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
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: 10/31/2022
Date of reporting period: 10/31/2022
Item 1 – Report to Stockholders
(a)
The Report to Shareholders is attached herewith.
(b)
Not Applicable
OCTOBER
31,
2022
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2022
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,
Significant
economic
headwinds
emerged
during
the
12-month
reporting
period
ended
October
31,
2022,
disrupting
the
economic
recovery
and
strong
financial
markets
of
2021.
The
U.S.
economy
shrank
in
the
first
half
of
2022
before
returning
to
moderate
growth
in
the
third
quarter,
marking
a
shift
to
a
more
challenging
post-reopening
economic
environment.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell
as
interest
rates
rose,
particularly
weighing
on
relatively
high-valuation
growth
stocks
as
inflation
decreased
the
value
of
future
cash
flows
and
investors
shifted
focus
to
balance
sheet
resilience.
Both
large-
and
small-capitalization
U.S.
stocks
fell,
although
declines
for
small-capitalization
U.S.
stocks
were
slightly
steeper.
Emerging
market
stocks
and
international
equities
from
developed
markets
also
declined
significantly,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
rose
notably
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
higher
inflation
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
increasing
uncertainty
led
to
higher
corporate
bond
spreads
(the
difference
in
yield
between
U.S.
Treasuries
and
similarly-dated
corporate
bonds).
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
five
times
while
indicating
that
additional
rate
hikes
were
likely.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
is
accelerating
the
reduction
of
its
balance
sheet.
As
investors
attempted
to
assess
the
Fed’s
future
trajectory,
the
Fed’s
statements
late
in
the
reporting
period
led
markets
to
believe
that
additional
tightening
is
likely
in
the
near
term.
The
pandemic’s
restructuring
of
the
economy
brought
an
ongoing
mismatch
supply
and
demand,
contributing
to
the
current
inflationary
regime.
While
growth
has
slowed
in
2022,
we
believe
that
taming
inflation
requires
a
more
dramatic
economic
decline
to
bring
demand
back
to
a
lower
level
that
is
more
in
line
with
the
economy’s
capacity.
The
Fed
has
been
raising
interest
rates
at
the
fastest
pace
in
decades,
and
seems
set
to
overtighten
in
its
effort
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
and
the
outlook
for
Europe
and
the
U.K.
is
also
troubling.
Investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
In
this
environment,
while
we
favor
an
overweight
to
equities
in
the
long-term,
the
market’s
concerns
over
excessive
rate
hikes
from
central
banks
moderate
our
outlook.
Rising
input
costs
and
a
deteriorating
economic
backdrop
in
China
and
Europe
are
likely
to
challenge
corporate
earnings,
so
we
are
underweight
equities
overall
in
the
near
term.
However,
we
see
better
opportunities
in
credit,
where
higher
spreads
provide
income
opportunities
and
partially
compensate
for
inflation
risk.
We
believe
that
investment-grade
corporates,
local-
currency
emerging
market
debt,
and
inflation-protected
bonds
(particularly
in
Europe)
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
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,
2022
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(5.50
)%
(14.61
)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(0.20
)
(18.54
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(12.70
)
(23.00
)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(19.66
)
(31.03
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.72
0.79
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(8.24
)
(17.68
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(6.86
)
(15.68
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(4.43
)
(11.98
)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(4.71
)
(11.76
)
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
.......................................................................................................
5
Disclosure
of
Expenses
...................................................................................................
8
Financial
Statements:
Schedules
of
Investments
...............................................................................................
10
Statements
of
Assets
and
Liabilities
.........................................................................................
56
Statements
of
Operations
................................................................................................
61
Statements
of
Changes
in
Net
Assets
........................................................................................
63
Financial
Highlights
.....................................................................................................
68
Notes
to
Financial
Statements
...............................................................................................
122
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
136
Important
Tax
Information
.................................................................................................
137
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
...................................................................
138
Trustee
and
Officer
Information
..............................................................................................
142
Additional
Information
....................................................................................................
146
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
148
Money
Market
Overview
For
the
12-Month
Period
Ended
October
31,
2022
2022
BlackRock
Annual
Report
to
Shareholders
4
During
the
12-month
period
ending
October
31,
2022,
the
United
States
unemployment
rate
fell
from
4.6%
to
3.7%
as
economic
conditions
generally
improved
since
the
Coronavirus
pandemic.
The
Federal
Open
Market
Committee
(the
“FOMC”)
at
the
September
21,
2022
meeting
raised
the
federal
funds
target
rate
by
0.75%
to
a
range
of
3.00%
-
3.25%.
This
action
was
the
fifth
overall
increase
since
“lifting
off”
from
the
“zero
lower
bound”
after
the
FOMC
meeting
in
March
2022.
We
believe
the
federal
funds
target
rate
is
now
within
a
range
that
is
generally
considered
"restrictive"
to
economic
growth.
In
a
statement
released
in
conjunction
with
the
meeting,
the
Committee
reiterated
that
it
is
“strongly
committed
to
returning
inflation
to
its
2.00%
objective”
which
we
believe
is
intended
to
signal
that
additional
rate
increases
are
likely
to
be
forthcoming,
subject
to
incoming
data.
The
updated
“dot
plot”
median
federal
funds
rate
forecast
for
2022
contained
in
the
quarterly
Summary
of
Economic
Projections
(“SEP”)
rose
to
4.40%,
up
from
the
forecast
of
3.40%
released
at
the
June
15,
2022,
FOMC
meeting.
The
median
federal
funds
rate
projection
for
2023
also
experienced
a
large
upward
revision
relative
to
the
June
2022
meeting,
rising
0.80%
to
4.60%.
Lopsided
supply
and
demand
conditions
persisted
during
the
period,
despite
a
moderate
increase
in
Treasury
bill
(“T-bill”)
supply.
Daily
utilization
of
the
Fed’s
Reverse
Repurchase
Program
(“RRP”)
facility
surged
following
the
first
adjustment
in
the
program’s
offering
rate
in
June
2021.
As
of
October
31,
2022,
the
daily
utilization
of
the
RRP
was
at
approximately
$2.2
trillion
–
a
decrease
since
the
record
$2.4
trillion
at
the
end
of
the
third
quarter
2022.
As
of
October
31,
2022,
T-bill
tenors
between
one-month
and
one-year
traded
between
3.73%
and
4.66%.
For
reference,
T-bills
of
the
same
tenors
traded
between
0.06%
and
0.15%
at
the
start
of
the
period.
Rates
continuously
trended
higher
during
the
period
because
of
the
hawkish
rhetoric
delivered
by
the
FOMC.
The
secured
overnight
financing
rate
(“SOFR”)—a
broad
measure
of
the
cost
of
borrowing
cash
overnight
collateralized
by
Treasury
securities
—
started
the
period
at
0.05%
and
immediately
reset
to
3.05%
at
the
end
of
the
period.
The
3-month
London
Inter-bank
Offered
Rate
(“LIBOR”),
which
started
the
period
at
0.13%,
increased
to
4.46%
as
of
October
31,
2022.
The
3-month
LIBOR
averaged
1.62%
for
the
last
12-months.
The
3-month
LIBOR-Overnight
Indexed
Swap
spread
(“L-OIS”)
–
a
gauge
of
stress
in
the
financial
system
–
ended
the
month
of
October
2022
at
0.30%
and
averaged
0.13%
for
the
period.
L-OIS
peaked
in
March
2022
at
0.43%.
Industry-wide
money
market
mutual
funds
(“MMFs”)
remained
relatively
flat
over
the
period,
averaging
roughly
$4.5
billion
in
assets
daily.
Of
this,
the
only
notable
difference
from
the
beginning
of
2022
were
government
funds
experiencing
roughly
$100
Billion
in
outflows
year
to
date.
