137,273,113
0.04%
,
12/17/21
.................
63,725
63,722,150
0.05%
,
01/04/22
.................
62,440
62,435,560
0.05%
,
01/14/22
.................
76,995
76,989,840
0.06%
,
02/02/22
.................
26,040
26,036,637
0.06%
,
02/08/22
.................
11,965
11,963,388
0.06%
,
02/16/22
.................
64,540
64,530,600
0.06%
,
03/18/22
.................
33,000
32,994,474
0.07%
,
04/01/22
.................
11,010
11,007,968
0.07%
,
04/22/22
.................
76,855
76,834,437
Federal
Home
Loan
Bank
Variable
Rate
Notes
(b)
(SOFR
+
0.12%),
0.17%
,
02/28/22
.....
19,470
19,470,000
(SOFR
+
0.01%),
0.06%
,
03/28/22
.....
2,595
2,595,000
(SOFR
+
0.07%),
0.11%
,
04/28/22
.....
7,365
7,365,000
(SOFR
+
0.06%),
0.11%
,
12/16/22
.....
53,590
53,590,000
(SOFR
+
0.06%),
0.11%
,
02/03/23
.....
10,000
10,000,635
Total
U.S.
Government
Sponsored
Agency
Obligations
—
57.3%
(Cost:
$2,877,056,136)
...........................
2,877,056,136
U.S.
Treasury
Obligations
—
44.3%
U.S.
Treasury
Bills
(a)
0.03%, 11/12/21
.................
100,000
99,999,419
0.04%, 11/16/21
.................
193,460
193,457,287
0.05%, 11/18/21
.................
109,000
108,997,426
0.05%, 11/23/21
.................
272,235
272,229,484
0.05%, 11/26/21
.................
40,000
39,998,569
0.05%, 11/30/21
.................
525,319
525,297,684
0.06%, 12/02/21
.................
132,000
131,995,953
0.07%, 12/16/21
.................
172,960
172,946,665
0.08%, 12/28/21
.................
105,275
105,266,666
0.08%, 12/30/21
.................
93,380
93,374,644
0.07%, 01/06/22
.................
100,000
99,992,667
0.05%, 01/11/22
.................
147,905
147,891,873
0.06%, 01/27/22
.................
100,000
99,986,708
U.S.
Treasury
Notes
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.11%),
0.17%, 04/30/22
(b)
...
85,000
85,000,000
2.13%, 05/15/22
.................
7,025
7,102,079
1.75%, 06/15/22
.................
825
833,573
0.13%, 06/30/22
.................
3,120
3,121,114
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.06%),
0.11%, 10/31/22
(b)
...
35,000
34,998,233
Total
U.S.
Treasury
Obligations
—
44.3%
(Cost:
$2,222,490,044)
...........................
2,222,490,044
Total
Investments
—
101.6%
(Cost:
$5,099,546,180
)
...........................
5,099,546,180
Liabilities
in
Excess
of
Other
Assets
—
(1.6)%
............
(78,306,343)
Net
Assets
—
100.0%
..............................
$
5,021,239,837
(a)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Liquid
Federal
Trust
Fund
12
Schedule
of
Investments
(continued)
October
31,
2021
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
.......................................
$
—
$
5,099,546,180
$
—
$
5,099,546,180
FedFund
Schedules
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
October
31,
2021
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
—
13.2%
Federal
Farm
Credit
Bank
0.09%
,
12/29/21
.................
USD
45,470
$
45,469,194
0.10%
,
01/13/22
.................
196,910
196,907,457
0.07%
,
08/19/22
.................
160,800
160,792,263
Federal
Farm
Credit
Bank
Discount
Notes
(a)
0.08%
,
05/27/22
.................
57,300
57,280,231
0.09%
,
06/21/22
.................
36,000
35,986,080
0.13%
,
09/19/22
.................
12,000
11,989,267
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(b)
(SOFR
+
0.04%),
0.09%
,
11/03/21
.....
400,000
399,999,933
(LIBOR
USD
1
Month
+
0.13%),
0.21%
,
11/05/21
...............
100,000
100,000,000
(LIBOR
USD
1
Month
+
0.11%),
0.19%
,
11/12/21
...............
127,735
127,735,000
(SOFR
+
0.19%),
0.24%
,
11/18/21
.....
222,545
222,545,000
(LIBOR
USD
1
Month
+
0.11%),
0.20%
,
12/10/21
...............
150,000
150,000,000
(LIBOR
USD
1
Month
+
0.01%),
0.09%
,
12/28/21
...............
266,000
265,996,621
(SOFR
+
0.18%),
0.23%
,
01/14/22
.....
60,000
60,000,000
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.28%),
0.34%
,
02/08/22
....
123,000
123,000,000
(SOFR
+
0.13%),
0.18%
,
02/11/22
.....
89,000
89,000,000
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.21%),
0.26%
,
03/17/22
....
150,000
149,998,874
(SOFR
+
0.40%),
0.45%
,
04/01/22
.....
660,000
660,000,000
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.12%),
0.18%
,
05/02/22
....
232,975
232,967,951
(SOFR
+
0.05%),
0.10%
,
05/05/22
.....
440,000
439,989,791
(SOFR
+
0.09%),
0.14%
,
06/17/22
.....
324,500
324,505,135
(SOFR
+
0.10%),
0.15%
,
09/02/22
.....
279,885
279,885,000
(SOFR
+
0.09%),
0.14%
,
09/23/22
.....
315,000
315,000,000
(SOFR
+
0.07%),
0.11%
,
11/18/22
.....
150,000
150,000,000
(SOFR
+
0.06%),
0.11%
,
12/01/22
.....
138,000
138,000,000
(SOFR
+
0.06%),
0.11%
,
02/09/23
.....
40,000
40,000,000
(SOFR
+
0.04%),
0.09%
,
03/10/23
.....
189,000
189,000,000
Federal
Home
Loan
Bank
0.05%
,
11/12/21
.................
50,000
49,999,981
0.09%
,
12/09/21
.................
35,045
35,044,591
0.05%
,
12/23/21
.................
439,715
439,712,864
0.05%
,
01/25/22
.................
247,145
247,143,508
0.05%
,
01/28/22
.................
95,120
95,119,802
0.05%
,
02/07/22
.................
437,255
437,253,721
Federal
Home
Loan
Bank
Discount
Notes
(a)
0.02%
,
11/05/21
.................
531,420
531,417,048
0.03%
,
11/10/21
.................
107,500
107,499,086
0.03%
,
11/17/21
.................
94,850
94,848,735
0.04%
,
11/19/21
.................
106,000
105,998,675
0.04%
,
11/26/21
.................
235,000
234,993,960
0.04%
,
12/01/21
.................
583,950
583,930,535
0.04%
,
12/08/21
.................
200,000
199,991,162
0.04%
,
12/22/21
.................
235,310
235,293,666
0.05%
,
01/05/22
.................
250,000
249,980,590
0.05%
,
01/14/22
.................
518,245
518,197,062
0.06%
,
02/08/22
.................
430,740
430,681,970
0.06%
,
02/15/22
.................
245,000
244,967,538
0.06%
,
02/25/22
.................
80,000
79,987,885
0.06%
,
03/02/22
.................
189,725
189,696,304
0.06%
,
03/11/22
.................
139,895
139,872,267
0.07%
,
04/01/22
.................
616,495
616,381,222
0.07%
,
04/29/22
.................
83,000
82,979,365
Federal
Home
Loan
Bank
Variable
Rate
Notes
(b)
(SOFR
+
0.02%),
0.07%
,
12/10/21
.....
240,000
240,000,000
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Obligations
(continued)
(SOFR
+
0.02%),
0.07%
,
01/12/22
.....
USD
352,000
$
352,000,000
(SOFR
+
0.12%),
0.17%
,
02/28/22
.....
487,000
487,000,000
(SOFR
+
0.01%),
0.06%
,
03/25/22
.....
200,000
200,000,000
(SOFR
+
0.01%),
0.06%
,
03/28/22
.....
132,055
132,055,000
(SOFR
+
0.01%),
0.06%
,
03/30/22
.....
223,095
223,095,000
(SOFR
+
0.01%),
0.06%
,
04/11/22
.....
500,000
500,000,000
(SOFR
+
0.02%),
0.07%
,
04/12/22
.....
235,380
235,380,000
(SOFR
+
0.07%),
0.11%
,
04/28/22
.....
255,915
255,915,000
(SOFR
+
0.20%),
0.25%
,
05/13/22
.....
150,000
150,000,000
(SOFR
+
0.19%),
0.24%
,
05/26/22
.....
75,000
75,000,000
(SOFR
+
0.09%),
0.14%
,
09/08/22
.....
91,000
91,000,000
(SOFR
+
0.01%),
0.06%
,
10/07/22
.....
250,000
250,000,000
(SOFR
+
0.07%),
0.11%
,
11/09/22
.....
99,000
99,000,000
(SOFR
+
0.07%),
0.11%
,
11/10/22
.....
536,480
536,480,000
(SOFR
+
0.06%),
0.11%
,
11/23/22
.....
250,000
250,000,000
(SOFR
+
0.06%),
0.11%
,
02/03/23
.....
259,200
259,200,000
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(b)
(SOFR
+
0.18%),
0.23%
,
12/13/21
.....
884,415
884,415,000
(SOFR
+
0.31%),
0.36%
,
01/03/22
.....
300,000
300,000,000
(SOFR
+
0.20%),
0.25%
,
03/11/22
.....
477,670
477,670,000
(SOFR
+
0.19%),
0.24%
,
06/02/22
.....
297,000
297,000,000
(SOFR
+
0.10%),
0.15%
,
07/29/22
.....
375,000
375,000,000
(SOFR
+
0.07%),
0.11%
,
11/10/22
.....
191,555
191,555,000
(SOFR
+
0.06%),
0.11%
,
11/17/22
.....
350,000
350,000,000
Federal
National
Mortgage
Association
Variable
Rate
Notes
(b)
(SOFR
+
0.20%),
0.25%
,
12/16/21
.....
232,000
232,000,000
(SOFR
+
0.36%),
0.41%
,
01/20/22
.....
448,400
448,400,000
(SOFR
+
0.30%),
0.35%
,
01/27/22
.....
475,000
475,000,000
(SOFR
+
0.35%),
0.40%
,
04/07/22
.....
830,620
830,620,000
(SOFR
+
0.39%),
0.44%
,
04/15/22
.....
925,995
925,995,000
(SOFR
+
0.32%),
0.37%
,
04/28/22
.....
338,350
338,860,430
(SOFR
+
0.18%),
0.23%
,
05/13/22
.....
600,000
600,000,000
(SOFR
+
0.19%),
0.24%
,
05/27/22
.....
75,000
75,000,000
(SOFR
+
0.12%),
0.17%
,
07/29/22
.....
19,110
19,110,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
13.2%
(Cost:
$22,073,789,764)
...........................
22,073,789,764
U.S.
Treasury
Obligations
—
25.0%
U.S.
Treasury
Bills
(a)
0.05%, 11/18/21
.................
636,645
636,628,465
0.05%, 11/26/21
.................
2,568,320
2,568,222,093
0.05%, 11/30/21
.................
6,721,063
6,720,770,802
0.07%, 12/16/21
.................
5,788,335
5,787,966,946
0.08%, 12/28/21
.................
21,795
21,793,275
0.08%, 12/30/21
.................
595,824
595,769,992
0.07%, 01/18/22
.................
652,960
652,896,336
0.06%, 01/20/22
.................
161,965
161,947,004
0.06%, 01/27/22
.................
1,592,484
1,592,291,673
0.06%, 02/01/22
.................
466,575
466,515,382
0.06%, 02/03/22
.................
452,615
452,549,998
0.05%, 02/08/22
.................
146,410
146,387,855
0.05%, 02/10/22
.................
2,547,000
2,546,642,713
0.06%, 02/22/22
.................
1,917,790
1,917,458,915
0.06%, 02/24/22
.................
185,730
185,700,335
0.06%, 03/03/22
.................
616,380
616,275,558
0.06%, 03/17/22
.................
387,705
387,631,767
0.06%, 03/24/22
.................
853,495
853,342,438
0.06%, 04/14/22
.................
1,190,840
1,190,541,824
0.07%, 04/28/22
.................
714,656
714,447,694
0.12%, 09/08/22
.................
875,630
875,062,667
U.S.
Treasury
Notes
1.50%, 11/30/21
.................
127,650
127,788,594
2021
BlackRock
Annual
Report
to
Shareholders
FedFund
14
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2021
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
1.75%, 11/30/21
.................
USD
1,215
$
1,216,560
2.50%, 02/15/22
.................
237,365
239,022,062
1.75%, 02/28/22
.................
37,275
37,476,466
0.38%, 03/31/22
.................
37,275
37,318,138
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.11%),
0.17%, 04/30/22
(b)
...
158,900
158,912,677
1.75%, 05/15/22
.................
212,710
214,618,064
2.13%, 05/15/22
.................
337,370
341,071,671
1.75%, 06/15/22
.................
38,290
38,687,870
0.13%, 06/30/22
.................
149,940
149,993,540
1.50%, 08/15/22
.................
290,000
293,234,994
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.05%),
0.10%, 01/31/23
(b)
...
USD
5,935,750
$
5,936,423,424
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.03%),
0.09%, 04/30/23
(b)
...
1,639,195
1,639,294,178
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.03%),
0.08%, 07/31/23
(b)
...
3,643,715
3,643,863,490
Total
U.S.
Treasury
Obligations
—
25.0%
(Cost:
$41,949,765,460)
...........................
41,949,765,460
Total
Repurchase
Agreements
—
61.1%
(Cost:
$102,419,269,264)
..........................
102,419,269,264
Total
Investments
—
99.3%
(Cost:
$166,442,824,488
)
..........................
166,442,824,488
Other
Assets
Less
Liabilities
—
0.7%
...................
1,115,059,804
Net
Assets
—
100.0%
..............................
$
167,557,884,292
(a)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
(000)
Proceeds
Including
Interest
Position
Original
Par
Position
Received,At
Value
Bank
of
America
Securities,
Inc.
.....
0.05
%
(a)
10/29/21
11/01/21
$
600,000
$
600,000
$
600,002,500
U.S.
Treasury
Obligations,
0.00%
to
6.63%,
due
11/15/21
to
08/15/51
.........
$
626,474,040
$
612,000,038
0.05
10/29/21
11/01/21
90,000
90,000
90,000,375
U.S.
Treasury
Obligations,
2.25%
to
2.38%,
due
12/31/24
to
04/30/26
.........
86,612,300
91,800,098
0.05
10/29/21
11/01/21
155,000
155,000
155,000,646
U.S.
Treasury
Obligation,
1.50%,
due
01/31/22
.........
156,951,400
158,100,045
$
–
$
–
$
845,000
$
861,900,181
$
–
$
–
Bank
of
Montreal
......
0.05
10/29/21
11/01/21
625,000
625,000
625,002,604
U.S.
Government
Sponsored
Agency
Obligations,
1.43%
to
6.50%,
due
06/01/25
to
08/15/61
.........
779,131,480
639,401,328
0.05
10/29/21
11/01/21
5,000
5,000
5,000,021
U.S.
Treasury
Obligations,
0.00%
to
2.38%,
due
06/30/23
to
05/15/51
.........
4,911,487
5,100,000
0.18
(b)
10/08/21
11/05/21
75,000
75,000
75,010,500
U.S.
Government
Sponsored
Agency
Obligations,
0.89%
to
6.21%,
due
01/20/42
to
02/20/70
.........
1,093,639,287
78,784,452
$
–
$
–
$
705,000
$
723,285,780
$
–
$
–
Bank
of
Nova
Scotia
(The)
0.05
10/29/21
11/01/21
36,465
36,465
36,465,152
U.S.
Treasury
Obligations,
0.00%
to
2.38%,
due
11/18/21
to
02/15/50
.........
33,882,200
37,194,553
FedFund
Schedules
of
Investments
15
Schedule
of
Investments
(continued)
October
31,
2021
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
0.05
%
10/29/21
11/01/21
$
121,000
$
121,000
$
121,000,504
U.S.
Treasury
Obligations,
0.13%
to
2.38%,
due
07/15/22
to
02/15/50
.........
$
115,572,200
$
123,420,608
$
–
$
–
$
157,465
$
160,615,161
$
–
$
–
Barclays
Bank
plc
.....
0.05
10/29/21
11/01/21
100,000
100,000
100,000,417
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
3.00%,
due
04/20/51
to
10/20/51
.........
103,302,658
102,000,000
0.05
10/29/21
11/01/21
50,000
50,000
50,000,208
U.S.
Treasury
Obligation,
4.25%,
due
11/15/40
.........
36,671,900
51,000,003
0.05
10/29/21
11/01/21
87,000
87,000
87,000,362
U.S.
Treasury
Obligations,
0.25%
to
4.38%,
due
05/15/24
to
05/15/40
.........
79,595,275
88,740,024
0.15
(b)
10/29/21
11/05/21
200,000
200,000
200,005,833
U.S.
Government
Sponsored
Agency
Obligation,
2.50%,
due
11/01/51
.........
200,240,202
206,000,000
$
–
$
–
$
437,000
$
447,740,027
$
–
$
–
Barclays
Capital,
Inc.
...
0.05
10/29/21
11/01/21
5,000
5,000
5,000,021
U.S.
Treasury
Obligation,
0.13%,
due
04/15/22
.........
4,449,100
5,100,020
$
–
$
–
BMO
Capital
Markets
Corp.
............
0.05
10/29/21
11/01/21
30,000
30,000
30,000,125
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
7.25%,
due
03/01/35
to
09/20/71
.........
32,362,406
30,618,519
$
–
$
–
BNP
Paribas
SA
......
0.05
10/29/21
11/01/21
2,177,000
2,177,000
2,177,009,071
U.S.
Treasury
Obligations,
0.00%
to
2.75%,
due
02/15/28
to
08/15/49
.........
2,541,646,673
2,220,540,000
0.05
10/29/21
11/01/21
222,000
222,000
222,000,925
U.S.
Government
Sponsored
Agency
Obligations,
0.15%
to
8.01%,
due
03/25/32
to
01/15/53
.........
3,929,019,931
233,423,402
0.07
(b)
07/22/21
11/12/21
300,000
300,000
300,065,917
U.S.
Treasury
Obligations,
0.00%
to
8.00%,
due
11/15/21
to
11/15/50
.........
309,025,581
306,000,000
0.14
(b)
10/29/21
11/05/21
400,000
400,000
400,010,889
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
8.51%,
due
10/01/26
to
03/25/61
7,750,030,677
419,831,030
0.24
(b)
10/29/21
12/03/21
300,000
300,000
300,069,268
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
17.20%,
due
08/15/26
to
11/25/59
.......
6,791,224,551
314,815,009
$
–
$
–
$
3,399,000
$
3,494,609,441
$
–
$
–
Citibank
NA
..........
0.05
10/29/21
11/01/21
150,000
150,000
150,000,625
U.S.
Treasury
Obligations,
0.00%
to
8.00%,
due
11/04/21
to
08/15/50
.........
94,629,840
153,000,097
$
–
$
–
2021
BlackRock
Annual
Report
to
Shareholders
FedFund
16
Schedule
of
Investments
(continued)
October
31,
2021
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.
.............
0.05
%
(a)
10/29/21
11/01/21
$
60,000
$
60,000
$
60,000,250
U.S.
Treasury
Obligations,
0.75%
to
5.50%,
due
05/31/28
to
04/15/29
.........
$
46,178,958
$
61,200,008
0.05
10/29/21
11/01/21
552,000
552,000
552,002,300
U.S.
Treasury
Obligations,
0.13%
to
7.63%,
due
11/15/24
to
04/15/25
.........
480,778,300
563,040,054
0.06
10/29/21
11/01/21
126,000
126,000
126,000,630
U.S.
Treasury
Obligation,
0.13%,
due
10/15/25
.........
112,194,800
128,520,029
0.07
10/29/21
11/05/21
500,000
500,000
500,006,319
U.S.
Treasury
Obligations,
0.13%
to
2.88%,
due
11/30/21
to
05/15/28
.........
498,991,500
510,000,014
0.15
(b)
10/29/21
11/01/21
500,000
500,000
500,006,250
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
16.07%,
due
04/01/27
to
03/20/65
.......
8,346,131,439
527,881,008
$
–
$
–
$
1,738,000
$
1,790,641,113
$
–
$
–
Credit
Agricole
Corporate
and
Investment
Bank
SA
.............
0.05
(a)
10/29/21
11/01/21
1,455,000
1,455,000
1,455,006,062
U.S.
Treasury
Obligations,
0.13%
to
3.00%,
due
11/15/21
to
02/15/50
.........
1,250,675,982
1,484,100,053
0.05
10/29/21
11/01/21
1,300,000
1,300,000
1,300,005,417
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
4.50%,
due
06/20/44
to
10/20/51
.........
2,477,877,426
1,326,000,000
0.05
10/29/21
11/01/21
500,000
500,000
500,002,083
U.S.
Treasury
Obligations,
0.13%,
due
01/15/23
to
07/15/31
433,103,800
510,000,062
$
–
$
–
$
3,255,000
$
3,320,100,115
$
–
$
–
Credit
Suisse
AG
......
0.05
10/29/21
11/01/21
150,000
150,000
150,000,625
U.S.
Treasury
Obligations,
0.00%
to
6.00%,
due
11/02/21
to
05/15/38
.........
140,170,000
153,000,015
0.15
(b)
10/29/21
12/03/21
900,000
900,000
900,131,250
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.50%,
due
10/25/31
to
11/25/59
.........
6,462,002,494
944,074,719
$
–
$
–
$
1,050,000
$
1,097,074,734
$
–
$
–
Deutsche
Bank
AG
.....
0.05
10/29/21
11/01/21
300,000
300,000
300,001,250
U.S.
Treasury
Obligations,
0.13%
to
2.63%,
due
04/15/22
to
02/15/50
.........
302,020,800
306,000,085
$
–
$
–
Deutsche
Bank
Securities,
Inc.
.............
0.05
10/29/21
11/01/21
600,000
600,000
600,002,500
U.S.
Government
Sponsored
Agency
Obligations,
U.S.
Treasury
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
5.25%,
due
02/10/22
to
11/01/51
(c
)
........
475,439,534
606,846,314
$
–
$
–
Federal
Reserve
Bank
of
New
York
.........
0.05
10/29/21
11/01/21
64,000,000
64,000,000
64,000,266,667
U.S.
Treasury
Obligations,
1.13%
to
3.00%,
due
02/28/25
to
05/15/47
.........
59,362,022,100
64,000,266,743
$
–
$
–
FedFund
Schedules
of
Investments
17
Schedule
of
Investments
(continued)
October
31,
2021
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
Fixed
Income
Clearing
Corporation
.......
0.05
%
10/29/21
11/01/21
$
619,853
$
619,853
$
619,855,524
U.S.
Treasury
Obligation,
4.38%,
due
05/15/40
.........
$
450,000,000
$
632,252,583
0.05
10/29/21
11/01/21
118,554
118,554
118,554,416
U.S.
Treasury
Obligation,
1.13%,
due
05/15/40
.........
140,000,000
120,925,494
0.05
10/29/21
11/01/21
69,004
69,004
69,004,096
U.S.
Treasury
Obligation,
2.25%,
due
05/15/41
.........
67,353,000
70,384,173
0.05
10/29/21
11/01/21
93,969
93,969
93,969,601
U.S.
Treasury
Obligation,
4.50%,
due
08/15/39
.........
68,159,000
95,848,985
0.05
10/29/21
11/01/21
1,175,000
1,175,000
1,175,004,896
U.S.
Treasury
Obligations,
0.05%,
due
11/01/21
.........
1,026,912,600
1,198,500,070
0.05
10/29/21
11/01/21
1,075,980
1,075,980
1,075,984,875
U.S.
Treasury
Obligation,
2.88%,
due
08/15/28
.........
1,000,000,000
1,097,504,483
0.05
10/29/21
11/01/21
19,623
19,623
19,623,244
U.S.
Treasury
Obligation,
3.88%,
due
08/15/40
.........
15,250,000
20,015,707
0.05
10/29/21
11/01/21
110,957
110,957
110,956,976
U.S.
Treasury
Obligation,
0.50%,
due
05/31/27
.........
118,045,000
113,176,106
0.05
10/29/21
11/01/21
2,798
2,798
2,797,622
U.S.
Treasury
Obligation,
1.50%,
due
02/15/30
.........
2,850,000
2,853,574
0.05
10/29/21
11/01/21
161,645
161,645
161,645,344
U.S.
Treasury
Obligation,
1.88%,
due
02/15/41
.........
168,672,700
164,878,238
0.05
10/29/21
11/01/21
13,713
13,713
13,713,292
U.S.
Treasury
Obligation,
4.38%,
due
11/15/39
.........
10,000,000
13,987,557
0.05
10/29/21
11/01/21
6,121
6,121
6,121,349
U.S.
Treasury
Obligation,
3.50%,
due
02/15/39
.........
5,000,000
6,243,776
0.05
10/29/21
11/01/21
198,911
198,911
198,912,005
U.S.
Treasury
Obligation,
1.38%,
due
11/15/40
.........
225,120,000
202,890,229
0.05
10/29/21
11/01/21
8,873
8,873
8,872,586
U.S.
Treasury
Obligation,
0.13%,
due
07/15/31
.........
8,000,000
9,050,037
0.06
10/29/21
11/01/21
2,000,000
2,000,000
2,000,009,167
U.S.
Treasury
Obligations,
0.38%
to
0.63%,
due
04/15/24
to
08/31/27
.........
2,063,894,400
2,040,000,084
$
–
$
–
$
5,675,001
$
5,788,511,096
$
–
$
–
Goldman
Sachs
&
Co.
LLC
0.05
10/29/21
11/01/21
286,000
286,000
286,001,192
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
8.50%,
due
10/15/28
to
06/20/51
.........
1,680,245,964
291,720,000
0.05
10/29/21
11/01/21
275,000
275,000
275,001,146
U.S.
Treasury
Obligation,
2.38%,
due
05/15/29
.........
260,845,900
280,500,079
0.13
(b)
10/29/21
12/03/21
1,114,500
1,114,500
1,114,640,860
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
8.00%,
due
05/01/24
to
11/01/59
.........
2,020,443,708
1,147,935,000
$
–
$
–
$
1,675,500
$
1,720,155,079
$
–
$
–
2021
BlackRock
Annual
Report
to
Shareholders
FedFund
18
Schedule
of
Investments
(continued)
October
31,
2021
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
HSBC
Securities
USA,
Inc.
0.05
%
10/29/21
11/01/21
$
75,000
$
75,000
$
75,000,313
U.S.
Treasury
Obligations,
0.00%
to
2.25%,
due
09/30/22
to
05/15/50
.........
$
85,356,742
$
76,500,007
0.05
(d
)
10/29/21
11/01/21
110,000
110,000
110,000,458
U.S.
Treasury
Obligations,
0.00%
to
4.75%,
due
08/15/23
to
02/15/50
.........
102,587,000
112,200,059
0.05
(d
)
10/29/21
11/01/21
286,000
286,000
286,001,192
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
4.50%,
due
07/15/27
to
08/20/51
.........
289,010,516
291,721,089
0.06
(b)
10/29/21
11/05/21
1,028,000
1,028,000
1,028,011,993
U.S.
Treasury
Obligations,
0.00%
to
6.13%,
due
01/31/22
to
08/15/50
.........
1,118,690,208
1,048,560,000
0.06
(b)
10/29/21
11/05/21
1,111,915
1,111,915
1,111,927,973
U.S.
Treasury
Obligations,
0.00%
to
7.50%,
due
11/30/21
to
08/15/51
.........
1,076,283,987
1,134,153,301
0.06
(b)
10/29/21
11/05/21
350,000
350,000
350,004,083
U.S.
Government
Sponsored
Agency
Obligation,
3.00%,
due
09/20/51
.........
343,609,701
357,000,000
$
–
$
–
$
2,960,915
$
3,020,134,456
$
–
$
–
JP
Morgan
Securities
LLC
0.05
10/29/21
11/01/21
627,000
627,000
627,002,613
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
8.00%,
due
11/15/26
to
05/15/62
.........
818,058,524
639,540,000
0.05
10/29/21
11/01/21
25,000
25,000
25,000,104
U.S.
Treasury
Obligations,
0.00%
to
6.25%,
due
12/15/21
to
07/31/26
.........
25,889,719
25,500,002
0.05
10/29/21
11/01/21
25,000
25,000
25,000,104
U.S.
Treasury
Obligations,
0.00%
to
7.50%,
due
01/06/22
to
07/31/26
.........
25,903,400
25,500,061
0.05
(b)
10/29/21
11/05/21
3,250,000
3,250,000
3,250,031,597
U.S.
Treasury
Obligations,
0.00%
to
2.50%,
due
11/04/21
to
02/28/25
.........
3,301,735,100
3,315,000,088
0.09
(b)
10/29/21
11/05/21
442,000
442,000
442,007,520
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.31%,
due
05/25/25
to
09/16/62
.........
6,814,014,112
464,100,000
0.14
(d
)
10/29/21
11/01/21
350,000
350,000
350,004,083
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
28.07%,
due
11/25/22
to
06/16/63
.......
8,756,817,991
367,500,000
0.19
(b)
10/29/21
12/03/21
334,500
334,500
334,560,814
U.S.
Government
Sponsored
Agency
Obligations,
0.06%
to
7.72%,
due
09/25/26
to
11/16/63
.........
4,005,482,412
351,225,000
$
–
$
–
$
5,053,500
$
5,188,365,151
$
–
$
–
FedFund
Schedules
of
Investments
19
Schedule
of
Investments
(continued)
October
31,
2021
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
Mizuho
Securities
USA
LLC
.............
0.05
%
10/29/21
11/01/21
$
165,000
$
165,000
$
165,000,688
U.S.
Government
Sponsored
Agency
Obligations,
0.38%
to
6.61%,
due
10/20/39
to
03/16/63
.........
$
3,647,901,195
$
173,250,000
0.16
(b)
10/29/21
12/03/21
1,000,000
1,000,000
1,000,152,639
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
11.55%,
due
05/01/23
to
03/25/60
.......
10,061,224,979
1,040,117,345
$
–
$
–
$
1,165,000
$
1,213,367,345
$
–
$
–
Morgan
Stanley
&
Co.
LLC
0.05
10/29/21
11/01/21
2,500,000
2,500,000
2,500,010,417
U.S.
Government
Sponsored
Agency
Obligations,
U.S.
Treasury
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
9.00%,
due
11/04/21
to
11/01/51
.........
2,732,707,798
2,572,982,450
$
–
$
–
MUFG
Securities
Americas,
Inc.
......
0.05
10/29/21
11/01/21
50,000
50,000
50,000,208
U.S.
Treasury
Obligations,
0.38%
to
4.38%,
due
08/15/24
to
02/15/43
.........
43,522,410
51,000,014
0.05
(b)
10/29/21
11/05/21
300,000
300,000
300,002,917
U.S.
Treasury
Obligations,
0.00%
to
2.75%,
due
02/15/22
to
02/15/49
.........
377,243,580
306,000,006
0.06
10/29/21
11/01/21
685,000
685,000
685,003,140
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.25%
to
6.63%,
due
10/27/26
to
01/01/67
5,893,010,943
707,994,440
0.07
(b)
10/29/21
12/03/21
500,000
500,000
500,034,028
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
5.50%,
due
05/01/27
to
03/20/65
.........
1,384,102,072
514,206,612
$
–
$
–
$
1,535,000
$
1,579,201,072
$
–
$
–
Natixis
SA
...........
0.05
10/29/21
11/01/21
400,000
400,000
400,001,667
U.S.
Treasury
Obligations,
0.13%
to
4.50%,
due
05/31/22
to
08/15/51
.........
368,264,600
408,000,001
$
–
$
–
Nomura
Securities
International,
Inc.
....
0.05
10/29/21
11/01/21
80,000
80,000
80,000,333
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
5.00%,
due
02/15/25
to
09/20/69
108,915,823
81,600,000
0.05
10/29/21
11/01/21
2,000,000
2,000,000
2,000,008,333
U.S.
Treasury
Obligations,
0.00%
to
7.50%,
due
11/09/21
to
02/15/51
.........
1,787,604,288
2,040,000,000
$
–
$
–
$
2,080,000
$
2,121,600,000
$
–
$
–
Prudential
Insurance
Co.
of
America
........
0.06
10/29/21
11/01/21
25,818
25,818
25,817,629
U.S.
Treasury
Obligation,
2.75%,
due
11/15/42
.........
23,000,000
26,333,979
0.06
10/29/21
11/01/21
19,608
19,608
19,607,598
U.S.
Treasury
Obligation,
0.00%,
due
08/15/43
.........
31,000,000
19,999,748
2021
BlackRock
Annual
Report
to
Shareholders
FedFund
20
Schedule
of
Investments
(continued)
October
31,
2021
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
0.06
%
10/29/21
11/01/21
$
45,900
$
45,900
$
45,900,229
U.S.
Treasury
Obligation,
0.00%,
due
05/15/35
.........
$
60,000,000
$
46,818,229
0.06
10/29/21
11/01/21
25,275
25,275
25,275,126
U.S.
Treasury
Obligation,
0.00%,
due
11/15/30
.........
30,000,000
25,780,626
0.06
10/29/21
11/01/21
77,301
77,301
77,301,637
U.S.
Treasury
Obligation,
2.88%,
due
08/15/45
.........
67,000,000
78,847,996
0.06
10/29/21
11/01/21
43,313
43,313
43,312,717
U.S.
Treasury
Obligation,
0.00%,
due
08/15/29
.........
50,000,000
44,179,217
0.06
10/29/21
11/01/21
6,913
6,913
6,912,535
U.S.
Treasury
Obligation,
0.00%,
due
02/15/39
.........
10,000,000
7,050,735
0.06
10/29/21
11/01/21
51,875
51,875
51,875,259
U.S.
Treasury
Obligation,
2.25%,
due
08/15/46
.........
50,000,000
52,912,759
0.06
10/29/21
11/01/21
46,350
46,350
46,350,232
U.S.
Treasury
Obligation,
0.00%,
due
11/15/34
.........
60,000,000
47,277,232
0.06
10/29/21
11/01/21
71,025
71,025
71,025,355
U.S.
Treasury
Obligation,
3.00%,
due
05/15/45
.........
60,000,000
72,446,155
0.06
10/29/21
11/01/21
27,869
27,869
27,868,889
U.S.
Treasury
Obligation,
0.00%,
due
05/15/33
.........
35,000,000
28,426,439
0.06
10/29/21
11/01/21
29,250
29,250
29,250,146
U.S.
Treasury
Obligation,
0.00%,
due
02/15/47
.........
50,000,000
29,835,146
0.06
10/29/21
11/01/21
34,813
34,813
34,812,674
U.S.
Treasury
Obligation,
0.00%,
due
02/15/40
.........
50,000,000
35,508,674
0.06
10/29/21
11/01/21
58,750
58,750
58,750,294
U.S.
Treasury
Obligation,
0.00%,
due
08/15/47
.........
100,000,000
59,925,294
0.06
10/29/21
11/01/21
26,644
26,644
26,643,883
U.S.
Treasury
Obligation,
0.00%,
due
08/15/35
.........
35,000,000
27,176,583
0.06
10/29/21
11/01/21
33,563
33,563
33,562,668
U.S.
Treasury
Obligation,
0.00%,
due
02/15/40
.........
50,000,000
34,234,168
0.06
10/29/21
11/01/21
152,381
152,381
152,382,012
U.S.
Treasury
Obligation,
0.00%,
due
05/15/39
.........
215,000,000
155,430,712
0.06
10/29/21
11/01/21
70,656
70,656
70,656,603
U.S.
Treasury
Obligation,
1.25%,
due
05/15/50
.........
85,000,000
72,069,303
0.06
10/29/21
11/01/21
24,650
24,650
24,650,123
U.S.
Treasury
Obligation,
0.00%,
due
08/15/37
.........
34,000,000
25,143,123
0.06
10/29/21
11/01/21
53,938
53,938
53,937,770
U.S.
Treasury
Obligation,
2.38%,
due
11/15/49
.........
50,000,000
55,016,770
$
–
$
–
$
925,892
$
944,412,888
$
–
$
–
Royal
Bank
of
Canada
..
0.05
10/29/21
11/01/21
100,000
100,000
100,000,417
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
6.01%,
due
11/15/21
to
11/25/51
.
672,100,479
104,705,064
$
–
$
–
FedFund
Schedules
of
Investments
21
Schedule
of
Investments
(continued)
October
31,
2021
See
notes
to
financial
statements.
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
(000)
Proceeds
Including
Interest
Position
Original
Par
Position
Received,At
Value
Societe
Generale
SA
...
0.05
%
10/29/21
11/01/21
$
28,000
$
28,000
$
28,000,117
U.S.
Treasury
Obligations,
0.00%
to
3.13%,
due
01/15/22
to
02/15/47
.........
$
24,761,900
$
28,560,005
0.05
10/29/21
11/01/21
1,250,000
1,250,000
1,250,005,208
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
8.00%,
due
11/04/21
to
10/01/51
.
1,814,842,358
1,284,593,283
$
–
$
–
$
1,278,000
$
1,313,153,288
$
–
$
–
TD
Securities
USA
LLC
..
0.05
10/29/21
11/01/21
325,000
325,000
325,001,354
U.S.
Government
Sponsored
Agency
Obligations,
2.50%,
due
10/01/51
to
11/01/51
.
326,335,990
334,750,001
0.05
10/29/21
11/01/21
17,000
17,000
17,000,071
U.S.
Treasury
Obligation,
1.25%,
due
08/15/31
.........
17,806,600
17,340,024
$
–
$
–
$
342,000
$
352,090,025
$
–
$
–
Wells
Fargo
Securities
LLC
.............
0.06
10/29/21
11/01/21
57,000
57,000
57,000,285
U.S.
Government
Sponsored
Agency
Obligations,
1.81%
to
3.34%,
due
09/01/36
to
10/01/51
.........
196,118,186
58,710,000
$
–
$
–
$
102,419,273
$
103,383,186,245
$
–
$
–
(a)
Traded
in
a
joint
account.
(b)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(c)
Includes
$257,711,901
of
cash
collateral
received.
(d)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
.......................................
$
—
$
166,442,824,488
$
—
$
166,442,824,488
2021
BlackRock
Annual
Report
to
Shareholders
TempCash
22
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
October
31,
2021
Security
Par
(000)
Pa
r
(
000)
Value
Certificates
of
Deposit
—
19.6%
Domestic
—
0.6%
Bank
of
America
Corp.,
(SOFR
+
0.16%),
0.21%, 07/08/22
(a)
................
USD
6,750
$
6,749,636
Citibank
NA,
0.16%, 06/06/22
..........
15,000
14,998,808
Goldman
Sachs
Bank
USA,
(SOFR
+
0.17%),
0.22%, 07/26/22
(a)
................
14,000
14,001,600
35,750,044
Euro
—
1.7%
(b)
Bank
of
Montreal,
0.28%, 03/09/22
.......
18,000
17,990,246
Credit
Industriel
et
Commercial
SA
0.27%, 02/22/22
.................
25,000
24,986,635
0.24%, 07/22/22
.................
30,000
29,937,620
National
Westminster
Bank
plc,
0.21%, 03/31/22
.................
27,000
26,975,809
99,890,310
Yankee
—
17.3%
(c)
Bank
of
Montreal,
Chicago
(a)
(LIBOR
USD
3
Month
+
0.05%),
0.18%, 02/23/22
...............
20,000
20,001,924
(LIBOR
USD
3
Month
+
0.05%),
0.17%, 06/06/22
...............
25,000
25,001,841
(SOFR
+
0.15%),
0.20%, 09/21/22
.....
36,000
35,997,985
Bank
of
Nova
Scotia,
Houston
(a)
(SOFR
+
0.20%),
0.25%, 05/04/22
-
06/17/22
....................
45,000
45,024,175
(SOFR
+
0.16%),
0.21%, 06/03/22
.....
21,750
21,756,401
Canadian
Imperial
Bank
of
Commerce,
New
York
(LIBOR
USD
3
Month
+
0.10%),
0.21%, 12/13/21
(a)
..............
30,000
30,005,500
0.24%, 04/06/22
.................
31,700
31,710,882
(LIBOR
USD
3
Month
+
0.05%),
0.17%, 06/07/22
(a)
..............
25,000
25,001,489
(US
Federal
Funds
Effective
Rate
(continuous
series)
+
0.10%),
0.18%, 06/08/22
(a)
..............
21,500
21,500,000
Credit
Industriel
et
Commercial,
New
York,
(LIBOR
USD
3
Month
+
0.05%),
0.17%, 05/06/22
(a)
................
25,000
25,002,508
Credit
Suisse
AG,
New
York
(a)
(SOFR
+
0.30%),
0.35%, 11/16/21
.....
20,000
20,002,500
(SOFR
+
0.22%),
0.27%, 04/08/22
.....
41,000
41,023,081
DG
Bank
International
SA,
Luxembourg,
0.06%, 11/03/21
.................
59,000
58,999,918
Mitsubishi
UFJ
Trust
&
Banking
Corp.,
New
York,
0.16%, 03/09/22
.............
35,000
34,996,937
Mizuho
Bank
Ltd.,
New
York
0.24%, 11/03/21
.................
30,000
30,000,708
0.16%, 02/10/22
-
03/04/22
..........
55,250
55,251,847
MUFG
Bank
Ltd.,
New
York
0.24%, 01/13/22
.................
30,000
30,008,413
0.23%, 01/28/22
.................
40,000
40,009,992
0.32%, 10/24/22
.................
14,250
14,243,467
0.30%, 10/31/22
.................
11,000
10,991,953
0.33%, 11/01/22
.................
20,000
19,991,353
Natixis
SA,
New
York
(SOFR
+
0.17%),
0.22%, 07/07/22
-
08/05/22
(a)
...................
60,000
60,018,098
0.30%, 10/20/22
.................
12,000
11,999,643
Norinchukin
Bank,
New
York
0.16%, 11/22/21
.................
16,000
16,000,853
0.15%, 11/24/21
.................
20,000
20,001,010
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
Royal
Bank
of
Canada,
New
York,
(LIBOR
USD
3
Month
+
0.09%),
0.21%, 12/10/21
(a)
...
USD
30,000
$
30,004,460
Standard
Chartered
Bank,
New
York
0.24%, 02/01/22
-
09/02/22
..........
40,000
40,007,883
(LIBOR
USD
3
Month
+
0.06%),
0.18%, 03/18/22
(a)
..............
52,500
52,501,365
Sumitomo
Mitsui
Banking
Corp.,
New
York
0.06%, 11/05/21
.................
39,000
39,000,000
(LIBOR
USD
3
Month
+
0.04%),
0.17%, 01/20/22
(a)
..............
10,750
10,751,554
(SOFR
+
0.17%),
0.22%, 06/22/22
-
09/14/22
(a)
...................
45,000
45,003,026
Toronto-Dominion
Bank,
New
York
(SOFR
+
0.20%),
0.25%, 02/18/22
(a)
....
15,000
14,999,973
0.30%, 10/25/22
.................
23,000
22,993,791
999,804,530
Total
Certificates
of
Deposit
—
19.6%
(Cost:
$1,135,336,688)
...........................
1,135,444,884
Commercial
Paper
—
30.5%
Alinghi
Funding
Co.
LLC,
0.13%
,
12/07/21
(b)
.
34,000
33,995,285
Alpine
Securitization
Ltd.,
0.26%
,
07/08/22
(d)
10,000
10,001,251
Antalis
SA
(b)
0.10%,
11/02/21
.................
60,000
59,999,314
0.14%,
01/20/22
.................
36,870
36,858,524
ANZ
New
Zealand
Int'l
Ltd.
(b)
0.11%,
04/26/22
.................
20,000
19,989,061
0.12%,
05/05/22
.................
20,000
19,987,467
ASB
Finance
Ltd.
(b)
0.16%,
04/13/22
.................
22,505
22,488,293
0.17%,
04/19/22
.................
39,500
39,468,106
0.17%,
04/20/22
.................
38,000
37,968,773
0.20%,
06/21/22
.................
35,000
34,954,763
Australia
&
New
Zealand
Banking
Group
Ltd.
(a)
(LIBOR
USD
3
Month
+
0.03%),
0.15%,
03/02/22
....................
15,000
15,001,228
(LIBOR
USD
3
Month
+
0.03%),
0.15%,
03/09/22
....................
25,000
25,002,334
Barclays
Bank
plc
(b)
0.08%,
11/01/21
.................
130,000
129,999,133
0.16%,
02/22/22
(d)
................
25,000
24,987,192
Barton
Capital
SA,
0.09%
,
11/10/21
(b)
.....
35,000
34,998,973
Bedford
Row
Funding
Corp.
0.11%,
11/03/21
(b)
................
14,000
13,999,788
(LIBOR
USD
3
Month
+
0.08%),
0.20%,
11/04/21
(a)
...................
30,000
30,000,239
Bennington
Stark
Capital
Co.
LLC,
0.10%
,
11/03/21
(b)(d)
....................
43,000
42,999,438
BNZ
International
Funding
Ltd.
(b)
0.07%,
11/16/21
.................