Turning
to
short-term
municipal
bonds,
the
short-term
municipal
market
began
the
twelve-month
period
at
$87
billion
in
industry
assets,
a
multi-decade
low,
primarily
due
to
the
low
yields
resulting
from
the
Fed’s
Zero
Interest
Rate
Policy
(“ZIRP”)
during
the
pandemic.
As
the
period
unfolded
and
the
FOMC
began
to
implement
rate
hikes
to
combat
inflation,
industry
assets
reversed
course
as
yields
increased
contributing
to
inflows
as
investors
re-entered
the
space.
In
all,
tax-exempt
money
market
industry
assets
increased
by
26%
to
end
the
period
at
$110
billion.
The
Fed
initiated
the
process
of
tapering
asset
purchases
in
November
2021
in
order
to
put
the
Fed
in
a
better
position
to
make
rate
policy
adjustments
as
inflation
pressures
persisted.
In
December
2021,
the
committee
doubled
the
pace
of
tapering
to
end
quantitative
easing
by
March
2022.
In
addition,
the
committee
moved
their
dot
plot
projection
of
terminal
rate
higher
to
reflect
a
desire
of
adjusting
rates
to
a
more
normalized
post-pandemic
level.
On
March
16,
2022,
the
Fed
began
monetary
policy
normalization
by
lifting
off
from
zero
with
a
25-basis-point
hike.
However,
as
inflation
began
coming
in
at
historically
high
levels
and
compounded
by
the
Russian
invasion
of
the
Ukraine,
the
Fed
soon
recognized
the
need
for
a
more
aggressive
policy
stance.
The
Fed
quickened
its
pace
of
rate
increases
by
enacting
a
50-basis-point
rate
hike
in
May
2022
while
signaling
that
quantitative
tightening
(“QT”)
would
begin
in
June
2022.
The
Fed
then
followed
with
three
75-basis-point
hikes
in
June,
July,
and
September
2022,
along
with
increasing
the
rate
of
balance
sheet
reduction
in
September
2022.
Ultimately,
the
Fed
ended
the
period
with
their
target
range
for
the
Fed
Funds
Rate
in
the
range
of
3.00%
-
3.25%
and
signaling
more
to
come
at
upcoming
meetings.
With
municipal
state
and
local
governments
continuing
to
benefit
from
the
2021
American
Rescue
Plan
fiscal
stimulus
monies
as
well
as
the
continued
strength
in
tax
revenue
streams,
low
supply
was
a
dominant
theme
in
the
short-term
municipal
market.
New
Variable
Rate
Demand
Note
(“VRDN”)
issuance
remained
light
throughout
the
period,
resulting
in
a
very
tight
supply-demand
dynamic
as
industry
assets
ended
the
period
exceeding
outstanding
VRDN
issuance
by
approximately
$9
billion.
In
addition,
one-year
municipal
operating
note
supply
was
also
subdued
for
the
period
and
down
over
40%
year
over
year.
Amongst
increased
tax-exempt
money
market
demand
due
to
higher
yields,
combined
with
a
persistently
hawkish
Fed
which
encouraged
investors
to
position
with
very
short
durations,
demand
for
VRDN
securities
ended
the
period
strong
while
keeping
VRDN
inventory
on
dealer
balance
sheets
at
manageable
levels.
The
Securities
Industry
and
Financial
Markets
Association
(“SIFMA”)
Index,
which
represents
the
average
yield
on
weekly
VRDNs,
moved
higher
in
conjunction
with
the
Fed
hiking
cycle
from
0.05%
at
the
beginning
of
the
period
to
end
at
2.24%.
Additionally,
the
1-year
Municipal
Market
Data
(“MMD”)
yield
which
represents
1-year
municipal
bonds
and
the
1-year
MIG1
yield,
which
represents
municipal
notes,
ended
the
period
at
3.12%
and
3.33%,
respectively,
also
up
from
the
beginning
of
the
period
levels
of
0.15%
and
0.16%.
With
SIFMA
at
2.24%
and
one-year
municipal
notes
pricing
at
3.33%,
the
spread
between
the
7-day
SIFMA
Index
and
1-year
MIG1
note
scale
ended
the
year
at
109
basis
points,
representing
a
positively
sloped
municipal
money
market
yield
curve.
Looking
ahead,
economic
data
at
the
end
of
the
period
showed
that
the
labor
market
remained
healthy
and
inflation
at
persistently
high
levels.
The
combination
of
strong
employment
and
high
inflation
is
prompting
various
Fed
Governors
as
well
as
market
participants
to
suggest
that
further
rate
increases
will
be
necessary
until
an
appropriate
restrictive
level
is
attained
allowing
a
pause
in
additional
rate
hikes
to
occur.
Amongst
the
Fed's
continued
hawkish
stance,
our
strategy
remains
defensive
and
guarded.
We
continue
to
position
with
high
levels
of
liquidity
by
maintaining
an
overweight
to
VRDNs
and
weekly
liquidity.
We
remain
extremely
selective
with
municipal
note
and
bond
purchases
and
continue
to
selectively
execute
commercial
paper
trades
in
the
30
to
90-day
range
for
a
laddered
maturity
schedule,
keeping
fund
average
weighted
maturities
around
the
15-day
range.
Fund
managers
continue
to
monitor
economic
data,
especially
on
inflation
and
employment,
that
may
suggest
the
Fed
would
be
ready
to
pause
their
current
hiking
cycle
and
allow
time
to
assess
lagged
effects
on
the
economy.
Past
performance
is
no
guarantee
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Fund
Information
as
of
October
31,
2022
5
Fund
Information
BlackRock
Liquid
Federal
Trust
Fund
BlackRock
Liquid
Federal
Trust
Fund’s
(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
..............................
2.91
%
2.91
%
Administration
............................
2.81
2.81
Bancroft
Capital
...........................
2.91
2.91
Cabrera
Capital
Markets
.....................
2.91
2.91
Cash
Management
.........................
2.41
2.41
Dollar
..................................
2.66
2.66
Great
Pacific
.............................
2.91
2.91
Mischler
Financial
Group
.....................
2.91
2.91
Penserra
...............................
2.91
2.91
Stern
Brothers
............................
2.92
2.92
Tigress
.................................
2.91
2.91
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
..............
54.7
%
U.S.
Treasury
Obligations
..............................
43.4
Other
Assets
Less
Liabilities
............................
1.9
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
2.87
%
2.87
%
Administration
............................
2.77
2.77
Capital
.................................
2.85
2.85
Cash
Management
.........................
2.37
2.37
Cash
Reserve
............................
2.47
2.47
Dollar
..................................
2.62
2.62
Mischler
Financial
Group
.....................
2.87
2.87
Premier
................................
2.87
2.87
Private
Client
............................
2.36
2.36
Select
.................................
2.04
2.04
Stern
Brothers
............................
2.88
2.88
Tigress
.................................
2.87
2.87
WestCap
...............................
2.87
2.87
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
...............................
72.0
%
U.S.
Treasury
Obligations
..............................
18.0
U.S.
Government
Sponsored
Agency
Obligations
..............
4.8
Other
Assets
Less
Liabilities
............................
5.2
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
3.11
%
3.11
%
Dollar
..................................
2.87
2.87
Premier
................................
3.11
3.11
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
Repurchase
Agreements
...............................
34.8
%
Certificates
of
Deposit
.................................
21.4
Commercial
Paper
...................................
21.0
Time
Deposits
......................................
16.9
Municipal
Bonds
....................................
2.5
Corporate
Bonds
....................................
0.3
U.S.
Government
Sponsored
Agency
Obligations
..............
0.1
Other
Assets
Less
Liabilities
............................
3.0
Fund
Information
as
of
October
31,
2022
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
6
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
..............................
3.11
%
3.11
%
Administration
............................
3.01
3.01
Cabrera
Capital
Markets
.....................
3.10
3.10
Capital
.................................