35,500
35,498,722
0.09%,
01/06/22
.................
40,000
39,993,177
0.11%,
01/21/22
.................
45,000
44,989,080
0.20%,
06/13/22
.................
9,250
9,238,568
BPCE
SA,
0.07%
,
12/01/21
(b)
...........
30,000
29,998,130
Caisse
d'Amortissement
de
la
Dette
Sociale
(b)(d)
0.15%,
02/09/22
.................
22,000
21,990,936
0.20%,
04/14/22
.................
32,137
32,108,227
Cancara
Asset
Securitisation
LLC,
0.10%
,
11/23/21
(b)(d)
....................
25,000
24,998,351
Chesham
Finance
Ltd.,
0.08%
,
11/01/21
(b)
..
30,000
29,999,795
Citigroup
Global
Markets,
Inc.,
0.21%
,
06/03/22
(b)
.....................
25,000
24,969,560
TempCash
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2021
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Collateralized
Commercial
Paper
V
Co.
LLC,
0.24%
,
06/17/22
(b)
................
USD
4,000
$
3,994,045
Commonwealth
Bank
of
Australia,
(LIBOR
USD
3
Month
+
0.04%),
0.17%
,
05/23/22
(a)
...
23,000
23,000,867
Cooperatieve
Centrale
Raiffeisen-
Boerenleenbank
BA,
0.07%
,
12/15/21
(b)
..
30,000
29,997,258
Credit
Industriel
et
Commercial
SA,
0.09%
,
11/29/21
(b)
.....................
20,000
19,998,450
Crown
Point
Capital
Co.
LLC
0.34%,
04/25/22
(d)
................
15,000
15,007,630
0.25%,
06/01/22
(b)
................
36,500
36,446,157
0.30%,
10/04/22
(d)
................
25,000
24,983,657
DZ
Bank
AG,
0.08%
,
11/01/21
(b)
.........
50,000
49,999,658
Erste
Abwicklungsanstalt
,
0.14%
,
02/15/22
(b)
21,000
20,991,353
Goldman
Sachs
International,
0.33%
,
09/23/22
(b)
.....................
21,000
20,937,819
ING
US
Funding
LLC,
0.09%
,
12/14/21
(b)
...
30,000
29,996,550
Ionic
Capital
II
Trust,
0.13%
,
01/28/22
(b)
....
20,000
19,993,428
National
Australia
Bank
Ltd.
(a)
(LIBOR
USD
3
Month
+
0.04%),
0.17%,
03/29/22
....................
20,000
20,003,151
(SOFR
+
0.20%),
0.25%,
04/14/22
.....
15,000
15,007,889
Nordea
Bank
Abp
,
0.30%
,
10/21/22
(b)
.....
15,000
14,956,119
Province
of
Alberta
Canada,
0.08%
,
02/17/22
(b)
32,000
31,992,107
Ridgefield
Funding
Co.
LLC
(b)(d)
0.09%,
11/01/21
.................
35,000
34,999,749
0.09%,
11/02/21
.................
62,000
61,999,387
0.13%,
02/03/22
.................
56,500
56,479,905
0.14%,
02/04/22
.................
30,000
29,989,138
0.15%,
03/14/22
.................
25,000
24,985,739
Skandinaviska
Enskilda
Banken
AB,
0.19%
,
05/02/22
(b)
.....................
25,000
24,975,462
Societe
Generale
SA,
0.13%
,
03/31/22
(b)
...
30,000
29,983,170
Starbird
Funding
Corp.,
0.10%
,
12/16/21
(b)
..
52,500
52,492,860
UBS
AG
(SOFR
+
0.24%),
0.29%,
04/05/22
(a)
...
20,000
20,003,202
0.27%,
08/18/22
(b)
................
20,000
19,956,050
(SOFR
+
0.17%),
0.22%,
09/22/22
(a)
...
23,000
22,994,516
United
Overseas
Bank
Ltd.,
0.21%
,
06/01/22
(b)
34,150
34,107,578
Washington
Morgan
Capital
Co.
LLC,
0.25%
,
11/19/21
(d)
.....................
10,000
10,000,734
Westpac
Banking
Corp.
(LIBOR
USD
3
Month
+
0.01%),
0.13%,
02/04/22
(a)
...................
23,500
23,499,956
0.31%,
10/14/22
(b)
................
15,000
14,955,958
Total
Commercial
Paper
—
30.5%
(Cost:
$1,765,142,160)
...........................
1,765,213,250
Corporate
Bonds
—
0.7%
Consumer
Finance
—
0.7%
Toyota
Motor
Credit
Corp.
(a)
(SOFR
+
0.23%),
0.28%,
12/13/21
.....
18,000
18,000,540
(SOFR
+
0.15%),
0.20%,
08/15/22
.....
24,528
24,527,511
Total
Corporate
Bonds
—
0.7%
(Cost:
$42,528,000)
..............................
42,528,051
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
—
5.0%
Arizona
—
0.5%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9028,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 12/03/21
.................
USD
3,245
$
3,245,066
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9060TX,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 12/03/21
.................
6,567
6,567,404
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9070,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.47%, 11/28/21
.................
7,000
7,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-004,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.27%, 12/03/21
8,475
8,475,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XMT0949,
COP,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.15%, 11/05/21
.................
5,000
5,000,000
30,287,470
California
—
0.1%
(d)(e)(f)
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-001,
VRDP
(Barclays
Bank
plc
LOC),
0.27%, 12/03/21
950
950,000
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XMT0955,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.12%, 11/05/21
.................
3,000
3,000,000
3,950,000
Colorado
—
0.0%
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-008,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.27%, 12/03/21
(d)
(e)(f)
..........................
2,000
2,000,000
Nebraska
—
0.0%
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-006,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.27%, 12/03/21
(d)
(e)(f)
..........................
1,000
1,000,000
Nevada
—
0.0%
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9074,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 12/03/21
(d)(e)(f)
..............
1,000
1,000,000
New
York
—
0.5%
(f)
State
of
New
York
Mortgage
Agency,
Series
2021-238,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.10%, 11/05/21
.............
18,000
18,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XFT1246,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.12%, 11/05/21
(d)(e)
...............
8,300
8,300,000
2021
BlackRock
Annual
Report
to
Shareholders
TempCash
24
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2021
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Taxable
Series
2021-XFT1210,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XFT1210,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.12%, 11/05/21
(d)(e)
...............
USD
3,535
$
3,535,000
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XFT1253,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.12%, 11/05/21
(d)(e)
...............
2,000
2,000,000
31,835,000
North
Carolina
—
0.1%
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9078,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 12/03/21
(d)(e)(f)
..............
4,000
4,000,000
Other
—
3.0%
(d)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9029,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 12/03/21
(e)
................
11,760
11,760,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9036,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 12/03/21
(e)
................
14,500
14,500,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9043,
RB,
VRDN
(Mizuho
Bank
Ltd.
LOC),
0.23%, 11/05/21
(e)
36,080
36,080,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9071,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 12/03/21
(e)
................
3,000
3,000,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9076,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 11/05/21
(e)
................
1,000
1,000,000
San
Francisco
California
Bay
Area
Rapid
Transit
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XF2926T,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.23%, 11/05/21
(e)
...
18,500
18,500,000
Taxable
Municipal
Funding
Trust,
Series
2021-BTMFT-007,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.27%, 12/03/21
......
5,400
5,400,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-TMFT005,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.13%, 11/05/21
(e)
8,100
8,100,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-007,
VRDN,
0.27%, 12/03/21
(e)
................
600
600,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-11,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.27%, 12/03/21
(e)
12,260
12,260,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-002,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.27%, 12/03/21
(e)
23,500
23,500,000
Security
Par
(000)
Par
(000)
Value
Other
(continued)
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-003,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.13%, 11/05/21
(e)
USD
37,600
$
37,600,000
172,300,000
Texas
—
0.8%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9064,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 12/03/21
.................
500
500,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XFT1216,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.12%, 11/05/21
.................
2,605
2,605,000
Taxable
Series
2020-XF2907,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XF2907,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.23%, 11/05/21
.................
42,395
42,395,000
45,500,000
Total
Municipal
Bonds
—
5.0%
(Cost:
$291,872,470)
.............................
291,872,470
Time
Deposits
—
22.4%
ABN
AMRO
Bank
NV
0.08%, 11/01/21
.................
53,000
53,000,000
0.08%, 11/02/21
.................
12,000
12,000,000
0.08%, 11/03/21
.................
30,000
30,000,000
0.08%, 11/04/21
.................
49,000
49,000,000
Credit
Agricole
Corporate
and
Investment
Bank
SA
0.07%, 11/01/21
.................
102,960
102,960,000
0.10%, 11/02/21
.................
67,000
67,000,000
0.10%, 11/05/21
.................
33,000
33,000,000
DNB
Bank
ASA,
0.05%, 11/01/21
........
100,000
100,000,000
Erste
Group
Bank
AG,
0.07%, 11/01/21
....
8,000
8,000,000
ING
Bank
NV,
0.08%, 11/02/21
..........
150,000
150,000,000
KBC
Bank
NV,
0.06%, 11/01/21
.........
250,000
250,000,000
Mizuho
Bank
Ltd.,
0.07%, 11/01/21
.......
100,000
100,000,000
Royal
Bank
of
Canada,
0.05%, 11/01/21
...
79,000
79,000,000
Skandinaviska
Enskilda
Banken
AB,
0.05%, 11/01/21
.................
10,000
10,000,000
Svenska
Handelsbanken
AB,
0.05%, 11/01/21
150,000
150,000,000
Swedbank
AB,
0.05%, 11/01/21
.........
100,000
100,000,000
Total
Time
Deposits
—
22.4%
(Cost:
$1,293,960,000)
...........................
1,293,960,000
U.S.
Government
Sponsored
Agency
Obligations
—
0.1%
United
States
International
Development
Finance
Corp.
Variable
Rate
Notes,
(3
Month
Treasury
Bill
Rate
+
0.00%),
0.09%, 11/05/21
(a)
...............
7,500
7,500,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
0.1%
(Cost:
$7,500,000)
..............................
7,500,000
TempCash
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2021
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
—
0.7%
U.S.
Treasury
Bills,
0.08%, 12/30/21
(b)
.....
USD
39,047
$
39,041,720
Total
U.S.
Treasury
Obligations
—
0.7%
(Cost:
$39,039,961)
..............................
39,041,720
Total
Repurchase
Agreements
—
15.6%
(Cost:
$900,500,000)
.............................
900,500,000
Security
Par
(000)
Pa
r
(
000)
Value
Closed-End
Investment
Companies
—
0.6%
California
—
0.6%
Nuveen
California
Quality
Municipal
Income
Fund,
VRDP,
(JP
Morgan
Chase
Bank
NA
LOC),
0.14%, 11/05/21
(f)
............
USD
31,900
$
31,900,000
Total
Closed-End
Investment
Companies
—
0.6%
(Cost:
$31,900,000)
..............................
31,900,000
Total
Investments
—
95.2%
(Cost:
$5,507,779,279
)
(g)
..........................
5,507,960,375
Other
Assets
Less
Liabilities
—
4.8%
...................
278,871,457
Net
Assets
—
100.0%
..............................
$
5,786,831,832
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(c)
Issuer
is
a
U.S.
branch
of
a
foreign
domiciled
bank.
(d)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(e)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(f)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(g)
Cost
for
U.S.
federal
income
tax
purposes.
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
(000)
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
Montreal
......
0.16
%
10/29/21
11/05/21
$
23,000
$
23,000
$
23,000,716
U.S.
Government
Sponsored
Agency
Obligations,
0.29%
to
6.66%,
due
06/25/24
to
10/20/66
.........
$
347,878,938
$
23,861,568
$
–
$
–
Barclays
Bank
plc
.....
0.17
(a)
10/29/21
11/01/21
85,000
85,000
85,001,204
Corporate/Debt
Obligations,
2.38%
to
4.90%,
due
05/30/24
to
05/20/61
.........
78,948,000
89,250,972
0.29
(a)
10/29/21
11/01/21
15,000
15,000
15,000,362
Corporate/Debt
Obligations,
6.13%
to
8.13%,
due
11/15/24
to
06/15/28
.........
16,462,000
17,250,349
0.57
(b)
10/29/21
02/01/22
13,000
13,000
13,019,554
Corporate/Debt
Obligations,
2.67%
to
5.00%,
due
01/01/33
to
10/01/46
.........
12,380,000
13,910,146
$
–
$
–
$
113,000
$
120,411,467
$
–
$
–
Barclays
Capital,
Inc.
...
0.57
(b)
10/29/21
02/01/22
13,000
13,000
13,019,554
Corporate/Debt
Obligations,
3.67%
to
3.79%,
due
09/16/50
to
03/25/58
.........
15,677,623
13,910,000
$
–
$
–
BNP
Paribas
SA
......
0.17
(a)
10/29/21
11/01/21
11,000
11,000
11,000,156
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
1.04%
to
7.24%,
due
07/25/23
to
02/27/40
.........
12,714,757
13,169,622
$
–
$
–
2021
BlackRock
Annual
Report
to
Shareholders
TempCash
26
Schedule
of
Investments
(continued)
October
31,
2021
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.
.............
0.05
%
(c)
10/29/21
11/01/21
$
90,000
$
90,000
$
90,000,375
U.S.
Treasury
Obligations,
0.75%
to
5.50%,
due
05/31/28
to
04/15/29
.........
$
69,268,434
$
91,800,012
0.06
10/29/21
11/01/21
1,000
1,000
1,000,005
U.S.
Treasury
Obligation,
3.00%,
due
02/15/48
.........
836,600
1,020,090
0.12
(a)
10/29/21
11/01/21
19,000
19,000
19,000,190
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
2.75%,
due
12/31/21
to
08/15/47
16,755,300
19,394,312
0.36
(b)
10/29/21
12/30/21
5,000
5,000
5,003,100
U.S.
Government
Sponsored
Agency
Obligations,
3.00%
to
5.50%,
due
04/15/42
to
11/20/45
.........
17,345,722
5,100,000
$
–
$
–
$
115,000
$
117,314,414
$
–
$
–
Credit
Agricole
Corporate
and
Investment
Bank
SA
.............
0.05
10/29/21
11/01/21
5,000
5,000
5,000,021
U.S.
Government
Sponsored
Agency
Obligation,
2.50%,
due
10/01/50
.........
5,217,129
5,150,001
0.14
(b)
10/29/21
11/05/21
84,000
84,000
84,002,287
U.S.
Government
Sponsored
Agency
Obligations,
U.S.
Treasury
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
9.25%,
due
01/14/22
to
05/15/97
.........
86,771,655
90,155,671
$
–
$
–
$
89,000
$
95,305,672
$
–
$
–
Credit
Suisse
Securities
USA
LLC
.........
0.66
(b)
10/29/21
02/01/22
70,000
70,000
70,121,917
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.24%
to
33.17%,
due
04/26/23
to
03/07/87
.......
408,763,907
77,687,060
$
–
$
–
Fixed
Income
Clearing
Corporation
.......
0.05
10/29/21
11/01/21
31,000
31,000
31,000,129
U.S.
Treasury
Obligation,
0.05%,
due
11/01/21
.........
32,453,400
31,620,018
$
–
$
–
HSBC
Securities
USA,
Inc.
0.19
(a)
10/29/21
11/01/21
12,000
12,000
12,000,190
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.75%
to
5.65%,
due
05/01/23
to
04/22/51
.........
12,110,000
12,600,280
0.27
(a)
10/29/21
11/01/21
4,500
4,500
4,500,101
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
2.40%
to
6.25%,
due
03/06/23
to
02/14/49
.........
4,500,000
4,790,635
$
–
$
–
$
16,500
$
17,390,915
$
–
$
–
JP
Morgan
Securities
LLC
0.05
10/29/21
11/01/21
1,000
1,000
1,000,004
U.S.
Government
Sponsored
Agency
Obligation,
3.00%,
due
12/20/50
.........
983,380
1,020,000
TempCash
Schedules
of
Investments
27
Schedule
of
Investments
(continued)
October
31,
2021
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
0.19
%
(a)
10/29/21
11/01/21
$
8,000
$
8,000
$
8,000,127
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
6.36%,
due
11/17/21
to
08/15/41
.........
$
48,906,504
$
8,249,418
0.25
(a)
10/29/21
11/01/21
1,000
1,000
1,000,021
Corporate/Debt
Obligations,
0.05%
to
2.29%,
due
10/01/39
to
03/17/53
.........
1,068,712
1,070,001
0.37
(b)
10/29/21
11/05/21
87,000
87,000
87,006,259
Corporate/Debt
Obligations,
2.60%
to
10.00%,
due
05/15/22
to
05/30/44
.......
89,185,672
92,468,899
0.42
(b)
10/29/21
11/05/21
50,000
50,000
50,004,083
Corporate/Debt
Obligations,
0.02%
to
7.50%,
due
11/15/22
to
06/25/51
.........
249,750,646
54,680,736
0.48
(b)
10/29/21
01/27/22
30,000
30,000
30,036,169
Corporate/Debt
Obligations,
0.48%
to
6.50%,
due
11/01/22
to
01/25/61
.........
66,656,930
32,364,540
$
–
$
–
$
177,000
$
189,853,594
$
–
$
–
Mizuho
Securities
USA
LLC
.............
0.49
(b)
10/29/21
12/03/21
50,000
50,000
50,023,674
Corporate/Debt
Obligations,
2.25%
to
5.00%,
due
03/01/31
to
11/15/51
.........
42,890,000
53,502,961
$
–
$
–
TD
Securities
USA
LLC
..
0.15
(a)
10/29/21
11/01/21
14,000
14,000
14,000,175
Corporate/Debt
Obligations,
2.04%
to
3.52%,
due
07/15/30
to
08/15/31
.........
14,267,000
14,980,005
$
–
$
–
Wells
Fargo
Securities
LLC
.............
0.19
(a)
10/29/21
11/01/21
92,000
92,000
92,001,457
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
5.03%,
due
01/15/23
to
04/16/38
.........
105,648,499
98,440,000
0.22
10/29/21
11/05/21
7,000
7,000
7,000,299
Corporate/Debt
Obligation,
0.29%,
due
01/27/23
.........
7,349,000
7,350,149
0.27
08/11/21
11/09/21
24,000
24,000
24,016,200
Corporate/Debt
Obligations,
0.31%
to
4.60%,
due
03/12/36
to
05/17/61
.........
56,183,184
25,680,001
0.27
08/16/21
11/12/21
40,000
40,000
40,026,400
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.00%,
due
11/08/21
to
05/12/22
.
42,032,566
42,000,001
0.47
08/25/21
11/23/21
15,000
15,000
15,017,625
Corporate/Debt
Obligations,
3.38%
to
8.75%,
due
04/15/25
to
06/15/29
.........
16,930,000
16,821,984
$
–
$
–
$
178,000
$
190,292,135
$
–
$
–
$
900,500
$
959,299,431
$
–
$
–
2021
BlackRock
Annual
Report
to
Shareholders
TempCash
28
Schedule
of
Investments
(continued)
October
31,
2021
See
notes
to
financial
statements.
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(c)
Traded
in
a
joint
account.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
.......................................
$
—
$
5,507,960,375
$
—
$
5,507,960,375
TempFund
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
October
31,
2021
Security
Par
(000)
Pa
r
(
000)
Value
Certificates
of
Deposit
—
23.4%
Domestic
—
0.7%
Bank
of
America
Corp.,
(SOFR
+
0.16%),
0.21%, 07/08/22
(a)
................
USD
8,500
$
8,499,541
Citibank
NA,
0.16%, 06/06/22
..........
35,000
34,997,220
Goldman
Sachs
Bank
USA,
(SOFR
+
0.17%),
0.22%, 07/26/22
(a)
................
17,000
17,001,943
60,498,704
Euro
—
1.3%
(b)
Bank
of
Montreal,
0.28%, 03/09/22
.......
21,000
20,988,620
Credit
Industriel
et
Commercial
SA
0.27%, 02/22/22
.................
30,000
29,983,962
0.24%, 07/22/22
.................
27,000
26,943,858
National
Westminster
Bank
plc,
0.21%, 03/31/22
.................
38,000
37,965,954
115,882,394
Yankee
—
21.4%
(c)
Bank
of
Montreal,
Chicago
(LIBOR
USD
3
Month
+
0.11%),
0.22%, 12/13/21
(a)
..............
35,000
35,004,786
0.16%, 01/03/22
.................
13,000
13,001,095
0.24%, 04/06/22
.................
24,000
24,007,814
(LIBOR
USD
3
Month
+
0.05%),
0.17%, 06/06/22
(a)
..............
30,000
30,002,209
(SOFR
+
0.15%),
0.20%, 09/21/22
(a)
....
47,500
47,497,341
Bank
of
Nova
Scotia
Trust
Co.,
New
York,
0.23%, 04/07/22
.................
13,700
13,705,648
Bank
of
Nova
Scotia,
Houston
(a)
(SOFR
+
0.20%),
0.25%, 05/04/22
-
06/17/22
....................
55,000
55,029,532
(SOFR
+
0.16%),
0.21%, 06/03/22
-
07/08/22
....................
55,000
55,015,283
Barclays
Bank
plc,
Florida,
0.14%, 12/21/21
.
35,000
35,001,545
Canadian
Imperial
Bank
of
Commerce,
New
York
(LIBOR
USD
3
Month
+
0.10%),
0.21%, 12/13/21
(a)
..............
30,000
30,005,500
(LIBOR
USD
3
Month
+
0.11%),
0.24%, 01/14/22
(a)
..............
30,000
30,009,644
0.22%, 04/06/22
.................
45,500
45,515,619
(LIBOR
USD
3
Month
+
0.05%),
0.17%, 06/07/22
(a)
..............
30,000
30,001,787
(US
Federal
Funds
Effective
Rate
(continuous
series)
+
0.10%),
0.18%, 06/08/22
(a)
..............
30,000
30,000,000
Credit
Industriel
et
Commercial,
New
York,
(LIBOR
USD
3
Month
+
0.05%),
0.17%, 05/06/22
(a)
................
30,000
30,003,010
Credit
Suisse
AG,
New
York
(a)
(SOFR
+
0.30%),
0.35%, 11/16/21
.....
20,000
20,002,500
(SOFR
+
0.22%),
0.27%, 04/08/22
.....
50,000
50,028,147
DG
Bank
International
SA,
Luxembourg,
0.06%, 11/03/21
.................
100,000
99,999,861
KBC
Bank
NV,
New
York,
0.07%, 11/01/21
..
55,000
54,999,954
Mizuho
Bank
Ltd.,
New
York
0.24%, 11/03/21
.................
35,000
35,000,825
0.16%, 02/10/22
.................
40,000
40,001,727
MUFG
Bank
Ltd.,
New
York
0.24%, 01/13/22
.................
30,000
30,008,413
0.23%, 01/28/22
.................
50,000
50,012,489
0.20%, 02/22/22
.................
50,000
50,007,063
0.32%, 10/24/22
.................
22,000
21,989,915
0.30%, 10/31/22
.................
17,000
16,987,563
0.33%, 11/01/22
.................
35,000
34,984,868
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
Natixis
SA,
New
York
(SOFR
+
0.17%),
0.22%, 07/07/22
-
08/05/22
(a)
...................
USD
85,000
$
85,025,504
0.30%, 10/20/22
.................
18,000
17,999,464
Norinchukin
Bank,
New
York
0.25%, 11/04/21
.................
18,000
18,000,519
0.16%, 11/22/21
.................
33,180
33,181,768
0.15%, 11/24/21
.................
35,000
35,001,768
Oversea-Chinese
Banking
Corp.
Ltd.,
New
York,
0.18%, 03/09/22
.............
55,000
54,999,179
Royal
Bank
of
Canada,
New
York,
(LIBOR
USD
3
Month
+
0.09%),
0.21%, 12/10/21
(a)
...
40,000
40,005,947
Standard
Chartered
Bank,
New
York
0.24%, 02/01/22
-
09/02/22
..........
58,000
58,009,447
(LIBOR
USD
3
Month
+
0.06%),
0.18%, 03/18/22
(a)
..............
68,000
68,001,768
Sumitomo
Mitsui
Banking
Corp.,
New
York
0.07%, 11/04/21
.................
100,000
100,000,167
0.14%, 11/04/21
.................
46,000
46,000,613
0.06%, 11/05/21
.................
61,000
61,000,000
0.17%, 01/20/22
.................
92,000
92,010,571
(SOFR
+
0.17%),
0.22%, 06/22/22
-
09/14/22
(a)
...................
61,250
61,253,166
Svenska
Handelsbanken
AB,
New
York,
0.24%, 04/06/22
.................
17,530
17,537,181
Toronto-Dominion
Bank,
New
York
(SOFR
+
0.20%),
0.25%, 02/18/22
(a)
....
15,000
14,999,974
0.30%, 10/25/22
.................
36,000
35,990,281
1,846,841,455
Total
Certificates
of
Deposit
—
23.4%
(Cost:
$2,023,036,180)
...........................
2,023,222,553
Commercial
Paper
—
31.6%
Alinghi
Funding
Co.
LLC
(b)
0.13%,
12/07/21
.................
42,000
41,994,176
0.24%,
05/24/22
.................
20,800
20,772,253
Alpine
Securitization
Ltd.,
0.26%
,
07/08/22
(d)
25,000
25,003,128
Antalis
SA
(b)
0.10%,
11/02/21
.................
110,000
109,998,742
0.11%,
11/15/21
.................
20,000
19,998,951
ANZ
New
Zealand
Int'l
Ltd.
(b)
0.11%,
04/26/22
.................
20,000
19,989,061
0.12%,
05/05/22
.................
20,000
19,987,467
ASB
Finance
Ltd.
(b)
0.13%,
03/07/22
.................
50,000
49,977,425
0.20%,
06/21/22
.................
50,000
49,935,375
Australia
&
New
Zealand
Banking
Group
Ltd.
(a)
(LIBOR
USD
3
Month
+
0.03%),
0.15%,
03/02/22
....................
15,000
15,001,228
(LIBOR
USD
3
Month
+
0.03%),
0.15%,
03/09/22
....................
32,500
32,503,035
Autobahn
Funding
Co.
LLC,
0.08%
,
11/01/21
(b)
20,000
19,999,863
Barclays
Bank
plc
(b)
0.08%,
11/01/21
.................
70,000
69,999,533
0.16%,
02/22/22
(d)
................
34,500
34,482,325
Barton
Capital
SA,
0.09%
,
11/10/21
(b)
.....
35,000
34,998,973
Bedford
Row
Funding
Corp.
0.11%,
11/03/21
(b)
................
90,000
89,998,637
(LIBOR
USD
3
Month
+
0.08%),
0.20%,
11/04/21
(a)
...................
31,000
31,000,247
Bennington
Stark
Capital
Co.
LLC
(b)(d)
0.09%,
11/02/21
.................
52,000
51,999,463
0.10%,
11/03/21
.................
67,000
66,999,125
2021
BlackRock
Annual
Report
to
Shareholders
TempFund
30
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2021
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
BNZ
International
Funding
Ltd.
(b)
0.07%,
11/16/21
.................
USD
49,000
$
48,998,236
0.09%,
01/06/22
.................
79,800
79,786,388
0.11%,
01/21/22
.................
50,000
49,987,866
0.20%,
06/13/22
.................
11,250
11,236,096
BPCE
SA,
0.07%
,
12/01/21
(b)
...........
40,000
39,997,507
Caisse
d'Amortissement
de
la
Dette
Sociale
(b)(d)
0.15%,
02/08/22
.................
28,881
28,869,217
0.20%,
04/14/22
.................
50,000
49,955,234
Cancara
Asset
Securitisation
LLC,
0.10%
,
11/23/21
(b)(d)
....................
14,650
14,649,034
Chesham
Finance
Ltd.,
0.08%
,
11/01/21
(b)
..
50,000
49,999,659
Citigroup
Global
Markets,
Inc.,
0.21%
,
06/03/22
(b)
.....................
30,000
29,963,472
Collateralized
Commercial
Paper
V
Co.
LLC,
0.24%
,
06/17/22
(b)
................
20,000
19,970,227
Commonwealth
Bank
of
Australia,
(LIBOR
USD
3
Month
+
0.04%),
0.17%
,
05/23/22
(a)
...
22,000
22,000,829
Cooperatieve
Centrale
Raiffeisen-
Boerenleenbank
BA,
0.07%
,
12/15/21
(b)
..
45,000
44,995,887
Credit
Industriel
et
Commercial
SA,
0.09%
,
11/29/21
(b)
.....................
38,000
37,997,055
Crown
Point
Capital
Co.
LLC
0.34%,
04/25/22
(d)
................
20,000
20,010,173
0.25%,
06/01/22
(b)
................
45,000
44,933,619
0.30%,
10/04/22
(d)
................
40,000
39,973,851
DBS
Bank
Ltd.
(b)
0.09%,
11/05/21
.................
75,000
74,998,760
0.11%,
12/21/21
.................
45,500
45,492,967
DZ
Bank
AG,
0.08%
,
11/01/21
(b)
.........
150,000
149,998,975
Goldman
Sachs
International,
0.33%
,
09/23/22
(b)
.....................
32,000
31,905,248
ING
US
Funding
LLC
(b)
0.09%,
12/14/21
.................
40,000
39,995,400
0.13%,
02/18/22
.................
24,200
24,190,438
Ionic
Capital
II
Trust
(b)
0.13%,
01/20/22
.................
36,000
35,989,625
0.13%,
01/28/22
.................
30,000
29,990,142
Macquarie
Bank
Ltd.
(b)
0.10%,
11/18/21
.................
20,000
19,998,856
0.15%,
02/01/22
.................
39,925
39,909,723
National
Australia
Bank
Ltd.
(a)
(LIBOR
USD
3
Month
+
0.04%),
0.17%,
03/29/22
....................
25,000
25,003,940
(SOFR
+
0.20%),
0.25%,
04/14/22
.....
17,000
17,008,940
Nordea
Bank
Abp
,
0.30%
,
10/21/22
(b)
.....
25,000
24,926,864
Province
of
Alberta
Canada,
0.08%
,
02/17/22
(b)
44,000
43,989,147
Ridgefield
Funding
Co.
LLC
(b)(d)
0.09%,
11/02/21
.................
52,500
52,499,481
0.13%,
02/03/22
.................
50,000
49,982,216
0.14%,
02/04/22
.................
53,000
52,980,811
0.14%,
02/08/22
.................
20,000
19,992,407
0.15%,
03/14/22
.................
45,000
44,974,330
0.21%,
05/02/22
.................
15,000
14,984,429
Skandinaviska
Enskilda
Banken
AB,
0.19%
,
05/02/22
(b)
.....................
35,000
34,965,646
Societe
Generale
SA,
0.13%
,
03/31/22
(b)
...
40,000
39,977,560
Starbird
Funding
Corp.,
0.10%
,
12/16/21
(b)
..
50,000
49,993,200
Svenska
Handelsbanken
AB,
0.11%
,
03/07/22
(b)
50,000
49,981,008
Swedbank
AB,
0.15%
,
04/20/22
(b)
........
63,630
63,583,828
UBS
AG
(SOFR
+
0.24%),
0.29%,
04/05/22
(a)
...
24,000
24,003,843
0.27%,
08/18/22
(b)
................
25,000
24,945,062
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
(SOFR
+
0.17%),
0.22%,
09/22/22
(a)
...
USD
35,000
$
34,991,654
United
Overseas
Bank
Ltd.,
0.14%
,
02/14/22
(b)
30,000
29,987,220
Victory
Receivables
Corp.,
0.09%
,
11/15/21
(b)
48,500
48,497,916
Washington
Morgan
Capital
Co.
LLC,
0.25%
,
11/19/21
(d)
.....................
10,550
10,550,774
Westpac
Banking
Corp.
(LIBOR
USD
3
Month
+
0.01%),
0.13%,
02/04/22
(a)
...................
25,000
24,999,953
0.31%,
10/14/22
(b)
................
22,000
21,935,406
Total
Commercial
Paper
—
31.6%
(Cost:
$2,735,068,537)
...........................
2,735,189,126
Corporate
Bonds
—
0.6%
Consumer
Finance
—
0.6%
Toyota
Motor
Credit
Corp.
(a)
(SOFR
+
0.23%),
0.28%,
12/13/21
.....
22,500
22,500,675
(SOFR
+
0.15%),
0.20%,
08/15/22
.....
32,411
32,410,354
Total
Corporate
Bonds
—
0.6%
(Cost:
$54,911,000)
..............................
54,911,029
Municipal
Bonds
—
5.1%
Arizona
—
0.6%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9049,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LIQ),
0.33%, 12/03/21
.................
4,514
4,513,750
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9052,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 12/03/21
.................
10,000
10,000,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9060TX,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 12/03/21
.................
8,146
8,145,503
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9070,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.47%, 11/28/21
.................
10,000
10,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-004,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.27%, 12/03/21
12,865
12,865,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XMT0949,
COP,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.15%, 11/05/21
.................
6,885
6,885,000
52,409,253
California
—
0.1%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9042,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.23%, 11/05/21
.................
3,155
3,155,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-001,
VRDP
(Barclays
Bank
plc
LOC),
0.27%, 12/03/21
1,000
1,000,000
TempFund
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2021
Security
Par
(000)
Par
(000)
Value
California
(continued)
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XMT0955,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.12%, 11/05/21
.................
USD
3,670
$
3,670,000
7,825,000
Colorado
—
0.0%
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-008,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.27%, 12/03/21
(d)
(e)(f)
..........................
4,000
4,000,000
Louisiana
—
0.0%
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9054,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LIQ),
0.34%, 12/03/21
(d)(e)(f)
..............
3,915
3,915,000
Nebraska
—
0.0%
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-006,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.27%, 12/03/21
(d)
(e)(f)
..........................
1,000
1,000,000
Nevada
—
0.0%
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9074,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 12/03/21
(d)(e)(f)
..............
1,000
1,000,000
New
York
—
0.8%
(f)
State
of
New
York
Mortgage
Agency,
Series
2021-238,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.10%, 11/05/21
.............
27,000
27,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XFT1246,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.12%, 11/05/21
(d)(e)
...............
13,300
13,300,000
Taxable
Series
2021-XFT1210,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XFT1210,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.12%, 11/05/21
(d)(e)
...............
22,435
22,435,000
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XFT1253,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.12%, 11/05/21
(d)(e)
...............
3,600
3,600,000
66,335,000
North
Carolina
—
0.1%
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9078,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 12/03/21
(d)(e)(f)
..............
5,600
5,600,000
Ohio
—
0.0%
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9067TX,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LIQ),
0.34%, 12/03/21
(d)(e)(f)
..............
5,370
5,370,000
Security
Par
(000)
Par
(000)
Value
Other
—
2.8%
(d)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9036,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 12/03/21
(e)
................
USD
17,500
$
17,500,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-MIZ9043,
RB,
VRDN
(Mizuho
Bank
Ltd.
LOC),
0.23%, 11/05/21
(e)
31,095
31,095,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9065TX,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LIQ),
0.34%, 12/03/21
(e)
................
2,750
2,750,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9066TX,
RB,
VRDN,
0.34%, 12/03/21
(e)
...........
2,340
2,340,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9071,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 12/03/21
(e)
................
4,700
4,700,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9076,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 11/05/21
(e)
................
1,000
1,000,000
San
Francisco
California
Bay
Area
Rapid
Transit
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XF2926T,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.23%, 11/05/21
(e)
...
42,770
42,770,000
Taxable
Municipal
Funding
Trust,
Series
2021-BTMFT-007,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.27%, 12/03/21
......
9,000
9,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-TMFT005,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.13%, 11/05/21
(e)
8,925
8,925,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-007,
VRDN,
0.27%, 12/03/21
(e)
................
700
700,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-012,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.13%, 11/05/21
(e)
9,300
9,300,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-11,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.27%, 12/03/21
(e)
12,975
12,975,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XF2908,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.23%, 11/05/21
(e)
................
9,145
9,145,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-002,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.27%, 12/03/21
(e)
28,000
28,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-BTMFT-003,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.13%, 11/05/21
(e)
59,715
59,715,000
239,915,000
2021
BlackRock
Annual
Report
to
Shareholders
TempFund
32
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2021
Security
Par
(000)
Par
(000)
Value
Texas
—
0.7%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-MIZ9064,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.34%, 12/03/21
.................
USD
500
$
500,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XFT1216,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.12%, 11/05/21
.................
2,905
2,905,000
Taxable
Series
2020-XF2907,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XF2907,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
LOC),
0.23%, 11/05/21
.................
53,910
53,910,000
57,315,000
Total
Municipal
Bonds
—
5.1%
(Cost:
$444,684,253)
.............................
444,684,253
Time
Deposits
—
20.1%
ABN
AMRO
Bank
NV
0.08%, 11/01/21
.................
82,000
82,000,000
0.08%, 11/02/21
.................
20,000
20,000,000
0.08%, 11/03/21
.................
47,000
47,000,000
0.08%, 11/04/21
.................
74,000
74,000,000
Credit
Agricole
Corporate
and
Investment
Bank
SA
0.07%, 11/01/21
.................
169,780
169,780,000
0.10%, 11/02/21
.................
108,000
108,000,000
0.10%, 11/05/21
.................
52,000
52,000,000
DNB
Bank
ASA,
0.05%, 11/01/21
........
100,000
100,000,000
Erste
Group
Bank
AG,
0.07%, 11/01/21
....
8,000
8,000,000
ING
Bank
NV,
0.08%, 11/02/21
..........
200,000
200,000,000
KBC
Bank
NV,
0.06%, 11/01/21
.........
200,000
200,000,000
Mizuho
Bank
Ltd.,
0.07%, 11/01/21
.......
75,000
75,000,000
Royal
Bank
of
Canada,
0.05%, 11/01/21
...
175,000
175,000,000
Skandinaviska
Enskilda
Banken
AB,
0.05%, 11/01/21
.................
75,000
75,000,000
Svenska
Handelsbanken
AB,
0.05%, 11/01/21
150,000
150,000,000
Swedbank
AB,
0.05%, 11/01/21
.........
200,000
200,000,000
Total
Time
Deposits
—
20.1%
(Cost:
$1,735,780,000)
...........................
1,735,780,000
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
—
0.1%
United
States
International
Development
Finance
Corp.
Variable
Rate
Notes,
(3
Month
Treasury
Bill
Rate
+
0.00%),
0.09%, 11/05/21
(a)
...............
USD
5,500
$
5,500,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
0.1%
(Cost:
$5,500,000)
..............................
5,500,000
U.S.
Treasury
Obligations
—
0.5%
U.S.
Treasury
Bills,
0.08%, 12/30/21
(b)
.....
50,000
49,993,239
Total
U.S.
Treasury
Obligations
—
0.5%
(Cost:
$49,990,986)
..............................
49,993,239
Total
Repurchase
Agreements
—
18.5%
(Cost:
$1,597,000,000)
...........................
1,597,000,000
Closed-End
Investment
Companies
—
0.5%
California
—
0.5%
Nuveen
California
Quality
Municipal
Income
Fund,
VRDP,
(JP
Morgan
Chase
Bank
NA
LOC),
0.14%, 11/05/21
(f)
............
40,800
40,800,000
Total
Closed-End
Investment
Companies
—
0.5%
(Cost:
$40,800,000)
..............................
40,800,000
Total
Investments
—
100.4%
(Cost:
$8,686,770,956
)
(g)
..........................
8,687,080,200
Liabilities
in
Excess
of
Other
Assets
—
(0.4)%
............
(32,629,703)
Net
Assets
—
100.0%
..............................
$
8,654,450,497
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Rates
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(e)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(f)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(g)
Cost
for
U.S.
federal
income
tax
purposes.
TempFund
Schedules
of
Investments
33
Schedule
of
Investments
(continued)
October
31,
2021
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
(000)
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
.....
0.05
%
(a)
10/29/21
11/01/21
$
150,000
$
150,000
$
150,000,625
U.S.
Treasury
Obligations,
0.00%
to
6.63%,
due
11/15/21
to
08/15/51
.........
$
156,618,510
$
153,000,009
0.39
(b)
10/29/21
12/03/21
48,000
48,000
48,018,200
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.8
4%
to
8.50%,
due
04/20/22
to
09
/
23/61
.........
50,930,414
51,248,226
$
–
$
–
$
198,000
$
204,248,235
$
–
$
–
Bank
of
Montreal
......
0.16
10/29/21
11/05/21
27,000
27,000
27,000,840
U.S.
Government
Sponsored
Agency
Obligations,
1.21%
to
5.96%,
due
05/01/28
to
10/15/61
.........
254,925,679
28,217,942
$
–
$
–
Barclays
Bank
plc
.....
0.17
(c)
10/29/21
11/01/21
84,000
84,000
84,001,190
Corporate/Debt
Obligations,
0.86%
to
4.30%,
due
07/15/24
to
02/08/51
.........
84,173,000
88,200,486
0.29
(c)
10/29/21
11/01/21
42,000
42,000
42,001,015
Corporate/Debt
Obligations,
4.63%
to
8.13%,
due
11/15/24
to
02/01/50
.........
44,144,000
47,809,339
0.57
(b)
10/29/21
02/01/22
13,000
13,000
13,019,554
Corporate/Debt
Obligations,
5.00%,
due
07/01/34
to
05/01/46
11,375,000
13,914,782
$
–
$
–
$
139,000
$
149,924,607
$
–
$
–
Barclays
Capital,
Inc.
...
0.30
(b)
10/29/21
12/03/21
51,000
51,000
51,014,875
U.S.
Treasury
Obligation,
0.00%,
due
04/21/22
.........
52,035,100
52,020,010
0.57
(b)
10/29/21
02/01/22
13,000
13,000
13,019,554
Corporate/Debt
Obliga
tions,
1.05%
to
3.79%,
due
09/16/50
to
09/17
/54
.........
60,056,653
13,910,000
$
–
$
–
$
64,000
$
65,930,010
$
–
$
–
BNP
Paribas
SA
......
0.17
(c)
10/29/21
11/01/21
20,000
20,000
20,000,283
Corporate/Debt
Obligations,
0.50%
to
7.50%,
due
10/26/23
to
10/21/51
.........
19,977,000
21,000,106
$
–
$
–
Citigroup
Global
Markets,
Inc.
.............
0.05
(a)
10/29/21
11/01/21
90,000
90,000
90,000,375
U.S.
Treasury
Obligations,
0.75%
to
5.50%,
due
05/31/28
to
04/15/29
.........
69,268,434
91,800,012
0.06
10/29/21
11/01/21
1,000
1,000
1,000,005
U.S.
Government
Sponsored
Agency
Obligations,
7.62%
to
35.55%,
due
07/25/36
to
11/25/40
.......
1,868,764
1,070,000
0.12
(c)
10/29/21
11/01/21
29,000
29,000
29,000,290
U.S.
Government
Sponsored
Agency
Obligations,
U.S.
Treasury
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
5.00%,
due
11/01/21
to
05/15/37
.........
22,980,252
29,825,947
2021
BlackRock
Annual
Report
to
Shareholders
TempFund
34
Schedule
of
Investments
(continued)
October
31,
2021
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
0.36
%
(b)
10/29/21
12/30/21
$
5,000
$
5,000
$
5,003,100
U.S.
Government
Sponsored
Agency
Obligations,
3.00%
to
3.50%,
due
04/15/42
to
11/15/42
.........
$
16,653,529
$
5,100,000
$
–
$
–
$
125,000
$
127,795,959
$
–
$
–
Credit
Agricole
Corporate
and
Investment
Bank
SA
.............
0.05
10/29/21
11/01/21
50,000
50,000
50,000,208
U.S.
Government
Sponsored
Agency
Obligations,
2.50%,
due
04/01/51
to
09/01/51
50,996,351
51,500,000
0.05
(a)
10/29/21
11/01/21
145,000
145,000
145,000,604
U.S.
Treasury
Obligations,
0.13%
to
3.00%,
due
11/15/21
to
02/15/50
.........
124,637,820
147,900,013
0.14
(b)
10/29/21
11/05/21
115,000
115,000
115,003,131
U.S.
Government
Sponsored
Agency
Obligations,
U.S.
Treasury
Obligations
and
Corporate/Debt
Obligations,
0.13%
to
10.63%,
due
05/20/22
to
05/15/97
.......
141,735,770
124,311,165
$
–
$
–
$
310,000
$
323,711,178
$
–
$
–
Credit
Suisse
Securities
USA
LLC
.........
0.66
(b)
10/29/21
02/01/22
80,000
80,000
80,139,333
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.38%
to
9.25%,
due
03/01/23
to
12/16/52
.........
288,816,800
88,905,982
$
–
$
–
Fixed
Income
Clearing
Corporation
.......
0.05
10/29/21
11/01/21
36,000
36,000
36,000,150
U.S.
Treasury
Obligation,
0.05%,
due
11/01/21
.........
37,687,800
36,720,002
$
–
$
–
HSBC
Securities
USA,
Inc.
0.19
(c)
10/29/21
11/01/21
17,000
17,000
17,000,269
Corporate/Debt
Obligations,
2.00%
to
5.15%,
due
02/15/23
to
05/10/46
.........
16,199,600
17,850,029
0.27
(c)
10/29/21
11/01/21
9,500
9,500
9,500,214
Corporate/Debt
Obligations,
2.30%
to
5.45%,
due
04/01/24
to
11/15/79
.........
8,534,000
9,975,069
$
–
$
–
$
26,500
$
27,825,098
$
–
$
–
JP
Morgan
Securities
LLC
0.05
10/29/21
11/01/21
1,000
1,000
1,000,004
U.S.
Government
Sponsored
Agency
Obligations,
3.00%
to
5.00%,
due
10/20/49
to
10/20/51
.........
948,564
1,020,001
0.09
10/29/21
11/05/21
59,000
59,000
59,001,004
U.S.
Government
Sponsored
Agency
Obligations,
0.41%
to
4.00%,
due
03/16/42
to
12/16/61
.........
726,950,860
61,950,000
0.25
(c)
10/29/21
11/01/21
2,500
2,500
2,500,052
Corporate/Debt
Obligations,
0.16
%
to
5.00%,
due
03/20/25
to
09/25/51
.........
617,230,908
2,675,000
0.37
(b)
10/29/21
11/05/21
82,000
82,000
82,005,900
Corporate/Debt
Obligations,
2.38%
to
8.88%,
due
11/10/21
to
08/15/96
.........
82,185,586
87,211,014
TempFund
Schedules
of
Investments
35
Schedule
of
Investments
(continued)
October
31,
2021
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
0.42
%
(b)
10/29/21
11/05/21
$
50,000
$
50,000
$
50,004,083
Corporate/Debt
Obligations,
0.17%
to
5.95%,
due
01/07/22
to
06/25/56
.........
$
565,207,848
$
53,807,027
0.48
(b)
10/29/21
01/27/22
65,000
65,000
65,078,365
Corporate/Debt
Obl
igations,
0.00%
to
6.50%,
due
01/09/23
to
12/01/61
.........
1,317,796,481
70,480,760
$
–
$
–
$
259,500
$
277,143,802
$
–
$
–
Mizuho
Securities
USA
LLC
.............
0.22
(c)
10/29/21
11/01/21
71,000
71,000
71,001,302
Corporate/Debt
Obligations,
3.00%
to
5.00%,
due
11/15/21
to
03/15/58
.........
65,320,000
75,975,520
0.49
(b)
10/29/21
12/03/21
8,000
8,000
8,003,788
Corporate/Debt
Obligations,
4.00%
to
5.00%,
due
03/01/31
to
04/01/45
.........
6,850,000
8,561,910
$
–
$
–
$
79,000
$
84,537,430
$
–
$
–
TD
Securities
USA
LLC
..
0.15
(c)
10/29/21
11/01/21
25,000
25,000
25,000,313
Corporate/Debt
Obligations,
0.53%
to
3.52%,
due
06/18/25
to
07/15/30
.........
26,142,000
26,750,076
$
–
$
–
Wells
Fargo
Securities
LLC
.............
0.19
(c)
10/29/21
11/01/21
134,000
134,000
134,002,122
Corporate/Debt
Obligations,
0.44%
to
6.02%,
due
11/15/23
to
06/17
/52
.........
174,288,033
143,380,739
0.22
10/29/21
11/05/21
10,000
10,000
10,000,428
U.S.
Government
Sponsored
Agen
cy
Obligations,
0.00%,
due
11/30/21
to
01/11
/2
2
.
10,501,958
10,500,001
0.27
08/11/21
11/09/21
24,000
24,000
24,016,200
Corporate/Debt
Obligations,
0.33%
to
4.99%,
due
03/12/36
to
07/16
/60
.........
71,018,179
25,680,000
0.27
08/16/21
11/12/21
40,000
40,000
40,026,400
Corp
orate/Debt
Obligations,
3.40%,
due
01/11/22
to
02/20/25
.
41,936,160
42,000,001
$
–
$
–
$
208,000
$
221,560,741
$
–
$
–
$
1,597,000
$
1,684,271,168
$
–
$
–
(a)
Traded
in
a
joint
account.
(b)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(c)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
2021
BlackRock
Annual
Report
to
Shareholders
TempFund
36
Schedule
of
Investments
(continued)
October
31,
2021
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
.......................................
$
—
$
8,687,080,200
$
—
$
8,687,080,200
T-Fund
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
October
31,
2021
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
—
32.8%
U.S.
Treasury
Bills
(a)
0.05%, 11/18/21
.................
USD
425,835
$
425,823,940
0.05%, 11/26/21
.................
1,808,615
1,808,546,048
0.05%, 11/30/21
.................
4,678,930
4,678,726,871
0.07%, 12/16/21
.................
4,011,892
4,011,641,398
0.08%, 12/28/21
.................
164,366
164,352,988
0.08%, 12/30/21
.................
369,928
369,894,455
0.07%, 01/18/22
.................
508,865
508,815,386
0.06%, 01/20/22
.................
168,369
168,350,492
0.06%, 01/27/22
.................
1,175,019
1,174,874,908
0.06%, 02/01/22
.................
374,040
373,992,206
0.06%, 02/03/22
.................
2,182,545
2,182,231,557
0.05%, 02/08/22
.................
103,590
103,574,332
0.05%, 02/10/22
.................
1,744,546
1,744,301,679
0.06%, 02/22/22
.................
1,282,740
1,282,518,549
0.06%, 02/24/22
.................
129,270
129,249,353
0.06%, 03/17/22
.................
262,200
262,150,473
0.06%, 03/24/22
.................
1,396,505
1,396,255,375
0.06%, 04/14/22
.................
823,945
823,738,353
0.07%, 04/28/22
.................
492,144
492,000,470
0.11%, 08/11/22
.................
38,000
37,976,102
0.12%, 09/08/22
.................
597,260
596,873,027
U.S.
Treasury
Notes
1.50%, 11/30/21
.................
229,730
229,980,628
1.75%, 11/30/21
.................
160,685
160,891,299
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.15%),
0.21%, 01/31/22
(b)
...
1,131,945
1,131,885,852
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
2.50%, 02/15/22
.................
USD
28,315
$
28,512,656
1.75%, 02/28/22
.................
128,555
129,262,147
1.88%, 02/28/22
.................
100,000
100,593,713
0.38%, 03/31/22
.................
28,555
28,588,046
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.11%),
0.17%, 04/30/22
(b)
...
1,757,085
1,757,181,824
1.75%, 05/15/22
.................
148,005
149,332,643
2.13%, 05/15/22
.................
225,795
228,272,455
1.75%, 06/15/22
.................
26,945
27,224,985
0.13%, 06/30/22
.................
100,350
100,385,832
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.06%),
0.11%, 07/31/22
(b)
...
2,062,049
2,062,041,819
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.06%),
0.11%, 10/31/22
(b)
...
3,270,000
3,269,976,228
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.05%),
0.10%, 01/31/23
(b)
...
3,853,068
3,853,467,719
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.03%),
0.09%, 04/30/23
(b)
...
1,100,530
1,100,596,586
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.03%),
0.08%, 07/31/23
(b)
...
2,666,270
2,666,381,570
Total
U.S.
Treasury
Obligations
—
32.8%
(Cost:
$39,760,463,964)
...........................
39,760,463,964
Total
Repurchase
Agreements
—
64.2%
(Cost:
$77,754,233,842)
...........................
77,754,233,842
Total
Investments
—
97.0%
(Cost:
$117,514,697,806
)
..........................
117,514,697,806
Other
Assets
Less
Liabilities
—
3.0%
...................
3,684,772,892
Net
Assets
—
100.0%
..............................
$
121,199,470,698
(a)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
(000)
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
.....
0.05
%
(a)
10/29/21
11/01/21
$
250,000
$
250,000
$
250,001,042
U.S.
Treasury
Obligations,
0.00%
to
6.63%,
due
11/15/21
to
08/15/51
.........
$
261,030,850
$
255,000,016
0.05
10/29/21
11/01/21
105,000
105,000
105,000,438
U.S.
Treasury
Obligations,
1.50%
to
2.25%,
due
02/15/27
to
02/15/30
.........
103,261,700
107,100,089
0.05
10/29/21
11/01/21
50,000
50,000
50,000,208
U.S.
Treasury
Obligations,
2.25%
to
2.75%,
due
04/15/22
to
02/15/28
.........
46,842,500
51,000,030
$
–
$
–
$
405,000
$
413,100,135
$
–
$
–
Bank
of
Montreal
......
0.05
10/29/21
11/01/21
5,000
5,000
5,000,021
U.S.
Treasury
Obligations,
0.00%
to
3.38%,
due
09/30/22
to
05/15/51
.........
4,857,382
5,100,000
$
–
$
–
2021
BlackRock
Annual
Report
to
Shareholders
T-Fund
38
Schedule
of
Investments
(continued)
October
31,
2021
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
Nova
Scotia
(The)
0.05
%
10/29/21
11/01/21
$
72,933
$
72,933
$
72,933,304
U.S.
Treasury
Obligations,
0.13%
to
5.25%,
due
04/30/23
to
02/15/45
.........
$
56,020,200
$
74,392,030
0.05
10/29/21
11/01/21
100,000
100,000
100,000,417
U.S.
Treasury
Obligations,
0.00%
to
3.00%,
due
01/15/22
to
05/15/45
.........
97,133,200
102,000,439
$
–
$
–
$
172,933
$
176,392,469
$
–
$
–
Barclays
Bank
plc
.....
0.05
10/29/21
11/01/21
250,000
250,000
250,001,042
U.S.
Treasury
Obligations,
3.38%
to
4.75%,
due
02/15/37
to
11/15/48
.........
188,099,700
255,000,066
0.05
10/29/21
11/01/21
200,000
200,000
200,000,833
U.S.
Treasury
Obligations,
0.13%
to
2.88%,
due
05/31/22
to
07/31/28
.........
200,106,900
204,000,063
$
–
$
–
$
450,000
$
459,000,129
$
–
$
–
Barclays
Capital,
Inc.
...
0.05
10/29/21
11/01/21
5,000
5,000
5,000,021
U.S.
Treasury
Obligation,
0.13%,
due
04/15/22
.........
4,449,100
5,100,020
$
–
$
–
BNP
Paribas
SA
......
0.05
10/29/21
11/01/21
5,215,000
5,215,000
5,215,021,729
U.S.
Treasury
Obligations,
0.00%
to
8.00%,
due
11/04/21
to
05/15/51
.........
5,824,802,203
5,319,300,000
0.07
(b)
07/22/21
11/12/21
200,000
200,000
200,043,944
U.S.
Treasury
Obligations,
0.00%
to
6.38%,
due
04/30/22
to
02/15/51
.........
210,220,281
204,000,000
$
–
$
–
$
5,415,000
$
5,523,300,000
$
–
$
–
Citibank
NA
..........
0.05
10/29/21
11/01/21
100,000
100,000
100,000,417
U.S.
Treasury
Obligations,
0.00%
to
8.00%,
due
11/02/21
to
08/15/51
.........
58,537,614
102,000,017
$
–
$
–
Citigroup
Global
Markets,
Inc.
.............
0.05
(a)
10/29/21
11/01/21
385,000
385,000
385,001,604
U.S.
Treasury
Obligations,
0.75%
to
5.50%,
due
05/31/28
to
04/15/29
.........
296,314,974
392,700,050
0.05
10/29/21
11/01/21
40,000
40,000
40,000,167
U.S.
Treasury
Obligations,
0.75%
to
4.38%,
due
11/15/40
to
02/15/42
.........
26,742,200
40,800,011
0.05
10/29/21
11/01/21
50,000
50,000
50,000,208
U.S.
Treasury
Obligations,
1.13%
to
3.63%,
due
02/15/28
to
05/15/28
.........
45,667,200
51,000,018
0.06
10/29/21
11/05/21
1,000,000
1,000,000
1,000,010,694
U.S.
Treasury
Obligations,
0.13%
to
7.63%,
due
11/15/22
to
05/15/50
.........
834,080,100
1,020,000,004
$
–
$
–
$
1,475,000
$
1,504,500,083
$
–
$
–
Credit
Agricole
Corporate
and
Investment
Bank
SA
.............
0.05
(a)
10/29/21
11/01/21
800,000
800,000
800,003,333
U.S.
Treasury
Obligations,
0.13%
to
3.00%,
due
11/15/21
to
02/15/50
.........
687,656,900
816,000,021
0.05
10/29/21
11/01/21
250,000
250,000
250,001,042
U.S.
Treasury
Obligation,
0.13%,
due
10/15/26
.........
232,251,200
255,000,080
T-Fund
Schedules
of
Investments
39
Schedule
of
Investments
(continued)
October
31,
2021
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
0.05
%
10/29/21
11/01/21
$
100,000
$
100,000
$
100,000,417
U.S.
Treasury
Obligations,
0.63%
to
1.13%,
due
07/31/26
to
08/31/28
.........
$
104,192,400
$
102,000,053
$
–
$
–
$
1,150,000
$
1,173,000,154
$
–
$
–
Credit
Suisse
AG
......
0.05
10/29/21
11/01/21
350,000
350,000
350,001,458
U.S.
Treasury
Obligations,
0.00%
to
6.00%,
due
11/09/21
to
05/15/38
.........
338,447,700
357,000,004
$
–
$
–
Deutsche
Bank
AG
.....
0.05
10/29/21
11/01/21
200,000
200,000
200,000,833
U.S.
Treasury
Obligations,
0.13%
to
3.13%,
due
03/15/22
to
11/15/28
.........
201,555,300
204,000,051
$
–
$
–
Federal
Reserve
Bank
of
New
York
.........
0.05
10/29/21
11/01/21
54,750,000
54,750,000
54,750,228,125
U.S.
Treasury
Obligations,
0.13%
to
2.63%,
due
06/30/22
to
08/15/50
.........
54,444,690,800
54,750,228,178
$
–
$
–
Fixed
Income
Clearing
Corporation
.......
0.05
10/29/21
11/01/21
33,199
33,199
33,198,668
U.S.
Treasury
Obligation,
2.75%,
due
08/15/42
.........
30,000,000
33,862,638
0.05
10/29/21
11/01/21
10,908
10,908
10,908,001
U.S.
Treasury
Obligation,
2.25%,
due
05/15/41
.........
10,647,000
11,126,160
0.05
10/29/21
11/01/21
750,000
750,000
750,003,125
U.S.
Treasury
Obligations,
0.05%,
due
11/01/21
.........
811,885,100
765,000,040
0.05
10/29/21
11/01/21
69,771
69,771
69,771,247
U.S.
Treasury
Obligation,
2.50%,
due
05/15/46
.........
64,550,000
71,166,666
0.05
10/29/21
11/01/21
4,040
4,040
4,039,723
U.S.
Treasury
Obligation,
0.25%,
due
02/15/50
.........
3,350,000
4,120,517
0.05
10/29/21
11/01/21
23,347
23,347
23,347,156
U.S.
Treasury
Obligation,
3.38%,
due
05/15/44
.........
18,900,000
23,814,097
0.05
10/29/21
11/01/21
102,696
102,696
102,696,506
U.S.
Treasury
Obligation,
2.25%,
due
08/15/46
.........
100,000,000
104,750,428
0.05
10/29/21
11/01/21
123,676
123,676
123,676,986
U.S.
Treasury
Obligation,
2.75%,
due
11/15/47
.........
108,750,000
126,150,515
0.05
10/29/21
11/01/21
71,324
71,324
71,323,827
U.S.
Treasury
Obligation,
3.00%,
due
05/15/47
.........
60,000,000
72,750,297
0.05
10/29/21
11/01/21
2,445
2,445
2,445,108
U.S.
Treasury
Obligation,
1.38%,
due
08/15/50
.........
2,900,000
2,494,010
0.05
10/29/21
11/01/21
159,500
159,500
159,500,665
U.S.
Treasury
Obligation,
2.88%,
due
05/15/49
.........
136,000,000
162,690,665
0.05
10/29/21
11/01/21
11,838
11,838
11,838,285
U.S.
Treasury
Obligation,
3.00%,
due
02/15/48
.........
10,000,000
12,075,049
0.05
10/29/21
11/01/21
9,442
9,442
9,442,441
U.S.
Treasury
Obligation,
1.25%,
due
05/15/50
.........
11,500,000
9,631,289
0.05
10/29/21
11/01/21
92,528
92,528
92,528,823
U.S.
Treasury
Obligation,
1.75%,
due
08/15/41
.........
98,697,000
94,379,392
0.05
10/29/21
11/01/21
305,804
305,804
305,805,049
U.S.
Treasury
Obligation,
2.50%,
due
02/15/45
.........
286,165,000
311,921,124
2021
BlackRock
Annual
Report
to
Shareholders
T-Fund
40
Schedule
of
Investments
(continued)
October
31,
2021
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
0.05
%
10/29/21
11/01/21
$
24,529
$
24,529
$
24,529,514
U.S.
Treasury
Obligation,
3.13%,
due
11/15/41
.........
$
20,850,000
$
25,020,102
0.05
10/29/21
11/01/21
179,920
179,920
179,920,493
U.S.
Treasury
Obligation,
3.00%,
due
11/15/44
.........
154,055,100
183,518,888
0.05
10/29/21
11/01/21
60,706
60,706
60,706,135
U.S.
Treasury
Obligation,
3.63%,
due
08/15/43
.........
48,000,000
61,920,253
0.05
10/29/21
11/01/21
102,941
102,941
102,941,605
U.S.
Treasury
Obligation,
2.00%,
due
02/15/50
.........
105,000,000
105,000,429
0.05
10/29/21
11/01/21
5,650
5,650
5,649,533
U.S.
Treasury
Obligation,
2.75%,
due
08/15/47
.........
5,000,000
5,762,524
0.05
10/29/21
11/01/21
88,022
88,022
88,021,935
U.S.
Treasury
Obligation,
3.00%,
due
08/15/48
.........
74,200,000
89,782,367
0.05
10/29/21
11/01/21
17,715
17,715
17,715,392
U.S.
Treasury
Obligation,
3.13%,
due
08/15/44
.........
14,980,000
18,069,699
0.06
10/29/21
11/01/21
1,000,000
1,000,000
1,000,004,583
U.S.
Treasury
Obligations,
0.50%
to
0.75%,
due
03/31/26
to
10/31/27
.........
1,065,358,900
1,020,000,088
$
–
$
–
$
3,250,001
$
3,315,007,237
$
–
$
–
Goldman
Sachs
&
Co.
LLC
0.05
10/29/21
11/01/21
190,000
190,000
190,000,792
U.S.
Treasury
Obligations,
0.00%
to
3.13%,
due
01/20/22
to
05/15/48
.........
184,325,500
193,800,030
$
–
$
–
HSBC
Securities
USA,
Inc.
0.05
10/29/21
11/01/21
175,000
175,000
175,000,729
U.S.
Treasury
Obligations,
0.00%
to
6.00%,
due
01/20/22
to
08/15/51
.........
194,183,159
178,500,014
0.05
(c)
10/29/21
11/01/21
355,000
355,000
355,001,479
U.S.
Treasury
Obligations,
0.00%
to
3.00%,
due
06/30/22
to
02/15/48
.........
365,203,292
362,100,027
0.05
10/29/21
11/01/21
160,000
160,000
160,000,667
U.S.
Treasury
Obligations,
0.00%,
due
11/16/21
to
08/15/51
.
187,770,926
163,200,001
0.06
(b)
10/29/21
11/08/21
722,000
722,000
722,012,033
U.S.
Treasury
Obligations,
0.00%
to
4.25%,
due
02/15/22
to
05/15/51
.........
836,073,698
736,440,004
0.06
(b)
10/29/21
11/08/21
888,085
888,085
888,099,802
U.S.
Treasury
Obligations,
0.00%
to
6.38%,
due
11/15/21
to
05/15/51
.........
985,208,013
905,846,703
$
–
$
–
$
2,300,085
$
2,346,086,749
$
–
$
–
JP
Morgan
Securities
LLC
0.05
10/29/21
11/01/21
25,000
25,000
25,000,104
U.S.
Treasury
Obligations,
0.00%
to
2.38%,
due
09/08/22
to
08/15/24
.........
24,282,400
25,500,203
0.05
10/29/21
11/01/21
12,000
12,000
12,000,050
U.S.
Treasury
Obligations,
0.00%
to
2.38%,
due
11/23/21
to
08/15/24
.........
11,758,600
12,240,018
0.05
(c)
10/29/21
11/01/21
250,000
250,000
250,001,042
U.S.
Treasury
Obligations,
0.13%
to
0.25%,
due
09/30/22
to
09/30/23
.........
255,383,200
255,000,076
T-Fund
Schedules
of
Investments
41
Schedule
of
Investments
(continued)
October
31,
2021
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
0.05
%
(b)
10/29/21
11/08/21
$
2,250,000
$
2,250,000
$
2,250,031,250
U.S.
Treasury
Obligations,
0.00%
to
7.50%,
due
07/14/22
to
12/31/24
.........
$
2,302,631,600
$
2,295,000,008
$
–
$
–
$
2,537,000
$
2,587,740,305
$
–
$
–
MUFG
Securities
Americas,
Inc.
......
0.05
10/29/21
11/01/21
30,000
30,000
30,000,125
U.S.
Treasury
Obligations,
0.13%
to
6.63%,
due
09/15/23
to
04/15/32
.........
13,405,400
30,600,021
0.05
(b)
10/29/21
11/08/21
200,000
200,000
200,002,778
U.S.
Treasury
Obligations,
0.00%
to
4.38%,
due
11/23/21
to
02/15/38
.........
188,510,000
204,000,056
$
–
$
–
$
230,000
$
234,600,077
$
–
$
–
Natixis
SA
...........
0.05
10/29/21
11/01/21
709,000
709,000
709,002,954
U.S.
Treasury
Obligations,
0.00%
to
6.00%,
due
11/04/21
to
05/15/51
.........
655,848,800
723,180,073
0.05
(c)
10/29/21
11/01/21
753,000
753,000
753,003,138
U.S.
Treasury
Obligations,
0.00%
to
6.38%,
due
11/04/21
to
02/15/51
.........
757,795,100
768,060,029
0.05
(b)
10/29/21
11/08/21
500,000
500,000
500,006,944
U.S.
Treasury
Obligations,
0.00%
to
3.63%,
due
12/15/21
to
02/15/51
.........
466,676,100
510,000,066
$
–
$
–
$
1,962,000
$
2,001,240,168
$
–
$
–
Nomura
Securities
International,
Inc.
....
0.05
10/29/21
11/01/21
1,500,000
1,500,000
1,500,006,250
U.S.
Treasury
Obligations,
0.00%
to
3.75%,
due
11/30/21
to
08/15/41
.........
1,516,832,500
1,530,000,131
$
–
$
–
Prudential
Insurance
Co.
of
America
........
0.06
10/29/21
11/01/21
52,650
52,650
52,650,263
U.S.
Treasury
Obligation,
2.88%,
due
11/15/46
.........
45,000,000
53,703,263
0.06
10/29/21
11/01/21
25,600
25,600
25,600,128
U.S.
Treasury
Obligation,
0.00%,
due
11/15/41
.........
40,000,000
26,112,128
0.06
10/29/21
11/01/21
29,250
29,250
29,250,146
U.S.
Treasury
Obligation,
0.00%,
due
02/15/47
.........
50,000,000
29,835,146
0.06
10/29/21
11/01/21
15,625
15,625
15,625,078
U.S.
Treasury
Obligation,
0.00%,
due
05/15/34
.........
20,000,000
15,937,678
0.06
10/29/21
11/01/21
17,100
17,100
17,100,085
U.S.
Treasury
Obligation,
0.00%,
due
02/15/38
.........
24,000,000
17,442,085
0.06
10/29/21
11/01/21
27,738
27,738
27,737,639
U.S.
Treasury
Obligation,
0.00%,
due
08/15/33
.........
35,000,000
28,292,389
0.06
10/29/21
11/01/21
85,250
85,250
85,250,426
U.S.
Treasury
Obligation,
0.00%,
due
05/15/30
.........
100,000,000
86,955,426
0.06
10/29/21
11/01/21
9,956
9,956
9,956,300
U.S.
Treasury
Obligation,
0.00%,
due
08/15/41
.........
15,000,000
10,155,500
0.06
10/29/21
11/01/21
67,500
67,500
67,500,337
U.S.
Treasury
Obligation,
0.00%,
due
11/15/39
.........
100,000,000
68,850,337
0.06
10/29/21
11/01/21
88,125
88,125
88,125,441
U.S.
Treasury
Obligation,
0.00%,
due
08/15/47
.........
150,000,000
89,887,941
2021
BlackRock
Annual
Report
to
Shareholders
T-Fund
42
Schedule
of
Investments
(continued)
October
31,
2021
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
0.06
%
10/29/21
11/01/21
$
53,938
$
53,938
$
53,937,770
U.S.
Treasury
Obligation,
2.38%,
due
11/15/49
.........
$
50,000,000
$
55,016,770
0.06
10/29/21
11/01/21
15,794
15,794
15,793,829
U.S.
Treasury
Obligation,
0.00%,
due
05/15/31
.........
19,000,000
16,109,609
0.06
10/29/21
11/01/21
14,685
14,685
14,685,073
U.S.
Treasury
Obligation,
0.00%,
due
05/15/40
.........
22,000,000
14,978,773
0.06
10/29/21
11/01/21
54,360
54,360
54,360,272
U.S.
Treasury
Obligation,
0.00%,
due
11/15/35
.........
72,000,000
55,447,472
0.06
10/29/21
11/01/21
22,433
22,433
22,432,612
U.S.
Treasury
Obligation,
3.38%,
due
05/15/44
.........
18,000,000
22,881,352
0.06
10/29/21
11/01/21
77,798
77,798
77,797,889
U.S.
Treasury
Obligation,
0.00%,
due
08/15/43
.........
123,000,000
79,353,839
0.06
10/29/21
11/01/21
77,963
77,963
77,962,890
U.S.
Treasury
Obligation,
0.00%,
due
05/15/38
.........
110,000,000
79,522,690
0.06
10/29/21
11/01/21
58,700
58,700
58,700,294
U.S.
Treasury
Obligation,
0.00%,
due
02/15/37
.........
80,000,000
59,874,693
0.06
10/29/21
11/01/21
46,988
46,988
46,987,735
U.S.
Treasury
Obligation,
0.00%,
due
02/15/40
.........
70,000,000
47,927,835
0.06
10/29/21
11/01/21
19,530
19,530
19,530,098
U.S.
Treasury
Obligation,
0.00%,
due
11/15/39
.........
28,000,000
19,920,698
0.06
10/29/21
11/01/21
8,235
8,235
8,235,041
U.S.
Treasury
Obligation,
0.00%,
due
05/15/39
.........
12,000,000
8,399,801
$
–
$
–
$
869,21
8
$
886,605,425
$
–
$
–
Societe
Generale
SA
...
0.05
10/29/21
11/01/21
430,000
430,000
430,001,792
U.S.
Treasury
Obligations,
0.00%
to
7.63%,
due
11/01/21
to
11/15/48
.........
371,097,222
438,600,004
$
–
$
–
TD
Securities
USA
LLC
..
0.05
10/29/21
11/01/21
8,000
8,000
8,000,033
U.S.
Treasury
Obligation,
1.25%,
due
08/15/31
.........
8,379,600
8,160,034
$
–
$
–
$
77,754,23
7
$
78,214,561,400
$
–
$
–
(a)
Traded
in
a
joint
account.
(b)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(c)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
T-Fund
Schedules
of
Investments
43
Schedule
of
Investments
(continued)
October
31,
2021
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
.......................................
$
—
$
117,514,697,806
$
—
$
117,514,697,806
2021
BlackRock
Annual
Report
to
Shareholders
Treasury
Trust
Fund
44
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
October
31,
2021
See
notes
to
financial
statements.
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
—
97.1%
U.S.
Treasury
Bills
(a)
0.01%, 11/02/21
.................
USD
25,000
$
24,999,986
0.01%, 11/04/21
.................
1,261,000
1,260,995,046
0.02%, 11/09/21
.................
365,000
364,997,161
0.03%, 11/12/21
.................
4,890,000
4,889,927,812
0.04%, 11/16/21
.................
9,105,585
9,105,425,893
0.05%, 11/18/21
.................
1,150,000
1,149,974,382
0.05%, 11/23/21
.................
7,392,445
7,392,293,803
0.05%, 11/26/21
.................
8,680,280
8,679,970,699
0.05%, 11/30/21
.................
9,556,075
9,555,717,704
0.06%, 12/02/21
.................
4,192,845
4,192,649,942
0.05%, 12/07/21
.................
6,060
6,059,712
0.06%, 12/09/21
.................
252,665
252,654,464
0.06%, 12/14/21
.................
4,746,424
4,746,169,180
0.07%, 12/16/21
.................
4,897,767
4,897,521,813
0.06%, 12/21/21
.................
3,939,665
3,939,417,733
0.08%, 12/23/21
.................
361,495
361,476,725
0.08%, 12/28/21
.................
4,652,490
4,652,127,422
0.08%, 12/30/21
.................
2,924,070
2,923,895,634
0.06%, 01/04/22
.................
2,029,726
2,029,563,122
0.05%, 01/11/22
.................
5,392,665
5,392,185,901
0.07%, 01/18/22
.................
1,495,000
1,494,854,237
0.06%, 01/20/22
.................
750,000
749,916,667
0.06%, 01/27/22
.................
4,398,500
4,397,915,257
0.06%, 02/22/22
.................
1,350,000
1,349,766,937
0.06%, 03/03/22
.................
475,000
474,911,465
0.06%, 03/24/22
.................
376,000
375,932,790
0.12%, 09/08/22
.................
254,710
254,544,970
U.S.
Treasury
Notes
2.00%, 11/15/21
.................
22,055
22,070,792
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
1.50%, 11/30/21
.................
USD
906,620
$
907,664,469
1.75%, 11/30/21
.................
88,100
88,213,109
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.15%),
0.21%, 01/31/22
(b)
...
890,080
889,991,749
2.50%, 02/15/22
.................
16,520
16,635,319
1.75%, 02/28/22
.................
16,515
16,604,261
0.38%, 03/31/22
.................
16,515
16,534,113
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.11%),
0.17%, 04/30/22
(b)
...
2,088,185
2,088,229,993
1.75%, 05/15/22
.................
122,345
123,442,466
2.13%, 05/15/22
.................
196,000
198,150,540
1.88%, 05/31/22
.................
150,000
151,563,624
1.75%, 06/15/22
.................
22,000
22,228,602
0.13%, 06/30/22
.................
87,110
87,141,105
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.06%),
0.11%, 07/31/22
(b)
...
737,705
737,704,900
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.06%),
0.11%, 10/31/22
(b)
...
1,549,000
1,548,957,126
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.05%),
0.10%, 01/31/23
(b)
...
2,554,640
2,554,871,533
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.03%),
0.09%, 04/30/23
(b)
...
952,205
952,262,612
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.03%),
0.08%, 07/31/23
(b)
...
1,959,970
1,960,048,533
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.04%),
1.00%, 10/31/23
(b)
...
778,000
777,999,996
Total
U.S.
Treasury
Obligations
—
97.1%
(Cost:
$98,076,181,299)
...........................
98,076,181,299
Total
Investments
—
97.1%
(Cost:
$98,076,181,299
)
...........................
98,076,181,299
Other
Assets
Less
Liabilities
—
2.9%
...................
2,955,448,459
Net
Assets
—
100.0%
..............................
$
101,031,629,758
(a)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
.......................................
$
—
$
98,076,181,299
$
—
$
98,076,181,299
MuniCash
Schedules
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
October
31,
2021
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
—
94.5%
Alabama
—
0.2%
(a)(b)(c)
Alabama
Federal
Aid
Highway
Finance,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2016-XF2373,
RB,
VRDN
(Citibank
NA
LIQ),
0.07%, 11/05/21
USD
5,000
$
5,000,000
Homewood
Alabama,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018G-37,
GO,
VRDN
(Royal
Bank
of
Canada
LOC),
0.08%, 11/05/21
.....
4,000
4,000,000
9,000,000
Alaska
—
0.4%
(c)
Alaska
Housing
Finance
Corp.,
Series
2009D,
RB,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.06%, 11/05/21
............
15,095
15,095,000
City
of
Valdez,
Series
1993A,
RB,
VRDN,
0.03%, 11/01/21
.................
5,870
5,870,000
20,965,000
Arizona
—
0.3%
(c)
Arizona
State
University,
Series
2008A,
RB,
VRDN,
0.06%, 11/05/21
............
8,465
8,465,000
City
of
Phoenix
Industrial
Development
Authority,
Series
2014B,
RB,
VRDN
(Northern
Trust
Co.
SBPA),
0.02%, 11/01/21
3,150
3,150,000
Industrial
Development
Authority
of
the
County
of
Yavapai
(The),
Series
2010,
RB,
VRDN
(Bank
of
Nova
Scotia
(The)
LOC),
0.09%, 11/05/21
.................
5,000
5,000,000
16,615,000
California
—
9.7%
California
Health
Facilities
Financing
Authority,
Series
2012C,
RB,
VRDN,
0.03%, 11/05/21
(c)
................
4,755
4,755,000
California
Municipal
Finance
Authority,
Series
2010A,
RB,
VRDN,
0.02%, 11/01/21
(c)
...
2,800
2,800,000
City
&
County
of
San
Francisco
Public
Utilities
Commission,
Series
2021A-6
(State
Street
Bank
NA
LOC),
0.07%, 11/16/21
......
81,046
81,046,000
City
of
Los
Angeles,
Series
2021,
TAN,
4.00%, 06/23/22
.................
100,000
102,493,730
City
of
Los
Angeles
Department
of
Airports,
Series
2021A-3
(Bank
of
America
NA
LOC),
0.07%, 01/04/22
.................
7,250
7,248,847
City
of
Los
Angeles
Wastewater
System,
Series
2018C-2,
RB,
VRDN
(Toronto-Dominion
Bank
LOC),
0.04%, 11/05/21
(c)
........
26,920
26,920,000
Golden
Gate
Bridge
Highway
&
Transportation
District,
Series
2021B
(JPM
Chase
Bank
NA
LOC),
0.05%, 11/01/21
.............
3,000
2,999,985
Imperial
Irrigation
District
Electric,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017-XM0488,
RB,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.11%, 11/05/21
(a)(b)(c)
..............
7,500
7,500,000
Irvine
Ranch
Wate
r
District,
Series
2011A-1
,
0.08%, 03/02/22
(c)
................
2,150
2,149,700
Lodi
California
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XG0322,
Go,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.08%, 11/05/21
(a)(b)(c)
..............
1,300
1,300,000
Los
Angeles
County
Capital
Asset
Leasing
Corp.,
Series
2021D
(State
Street
Bank
NA
LOC),
0.07%, 12/02/21
.............
3,400
3,400,000
Security
Par
(000)
Par
(000)
Value
California
(continued)
Los
Angeles
County
Schools,
Series
2020-
21B3,
null,
2.00%, 12/30/21
..........
USD
6,000
$
6,018,400
Municipal
Improvement
Corp.
of
Los
Angeles,
Series
2021A-3
(US
Bank
NA
LOC),
0.08%, 11/10/21
.................
11,250
11,249,977
Natomas
University
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XG0250,
GO,
VRDN
(Bank
of
America
NA
LIQ),
0.08%, 11/05/21
(a)(b)(c)
..............
6,580
6,580,000
Orange
County
Water
District,
Series
2003A,
COP,
VRDN
(Bank
of
America
NA
LOC),
0.04%, 11/05/21
(c)
................
64,075
64,075,000
Riverside
County
Office
of
Education
Pooled
Notes,
Series
2021A,
TAN,
2.00%, 12/01/21
16,000
16,024,619
San
Diego
County
Regional
Transportation
Commission,
Series
2008C,
RB,
VRDN
(Bank
of
America
NA
SBPA),
0.04%, 11/05/21
(c)
................
25,360
25,360,000
State
of
California,
Series
2003C-1,
GO,
VRDN
(TD
Bank
NA
LOC),
0.03%, 11/05/21
(c)
..
21,165
21,165,000
State
of
California,
Series
2021A-1,
0.04%, 11/02/21
.................
15,000
14,999,895
State
of
California,
Series
2021A-1
(Wells
Fargo
Bank
NA
LOC),
0.05%, 11/23/21
..
21,870
21,869,060
State
of
California,
Series
2021A-1
(Wells
Fargo
Bank
NA
LOC),
0.07%, 12/01/21
..
7,000
6,999,601
State
of
California,
Series
2021A-2,
0.06%, 11/02/21
.................
48,915
48,914,658
State
of
California,
Series
2021A-2,
0.07%, 11/02/21
.................
20,355
20,354,857
State
of
California,
Series
2021A-5
(US
Bank
NA
LOC),
0.07%, 11/18/21
..........
7,000
6,999,762
University
of
California,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-YX1098,
RB,
VRDN
(Barclays
Bank
plc
LIQ),
0.07%, 11/05/21
(a)(b)(c)
....
9,400
9,400,000
522,624,091
Colorado
—
1.4%
(c)
Adventist
Health
System/Sunbelt,
Inc.,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XF1232,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.08%, 11/05/21
(a)(b)
...............
14,695
14,695,000
Boulder
Larimer
&
Weld
County,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-G-57,
GO,
VRDN
(Royal
Bank
of
Canada
LOC),
0.08%, 11/05/21
(a)(b)
...............
5,670
5,670,000
Boulder
Valley
Colony
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018G-16,
GO,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.08%, 11/05/21
(a)(b)
...............
5,000
5,000,000
Colorado
Health
Facilities
Authority,
Series
2020B,
RB,
VRDN
(TD
Bank
NA
LOC),
0.06%, 11/05/21
.................
5,900
5,900,000
Colorado
Health
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF0667,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.08%, 11/05/21
(a)(b)
...............
6,345
6,345,000
County
of
Arapahoe,
Series
2001,
RB,
VRDN
(Freddie
Mac
LOC),
0.08%, 11/05/21
...
8,955
8,955,000
2021
BlackRock
Annual
Report
to
Shareholders
MuniCash
46
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2021
Security
Par
(000)
Par
(000)
Value
Colorado
(continued)
Denver
Colorado
City
&
County,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF2686,
RB,
VRDN
(Citibank
NA
LIQ),
0.08%, 11/05/21
(a)(b)
..
USD
8,000
$
8,000,000
Sheridan
Redevelopment
Agency,
Series
2011A-1,
VRDN
(JP
Morgan
Chase
Bank
NA
LOC),
0.08%, 11/05/21
..........
4,720
4,720,000
University
of
Colorado,
Series
2020A-
1,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.05%, 11/05/21
.................
17,620
17,620,000
76,905,000
Connecticut
—
0.6%
(c)
Connecticut
Housing
Finance
Authority,
Series
2016A,
Sub-Series
A-3,
RB,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.05%, 11/05/21
.
16,875
16,875,000
Connecticut
Housing
Finance
Authority,
Series
2018B,
Sub-Series
B-3,
RB,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.05%, 11/05/21
.
10,000
10,000,000
Connecticut
State,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018G-3,
GO,
VRDN
(Royal
Bank
of
Canada
LOC),
0.08%, 11/05/21
(a)(b)
.....
4,000
4,000,000
30,875,000
District
of
Columbia
—
1.5%
District
of
Columbia,
Series
1998A,
RB,
VRDN
(TD
Bank
NA
LOC),
0.03%, 11/01/21
(c)
..
14,910
14,910,000
District
of
Columbia,
Series
2004,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.07%, 11/05/21
(c)
................
5,110
5,110,000
District
of
Columbia,
Series
2021
(Barclays
LOC),
0.08%, 11/02/21
.............
50,000
49,999,650
Metropolitan
Washington
Airports
Authority,
Series
2009D,
Sub-series
D-2,
RB,
VRDN
(TD
Bank
NA
LOC),
0.03%, 11/01/21
(c)
..
7,300
7,300,000
Metropolitan
Washington
Airports
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2019-
XG0267,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.10%, 11/05/21
(a)(b)(c)
..........
950
950,000
78,269,650
Florida
—
5.5%
(c)
Cape
Coral
Water
&
Sewer,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017-YX1071,
RB,
VRDN
(Barclays
Bank
plc
Guaranty),
0.09%, 11/05/21
(a)(b)
...............
10,480
10,480,000
City
of
Gainesville
Utilities
System,
Series
2007A,
RB,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA),
0.07%, 11/05/21
.....
900
900,000
County
of
Escambia,
Series
2009,
RB,
VRDN,
0.07%, 11/01/21
.................
20,000
20,000,000
County
of
Palm
Beach,
Series
2002,
RB,
VRDN
(Northern
Trust
Co.
LOC),
0.07%, 11/05/21
7,200
7,200,000
Escambia
County
Health
Facilities
Authority,
Series
2003B,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.12%, 11/01/21
............
17,795
17,795,000
Florida
Housing
Finance
Corp.,
Series
2004M,
RB,
VRDN
(Freddie
Mac
LIQ),
0.11%, 11/05/21
.................
9,375
9,375,000
Halifax
Hospital
Medical
Center,
Series
2008,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LOC),
0.07%, 11/05/21
.............
2,500
2,500,000
Highlands
County
Health
Facilities
Authority,
Series
2012I,
RB,
VRDN,
0.05%, 11/05/21
28,910
28,910,000
Security
Par
(000)
Par
(000)
Value
Florida
(continued)
Highlands
County
Health
Facilities
Authority,
Series
2012I,
RB,
VRDN,
0.06%, 11/05/21
USD
17,750
$
17,750,000
Highlands
County
Health
Facilities
Authority,
Series
2021D-1,
RB,
VRDN,
0.05%, 11/05/21
.................
20,000
20,000,000
Highlands
County
Health
Facilities
Authority,
Series
2021D-2,
RB,
VRDN,
0.05%, 11/05/21
.................
26,300
26,300,000
Hillsborough
County
Industrial
Development
Authority,
Series
2020D,
RB,
VRDN
(TD
Bank
NA
LOC),
0.03%, 11/01/21
......
27,580
27,580,000
Miami-Dade
County
Water
&
Sewer,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XX1109,
RB,
VRDN
(Barclays
Bank
plc
LIQ),
0.08%, 11/05/21
(a)(b)
...............
8,750
8,750,000
Miami-Dade
County
Water
&
Sewer,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XX1110,
RB,
VRDN
(Barclays
Bank
plc
LIQ),
0.08%, 11/05/21
(a)(b)
...............
60,000
60,000,000
Miami-Dade
County
Water
&
Sewer,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XM0901,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.09%, 11/05/21
(a)(b)
...............
2,000
2,000,000
Orlando
Utilities
Commission,
Series
2008-2,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.05%, 11/05/21
.................
16,750
16,750,000
Orlando
Utilities
Commission,
Series
2015B,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.04%, 11/05/21
.................
18,065
18,065,000
294,355,000
Georgia
—
1.7%
(c)
Atlanta
Water
&
Waste
Water,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF2649,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.08%, 11/05/21
(a)(b)
...............
13,000
13,000,000
Brookhaven
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XG0244,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.08%, 11/05/21
(a)(b)
...............
2,450
2,450,000
Brookhaven
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XM0751,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.08%, 11/05/21
(a)(b)
...............
3,000
3,000,000
Burke
County
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017E-107,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.10%, 11/04/21
(a)(b)
...............
5,000
5,000,000
Gainesville
&
Hall
County
Development
Authority,
Series
2003B,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.12%, 11/01/21
......
27,505
27,505,000
Georgia
Municipal
Electric
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XG0257,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.10%, 11/05/21
(a)(b)
...............
2,230
2,230,000
MuniCash
Schedules
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2021
Security
Par
(000)
Par
(000)
Value
Georgia
(continued)
Georgia
Transmission
Corp.,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XG0308,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.11%, 11/05/21
(a)
(b)
...........................
USD
9,435
$
9,435,000
Heard
County
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017E-105,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.10%, 11/04/21
(a)(b)
...............
2,075
2,075,000
Monroe
County
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017E-106,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.10%, 11/04/21
(a)(b)
...............
5,000
5,000,000
Municipal
Electric
Authority
of
Georgia,
Series
2008B,
RB,
VRDN
(PNC
Bank
NA
LOC),
0.06%, 11/05/21
.................
4,660
4,660,000
Municipal
Electric
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XG0256,
RB,
VRDN
(Bank
of
America
NA
Guaranty),
0.10%, 11/05/21
(a)(b)
...............
15,820
15,820,000
Paulding
County
Hospital
Authority,
Series
2012B,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.06%, 11/05/21
.............
1,100
1,100,000
91,275,000
Idaho
—
1.1%
Idaho
Housing
&
Finance
Association,
Series
2011A,
RB,
VRDN,
0.06%, 11/05/21
(c)
...
8,920
8,920,000
State
of
Idaho,
Series
2021,
GO,
TAN,
3.00%, 06/30/22
.................
50,000
50,952,540
59,872,540
Illinois
—
5.2%
(c)
City
of
Galesburg,
Series
1999,
RB,
VRDN
(PNC
Bank
NA
LOC),
0.09%, 11/05/21
..
2,550
2,550,000
Illinois
Development
Finance
Authority,
Series
1998,
RB,
VRDN
(Northern
Trust
Co.
LOC),
0.05%, 11/05/21
.................
8,000
8,000,000
Illinois
Development
Finance
Authority,
Series
2001,
RB,
VRDN
(BMO
Harris
Bank
NA
LOC),
0.06%, 11/05/21
.............