3.06
3.06
Cash
Management
.........................
2.61
2.61
Cash
Reserve
............................
2.74
2.74
Dollar
..................................
2.86
2.86
Private
Client
............................
2.61
2.61
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
...............................
28.5
%
Commercial
Paper
...................................
24.9
Certificates
of
Deposit
.................................
23.4
Time
Deposits
......................................
12.8
Municipal
Bonds
....................................
5.2
Corporate
Bonds
....................................
0.5
U.S.
Government
Sponsored
Agency
Obligations
..............
0.1
Other
Assets
Less
Liabilities
............................
4.6
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
2.92
%
2.92
%
Administration
............................
2.82
2.82
Capital
.................................
2.87
2.87
Cash
Management
.........................
2.42
2.42
Cash
Reserve
............................
2.52
2.52
Dollar
..................................
2.67
2.67
Premier
................................
2.92
2.92
Select
.................................
2.09
2.09
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
...............................
77.6
%
U.S.
Treasury
Obligations
..............................
17.4
Other
Assets
Less
Liabilities
............................
5.0
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
3.09
%
3.09
%
Administration
............................
2.99
2.99
Capital
.................................
3.04
3.04
Cash
Management
.........................
2.59
2.59
Cash
Reserve
............................
2.69
2.69
Dollar
..................................
2.87
2.87
Select
.................................
2.26
2.26
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
..............................
102.2
%
Liabilities
in
Excess
of
Other
Assets
.......................
(2.2)
Fund
Information
as
of
October
31,
2022
(continued)
7
Fund
Information
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
..............................
1.83
%
1.83
%
Dollar
..................................
1.58
1.58
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
............................
86.0
%
Municipal
Bonds
....................................
14.
2
Liabilities
in
Excess
of
Other
Assets
.......................
(0.2)
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
1.20
%
1.20
%
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
...........................
63.0%
Municipal
Bonds
...................................
12.7
Other
Assets
Less
Liabilities
...........................
24.3
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
1.76
%
1.76
%
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
...........................
97.9%
Municipal
Bonds
...................................
1.5
Other
Assets
Less
Liabilities
...........................
0.6
Disclosure
of
Expenses
2022
BlackRock
Annual
Report
to
Shareholders
8
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
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) 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.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
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
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
BlackRock
Liquid
Federal
Trust
Fund
Institutional
...............................
$
1,000.00
$
1,008.10
$
0.86
$
1,000.00
$
1,024.35
$
0.87
0.17%
Administration
.............................
1,000.00
1,007.60
1.37
1,000.00
1,023.84
1.38
0.27
Bancroft
Capital
............................
1,000.00
1,008.50
0.86
1,000.00
1,024.35
0.87
0.17
Cabrera
Capital
Markets
......................
1,000.00
1,008.50
0.86
1,000.00
1,024.35
0.87
0.17
Cash
Management
..........................
1,000.00
1,005.60
3.34
1,000.00
1,021.88
3.36
0.66
Dollar
...................................
1,000.00
1,006.90
2.12
1,000.00
1,023.09
2.14
0.42
Great
Pacific
..............................
1,000.00
1,008.10
0.86
1,000.00
1,024.35
0.87
0.17
Mischler
Financial
Group
......................
1,000.00
1,008.50
0.86
1,000.00
1,024.35
0.87
0.17
Penserra
................................
1,000.00
1,008.40
0.86
1,000.00
1,024.35
0.87
0.17
Stern
Brothers
.............................
1,000.00
1,005.80
0.43
1,000.00
1,024.35
0.87
0.17
Tigress
..................................
1,000.00
1,002.20
0.14
1,000.00
1,024.35
0.87
0.17
FedFund
Institutional
...............................
$
1,000.00
$
1,008.60
$
0.86
$
1,000.00
$
1,024.35
$
0.87
0.17%
Administration
.............................
1,000.00
1,008.10
1.37
1,000.00
1,023.84
1.38
0.27
Capital
..................................
1,000.00
1,008.40
1.01
1,000.00
1,024.20
1.02
0.20
Cash
Management
..........................
1,000.00
1,006.10
3.34
1,000.00
1,021.88
3.36
0.66
Cash
Reserve
.............................
1,000.00
1,006.60
2.88
1,000.00
1,022.33
2.91
0.57
Dollar
...................................
1,000.00
1,007.30
2.12
1,000.00
1,023.09
2.14
0.42
Mischler
Financial
Group
......................
1,000.00
1,008.60
0.86
1,000.00
1,024.35
0.87
0.17
Premier
.................................
1,000.00
1,008.60
0.86
1,000.00
1,024.35
0.87
0.17
Private
Client
.............................
1,000.00
1,006.00
3.44
1,000.00
1,021.78
3.47
0.68
Select
..................................
1,000.00
1,004.60
4.85
1,000.00
1,020.37
4.89
0.96
Stern
Brothers
.............................
1,000.00
1,006.00
0.43
1,000.00
1,024.35
0.87
0.17
Tigress
..................................
1,000.00
1,002.30
0.14
1,000.00
1,024.40
0.82
0.16
WestCap
................................
1,000.00
1,005.40
0.37
1,000.00
1,024.35
0.87
0.17
TempCash
Institutional
...............................
$
1,000.00
$
1,009.40
$
0.91
$
1,000.00
$
1,024.30
$
0.92
0.18%
Dollar
...................................
1,000.00
1,008.20
2.13
1,000.00
1,023.09
2.14
0.42
Premier
.................................
1,000.00
1,009.40
0.91
1,000.00
1,024.30
0.92
0.18
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-
half
year
period
shown)
except
for
Great
Pacific
Shares
of
BlackRock
Liquid
Federal
Trust
Fund,
which
are
multiplied
by
183/365
(to
reflect
the
period
since
the
commencement
date
of
May
2,
2022
to
October
31,
2022),
Stern
Brothers
Shares
of
BlackRock
Liquid
Federal
Trust
Fund
and
FedFund
,
which
are
multiplied
by
92/365
(to
reflect
the
period
since
the
commencement
date
of
August
1,
2022
to
October
31,
2022),
Tigress
Shares
of
BlackRock
Liquid
Federal
Trust
Fund
and
FedFund
,
which
are
multiplied
by
29/365
(to
reflect
the
period
since
the
commencement
date
of
September
30,
2022
to
October
31,
2022)
and
WestCap
Shares
of
FedFund
,
which
is
multiplied
by
81/365
(to
reflect
the
period
since
the
commencement
date
of
August
12,
2022
to
October
31,
2022).
Disclosure
of
Expenses
(continued)
9
Disclosure
of
Expenses
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
TempFund
Institutional
...............................
$
1,000.00
$
1,009.50
$
0.91
$
1,000.00
$
1,024.30
$
0.92
0.18%
Administration
.............................
1,000.00
1,008.90
1.42
1,000.00
1,023.79
1.43
0.28
Cabrera
Capital
Markets
......................
1,000.00
1,009.40
0.91
1,000.00
1,024.30
0.92
0.18
Capital
..................................
1,000.00
1,009.20
1.16
1,000.00
1,024.05
1.17
0.23
Cash
Management
..........................
1,000.00
1,006.90
3.44
1,000.00
1,021.78
3.47
0.68
Cash
Reserve
.............................
1,000.00
1,007.50
2.78
1,000.00
1,022.43
2.80
0.55
Dollar
...................................
1,000.00
1,008.10
2.18
1,000.00
1,023.04
2.19
0.43
Private
Client
.............................
1,000.00
1,006.90
3.44
1,000.00
1,021.78
3.47
0.68
T-Fund
Institutional
...............................
$
1,000.00
$
1,008.70
$
0.86
$
1,000.00
$
1,024.35
$
0.87
0.17%
Administration
.............................
1,000.00
1,008.20
1.37
1,000.00
1,023.84
1.38
0.27
Capital
..................................