2,200
2,200,000
Illinois
Finance
Authority,
Series
2004,
RB,
VRDN
(BMO
Harris
Bank
NA
LOC),
0.06%, 11/05/21
.................
11,225
11,225,000
Illinois
Finance
Authority,
Series
2007A,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LOC),
0.05%, 11/05/21
.................
3,800
3,800,000
Illinois
Finance
Authority,
Series
2008,
Sub-
Series
C-1,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.07%, 11/05/21
......
975
975,000
Illinois
Finance
Authority,
Series
2008,
Sub-
Series
D,
RB,
VRDN,
0.04%, 11/05/21
..
47,830
47,830,000
Illinois
Finance
Authority,
Series
2008C,
Sub-
Series
3-A,
RB,
VRDN
(Northern
Trust
Co.
SBPA),
0.07%, 11/05/21
............
7,055
7,055,000
Illinois
Finance
Authority,
Series
2008D,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.05%, 11/05/21
.................
7,000
7,000,000
Illinois
Finance
Authority,
Series
2020B,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.04%, 11/01/21
.................
10,000
10,000,000
Illinois
Finance
Authority,
Series
2021C,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.03%, 11/01/21
.................
24,650
24,650,000
Security
Par
(000)
Par
(000)
Value
Illinois
(continued)
Illinois
Finance
Authority,
Series
2021D,
RB,
VRDN,
0.05%, 11/05/21
............
USD
24,100
$
24,100,000
Illinois
Finance
Authority,
Series
2021D,
RB,
VRDN
(Northern
Trust
Co.
SBPA),
0.05%, 11/05/21
.................
33,000
33,000,000
Illinois
Finance
Authority,
Series
2021E,
RB,
VRDN,
0.05%, 11/05/21
............
32,250
32,250,000
Illinois
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XL0072,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.08%, 11/05/21
(a)(b)
...............
7,500
7,500,000
Illinois
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XL0086,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.08%, 11/05/21
(a)(b)
...............
16,150
16,150,000
Illinois
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XM0781,
RB,
VRDN
(Wells
Fargo
Bank
NA
LIQ),
0.08%, 11/05/21
(a)(b)
23,420
23,420,000
Illinois
Housing
Development
Authority,
Series
2018,
Sub-Series
A-2,
RB,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.05%, 11/05/21
13,500
13,500,000
Illinois
State
Toll
Highway
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2015-XF2202,
RB,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.10%, 11/05/21
(a)(b)
...............
1,140
1,140,000
Illinois
State
Toll
Highway
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XF0801,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.08%, 11/05/21
(a)(b)
...............
3,340
3,340,000
279,685,000
Indiana
—
0.4%
(c)
County
of
Elkhart,
Series
2008A,
RB,
VRDN
(Federal
Home
Loan
Bank
LOC),
0.05%, 11/05/21
.................
6,925
6,925,000
Indiana
Finance
Authority,
Series
2009,
RB,
VRDN
(Sumitomo
Mitsui
Banking
LOC),
0.05%, 11/01/21
.................
9,200
9,200,000
Indiana
Housing
&
Community
Development
Authority,
Series
2017C-3,
RB,
VRDN
(TD
Bank
NA
LIQ),
0.03%, 11/01/21
.......
7,395
7,395,000
23,520,000
Iowa
—
3.9%
(c)
Iowa
Finance
Authority,
Series
2003B,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.05%, 11/05/21
.................
20,780
20,780,000
Iowa
Finance
Authority,
Series
2008B,
RB,
VRDN,
0.09%, 11/05/21
............
54,325
54,325,000
Iowa
Finance
Authority,
Series
2012,
RB,
VRDN
(Korea
Development
Bank
LOC),
0.09%, 11/05/21
(b)
................
94,625
94,625,000
Iowa
Finance
Authority,
Series
2016A,
RB,
VRDN,
0.09%, 11/05/21
............
31,800
31,800,000
Iowa
Finance
Authority,
Series
2017D,
RB,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.05%, 11/05/21
.................
8,400
8,400,000
Iowa
Finance
Authority,
Series
2018C,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LOC),
0.06%, 11/05/21
.................
200
200,000
210,130,000
2021
BlackRock
Annual
Report
to
Shareholders
MuniCash
48
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2021
Security
Par
(000)
Par
(000)
Value
Kansas
—
0.3%
(a)(b)(c)
Topeka
Kansas
Utility,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF0696,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.08%, 11/05/21
.................
USD
8,580
$
8,580,000
Wyandotte
County
Kansas
USD,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018G-23,
GO,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.08%, 11/05/21
7,500
7,500,000
16,080,000
Kentucky
—
1.0%
Kentucky
Economic
Development
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XG0161,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.08%, 11/05/21
(a)(b)(c)
.......
4,960
4,960,000
Louisville
and
Jefferson
County
Metropolitan
Sewer
District,
Series
2021A-1
(Bank
of
America
NA
LOC),
0.11%, 01/20/22
....
16,500
16,496,238
Louisville
and
Jefferson
County
Metropolitan
Sewer
District,
Series
2021A-2,
0.13%, 11/01/21
.................
15,000
14,999,880
Louisville
and
Jefferson
County
Metropolitan
Sewer
District,
Series
2021A-2,
(JPM
Chase
Bank
NA
LOC
)
,
0.10%, 11/04/21
......
10,000
9,999,880
Louisville
and
Jefferson
County
Metropolitan
Sewer
District,
Series
2021A-2,
(JPM
Chase
Bank
NA
LOC)
,
0.10%, 11/08/21
......
4,900
4,899,863
University
of
Louisville,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XM0881,
RB,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.09%, 11/05/21
(a)(b)(c)
..............
2,730
2,730,000
54,085,861
Louisiana
—
0.8%
(c)
Louisiana
Public
Facilities
Authority,
Series
2004,
RB,
VRDN,
0.04%, 11/05/21
.....
23,000
23,000,000
Louisiana
Public
Facilities
Authority,
Series
2008B,
RB,
VRDN,
0.04%, 11/05/21
....
21,400
21,400,000
44,400,000
Maine
—
0.0%
Maine
State
Housing
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XL0179,
RB,
VRDN
(Barclays
Bank
plc
LIQ),
0.08%, 11/05/21
(a)(b)
(c)
...........................
1,670
1,670,000
Maryland
—
0.6%
(c)
Baltimore
County,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF0642,
BAN,
GO,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.08%, 11/05/21
(a)(b)
2,800
2,800,000
Maryland
Economic
Development
Corp.,
Series
2008A,
RB,
VRDN,
0.06%, 11/05/21
....
8,050
8,050,000
Maryland
Health
&
Higher
Educational
Facilities
Authority,
Series
2009B,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.06%, 11/05/21
....
13,095
13,095,000
Maryland
Health
&
Higher
Educational
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XG0335,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.08%, 11/05/21
(a)(b)
........
4,345
4,345,000
Security
Par
(000)
Par
(000)
Value
Maryland
(continued)
Washington
Suburban
Sanitary
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XM0816,
RB,
VRDN
(Barclays
Bank
plc
LIQ),
0.08%, 11/05/21
(a)(b)
...............
USD
2,285
$
2,285,000
30,575,000
Massachusetts
—
3.1%
Attleboro,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XM0915,
GO,
VRDN
(Wells
Fargo
Bank
NA
LIQ),
0.08%, 11/05/21
(a)(b)(c)
..........
6,750
6,750,000
City
of
Quincy,
Series
2021,
BAN,
GO,
1.00%, 07/08/22
.................
50,000
50,291,960
Commonwealth
of
Massachusetts,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XG0279,
Go,
VRDN
(Bank
of
America
NA
LIQ),
0.07%, 11/05/21
(a)(b)(c)
..............
3,510
3,510,000
Commonwealth
of
Massachusetts,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021
E-148,
GO,
VRDN
(Royal
Bank
of
Canada
LOC),
0.08%, 11/05/21
(a)(b)(c)
..............
20,000
20,000,000
Massachusetts
Bay
Transportation
Authority,
Series
2018A,
Sub-Series
A-2,
RB,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA),
0.04%, 11/05/21
(c)
................
10,750
10,750,000
Massachusetts
Bay
Transportation
Authority,
Series
2021A,
0.08%, 12/01/21
.......
37,500
37,499,737
Massachusetts
Bay
Transportation
Authority,
Series
2021B,
0.07%, 12/07/21
.......
10,000
9,999,320
Massachusetts
Development
Finance
Agency,
Series
2011,
RB,
VRDN
(Sumitomo
Mitsui
Banking
LOC),
0.05%, 11/05/21
(c)
......
5,000
5,000,000
Massachusetts
Development
Finance
Agency,
Series
2018R,
RB,
VRDN
(US
Bank
NA
SBPA),
0.03%, 11/01/21
(c)
...........
11,800
11,800,000
Massachusetts
Housing
Finance
Agency,
Series
2018-196,
RB,
VRDN
(UBS
AG
SBPA),
0.06%, 11/05/21
(c)
...........
6,000
6,000,000
Massachusetts
State
Transporting
Fund,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XF0610,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.08%, 11/05/21
(a)(b)(c)
....
4,500
4,500,000
166,101,017
Michigan
—
4.0%
Board
of
Trustees
Michigan
State
University,
Series
2021G,
0.09%, 11/04/21
.......
2,090
2,089,998
Board
of
Trustees
Michigan
State
University,
Series
2021G,
0.09%, 12/03/21
.......
24,000
23,997,720
Board
of
Trustees
Michigan
State
University,
Series
2021G,
0.10%, 12/07/21
.......
24,500
24,499,804
Kent
Hospital
Finance
Authority,
Series
2008C,
RB,
VRDN
(Bank
of
New
York
Mellon
LOC),
0.07%, 11/05/21
(c)
................
4,075
4,075,000
Michigan
Building
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XM0743,
RB,
VRDN
(Wells
Fargo
Bank
NA
LIQ),
0.08%, 11/05/21
(a)(b)(c)
..............
4,000
4,000,000
Michigan
State
Housing
Development
Authority,
Series
2006C,
RB,
VRDN
(US
Bank
NA
SBPA),
0.05%, 11/05/21
(c)
...........
15,305
15,305,000
MuniCash
Schedules
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2021
Security
Par
(000)
Par
(000)
Value
Michigan
(continued)
Michigan
State
University,
Series
2000-A,
RB,
VRDN
(Northern
Trust
Co.
SBPA),
0.07%, 11/05/21
(c)
................
USD
5,235
$
5,235,000
Michigan
State
University,
Series
2000A-
1,
RB,
VRDN
(PNC
Bank
NA
SBPA),
0.07%, 11/05/21
(c)
................
44,445
44,445,000
Michigan
State
University,
Series
2003A,
RB,
VRDN
(Northern
Trust
Co.
SBPA),
0.07%, 11/05/21
(c)
................
39,670
39,670,000
Michigan
State
University,
Series
2005,
RB,
VRDN
(PNC
Bank
NA
SBPA),
0.07%, 11/05/21
(c)
................
51,090
51,090,000
214,407,522
Minnesota
—
2.6%
City
of
Minneapolis,
Series
1997B,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.07%, 11/05/21
(c)
................
4,950
4,950,000
City
of
Minneapolis,
Series
2009,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.05%, 11/05/21
(c)
................
8,800
8,800,000
City
of
Rochester,
Series
2008A,
RB,
VRDN,
0.05%, 11/05/21
(c)
................
29,070
29,070,000
City
of
Rochester,
Series
2019A,
RB,
VRDN
(United
Fidelity
Bank
LOC),
0.05%, 11/05/21
(c)
................
15,000
15,000,000
City
of
Rochester,
Series
2019C,
RB,
VRDN
(United
Fidelity
Bank
LOC),
0.05%, 11/05/21
(c)
................
4,800
4,800,000
County
of
Hennepin,
Series
2018B,
GO,
VRDN
(TD
Bank
NA
SBPA),
0.05%, 11/05/21
(c)
..
4,450
4,450,000
Minnesota
Housing
Finance
Agency,
Series
2015G,
RB,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.05%, 11/05/21
(c)
...........
18,470
18,470,000
Regents
of
the
University
of
Minnesota,
Series
2021F,
0.09%, 11/03/21
............
40,100
40,099,679
University
of
Minnesota,
Series
2021C,
0.09%, 12/07/21
.................
15,200
15,199,879
140,839,558
Mississippi
—
3.6%
(c)
County
of
Jackson,
Series
1993,
RB,
VRDN,
0.03%, 11/01/21
.................
33,245
33,245,000
Mississippi
Business
Finance
Corp.,
Series
2007B,
RB,
VRDN,
0.03%, 11/01/21
....
27,150
27,150,000
Mississippi
Business
Finance
Corp.,
Series
2007C,
RB,
VRDN,
0.03%, 11/01/21
....
11,295
11,295,000
Mississippi
Business
Finance
Corp.,
Series
2007E,
RB,
VRDN,
0.03%, 11/01/21
....
4,100
4,100,000
Mississippi
Business
Finance
Corp.,
Series
2009B,
RB,
VRDN,
0.03%, 11/01/21
....
6,000
6,000,000
Mississippi
Business
Finance
Corp.,
Series
2009D,
RB,
VRDN,
0.03%, 11/01/21
....
7,500
7,500,000
Mississippi
Business
Finance
Corp.,
Series
2009F,
RB,
VRDN,
0.03%, 11/01/21
....
2,375
2,375,000
Mississippi
Business
Finance
Corp.,
Series
2010G,
RB,
VRDN,
0.03%, 11/01/21
....
10,700
10,700,000
Mississippi
Business
Finance
Corp.,
Series
2010H,
RB,
VRDN,
0.03%, 11/01/21
....
21,885
21,885,000
Mississippi
Business
Finance
Corp.,
Series
2010I,
RB,
VRDN,
0.03%, 11/01/21
....
13,135
13,135,000
Mississippi
Business
Finance
Corp.,
Series
2010K,
RB,
VRDN,
0.03%, 11/01/21
....
18,005
18,005,000
Mississippi
Business
Finance
Corp.,
Series
2010L,
RB,
VRDN,
0.03%, 11/01/21
....
37,350
37,350,000
192,740,000
Security
Par
(000)
Par
(000)
Value
Missouri
—
3.0%
(c)
City
of
Kansas
City,
Series
2008E,
RB,
VRDN
(Sumitomo
Mitsui
Banking
LOC),
0.06%, 11/05/21
.................
USD
8,365
$
8,365,000
Curators
of
the
University
of
Missouri
(The),
Series
2007B,
RB,
VRDN,
0.04%, 11/05/21
52,225
52,225,000
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF0678,
RB,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.08%, 11/05/21
(a)(b)
......
18,800
18,800,000
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XG0184,
RB,
VRDN
(Citibank
NA
LOC),
0.10%, 11/05/21
(a)(b)
...........
5,000
5,000,000
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019C-17,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.10%, 11/05/21
(a)(b)
.....
14,000
14,000,000
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XG0300,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.09%, 11/05/21
(a)(b)
........
7,500
7,500,000
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
C-16,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.11%, 11/05/21
(a)(b)
...........
54,500
54,500,000
160,390,000
Nebraska
—
2.8%
Lincoln
Nebraska
Electric,
Series
2021,
0.08%, 12/03/21
.................
40,000
39,996,200
Nebraska
Investment
Finance
Authority,
Series
2017C,
RB,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.06%, 11/05/21
(c)
.......
15,195
15,195,000
Omaha
Public
Power
District,
Series
2021A,
0.10%, 11/01/21
.................
4,000
3,999,976
Omaha
Public
Power
District,
Series
2021A,
0.11%, 12/02/21
.................
3,750
3,749,760
Omaha
Public
Power
District,
Series
2021A,
0.08%, 01/04/22
.................
14,370
14,367,629
Omaha
Public
Power
District,
Series
2021A,
0.08%, 01/05/22
.................
14,000
13,997,662
Omaha
Public
Power
District,
Series
2021A,
0.10%, 02/01/22
.................
9,950
9,949,721
Omaha
Public
Power
District,
Series
2021A,
0.10%, 02/02/22
.................
10,050
10,049,719
Omaha
Public
Power
District,
Series
2021A,
0.10%, 02/03/22
.................
14,000
13,999,594
Omaha
Public
Power
District,
Series
2021A,
0.10%, 02/04/22
.................
11,400
11,399,738
Omaha
Public
Power
District
Electric,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF2685,
RB,
VRDN
(Citibank
NA
LIQ),
0.08%, 11/05/21
(a)
(b)(c)
..........................
5,400
5,400,000
University
of
Nebraska
Facilities
Corp.,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XL0174,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.07%, 11/05/21
(a)(b)(c)
..............
8,000
8,000,000
150,104,999
2021
BlackRock
Annual
Report
to
Shareholders
MuniCash
50
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2021
Security
Par
(000)
Par
(000)
Value
Nevada
—
0.1%
Nevada
System
of
Higher
Education,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XF2858,
COP,
VRDN
(Barclays
Bank
plc
LIQ),
0.08%, 11/05/21
(a)(b)(c)
..............
USD
6,075
$
6,075,000
New
Jersey
—
0.7%
County
of
Middlesex,
Series
2021,
BAN,
GO,
2.00%, 06/01/22
.................
6,378
6,447,592
New
Jersey
Economic
Development
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XX1091,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.08%, 11/05/21
(a)(b)(c)
..........
11,545
11,545,000
New
Jersey
Economic
Development
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XF2853,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.08%, 11/05/21
(a)(b)(c)
..........
2,740
2,740,000
New
Jersey
State
Appropriation,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XG0168,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.08%, 11/05/21
(a)
(b)(c)
..........................
7,725
7,725,000
New
Jersey
State
Housing
&
Mortgage
Finance
Agency,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2019-
XG0228,
RB,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.08%, 11/05/21
(a)(b)(c)
..........
2,630
2,630,000
New
Jersey
Transportation
Trust
Fund
Authority,
Series
2020-XM0926,
VRDN,
0.08%, 11/05/21
(c)
................
4,250
4,250,000
35,337,592
New
Mexico
—
0.1%
New
Mexico
Hospital
Equipment
Loan
Council,
Series
2008D,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.03%, 11/01/21
(c)
.....
7,035
7,035,000
New
York
—
10.0%
Battery
Park
City
Authority,
Series
2019D-
1,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.06%, 11/05/21
(c)
................
700
700,000
Battery
Park
City
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019E-137,
VRDN,
0.08%, 11/05/21
(a)(c)
...............
4,645
4,645,000
Build
NYC
Resource
Corp.,
Series
2015,
RB,
VRDN
(TD
Bank
NA
LOC),
0.05%, 11/05/21
(c)
................
3,800
3,800,000
City
of
New
York,
Series
2006I,
Sub-Series
I-4,
GO,
VRDN
(TD
Bank
NA
LOC),
0.03%, 11/01/21
(c)
................
32,245
32,245,000
City
of
New
York,
Series
2014D,
Sub-series
D-4,
GO,
VRDN
(TD
Bank
NA
LOC),
0.03%, 11/01/21
(c)
................
5,050
5,050,000
City
of
New
York,
Series
2018E,
Sub-series
E-5,
GO,
VRDN
(TD
Bank
NA
LOC),
0.03%, 11/01/21
(c)
................
7,000
7,000,000
City
of
New
York,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XL0184,
Go,
VRDN
(Wells
Fargo
Bank
NA
LIQ),
0.08%, 11/05/21
(a)(b)(c)
........
2,000
2,000,000
City
of
New
York,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
G-55,
GO,
VRDN
(Royal
Bank
of
Canada
LOC),
0.08%, 11/05/21
(a)(b)(c)
..........
7,865
7,865,000
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Hudson
YDS
Infrastructure
Corp.,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017-XF0550,
RB,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.09%, 11/05/21
(a)(b)(c)
..............
USD
10,050
$
10,050,000
Hudson
YDS
Infrastructure
Corp.,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF0677,
RB,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.09%, 11/05/21
(a)(b)(c)
..............
4,595
4,595,000
Metropolitan
Transportation
Authority,
Series
2008A-1,
RB,
VRDN
(TD
Bank
NA
LOC),
0.03%, 11/01/21
(c)
................
6,480
6,480,000
Metropolitan
Transportation
Authority,
Series
2012A-2,
RB,
VRDN
(Bank
of
Montreal
LOC),
0.08%, 11/05/21
(c)
............
25,000
25,000,000
Metropolitan
Transportation
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
E-126,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.10%, 11/05/21
(a)(b)(c)
..............
30,500
30,500,000
Monroe
County
Industrial
Development
Corp.,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XF0991,
RB,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.07%, 11/05/21
(a)(b)(c)
......
6,150
6,150,000
New
York
City
Health
&
Hospitals
Corp.,
Series
2008B,
RB,
VRDN
(TD
Bank
NA
LOC),
0.06%, 11/05/21
(c)
................
5,430
5,430,000
New
York
City
Health
&
Hospitals
Corp.,
Series
2008C,
RB,
VRDN
(TD
Bank
NA
LOC),
0.06%, 11/05/21
(c)
................
5,005
5,005,000
New
York
City
Housing
Development
Corp.,
Series
2009A,
RB,
VRDN
(Freddie
Mac
LOC),
0.06%, 11/05/21
(c)
............
800
800,000
New
York
City
Housing
Development
Corp.,
Series
2019A-4,
RB,
VRDN
(Royal
Bank
of
Canada
SBPA),
0.05%, 11/05/21
(c)
.....
29,000
29,000,000
New
York
City
Housing
Devel
opment
Corp.,
Series
2021H
,
0.12%, 03/15/22
(c)
......
24,000
23,992,622
New
York
City
Municipal
Water
Finance,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XM0731,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.08%, 11/05/21
(a)(b)(c)
..............
2,800
2,800,000
New
York
City
Transitional
Finance
Authority,
Series
2003,
Sub-series
A-4,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.03%, 11/01/21
(c)
.....
5,760
5,760,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2011,
Sub-
Series
A-4,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.04%, 11/01/21
(c)
...........
14,100
14,100,000
New
York
City
Transitional
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XF2529,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.08%, 11/05/21
(a)(b)(c)
....
4,625
4,625,000
New
York
City
Transitional
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XF0992,
RB,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.07%, 11/05/21
(a)(b)(c)
......
3,080
3,080,000
MuniCash
Schedules
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2021
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
City
Transitional
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2021-
XL0164,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.07%, 11/05/21
(a)(b)(c)
.........
USD
9,330
$
9,330,000
New
York
City
Trust
for
Cultural
Resources,
Series
2009A,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LOC),
0.06%, 11/05/21
(c)
15,335
15,335,000
New
York
City
Water
&
Sewer
System,
Series
2001F-1,
RB,
VRDN
(Mizuho
Bank
Ltd.
SBPA),
0.03%, 11/01/21
(c)
...........
11,000
11,000,000
New
York
City
Water
&
Sewer
System,
Series
2013,
Sub-Series
AA2,
RB,
VRDN
(PNC
Bank
NA
SBPA),
0.06%, 11/05/21
(c)
.....
6,300
6,300,000
New
York
City
Water
&
Sewer
System,
Series
2013,
Sub-Series
AA-2,
RB,
VRDN
(Bank
of
Tokyo-Mitsubishi
UFJ
Ltd.
SBPA),
0.05%, 11/05/21
(c)
................
11,450
11,450,000
New
York
Power
Authority,
Series
2021,
0.08%, 11/16/21
.................
38,522
38,521,846
New
York
Power
Authority,
Series
2021,
0.10%, 01/06/22
.................
9,900
9,898,357
New
York
Power
Authority,
Series
2021,
0.10%, 01/07/22
.................
21,800
21,796,403
New
York
State
Authority
General,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XF0829,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.08%, 11/05/21
(a)(b)(c)
..............
3,585
3,585,000
New
York
State
Dormitory
Authority,
Series
2008C,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.05%, 11/05/21
(c)
............
1,620
1,620,000
New
York
State
Dormitory
Authority,
Series
2012,
RB,
VRDN
(HSBC
Bank
USA
NA
LOC),
0.07%, 11/05/21
(c)
............
3,935
3,935,000
New
York
State
Dormitory
Authority,
Series
2019C,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.05%, 11/05/21
(c)
........
20,000
20,000,000
New
York
State
Dormitory
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF2647,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.08%, 11/05/21
(a)(b)(c)
..............
2,500
2,500,000
New
York
State
Dormitory
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020E-146,
VRDN,
0.08%, 11/05/21
(a)(c)
...............
7,000
7,000,000
New
York
State
Energy
Research
&
Development
Authority,
Series
2005A,
Sub-
Series
A-1,
RB,
VRDN
(Mizuho
Bank
Ltd.
LOC),
0.06%, 11/05/21
(c)
............
22,100
22,100,000
New
York
State
Energy
Research
&
Development
Authority,
Series
2005A,
Sub-
Series
A-2,
RB,
VRDN
(Mizuho
Bank
Ltd.
LOC),
0.05%, 11/05/21
(c)
............
9,700
9,700,000
New
York
State
Housing
Finance
Agency,
Series
2004A,
RB,
VRDN
(Fannie
Mae
LOC),
0.05%, 11/05/21
(c)
............
5,400
5,400,000
New
York
State
Housing
Finance
Agency,
Series
2009A,
RB,
VRDN
(Fannie
Mae
LOC),
0.07%, 11/05/21
(c)
............
4,500
4,500,000
New
York
State
Housing
Finance
Agency,
Series
2016A,
RB,
VRDN
(
Landesbank
Hessen-
Thuringen
Girozentrale
LOC),
0.07%, 11/05/21
(c)
................
2,400
2,400,000
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
State
Urban
Development
Corp.,
Series
2004A-3-B,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.06%, 11/05/21
(c)
USD
11,710
$
11,710,000
New
York
State
Urban
Development
Corp.,
Series
2004A-3-C,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.05%, 11/05/21
(c)
2,995
2,995,000
New
York
State
Urban
Development
Corp.,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XM0580,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.08%, 11/05/21
(a)(b)(c)
....
3,750
3,750,000
Port
Authority
of
New
York
&
New
Jersey,
Series
2021B
(JP
Morgan
Chase
Bank
NA
Guaranty),
0.16%, 04/13/22
..........
4,225
4,223,263
State
of
New
York
Mortgage
Agency,
Series
2021-234,
RB,
VRDN
(UBS
AG
LOC),
0.05%, 11/05/21
(c)
................
20,000
20,000,000
Triborough
Bridge
&
Tunnel
Authority,
Series
2005,
Sub-Series
B-2B,
RB,
VRDN
(State
Street
Bank
&
Trust
Co.
LOC),
0.08%, 11/05/21
(c)
................
44,900
44,900,000
534,622,491
North
Carolina
—
2.1%
(c)
Charlotte-Mecklenburg
Hospital
Authority
(The),
Series
2007E,
RB,
VRDN
(TD
Bank
NA
LOC),
0.03%, 11/01/21
.............
13,485
13,485,000
Charlotte-Mecklenburg
Hospital
Authority
(The),
Series
2021E,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.04%, 11/01/21
.......
49,775
49,775,000
City
of
Charlotte,
Series
2003F,
COP,
VRDN
(Bank
of
America
NA
SBPA),
0.05%, 11/05/21
.................
5,000
5,000,000
City
of
Charlotte,
Series
2013G,
COP,
VRDN
(Wells
Fargo
Bank
NA
LIQ),
0.05%, 11/05/21
.................
13,515
13,515,000
City
of
Raleigh,
Series
2005B-1,
COP,
VRDN
(PNC
Bank
NA
SBPA),
0.06%, 11/05/21
.
28,040
28,040,000
University
of
Chapel
Hill
Union,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XG0262,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.10%, 11/05/21
(a)(b)
...............
640
640,000
University
of
North
Carolina
at
Chapel
Hill,
Series
2001A,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.03%, 11/01/21
............
4,650
4,650,000
115,105,000
North
Dakota
—
0.2%
North
Dakota
Housing
Finance
Agency,
Series
2017H,
RB,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.05%, 11/05/21
(c)
.......
12,295
12,295,000
Ohio
—
3.6%
Allen
County
Ohio
Hospital
Facilities,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019E,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.08%, 11/05/21
(a)(b)(c)
..............
11,970
11,970,000
Berea
Ohio
City
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-G-54,
GO,
VRDN
(Royal
Bank
of
Canada
LOC),
0.08%, 11/05/21
(a)(b)(c)
..............
4,050
4,050,000
County
of
Franklin,
Series
2011D-1,
RB,
VRDN,
0.05%, 11/05/21
(c)
................
58,000
58,000,000
County
of
Franklin,
Series
2018C,
RB,
VRDN,
0.05%, 11/05/21
(c)
................
37,150
37,150,000
2021
BlackRock
Annual
Report
to
Shareholders
MuniCash
52
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2021
Security
Par
(000)
Par
(000)
Value
Ohio
(continued)
County
of
Franklin,
Series
2018D,
RB,
VRDN,
0.06%, 11/05/21
(c)
................
USD
11,835
$
11,835,000
Forest
Hills
Ohio
Local
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018G-30,
GO,
VRDN
(Royal
Bank
of
Canada
LOC),
0.08%, 11/05/21
(a)(b)(c)
..............
4,600
4,600,000
Miami
County
Ohio
Hospital
Facilities,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XG0225,
RB,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.09%, 11/05/21
(a)(b)(c)
..............
3,000
3,000,000
Ohio
Higher
Educational
Facility
Commission,
Series
2013B-1,
RB,
VRDN,
0.05%, 11/05/21
(c)
................
28,400
28,400,000
Ohio
State
Hospital
Facility,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017-XF0573,
RB,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.10%, 11/05/21
(a)(b)(c)
..............
525
525,000
Ohio
Water
Development
Authority
Water
Pollution
Control
Loan
Fund,
Series
2016A,
RB,
VRDN
(Toronto-Dominion
Bank
SBPA),
0.04%, 11/05/21
(c)
................
22,745
22,745,000
State
of
Ohio,
Series
2021-A,
GO,
5.00%, 03/01/22
(d)
................
1,050
1,065,818
State
of
Ohio,
Series
2021B,
RB,
VRDN,
0.05%, 11/05/21
(c)
................
12,445
12,445,000
195,785,818
Oregon
—
0.2%
(c)
Oregon
State
Facilities
Authority,
Series
2005A,
RB,
VRDN
(Fannie
Mae
LOC),
0.09%, 11/05/21
.................
7,475
7,475,000
Oregon
State
Facilities
Authority,
Series
2018B,
RB,
VRDN
(TD
Bank
NA
LOC),
0.03%, 11/01/21
.................
3,270
3,270,000
10,745,000
Pennsylvania
—
4.7%
(c)
Emmaus
General
Authority,
Series
1996,
RB,
VRDN
(Wells
Fargo
Bank
NA
SBPA),
0.05%, 11/05/21
.................
33,900
33,900,000
Geisinger
Authority
Pennsylvania
Health
System,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2017-
XF0543,
RB,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.12%, 11/05/21
(a)(b)
...........
4,000
4,000,000
Geisinger
Authority
Pennsylvania
Health
System,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XM0613,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.11%, 11/05/21
(a)(b)
.....
4,325
4,325,000
General
Authority
of
Southcentral
Pennsylvania,
Series
2019C,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.08%, 11/05/21
...........
10,500
10,500,000
General
Authority
of
Southcentral
Pennsylvania,
Series
2019D,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.08%, 11/05/21
...........
18,500
18,500,000
Lancaster
Industrial
Development
Authority,
Series
2009C,
VRDN,
0.05%, 11/05/21
..
10,970
10,970,000
Montgomery
County
Industrial
Development
Authority,
Series
2002,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.12%, 11/01/21
..........
8,845
8,845,000
Oklahoma
Development
Finance
Authority,
Series
2020E-140,
VRDN,
0.08%, 11/05/21
12,400
12,400,000
Security
Par
(000)
Par
(000)
Value
Pennsylvania
(continued)
Pennsylvania
Economic
Development
Financing
Authority,
Series
2009C,
RB,
VRDN
(MUFG
Bank
Ltd.
LOC),
0.18%, 11/05/21
.................
USD
12,000
$
12,000,000
Pennsylvania
State
Housing
Finance
Agency,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XF0721,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.08%, 11/05/21
(a)(b)
.....
1,700
1,700,000
Pennsylvania
State
Housing
Finance
Agency,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XL0140,
RB,
VRDN
(Wells
Fargo
Bank
NA
LIQ),
0.08%, 11/05/21
(a)(b)
...........
1,625
1,625,000
Philadelphia
Authority
for
Industrial
Development,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XF2836,
RB,
VRDN
(Mizuho
Capital
Markets
LLC
Guaranty),
0.21%, 11/05/21
(a)(b)
3,930
3,930,000
Sports
&
Exhibition
Authority
of
Pittsburgh
and
Allegheny
County,
Series
2007A,
RB,
VRDN
(PNC
Bank
NA
SBPA),
0.06%, 11/05/21
.
109,135
109,135,000
Westmoreland
County
Muni
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017-YX1075,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.08%, 11/05/21
(a)(b)
...............
17,190
17,190,000
Wilkes-Barre
Area
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XF0777,
GO,
VRDN
(Bank
of
America
NA
LOC),
0.09%, 11/05/21
(a)(b)
...............
2,280
2,280,000
251,300,000
Rhode
Island
—
0.2%
City
of
Cranston,
Series
2021-1,
BAN,
GO,
1.00%, 08/23/22
.................
3,500
3,522,162
Rhode
Island
Health
&
Education
Building
Corp.,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2019-
XM0721,
RB,
VRDN
(Wells
Fargo
Bank
NA
LIQ),
0.08%, 11/05/21
(a)(b)(c)
..........
8,250
8,250,000
11,772,162
South
Carolina
—
1.5%
City
of
Columbia
Waterworks
&
Sewer
System,
Series
2009,
RB,
VRDN
(Sumitomo
Mitsui
Banking
LOC),
0.05%, 11/05/21
(c)
......
20,460
20,460,000
South
Carolina
Jobs-Economic
Development
Authority,
Series
2021A,
RB,
VRDN
(United
Fidelity
Bank
LOC),
0.05%, 11/05/21
(c)
...
16,200
16,200,000
South
Carolina
Public
Service
Authority,
Series
2019A,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.10%, 11/05/21
(c)
............
25,460
25,460,000
South
Carolina
Public
Service
Authority,
Series
2021B,
0.10%, 12/15/21
............
8,000
7,999,904
South
Carolina
State
Housing
Finance
&
Development
Authority,
Series
2008,
RB,
VRDN
(Freddie
Mac
LOC),
0.05%, 11/05/21
(c)
................
1,780
1,780,000
South
Carolina
State
Housing
Finance
&
Development
Authority,
Series
2020,
RB,
VRDN
(Federal
Home
Loan
Bank
LOC),
0.05%, 11/05/21
(c)
................
10,925
10,925,000
82,824,904
MuniCash
Schedules
of
Investments
53
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2021
Security
Par
(000)
Par
(000)
Value
South
Dakota
—
0.4%
(c)
South
Dakota
Housing
Development
Authority,
Series
2020B,
RB,
VRDN,
0.06%, 11/05/21
USD
14,400
$
14,400,000
South
Dakota
Housing
Development
Authority,
Series
2020D,
RB,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.07%, 11/05/21
....
7,600
7,600,000
22,000,000
Tennessee
—
0.6%
City
of
Memphis,
Series
2021A,
0.06%, 11/03/21
.................
4,000
3,999,968
Clarksville
Public
Building
Authority,
Series
1999,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.07%, 11/05/21
(c)
............
2,025
2,025,000
Memphis
Sanitary
Sewer
System,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XF0994,
RB,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.08%, 11/04/21
(a)(b)(c)
..............
4,340
4,340,000
Public
Building
Authority
of
Sevier
County
(The),
Series
2008VII-B-1,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.07%, 11/05/21
(c)
..
12,230
12,230,000
Tennessee
Housing
Development
Agency
Resident,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-YX1087,
RB,
VRDN
(Barclays
Bank
plc
LIQ),
0.08%, 11/05/21
(a)(b)(c)
........
7,860
7,860,000
30,454,968
Texas
—
9.5%
Austin
Electric
Utility
System,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2015-XF0220,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.09%, 11/05/21
(a)(b)(c)
..............
27,745
27,745,000
Bexar
County
Housing
Finance
Corp.,
Series
2000,
RB,
VRDN
(Fannie
Mae
LOC),
0.05%, 11/05/21
(c)
................
2,905
2,905,000
Board
of
Regents
of
the
University
of
Texas
System,
Series
2008B,
RB,
VRDN
(University
of
Texas
System
(The)
LIQ),
0.05%, 11/05/21
(c)
................
8,360
8,360,000
Board
of
Regents
of
the
University
of
Texas
System,
Series
2021A,
0.08%, 12/07/21
.
25,000
24,996,950
Board
of
Regents
of
the
University
of
Texas
System,
Series
2021A,
0.08%, 12/08/21
.
13,725
13,723,257
Board
of
Regents
of
the
University
of
Texas
System,
Series
2021A,
0.08%, 12/09/21
.
5,000
4,999,425
Board
of
Regents
of
the
University
of
Texas
System,
Series
2021A,
0.10%, 01/13/22
.
25,000
24,999,525
Brownsville
Texas
Utilities
System,
Series
2021A,
0.22%, 12/16/21
............
10,000
9,998,620
City
of
Austin
Water
&
Wastewater
System,
Series
2008,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.06%, 11/05/21
(c)
............
9,190
9,190,000
City
of
Garland,
Series
2021
(Barclays
LOC),
0.06%, 11/17/21
.................
8,000
7,999,744
City
of
Garland,
Series
2021
(Sumitomo
Mitsui
LOC),
0.10%, 12/16/21
.............
26,500
26,499,682
City
of
Houston
Combined
Utility
System,
Series
2004B-2,
RB,
VRDN
(Citibank
NA
LOC),
0.05%, 11/05/21
(c)
............
1,630
1,630,000
City
of
Houston
Combined
Utility
System,
Series
2004B-3,
RB,
VRDN
(Sumitomo
Mitsui
Banking
LOC),
0.05%, 11/05/21
(c)
.
10,755
10,755,000
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
Dallas
Texas
Water
Works
&
Swear
System,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XF2697,
RB,
VRDN
(Citibank
NA
LIQ),
0.07%, 11/05/21
(a)(b)(c)
..............
USD
6,000
$
6,000,000
Harris
County
Cultural
Education
Facilities
Finance
Corp.,
Series
2021C-1,
0.08%, 01/04/22
.................
73,000
72,987,955
Harris
County
Texas
Cultural
Education
Facilities
Finance
Corp.,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021E-149,
RB,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.08%, 11/05/21
(a)(b)(c)
..............
15,400
15,400,000
Lamar
Texas
Cons
Independent
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
G-18,
GO,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.08%, 11/05/21
(a)(b)(c)
......
7,740
7,740,000
Laredo
Texas,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
G-60,
GO,
VRDN
(Royal
Bank
of
Canada
LOC),
0.08%, 11/05/21
(a)(b)(c)
..........
10,520
10,520,000
Leander
Texas
Independent
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
G-62,
GO,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.08%, 11/05/21
(a)(b)(c)
......
2,000
2,000,000
Lower
Colorado
River
Authority,
Series
2021
(JPM
Chase
Bank
NA
LOC,
State
Street
Bank
LOC),
0.09%, 01/05/22
.........
6,470
6,468,926
North
Bend
Water
Authority
Texas
Water,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2019-
XF0816,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.11%, 11/05/21
(a)(b)(c)
....
16,520
16,520,000
Permanent
University
Fund
-
University
of
Texas
System,
Series
2008A,
RB,
VRDN
(University
of
Texas
System
(The)
LIQ),
0.04%, 11/05/21
(c)
................
6,840
6,840,000
Port
of
Arthur
Navigation
District
Industrial
Development
Corp.,
Series
2002C,
RB,
VRDN,
0.08%, 11/05/21
(c)
...........
1,500
1,500,000
Port
of
Arthur
Navigation
District
Industrial
Development
Corp.,
Series
2010A,
RB,
VRDN,
0.08%, 11/05/21
(c)
...........
3,000
3,000,000
Red
River
Education
Finance
Corp.,
Series
2000,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.07%, 11/05/21
(c)
................
15,000
15,000,000
Red
River
Education
Finance
Corp.,
Series
2006,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.06%, 11/05/21
(c)
................
21,900
21,900,000
San
Antonio
Housing
Trust
Finance
Corp.,
Series
2020A,
RB,
VRDN
(United
Fidelity
Bank
LOC),
0.05%, 11/05/21
(c)
........
17,250
17,250,000
San
Antonio
Housing
Trust
Finance
Corp.,
Series
2020B,
RB,
VRDN
(United
Fidelity
Bank
LOC),
0.05%, 11/05/21
(c)
........
4,000
4,000,000
South
Texas
Community
College
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018G-
35,
GO,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.08%, 11/05/21
(a)(b)(c)
......
7,135
7,135,000
State
of
Texas,
Series
2015B,
GO,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.05%, 11/05/21
(c)
................
60,225
60,225,000
2021
BlackRock
Annual
Report
to
Shareholders
MuniCash
54
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2021
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
State
of
Texas,
Series
2018,
GO,
VRDN
(Federal
Home
Loan
Bank
LIQ),
0.06%, 11/05/21
(c)
................
USD
2,215
$
2,215,000
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.,
Series
2008A,
RB,
VRDN
(TD
Bank
NA
LOC),
0.03%, 11/01/21
(c)
..
25,120
25,120,000
Texas
A&M
University,
Series
2021B,
0.08%, 11/03/21
.................
35,000
34,999,650
Texas
Water
Development
Board,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2015-XF2201,
RB,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.10%, 11/05/21
(a)(b)(c)
..............
300
300,000
510,923,734
Utah
—
2.1%
(c)
City
of
Murray,
Series
2003A,
RB,
VRDN,
0.04%, 11/05/21
.................
39,600
39,600,000
County
of
Utah,
Series
2016C,
RB,
VRDN
(BMO
Harris
Bank
NA
SBPA),
0.05%, 11/05/21
.................
28,975
28,975,000
County
of
Utah,
Series
2016E,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.05%, 11/05/21
.................
11,790
11,790,000
County
of
Utah,
Series
2018C,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.02%, 11/01/21
......
27,260
27,260,000
Intermountain
Power
Agency
Utah
Power,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
E142,
RB,
VRDN
(Royal
Bank
of
Canada
Guaranty),
0.08%, 11/05/21
(a)(b)
.......
5,255
5,255,000
Utah
County
Hospital,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XM0732,
RB,
VRDN
(Wells
Fargo
Bank
NA
LIQ),
0.08%, 11/05/21
(a)(b)
1,910
1,910,000
114,790,000
Vermont
—
0.1%
Vermont
Municipal
Bond
Bank,
Series
2021-4,
RB,
4.00%, 12/01/21
..............
2,630
2,638,148
Virginia
—
1.4%
(c)
Fairfax
County
Industrial
Development
Authority,
Series
2016C,
RB,
VRDN,
0.05%, 11/05/21
.................
6,830
6,830,000
Hampton
Roads
Transport
Accountant,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF0606,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.08%, 11/05/21
(a)(b)
...............
5,100
5,100,000
Loudoun
County
Economic
Development
Authority,
Series
2003A,
RB,
VRDN,
0.04%, 11/05/21
.................
12,530
12,530,000
Loudoun
County
Economic
Development
Authority,
Series
2003F,
RB,
VRDN,
0.06%, 11/05/21
.................
23,055
23,055,000
Norfolk
Economic
Development
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XG0183,
RB,
VRDN
(Barclays
Bank
plc
LIQ),
0.08%, 11/05/21
(a)(b)
...........
12,860
12,860,000
Virginia
College
Building
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XG0329,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.07%, 11/05/21
(a)(b)
...............
7,310
7,310,000
Security
Par
(000)
Par
(000)
Value
Virginia
(continued)
Virginia
Commonwealth
Transportation
Board
Trust,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XF0659,
RB,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.08%, 11/05/21
(a)(b)
...........
USD
6,000
$
6,000,000
73,685,000
Washington
—
1.9%
County
of
King,
Series
2019B,
GO,
VRDN
(TD
Bank
NA
SBPA),
0.06%, 11/05/21
(c)
.....
10,600
10,600,000
County
of
King,
Series
2021A,
0.09%, 11/09/21
3,500
3,499,923
County
of
King,
Series
2021A,
0.09%, 12/17/21
4,500
4,499,406
County
of
King,
Series
2021A,
0.09%, 01/11/22
15,025
15,024,744
King
County
Washington
Housing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XL0141,
RB,
VRDN
(Wells
Fargo
Bank
NA
LIQ),
0.08%, 11/05/21
(a)(b)(c)
..........
5,300
5,300,000
University
of
Washington,
Series
2021A,
0.12%, 02/08/22
.................
3,000
2,999,439
University
of
Washington,
Series
2021A,
0.11%, 02/17/22
.................
9,800
9,797,746
Washington
Higher
Education
Facilities
Authority,
Series
2004,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.06%, 11/05/21
(c)
................
19,535
19,535,000
Washington
State
Health
Care
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-XF2527,
RB,
VRDN
(Citibank
NA
LIQ),
0.08%, 11/05/21
(a)(b)(c)
..............
1,875
1,875,000
Washington
State
Health
Care
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XX1106,
RB,
VRDN
(Barclays
Bank
plc
Guaranty),
0.09%, 11/05/21
(a)(b)(c)
....