1,000.00
1,008.40
1.11
1,000.00
1,024.10
1.12
0.22
Cash
Management
..........................
1,000.00
1,006.20
3.39
1,000.00
1,021.83
3.41
0.67
Cash
Reserve
.............................
1,000.00
1,006.70
2.88
1,000.00
1,022.33
2.91
0.57
Dollar
...................................
1,000.00
1,007.40
2.13
1,000.00
1,023.09
2.14
0.42
Premier
.................................
1,000.00
1,008.70
0.86
1,000.00
1,024.35
0.87
0.17
Select
..................................
1,000.00
1,004.70
4.75
1,000.00
1,020.47
4.79
0.94
Treasury
Trust
Fund
Institutional
...............................
$
1,000.00
$
1,008.00
$
0.86
$
1,000.00
$
1,024.35
$
0.87
0.17%
Administration
.............................
1,000.00
1,007.50
1.37
1,000.00
1,023.84
1.38
0.27
Capital
..................................
1,000.00
1,007.80
1.11
1,000.00
1,024.10
1.12
0.22
Cash
Management
..........................
1,000.00
1,005.50
3.34
1,000.00
1,021.88
3.36
0.66
Cash
Reserve
.............................
1,000.00
1,006.00
2.88
1,000.00
1,022.33
2.91
0.57
Dollar
...................................
1,000.00
1,006.90
1.92
1,000.00
1,023.29
1.94
0.38
Select
..................................
1,000.00
1,004.20
4.65
1,000.00
1,020.57
4.69
0.92
MuniCash
Institutional
...............................
$
1,000.00
$
1,005.30
$
1.01
$
1,000.00
$
1,024.20
$
1.02
0.20%
Dollar
...................................
1,000.00
1,004.10
2.27
1,000.00
1,022.94
2.29
0.45
California
Money
Fund
Institutional
...............................
$
1,000.00
$
1,004.70
$
1.01
$
1,000.00
$
1,024.20
$
1.02
0.20%
New
York
Money
Fund
Institutional
...............................
$
1,000.00
$
1,005.40
$
1.01
$
1,000.00
$
1,024.20
$
1.02
0.20%
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Expense
Examples
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Liquid
Federal
Trust
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
October
31,
2022
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
Federal
Farm
Credit
Bank
Bonds,
2.25%, 06/07/23
................
USD
8,695
$
8,694,575
Federal
Farm
Credit
Bank
Discount
Notes
(a)
0.40%
,
11/01/22
.................
4,000
4,000,000
3.35%
,
11/09/22
.................
68,000
67,954,818
3.51%
,
11/15/22
.................
50,000
49,937,000
3.60%
,
11/23/22
.................
50,000
49,893,667
3.64%
,
11/29/22
.................
50,000
49,873,611
3.84%
,
12/08/22
.................
90,000
89,694,750
4.07%
,
01/24/23
.................
10,000
9,941,666
4.22%
,
02/01/23
.................
26,695
26,572,203
4.39%
,
03/31/23
.................
36,695
36,083,417
4.21%
,
04/20/23
.................
36,000
35,299,600
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(b)
(SOFR
3
Month
+
0.08%),
3.13%
,
11/03/22
33,455
33,455,000
(SOFR
3
Month
+
0.01%),
3.06%
,
11/22/22
37,040
37,040,032
(SOFR
3
Month
+
0.02%),
3.07%
,
11/28/22
108,430
108,429,798
(SOFR
3
Month
+
0.03%),
3.08%
,
01/12/23
34,915
34,914,651
(SOFR
3
Month
+
0.06%),
3.11%
,
01/13/23
11,855
11,855,000
(SOFR
3
Month
+
0.06%),
3.11%
,
01/20/23
11,260
11,260,000
(SOFR
3
Month
+
0.05%),
3.10%
,
02/17/23
19,120
19,120,000
(SOFR
3
Month
+
0.04%),
3.09%
,
03/10/23
18,470
18,470,993
(SOFR
3
Month
+
0.02%),
3.07%
,
05/16/23
50,670
50,669,339
(SOFR
3
Month
+
0.03%),
3.08%
,
07/25/23
19,570
19,569,567
(SOFR
3
Month
+
0.05%),
3.10%
,
08/22/23
32,400
32,400,000
(SOFR
3
Month
+
0.05%),
3.09%
,
10/16/23
40,940
40,940,000
(SOFR
3
Month
+
0.02%),
3.07%
,
11/15/23
17,210
17,204,561
(SOFR
3
Month
+
0.06%),
3.11%
,
11/22/23
72,970
72,970,000
(SOFR
3
Month
+
5.50%),
3.11%
,
01/10/24
19,325
19,325,000
(SOFR
3
Month
+
0.05%),
3.10%
,
05/09/24
22,355
22,355,000
(SOFR
3
Month
+
0.09%),
3.14%
,
08/26/24
51,440
51,440,000
Federal
Home
Loan
Bank
Bonds
3.25%
,
01/09/23
.................
62,025
62,022,432
3.41%
,
02/10/23
.................
31,250
31,245,873
2.08%
,
02/13/23
.................
49,280
49,280,000
0.13%
,
06/02/23
.................
47,735
46,961,251
3.45%
,
09/25/23
.................
34,955
34,948,689
Federal
Home
Loan
Bank
Discount
Notes
(a)
2.51%
,
11/03/22
.................
50,000
49,995,861
3.92%
,
12/14/22
.................
53,000
52,773,683
4.08%
,
01/27/23
.................
14,000
13,862,975
Federal
Home
Loan
Bank
Variable
Rate
Notes
(b)
(SOFR
3
Month
+
0.02%),
3.07%
,
11/14/22
130,220
130,220,000
(SOFR
3
Month
+
0.01%),
3.05%
,
12/01/22
71,370
71,370,000
(SOFR
3
Month
+
0.06%),
3.11%
,
12/16/22
53,590
53,590,000
(SOFR
3
Month
+
0.01%),
3.06%
,
12/23/22
16,310
16,310,000
(SOFR
3
Month
+
0.01%),
3.06%
,
12/27/22
400,000
400,000,000
(SOFR
3
Month
+
0.01%),
3.06%
,
01/17/23
52,120
52,120,000
(SOFR
3
Month
+
0.02%),
3.07%
,
01/26/23
369,525
369,525,000
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Obligations
(continued)
(SOFR
3
Month
+
0.06%),
3.11%
,
02/03/23
USD
10,000
$
10,000,130
(SOFR
3
Month
+
0.04%),
3.09%
,
02/10/23
73,880
73,880,000
(SOFR
3
Month
+
0.04%),
3.09%
,
02/17/23
57,025
57,025,000
(SOFR
3
Month
+
0.02%),
3.07%
,
03/02/23
114,825
114,825,000
(SOFR
3
Month
+
0.03%),
3.08%
,
03/02/23
100,000
100,000,000
(SOFR
3
Month
+
0.02%),
3.07%
,
05/02/23
12,500
12,500,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
54.7%
(Cost:
$2,831,820,142)
...........................
2,831,820,142
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
1.45%, 11/03/22
.................
52,000
51,993,933
2.45%, 11/08/22
.................
149,000
148,930,914
3.19%, 11/22/22
.................
74,900
74,751,734
3.20%, 11/25/22
.................
5,000
4,989,170
3.44%, 12/06/22
.................
174,000
173,489,564
3.51%, 12/13/22
.................
341,595
340,396,877
3.48%, 12/15/22
.................
3,330
3,317,179
3.68%, 12/20/22
.................
193,190
192,261,590
3.83%, 12/27/22
.................
216,000
214,936,171
3.83%, 12/29/22
.................
9,365
9,359,116
3.80%, 01/05/23
.................
60,000
59,729,167
3.88%, 01/10/23
.................
130,000
129,192,278
3.99%, 01/19/23
.................
25,000
24,786,480
4.10%, 01/24/23
.................
50,000
49,580,000
4.04%, 01/26/23
.................
100,000
99,044,444
4.14%, 02/07/23
.................
100,000
98,992,778
4.20%, 02/21/23
.................
100,000
98,712,000
4.19%, 02/23/23
.................
33,275
33,154,350
4.32%, 03/16/23
.................
85,450
84,339,684
4.49%, 04/20/23
.................
10,000
9,907,917
4.29%, 05/18/23
.................
24,235
23,955,086
U.S.
Treasury
Notes
1.63%, 12/15/22
.................
14,535
14,539,745
2.13%, 12/31/22
.................
70,725
70,845,810
0.13%, 01/31/23
.................
74,970
74,759,477
0.13%, 03/31/23
.................
45,660
45,388,197
0.13%, 04/30/23
.................
8,200
8,119,338
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.02%),
4.03%, 01/31/24
(b)
....
26,895
26,894,928
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.04%),
4.08%, 07/31/24
(b)
...
20,000
19,983,275
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.14%),
4.18%, 10/31/24
(b)
...
62,990
62,990,000
Total
U.S.
Treasury
Obligations
—
43.4%
(Cost:
$2,249,341,202)
...........................
2,249,341,202
Total
Investments
—
98.1%
(Cost:
$5,081,161,344
)
...........................
5,081,161,344
Other
Assets
Less
Liabilities
—
1.9%
...................
99,572,703
Net
Assets
—
100.0%
..............................
$
5,180,734,047
(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.
BlackRock
Liquid
Federal
Trust
Fund
Schedules
of
Investments
11
Schedule
of
Investments
(continued)
October
31,
2022
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
U.S.
Government
Sponsored
Agency
Securities
....................
$
—
$
2,831,820,142
$
—
$
2,831,820,142
U.S.
Treasury
Obligations
...................................
—
2,249,341,202
—
2,249,341,202
$
—
$
5,081,161,344
$
—
$
5,081,161,344
2022
BlackRock
Annual
Report
to
Shareholders
FedFund
12
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
October
31,
2022
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
Federal
Farm
Credit
Bank
Bonds,
2.25%, 06/07/23
................
USD
255,440
$
255,427,513
Federal
Farm
Credit
Bank
Discount
Notes,
3.51%, 11/15/22
(a)
...............
36,000
35,954,640
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(b)
(SOFR
3
Month
+
0.07%),
3.12%
,
11/18/22
150,000
150,000,000
(SOFR
3
Month
+
0.06%),
3.11%
,
12/01/22
138,000
138,000,000
(SOFR
3
Month
+
0.06%),
3.11%
,
02/09/23
40,000
40,000,000
(SOFR
3
Month
+
0.02%),
3.07%
,
02/14/23
500,000
499,996,354
(SOFR
3
Month
+
0.04%),
3.09%
,
03/10/23
189,000
189,000,000
(SOFR
3
Month
+
0.02%),
3.07%
,
05/16/23
197,000
196,997,432
(SOFR
3
Month
+
0.04%),
3.08%
,
07/12/23
135,720
135,715,230
(SOFR
3
Month
+
0.03%),
3.08%
,
07/25/23
508,055
508,043,761
(SOFR
3
Month
+
5.50%),
3.11%
,
01/10/24
190,355
190,355,000
Federal
Home
Loan
Bank
Bonds,
1.81%, 01/05/23
................
500,000
500,000,000
Federal
Home
Loan
Bank
Discount
Notes
(a)
3.51%
,
11/15/22
.................
23,300
23,273,269
3.84%
,
12/08/22
.................
250,000
249,583,750
3.88%
,
12/30/22
.................
85,000
84,512,291
4.07%
,
01/23/23
.................
200,000
198,326,167
4.07%
,
01/24/23
.................
425,000
421,400,250
Federal
Home
Loan
Bank
Variable
Rate
Notes
(b)
(SOFR
3
Month
+
0.07%),
3.12%
,
11/09/22
99,000
99,000,000
(SOFR
3
Month
+
0.07%),
3.12%
,
11/10/22
536,480
536,480,000
(SOFR
3
Month
+
0.06%),
3.11%
,
11/23/22
250,000
250,000,000
(SOFR
3
Month
+
0.06%),
3.11%
,
02/03/23
259,200
259,200,000
(SOFR
3
Month
+
0.04%),
3.09%
,
02/17/23
800,000
800,000,000
(SOFR
3
Month
+
0.02%),
3.07%
,
03/02/23
500,000
500,000,000
(SOFR
3
Month
+
0.02%),
3.07%
,
05/02/23
299,980
299,980,000
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(b)
(SOFR
3
Month
+
0.07%),
3.12%
,
11/10/22
191,555
191,555,000
(SOFR
3
Month
+
0.06%),
3.11%
,
11/17/22
350,000
350,000,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
4.8%
(Cost:
$7,102,800,657)
...........................
7,102,800,657
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
1.45%, 11/03/22
.................
764
763,493
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
3.36%, 12/01/22
.................
USD
66,980
$
66,966,604
3.83%, 12/29/22
.................
725
724,580
4.19%, 02/23/23
.................
800,665
797,889,433
4.30%, 03/23/23
.................
1,650,000
1,639,710,916
4.49%, 04/20/23
.................
730,110
723,650,920
4.61%, 05/04/23
.................
809,000
790,855,813
4.29%, 05/18/23
.................
3,677,695
3,635,217,629
4.33%, 06/15/23
.................
221,470
217,511,486
4.42%, 10/05/23
.................
61,210
58,801,720
U.S.
Treasury
Notes
2.00%, 11/30/22
.................
724,525
725,186,251
1.63%, 12/15/22
.................
361,445
361,562,986
0.13%, 12/31/22
.................
301,850
301,750,793
2.13%, 12/31/22
.................
455,135
456,170,755
0.13%, 01/31/23
.................
778,070
775,065,431
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.05%),
4.09%, 01/31/23
(b)
...
5,659,250
5,659,384,389
2.00%, 02/15/23
.................
125,000
125,079,877
1.50%, 02/28/23
.................
136,360
136,499,992
0.13%, 03/31/23
.................
736,000
731,176,331
1.50%, 03/31/23
.................
159,950
160,193,865
2.50%, 03/31/23
.................
294,680
295,373,806
0.13%, 04/30/23
.................
812,285
804,438,317
2.75%, 04/30/23
.................
59,740
59,921,015
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.03%),
4.07%, 04/30/23
(b)
...
1,561,070
1,561,101,195
1.75%, 05/15/23
.................
400,000
399,224,973
2.75%, 05/31/23
.................
75,000
75,248,226
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.03%),
4.07%, 07/31/23
(b)
...
3,643,715
3,643,778,405
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.02%),
4.03%, 01/31/24
(b)
....
1,323,095
1,323,092,819
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.08%),
3.97%, 04/30/24
(b)
....
412,370
411,924,488
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.14%),
4.18%, 10/31/24
(b)
...
370,000
369,799,076
Total
U.S.
Treasury
Obligations
—
18.0%
(Cost:
$26,308,065,584)
...........................
26,308,065,584
Total
Repurchase
Agreements
—
72.0%
(Cost:
$105,297,806,145)
..........................
105,297,806,145
Total
Investments
—
94.8%
(Cost:
$138,708,672,386
)
..........................
138,708,672,386
Other
Assets
Less
Liabilities
—
5.2%
...................
7,596,314,263
Net
Assets
—
100.0%
..............................
$
146,304,986,649
(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.
FedFund
Schedules
of
Investments
13
Schedule
of
Investments
(continued)
October
31,
2022
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.
...
3.00
%
(a)
10/31/22
11/01/22
$
510,000
$
510,000
$
510,042,500
U.S.