7,240
7,240,000
Washington
State
Housing
Finance
Commission,
Series
2014,
RB,
VRDN
(East
West
Bank
LOC),
0.06%, 11/05/21
(c)
....
22,070
22,070,000
102,441,258
Wisconsin
—
1.4%
(c)
Public
Finance
Authority,
Series
2019B,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.06%, 11/05/21
.................
8,850
8,850,000
University
of
Wisconsin
Hospitals
&
Clinics,
Series
2018B,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.03%, 11/01/21
.
16,405
16,405,000
Wisconsin
Housing
&
Economic
Development
Authority,
Series
2017C,
RB,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.06%, 11/05/21
10,155
10,155,000
Wisconsin
Housing
&
Economic
Development
Authority,
Series
2019B,
RB,
VRDN
(Federal
Home
Loan
Bank
SBPA),
0.05%, 11/05/21
17,400
17,400,000
Wisconsin
Housing
&
Economic
Development
Authority,
Series
2021B,
RB,
VRDN
(Federal
Home
Loan
Bank
LIQ),
0.05%, 11/05/21
.
20,000
20,000,000
72,810,000
Total
Municipal
Bonds
—
94.5%
(Cost:
$5,078,187,448)
...........................
5,078,126,313
MuniCash
Schedules
of
Investments
55
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2021
See
notes
to
financial
statements.
Security
Par
(000)
Pa
r
(
000)
Value
Closed-End
Investment
Companies
—
4.1%
California
—
0.9%
(c)
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund,
Series
2013,
VRDP,
(Royal
Bank
of
Canada
LIQ),
0.08%, 11/05/21
..
USD
22,000
$
22,000,000
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund,
Series
2016,
VRDP,
(Sumitomo
Mitsui
Banking
Corp.
LIQ),
0.08%, 11/05/21
(b)
................
26,500
26,500,000
48,500,000
New
York
—
2.1%
(c)
Nuveen
AMT-Free
Quality
Municipal
Income
Fund,
Series
2016,
VRDP,
(Sumitomo
Mitsui
Banking
Corp.
LOC),
0.10%, 11/05/21
...
15,000
15,000,000
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund,
Series
2010,
VRDP,
(
Societe
Generale
SA
LOC),
0.10%, 11/05/21
....
67,500
67,500,000
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund,
Series
2016,
VRDP,
(Toronto-
Dominion
Bank
LIQ),
0.09%, 11/05/21
(b)
..
USD
30,000
$
30,000,000
112,500,000
Other
—
1.1%
Nuveen
AMT-Free
Municipal
Credit
Income
Fund,
Series
2013,
VRDP,
(JP
Morgan
Chase
Bank
NA
LIQ),
0.11%, 11/05/21
(c)
.
58,400
58,400,000
Total
Closed-End
Investment
Companies
—
4.1%
(Cost:
$219,400,000)
.............................
219,400,000
Total
Investments
—
98.6%
(Cost:
$5,297,587,448
)
(e)
..........................
5,297,526,313
Other
Assets
Less
Liabilities
—
1.4%
...................
76,080,780
Net
Assets
—
100.0%
..............................
$
5,373,607,093
(a)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(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)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(d)
When-issued
security.
(e)
Cost
for
U.S.
federal
income
tax
purposes.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
.......................................
$
—
$
5,297,526,313
$
—
$
5,297,526,313
2021
BlackRock
Annual
Report
to
Shareholders
California
Money
Fund
56
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
October
31,
2021
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
—
80.4%
California
—
80.4%
Abag
Finance
Authority
for
Nonprofit
Corp.,
Series
2009A,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.06%, 11/05/21
(a)
.........
USD
540
$
540,000
Abag
Finance
Authority
for
Nonprofit
Corp.,
Series
2009C,
RB,
VRDN
(Citibank
NA
LOC),
0.06%, 11/05/21
(a)
............
5,850
5,850,000
California
Municipal
Finance
Authority,
Series
2010A,
RB,
VRDN,
0.02%, 11/01/21
(a)
...
9,730
9,730,000
California
Statewide
Communities
Development
Authority,
Series
2007A,
RB,
VRDN
(Wells
Fargo
Bank
NA
LOC),
0.05%, 11/05/21
(a)
.
6,170
6,170,000
California
Statewide
Communities
Development
Authority,
Series
2008B,
RB,
VRDN
(Wells
Fargo
Bank
NA
LOC),
0.01%, 11/01/21
(a)
.
6,015
6,015,000
California
Statewide
Communities
Development
Authority,
Series
2021A,
RB,
4.00%, 06/01/22
(b)
................
665
678,621
Campbell
California
University
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XF2700,
GO,
VRDN
(Barclays
Bank
plc
LIQ),
0.07%, 11/05/21
(a)(c)(d)
..........
9,000
9,000,000
Carlsbad
California
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2021-
XF1244,
Go,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.07%, 11/05/21
(a)(c)(d)
......
1,900
1,900,000
City
&
County
of
San
Francisco,
Series
2017B-
1,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.06%, 11/05/21
(a)
................
1,000
1,000,000
City
&
County
of
San
Francisco,
Series
2017B-
2,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.06%, 11/05/21
(a)
................
900
900,000
City
&
County
of
San
Francisco,
Series
2021A-
7
(Sumitomo
Mitsui
LOC),
0.07%, 11/02/21
6,000
5,999,994
City
of
Los
Angeles
Department
of
Airports,
Series
2021A-3
(Bank
of
America
NA
LOC),
0.07%, 01/04/22
.................
3,000
2,999,523
City
of
San
Diego,
Series
2021A
(Bank
of
The
West
LOC),
0.10%, 12/09/21
.........
3,000
2,999,664
County
of
Los
Angeles,
Series
2021C
(Wells
Fargo
Bank
NA
LOC),
0.07%, 12/02/21
..
1,493
1,493,000
Del
Mar
California,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XG0259,
VRDN
(Bank
of
America
NA
LOC),
0.10%, 11/05/21
(a)(c)(d)
..........
2,655
2,655,000
Downey
California
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2021-
XF1224,
Go,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.08%, 11/05/21
(a)(c)(d)
..........
3,730
3,730,000
Fontana
California
University
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XF2895,
GO,
VRDN
(Barclays
Bank
plc
LIQ),
0.07%, 11/05/21
(a)(c)(d)
..........
8,800
8,800,000
Gilroy
California
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XG0237,
GO,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.08%, 11/05/21
(a)(c)(d)
..............
2,000
2,000,000
Golden
Gate
Bridge
Highway
&
Transportation
District,
Series
2021B
(JPM
Chase
Bank
NA
LOC),
0.05%, 11/01/21
.............
3,825
3,824,981
Security
Par
(000)
Par
(000)
Value
California
(continued)
Hartnell
Community
College
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017-XF0587,
GO,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.07%, 11/05/21
(a)(c)(d)
..............
USD
1,150
$
1,150,000
Irvine
Ranch
Wa
ter
District,
Series
2008A,
(Sumitomo
Mitsui
Banking
LOC),
0.05%, 11/05/21
(a)
................
2,850
2,850,000
Irvine
Ranch
Water
District,
Series
2011A-1,
0.08%, 03/02/22
(a)
................
900
899,874
Lodi
California
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2021-XG0322,
Go,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.08%, 11/05/21
(a)(c)(d)
..............
3,000
3,000,000
Long
Beach
California
Community
College,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2019-
XF0780,
GO,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.07%, 11/05/21
(a)(c)(d)
....
10,700
10,700,000
Long
Beach
California
University
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XF0862,
GO,
VRDN
(TD
Bank
NA
LIQ),
0.07%, 11/05/21
(a)(c)(d)
..............
2,510
2,510,000
Los
Angeles
California
Housing
Department,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2019-
XF0761,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.07%, 11/05/21
(a)(c)(d)
....
1,875
1,875,000
Los
Angeles
County
Capital
Asset
Leasing
Corp.,
Series
2021D
(State
Street
Bank
NA
LOC),
0.07%, 12/02/21
.............
3,000
3,000,000
Los
Angeles
County
Schools,
Series
2020-
21B3,
null,
2.00%, 12/30/21
..........
1,000
1,003,067
Los
Angeles
Department
of
Water
&
Power
Water
System,
Series
2001B,
Sub-Series
B-4,
RB,
VRDN
(Citibank
NA
SBPA),
0.02%, 11/01/21
(a)
................
3,600
3,600,000
Los
Angeles
Department
of
Water
&
Power
Water
System,
Series
2019A,
Sub-Series
A-2,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.01%, 11/01/21
(a)
................
6,700
6,700,000
Metropolitan
Water
District
of
Southern
California,
Series
2017A,
RB,
VRDN
(PNC
Bank
NA
SBPA),
0.02%, 11/01/21
(a)
....
5,750
5,750,000
Mount
San
Antonio
California
Community
College
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XF0753,
GO,
VRDN
(Royal
Bank
of
Canada
LIQ),
0.07%, 11/05/21
(a)(c)(d)
....
1,600
1,600,000
Municipal
Improvement
Corp.
of
Los
Angeles,
Series
2021A-3
(US
Bank
NA
LOC),
0.08%, 11/10/21
.................
3,000
2,999,994
Northern
California
Power
Agency,
Series
2008A,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.06%, 11/05/21
(a)
............
900
900,000
Sacramento
Municipal
Utility
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2020-XF0944,
RB,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.07%, 11/05/21
(a)(c)(d)
..............
4,000
4,000,000
Sacramento
Transportation
Authority,
Series
2014A,
RB,
VRDN
(Sumitomo
Mitsui
Banking
LOC),
0.05%, 11/05/21
(a)
......
2,600
2,600,000
California
Money
Fund
Schedules
of
Investments
57
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2021
See
notes
to
financial
statements.
Security
Par
(000)
Par
(000)
Value
California
(continued)
San
Diego
Housing
Authority,
Series
2017A,
RB,
VRDN
(Bank
of
Tokyo-Mitsubishi
UFJ
Ltd.
LOC),
0.06%, 11/05/21
(a)
.........
USD
2,530
$
2,530,000
San
Diego
Public
Facilities
Financing
Authority,
Series
2021B
(Bank
of
America
NA
LOC),
0.08%, 12/09/21
.................
1,900
1,899,863
San
Francisco
California
Bay
Area
Rapid
Transit
District,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017-XF2449,
GO,
VRDN
(Citibank
NA
LIQ),
0.07%, 11/05/21
(a)(c)(d)
..........
200
200,000
San
Francisco
City
&
County
Airport
Community,
Series
2018C,
RB,
VRDN
(Sumitomo
Mitsui
Banking
LOC),
0.06%, 11/05/21
(a)
................
3,100
3,100,000
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency,
Series
2002,
VRDN
(Bank
of
America
NA
LOC),
0.12%, 11/05/21
(a)
................
70
70,000
San
Jose
California
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2018-
XF2534,
GO,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.07%, 11/05/21
(a)(c)(d)
......
1,820
1,820,000
San
Mateo
California
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2020-
XF0925,
GO,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.07%, 11/05/21
(a)(c)(d)
....
4,407
4,407,000
Santa
Barbara
California
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
Various
States,
Series
2019-
XF0791,
GO,
VRDN
(JP
Morgan
Chase
Bank
NA
LIQ),
0.07%, 11/05/21
(a)(c)(d)
....
869
869,000
Security
Par
(000)
Par
(000)
Value
California
(continued)
Santa
Clara
Valley
Transportation
Authority,
Series
2008D,
RB,
VRDN
(TD
Bank
NA
SBPA),
0.02%, 11/01/21
(a)
...........
USD
1,200
$
1,200,000
State
of
California,
Series
2004-A3,
GO,
VRDN
(State
Street
Bank
&
Trust
Co.
LOC),
0.01%, 11/01/21
(a)
................
3,500
3,500,000
State
of
California,
Series
2005B,
Sub-Series
B-3,
Go,
VRDN
(Sumitomo
Mitsui
Banking
LOC),
0.05%, 11/05/21
(a)
............
800
800,000
State
of
California,
Series
2021A-5
(US
Bank
NA
LOC),
0.07%, 11/18/21
..........
3,000
2,999,898
University
of
California,
Series
2013AL-3,
RB,
VRDN,
0.02%, 11/01/21
(a)
...........
700
700,000
University
of
California,
Series
2013AL-4,
RB,
VRDN,
0.01%, 11/01/21
(a)
...........
10,130
10,130,000
University
of
California,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018-YX1098,
RB,
VRDN
(Barclays
Bank
plc
LIQ),
0.07%, 11/05/21
(a)(c)(d)
....
1,000
1,000,000
Total
Municipal
Bonds
—
80.4%
(Cost:
$166,650,646)
.............................
166,649,479
Closed-End
Investment
Companies
—
3.9%
California
—
3.9%
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund,
Series
2013,
VRDP,
(Royal
Bank
of
Canada
LIQ),
0.08%, 11/05/21
(a)
.
8,000
8,000,000
Total
Closed-End
Investment
Companies
—
3.9%
(Cost:
$8,000,000)
..............................
8,000,000
Total
Investments
—
84.3%
(Cost:
$174,650,646
)
(e)
............................
174,649,479
Other
Assets
Less
Liabilities
—
15.7%
..................
32,507,476
Net
Assets
—
100.0%
..............................
$
207,156,955
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(b)
When-issued
security.
(c)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(d)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(e)
Cost
for
U.S.
federal
income
tax
purposes.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
.......................................
$
—
$
174,649,479
$
—
$
174,649,479
2021
BlackRock
Annual
Report
to
Shareholders
New
York
Money
Fund
58
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
October
31,
2021
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
—
95.8%
New
York
—
95.8%
Battery
Park
City
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019E-137,
VRDN
(Royal
Bank
of
Canada,
Credit
Agreement/SBPA),
0.08%, 11/05/21
(a)(b)
...............
USD
1,300
$
1,300,000
Dutchess
County
Industrial
Development
Agency,
Series
2008,
RB,
VRDN
(TD
Bank
NA
LOC),
0.05%, 11/05/21
(b)
.........
2,315
2,315,000
Franklin
County
Civic
Development
Corp.,
Series
2013A,
RB,
VRDN
(HSBC
Bank
USA
NA
LOC),
0.07%, 11/05/21
(b)
.........
1,060
1,060,000
Hudson
YDS
Infrastructure
Corp.,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2017-XF0550,
RB,
VRDN
(Toronto-Dominion
Bank
LIQ),
0.09%, 11/05/21
(a)(b)(c)
..............
1,200
1,200,000
Metropolitan
Transportation
Authority,
Series
2015,
Sub-Series
E-1,
RB,
VRDN
(Barclays
Bank
plc
LOC),
0.04%, 11/01/21
(b)
.....
1,710
1,710,000
Nassau
County,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2018G-5,
GO,
VRDN
(Royal
Bank
of
Canada
LOC),
0.08%, 11/05/21
(a)(b)(c)
....
2,100
2,100,000
New
York
City
Health
&
Hospitals
Corp.,
Series
2008B,
RB,
VRDN
(TD
Bank
NA
LOC),
0.06%, 11/05/21
(b)
................
700
700,000
New
York
City
Housing
Development
Corp.,
Series
2008A,
RB,
VRDN
(Freddie
Mac
LOC),
0.06%, 11/05/21
(b)
............
2,750
2,750,000
New
York
City
Housing
Development
Corp.,
Series
2009A,
RB,
VRDN
(Freddie
Mac
LOC),
0.06%, 11/05/21
(b)
............
2,200
2,200,000
New
York
City
Housing
Development
Corp.,
Series
2011B,
RB,
VRDN
(Federal
Home
Loan
Mortgage
Corp.,
Guar
antee
Agreement
),
0.05%, 11/05/21
(b)
.......
225
225,000
New
York
City
Housing
Development
Corp.,
Series
A,
RB,
VRDN
(Fannie
Mae
LOC),
0.05%, 11/05/21
(b)
................
2,715
2,715,000
New
York
City
Industrial
Development
Agency,
Series
2004B,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.03%, 11/01/21
(b)
.........
2,700
2,700,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2018,
Sub-
Series
C-6,
RB,
VRDN
(Sumitomo
Mitsui
Banking
SBPA),
0.06%, 11/05/21
(b)
.....
1,000
1,000,000
New
York
City
Trust
for
Cultural
Resources,
Series
2009A,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
LOC),
0.06%, 11/05/21
(b)
500
500,000
New
York
City
Water
&
Sewer
System,
Series
2003,
Sub-Series
F-1-A,
RB,
VRDN
(Barclays
Bank
plc
SBPA),
0.05%, 11/05/21
(b)
................
130
130,000
New
York
City
Water
&
Sewer
System,
Series
2014AA,
Sub-Series
AA-5,
RB,
VRDN
(Mizuho
Bank
Ltd.
SBPA),
0.03%, 11/01/21
(b)
1,750
1,750,000
New
York
Power
Authority,
Series
2021
(JP
Morgan
Chase
Bank
NA/TD
Bank
NA/Wells
Fargo
Bank
NA/State
Street
Bank
and
Trust,
SBPA),
0.09%, 11/17/21
............
2,000
1,999,994
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
State
Authority
General,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XF0847,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
0.08%, 11/05/21
(a)(b)(c)
..............
USD
2,250
$
2,250,000
New
York
State
Dormitory
Authority,
Series
2006,
RB,
VRDN
(Fannie
Mae
LOC),
0.04%, 11/05/21
(b)
................
1,650
1,650,000
New
York
State
Dormitory
Authority,
Series
2008A-1,
RB,
VRDN
(Bank
of
America
NA
LOC),
0.04%, 11/05/21
(b)
............
450
450,000
New
York
State
Dormitory
Authority,
Series
2008D,
RB,
VRDN
(TD
Bank
NA
LOC),
0.05%, 11/05/21
(b)
................
660
660,000
New
York
State
Dormitory
Authority,
Series
2009,
RB,
VRDN
(TD
Bank
NA
LOC),
0.05%, 11/05/21
(b)
................
885
885,000
New
York
State
Dormitory
Authority,
Series
2009A,
RB,
VRDN,
0.04%, 11/05/21
(b)
...
2,900
2,900,000
New
York
State
Dormitory
Authority,
Series
2012,
RB,
VRDN
(HSBC
Bank
USA
NA
LOC),
0.07%, 11/05/21
(b)
............
3,000
3,000,000
New
York
State
Dormitory
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
Various
States,
Series
2019-XF0838,
RB,
VRDN
(Bank
of
America
NA
LIQ),
0.08%, 11/05/21
(a)(b)(c)
..............
1,600
1,600,000
New
York
State
Energy
Research
&
Development
Authority,
Series
2005A,
Sub-
Series
A-1,
RB,
VRDN
(Mizuho
Bank
Ltd.
LOC),
0.06%, 11/05/21
(b)
............
1,600
1,600,000
New
York
State
Housing
Finance
Agency,
Series
2003A,
RB,
VRDN
(
Landesbank
Hessen-
Thuringen
Girozentrale
LOC),
0.07%, 11/05/21
(b)
................
2,800
2,800,000
New
York
State
Housing
Finance
Agency,
Series
2008A,
RB,
VRDN
(Freddie
Mac
LIQ),
0.07%, 11/05/21
(b)
............
225
225,000
New
York
State
Housing
Finance
Agency,
Series
2010A,
RB,
VRDN
(Freddie
Mac
LIQ),
0.05%, 11/05/21
(b)
............
300
300,000
New
York
State
Housing
Finance
Agency,
Series
2016A,
RB,
VRDN
(
Landesbank
Hessen-
Thuringen
Girozentrale
LOC),
0.07%, 11/05/21
(b)
................
2,600
2,600,000
New
York
State
Urban
Development
Corp.,
Series
2004A-3-B,
RB,
VRDN
(JP
Morgan
Chase
Bank
NA
SBPA),
0.06%, 11/05/21
(b)
1,000
1,000,000
New
York
State
Urban
Development
Corp.,
Series
2008A-1,
RB,
VRDN
(Wells
Fargo
Bank
NA
LOC),
0.05%, 11/05/21
(b)
.....
1,825
1,825,000
North
Amityville
Fire
Co.,
Inc.,
Series
2003,
RB,
VRDN
(Citibank
NA
LOC),
0.11%, 11/05/21
(b)
245
245,000
Port
Authority
of
New
York
&
New
Jersey,
Series
2021B
(JP
Morgan
Chase
Bank
NA
Guaranty),
0.16%, 04/13/22
..........
3,000
2,998,767
Triborough
Bridge
&
Tunnel
Authority,
Series
2005,
Sub-Series
B-3,
RB,
VRDN
(State
Street
Bank
&
Trust
Co.
LOC),
0.04%, 11/01/21
(b)
................
2,250
2,250,000
Westchester
County
Industrial
Development
Agency,
Series
2004,
RB,
VRDN
(TD
Bank
NA
LOC),
0.05%, 11/05/21
(b)
.........
1,700
1,700,000
Total
Municipal
Bonds
—
95.8%
(Cost:
$57,295,000)
..............................
57,293,761
New
York
Money
Fund
Schedules
of
Investments
59
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2021
See
notes
to
financial
statements.
Security
Par
(000)
Pa
r
(
000)
Value
Closed-End
Investment
Companies
—
4.2%
New
York
—
4.2%
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund,
Series
2010,
VRDP,
(Sumitomo
Mitsui
Banking
Corp.
LOC),
0.10%, 11/05/21
(b)
................
USD
2,500
$
2,500,000
Total
Closed-End
Investment
Companies
—
4.2%
(Cost:
$2,500,000)
..............................
2,500,000
Total
Investments
—
100.0%
(Cost:
$59,795,000
)
(d)
............................
59,793,761
Other
Assets
Less
Liabilities
—
0.0%
...................
6,345
Net
Assets
—
100.0%
..............................
$
59,800,106
(a)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(b)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
Cost
for
U.S.
federal
income
tax
purposes.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
.......................................
$
—
$
59,793,761
$
—
$
59,793,761
Statements
of
Assets
and
Liabilities
October
31,
2021
2021
BlackRock
Annual
Report
to
Shareholders
60
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
...........................
$
5,099,546,180
$
64,023,555,224
$
4,607,460,375
$
7,090,080,200
$
39,760,463,964
Cash
................................................
134,030,615
4,698,990,014
285,018,768
—
3,003,229,950
Repurchase
agreements,
at
value
—
unaffiliated
(b)
..................
—
102,419,269,264
900,500,000
1,597,000,000
77,754,233,842
Receivables:
–
–
–
–
–
Investments
sold
.......................................
25,112,306
586,729,953
—
—
3,285,541,724
Capital
shares
sold
......................................
—
3,801,125,657
—
—
1,481
Interest
—
unaffiliated
....................................
202,430
12,920,492
709,705
1,178,652
7,573,478
Deferred
offering
costs
.....................................
—
38,616
—
—
—
Prepaid
expenses
........................................
482,062
67,583,554
153,309
4,101,995
26,797,359
Total
assets
............................................
5,259,373,593
175,610,212,774
5,793,842,157
8,692,360,847
123,837,841,798
LIABILITIES
Bank
overdraft
...........................................
—
—
—
22,446,418
—
Payables:
–
–
–
–
–
Investments
purchased
...................................
237,272,349
4,171,787,836
6,004,349
9,867,415
2,603,958,799
Capital
shares
redeemed
..................................
—
3,801,056,489
—
—
—
Custodian
fees
.........................................
32,016
811,137
60,659
74,747
632,286
Income
dividend
distributions
...............................
—
1,733,012
147,856
54,207
189,730
Management
fees
.......................................
305,505
7,290,085
606,005
899,714
6,075,753
Trustees'
and
Officer's
fees
................................
20,833
102,953
20,427
30,284
65,842
Printing
and
postage
fees
.................................
17,114
22,747
16,853
15,857
22,964
Professional
fees
.......................................
53,456
428,856
74,931
72,740
264,114
Registration
fees
.......................................
56,747
1,952,254
41,724
477,178
817,598
Service
and
distribution
fees
................................
294,749
66,774,771
82
3,899,397
25,767,765
Transfer
agent
fees
.....................................
14,726
303,319
29,192
61,031
442,924
Other
accrued
expenses
..................................
66,261
65,023
8,247
11,362
133,325
Total
liabilities
...........................................
238,133,756
8,052,328,482
7,010,325
37,910,350
2,638,371,100
NET
ASSETS
...........................................
$
5,021,239,837
$
167,557,884,292
$
5,786,831,832
$
8,654,450,497
$
121,199,470,698
NET
ASSETS
CONSIST
OF
Paid-in
capital
...........................................
$
5,021,005,701
$
167,55
5
,9
23,
6
2
2
$
5,787,821,861
$
8,654,672,756
$
121,198,110,883
Accumulated
earnings
(loss)
.................................
234,136
1,960
,
670
(990,029)
(222,259)
1,359,815
NET
ASSETS
...........................................
$
5,021,239,837
$
167,557,884,292
$
5,786,831,832
$
8,654,450,497
$
121,199,470,698
(a)
Investments,
at
cost
—
unaffiliated
...........................
$
5,099,546,180
$
64,023,555,224
$
4,607,279,279
$
7,089,770,956
$
39,760,463,964
(b)
Repurchase
agreements,
at
cost
—
unaffiliated
...................
$
—
$
102,419,269,264
$
900,500,000
$
1,597,000,000
$
77,754,233,842
Statements
of
Assets
and
Liabilities
(continued)
October
31,
2021
61
Financial
Statements
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
NET
ASSET
VALUE
Institutional
Net
assets
....................................
$
4,912,972,689
$
127,458,226,830
$
5,786,777,395
$
7,923,377,411
$
91,031,975,706
Shares
outstanding
.............................
4,912,736,203
127,456,803,889
5,783,352,234
7,919,835,480
91,030,913,234
Net
asset
value
................................
$
1.00
$
1.00
$
1.00
06
$
1.00
04
$
1.00
Shares
authorized
..............................
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Administration
Net
assets
....................................
$
87,090,785
$
3,021,091,919
$
—
$
10,577,363
$
504,427,224
Shares
outstanding
.............................
87,086,593
3,021,058,192
—
10,572,092
504,421,337
Net
asset
value
................................
$
1.00
$
1.00
$
—
$
1.00
05
$
1.00
Shares
authorized
..............................
Unlimited
Unlimited
—
Unlimited
Unlimited
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Capital
Net
assets
....................................
$
—
$
25,722,827,222
$
—
$
1,148,725
$
27,304,259,208
Shares
outstanding
.............................
—
25,722,540,057
—
1,148,148
27,303,940,529
Net
asset
value
................................
$
—
$
1.00
$
—
$
1.00
05
$
1.00
Shares
authorized
..............................
—
Unlimited
—
Unlimited
Unlimited
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Cash
Management
Net
assets
....................................
$
10,191,187
$
590,584,230
$
—
$
596,682,867
$
825,420,302
Shares
outstanding
.............................
10,190,697
590,577,637
—
596,405,122
825,410,668
Net
asset
value
................................
$
1.00
$
1.00
$
—
$
1.00
05
$
1.00
Shares
authorized
..............................
Unlimited
Unlimited
—
Unlimited
Unlimited
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Cash
Reserve
Net
assets
....................................
$
8,151
$
5,518,535,917
$
—
$
14,234,408
$
482,231,094
Shares
outstanding
.............................
8,150
5,518,474,307
—
14,227,711
482,225,466
Net
asset
value
................................
$
1.00
$
1.00
$
—
$
1.00
05
$
1.00
Shares
authorized
..............................
Unlimited
Unlimited
—
Unlimited
Unlimited
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Dollar
Net
assets
....................................
$
10,977,025
$
2,863,691,770
$
17,936
$
107,298,276
$
1,000,400,915
Shares
outstanding
.............................
10,976,497
2,863,659,800
17,926
107,247,927
1,000,389,239
Net
asset
value
................................
$
1.00
$
1.00
$
1.00
06
$
1.00
05
$
1.00
Shares
authorized
..............................
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Mischler
Financial
Group
Shares
Net
assets
....................................
$
—
$
1,636,430,277
$
—
$
—
$
—
Shares
outstanding
.............................
—
1,636,412,008
—
—
—
Net
asset
value
................................
$
—
$
1.00
$
—
$
—
$
—
Shares
authorized
..............................
—
Unlimited
—
—
—
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Premier
Net
assets
....................................
$
—
$
18,891,829
$
36,501
$
—
$
12,958,015
Shares
outstanding
.............................
—
18,891,618
36,478
—
12,957,864
Net
asset
value
................................
$
—
$
1.00
$
1.00
06
$
—
$
1.00
Shares
authorized
..............................
—
Unlimited
Unlimited
—
Unlimited
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Private
Client
Net
assets
....................................
$
—
$
252,091
$
—
$
1,131,447
$
—
Shares
outstanding
.............................
—
252,088
—
1,130,885
—
Net
asset
value
................................
$
—
$
1.00
$
—
$
1.00
05
$
—
Shares
authorized
..............................
—
Unlimited
—
Unlimited
—
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Statements
of
Assets
and
Liabilities
(continued)
October
31,
2021
2021
BlackRock
Annual
Report
to
Shareholders
62
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
Select
Net
assets
....................................
$
—
$
727,352,207
$
—
$
—
$
37,798,234
Shares
outstanding
.............................
—
727,344,087
—
—
37,797,793
Net
asset
value
................................
$
—
$
1.00
$
—
$
—
$
1.00
Shares
authorized
..............................
—
Unlimited
—
—
Unlimited
Par
value
....................................
$
—
$
—
$
—
$
—
$
—
Statements
of
Assets
and
Liabilities
(continued)
October
31,
2021
63
Financial
Statements
See
notes
to
financial
statements.
Treasury
Trust
Fund
MuniCash
California
Money
Fund
New
York
Money
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
..........................................
$
98,076,181,299
$
5,297,526,313
$
174,649,479
$
59,793,761
Cash
...............................................................
2,204,130,910
9,364,640
3,703,832
84,915
Receivables:
–
–
–
–
Investments
sold
......................................................
3,146,324,733
74,870,000
33,065,000
—
Interest
—
unaffiliated
...................................................
11,054,818
2,815,402
27,787
3,838
From
the
Manager
.....................................................
—
—
—
1,237
Prepaid
expenses
.......................................................
8,435,319
173,570
17,673
26,550
Total
assets
...........................................................
103,446,127,079
5,384,749,925
211,463,771
59,910,301
LIABILITIES
Payables:
–
–
–
–
Investments
purchased
..................................................
2,400,771,935
10,621,104
4,178,633
—
Custodian
fees
........................................................
595,831
98,309
5,922
4,369
Income
dividend
distributions
..............................................
163,953
7,699
130
189
Management
fees
......................................................
3,793,132
232,031
596
—
Trustees'
and
Officer's
fees
...............................................
37,189
12,836
1,808
1,940
Printing
and
postage
fees
................................................
18,119
16,166
14,351
14,112
Professional
fees
......................................................
179,518
104,018
73,006
78,411
Registration
fees
......................................................
745,467
13,595
30,255
9,267
Service
and
distribution
fees
...............................................
8,022,403
14,491
—
94
Transfer
agent
fees
....................................................
70,021
15,199
733
756
Other
accrued
expenses
.................................................
99,753
7,384
1,382
1,057
Total
liabilities
..........................................................
2,414,497,321
11,142,832
4,306,816
110,195
NET
ASSETS
..........................................................
$
101,031,629,758
$
5,373,607,093
$
207,156,955
$
59,800,106
NET
ASSETS
CONSIST
OF
Paid-in
capital
..........................................................
$
101,030,584,725
$
5,373,439,020
$
206,988,829
$
59,801,344
Accumulated
earnings
(loss)
................................................
1,045,033
168,073
168,126
(1,238)
NET
ASSETS
..........................................................
$
101,031,629,758
$
5,373,607,093
$
207,156,955
$
59,800,106
(a)
Investments,
at
cost
—
unaffiliated
..........................................
$
98,076,181,299
$
5,297,587,448
$
174,650,646
$
59,795,000
Statements
of
Assets
and
Liabilities
(continued)
October
31,
2021
2021
BlackRock
Annual
Report
to
Shareholders
64
See
notes
to
financial
statements.
Treasury
Trust
Fund
MuniCash
California
Money
Fund
New
York
Money
Fund
NET
ASSET
VALUE
Institutional
Net
assets
.....................................................
$
98,602,650,385
$
5,368,796,932
$
207,156,955
$
59,800,106
Shares
outstanding
..............................................
98,601,630,477
5,368,040,484
207,038,604
59,799,841
Net
asset
value
.................................................
$
1.00
$
1.00
01
$
1.00
06
$
1.00
00
Shares
authorized
...............................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.....................................................
$
—
$
—
$
—
$
—
Administration
Net
assets
.....................................................
$
599,190,067
$
—
$
—
$
—
Shares
outstanding
..............................................
599,183,869
—
—
—
Net
asset
value
.................................................
$
1.00
$
—
$
—
$
—
Shares
authorized
...............................................
Unlimited
—
—
—
Par
value
.....................................................
$
—
$
—
$
—
$
—
Capital
Net
assets
.....................................................
$
3,299,458
$
—
$
—
$
—
Shares
outstanding
..............................................
3,299,424
—
—
—
Net
asset
value
.................................................
$
1.00
$
—
$
—
$
—
Shares
authorized
...............................................
Unlimited
—
—
—
Par
value
.....................................................
$
—
$
—
$
—
$
—
Cash
Management
Net
assets
.....................................................
$
32,959,685
$
—
$
—
$
—
Shares
outstanding
..............................................
32,959,344
—
—
—
Net
asset
value
.................................................
$
1.00
$
—
$
—
$
—
Shares
authorized
...............................................
Unlimited
—
—
—
Par
value
.....................................................
$
—
$
—
$
—
$
—
Cash
Reserve
Net
assets
.....................................................
$
97,008,331
$
—
$
—
$
—
Shares
outstanding
..............................................
97,007,327
—
—
—
Net
asset
value
.................................................
$
1.00
$
—
$
—
$
—
Shares
authorized
...............................................
Unlimited
—
—
—
Par
value
.....................................................
$
—
$
—
$
—
$
—
Dollar
Net
assets
.....................................................
$
1,035,846,053
$
4,810,161
$
—
$
—
Shares
outstanding
..............................................
1,035,835,339
4,809,566
—
—
Net
asset
value
.................................................
$
1.00
$
1.00
01
$
—
$
—
Shares
authorized
...............................................
Unlimited
Unlimited
—
—
Par
value
.....................................................
$
—
$
—
$
—
$
—
Select
Net
assets
.....................................................
$
660,675,779
$
—
$
—
$
—
Shares
outstanding
..............................................
660,668,945
—
—
—
Net
asset
value
.................................................
$
1.00
$
—
$
—
$
—
Shares
authorized
...............................................
Unlimited
—
—
—
Par
value
.....................................................
$
—
$
—
$
—
$
—
Statements
of
Operations
Year
Ended
October
31,
2021
65
Financial
Statements
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
INVESTMENT
INCOME
–
–
–
–
–
Interest
—
unaffiliated
....................................
$
4,145,815
$
158,118,807
$
17,276,010
$
20,747,731
$
100,262,078
Total
investment
income
....................................
4,145,815
158,118,807
17,276,010
20,747,731
100,262,078
EXPENSES
Management
..........................................
9,675,340
310,327,921
18,331,229
21,937,734
216,942,413
Registration
..........................................
408,437
10,111,877
493,883
456,036
5,162,597
Service
and
distribution
—
class
specific
.......................
184,461
53,049,462
45
3,184,243
21,255,656
Professional
..........................................
79,225
814,631
107,259
106,132
509,376
Transfer
agent
.........................................
73,761
1,130,131
96,947
334,470
965,046
Custodian
............................................
57,258
1,349,387
109,670
137,248
1,126,420
Trustees
and
Officer
.....................................
28,620
430,900
55,898
79,037
390,381
Offering
.............................................
—
106,146
—
—
—
Miscellaneous
.........................................
100,640
782,998
152,072
144,634
553,796
Total
expenses
..........................................
10,607,742
378,103,453
19,347,003
26,379,534
246,905,685
Less:
–
–
–
–
–
Fees
waived
and/or
reimbursed
by
the
Manager
..................
(6,474,649)
(194,289,002)
(6,177,371)
(7,009,386)
(131,981,254)
Service
and
distribution
fees
waived
and/or
reimbursed
—
class
specific
..
(184,461)
(53,049,462)
(39)
(3,008,102)
(21,189,678)
Total
expenses
after
fees
waived
and/or
reimbursed
.................
3,948,632
130,764,989
13,169,593
16,362,046
93,734,753
Net
investment
income
.....................................
197,183
27,353,818
4,106,417
4,385,685
6,527,325
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
174,919
$
3,354,063
$
(2,612,246)
$
(2,400,550)
$
2,034,133
Net
realized
gain
from
investments
...........................
174,919
3,354,063
54,111
110,809
2,034,133
Net
change
in
unrealized
depreciation
on
investments
..............
—
—
(2,666,357)
(2,511,359)
—
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....
$
372,102
$
30,707,881
$
1,494,171
$
1,985,135
$
8,561,458
See
notes
to
financial
statements.
Statements
of
Operations
(continued)
Year
Ended
October
31,
2021
2021
BlackRock
Annual
Report
to
Shareholders
66
Treasury
Trust
Fund
MuniCash
California
Money
Fund
New
York
Money
Fund
INVESTMENT
INCOME
–
–
–
–
Interest
—
unaffiliated
...................................................
$
57,834,235
$
4,907,587
$
138,572
$
94,268
Total
investment
income
...................................................
57,834,235
4,907,587
138,572
94,268
EXPENSES
Management
.........................................................
156,908,771
14,532,131
952,830
500,488
Service
and
distribution
—
class
specific
......................................
7,986,950
11,124
—
—
Registration
.........................................................
2,331,059
388,731
54,957
74,779
Custodian
...........................................................
868,632
179,672
8,350
8,673
Professional
.........................................................
360,623
109,275
86,910
82,398
Trustees
and
Officer
....................................................
353,063
43,576
10,533
10,510
Transfer
agent
........................................................
337,813
58,313
2,711
2,296
Miscellaneous
........................................................
352,473
92,744
30,746
30,626
Total
expenses
.........................................................
169,499,384
15,415,566
1,147,037
709,770
Less:
–
–
–
–
Fees
waived
and/or
reimbursed
by
the
Manager
.................................
(108,732,723)
(10,948,706)
(1,027,700)
(626,134)
Service
and
distribution
fees
waived
and/or
reimbursed
—
class
specific
.................
(7,986,950)
(11,124)
—
—
Total
expenses
after
fees
waived
and/or
reimbursed
................................
52,779,711
4,455,736
119,337
83,636
Net
investment
income
....................................................
5,054,524
451,851
19,235
10,632
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
1,328,151
$
41,594
$
166,492
$
(4,222)
Net
realized
gain
from
investments
..........................................
1,328,151
238,132
168,937
—
Net
change
in
unrealized
depreciation
on
investments
.............................
—
(196,538)
(2,445)
(4,222)
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
....................
$
6,382,675
$
493,445
$
185,727
$
6,410
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets
67
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
Year
Ended
October
31,
Year
Ended
October
31,
2021
2020
2021
2020
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
...............................................
$
197,183
$
23,348,193
$
27,353,818
$
753,860,151
Net
realized
gain
...................................................
174,919
671,876
3,354,063
27,444,938
Net
increase
in
net
assets
resulting
from
operations
..............................
372,102
24,020,069
30,707,881
781,305,089
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
......................................................
(856,148)
(23,011,396)
(36,593,415)
(669,745,146)
Administration
....................................................
(15,249)
(468,572)
(847,853)
(15,836,138)
Capital
.........................................................
—
—
(5,093,642)
(49,238,496)
Cash
Management
.................................................
(2,109)
(44,364)
(128,908)
(1,592,758)
Cash
Reserve
....................................................
(42)
(2,485)
(1,591,606)
(21,485,458)
Dollar
..........................................................
(3,393)
(66,472)
(807,667)
(11,874,360)
Mischler
Financial
Group
Shares
........................................
—
—
(82,914)
—
Premier
.........................................................
—
(235)
(2,205)
(232)
Private
Client
.....................................................
—
—
(67)
(951)
Select
..........................................................
—
—
(184,048)
(638,200)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
....................
(876,941)
(23,593,524)
(45,332,325)
(770,411,739)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
....................
413,281,524
1,061,824,847
3,447,674,638
52,209,385,495
NET
ASSETS
Total
increase
in
net
assets
..............................................
412,776,685
1,062,251,392
3,433,050,194
52,220,278,845
Beginning
of
year
.....................................................
4,608,463,152
3,546,211,760
164,124,834,098
111,904,555,253
End
of
year
.........................................................
$
5,021,239,837
$
4,608,463,152
$
167,557,884,292
$
164,124,834,098
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
68
See
notes
to
financial
statements.
TempCash
TempFund
Year
Ended
October
31,
Year
Ended
October
31,
2021
2020
2021
2020
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
4,106,417
$
87,878,685
$
4,385,685
$
87,376,114
Net
realized
gain
(loss)
....................................................
54,111
(1,220,250)
110,809
(815,103)
Net
change
in
unrealized
appreciation
(depreciation)
................................
(2,666,357)
438,880
(2,511,359)
(73,119)
Net
increase
in
net
assets
resulting
from
operations
...................................
1,494,171
87,097,315
1,985,135
86,487,892
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
...........................................................
(4,414,196)
(87,880,802)
(5,306,972)
(84,499,283)
Administration
.........................................................
—
—
(3,271)
(366,136)
Capital
..............................................................
—
—
(625)
(467)
Cash
Management
......................................................
—
—
(150,131)
(2,995,688)
Cash
Reserve
.........................................................
—
—
(2,699)
(30,920)
Dollar
...............................................................
(4)
(112)
(34,335)
(537,055)
Premier
..............................................................
(18)
(309)
—
—
Private
Client
..........................................................
—
—
(273)
(12,766)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(4,414,218)
(87,881,223)
(5,498,306)
(88,442,315)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(4,848,448,403)
603,276,726
(2,973,071,701)
271,048,458
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(4,851,368,450)
602,492,818
(2,976,584,872)
269,094,035
Beginning
of
year
..........................................................
10,638,200,282
10,035,707,464
11,631,035,369
11,361,941,334
End
of
year
..............................................................
$
5,786,831,832
$
10,638,200,282
$
8,654,450,497
$
11,631,035,369
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
69
Financial
Statements
See
notes
to
financial
statements.
T-Fund
Treasury
Trust
Fund
Year
Ended
October
31,
Year
Ended
October
31,
2021
2020
2021
2020
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
...........................................
$
6,527,325
$
484,490,977
$
5,054,524
$
272,160,341
Net
realized
gain
...............................................
2,034,133
11,254,508
1,328,151
5,555,006
Net
increase
in
net
assets
resulting
from
operations
..........................
8,561,458
495,745,485
6,382,675
277,715,347
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
..................................................
(14,675,809)
(419,749,578)
(9,193,212)
(268,762,817)
Administration
................................................
(76,283)
(3,593,535)
(58,136)
(2,705,419)
Capital
.....................................................
(3,085,773)
(58,140,794)
(140)
—
Cash
Management
.............................................
(146,495)
(3,577,313)
(5,621)
(123,299)
Cash
Reserve
................................................
(64,004)
(382,216)
(12,927)
(424,419)
Dollar
......................................................
(145,206)
(3,976,267)
(121,091)
(4,891,290)
Premier
.....................................................
(1,273)
(224)
—
(228)
Select
......................................................
(7,954)
(36,784)
(58,575)
(137,158)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
................
(18,202,797)
(489,456,711)
(9,449,702)
(277,044,630)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
................
14,842,780,470
28,196,920,810
43,035,065,014
17,678,878,374
NET
ASSETS
Total
increase
in
net
assets
..........................................
14,833,139,131
28,203,209,584
43,031,997,987
17,679,549,091
Beginning
of
year
.................................................
106,366,331,567
78,163,121,983
57,999,631,771
40,320,082,680
End
of
year
.....................................................
$
121,199,470,698
$
106,366,331,567
$
101,031,629,758
$
57,999,631,771
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
70
See
notes
to
financial
statements.
MuniCash
California
Money
Fund
Year
Ended
October
31,
Year
Ended
October
31,
2021
2020
2021
2020
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
451,851
$
30,658,439
$
19,235
$
1,600,175
Net
realized
gain
........................................................
238,132
46,530
168,937
4,451
Net
change
in
unrealized
appreciation
(depreciation)
................................
(196,538)
(124,005)
(2,445)
630
Net
increase
in
net
assets
resulting
from
operations
...................................
493,445
30,580,964
185,727
1,605,256
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
...........................................................
(451,547)
(30,647,703)
(23,645)
(1,600,008)
Dollar
...............................................................
(304)
(10,533)
—
—
Premier
..............................................................
—
(202)
—
(167)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(451,851)
(30,658,438)
(23,645)
(1,600,175)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
209,822,087
(21,345,744)
53,328,647
(243,663,265)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
209,863,681
(21,423,218)
53,490,729
(243,658,184)
Beginning
of
year
..........................................................
5,163,743,412
5,185,166,630
153,666,226
397,324,410
End
of
year
..............................................................