Treasury
Obligations,
0.63%
to
7.63%,
due
11/15/22
to
05/15/52
.........
$
598,673,904
$
520,200,046
3.00
10/31/22
11/01/22
2,000
2,000
2,000,167
U.S.
Treasury
Obligation,
4.00%,
due
10/31/29
.........
2,057,000
2,040,038
3.00
10/31/22
11/01/22
90,283
90,283
90,290,524
U.S.
Treasury
Obligation,
1.75%,
due
01/31/29
.........
105,939,200
92,088,709
3.00
10/31/22
11/01/22
3,000
3,000
3,000,250
U.S.
Treasury
Obligation,
4.00%,
due
10/31/29
.........
3,085,500
3,060,057
3.05
10/31/22
11/01/22
97,000
97,000
97,008,218
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
4.00%,
due
09/25/48
to
11/25/51
.........
877,976,731
101,850,000
$
–
$
–
$
702,283
$
719,238,850
$
–
$
–
Bank
of
Montreal
....
3.00
10/31/22
11/01/22
5,000
5,000
5,000,417
U.S.
Treasury
Obligations,
0.00%,
due
11/15/34
to
08/15/51
.
13,347,996
5,100,000
3.05
10/31/22
11/01/22
325,000
325,000
325,027,535
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
6.00%,
due
10/01/23
to
10/01/52
.........
645,049,769
334,750,000
3.13
(b)
09/29/22
11/03/22
75,000
75,000
75,228,229
U.S.
Government
Sponsored
Agency
Obligations,
1.63%
to
6.00%,
due
10/20/38
to
10/20/52
.........
142,785,719
76,500,000
$
–
$
–
$
405,000
$
416,350,000
$
–
$
–
Bank
of
Nova
Scotia
(The)
..........
3.00
10/31/22
11/01/22
336,570
336,570
336,598,047
U.S.
Treasury
Obligations,
0.00%
to
4.75%,
due
12/22/22
to
02/15/52
.........
374,355,500
343,330,011
$
–
$
–
Barclays
Bank
plc
...
3.05
10/31/22
11/01/22
200,000
200,000
200,016,944
U.S.
Treasury
Obligations,
1.25%
to
3.25%,
due
12/31/26
to
06/30/29
.........
222,431,300
204,000,005
3.05
10/31/22
11/01/22
950,000
950,000
950,080,486
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
5.50%,
due
01/19/23
to
10/01/52
1,159,394,913
978,060,045
3.05
10/31/22
11/01/22
3,000
3,000
3,000,254
U.S.
Treasury
Obligation,
0.00%,
due
04/20/23
.........
3,124,500
3,060,079
3.15
(b)
10/31/22
11/07/22
200,000
200,000
200,122,500
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
8.87%,
due
05/27/31
to
12/20/50
.........
330,131,406
210,000,000
2022
BlackRock
Annual
Report
to
Shareholders
FedFund
14
Schedule
of
Investments
(continued)
October
31,
2022
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
3.20
%
(b)
10/31/22
12/05/22
$
272,200
$
272,200
$
273,046,844
U.S.
Government
Sponsored
Agency
Obligations,
1.91%
to
18.14%,
due
09/25/24
to
01/25/45
.......
$
596,315,419
$
285,810,000
$
–
$
–
$
1,625,200
$
1,680,930,129
$
–
$
–
Barclays
Capital,
Inc.
.
2.98
10/31/22
11/01/22
25,000
25,000
25,002,069
U.S.
Treasury
Obligation,
3.63%,
due
02/15/44
.........
28,508,800
25,500,036
$
–
$
–
BMO
Capital
Markets
Corp.
..........
3.05
10/31/22
11/01/22
30,000
30,000
30,002,542
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
4.95%,
due
01/05/23
to
07/15/64
.........
42,274,743
30,882,025
$
–
$
–
BNP
Paribas
SA
....
1.70
(b)
05/19/22
11/14/22
1,500,000
1,500,000
1,512,641,875
U.S.
Treasury
Obligations,
0.00%
to
7.13%,
due
11/15/22
to
08/15/51
.........
1,559,621,609
1,530,000,000
3.00
10/31/22
11/01/22
212,000
212,000
212,017,667
U.S.
Treasury
Obligations,
0.00%
to
3.13%,
due
08/31/27
to
08/15/40
.........
255,498,246
216,240,000
3.05
10/31/22
11/01/22
70,000
70,000
70,005,931
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
10.53%,
due
01/15/27
to
06/20/70
.......
2,453,144,541
73,500,823
3.14
(b)
10/31/22
11/07/22
400,000
400,000
400,244,222
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
20.59%,
due
11/15/25
to
01/20/71
.......
19,645,815,855
419,373,578
3.24
(b)
10/31/22
12/05/22
300,000
300,000
300,945,000
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.00%,
due
01/15/36
to
03/20/68
.........
5,297,796,652
314,811,202
$
–
$
–
$
2,482,000
$
2,553,925,603
$
–
$
–
Citibank
NA
........
3.00
10/31/22
11/01/22
150,000
150,000
150,012,500
U.S.
Treasury
Obligations,
0.00%
to
8.50%,
due
11/30/22
to
02/15/52
.........
104,240,970
153,000,082
$
–
$
–
Citigroup
Global
Markets,
Inc.
...........
3.00
10/31/22
11/01/22
132,000
132,000
132,011,000
U.S.
Treasury
Obligations,
0.13%
to
2.00%,
due
09/30/26
to
11/15/26
.........
148,952,700
134,643,953
3.00
(a)
10/31/22
11/01/22
5,000
5,000
5,000,417
U.S.
Treasury
Obligations,
0.13%
to
3.13%,
due
02/28/27
to
08/31/27
.........
5,790,728
5,100,158
3.05
10/31/22
11/01/22
5,000
5,000
5,000,424
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
3.00%,
due
10/20/51
6,500,335
5,100,731
3.06
10/27/22
11/03/22
500,000
500,000
500,297,500
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
6.50%,
due
11/15/22
to
08/20/52
.
740,040,125
510,000,000
FedFund
Schedules
of
Investments
15
Schedule
of
Investments
(continued)
October
31,
2022
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
3.15
%
(b)
10/31/22
11/01/22
$
500,000
$
500,000
$
500,043,750
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
7.50%,
due
11/25/32
to
09/20/72
.........
$
7,486,551,757
$
541,567,830
$
–
$
–
$
1,142,000
$
1,196,412,672
$
–
$
–
Credit
Agricole
Corporate
and
Investment
Bank
SA
...........
2.99
(a)
10/31/22
11/01/22
1,200,000
1,200,000
1,200,099,667
U.S.
Treasury
Obligations,
0.00%
to
3.50%,
due
01/31/24
to
11/15/51
.........
1,412,951,880
1,224,000,051
2.99
10/31/22
11/01/22
5,000
5,000
5,000,415
U.S.
Treasury
Obligation,
1.00%,
due
02/15/48
.........
5,137,800
5,100,097
$
–
$
–
$
1,205,000
$
1,229,100,148
$
–
$
–
Credit
Suisse
AG
....
3.01
10/31/22
11/01/22
20,000
20,000
20,001,672
U.S.
Treasury
Obligations,
0.63%
to
1.13%,
due
08/31/28
to
02/15/43
.........
24,232,300
20,400,041
$
–
$
–
Deutsche
Bank
AG
...
3.01
10/31/22
11/01/22
125,000
125,000
125,010,451
U.S.
Treasury
Obligations,
0.63%
to
2.63%,
due
04/15/23
to
05/31/27
.........
128,194,900
127,500,068
$
–
$
–
Deutsche
Bank
Securities,
Inc.
...
3.05
10/31/22
11/01/22
600,000
600,000
600,050,833
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
1.25%
to
5.50%,
due
10/31/29
to
11/01/52
.
888,080,933
618,030,379
$
–
$
–
Federal
Reserve
Bank
of
New
York
.......