$
5,373,607,093
$
5,163,743,412
$
207,156,955
$
153,666,226
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
71
Financial
Statements
See
notes
to
financial
statements.
New
York
Money
Fund
Year
Ended
October
31,
2021
2020
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..................................................................................
$
10,632
$
1,540,080
Net
change
in
unrealized
appreciation
(depreciation)
..............................................................
(4,222)
2,910
Net
increase
in
net
assets
resulting
from
operations
.................................................................
6,410
1,542,990
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
.........................................................................................
(10,632)
(1,539,882)
Premier
............................................................................................
—
(197)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.......................................................
(10,632)
(1,540,079)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
.......................................................
(90,177,839)
(93,559,084)
NET
ASSETS
Total
decrease
in
net
assets
................................................................................
(90,182,061)
(93,556,173)
Beginning
of
year
........................................................................................
149,982,167
243,538,340
End
of
year
............................................................................................
$
59,800,106
$
149,982,167
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
72
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
Institutional
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0.0000
(a)
0.0051
0.0214
0.0151
0.0059
Net
realized
gain
(loss)
......................................
0.0001
0.0014
0.0000
(a)
(0.0001)
0.0001
Net
increase
from
investment
operations
............................
0.0001
0.0065
0.0214
0.0150
0.0060
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0000)
(c)
(0.0064)
(0.0214)
(0.0150)
(0.0060)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
(0.0000)
(c)
—
(0.0000)
(c)
Total
distributions
...........................................
(0.0001)
(0.0065)
(0.0214)
(0.0150)
(0.0060)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.02%
0.65%
2.16%
1.51%
0.61%
Based
on
net
asset
value
......................................
0.02%
0.65%
2.16%
1.51%
0.61%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.23%
0.23%
0.25%
0.24%
0.24%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.09%
0.17%
0.17%
0.17%
0.17%
Net
investment
income
.......................................
0.00%
(e)
0.51%
2.14%
1.51%
0.59%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
4,912,973
$
4,488,126
$
3,442,530
$
2,996,754
$
2,756,560
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
73
Financial
Highlights
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
Administration
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0.0000
(a)
0.0051
0.0204
0.0140
0.0056
Net
realized
gain
(loss)
......................................
0.0001
0.0006
0.0000
(a)
0.0000
(a)
(0.0006)
Net
increase
from
investment
operations
............................
0.0001
0.0057
0.0204
0.0140
0.0050
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0000)
(c)
(0.0056)
(0.0204)
(0.0140)
(0.0050)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
(0.0000)
(c)
—
(0.0000)
(c)
Total
distributions
...........................................
(0.0001)
(0.0057)
(0.0204)
(0.0140)
(0.0050)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.02%
0.57%
2.06%
1.41%
0.51%
Based
on
net
asset
value
......................................
0.02%
0.57%
2.06%
1.41%
0.51%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.33%
0.33%
0.35%
0.34%
0.34%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.08%
0.24%
0.27%
0.27%
0.27%
Net
investment
income
.......................................
0.00%
(e)
0.51%
2.05%
1.40%
0.56%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
87,091
$
78,219
$
80,271
$
75,807
$
68,102
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
74
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
Cash
Management
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0.0000
(a)
0.0022
0.0164
0.0099
0.0012
Net
realized
gain
..........................................
0.0001
0.0016
0.0000
(a)
0.0001
0.0004
Net
increase
from
investment
operations
............................
0.0001
0.0038
0.0164
0.0100
0.0016
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0000)
(c)
(0.0037)
(0.0164)
(0.0100)
(0.0016)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
(0.0000)
(c)
—
(0.0000)
(c)
Total
distributions
...........................................
(0.0001)
(0.0038)
(0.0164)
(0.0100)
(0.0016)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.02%
0.38%
1.65%
1.01%
0.16%
Based
on
net
asset
value
......................................
0.02%
0.38%
1.65%
1.01%
0.16%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.73%
0.73%
0.75%
0.74%
0.74%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.08%
0.36%
0.67%
0.67%
0.59%
Net
investment
income
.......................................
0.00%
(e)
0.22%
1.65%
0.99%
0.12%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
10,191
$
10,809
$
11,839
$
13,175
$
15,174
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
75
Financial
Highlights
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
Cash
Reserve
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0.0001
0.0061
0.0314
0.0108
0.0022
Net
realized
gain
..........................................
0.0002
0.0004
0.0001
0.0002
0.0001
Net
increase
from
investment
operations
............................
0.0003
0.0065
0.0315
0.0110
0.0023
Distributions
(a)
–
–
–
–
–
From
net
investment
income
..................................
(0.0001)
(0.0064)
(0.0315)
(0.0110)
(0.0023)
From
net
realized
gain
.......................................
(0.0002)
(0.0001)
(0.0000)
(b)
—
(0.0000)
(b)
Total
distributions
...........................................
(0.0003)
(0.0065)
(0.0315)
(0.0110)
(0.0023)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(c)
0.03%
0.65%
3.19%
1.11%
0.23%
Based
on
net
asset
value
......................................
0.03%
0.65%
3.19%
1.11%
0.23%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.62%
0.63%
0.65%
0.64%
0.64%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.12%
0.17%
0.28%
0.57%
0.54%
Net
investment
income
.......................................
0.00%
(d)
0.61%
3.14%
1.08%
0.22%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
8
$
425
$
383
$
374
$
447
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
76
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
Dollar
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0.0000
(a)
0.0032
0.0189
0.0116
0.0035
Net
realized
gain
..........................................
0.0001
0.0018
0.0000
(a)
0.0009
0.0001
Net
increase
from
investment
operations
............................
0.0001
0.0050
0.0189
0.0125
0.0036
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0000)
(c)
(0.0049)
(0.0189)
(0.0125)
(0.0036)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
(0.0000)
(c)
—
(0.0000)
(c)
Total
distributions
...........................................
(0.0001)
(0.0050)
(0.0189)
(0.0125)
(0.0036)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.02%
0.49%
1.91%
1.26%
0.36%
Based
on
net
asset
value
......................................
0.02%
0.49%
1.91%
1.26%
0.36%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.48%
0.48%
0.50%
0.49%
0.49%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.09%
0.29%
0.42%
0.42%
0.42%
Net
investment
income
.......................................
0.00%
(e)
0.32%
1.90%
1.16%
0.35%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
10,977
$
30,848
$
11,152
$
13,751
$
133,962
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Amount
is
less
than
0.005%.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
77
Financial
Highlights
See
notes
to
financial
statements.
FedFund
Institutional
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0.0002
0.0054
0.0217
0.0152
0.0065
Net
realized
gain
..........................................
0.0001
0.0010
0.0001
0.0001
0.0001
Net
increase
from
investment
operations
............................
0.0003
0.0064
0.0218
0.0153
0.0066
Distributions
(a)
–
–
–
–
–
From
net
investment
income
..................................
(0.0002)
(0.0063)
(0.0218)
(0.0153)
(0.0066)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
—
—
—
Total
distributions
...........................................
(0.0003)
(0.0064)
(0.0218)
(0.0153)
(0.0066)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(b)
0.03%
0.64%
2.20%
1.54%
0.66%
Based
on
net
asset
value
......................................
0.03%
0.64%
2.20%
1.54%
0.66%
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
....................
0.08%
0.17%
0.17%
0.17%
0.15%
Net
investment
income
.......................................
0.02%
0.54%
2.17%
1.52%
0.65%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
127,458,227
$
141,084,816
$
93,106,503
$
74,278,100
$
78,004,801
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Where
applicable,
assumes
the
reinvestment
of
distributions.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
78
See
notes
to
financial
statements.
FedFund
Administration
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0.0002
0.0054
0.0207
0.0145
0.0057
Net
realized
gain
(loss)
......................................
0.0001
0.0002
0.0001
(0.0002)
(0.0001)
Net
increase
from
investment
operations
............................
0.0003
0.0056
0.0208
0.0143
0.0056
Distributions
(a)
–
–
–
–
–
From
net
investment
income
..................................
(0.0002)
(0.0055)
(0.0208)
(0.0143)
(0.0056)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
—
—
—
Total
distributions
...........................................
(0.0003)
(0.0056)
(0.0208)
(0.0143)
(0.0056)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(b)
0.03%
0.56%
2.10%
1.44%
0.56%
Based
on
net
asset
value
......................................
0.03%
0.56%
2.10%
1.44%
0.56%
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
....................
0.08%
0.24%
0.27%
0.27%
0.26%
Net
investment
income
.......................................
0.02%
0.54%
2.07%
1.45%
0.57%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
3,021,092
$
2,977,997
$
2,870,758
$
2,500,290
$
2,436,503
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Where
applicable,
assumes
the
reinvestment
of
distributions.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
79
Financial
Highlights
See
notes
to
financial
statements.
FedFund
Capital
Year
Ended
October
31,
Period
from
11/10/17
(a)
to
10/31/18
2021
2020
2019
Net
asset
value,
beginning
of
period
............................................
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................................
0.0002
0.0051
0.0213
0.0172
Net
realized
gain
(loss)
.....................................................
0.0001
0.0009
0.0001
(0.0026)
Net
increase
from
investment
operations
...........................................
0.0003
0.0060
0.0214
0.0146
Distributions
(b)
–
–
–
–
From
net
investment
income
.................................................
(0.0002)
(0.0059)
(0.0214)
(0.0146)
From
net
realized
gain
......................................................
(0.0001)
(0.0001)
—
—
Total
distributions
..........................................................
(0.0003)
(0.0060)
(0.0214)
(0.0146)
Net
asset
value,
end
of
period
.................................................
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(c)
0.03%
0.60%
2.16%
1.47%
Based
on
net
asset
value
.....................................................
0.03%
0.60%
2.16%
1.47%
(d)
Ratios
to
Average
Net
Assets
Total
expenses
............................................................
0.24%
0.24%
0.24%
0.24%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
...................................
0.07%
0.21%
0.21%
0.21%
(e)
Net
investment
income
......................................................
0.02%
0.51%
2.13%
1.77%
(e)
Supplemental
Data
Net
assets,
end
of
period
(000)
.................................................
$
25,722,827
$
11,247,218
$
8,078,893
$
7,138,766
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Aggregate
total
return.
(e)
Annualized.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
80
See
notes
to
financial
statements.
FedFund
Cash
Management
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0.0002
0.0035
0.0165
0.0100
0.0020
Net
realized
gain
..........................................
0.0001
0.0003
0.0003
0.0003
0.0001
Net
increase
from
investment
operations
............................
0.0003
0.0038
0.0168
0.0103
0.0021
Distributions
(a)
–
–
–
–
–
From
net
investment
income
..................................
(0.0002)
(0.0037)
(0.0168)
(0.0103)
(0.0021)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
—
—
—
Total
distributions
...........................................
(0.0003)
(0.0038)
(0.0168)
(0.0103)
(0.0021)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(b)
0.03%
0.38%
1.69%
1.04%
0.21%
Based
on
net
asset
value
......................................
0.03%
0.38%
1.69%
1.04%
0.21%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.69%
0.69%
0.69%
0.69%
0.69%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.08%
0.42%
0.67%
0.67%
0.61%
Net
investment
income
.......................................
0.02%
0.35%
1.65%
1.00%
0.20%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
590,584
$
440,893
$
377,591
$
154,607
$
106,798
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Where
applicable,
assumes
the
reinvestment
of
distributions.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
81
Financial
Highlights
See
notes
to
financial
statements.
FedFund
Cash
Reserve
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0.0002
0.0040
0.0178
0.0115
0.0032
Net
realized
gain
(loss)
......................................
0.0001
0.0002
0.0000
(a)
(0.0002)
(0.0004)
Net
increase
from
investment
operations
............................
0.0003
0.0042
0.0178
0.0113
0.0028
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0002)
(0.0041)
(0.0178)
(0.0113)
(0.0028)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
—
—
—
Total
distributions
...........................................
(0.0003)
(0.0042)
(0.0178)
(0.0113)
(0.0028)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(c)
0.03%
0.42%
1.79%
1.14%
0.28%
Based
on
net
asset
value
......................................
0.03%
0.42%
1.79%
1.14%
0.28%
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
....................
0.08%
0.39%
0.57%
0.57%
0.55%
Net
investment
income
.......................................
0.02%
0.40%
1.78%
1.15%
0.32%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
5,518,536
$
5,079,903
$
4,907,193
$
1,649,400
$
814,974
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
82
See
notes
to
financial
statements.
FedFund
Dollar
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0.0002
0.0039
0.0195
0.0129
0.0039
Net
realized
gain
(loss)
......................................
0.0001
0.0009
0.0000
(a)
(0.0001)
0.0002
Net
increase
from
investment
operations
............................
0.0003
0.0048
0.0195
0.0128
0.0041
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0002)
(0.0047)
(0.0195)
(0.0128)
(0.0041)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
—
—
—
Total
distributions
...........................................
(0.0003)
(0.0048)
(0.0195)
(0.0128)
(0.0041)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(c)
0.03%
0.48%
1.97%
1.29%
0.41%
Based
on
net
asset
value
......................................
0.03%
0.48%
1.97%
1.29%
0.41%
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
....................
0.08%
0.31%
0.42%
0.42%
0.40%
Net
investment
income
.......................................
0.02%
0.39%
1.95%
1.29%
0.39%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
2,863,692
$
2,991,892
$
2,307,110
$
1,776,032
$
1,714,598
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
83
Financial
Highlights
See
notes
to
financial
statements.
FedFund
Mischler
Financial
Group
Shares
Period
from
01/22/21
(a)
to
10/31/21
Net
asset
value,
beginning
of
period
........................................................................................
$
1.00
Net
investment
income
.................................................................................................
0.0001
Net
realized
gain
.....................................................................................................
0.0001
Net
increase
from
investment
operations
.......................................................................................
0.0002
Distributions
(b)
–
From
net
investment
income
.............................................................................................
(0.0001)
From
net
realized
gain
..................................................................................................
(0.0001)
Total
distributions
......................................................................................................
(0.0002)
Net
asset
value,
end
of
period
.............................................................................................
$
1.00
Total
Return
(c)
0.03%
Based
on
net
asset
value
.................................................................................................
0.
02
%
(d)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................................
0.19%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................................
0.05%
(e)
Net
investment
income
..................................................................................................
0.03%
(e)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................................
$
1,636,430
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Aggregate
total
return.
(e)
Annualized.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
84
See
notes
to
financial
statements.
FedFund
Premier
Year
Ended
October
31,
Period
from
07/26/19
(a)
to
10/31/19
2021
2020
Net
asset
value,
beginning
of
period
...........................................................
$
1.00
$
1.00
$
1.00
Net
investment
income
....................................................................
0.0002
0.0062
0.0051
Net
realized
gain
........................................................................
0.0001
0.0002
0.0000
(b)
Net
increase
from
investment
operations
..........................................................
0.0003
0.0064
0.0051
Distributions
(c)
–
–
–
From
net
investment
income
................................................................
(0.0002)
(0.0063)
(0.0051)
From
net
realized
gain
.....................................................................
(0.0001)
(0.0001)
—
Total
distributions
.........................................................................
(0.0003)
(0.0064)
(0.0051)
Net
asset
value,
end
of
period
................................................................
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.03%
0.64%
0.51%
Based
on
net
asset
value
....................................................................
0.03%
0.64%
0.51%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
...........................................................................
0.19%
0.19%
0.19%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
..................................................
0.06%
0.17%
0.17%
(f)
Net
investment
income
.....................................................................
0.02%
0.62%
1.95%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
................................................................
$
18,892
$
37
$
37
(a)
Recommencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Annualized.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
85
Financial
Highlights
See
notes
to
financial
statements.
FedFund
Private
Client
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0.0002
0.0036
0.0166
0.0090
0.0020
Net
realized
gain
..........................................
0.0001
0.0002
0.0001
0.0012
0.0001
Net
increase
from
investment
operations
............................
0.0003
0.0038
0.0167
0.0102
0.0021
Distributions
(a)
–
–
–
–
–
From
net
investment
income
..................................
(0.0002)
(0.0037)
(0.0167)
(0.0102)
(0.0021)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
—
—
—
Total
distributions
...........................................
(0.0003)
(0.0038)
(0.0167)
(0.0102)
(0.0021)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(b)
0.03%
0.38%
1.68%
1.02%
0.21%
Based
on
net
asset
value
......................................
0.03%
0.38%
1.68%
1.02%
0.21%
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
....................
0.08%
0.43%
0.68%
0.68%
0.60%
Net
investment
income
.......................................
0.02%
0.36%
1.66%
0.90%
0.20%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
252
$
252
$
230
$
768
$
1,782
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Where
applicable,
assumes
the
reinvestment
of
distributions.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
86
See
notes
to
financial
statements.
FedFund
Select
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0.0002
0.0021
0.0133
0.0066
0.0005
Net
realized
gain
(loss)
......................................
0.0001
0.0004
0.0002
0.0004
(0.0001)
Net
increase
from
investment
operations
............................
0.0003
0.0025
0.0135
0.0070
0.0004
Distributions
(a)
–
–
–
–
–
From
net
investment
income
..................................
(0.0002)
(0.0024)
(0.0135)
(0.0070)
(0.0004)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
—
—
—
Total
distributions
...........................................
(0.0003)
(0.0025)
(0.0135)
(0.0070)
(0.0004)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(b)
0.03%
0.26%
1.36%
0.71%
0.04%
Based
on
net
asset
value
......................................
0.03%
0.26%
1.36%
0.71%
0.04%
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
....................
0.08%
0.54%
1.00%
1.00%
0.77%
Net
investment
income
.......................................
0.02%
0.22%
1.33%
0.66%
0.05%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
727,352
$
301,826
$
256,241
$
195,297
$
340,742
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Where
applicable,
assumes
the
reinvestment
of
distributions.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
87
Financial
Highlights
See
notes
to
financial
statements.
TempCash
Institutional
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.0009
$
1.0006
$
1.0003
$
1.0002
$
1.0000
Net
investment
income
......................................
0.0005
0.0084
0.0233
0.0188
0.0108
Net
realized
and
unrealized
gain
(loss)
............................
(0.0003)
0.0004
0.0005
(0.0010)
(0.0022)
Net
increase
from
investment
operations
............................
0.0002
0.0088
0.0238
0.0178
0.0086
Distributions
(a)
–
–
–
–
–
From
net
investment
income
..................................
(0.0005)
(0.0085)
(0.0235)
(0.0177)
(0.0084)
From
net
realized
gain
.......................................
—
(0.0000)
(b)
(0.0000)
(b)
—
—
Total
distributions
...........................................
(0.0005)
(0.0085)
(0.0235)
(0.0177)
(0.0084)
Net
asset
value,
end
of
year
...................................
$
1.0006
$
1.0009
$
1.0006
$
1.0003
$
1.0002
Total
Return
(c)
0.02%
0.88%
2.41%
1.79%
0.87%
Based
on
net
asset
value
......................................
0.02%
0.88%
2.41%
1.79%
0.87%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.24%
0.23%
0.26%
0.33%
0.39%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.17%
0.18%
0.18%
0.18%
0.18%
Net
investment
income
.......................................
0.05%
0.84%
2.33%
1.88%
1.08%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
5,786,777
$
10,638,146
$
10,035,653
$
4,875,313
$
1,713,352
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
88
See
notes
to
financial
statements.
TempCash
Dollar
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.0009
$
1.0006
$
1.0003
$
1.0002
$
1.0000
Net
investment
income
(loss)
..................................
(0.0000)
(a)
0.0062
0.1405
(b)
0.0122
0.0058
Net
realized
and
unrealized
gain
(loss)
............................
(0.0001
)
0.0004
0.0156
0.0031
0.0004
Net
increase
(decrease)
from
investment
operations
....................
(0.0001
)
0.0066
0.1561
0.0153
0.0062
Distributions
(c)
–
–
–
–
–
From
net
investment
income
..................................
(0.0002
)
(0.0063)
(0.1558)
(0.0152)
(0.0060)
From
net
realized
gain
.......................................
—
(0.0000)
(a)
(0.0000)
(a)
—
—
Total
distributions
...........................................
(0.0002
)
(0.0063)
(0.1558)
(0.0152)
(0.0060)
Net
asset
value,
end
of
year
...................................
$
1.0006
$
1.0009
$
1.0006
$
1.0003
$
1.0002
Total
Return
(d)
(0.01)%
0.66%
15.90%
1.54%
0.62%
Based
on
net
asset
value
......................................
(0.01)%
0.66%
15.90%
(b)
1.54%
0.62%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.50%
0.47%
0.51%
0.61%
0.71%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.20%
0.40%
0.43%
0.43%
0.42%
Net
investment
income
(loss)
....................................
(0.00)%
(e)
0.62%
14.04%
(b)
1.22%
0.58%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
18
$
18
$
18
$
15
$
22,566
(a)
Amount
is
greater
than
$(0.00005)
per
share.
(b)
Includes
a
non-recurring
income
payment,
which
impacted
net
investment
income
per
share,
total
return
and
the
net
investment
income
ratio.
Excluding
this
one
time
payment,
the
net
investment
income
per
share,
the
total
return
and
the
net
investment
income
ratio
were
$0.0211,
2.15%
and
2.10%,
respectively.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Amount
is
greater
than
(0.005)%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
89
Financial
Highlights
See
notes
to
financial
statements.
TempCash
Premier
Year
Ended
October
31,
Period
from
07/26/19
(a)
to
10/31/19
2021
2020
Net
asset
value,
beginning
of
period
...........................................................
$
1.0010
$
1.0007
$
1.0006
Net
investment
income
....................................................................
0.0005
0.0085
0.0055
Net
realized
and
unrealized
gain
(loss)
..........................................................
(0.0004)
0.0003
0.0001
Net
increase
from
investment
operations
..........................................................
0.0001
0.0088
0.0056
Distributions
(b)
–
–
–
From
net
investment
income
................................................................
(0.0005)
(0.0085)
(0.0055)
From
net
realized
gain
.....................................................................
—
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
.........................................................................
(0.0005)
(0.0085)
(0.0055)
Net
asset
value,
end
of
period
................................................................
$
1.0006
$
1.0010
$
1.0007
Total
Return
(d)
0.01%
0.88%
0.56%
Based
on
net
asset
value
....................................................................
0.01%
0.88%
0.56%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
...........................................................................
0.25%
0.23%
0.24%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
..................................................
0.16%
0.18%
0.18%
(f)
Net
investment
income
.....................................................................
0.05%
0.84%
2.10%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
................................................................
$
37
$
37
$
37
(a)
Recommencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Annualized.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
90
See
notes
to
financial
statements.
TempFund
Institutional
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.0008
$
1.0006
$
1.0003
$
1.0003
$
1.0002
Net
investment
income
......................................
0.000
4
0.0084
0.0237
0.0177
0.0100
Net
realized
and
unrealized
gain
(loss)
............................
(0.0003)
0.0002
0.0003
0.0001
0.0001
Net
increase
from
investment
operations
............................
0.000
1
0.0086
0.0240
0.0178
0.0101
Distributions
(a)
–
–
–
–
–
From
net
investment
income
..................................
(0.0005
)
(0.0083)
(0.0237)
(0.0178)
(0.0100)
From
net
realized
gain
.......................................
—
(0.0001)
(0.0000)
(b)
—
—
Total
distributions
...........................................
(0.0005)
(0.0084)
(0.0237)
(0.0178)
(0.0100)
Net
asset
value,
end
of
year
...................................
$
1.000
4
$
1.0008
$
1.0006
$
1.0003
$
1.0003
Total
Return
(c)
0.01%
0.86%
2.42%
1.79%
1.01%
Based
on
net
asset
value
......................................
0.01%
0.86%
(d)
2.42%
1.79%
1.01%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.23%
0.22%
0.22%
0.22%
0.22%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.16%
0.18%
0.18%
0.18%
0.18%
Net
investment
income
.......................................
0.05%
0.84%
2.37%
1.77%
1.03%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
7,923,377
$
10,928,671
$
10,609,770
$
12,325,770
$
12,940,766
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
91
Financial
Highlights
See
notes
to
financial
statements.
TempFund
Administration
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.0008
$
1.0006
$
1.0004
$
1.0004
$
1.0002
Net
investment
income
......................................
0.0002
0.0072
0.0227
0.0153
0.0090
Net
realized
and
unrealized
gain
(loss)
............................
(0.0002)
0.0004
0.0002
0.0015
0.0002
Net
increase
from
investment
operations
............................
0.0000
0.0076
0.0229
0.0168
0.0092
Distributions
(a)
–
–
–
–
–
From
net
investment
income
..................................
(0.0003
)
(0.0073)
(0.0227)
(0.0168)
(0.0090)
From
net
realized
gain
.......................................
—
(0.0001)
(0.0000)
(b)
—
—
Total
distributions
...........................................
(0.0003)
(0.0074)
(0.0227)
(0.0168)
(0.0090)
Net
asset
value,
end
of
year
...................................
$
1.0005
$
1.0008
$
1.0006
$
1.0004
$
1.0004
Total
Return
(c)
—
0.76%
2.31%
1.69%
0.93%
Based
on
net
asset
value
......................................
0.00%
(d)
0.76%
(e)
2.31%
1.69%
0.93%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.33%
0.32%
0.32%
0.32%
0.31%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.18%
0.28%
0.28%
0.28%
0.28%
Net
investment
income
.......................................
0.02%
0.72%
2.27%
1.53%
1.01%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
10,577
$
9,524
$
42,214
$
23,965
$
106,520
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Amount
is
less
than
0.005%.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
92
See
notes
to
financial
statements.
TempFund
Capital
Year
Ended
10/31/2021
Period
from
07/07/20
(a)
to
10/31/20
Net
asset
value,
beginning
of
period
.........................................................................
$
1.0008
$
1.0010
Net
investment
income
..................................................................................
0.0002
0.0002
Net
realized
and
unrealized
loss
............................................................................
(0.0002)
(0.0001)
Net
increase
from
investment
operations
........................................................................
0.0000
0.0001
Distributions
(b)
–
–
From
net
investment
income
..............................................................................
(0.0003
)
(0.0002)
From
net
realized
gain
...................................................................................
—
(0.0001)
Total
distributions
.......................................................................................
(0.0003)
(0.0003)
Net
asset
value,
end
of
period
..............................................................................
$
1.0005
$
1.0008
Total
Return
(c)
—
0.01%
Based
on
net
asset
value
..................................................................................
0.00%
(d)
0.01%
(e)(f)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
0.28%
0.27%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.19%
0.23%
(g)
Net
investment
income
...................................................................................
0.02%
0.05%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
1,149
$
3,223
(a)
Recommencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Amount
is
less
than
0.005%.
(e)
Aggregate
total
return.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
93
Financial
Highlights
See
notes
to
financial
statements.
TempFund
Cash
Management
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.0008
$
1.0006
$
1.0003
$
1.0003
$
1.0002
Net
investment
income
......................................
0.0002
0.0048
0.0188
0.0127
0.0050
Net
realized
and
unrealized
gain
(loss)
............................
(0.0002)
0.0002
0.0003
0.0001
0.0001
Net
increase
from
investment
operations
............................
0.0000
0.0050
0.0191
0.0128
0.0051
Distributions
(a)
–
–
–
–
–
From
net
investment
income
..................................
(0.0003
)
(0.0047)
(0.0188)
(0.0128)
(0.0050)
From
net
realized
gain
.......................................
—
(0.0001)
(0.0000)
(b)
—
—
Total
distributions
...........................................
(0.0003)
(0.0048)
(0.0188)
(0.0128)
(0.0050)
Net
asset
value,
end
of
year
...................................
$
1.0005
$
1.0008
$
1.0006
$
1.0003
$
1.0003
Total
Return
(c)
—
0.50%
1.92%
1.28%
0.51%
Based
on
net
asset
value
......................................
0.00%
(d)
0.50%
(e)
1.92%
1.28%
0.51%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.73%
0.73%
0.72%
0.72%
0.72%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.18%
0.54%
0.68%
0.68%
0.68%
Net
investment
income
.......................................
0.02%
0.48%
1.88%
1.27%
0.49%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
596,683
$
576,228
$
624,658
$
632,405
$
688,373
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Amount
is
less
than
0.005%.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
94
See
notes
to
financial
statements.
TempFund
Cash
Reserve
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.0008
$
1.0006
$
1.0004
$
1.0003
$
1.0002
Net
investment
income
......................................
0.0002
0.0052
0.0231
0.0143
0.0060
Net
realized
and
unrealized
gain
(loss)
............................
(0.0002)
0.0008
0.0000
(a)
(0.0004)
0.0001
Net
increase
from
investment
operations
............................
0.0000
0.0060
0.0231
0.0139
0.0061
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0003
)
(0.0057)
(0.0229)
(0.0138)
(0.0060)
From
net
realized
gain
.......................................
—
(0.0001)
(0.0000)
(c)
—
—
Total
distributions
...........................................
(0.0003)
(0.0058)
(0.0229)
(0.0138)
(0.0060)
Net
asset
value,
end
of
year
...................................
$
1.0005
$
1.0008
$
1.0006
$
1.0004
$
1.0003
Total
Return
(d)
—
0.60%
2.33%
1.39%
0.61%
Based
on
net
asset
value
......................................
0.00%
(e)
0.60%
(f)
2.33%
1.39%
0.61%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.63%
0.63%
0.62%
0.62%
0.62%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.17%
0.44%
0.50%
0.58%
0.58%
Net
investment
income
.......................................
0.02%
0.52%
2.31%
1.43%
0.59%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
14,234
$
5,544
$
4,296
$
4,320
$
3,341
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Amount
is
less
than
0.005%.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
95
Financial
Highlights
See
notes
to
financial
statements.
TempFund
Dollar
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.0008
$
1.0006
$
1.0004
$
1.0004
$
1.0002
Net
investment
income
......................................
0.0002
0.0056
0.0221
0.0151
0.0075
Net
realized
and
unrealized
gain
(loss)
............................
(0.0002)
0.0009
0.0001
0.0002
0.0002
Net
increase
from
investment
operations
............................
0.0000
0.0065
0.0222
0.0153
0.0077
Distributions
(a)
–
–
–
–
–
From
net
investment
income
..................................
(0.0003
)
(0.0062)
(0.0220)
(0.0153)
(0.0075)
From
net
realized
gain
.......................................
—
(0.0001)
(0.0000)
(b)
—
—
Total
distributions
...........................................
(0.0003)
(0.0063)
(0.0220)
(0.0153)
(0.0075)
Net
asset
value,
end
of
year
...................................
$
1.0005
$
1.0008
$
1.0006
$
1.0004
$
1.0004
Total
Return
(c)
—
0.65%
2.24%
1.54%
0.77%
Based
on
net
asset
value
......................................
0.00%
(d)
0.65%
(e)
2.24%
1.54%
0.77%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.48%
0.48%
0.47%
0.47%
0.47%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.18%
0.38%
0.43%
0.43%
0.43%
Net
investment
income
.......................................
0.02%
0.56%
2.21%
1.51%
0.78%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
107,298
$
106,802
$
79,837
$
80,471
$
86,362
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Amount
is
less
than
0.005%.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
96
See
notes
to
financial
statements.
TempFund
Private
Client
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.0008
$
1.0006
$
1.0004
$
1.0003
$
1.0002
Net
investment
income
......................................
0.0002
0.0017
0.0190
0.0136
0.0050
Net
realized
and
unrealized
gain
(loss)
............................
(0.0002)
0.0033
(0.0001)
(0.0007)
0.0001
Net
increase
from
investment
operations
............................
0.0000
0.0050
0.0189
0.0129
0.0051
Distributions
(a)
–
–
–
–
–
From
net
investment
income
..................................
(0.0003
)
(0.0047)
(0.0187)
(0.0128)
(0.0050)
From
net
realized
gain
.......................................
—
(0.0001)
(0.0000)
(b)
—
—
Total
distributions
...........................................
(0.0003)
(0.0048)
(0.0187)
(0.0128)
(0.0050)
Net
asset
value,
end
of
year
...................................
$
1.0005
$
1.0008
$
1.0006
$
1.0004
$
1.0003
Total
Return
(c)
—
0.50%
1.90%
1.29%
0.52%
Based
on
net
asset
value
......................................
0.00%
(d)
0.50%
(e)
1.90%
1.29%
0.52%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
1.08%
1.08%
1.07%
1.07%
1.07%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.18%
0.59%
0.68%
0.68%
0.68%
Net
investment
income
.......................................
0.02%
0.17%
1.90%
1.36%
0.49%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
1,131
$
1,043
$
1,165
$
2,042
$
1,295
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Amount
is
less
than
0.005%.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
97
Financial
Highlights
See
notes
to
financial
statements.
T-Fund
Institutional
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0.0001
0.0057
0.0215
0.0151
0.0063
Net
realized
gain
(loss)
......................................
0.0001
0.0005
0.0001
0.0002
(0.0001)
Net
increase
from
investment
operations
............................
0.0002
0.0062
0.0216
0.0153
0.0062
Distributions
(a)
–
–
–
–
–
From
net
investment
income
..................................
(0.0001)
(0.0061)
(0.0216)
(0.0153)
(0.0062)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
(0.0000)
(b)
(0.0000)
(b)
(0.0000)
(b)
Total
distributions
...........................................
(0.0002)
(0.0062)
(0.0216)
(0.0153)
(0.0062)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(c)
0.02%
0.62%
2.18%
1.54%
0.62%
Based
on
net
asset
value
......................................
0.02%
0.62%
(d)
2.18%
1.54%
0.62%
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
....................
0.08%
0.17%
0.17%
0.17%
0.17%
Net
investment
income
.......................................
0.01%
0.57%
2.15%
1.51%
0.63%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
91,031,976
$
88,266,743
$
65,112,830
$
57,671,676
$
53,092,342
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
98
See
notes
to
financial
statements.
T-Fund
Administration
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0.0001
0.0056
0.0206
0.0146
0.0061
Net
realized
gain
(loss)
......................................
0.0001
(0.0002)
0.0000
(a)
(0.0003)
(0.0009)
Net
increase
from
investment
operations
............................
0.0002
0.0054
0.0206
0.0143
0.0052
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0001)
(0.0053)
(0.0206)
(0.0143)
(0.0052)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
...........................................
(0.0002)
(0.0054)
(0.0206)
(0.0143)
(0.0052)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.53%
2.08%
1.43%
0.52%
Based
on
net
asset
value
......................................
0.01%
0.53%
(e)
2.08%
1.43%
0.52%
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
....................
0.08%
0.25%
0.27%
0.27%
0.27%
Net
investment
income
.......................................
0.01%
0.56%
2.08%
1.46%
0.61%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
504,427
$
489,691
$
733,783
$
924,933
$
685,250
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
99
Financial
Highlights
See
notes
to
financial
statements.
T-Fund
Capital
Year
Ended
October
31,
Period
from
11/10/17
(a)
to
10/31/18
2021
2020
2019
Net
asset
value,
beginning
of
period
............................................
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................................
0.0001
0.0048
0.0212
0.0172
Net
realized
gain
(loss)
.....................................................
0.0001
0.0010
0.0000
(b)
(0.0027)
Net
increase
from
investment
operations
...........................................
0.0002
0.0058
0.0212
0.0145
Distributions
(c)
–
–
–
–
From
net
investment
income
.................................................
(0.0001)
(0.0057)
(0.0212)
(0.0145)
From
net
realized
gain
......................................................
(0.0001)
(0.0001)
(0.0000)
(d)
(0.0000)
(d)
Total
distributions
..........................................................
(0.0002)
(0.0058)
(0.0212)
(0.0145)
Net
asset
value,
end
of
period
.................................................
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
0.01%
0.57%
2.14%
1.46%
Based
on
net
asset
value
.....................................................
0.01%
0.57%
(f)
2.14%
1.46%
(g)
Ratios
to
Average
Net
Assets
Total
expenses
............................................................
0.24%
0.24%
0.24%
0.24%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...................................
0.08%
0.21%
0.21%
0.21%
(h)
Net
investment
income
......................................................
0.01%
0.48%
2.13%
1.76%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.................................................
$
27,304,259
$
15,842,877
$
10,347,984
$
10,978,658
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Aggregate
total
return.
(h)
Annualized.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
100
See
notes
to
financial
statements.
T-Fund
Cash
Management
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0.0001
0.0034
0.0164
0.0103
0.0015
Net
realized
gain
..........................................
0.0001
0.0003
0.0003
0.0000
(a)
0.0003
Net
increase
from
investment
operations
............................
0.0002
0.0037
0.0167
0.0103
0.0018
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0001)
(0.0036)
(0.0167)
(0.0103)
(0.0018)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
...........................................
(0.0002)
(0.0037)
(0.0167)
(0.0103)
(0.0018)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.37%
1.69%
1.03%
0.18%
Based
on
net
asset
value
......................................
0.01%
0.37%
(e)
1.69%
1.03%
0.18%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.69%
0.69%
0.69%
0.69%
0.69%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.08%
0.41%
0.67%
0.67%
0.58%
Net
investment
income
.......................................
0.00%
(f)
0.34%
1.64%
1.03%
0.15%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
825,420
$
1,009,514
$
1,035,657
$
600,314
$
576,284
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Amount
is
less
than
0.005%.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
101
Financial
Highlights
See
notes
to
financial
statements.
T-Fund
Cash
Reserve
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0.0001
0.0037
0.0176
0.0128
0.0027
Net
realized
gain
(loss)
......................................
0.0001
0.0004
0.0000
(a)
(0.0015)
(0.0002)
Net
increase
from
investment
operations
............................
0.0002
0.0041
0.0176
0.0113
0.0025
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0001)
(0.0040)
(0.0176)
(0.0113)
(0.0025)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
...........................................
(0.0002)
(0.0041)
(0.0176)
(0.0113)
(0.0025)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.40%
1.78%
1.13%
0.25%
Based
on
net
asset
value
......................................
0.01%
0.40%
(e)
1.78%
1.13%
0.25%
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
....................
0.07%
0.39%
0.57%
0.57%
0.55%
Net
investment
income
.......................................
0.01%
0.37%
1.78%
1.28%
0.27%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
482,231
$
56,822
$
123,578
$
239,734
$
57,894
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
102
See
notes
to
financial
statements.
T-Fund
Dollar
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0.0001
0.0044
0.0191
0.0123
0.0035
Net
realized
gain
..........................................
0.0001
0.0003
0.0000
(a)
0.0004
0.0002
Net
increase
from
investment
operations
............................
0.0002
0.0047
0.0191
0.0127
0.0037
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0001)
(0.0046)
(0.0191)
(0.0127)
(0.0037)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
...........................................
(0.0002)
(0.0047)
(0.0191)
(0.0127)
(0.0037)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.46%
1.93%
1.28%
0.38%
Based
on
net
asset
value
......................................
0.01%
0.46%
(e)
1.93%
1.28%
0.38%
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
....................
0.08%
0.32%
0.42%
0.42%
0.42%
Net
investment
income
.......................................
0.01%
0.44%
1.92%
1.23%
0.35%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
1,000,401
$
670,205
$
794,485
$
1,230,374
$
2,927,646
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
103
Financial
Highlights
See
notes
to
financial
statements.
T-Fund
Premier
Year
Ended
October
31,
Period
from
07/26/19
(a)
to
10/31/19
2021
2020
Net
asset
value,
beginning
of
period
...........................................................
$
1.00
$
1.00
$
1.00
Net
investment
income
....................................................................
0.0001
0.0060
0.0050
Net
realized
gain
........................................................................
0.0001
0.0002
0.0000
(b)
Net
increase
from
investment
operations
..........................................................
0.0002
0.0062
0.0050
Distributions
(c)
–
–
–
From
net
investment
income
................................................................
(0.0001)
(0.0061)
(0.0050)
From
net
realized
gain
.....................................................................
(0.0001)
(0.0001)
(0.0000)
(d)
Total
distributions
.........................................................................
(0.0002)
(0.0062)
(0.0050)
Net
asset
value,
end
of
period
................................................................
$
1.00
$
1.00
$
1.00
Total
Return
(e)
0.02%
0.61%
0.50%
Based
on
net
asset
value
....................................................................
0.02%
0.61%
(f)
0.50%
(g)
Ratios
to
Average
Net
Assets
Total
expenses
...........................................................................
0.19%
0.19%
0.19%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..................................................
0.06%
0.17%
0.17%
(h)
Net
investment
income
.....................................................................
0.01%
0.60%
1.93%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
................................................................
$
12,958
$
37
$
37
(a)
Recommencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Aggregate
total
return.
(h)
Annualized.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
104
See
notes
to
financial
statements.
T-Fund
Select
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0.0001
0.0011
0.0133
0.0051
0.0002
Net
realized
gain
..........................................
0.0001
0.0014
0.0000
(a)
0.0019
0.0000
(a)
Net
increase
from
investment
operations
............................
0.0002
0.0025
0.0133
0.0070
0.0002
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0001)
(0.0024)
(0.0133)
(0.0070)
(0.0002)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
(0.0000)
(c)
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
...........................................
(0.0002)
(0.0025)
(0.0133)
(0.0070)
(0.0002)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.24%
1.34%
0.70%
0.02%
Based
on
net
asset
value
......................................
0.01%
0.24%
(e)
1.34%
0.70%
0.02%
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
....................
0.07%
0.41%
1.00%
1.00%
0.75%
Net
investment
income
.......................................
0.01%
0.11%
1.37%
0.51%
0.02%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
37,798
$
30,444
$
14,769
$
19,710
$
75,759
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
105
Financial
Highlights
See
notes
to
financial
statements.
Treasury
Trust
Fund
Institutional
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.0
0
$
1.00
$
1.00
Net
investment
income
......................................
0.0001
0.0048
0.0212
0.0153
0.0060
Net
realized
gain
(loss)
......................................
0.0001
0.0015
0.0000
(a)
(0.0002)
0.0000
(a)
Net
increase
from
investment
operations
............................
0.0002
0.0063
0.0212
0.0151
0.0060
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0001)
(0.0062)
(0.0212)
(0.0151)
(0.0060)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
—
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
...........................................
(0.0002)
(0.0063)
(0.0212)
(0.0151)
(0.0060)
Net
asset
value,
end
of
year
...................................
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
Total
Return
(d)
0.01%
0.63%
2.14%
1.52%
0.60%
Based
on
net
asset
value
......................................
0.01%
0.63%
2.14%
1.52%
0.60%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.19%
0.19%
0.20%
0.20%
0.20%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.06%
0.17%
0.17%
0.17%
0.17%
Net
investment
income
.......................................
0.01%
0.48%
2.12%
1.53%
0.60%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
98,602,650
$
56,400,526
$
38,728,217
$
30,530,122
$
24,157,325
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
106
See
notes
to
financial
statements.
Treasury
Trust
Fund
Administration
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
Net
investment
income
......................................
0.0001
0.0058
0.0203
0.0136
0.0052
Net
realized
gain
(loss)
......................................
0.0001
(0.0002)
0.0000
(a)
0.0005
(0.0002)
Net
increase
from
investment
operations
............................
0.0002
0.0056
0.0203
0.0141
0.0050
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0001)
(0.0055)
(0.0203)
(0.0141)
(0.0050)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
—
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
...........................................
(0.0002)
(0.0056)
(0.0203)
(0.0141)
(0.0050)
Net
asset
value,
end
of
year
...................................
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
Total
Return
(d)
0.01%
0.56%
2.05%
1.42%
0.50%
Based
on
net
asset
value
......................................
0.01%
0.56%
2.05%
1.42%
0.50%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.29%
0.29%
0.30%
0.30%
0.30%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.07%
0.24%
0.26%
0.27%
0.27%
Net
investment
income
.......................................
0.01%
0.58%
2.03%
1.36%
0.52%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
599,190
$
399,846
$
465,703
$
413,618
$
638,815
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
107
Financial
Highlights
See
notes
to
financial
statements.
Treasury
Trust
Fund
Capital
Year
Ended
10/31/2021
Period
from
10/22/20
(a)
to
10/31/20
Net
asset
value,
beginning
of
period
.........................................................................
$
1.0
0
$
1.0
0
Net
investment
income
..................................................................................
0.0001
0.0000
(b)
Net
realized
gain
......................................................................................
0.0001
0.0000
(b)
Net
increase
from
investment
operations
........................................................................
0.0002
0.0000
Distributions
(c)
–
–
From
net
investment
income
..............................................................................
(0.0001)
—
From
net
realized
gain
...................................................................................
(0.0001)
—
Total
distributions
.......................................................................................
(0.0002)
—
Net
asset
value,
end
of
period
..............................................................................
$
1.00
$
1.00
Total
Return
(d)
0.01%
—
Based
on
net
asset
value
..................................................................................
0.01%
0.00%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
0.24%
0.24%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.06%
0.17%
(f)
Net
investment
income
(loss)
...............................................................................
0.01%
(0.03)%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
3,299
$
250
(a)
Recommencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Annualized.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
108
See
notes
to
financial
statements.
Treasury
Trust
Fund
Cash
Management
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
Net
investment
income
......................................
0.0001
0.0034
0.0158
0.0098
0.0018
Net
realized
gain
(loss)
......................................
0.0001
0.0003
0.0005
0.0003
(0.0002)
Net
increase
from
investment
operations
............................
0.0002
0.0037
0.0163
0.0101
0.0016
Distributions
(a)
–
–
–
–
–
From
net
investment
income
..................................
(0.0001)
(0.0036)
(0.0163)
(0.0101)
(0.0016)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
—
(0.0000)
(b)
(0.0000)
(b)
Total
distributions
...........................................
(0.0002)
(0.0037)
(0.0163)
(0.0101)
(0.0016)
Net
asset
value,
end
of
year
...................................
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
$
1.0
0
Total
Return
(c)
0.01%
0.37%
1.64%
1.02%
0.16%
Based
on
net
asset
value
......................................
0.01%
0.37%
1.64%
1.02%
0.16%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.69%
0.69%
0.69%
0.70%
0.70%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.08%
0.41%
0.67%
0.67%
0.63%
Net
investment
income
.......................................
0.01%
0.34%
1.58%
0.98%
0.18%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
32,960
$
53,101
$
36,492
$
13,843
$
21,110
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
109
Financial
Highlights
See
notes
to
financial
statements.
Treasury
Trust
Fund
Cash
Reserve
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.0
0
$
1.0
0
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0.0001
0.0040
0.0172
0.0124
0.0019
Net
realized
gain
(loss)
......................................
0.0001
0.0001
0.0000
(a)
(0.0013)
0.0003
Net
increase
from
investment
operations
............................
0.0002
0.0041
0.0172
0.0111
0.0022
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0001)
(0.0040)
(0.0172)
(0.0111)
(0.0022)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
—
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
...........................................
(0.0002)
(0.0041)
(0.0172)
(0.0111)
(0.0022)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.41%
1.74%
1.12%
0.22%
Based
on
net
asset
value
......................................
0.01%
0.41%
1.74%
1.12%
0.22%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.59%
0.59%
0.60%
0.60%
0.60%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.07%
0.39%
0.57%
0.57%
0.52%
Net
investment
income
.......................................
0.01%
0.40%
1.73%
1.24%
0.19%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
97,008
$
102,984
$
74,034
$
8,044
$
1,002
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
110
See
notes
to
financial
statements.
Treasury
Trust
Fund
Dollar
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0.0001
0.0046
0.0194
0.0127
0.0035
Net
realized
gain
(loss)
......................................
0.0001
0.0003
0.0002
(0.0001)
0.0000
(a)
Net
increase
from
investment
operations
............................
0.0002
0.0049
0.0196
0.0126
0.0035
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0001)
(0.0048)
(0.0196)
(0.0126)
(0.0035)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
—
(0.0000)
(c)
(0.0000)
(c)
Total
distributions
...........................................
(0.0002)
(0.0049)
(0.0196)
(0.0126)
(0.0035)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
0.01%
0.49%
1.98%
1.27%
0.35%
Based
on
net
asset
value
......................................
0.01%
0.49%
1.98%
1.27%
0.35%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.44%
0.44%
0.44%
0.45%
0.45%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.07%
0.30%
0.40%
0.42%
0.42%
Net
investment
income
.......................................
0.01%
0.46%
1.94%
1.27%
0.35%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
1,035,846
$
939,241
$
977,335
$
482,014
$
483,138
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
111
Financial
Highlights
See
notes
to
financial
statements.
Treasury
Trust
Fund
Select
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0.0001
0.0016
0.0129
0.0067
0.0001
Net
realized
gain
..........................................
0.0001
0.0008
0.0001
0.0001
0.0001
Net
increase
from
investment
operations
............................
0.0002
0.0024
0.0130
0.0068
0.0002
Distributions
(a)
–
–
–
–
–
From
net
investment
income
..................................
(0.0001)
(0.0023)
(0.0130)
(0.0068)
(0.0002)
From
net
realized
gain
.......................................
(0.0001)
(0.0001)
—
(0.0000)
(b)
(0.0000)
(b)
Total
distributions
...........................................
(0.0002)
(0.0024)
(0.0130)
(0.0068)
(0.0002)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(c)
0.01%
0.24%
1.30%
0.68%
0.02%
Based
on
net
asset
value
......................................
0.01%
0.24%
1.30%
0.68%
0.02%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
1.04%
1.04%
1.05%
1.05%
1.05%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.06%
0.45%
1.00%
1.00%
0.68%
Net
investment
income
.......................................
0.01%
0.16%
1.29%
0.67%
0.01%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
660,676
$
103,647
$
38,265
$
39,675
$
38,309
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
112
See
notes
to
financial
statements.
MuniCash
Institutional
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.0001
$
1.0001
$
1.0001
$
1.0003
$
1.0001
Net
investment
income
......................................
0.0001
0.0051
0.0137
0.0112
0.0060
Net
realized
and
unrealized
gain
................................
0.0000
(a)
0.0004
0.0000
(a)
0.0000
(a)
0.0000
(a)
Net
increase
from
investment
operations
............................
0.0001
0.0055
0.0137
0.0112
0.0060
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0001)
(0.0055)
(0.0137)
(0.0112)
(0.0058)
From
net
realized
gain
.......................................
—
—
(0.0000)
(c)
(0.0002)
—
Total
distributions
...........................................
(0.0001)
(0.0055)
(0.0137)
(0.0114)
(0.0058)
Net
asset
value,
end
of
year
...................................
$
1.0001
$
1.0001
$
1.0001
$
1.0001
$
1.0003
Total
Return
(d)
0.01%
0.55%
1.38%
1.13%
0.60%
Based
on
net
asset
value
......................................
0.01%
0.55%
1.38%
1.13%
(e)
0.60%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.26%
0.26%
0.28%
0.29%
0.31%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.08%
0.19%
0.20%
0.20%
0.20%
Net
investment
income
.......................................
0.01%
0.51%
1.36%
1.12%
0.60%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
5,368,797
$
5,160,531
$
5,182,923
$
3,992,552
$
4,096,900
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
113
Financial
Highlights
See
notes
to
financial
statements.
MuniCash
Dollar
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.0001
$
1.0001
$
1.0001
$
1.0003
$
1.0001
Net
investment
income
......................................
0.0001
0.0040
0.0123
0.0087
0.0033
Net
realized
and
unrealized
gain
................................
0.0000
(a)
0.0002
0.0000
(a)
0.0000
(a)
0.0002
Net
increase
from
investment
operations
............................
0.0001
0.0042
0.0123
0.0087
0.0035
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0001)
(0.0042)
(0.0123)
(0.0087)
(0.0033)
From
net
realized
gain
.......................................
—
—
(0.0000)
(c)
(0.0002)
—
Total
distributions
...........................................
(0.0001)
(0.0042)
(0.0123)
(0.0089)
(0.0033)
Net
asset
value,
end
of
year
...................................
$
1.0001
$
1.0001
$
1.0001
$
1.0001
$
1.0003
Total
Return
(d)
0.01%
0.42%
1.23%
0.88%
0.35%
Based
on
net
asset
value
......................................
0.01%
0.42%
1.23%
0.88%
(e)
0.35%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.52%
0.51%
0.53%
0.54%
0.56%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.07%
0.31%
0.45%
0.45%
0.45%
Net
investment
income
.......................................
0.01%
0.40%
1.22%
0.87%
0.33%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
4,810
$
3,176
$
2,207
$
1,893
$
1,623
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
114
See
notes
to
financial
statements.
California
Money
Fund
Institutional
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.0000
$
1.0002
$
1.0002
$
1.00
$
1.00
Net
investment
income
......................................
0.0001
0.0051
0.0107
0.0101
0.0053
Net
realized
and
unrealized
gain
(loss)
............................
0.0006
(0.0007)
0.0001
0.0002
0.0012
Net
increase
from
investment
operations
............................
0.0007
0.0044
0.0108
0.0103
0.0065
Distributions
(a)
–
–
–
–
–
From
net
investment
income
..................................
(0.0001)
(0.0046)
(0.0108)
(0.0101)
(0.0054)
From
net
realized
gain
.......................................
(0.0000)
(b)
—
—
—
(0.0011)
Total
distributions
...........................................
(0.0001)
(0.0046)
(0.0108)
(0.0101)
(0.0065)
Net
asset
value,
end
of
year
...................................
$
1.0006
$
1.0000
$
1.0002
$
1.0002
$
1.00
Total
Return
(c)
0.07%
0.44%
1.09%
1.03%
0.65%
Based
on
net
asset
value
......................................
0.07%
0.44%
1.09%
1.03%
0.65%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.45%
0.45%
0.47%
0.70%
0.74%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.05%
0.18%
0.20%
0.20%
0.20%
Net
investment
income
.......................................
0.01%
0.51%
1.07%
1.01%
0.53%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
207,157
$
153,630
$
397,288
$
169,293
$
30,459
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
115
Financial
Highlights
See
notes
to
financial
statements.
New
York
Money
Fund
Institutional
Year
Ended
October
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
..............................
$
1.0000
$
1.0000
$
1.0000
$
1.00
$
1.00
Net
investment
income
......................................
0.0001
0.0062
0.0129
0.0113
0.0056
Net
realized
and
unrealized
gain
(loss)
............................
(
0.0000
)
(a)
(0.0008)
0.0003
(0.0002)
0.0013
Net
increase
from
investment
operations
............................
0.0001
0.0054
0.0132
0.0111
0.0069
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0001)
(0.0054)
(0.0132)
(0.0111)
(0.0056)
Return
of
capital
...........................................
—
—
—
—
(0.0013)
Total
distributions
...........................................
(0.0001)
(0.0054)
(0.0132)
(0.0111)
(0.0069)
Net
asset
value,
end
of
year
...................................
$
1.0000
$
1.0000
$
1.0000
$
1.0000
$
1.00
Total
Return
(c)
0.01%
0.54%
1.33%
1.12%
0.69%
Based
on
net
asset
value
......................................
0.01%
0.54%
1.33%
1.12%
0.69%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.53%
0.46%
0.56%
1.35%
1.00%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.06%
0.18%
0.20%
0.20%
0.20%
Net
investment
income
.......................................
0.01%
0.62%
1.29%
1.13%
0.56%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
59,800
$
149,946
$
243,502
$
46,066
$
16,908
(a)
Amount
is
greater
than
$(0.00005)
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
Notes
to
Financial
Statements
2021
BlackRock
Annual
Report
to
Shareholders
116
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,
each
of
which
is
a
series
of
the
Trust, are
referred
to
herein
collectively
as
the
“Funds”
or
individually
as
a
“Fund”:
(a)
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
share
class
is
offered
as
follows:
For
the
year
ended
October
31,
2021,
no
Plus
Shares
or
Cash
Plus
Shares
were
outstanding.
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.
Institutional
Shares
are
sold
without
a
sales
charge
and
only
to
certain
eligible
investors.
Bancroft
Capital
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Bancroft
Capital
and
its
affiliates.
Cabrera
Capital
Markets
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Cabrera
Capital
Markets
and
its
affiliates.
Mischler
Financial
Group
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Mischler
Financial
Group,
Inc.
and
its
affiliates.
Premier
Shares
are
sold
without
a
sales
charge
and
are
only
available
through
financial
intermediaries
trading
on
the
NSCC
Fund/SERV
trading
platform.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures.
BlackRock
Liquid
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
a
Fund's
weekly
liquid
assets.
On
October
11,
2016,
TempCash,
TempFund
and
MuniCash,
and
on
October
15,
2018,
California
Money
Fund
and
New
York
Money
Fund
began
pricing
and
transacting
their
shares
at
a
net
asset
value
(“NAV”)
per
share
calculated
to
four
decimal
places,
reflecting
market-based
values
of
their
portfolio
holdings
(i.e.,
at
a
“floating”
NAV).
The
NAV
of
TempFund
is
priced
multiple
times
each
day
such
Fund
accepts
purchase
orders
and
redemption
requests
at
such
intervals.
Prior
to
the
Funds’
adoption
of
the
floating
NAV,
their
portfolio
holdings
were
valued
at
amortized
cost.
With
respect
to
each
of
TempCash,
TempFund,
MuniCash,
California
Money
Fund
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
of
shares
redeemed
or
temporarily
restrict
redemptions
from
each
of
TempCash,
TempFund,
MuniCash,
California
Money
Fund or
New
York
Money
Fund
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
TempCash,
TempFund,
MuniCash,
California
Money
Fund or
New
York
Money
Fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
The
Funds,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
"Manager") or
its
affiliates,
are
included
in
a
complex
of
equity,
multi-asset,
index
and
money
market
funds
referred
to
as
the
BlackRock
Multi-Asset
Complex.
Effective
February
26,
2021,
TempCash,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
no
longer
accept
purchase
orders
for
Administration
Shares.
TempCash,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
no
longer
accept
purchase
orders
for
Cash
Management
Shares
and
Cash
Reserve
Shares.
California
Money
Fund
and
New
York
Money
Fund
no
longer
accept
purchase
orders
for
Dollar
Shares.
BlackRock
Liquid
Federal
Trust
Fund
and
Treasury
Trust
Fund
no
longer
accept
purchase
orders
for
Premier
Shares.
T-Fund,
California
Money
Fund
and
New
York
Money
Fund
no
longer
accept
purchase
orders
for
Private
Client
Shares.
TempFund,
California
Money
Fund
and
New
York
Money
Fund
no
longer
accept
purchase
orders
for
Select
Shares.
On
May
11,
2021,
the
Board
approved
a
change
in
the
name
of
Federal
Trust
Fund,
effective
as
of
July
19,
2021,
to
BlackRock
Liquid
Federal
Trust
Fund.
Fund
Name
Diversification
Classification
BlackRock
Liquid
Federal
Trust
Fund
.......................................................................................
Diversified
FedFund
..........................................................................................................
Diversified
TempCash
.........................................................................................................
Diversified
TempFund
.........................................................................................................
Diversified
T-Fund
............................................................................................................
Diversified
Treasury
Trust
Fund
...................................................................................................
Diversified
MuniCash
..........................................................................................................
Diversified
California
Money
Fund
.................................................................................................
Non-Diversified
(a)
New
York
Money
Fund
.................................................................................................
Non-Diversified
(a)
Fund
Name
Share
Class
BlackRock
Liquid
Federal
Trust
Fund
...................
Institutional,
Administration,
Capital,
Cash
Management,
Cash
Reserve,
Dollar,
Private
Client
and
Select
FedFund
......................................
Institutional,
Administration,
Bancroft
Capital,
Cabrera
Capital
Markets,
Capital,
Cash
Management,
Cash
Plus,
Cash
Reserve,
Dollar,
Mischler
Financial
Group,
Premier,
Private
Client
and
Select
TempCash
.....................................
Institutional,
Capital,
Cash
Plus,
Dollar,
Premier
and
Select
TempFund
.....................................
Institutional,
Administration,
Cabrera
Capital
Markets
,
Capital,
Cash
Management,
Cash
Reserve,
Dollar
and
Plus
T-Fund
........................................
Institutional,
Administration,
Capital,
Cash
Management,
Cash
Reserve,
Dollar,
Plus,
Premier
and
Select
Treasury
Trust
Fund
...............................
Institutional,
Administration,
Capital,
Cash
Management,
Cash
Reserve,
Dollar,
Private
Client
and
Select
MuniCash
......................................
Institutional,
Capital,
Cash
Plus,
Dollar,
Private
Client
and
Select
California
Money
Fund
.............................
Institutional,
Capital,
Cash
Plus
and
Plus
New
York
Money
Fund
.............................
Institutional,
Capital,
Cash
Plus
and
Plus
Notes
to
Financial
Statements
(continued)
117
Notes
to
Financial
Statements
On
September
27,
2021,
Premier
Shares
terminated
as
a
share
class
of
MuniCash,
California
Money
Fund
and
New
York
Money
Fund.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets.
Distributions:
Distributions
from
net
investment
income
are
declared
daily
and
paid
monthly.
Distributions
of
capital
gains
are
distributed
at
least
annually
and
are
recorded
on
the
ex-dividend
dates.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP
.
Liquidity
Fees:
Any
liquidity
fees
imposed
on
the
value
of
shares
redeemed
in
the
event
that
TempCash,
TempFund,
MuniCash,
California
Money
Fund
or
New
York
Money
Fund’s
weekly
liquid
assets
fall
below
certain
thresholds
are
recorded
as
paid-in-capital.
The
liquidity
fees
are
collected
and
retained
by each
Fund
for
the
benefit
of
a
Fund’s
remaining
shareholders.
Offering
Costs:
Offering
costs
are
amortized
over
a
12-month
period
beginning
with
the
commencement
of
operations
of
a
class
of
shares.
Indemnifications:
In
the
normal
course
of
business,
a
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
A
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
a
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to
a
Fund
or
its
classes
are
charged
to
that
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Funds
and
other
shared
expenses
prorated
to
the
Funds
are
allocated
daily
to
each
class
based
on
their
relative
net
assets
or
other
appropriate
methods.
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.
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 overdrafts,
subject
to
certain
conditions.
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS
Investment
Valuation
Policies
(TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund):
The
investments
of
TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
policies
approved
by
the
Board.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value.
The
BlackRock
Global
Valuation
Methodologies
Committee
(the
“Global
Valuation
Committee”)
is
the
committee
formed
by
management
to
develop
global
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money
Funds'
assets
and
liabilities:
Investments
are
valued
on
the
basis
of
prices
provided
by
dealers
or
pricing
services.
In
determining
the
value
of
a
particular
investment,
pricing
services
may
use
certain
information
with
respect
to
transactions
in
such
investments,
quotations
from
dealers,
pricing
matrixes,
market
transactions
in
comparable
investments
and
information
with
respect
to
various
relationships
between
investments.
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services.
Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Repurchase
agreements
are
valued
at
amortized
cost,
which
approximates
market
value.
Investment
Valuation
Policies
(
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
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
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
118
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
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting 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);
and
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Global
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
SECURITIES
AND
OTHER
INVESTMENTS
Repurchase
Agreements:
Repurchase
agreements
are
commitments
to
purchase
a
security
from
a
counterparty
who
agrees
to
repurchase
the
same
security
at
a
mutually
agreed
upon
date
and
price.
On
a
daily
basis,
the
counterparty
is
required
to
maintain
eligible
collateral
subject
to
the
agreement
and
in
value
no
less
than
the
agreed
upon
repurchase
amount.
Repurchase
agreements
may
be
traded
bilaterally,
in
a
tri-party
arrangement
or
may
be
centrally
cleared
through
a
sponsoring
agent.
Subject
to
the
custodial
undertaking
associated
with
a
tri-party
repurchase
arrangement
and
for
centrally
cleared
repurchase
agreements,
a
third-party
custodian
maintains
accounts
to
hold
collateral
for a
fund
and
its
counterparties.
Typically, a
fund
and
counterparty
are
not
permitted
to
sell,
re-pledge
or
use
the
collateral
absent
a
default
by
the
counterparty
or the
fund,
respectively.
The
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,
there
were
no
joint
trading
accounts
invested
in
repurchase
agreements.
In
the
event
the
counterparty
defaults
and
the
fair
value
of
the
collateral
declines, a
fund
could
experience
losses,
delays
and
costs
in
liquidating
the
collateral.
Repurchase
agreements
are
entered
into
by
a
fund
under
Master
Repurchase
Agreements
(each,
an
“MRA”).
The
MRA
permits the
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, the
fund
receives
collateral
with
a
market
value
in
excess
of
the
repurchase
price
at
maturity.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty, the
fund
would
recognize
a
liability
with
respect
to
such
excess
collateral.
The
liability
reflects the
fund’s
obligation
under
bankruptcy
law
to
return
the
excess
to
the
counterparty.
5.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES
Investment
Advisory:
The
Trust,
on
behalf
of
the
Funds,
entered
into
a
management
agreement
with
the
Manager,
the
Trust’s
investment
adviser
and
an
indirect,
wholly-
owned
subsidiary
of
BlackRock,
Inc.
("BlackRock"),
to
provide
investment
advisory,
administration
and
accounting
services
to
the
Funds.
Under
the
management
agreement,
the
Manager
is
entitled
to
receive
the
following
annual
fees
computed
daily
and
paid
monthly
based
upon
each
Fund’s
average
daily
net
assets:
(a)
Based
on
the
combined
average
net
assets
of
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund.
(b)
Based
on
the
average
daily
net
assets
of
the
Fund
whose
management
fee
is
being
calculated.
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund
Calculation
A
Calculation
B
Management
Fees
are
equal
to
calculation
A
plus
calculation
B
.175%
of
the
first
$1
billion
(a)
.175%
of
the
first
$1
billion
(b)
.150%
of
the
next
$1
billion
(a)
.150%
of
the
next
$1
billion
(b)
.125%
of
the
next
$1
billion
(a)
.125%
of
the
next
$1
billion
(b)
.100%
of
the
next
$1
billion
(a)
.100%
of
amounts
in
excess
of
$3
billion
(b)
.095%
of
the
next
$1
billion
(a)
.090%
of
the
next
$1
billion
(a)
.085%
of
the
next
$1
billion
(a)
.080%
of
amounts
in
excess
of
$7
billion
(a)
Notes
to
Financial
Statements
(continued)
119
Notes
to
Financial
Statements
With
respect
to
TempCash
and
TempFund,
the
Manager
entered
into
a
sub-advisory
agreement,
effective
February
26,
2021,
with
BlackRock
International
Limited
(“BIL”)
(the
"Sub-Adviser"),
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
for
services
it
provides
for
that
portion
of
each
Fund
for
which
BIL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
each
Fund
to
the
Manager.
Service
and
Distribution
Fees:
The
Trust,
on
behalf
of
the
Funds,
entered
into
a
separate
Distribution
Agreement,
Distribution
Plans
and
Shareholder
Service
Plans
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BlackRock.
Pursuant
to
the
Select
Shares
Distribution
Plan
and
the
Private
Client
Shares
Distribution
Plan,
the
Trust
may
pay
BRIL
a
fee
for
distribution
and
sales
support
services.
In
addition,
the
Trust
may
pay
service
organizations,
including
affiliates
of
the
Manager,
fees
for
providing
certain
services
(“shareholder
services”)
to
their
customers
who
own
shares
of
the
Funds.
Pursuant
to
its
respective
Shareholder
Services
Plan,
each
of
the
Capital
,
Dollar,
Cash
Management,
Cash
Reserve,
Administration,
Select
and Private
Client
Share classes
are
currently
paying
fees
to
service
organizations,
which
may
include
affiliates
of
the
Manager.
The
fees
are
accrued
daily
and
paid
monthly
at
annual
rates
based
upon
the
average
daily
net
assets
of
the
shares
as
follows:
(a)
Due
to
certain
contractual
and
voluntary
waivers,
the
above
stated
rates
may
be
reduced.
For
the
year
ended
October
31,
2021,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
each
Fund:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Funds
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
TempCash
and
MuniCash
Management
Fees
..........................................................
.350%
of
the
first
$1
billion
.300%
of
the
next
$1
billion
.250%
of
the
next
$1
billion
.200%
of
the
next
$1
billion
.195%
of
the
next
$1
billion
.190%
of
the
next
$1
billion
.185%
of
the
next
$1
billion
.180%
of
amounts
in
excess
of
$7
billion
TempFund
Management
Fees
..........................................................
.350%
of
the
first
$1
billion
.300%
of
the
next
$1
billion
.250%
of
the
next
$1
billion
.200%
of
the
next
$1
billion
.195%
of
the
next
$1
billion
.190%
of
the
next
$1
billion
.180%
of
the
next
$1
billion
.175%
of
the
next
$1
billion
.170%
of
amounts
in
excess
of
$8
billion
California
Money
Fund
and
New
York
Money
Fund
Management
Fees
..........................................................
.375%
of
the
first
$1
billion
.350%
of
the
next
$1
billion
.325%
of
the
next
$1
billion
.300%
of
amounts
in
excess
of
$3
billion
Share
Class
Service
Fees
(a)
Distribution
Fees
(a)
Administration
..............................................................................................
0.10%
—%
Capital
...................................................................................................
0.05
—
Cash
Management
...........................................................................................
0.50
—
Cash
Reserve
..............................................................................................
0.40
—
Dollar
....................................................................................................
0.25
—
Private
Client
..............................................................................................
0.50
0.35
Select
...................................................................................................
0.50
0.35
Fund
Name
Administration
Capital
Cash
Management
Cash
Reserve
Dollar
Private
Client
Select
Total
BlackRock
Liquid
Federal
Trust
Fund
........
$
85,157
$
—
$
58,454
$
622
$
40,228
$
—
$
—
$
184,461
FedFund
...........................
3,208,762
9,740,450
2,461,450
23,942,328
7,684,735
2,146
6,009,591
53,049,462
TempCash
..........................
—
—
—
—
45
—
—
45
TempFund
..........................
10,278
883
2,856,427
39,277
268,591
8,787
—
3,184,243
T-Fund
.............................
518,446
11,090,324
4,620,919
2,038,544
2,556,240
—
431,183
21,255,656
Treasury
Trust
Fund
....................
526,997
915
235,461
440,011
2,528,787
—��
4,254,779
7,986,950
MuniCash
...........................
—
—
—
—
11,124
—
—
11,124
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
120
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the
year
ended
October
31,
2021
,
the
Funds
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
Expense
Limitations,
Waivers
and
Reimbursements:
With
respect
to
each
Fund,
the
Manager,
as
investment
adviser
and
administrator,
has
contractually
agreed
to
reduce
its
fees
and/or
reimburse
ordinary
operating
expenses
to
ensure
that
the
combined
“Management
Fees”
and
“Miscellaneous/Other
Expenses,”
excluding
service
fees,
distribution
fees
and
any
extraordinary
expenses,
do
not
exceed
0.18%
of
the
average
daily
net
assets
of
TempCash
and
TempFund, 0.17%
of
the
average
daily
net
assets
of FedFund,
T-Fund,
BlackRock
Liquid
Federal
Trust
Fund
and
Treasury
Trust
Fund
and
0.20%
of
the
average
daily
net
assets
of
MuniCash,
California
Money
Fund
and
New
York
Money
Fund.
Any
fees
waived
by
the
Manager
with
respect
to
a
particular
fiscal
year
are
not
recoverable.
The
Manager
has
agreed
not
to
reduce
or
discontinue
these
contractual
expense
limitations
through
February,
28,
2022,
unless
approved
by
the
Board,
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
of
the
Trust,
as
defined
in
the
1940
Act
(“Independent
Trustees”),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
such
Fund.
These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the
year
ended
October
31,
2021,
the
amounts
waived
were
as
follows:
The
Manager has
also
voluntarily
agreed
to
waive
and/or
reimburse
a
portion
of
its investment
advisory
fees
to
enable
the
Funds
to
maintain
minimum
levels
of
daily
net
investment
income
if
applicable.
These
amounts,
if
any,
are
reported
in
the
Statements
of
Operations
as
fees
waived
and/or
reimbursed
by
the
Manager.
The
Manager
may
discontinue
the
waiver
and/or
reimbursement
at
any
time.
For
the
year
ended
October
31,
2021,
amounts
waived
and/or
reimbursed
were
as
follows:
In
addition,
BRIL
has
contractually
agreed
to
waive
service
and/or
distribution
fees
through
February
28,
2022
so
that
the
net
annual
fund
operating
expenses,
excluding
extraordinary
expenses,
of
the
Select
Shares
and Private
Client
Shares
do
not
exceed
1.00%
and
0.68%
of
the
average
daily
net
assets
of
the
shares,
respectively.
The
agreement
renews
automatically
for
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.
For
the
year
ended
October
31,
2021,
the
amounts
waived
and/or
reimbursed
were
as
follows:
BlackRock
Liquid
Federal
Trust
Fund
.............................................................................................
$
2,725,146
FedFund
................................................................................................................
34,358,365
TempCash
...............................................................................................................
5,102,532
TempFund
...............................................................................................................
5,046,943
T-Fund
..................................................................................................................
22,870,005
Treasury
Trust
Fund
.........................................................................................................
15,235,380
MuniCash
................................................................................................................
3,731,080
California
Money
Fund
.......................................................................................................
638,815
New
York
Money
Fund
.......................................................................................................
442,810
BlackRock
Liquid
Federal
Trust
Fund
.............................................................................................
$
3,749,503
FedFund
................................................................................................................
159,930,637
TempCash
...............................................................................................................
1,074,839
TempFund
...............................................................................................................
1,962,443
T-Fund
..................................................................................................................
109,111,249
Treasury
Trust
Fund
.........................................................................................................
93,497,343
MuniCash
................................................................................................................
7,217,626
California
Money
Fund
.......................................................................................................
388,885
New
York
Money
Fund
.......................................................................................................
183,324
Service
and
Distribution
Fees
Waived
Cash
Reserve
Dollar
Private
Client
Select
Total
BlackRock
Liquid
Federal
Trust
Fund
...................
$
622
$
—
$
—
$
—
$
622
FedFund
......................................
—
—
859
140,976
141,835
TempFund
.....................................
563
304
3,618
—
4,485
T-Fund
........................................
—
—
—
10,119
10,119
Treasury
Trust
Fund
...............................
—
5,805
—
99,763
105,568
Notes
to
Financial
Statements
(continued)
121
Notes
to
Financial
Statements
With
respect
to
each
Fund,
the
Manager
and
BRIL
have
also
voluntarily
agreed
to
waive
a
portion
of their
respective
fees,
and/or
reimburse
operating
expenses
to
enable
the
Funds’
share
classes
to
maintain
minimum
levels
of net
investment
income.
These
amounts
are
reported
in
the
Statements
of
Operations
as
fees
waived
and/or
reimbursed
by
the
Manager
and
service
and
distribution
fees
waived
—
class
specific.
The
Manager
and
BRIL
may
discontinue
the voluntary
waiver
and/or reimbursement
at
any
time.
For
the
year
ended
October
31,
2021,
the
amounts
waived
and/or
reimbursed
were
as
follows:
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
U.S.
Securities
and
Exchange
Commission
(“SEC”),
each
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
each
Fund’s
investment
policies
and
restrictions.
Each
Fund
is
currently
permitted
to borrow
under
the
Interfund
Lending
Program.
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board.
During
the
year
ended
October
31,
2021,
the
Funds
did
not
participate
in
the
Interfund
Lending
Program.
Trustees
and
Officers:
Certain
trustees
and/or
officers
of
the Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the
T
rust's
Chief
Compliance
Officer,
which
is
included
in
Trustees and
Officer
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,
2021
,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with affiliated
funds
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
6.
INCOME
TAX
INFORMATION
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Each Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
each
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
fiscal
years
after
they
are
filed.
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,
2021,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
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
NAVs
per
share.
As
of
period
end,
permanent
differences
attributable
to
non-deductible
expenses
were
reclassified
to
the
following
accounts:
Service
and
Distribution
Fees
Waived
Administration
Capital
Cash
Management
Cash
Reserve
Dollar
Private
Client
Select
Total
BlackRock
Liquid
Federal
Trust
Fund
..
$
85,158
$
—
$
58,454
$
—
$
40,227
$
—
$
—
$
183,8
39
FedFund
.....................
3,208,762
9,740,45
0
$
2,461,450
23,942,32
8
7,684,735
1,287
5,868,61
5
52,907,62
7
TempCash
....................
—
—
—
—
39
—
—
39
TempFund
....................
8,243
403
2,706,6
89
36,916
246,464
4,902
—
3,003,617
T-Fund
.......................
516,767
11,032,793
4,617,204
2,038,340
2,553,509
—
420,946
21,179,559
Treasury
Trust
Fund
..............
526,997
915
235,461
440,011
2,522,982
—
4,155,016
7,881,382
MuniCash
.....................
—
—
—
—
11,124
—
—
11,124
Fund
Name
Purchases
Sales
Net
Realized
Gain
(Loss)
FedFund
........................................................................
$
—
$
2,429,926,753
$
53,565
TempCash
.......................................................................
10,586,144
—
—
TempFund
.......................................................................
10,245,854
—
—
T-Fund
..........................................................................
—
1,719,948,629
38,269
Treasury
Trust
Fund
.................................................................
4,149,875,382
—
—
MuniCash
........................................................................
1,689,573,129
713,559,229
—
California
Money
Fund
...............................................................
341,250,485
391,677,058
—
New
York
Money
Fund
...............................................................
76,915,463
232,854,506
—
Fund
Name
Paid-in
Capital
Accumulated
Earnings
(Loss)
FedFund
................................................................................
$
(
106
,
146
)
$
106
,
146
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
122
The
tax
character
of
distributions
paid
was
as
follows:
As
of
October
31,
2021,
the
tax
components
of
accumulated earnings
(loss) were
as
follows:
During
the
year
ended
October
31,
2021,
the
Funds
listed
below
utilized
the
following
amounts
of
their
respective
capital
loss
carryforwards:
Fund
Name
Year
Ended
10/31/21
Year
Ended
10/31/20
BlackRock
Liquid
Federal
Trust
Fund
Ordinary
income
...........................................................................................
$
876,941
$
23,593,524
FedFund
Ordinary
income
...........................................................................................
$
44,893,051
$
770,411,739
Long-term
capital
gains
......................................................................................
439,274
—
$
45,332,325
$
770,411,739
TempCash
Ordinary
income
...........................................................................................
$
4
,
414
,
218
$
87,881,223
TempFund
Ordinary
income
...........................................................................................
$
5,498,306
$
88,442,315
T-Fund
Ordinary
income
...........................................................................................
$
18,202,797
$
489,301,078
Long-term
capital
gains
......................................................................................
—
155,633
$
18,202,797
$
489,456,711
Treasury
Trust
Fund
Ordinary
income
...........................................................................................
$
9,449,702
$
277,043,103
Long-term
capital
gains
......................................................................................
—
1,527
$
9,449,702
$
277,044,630
MuniCash
Tax-exempt
income
(a)
........................................................................................
$
451,851
$
30,658,438
California
Money
Fund
Tax-exempt
income
(a)
........................................................................................
$
19,235
$
1,600,175
Ordinary
income
...........................................................................................
4,410
—
$
23,645
$
1,600,175
New
York
Money
Fund
Tax-exempt
income
(a)
........................................................................................
$
10,632
$
1,540,079
(a)
The
Funds
designate
these
amounts
paid
during
the
fiscal
year
ended
October
31,
2021,
as
exempt-interest
dividends.
Fund
Name
Undistributed
Tax-
Exempt
Income
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
BlackRock
Liquid
Federal
Trust
Fund
..................
$
—
$
234,645
$
—
$
—
$
(509)
$
234,136
FedFund
.....................................
—
1,960,672
—
—
(2)
1,960,670
TempCash
....................................
—
476
—
(1,171,601)
181,096
(990,029)
TempFund
....................................
—
179,289
—
(710,792)
309,244
(222,259)
T-Fund
.......................................
—
1,359,816
—
—
(1)
1,359,815
Treasury
Trust
Fund
..............................
—
983,098
95,163
—
(33,228)
1,045,033
MuniCash
.....................................
—
198,533
30,675
—
(61,135)
168,073
California
Money
Fund
............................
34
8
168,937
—
—
(1,159)
168,126
New
York
Money
Fund
............................
—
—
—
—
(1,238)
(1,238)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
losses
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales.
Fund
Name
Amounts
Utilized
TempCash
.........................................................................................................
$
54,111
TempFund
.........................................................................................................
104,311
MuniCash
..........................................................................................................
8,921
Notes
to
Financial
Statements
(continued)
123
Notes
to
Financial
Statements
As
of
October
31,
2021, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
For
TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund,
the
cost
for
U.S.
federal
income
tax
purposes
is
the
same
as
book
cost.
7.
PRINCIPAL
RISKS
In
the
normal
course
of
business, the
Funds
invest
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
each
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
each
Fund
is
subject.
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.
Market
Risk:
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.
Municipal
securities
are
subject
to
the
risk
that
litigation,
legislation
or
other
political
events,
local
business
or
economic
conditions,
credit
rating
downgrades,
or
the
bankruptcy
of
the
issuer
could
have
a
significant
effect
on
an
issuer's
ability
to
make
payments
of
principal
and/or
interest
or
otherwise
affect
the
value
of
such
securities.
Municipal
securities
can
be
significantly
affected
by
political
or
economic
changes,
including
changes
made
in
the
law
after
issuance
of
the
securities,
as
well
as
uncertainties
in
the
municipal
market
related
to,
taxation,
legislative
changes
or
the
rights
of
municipal
security
holders,
including
in
connection
with
an
issuer
insolvency.
Municipal
securities
backed
by
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
can
be
negatively
affected
by
the
discontinuance
of
the
tax
benefits
supporting
the
project
or
assets
or
the
inability
to
collect
revenues
for
the
project
or
from
the
assets.
Municipal
securities
may
be
less
liquid
than
taxable
bonds,
and
there
may
be
less
publicly
available
information
on
the
financial
condition
of
municipal
security
issuers
than
for
issuers
of
other
securities.
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
The duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
Concentration
Risk:
A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund's
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each Fund's
portfolio
are
disclosed
in
its Schedule
of
Investments.
MuniCash,
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.
When
a
Fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
or
social
conditions
affecting
that
state
or
group
of
states
could
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund's
portfolio.
Investment
percentages
in
specific
states
or
U.S.
territories
are
presented
in
the
Schedules
of
Investments.
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Liquid
Federal
Trust
Fund
....................................
$
5,099,546,689
$
–
$
(509
)
$
(509
)
FedFund
.......................................................
166,442,824,490
–
(2
)
(2
)
T-Fund
........................................................
117,514,697,807
–
(1
)
(1
)
Treasury
Trust
Fund
...............................................
98,076,214,527
–
(33,228
)
(33,228
)
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
124
Certain
Funds
invest
a
significant
portion
of
their
assets
in
fixed-income
securities
and/or
use
derivatives
tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may
affect
the
value
and/or
liquidity
of
such
investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
increase
as
interest
rates
fall
and
decrease
as
interest
rates
rise.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the
current
period
of
historically
low
rates.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a phase
out of
the
London
Interbank
Offered
Rate
(“LIBOR”).
Although
many
LIBOR
rates
will
be
phased
out
by
the
end
of
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against,
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain.
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
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund.
Transactions
in
capital
shares
for
each
class
were
as
follows:
d
Fund
Name/Share
Class
Year
Ended
10/31/21
10/31/20
BlackRock
Liquid
Federal
Trust
Fund
Institutional
Shares
sold
22,952,490,345
21,076,697,710
Shares
issued
in
reinvestment
of
distributions
......................................................
286,671
5,110,658
Shares
redeemed
(22,527,439,404)
(20,036,629,208)
425,337,612
1,045,179,160
Administration
Shares
sold
67,460,757
129,237,814
Shares
issued
in
reinvestment
of
distributions
......................................................
15,249
468,577
Shares
redeemed
(58,595,418)
(131,764,321)
8,880,588
(2,057,930)
Cash
Management
Shares
sold
3,898,412
26,815,218
Shares
issued
in
reinvestment
of
distributions
......................................................
173
3
Shares
redeemed
(4,515,445)
(27,845,973)
(616,860)
(1,030,752)
Cash
Reserve
Shares
sold
1,489
40,756
Shares
issued
in
reinvestment
of
distributions
......................................................
33
1,904
Shares
redeemed
(418,627)
(138)
(417,105)
42,522
Dollar
Shares
sold
32,429,851
56,638,126
Shares
issued
in
reinvestment
of
distributions
......................................................
1,394
9,843
Shares
redeemed
(52,297,456)
(36,956,122)
(19,866,211)
19,691,847
Premier
Shares
redeemed
(36,500)
(a)
—
(36,500)
—
413,281,524
1,061,824,847
FedFund
Institutional
Shares
sold
1,324,295,784,382
1,130,219,642,439
Shares
issued
in
reinvestment
of
distributions
......................................................
15,733,295
289,706,012
Shares
redeemed
(1,337,925,350,332)
(1,082,540,565,006)
(13,613,832,655)
47,968,783,445
Administration
Shares
sold
6,941,246,471
8,606,564,742
Shares
issued
in
reinvestment
of
distributions
......................................................
54,192
1,968,351
Shares
redeemed
(6,897,940,353)
(8,501,448,442)
43,360,310
107,084,651
Notes
to
Financial
Statements
(continued)
125
Notes
to
Financial
Statements
d
Fund
Name/Share
Class
Year
Ended
10/31/21
10/31/20
Capital
Shares
sold
31,235,222,164
16,299,159,211
Shares
issued
in
reinvestment
of
distributions
......................................................
5,096,642
49,232,126
Shares
redeemed
(16,763,866,701)
(13,180,787,391)
14,476,452,105
3,167,603,946
Cash
Management
Shares
sold
891,616,538
836,111,050
Shares
issued
in
reinvestment
of
distributions
......................................................
91,413
1,030,206
Shares
redeemed
(741,978,907)
(773,865,367)
149,729,044
63,275,889
Cash
Reserve
Shares
sold
58,905,515,789
48,735,245,740
Shares
issued
in
reinvestment
of
distributions
......................................................
164,640
14
Shares
redeemed
(58,466,598,112)
(48,562,796,439)
439,082,317
172,449,315
Dollar
Shares
sold
11,629,362,307
11,131,375,296
Shares
issued
in
reinvestment
of
distributions
......................................................
100,606
1,088,813
Shares
redeemed
(11,757,394,720)
(10,447,866,469)
(127,931,807)
684,597,640
Mischler
Financial
Group
Shares
(b)
Shares
sold
9,154,639,081
—
Shares
issued
in
reinvestment
of
distributions
......................................................
74,932
—
Shares
redeemed
(7,518,302,005)
—
1,636,412,008
—
Premier
Shares
sold
28,279,649
—
Shares
issued
in
reinvestment
of
distributions
......................................................
2,201
—
Shares
redeemed
(9,426,732)
—
18,855,118
—
Private
Client
Shares
sold
17
48,953
Shares
issued
in
reinvestment
of
distributions
......................................................
67
950
Shares
redeemed
(243)
(27,273)
(159)
22,630
Select
Shares
sold
1,986,654,560
1,032,175,203
Shares
issued
in
reinvestment
of
distributions
......................................................
184,141
638,188
Shares
redeemed
(1,561,290,344)
(987,245,412)
425,548,357
45,567,979
3,447,674,638
52,209,385,495
T-Fund
Institutional
Shares
sold
951,132,194,011
744,918,222,101
Shares
issued
in
reinvestment
of
distributions
......................................................
4,494,399
124,819,487
Shares
redeemed
(948,363,343,211)
(721,894,332,156)
2,773,345,199
23,148,709,432
Administration
Shares
sold
610,557,919
500,364,405
Shares
issued
in
reinvestment
of
distributions
......................................................
1,646
45,935
Shares
redeemed
(595,778,061)
(744,508,236)
14,781,504
(244,097,896)
Capital
Shares
sold
41,895,478,847
23,188,450,714
Shares
issued
in
reinvestment
of
distributions
......................................................
3,086,498
58,140,198
Shares
redeemed
(30,435,855,017)
(17,752,714,576)
11,462,710,328
5,493,876,336
Cash
Management
Shares
sold
3,178,082,970
3,118,108,344
Shares
issued
in
reinvestment
of
distributions
......................................................
99,816
2,319,312
Shares
redeemed
(3,362,181,204)
(3,146,612,028)
(183,998,418)
(26,184,372)
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
126
d
Fund
Name/Share
Class
Year
Ended
10/31/21
10/31/20
Cash
Reserve
Shares
sold
6,902,105,373
2,265,489,884
Shares
issued
in
reinvestment
of
distributions
......................................................
55,646
193,103
Shares
redeemed
(6,476,751,799)
(2,332,436,703)
425,409,220
(66,753,716)
Dollar
Shares
sold
7,333,179,590
6,544,536,834
Shares
issued
in
reinvestment
of
distributions
......................................................
65,810
1,347,383
Shares
redeemed
(7,002,991,243)
(6,670,185,748)
330,254,157
(124,301,531)
Premier
Shares
sold
29,996,944
—
Shares
issued
in
reinvestment
of
distributions
......................................................
1,269
—
Shares
redeemed
(17,076,849)
—
12,921,364
—
Select
Shares
sold
206,182,657
138,864,129
Shares
issued
in
reinvestment
of
distributions
......................................................
7,954
36,791
Shares
redeemed
(198,833,495)
(123,228,363)
7,357,116
15,672,557
14,842,780,470
28,196,920,810
Treasury
Trust
Fund
Institutional
Shares
sold
207,617,878,152
189,405,855,943
Shares
issued
in
reinvestment
of
distributions
......................................................
3,575,578
56,945,929
Shares
redeemed
(165,416,350,596)
(171,791,186,105)
42,205,103,134
17,671,615,767
Administration
Shares
sold
1,679,147,710
1,479,240,375
Shares
issued
in
reinvestment
of
distributions
......................................................
43,111
1,527,137
Shares
redeemed
(1,479,824,880)
(1,546,612,399)
199,365,941
(65,844,887)
Capital
Shares
sold
9,527,611
250,001
(c)
Shares
issued
in
reinvestment
of
distributions
......................................................
137
—
Shares
redeemed
(6,478,325)
—
3,049,423
250,001
Cash
Management
Shares
sold
72,355,001
134,302,699
Shares
issued
in
reinvestment
of
distributions
......................................................
367
11,613
Shares
redeemed
(92,493,341)
(117,705,993)
(20,137,973)
16,608,319
Cash
Reserve
Shares
sold
472,719,070
603,230,416
Shares
issued
in
reinvestment
of
distributions
......................................................
140
58,687
Shares
redeemed
(478,688,800)
(574,340,084)
(5,969,590)
28,949,019
Dollar
Shares
sold
3,253,418,897
5,007,927,072
Shares
issued
in
reinvestment
of
distributions
......................................................