3.05
10/31/22
11/01/22
68,500,000
68,500,000
68,505,803,473
U.S.
Treasury
Obligations,
0.25%
to
7.13%,
due
11/15/22
to
02/15/30
.........
73,754,423,100
68,505,803,475
$
–
$
–
Fixed
Income
Clearing
Corporation
.....
3.01
10/31/22
11/01/22
15,760
15,760
15,761,734
U.S.
Treasury
Obligation,
2.50%,
due
02/15/46
.........
22,250,000
16,076,943
3.01
10/31/22
11/01/22
44,632
44,632
44,636,085
U.S.
Treasury
Obligation,
2.75%,
due
08/15/47
.........
60,000,000
45,528,732
3.01
10/31/22
11/01/22
27,676
27,676
27,678,478
U.S.
Treasury
Obligation,
2.88%,
due
08/15/45
.........
36,250,000
28,232,002
3.01
10/31/22
11/01/22
367,367
367,367
367,397,990
U.S.
Treasury
Obligation,
3.00%,
due
08/15/48
.........
465,484,000
374,745,336
3.01
10/31/22
11/01/22
29,859
29,859
29,861,872
U.S.
Treasury
Obligation,
3.13%,
due
05/15/48
.........
36,750,000
30,459,059
3.01
10/31/22
11/01/22
195,250
195,250
195,265,835
U.S.
Treasury
Obligation,
2.88%,
due
11/15/46
.........
253,700,000
199,170,825
3.01
10/31/22
11/01/22
98,373
98,373
98,381,080
U.S.
Treasury
Obligation,
2.25%,
due
08/15/46
.........
146,750,000
100,348,538
3.01
10/31/22
11/01/22
113,435
113,435
113,444,533
U.S.
Treasury
Obligation,
2.75%,
due
11/15/47
.........
151,000,000
115,713,234
3.01
10/31/22
11/01/22
107,647
107,647
107,656,023
U.S.
Treasury
Obligation,
3.00%,
due
11/15/44
.........
136,186,000
109,808,963
2022
BlackRock
Annual
Report
to
Shareholders
FedFund
16
Schedule
of
Investments
(continued)
October
31,
2022
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
3.05
%
10/31/22
11/01/22
$
2,000,000
$
2,000,000
$
2,000,169,444
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
6.00%,
due
12/01/31
to
01/01/58
.........
$
3,672,099,470
$
2,068,529,580
3.05
10/31/22
11/01/22
500,000
500,000
500,042,361
U.S.
Treasury
Obligations,
0.25%
to
1.50%,
due
08/31/25
to
08/15/26
.........
568,062,900
510,000,033
3.06
10/31/22
11/01/22
877,750
877,750
877,824,609
U.S.
Treasury
Obligation,
3.38%,
due
11/15/48
.........
1,025,000,000
895,381,359
3.06
10/31/22
11/01/22
715,194
715,194
715,254,791
U.S.
Treasury
Obligation,
2.38%,
due
05/15/51
.........
1,030,000,000
729,558,291
3.06
10/31/22
11/01/22
581,346
581,346
581,395,414
U.S.
Treasury
Obligation,
2.50%,
due
05/15/46
.........
815,000,000
593,018,964
3.06
10/31/22
11/01/22
325,710
325,710
325,737,685
U.S.
Treasury
Obligation,
3.00%,
due
02/15/49
.........
410,536,000
332,249,838
3.06
10/31/22
11/01/22
1,500,000
1,500,000
1,500,127,500
U.S.
Treasury
Obligation,
0.00%,
due
04/27/23
.........
1,564,538,000
1,530,120,501
3.06
10/31/22
11/01/22
5,000,000
5,000,000
5,000,425,000
U.S.
Treasury
Obligations,
0.00%
to
7.13%,
due
11/08/22
to
05/15/52
.........
5,654,990,800
5,100,000,015
$
–
$
–
$
12,500,000
$
12,778,942,213
$
–
$
–
Goldman
Sachs
&
Co.
LLC
...........
2.75
10/31/22
11/01/22
20,000
20,000
20,001,528
U.S.
Treasury
Obligations,
0.00%
to
6.13%,
due
03/02/23
to
11/15/46
.........
21,559,300
20,400,021
3.01
10/31/22
11/01/22
50,000
50,000
50,004,181
U.S.
Treasury
Obligations,
0.00%
to
4.25%,
due
09/30/24
to
05/15/52
.........
81,548,225
51,000,060
3.05
10/31/22
11/01/22
490,000
490,000
490,041,514
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
4.95%,
due
06/20/40
to
08/15/63
.........
588,005,808
499,800,001
3.13
(b)
10/31/22
12/05/22
1,114,500
1,114,500
1,117,891,484
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
8.87%,
due
09/25/28
to
09/16/58
.........
6,923,377,626
1,170,225,000
$
–
$
–
$
1,674,500
$
1,741,425,082
$
–
$
–
HSBC
Securities
USA,
Inc.
...........
3.02
(b)
10/31/22
11/07/22
561,915
561,915
562,244,969
U.S.
Treasury
Obligations,
0.00%
to
3.25%,
due
05/15/23
to
02/15/51
.........
869,208,433
573,153,300
3.02
(b)
10/31/22
11/07/22
1,028,000
1,028,000
1,028,603,665
U.S.
Treasury
Obligations,
0.00%
to
5.25%,
due
02/15/23
to
05/15/52
.........
1,751,138,390
1,048,560,000
3.05
(c)
10/31/22
11/01/22
286,000
286,000
286,024,231
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
6.00%,
due
06/15/24
to
07/15/57
1,428,230,652
292,237,365
FedFund
Schedules
of
Investments
17
Schedule
of
Investments
(continued)
October
31,
2022
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
3.05
%
10/31/22
11/01/22
$
54,000
$
54,000
$
54,004,575
U.S.
Government
Sponsored
Agency
Obligations,
1.97%
to
5.00%,
due
03/01/34
to
10/01/52
.........
$
141,535,926
$
55,452,117
3.06
(b)
10/31/22
11/07/22
350,000
350,000
350,208,250
U.S.
Government
Sponsored
Agency
Obligations,
0.63%
to
6.50%,
due
04/22/25
to
03/15/61
.........
2,089,531,346
357,088,082
$
–
$
–
$
2,279,915
$
2,326,490,864
$
–
$
–
ING
Financial
Markets
LLC
...........
3.05
10/31/22
11/01/22
100,000
100,000
100,008,472
U.S.
Government
Sponsored
Agency
Obligations,
0.25%
to
6.00%,
due
09/30/23
to
02/01/57
.........
208,777,881
102,999,961
3.05
10/31/22
11/01/22
100,000
100,000
100,008,472
U.S.
Treasury
Obligations,
0.00%
to
4.38%,
due
01/05/23
to
02/15/51
.........
109,883,500
102,000,031
$
–
$
–
$
200,000
$
204,999,992
$
–
$
–
JP
Morgan
Securities
LLC
...........
3.01
10/31/22
11/01/22
33,000
33,000
33,002,759
U.S.
Treasury
Obligations,
0.00%
to
3.25%,
due
02/23/23
to
11/15/51
.........
39,983,300
33,660,078
3.05
(b)
10/31/22
11/07/22
1,500,000
1,500,000
1,500,889,583
U.S.
Treasury
Obligations,
0.00%
to
7.50%,
due
11/10/22
to
02/15/27
.........
1,579,398,600
1,530,000,083
3.05
10/31/22
11/01/22
1,264,000
1,264,000
1,264,107,089
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
8.50%,
due
01/15/25
to
09/20/62
.........
1,985,161,993
1,289,867,177
3.08
(b)
10/31/22
11/07/22
126,500
126,500
126,575,759
U.S.