11,753
580,592
Shares
redeemed
(3,156,769,508)
(5,046,584,988)
96,661,142
(38,077,324)
Premier
Shares
redeemed
(36,500)
(a)
—
(36,500)
—
Select
Shares
sold
1,846,534,070
358,700,062
Shares
issued
in
reinvestment
of
distributions
......................................................
58,599
137,163
Shares
redeemed
(1,289,563,232)
(293,459,746)
557,029,437
65,377,479
43,035,065,014
17,678,878,374
Notes
to
Financial
Statements
(continued)
127
Notes
to
Financial
Statements
Transactions
in
capital
shares
for
each
class
of
TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
were
as
follows:
d
Year
Ended
10/31/21
Year
Ended
10/31/20
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
TempCash
Institutional
Shares
sold
.............................................
5,576,672,623
$
5,580,908,907
19,367,271,033
$
19,384,322,931
Shares
issued
in
reinvestment
of
distributions
........................
628,328
628,794
4,953,207
4,957,181
Shares
redeemed
.........................................
(10,422,235,136)
(10,429,986,107)
(18,773,353,580)
(18,786,003,498)
(4,844,934,185)
$
(4,848,448,406)
598,870,660
$
603,276,614
Dollar
Shares
sold
.............................................
—
$
—
1
$
—
Shares
issued
in
reinvestment
of
distributions
........................
3
3
112
112
3
$
3
113
$
112
(4,844,934,182)
$
(4,848,448,403)
598,870,773
$
603,276,726
TempFund
Institutional
Shares
sold
.............................................
41,481,261,180
$
41,504,489,347
63,558,661,568
$
63,603,396,011
Shares
issued
in
reinvestment
of
distributions
........................
3,843,500
3,845,697
52,164,968
52,196,080
Shares
redeemed
.........................................
(44,485,629,729)
(44,510,328,479)
(63,294,006,472)
(63,334,527,532)
(3,000,525,049)
$
(3,001,993,435)
316,820,064
$
321,064,559
Administration
Shares
sold
.............................................
6,425,357
$
6,429,233
158,009,523
$
158,115,798
Shares
issued
in
reinvestment
of
distributions
........................
3,267
3,269
171,186
171,309
Shares
redeemed
.........................................
(5,372,925)
(5,376,118)
(190,852,331)
(191,013,635)
1,055,699
$
1,056,384
(32,671,622)
$
(32,726,528)
Capital
Shares
sold
.............................................
499,772
$
500,138
5,833,918
(d)
$
5,839,215
(d)
Shares
issued
in
reinvestment
of
distributions
........................
617
617
442
(d)
442
(d)
Shares
redeemed
.........................................
(2,572,561)
(2,574,174)
(2,614,040)
(d)
(2,616,295)
(d)
(2,072,172)
$
(2,073,419)
3,220,320
$
3,223,362
Cash
Management
Shares
sold
.............................................
220,153,830
$
220,272,953
207,090,363
$
207,228,502
Shares
issued
in
reinvestment
of
distributions
........................
150,083
150,166
2,994,154
2,995,688
Shares
redeemed
.........................................
(199,683,507)
(199,794,496)
(258,592,747)
(258,791,059)
20,620,406
$
20,628,623
(48,508,230)
$
(48,566,869)
Cash
Reserve
Shares
sold
.............................................
30,861,648
$
30,878,367
6,775,904
$
6,780,743
Shares
issued
in
reinvestment
of
distributions
........................
2,666
2,668
30,486
30,503
Shares
redeemed
.........................................
(22,175,856)
(22,187,675)
(5,560,790)
(5,565,003)
8,688,458
$
8,693,360
1,245,600
$
1,246,243
Dollar
Shares
sold
.............................................
96,224,682
$
96,277,023
113,538,773
$
113,631,275
Shares
issued
in
reinvestment
of
distributions
........................
25,774
25,789
505,136
505,429
Shares
redeemed
.........................................
(95,722,269)
(95,774,754)
(87,112,667)
(87,171,880)
528,187
$
528,058
26,931,242
$
26,964,824
Private
Client
Shares
sold
.............................................
178,018
$
178,107
31,607,652
$
31,602,734
Shares
issued
in
reinvestment
of
distributions
........................
258
258
12,653
12,661
Shares
redeemed
.........................................
(89,578)
(89,637)
(31,742,848)
(31,772,528)
88,698
$
88,728
(122,543)
$
(157,133)
(2,971,615,773)
$
(2,973,071,701)
266,914,831
$
271,048,458
MuniCash
Institutional
Shares
sold
.............................................
39,071,598,364
$
39,078,855,628
41,440,031,637
$
41,446,367,361
Shares
issued
in
reinvestment
of
distributions
........................
275,285
275,333
12,236,952
12,238,616
Shares
redeemed
.........................................
(38,863,685,618)
(38,870,906,629)
(41,474,660,028)
(41,480,920,423)
208,188,031
$
208,224,332
(22,391,439)
$
(22,314,446)
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
128
(a)
There
were
no
Premier
Shares
outstanding
for
the
year
ended
October
31,
2021.
(b)
Period
January
22,
2021
(commencement
of
operations)
to
October
31,
2021
for
Mischler
Financial
Group
Shares.
(c)
Period
October
22,
2020
(recommencement
of
operations)
to
October
31,
2020
for
Capital
Shares.
(d)
Period
July
07,
2020
(recommencement
of
operations)
to
October
31,
2020
for
Capital
Shares.
As
of
October
31
,
2021
,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Funds,
owned
36,478
Premier
Shares
of
TempCash
.
9.
SUBSEQUENT
EVENTS
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
d
Year
Ended
10/31/21
Year
Ended
10/31/20
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Dollar
Shares
sold
.............................................
9,254,627
$
9,256,175
3,018,218
$
3,018,731
Shares
issued
in
reinvestment
of
distributions
........................
273
273
10,532
10,533
Shares
redeemed
.........................................
(7,620,980)
(7,622,193)
(2,060,196)
(2,060,562)
1,633,920
$
1,634,255
968,554
$
968,702
Premier
Shares
redeemed
..........................................
(36,493)
(a)
$
(36,500)
(a)
—
$
—
(36,493)
$
(36,500)
—
$
—
209,785,458
$
209,822,087
(21,422,885)
$
(21,345,744)
California
Money
Fund
Institutional
Shares
sold
.............................................
2,130,721,169
$
2,131,690,158
3,336,333,399
$
3,336,763,012
Shares
issued
in
reinvestment
of
distributions
........................
19,576
19,583
1,291,015
1,291,144
Shares
redeemed
.........................................
(2,077,326,017)
(2,078,344,583)
(3,581,208,580)
(3,581,717,421)
53,414,728
$
53,365,158
(243,584,166)
$
(243,663,265)
Premier
Shares
redeemed
..........................................
(36,492)
(a)
$
(36,511)
(a)
—
$
—
(36,492)
$
(36,511)
—
$
—
53,378,236
$
53,328,647
(243,584,166)
$
(243,663,265)
New
York
Money
Fund
Institutional
Shares
sold
.............................................
710,686,175
$
710,686,175
1,349,794,100
$
1,349,797,466
Shares
issued
in
reinvestment
of
distributions
........................
6,088
6,088
535,501
535,502
Shares
redeemed
.........................................
(800,833,602)
(800,833,602)
(1,443,890,179)
(1,443,892,052)
(90,141,339)
$
(90,141,339)
(93,560,578)
$
(93,559,084)
Premier
Shares
redeemed
..........................................
(36,500)
(a)
$
(36,500)
(a)
—
$
—
(36,500)
$
(36,500)
—
$
—
(90,177,839)
$
(90,177,839)
(93,560,578)
$
(93,559,084)
Report
of
Independent
Registered
Public
Accounting
Firm
129
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Shareholders
of
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
TempCash,
TempFund,
T-Fund,
Treasury
Trust
Fund,
MuniCash,
California
Money
Fund,
and
New
York
Money
Fund
and
the
Board
of
Trustees
of
BlackRock
Liquidity
Funds:
Opinion
on
the
Financial
Statements
and
Financial
Highlights
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
BlackRock
Liquid
Federal
Trust
Fund
(formerly,
Federal
Trust
Fund),
FedFund,
TempCash,
TempFund,
T-Fund,
Treasury
Trust
Fund,
MuniCash,
California
Money
Fund,
and
New
York
Money
Fund
of
BlackRock
Liquidity
Funds
(the
“Funds”),
including
the
schedules
of
investments,
as
of
October
31,
2021,
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,
the
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
and
the
related
notes.
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Funds
as
of
October
31,
2021,
and
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
five
years
in
the
period
then
ended,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
and
financial
highlights
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Funds
are
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
their
internal
control
over
financial
reporting.
As
part
of
our
audits
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting
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.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
financial
highlights.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2021,
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
Deloitte
&
Touche
LLP
Boston,
Massachusetts
December
21,
2021
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
1992.
Important
Tax
Information
(unaudited)
2021
BlackRock
Annual
Report
to
Shareholders
130
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
as
capital
gain
dividends,
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%
for
the
fiscal
year
ended
October
31,
2021:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
of
distributions
from
direct
federal
obligation
interest
for
the
fiscal
year
ended
October
31,
2021:
The
law
varies
in
each
state
as
to
whether
and
what
percent
of
ordinary
income
dividends
attributable
to
federal
obligations
is
exempt
from
state
income
tax.
Shareholders
are
advised
to
check
with
their
tax
advisers
to
determine
if
any
portion
of
the
dividends
received
is
exempt
from
state
income
tax.
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable by
law,
as
interest
income
eligible
to
be
treated
as
a
Section
163(j)
interest
dividend
for
the
fiscal
year
ended
October
31,
2021:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
as
interest-related
dividends
and
qualified
short-term
capital
gains eligible
for
exemption
from
U.S.
withholding
tax
for
nonresident
aliens
and
foreign
corporations
for
the
fiscal
year
ended
October
31,
2021:
Fund
Name
20%
Rate
Long-Term
Capital
Gain
Dividends
FedFund
........................................................................................................
$
439,274
Fund
Name
Federal
Obligation
Interest
BlackRock
Liquid
Federal
Trust
Fund
.....................................................................................
$
197,183
FedFund
........................................................................................................
19,946,016
TempCash
.......................................................................................................
99,523
TempFund
.......................................................................................................
111,286
T-Fund
..........................................................................................................
4,968,360
Treasury
Trust
Fund
.................................................................................................
4,831,909
Fund
Name
Interest
Dividends
BlackRock
Liquid
Federal
Trust
Fund
.....................................................................................
$
197,183
FedFund
........................................................................................................
27,353,818
TempCash
.......................................................................................................
4
,
106
,
417
TempFund
.......................................................................................................
4,390,808
T-Fund
..........................................................................................................
6
,
527
,
325
Treasury
Trust
Fund
.................................................................................................
5,054,524
Fund
Name
Interest-Related
Dividends
Qualified
Short-Term
Capital
Gains
BlackRock
Liquid
Federal
Trust
Fund
.................................................................
$
197,183
$
679
,
758
FedFund
....................................................................................
27,353,818
17
,
539
,
233
TempCash
...................................................................................
2,370,486
—
TempFund
...................................................................................
2,473,551
—
T-Fund
......................................................................................
6,527,325
11,675,472
Treasury
Trust
Fund
.............................................................................
5,054,524
4,395,178
California
Money
Fund
...........................................................................
—
4,410
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
131
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
The
Board
of
Trustees
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Liquidity
Funds
(the
“Trust”)
met
on
April
7,
2021
(the
“April
Meeting”)
and
May
10-12,
2021
(the
“May
Meeting”)
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Trust,
on
behalf
of
each
series
of
the
Trust
(each
a
“Fund”
and
collectively,
the
“Funds”),
and
BlackRock
Advisors,
LLC
(the
“Manager”),
each
Fund’s
investment
advisor.
The
Board
also
considered
the
approval
to
continue
the
sub-advisory
agreement
(the
“Sub-Advisory
Agreement”)
between
the
Manager
and
BlackRock
International
Limited
(the
“Sub-Advisor”)
with
respect
to
TempFund
and
TempCash.
The
Manager
and
the
Sub-Advisor
are
referred
to
herein
as
“BlackRock.”
The
Advisory
Agreement
and
the
Sub-Advisory
Agreement
are
referred
to
herein
as
the
“Agreements.”
The
Approval
Process
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Board
considers
the
approval
of
the
continuation
of
the
Agreements
for
each
Fund
on
an
annual
basis.
The
Board
members
whom
are
not
“interested
persons”
of
the
Trust,
as
defined
in
the
1940
Act,
are
considered
independent
Board
members
(the
“Independent
Board
Members”).
The
Board’s
consideration
entailed
a
year-long
deliberative
process
during
which
the
Board
and
its
committees
assessed
BlackRock’s
various
services
to
each
Fund,
including
through
the
review
of
written
materials
and
oral
presentations,
and
the
review
of
additional
information
provided
in
response
to
requests
from
the
Independent
Board
Members.
The
Board
had
four
quarterly
meetings
per
year,
each
typically
extending
for
two
days,
as
well
as
additional
ad
hoc
meetings
and
executive
sessions
throughout
the
year,
as
needed.
The
committees
of
the
Board
similarly
met
throughout
the
year.
The
Board
also
had
a
fifth
one-
day
meeting
to
consider
specific
information
surrounding
the
renewal
of
the
Agreements.
In
particular,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
provided
to
the
Fund
by
BlackRock,
BlackRock’s
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
Throughout
the
year,
including
during
the
contract
renewal
process,
the
Independent
Board
Members
were
advised
by
independent
legal
counsel,
and
met
with
independent
legal
counsel
in
various
executive
sessions
outside
of
the
presence
of
BlackRock’s
management.
During
the
year,
the
Board,
acting
directly
and
through
its
committees,
considered
information
that
was
relevant
to
its
annual
consideration
of
the
renewal
of
the
Agreements,
including
the
services
and
support
provided
by
BlackRock
to
the
Fund
and
its
shareholders.
BlackRock
also
furnished
additional
information
to
the
Board
in
response
to
specific
questions
from
the
Board.
Among
the
matters
the
Board
considered
were:
(a)
investment
performance
for
one-year,
three-year,
five-year,
and/or
since
inception
periods,
as
applicable,
against
peer
funds,
an
applicable
benchmark,
and
other
performance
metrics,
as
applicable,
as
well
as
BlackRock
senior
management’s
and
portfolio
managers’
analyses
of
the
reasons
for
any
outperformance
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,
policies
and
restrictions,
and
meeting
regulatory
requirements;
(e)
BlackRock’s
and
the
Trust’s
adherence
to
applicable
compliance
policies
and
procedures;
(f)
the
nature,
character
and
scope
of
non-investment
management
services
provided
by
BlackRock
and
its
affiliates
and
the
estimated
cost
of
such
services,
as
available;
(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
Fund’s
valuation
and
liquidity
procedures;
(k)
an
analysis
of
management
fees
paid
to
BlackRock
for
products
with
similar
investment
mandates
across
the
open-end
fund,
exchange-traded
fund
(“ETF”),
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable,
and
the
similarities
and
differences
between
these
products
and
the
services
provided
as
compared
to
the
Fund;
(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.
Prior
to
and
in
preparation
for
the
April
Meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
the
renewal
of
the
Agreements.
The
Independent
Board
Members
continuously
engaged
in
a
process
with
their
independent
legal
counsel
and
BlackRock
to
review
the
nature
and
scope
of
the
information
provided
to
the
Board
to
better
assist
its
deliberations.
The
materials
provided
in
connection
with
the
April
Meeting
included,
among
other
things:
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
based
on
either
a
Lipper
classification
or
Morningstar
category,
regarding
each
Fund’s
fees
and
expenses
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
(“Performance
Peers”);
(b)
information
on
the
composition
of
the
Expense
Peers
and
Performance
Peers
and
a
description
of
Broadridge’s
methodology;
(c)
information
on
the
estimated
profits
realized
by
BlackRock
and
its
affiliates
pursuant
to
the
Agreements
and
a
discussion
of
fall-out
benefits
to
BlackRock
and
its
affiliates;
(d)
a
general
analysis
provided
by
BlackRock
concerning
investment
management
fees
received
in
connection
with
other
types
of
investment
products,
such
as
institutional
accounts,
sub-advised
mutual
funds,
ETFs,
closed-end
funds,
open-end
funds,
and
separately
managed
accounts
under
similar
investment
mandates,
as
well
as
the
performance
of
such
other
products,
as
applicable;
(e)
a
review
of
non-management
fees;
(f)
the
existence,
impact
and
sharing
of
potential
economies
of
scale,
if
any,
with
the
Funds;
(g)
a
summary
of
aggregate
amounts
paid
by
each
Fund
to
BlackRock;
(h)
sales
and
redemption
data
regarding
each
Fund’s
shares;
and
(i)
various
additional
information
requested
by
the
Board
as
appropriate
regarding
BlackRock’s
and
the
Funds’
operations.
At
the
April
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreements.
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
questions
and
requests
with
additional
written
information
in
advance
of
the
May
Meeting.
At
the
May
Meeting,
the
Board
concluded
its
assessment
of,
among
other
things:
(a)
the
nature,
extent
and
quality
of
the
services
provided
by
BlackRock;
(b)
the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers
and
to
other
metrics,
as
applicable;
(c)
the
advisory
fee
and
the
estimated
cost
of
the
services
and
estimated
profits
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
the
Funds;
(d)
each
Fund’s
fees
and
expenses
compared
to
its
Expense
Peers;
(e)
the
existence
and
sharing
of
potential
economies
of
scale;
(f)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
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
relating
to
securities
lending
and
cash
management,
and
BlackRock’s
services
related
to
the
valuation
and
pricing
of
Fund
portfolio
holdings.
The
Board
noted
the
willingness
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
members
of
the
Board
gave
attention
to
all
of
the
information
that
was
furnished,
and
each
Board
Member
placed
varying
degrees
of
importance
on
the
various
pieces
of
information
that
were
provided
to
them.
The
Board
evaluated
the
information
available
to
it
on
a
fund
by
fund
basis.
The
following
paragraphs
provide
more
information
about
some
of
the
primary
factors
that
were
relevant
to
the
Board’s
decision.
The
Board
Members
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
132
did
not
identify
any
particular
information,
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
and
factors
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
benchmarks,
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,
investment
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;
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
also
considered
BlackRock’s
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks
and
the
role
of
BlackRock’s
Risk
&
Quantitative
Analysis
Group.
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
nature
and
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)
responsibility
for
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)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers,
including,
among
others,
each
Fund’s
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(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
or
managing
administrative
functions
necessary
for
the
operation
of
the
Funds,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
each
Fund’s
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock’s
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
The
Board
considered
the
operation
of
BlackRock’s
business
continuity
plans,
including
in
light
of
the
ongoing
COVID-19
pandemic.
B.
The
Investment
Performance
of
the
Funds
and
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
and
considered
the
performance
history
of
the
Fund
throughout
the
year
and
at
the
April
Meeting.
In
preparation
for
the
April
Meeting,
the
Board
was
provided
with
reports
independently
prepared
by
Broadridge,
which
included
an
analysis
of
the
Fund’s
performance
as
of
December
31,
2020,
as
compared
to
its
Performance
Peers.
Broadridge
ranks
funds
in
quartiles,
ranging
from
first
to
fourth,
where
first
is
the
most
desirable
quartile
position
and
fourth
is
the
least
desirable.
In
connection
with
its
review,
the
Board
received
and
reviewed
information
regarding
the
investment
performance
of
the
Fund
as
compared
to
its
Performance
Peers
and
a
weighted
average
benchmark
of
similar
funds,
as
defined
by
BlackRock
(“Benchmark
Weighted
Average”).
The
Board
and
its
Performance
Oversight
Committee
regularly
review
and
meet
with
Fund
management
to
discuss
the
performance
of
each
Fund
throughout
the
year.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
The
Board
also
noted
that
while
it
found
the
data
provided
by
Broadridge
generally
useful,
it
recognized
the
limitations
of
such
data,
including
in
particular,
that
notable
differences
may
exist
between
a
fund
and
its
Performance
Peers
(for
example,
the
investment
objectives
and
strategies).
Further,
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.
The
Board
also
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance,
and
that
a
single
investment
theme
could
have
the
ability
to
disproportionately
affect
long-term
performance.
The
Board
reviewed
each
Fund’s
performance
within
the
context
of
the
low
yield
environment.
In
addition
to
reviewing
the
Fund’s
performance
and
current
yield,
it
also
reviews
the
liquidity,
duration,
credit
quality
and
other
risk
factors
of
each
Fund’s
portfolio.
The
Board
noted
that
for
each
of
the
one-
and
three-year
periods
reported,
BlackRock
Liquid
Federal
Trust
Fund
outperformed
its
Benchmark
Weighted
Average.
The
Board
noted
that
for
the
one-
and
three-year
periods
reported,
each
of
FedFund
and
Treasury
Trust
Fund
outperformed
and
underperformed,
respectively,
its
Benchmark
Weighted
Average.
The
Board
and
BlackRock
reviewed
each
Fund’s
underperformance
relative
to
its
Benchmark
Weighted
Average
during
the
applicable
period.
The
Board
noted
that
for
each
of
the
one-
and
three-year
periods
reported,
each
of
California
Money
Fund,
MuniCash,
New
York
Money
Fund,
TempCash,
TempFund
and
T-Fund
underperformed
its
Benchmark
Weighted
Average.
The
Board
and
BlackRock
reviewed
each
Fund’s
underperformance
relative
to
its
Benchmark
Weighted
Average
during
the
applicable
periods.
The
Board
noted
that
BlackRock
believes
that
the
Benchmark
Weighted
Average
is
an
appropriate
performance
metric
for
each
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Cost
of
the
Services
and
Estimated
Profits
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
those
of
its
Expense
Peers.
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.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
(continued)
133
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
The
Board
also
compared
each
Fund’s
total
expense
ratio,
as
well
as
its
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
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,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers.
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
an
estimated
profitability
analysis
that
detailed
the
revenues
earned
and
the
expenses
incurred
by
BlackRock
for
services
provided
to
each
Fund.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
each
Fund
and
other
funds
the
Board
currently
oversees
for
the
year
ended
December
31,
2020
compared
to
available
aggregate
estimated
profitability
data
provided
for
the
prior
two
years.
The
Board
reviewed
BlackRock’s
estimated
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
estimated
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.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
the
individual
fund
level
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.
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
Agreements
and
to
continue
to
provide
the
high
quality
of
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,
including
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,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
reviewed
the
expenses
of
each
Fund
within
the
context
of
the
low
yield
environment,
and
any
consequent
expense
waivers
and
reimbursements
necessary
to
maintain
minimum
levels
of
daily
net
investment
income,
as
applicable.
The
Board
noted
that
Treasury
Trust
Fund’s
contractual
management
fee
rate
ranked
in
the
third
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
BlackRock
Liquid
Federal
Trust
Fund’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
second
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
noted
that
FedFund’s
contractual
management
fee
rate
ranked
in
the
third
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
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
first
and
second
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
noted
that
T-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
second
and
first
quartiles,
respectively,
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
second
and
third
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
noted
that
each
of
TempFund’s
and
TempCash’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
third
quartile
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
fourth
quartile
relative
to
the
Fund’s
Expense
Peers.
With
respect
to
TempFund,
California
Money
Fund,
New
York
Money
Fund,
TempCash
and
MuniCash,
the
Board
noted
that
each
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
pertinent
Fund
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
pertinent
Fund
were
to
decrease,
the
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
With
respect
to
Treasury
Trust
Fund,
FedFund,
T-Fund
and
BlackRock
Liquid
Federal
Trust
Fund,
the
Board
also
noted
that
each
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
aggregate
assets
of
the
four
Funds
increase
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Treasury
Trust
Fund,
FedFund,
T-Fund
or
BlackRock
Liquid
Federal
Trust
Fund
were
to
decrease,
the
Funds
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
each
Fund’s
total
expenses
as
a
percentage
of
the
pertinent
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
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,
including
the
existence
of
fee
waivers
and/or
expense
caps,
as
applicable,
noting
that
any
contractual
fee
waivers
and
contractual
expense
caps
had
been
approved
by
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
134
the
Board.
In
its
consideration,
the
Board
further
considered
the
continuation
and/or
implementation
of
fee
waivers
and/or
expense
caps,
as
applicable.
The
Board
also
considered
the
extent
to
which
the
Funds
benefit
from
such
economies
of
scale
in
a
variety
of
ways
and
whether
there
should
be
changes
in
the
advisory
fee
rate
or
breakpoint
structure
in
order
to
enable
the
Funds
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.
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
BlackRock’s
respective
relationships
with
the
Funds,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
its
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,
subject
to
applicable
law,
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.
In
connection
with
its
consideration
of
the
Agreements,
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
The
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
continuation
of
the
Advisory
Agreement
between
the
Manager
and
the
Trust,
on
behalf
of
each
Fund,
for
a
one-year
term
ending
June
30,
2022,
and
the
Agreement
between
the
Manager
and
the
Sub-Advisor,
with
respect
to
TempFund
and
TempCash,
for
a
one-year
term
ending
June
30,
2022.
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
Agreements
were
fair
and
reasonable
and,
in
the
best
interest
of
each
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreements,
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.
Trustee
and
Officer
Information
135
Trustee
and
Officer
Information
Independent
Trustees
(a)
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
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
Mark
Stalnecker
1951
Chair
of
the
Board
(Since
2019)
and
Trustee
(Since
2015)
Chief
Investment
Officer,
University
of
Delaware
from
1999
to
2013;
Trustee
and
Chair
of
the
Finance
and
Investment
Committees,
Winterthur
Museum
and
Country
Estate
from
2005
to
2016;
Member
of
the
Investment
Committee,
Delaware
Public
Employees’
Retirement
System
since
2002;
Member
of
the
Investment
Committee,
Christiana
Care
Health
System
from
2009
to
2017;
Member
of
the
Investment
Committee,
Delaware
Community
Foundation
from
2013
to
2014;
Director
and
Chair
of
the
Audit
Committee,
SEI
Private
Trust
Co.
from
2001
to
2014.
30
RICs
consisting
of
157
Portfolios
None
Bruce
R.
Bond
1946
Trustee
(Since
2019)
Board
Member,
Amsphere
Limited
(software)
since
2018;
Trustee
and
Member
of
the
Governance
Committee,
State
Street
Research
Mutual
Funds
from
1997
to
2005;
Board
Member
of
Governance,
Audit
and
Finance
Committee,
Avaya
Inc.
(computer
equipment)
from
2003
to
2007.
30
RICs
consisting
of
157
Portfolios
None
Susan
J.
Carter
1956
Trustee
(Since
2016)
Director,
Pacific
Pension
Institute
from
2014
to
2018;
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
from
2015
to
2018
and
Board
Member
thereof
since
2018;
Advisory
Board
Member,
Bridges
Fund
Management
since
2016;
Trustee,
Financial
Accounting
Foundation
since
2017;
Practitioner
Advisory
Board
Member,
Private
Capital
Research
Institute
("PCRI")
since
2017;
Lecturer
in
the
Practice
of
Management,
Yale
School
of
Management
since
2019;
Advisor
to
Finance
Committee,
Altman
Foundation
since
2020.
30
RICs
consisting
of
157
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;
Director,
Boys
and
Girls
Club
of
Boston
since
2017;
Director,
B1
Capital
since
2018;
Director,
David
and
Lucile
Packard
Foundation
since
2020.
30
RICs
consisting
of
157
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.
30
RICs
consisting
of
157
Portfolios
None
Lena
G.
Goldberg
1949
Trustee
(Since
2019)
Director,
Charles
Stark
Draper
Laboratory,
Inc.
since
2013;
Senior
Lecturer,
Harvard
Business
School,
from
2008
to
2021;
FMR
LLC/Fidelity
Investments
(financial
services)
from
1996
to
2008,
serving
in
various
senior
roles
including
Executive
Vice
President
-
Strategic
Corporate
Initiatives
and
Executive
Vice
President
and
General
Counsel;
Partner,
Sullivan
&
Worcester
LLP
from
1985
to
1996
and
Associate
thereof
from
1979
to
1985.
30
RICs
consisting
of
157
Portfolios
None
Henry
R.
Keizer
1956
Trustee
(Since
2019)
Director,
Park
Indemnity
Ltd.
(captive
insurer)
since
2010;
Director,
MUFG
Americas
Holdings
Corporation
and
MUFG
Union
Bank,
N.A.
(financial
and
bank
holding
company)
from
2014
to
2016;
Director,
American
Institute
of
Certified
Public
Accountants
from
2009
to
2011;
Director,
KPMG
LLP
(audit,
tax
and
advisory
services)
from
2004
to
2005
and
2010
to
2012;
Director,
KPMG
International
in
2012,
Deputy
Chairman
and
Chief
Operating
Officer
thereof
from
2010
to
2012
and
U.S.
Vice
Chairman
of
Audit
thereof
from
2005
to
2010;
Global
Head
of
Audit,
KPMGI
(consortium
of
KPMG
firms)
from
2006
to
2010;
Director,
YMCA
of
Greater
New
York
from
2006
to
2010.
30
RICs
consisting
of
157
Portfolios
Hertz
Global
Holdings
(car
rental);
Sealed
Air
Corp.
(packaging);
GrafTech
International
Ltd.
(materials
manufacturing);
Montpelier
Re
Holdings,
Ltd.
(publicly
held
property
and
casualty
reinsurance)
from
2013
to
2015;
WABCO
(commercial
vehicle
safety
systems)
from
2015
to
2020
Trustee
and
Officer
Information
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
136
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
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
Cynthia
A.
Montgomery
1952
Trustee
(Since
2007)
Professor,
Harvard
Business
School
since
1989.
30
RICs
consisting
of
157
Portfolios
Newell
Rubbermaid,
Inc.
(manufacturing)
from
1995
to
2016
Donald
C.
Opatrny
1952
Trustee
(Since
2019)
Trustee,
Vice
Chair,
Member
of
the
Executive
Committee
and
Chair
of
the
Investment
Committee,
Cornell
University
from
2004
to
2019;
President,
Trustee
and
Member
of
the
Investment
Committee,
The
Aldrich
Contemporary
Art
Museum
from
2007
to
2014;
Member
of
the
Board
and
Investment
Committee,
University
School
from
2007
to
2018;
Member
of
the
Investment
Committee,
Mellon
Foundation
from
2009
to
2015;
Trustee,
Artstor
(a
Mellon
Foundation
affiliate)
from
2010
to
2015;
President
and
Trustee,
the
Center
for
the
Arts,
Jackson
Hole
from
2011
to
2018;
Director,
Athena
Capital
Advisors
LLC
(investment
management
firm)
since
2013;
Trustee
and
Chair
of
the
Investment
Committee,
Community
Foundation
of
Jackson
Hole
since
2014;
Member
of
Affordable
Housing
Supply
Board
of
Jackson,
Wyoming
since
2017;
Member,
Investment
Funds
Committee,
State
of
Wyoming
since
2017;
Trustee,
Phoenix
Art
Museum
since
2018;
Trustee,
Arizona
Community
Foundation
and
Member
of
Investment
Committee
since
2020.
30
RICs
consisting
of
157
Portfolios
None
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.
30
RICs
consisting
of
157
Portfolios
Greenlight
Capital
Re,
Ltd.
(reinsurance
company);
Consol
Energy
Inc.
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;
Member,
Advisory
Board,
ESG
Competent
Boards
since
2020.
30
RICs
consisting
of
157
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
from
2009
to
2018;
Director,
Woodstock
Ski
Runners
since
2013;
Director,
Massachusetts
Council
on
Economic
Education
from
2013
to
2015.
30
RICs
consisting
of
157
Portfolios
None
Independent
Trustees
(a)
(continued)
Trustee
and
Officer
Information
(continued)
137
Trustee
and
Officer
Information
Interested
Trustees
(a)(d)
(a)
The
address
of
each
Trustee
is
c/o
BlackRock,
Inc.,
55
East
52nd
Street,
New
York,
New
York
10055.
(b)
Independent
Trustees
serve
until
their
resignation,
retirement,
removal
or
death,
or
until
December
31
of
the
year
in
which
they
turn
75.
The
Board
may
determine
to
extend
the
terms
of
Independent
Trustees
on
a
case-by-case
basis,
as
appropriate.
(c)
Following
the
combination
of
Merrill
Lynch
Investment
Managers,
L.P.
("MLIM")
and
BlackRock,
Inc.
in
September
2006,
the
various
legacy
MLIM
and
legacy
BlackRock
fund
boards
were
realigned
and
consolidated
into
three
new
fund
boards
in
2007.
Furthermore,
effective
January
1,
2019,
three
BlackRock
Fund
Complexes
were
realigned
and
consolidated
into
two
BlackRock
Fund
Complexes.
As
a
result,
although
the
chart
shows
the
year
that
each
Independent
Trustee
joined
the
Board,
certain
Independent
Trustees
first
became
members
of
the
boards
of
other
BlackRock-advised
Funds,
legacy
MLIM
funds
or
legacy
BlackRock
funds
as
follows:
Bruce
R.
Bond,
2005;
Cynthia
A.
Montgomery,
1994;
Joseph
P.
Platt,
1999;
Kenneth
L.
Urish,
1999;
G.
Goldberg,
2016;
Henry
R.
Keizer,
2016;
Donald
C.
Opatrny,
2015.
(d)
Mr.
Fairbairn
and
Mr.
Perlowski
are
both
“interested
persons,”
as
defined
in
the
1940
Act,
of
the
Trust
based
on
their
positions
with
BlackRock,
Inc.
and
its
affiliates.
Mr.
Fairbairn
and
Mr.
Perlowski
are
also
board
members
of
the
BlackRock
Fixed-Income
Complex.
(e)
Mr.
Perlowski
is
also
a
trustee
of
the
BlackRock
Credit
Strategies
Fund
and
BlackRock
Private
Investments
Fund.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
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
Robert
Fairbairn
1965
Trustee
(Since
2018)
Vice
Chairman
of
BlackRock,
Inc.
since
2019;
Member
of
BlackRock's
Global
Executive
and
Global
Operating
Committees;
Co-Chair
of
BlackRock's
Human
Capital
Committee;
Senior
Managing
Director
of
BlackRock,
Inc.
from
2010
to
2019;
oversaw
BlackRock's
Strategic
Partner
Program
and
Strategic
Product
Management
Group
from
2012
to
2019;
Member
of
the
Board
of
Managers
of
BlackRock
Investments,
LLC
from
2011
to
2018;
Global
Head
of
BlackRock's
Retail
and
iShares
®
businesses
from
2012
to
2016.
104
RICs
consisting
of
260
Portfolios
None
John
M.
Perlowski
(e)
1964
Trustee
(Since
2015);
President
(2018)
and
Chief
Executive
Officer
(Since
2010)
Managing
Director
of
BlackRock,
Inc.
since
2009;
Head
of
BlackRock
Global
Accounting
and
Product
Services
since
2009;
Advisory
Director
of
Family
Resource
Network
(charitable
foundation)
since
2009.
106
RICs
consisting
of
262
Portfolios
None
Trustee
and
Officer
Information
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
138
Officers
Who
Are
Not
Trustees
(a)
(a)
The
address
of
each
Officer
is
c/o
BlackRock,
Inc.,
55
East
52nd
Street,
New
York,
New
York
10055.
(b)
Officers
of
the
Trust
serve
at
the
pleasure
of
the
Board.
Further
information
about
the
Trust’s
Trustees
and
Officers
is
available
in
the
Trust’s
Statement
of
Additional
Information,
which
can
be
obtained
without
charge
by
calling
(800)
441-7450.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
Principal
Occupation(s)
During
Past
Five
Years
Thomas
Callahan
1968
Vice
President
(Since
2016)
Managing
Director
of
BlackRock,
Inc.
since
2013;
Member
of
the
Board
of
Managers
of
BlackRock
Investments,
LLC
(principal
underwriter)
since
2019
and
Managing
Director
thereof
since
2017;
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
Americas
Product
Development
and
Governance
for
BlackRock’s
Global
Product
Group
since
2019;
Head
of
Product
Structure
and
Oversight
for
BlackRock's
U.S.
Wealth
Advisory
Group
from
2013
to
2019.
Trent
Walker
1974
Chief
Financial
Officer
(Since
2021)
Managing
Director
of
BlackRock,
Inc.
since
September
2019;
Executive
Vice
President
of
PIMCO
from
2016
to
2019;
Senior
Vice
President
of
PIMCO
from
2008
to
2015;
Treasurer
from
2013
to
2019
and
Assistant
Treasurer
from
2007
to
2017
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Jay
M.
Fife
1970
Treasurer
(Since
2007)
Managing
Director
of
BlackRock,
Inc.
since
2007.
Charles
Park
1967
Chief
Compliance
Officer
(Since
2014)
Anti-Money
Laundering
Compliance
Officer
for
certain
BlackRock-advised
Funds
from
2014
to
2015;
Chief
Compliance
Officer
of
BlackRock
Advisors,
LLC
and
the
BlackRock-advised
Funds
in
the
BlackRock
Multi-Asset
Complex
and
the
BlackRock
Fixed-Income
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.
Lisa
Belle
1968
Anti-Money
Laundering
Compliance
Officer
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2019;
Global
Financial
Crime
Head
for
Asset
and
Wealth
Management
of
JP
Morgan
from
2013
to
2019;
Managing
Director
of
RBS
Securities
from
2012
to
2013;
Head
of
Financial
Crimes
for
Barclays
Wealth
Americas
from
2010
to
2012.
Janey
Ahn
1975
Secretary
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2018;
Director
of
BlackRock,
Inc.
from
2009
to
2017.
Neal
J.
Andrews
retired
as
the
Chief
Financial
Officer
effective
December
31,
2020,
and
Trent
Walker
was
elected
as
the
Chief
Financial
Officer
effective
January
1,
2021.
Additional
Information
139
Additional
Information
General
Information
Quarterly
performance,
semi-annual
and
annual
reports,
current
net
asset
value
and
other
information
regarding
the
Funds
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Funds
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock’s
website
in
this
report.
Householding
The
Funds
will
mail
only
one
copy
of
shareholder
documents,
including
prospectuses,
annual
and
semi-annual
reports,
Rule
30e-3
notices
and
proxy
statements,
to
shareholders
with
multiple
accounts
at
the
same
address.
This
practice
is
commonly
called
“householding”
and
is
intended
to
reduce
expenses
and
eliminate
duplicate
mailings
of
shareholder
documents.
Mailings
of
your
shareholder
documents
may
be
householded
indefinitely
unless
you
instruct
us
otherwise.
If
you
do
not
want
the
mailing
of
these
documents
to
be
combined
with
those
for
other
members
of
your
household,
please
call
the
Transfer
Agent at
(800)
441-7450.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedules
of
portfolio
holdings
with
the
SEC
each
month
on
Forms
N-MFP.
The
Funds’
reports
on
Forms
N-MFP
are
available
on
the
SEC’s
website
at
sec.gov
.
Each
Fund
makes
portfolio
holdings
available
to
shareholders
on
its
website
at
blackrock.com
.
Availability
of
Proxy
Voting
Policies,
Procedures
and
Voting
Records
A
description
of
the
policies
and
procedures
that
the
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
Funds
voted
proxies
relating
to
securities
held
in
the
Funds'
portfolios
during
the
most
recent
12-month
period
ended
June
30 is
available
without
charge,
upon
request (1)
by
calling
(800)
441-
7450
;
(2)
on
the
BlackRock
website
at
blackrock.com
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
BlackRock
Privacy
Principles
BlackRock
is
committed
to
maintaining
the
privacy
of
its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
to
safeguarding
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.
Additional
Information
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
140
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Adviser
(a)
BlackRock
International
Limited
Edinburgh,
EH3
8BL
United
Kingdom
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodians
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
The
Bank
of
New
York
Mellon
New
York,
NY
10286
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10022
Legal
Counsel
Sidley
Austin
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
(a)
For
TempCash
and
TempFund.
Glossary
of
Terms
Used
in
this
Report
141
Glossary
of
Terms
Used
in
this
Report
Currency
Abbre
viation
USD
United
States
Dollar
Portfolio
Abbreviation
AMT
Alternative
Minimum
Tax
BAN
Bond
Anticipation
Notes
COP
Certificates
of
Participation
GO
General
Obligation
Bonds
LIBOR
London
Interbank
Offered
Rate
LIQ
Liquidity
Agreement
LOC
Letter
of
Credit
RB
Revenue
Bonds
SBPA
Stand-by-Bond
Purchase
Agreement
SOFR
Secured
Overnight
Financing
Rate
TAN
Tax
Anticipation
Notes
VRDN
Variable
Rate
Demand
Notes
VRDP
Variable
Rate
Demand
Preferred
Notice
to
Shareholders
The
following
applies
to
TempCash
,
TempFund
,
MuniCash
,
California
Money
Fund
and
New
York
Money
Fund:
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Funds
unless
preceded
or
accompanied
by
the
Funds’
current
prospectus.
You
could
lose
money
by
investing
in
a
Fund.
Because
the
share
price
of
the
Funds
will
fluctuate,
when
you
sell
your
shares
they
may
be
worth
more
or
less
than
what
you
originally
paid
for
them.
The
Funds
may
impose
a
fee
upon
sale
of
your
shares
or
may
temporarily
suspend
your
ability
to
sell
shares
if
the
Funds’
liquidity
falls
below
required
minimums
because
of
market
conditions
or
other
factors.
An
investment
in
a
Fund
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
government
agency.
The
Funds’
sponsor
has
no
legal
obligation
to
provide
financial
support
to
the
Funds
at
any
time.
The
following
applies
to
BlackRock
Liquid
Federal
Trust
Fund,
FedFund
,
T-Fund
and
Treasury
Trust
Fund:
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Funds
unless
preceded
or
accompanied
by
the
Funds’
current
prospectus.
You
could
lose
money
by
investing
in
a
Fund.
Although
the
Funds
seek
to
preserve
the
value
of
your
investment
at
$1.00
per
share,
they
cannot
guarantee
they
will
do
so.
An
investment
in
a
Fund
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
government
agency.
The
Funds’
sponsor
has
no
legal
obligation
to
provide
financial
support
to
the
Funds
at
any
time.
Want
to
know
more?
blackrock.com
|
800-441-7450
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)
626-1960.
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-10/21-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, who calls 1-800-441-7762.
Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:
Neil A. Cotty
Henry R. Keizer
Kenneth L. Urish
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
Item 4 – Principal Accountant Fees and Services
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:
(a) Audit Fees | (b) Audit-Related Fees1 | (c) Tax Fees2 | (d) All Other Fees | |||||
Entity Name | Current 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 | $26,967 | $27,744 | $210 | $0 | $10,500 | $10,500 | $0 | $0 |
BlackRock Liquid Federal Trust Fund (Formerly Federal Trust Fund) | $25,704 | $24,480 | $0 | $4,000 | $9,500 | $9,800 | $0 | $0 |
FedFund | $31,108 | $30,804 | $4,210 | $0 | $9,500 | $9,500 | $0 | $0 |
MuniCash | $26,967 | $27,744 | $210 | $0 | $10,500 | $10,500 | $0 | $0 |
New York Money Fund | $26,967 | $27,744 | $210 | $0 | $10,500 | $10,500 | $0 | $0 |
TempCash | $26,967 | $27,744 | $210 | $0 | $9,500 | $9,500 | $0 | $0 |
TempFund | $25,755 | $26,520 | $210 | $0 | $9,500 | $9,500 | $0 | $0 |
T-Fund | $29,896 | $30,804 | $210 | $0 | $9,500 | $9,500 | $0 | $0 |
Treasury Trust Fund | $24,947 | $25,704 | $210 | $0 | $9,500 | $9,500 | $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 (the “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 (“Affiliated Service Providers”):
Current Fiscal Year End | Previous Fiscal Year End | |
(b) Audit-Related Fees1 | $0 | $0 |
(c) Tax Fees2 | $0 | $0 |
(d) All Other Fees3 | $2,032,000 | 1,984,000 |
1
The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2
The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3
Non-audit fees of $2,032,000 and 1,984,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g)
The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
Entity Name | Current Fiscal Year End | Previous Fiscal Year End |
California Money Fund | $10,710 | $10,500 |
BlackRock Liquid Federal Trust Fund (Formerly Federal Trust Fund) | $9,710 | $9,500 |
FedFund | $13,710 | $9,500 |
MuniCash | $10,710 | $10,500 |
New York Money Fund | $10,710 | $10,500 |
TempCash | $9,710 | $9,500 |
TempFund | $9,710 | $9,500 |
T-Fund | $9,710 | $9,500 |
Treasury Trust Fund | $9,710 | $9,500 |
Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
Current Fiscal Year End | Previous Fiscal Year End |
$2,032,000 | 1,984,000 |
These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and
the Affiliated Service Providers
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5 – Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 11 – Controls and Procedures
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable
Item 13 – Exhibits attached hereto
(a)(1) Code of Ethics – See Item 2
(a)(2) Section 302 Certifications are attached
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 –
Not Applicable
(a)(4) Change in Registrant’s independent public accountant –
Not Applicable
(b) Section 906 Certifications are attached
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, 2022
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, 2022
By: /s/ Trent Walker
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Liquidity Funds
Date: January 4, 2022