Government
Sponsored
Agency
Obligations,
0.05%
to
4.50%,
due
05/16/34
to
07/16/64
.........
1,027,201,152
132,825,001
3.08
(b)
10/31/22
11/07/22
1,000,000
1,000,000
1,000,598,889
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
8.50%,
due
09/20/29
to
05/15/63
.........
1,488,583,267
1,020,000,001
$
–
$
–
$
3,923,500
$
4,006,352,340
$
–
$
–
Mizuho
Securities
USA
LLC
...........
3.05
10/31/22
11/01/22
300,000
300,000
300,025,417
U.S.
Treasury
Obligations,
0.00%,
due
04/13/23
to
04/20/23
312,205,200
306,000,044
3.19
(b)
10/31/22
12/05/22
1,000,000
1,000,000
1,003,101,389
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
9.14%,
due
01/25/23
to
10/16/64
.........
12,601,517,448
1,046,645,777
$
–
$
–
$
1,300,000
$
1,352,645,821
$
–
$
–
Morgan
Stanley
&
Co.
LLC
...........
3.05
10/31/22
11/01/22
1,908,000
1,908,000
1,908,161,650
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
8.50%,
due
03/01/23
to
07/01/61
.........
2,555,123,397
1,965,240,000
$
–
$
–
2022
BlackRock
Annual
Report
to
Shareholders
FedFund
18
Schedule
of
Investments
(continued)
October
31,
2022
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
MUFG
Securities
Americas,
Inc.
....
3.00
%
10/31/22
11/01/22
$
35,000
$
35,000
$
35,002,917
U.S.
Treasury
Obligations,
0.13%
to
1.50%,
due
10/15/24
to
11/30/28
.........
$
36,944,100
$
35,700,022
3.05
(b)
10/31/22
11/07/22
300,000
300,000
300,177,917
U.S.
Treasury
Obligations,
0.13%
to
4.13%,
due
01/31/24
to
01/15/31
.........
285,140,400
306,000,016
3.05
10/31/22
11/01/22
577,000
577,000
577,048,885
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.25%,
due
09/01/28
to
07/25/56
.........
5,195,866,835
597,127,022
3.07
(b)
10/31/22
12/05/22
500,000
500,000
501,492,361
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
11.44%,
due
02/01/23
to
10/20/52
.......
4,417,612,536
516,760,550
$
–
$
–
$
1,412,000
$
1,455,587,610
$
–
$
–
Natixis
SA
.........
3.00
10/31/22
11/01/22
50,000
50,000
50,004,167
U.S.
Treasury
Obligations,
0.00%
to
3.38%,
due
02/28/23
to
02/15/51
.........
54,120,329
51,000,000
3.05
10/31/22
11/01/22
800,000
800,000
800,067,778
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
5.50%,
due
04/27/23
to
10/01/52
1,552,124,916
823,584,461
$
–
$
–
$
850,000
$
874,584,461
$
–
$
–
Nomura
Securities
International,
Inc.
..
3.00
10/31/22
11/01/22
250,000
250,000
250,020,833
U.S.
Treasury
Obligations,
0.13%
to
5.25%,
due
01/15/23
to
08/15/30
.........
247,705,300
255,000,045
3.05
10/31/22
11/01/22
400,000
400,000
400,033,889
U.S.
Government
Sponsored
Agency
Obligations,
1.63%
to
8.00%,
due
12/15/24
to
11/20/69
.........
664,830,384
408,000,000
$
–
$
–
$
650,000
$
663,000,045
$
–
$
–
Prudential
Insurance
Co.
of
America
......
3.06
10/31/22
11/01/22
19,688
19,688
19,689,173
U.S.
Treasury
Obligation,
0.00%,
due
08/15/35
.........
35,000,000
20,082,923
3.06
10/31/22
11/01/22
22,094
22,094
22,095,628
U.S.
Treasury
Obligation,
0.00%,
due
05/15/33
.........
35,000,000
22,537,678
3.06
10/31/22
11/01/22
4,775
4,775
4,775,406
U.S.
Treasury
Obligation,
0.00%,
due
02/15/39
.........
10,000,000
4,870,906
3.06
10/31/22
11/01/22
17,768
17,768
17,769,010
U.S.
Treasury
Obligation,
2.75%,
due
11/15/42
.........
23,000,000
18,124,360
3.06
10/31/22
11/01/22
23,875
23,875
23,877,029
U.S.
Treasury
Obligation,
0.00%,
due
02/15/40
.........
50,000,000
24,354,529
3.06
10/31/22
11/01/22
21,113
21,113
21,114,295
U.S.
Treasury
Obligation,
0.00%,
due
11/15/30
.........
30,000,000
21,536,395
3.06
10/31/22
11/01/22
17,383
17,383
17,383,978
U.S.
Treasury
Obligation,
0.00%,
due
08/15/37
.........
34,000,000
17,731,798
FedFund
Schedules
of
Investments
19
Schedule
of
Investments
(continued)
October
31,
2022
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
3.06
%
10/31/22
11/01/22
$
141,159
$
141,159
$
141,171,374
U.S.
Treasury
Obligation,
0.00%,
due
08/15/43
.........
$
358,500,000
$
143,996,354
3.06
10/31/22
11/01/22
35,100
35,100
35,102,984
U.S.
Treasury
Obligation,
0.00%,
due
11/15/34
.........
60,000,000
35,804,983
3.06
10/31/22
11/01/22
39,938
39,938
39,940,895
U.S.
Treasury
Obligation,
3.00%,
due
08/15/52
.........
50,000,000
40,739,395
3.06
10/31/22
11/01/22
36,875
36,875
36,878,134
U.S.
Treasury
Obligation,
0.00%,
due
08/15/29
.........
50,000,000
37,615,634
3.06
10/31/22
11/01/22
47,625
47,625
47,629,048
U.S.
Treasury
Obligation,
3.00%,
due
05/15/45
.........
60,000,000
48,581,848
3.06
10/31/22
11/01/22
105,888
105,888
105,896,500
U.S.
Treasury
Obligation,
0.00%,
due
05/15/39
.........
215,000,000
108,014,250
3.06
10/31/22
11/01/22
34,200
34,200
34,202,907
U.S.
Treasury
Obligation,
0.00%,
due
05/15/35
.........
60,000,000
34,886,907
3.06
10/31/22
11/01/22
75,938
75,938
75,943,955
U.S.
Treasury
Obligation,
0.00%,
due
05/15/52
.........
250,000,000
77,463,955
3.06
10/31/22
11/01/22
51,423
51,423
51,426,871
U.S.
Treasury
Obligation,
2.88%,
due
08/15/45
.........
67,000,000
52,455,321
$
–
$
–
$
694,838
$
708,797,236
$
–
$
–
Royal
Bank
of
Canada
3.05
10/31/22
11/01/22
300,000
300,000
300,025,417
U.S.
Treasury
Obligations,
1.25%
to
1.75%,
due
12/31/24
to
08/15/31
.........
352,759,700
306,000,009
$
–
$
–
Societe
Generale
SA
.
3.00
10/31/22
11/01/22
40,000
40,000
40,003,333
U.S.
Treasury
Obligations,
0.00%,
due
01/12/23
to
01/31/23
41,134,300
40,800,009
$
–
$
–
TD
Securities
USA
LLC
3.02
10/31/22
11/01/22
15,000
15,000
15,001,258
U.S.
Treasury
Obligations,
0.63%
to
3.13%,
due
11/15/24
to
05/15/30
.........
17,499,200
15,300,049
3.05
10/31/22
11/01/22
2,000
2,000
2,000,169
U.S.
Government
Sponsored
Agency
Obligation,
5.00%,
due
10/20/52
.........
2,076,092
2,040,001
$
–
$
–
$
17,000
$
17,340,050
$
–
$
–
Wells
Fargo
Securities
LLC
...........
3.06
10/31/22
11/01/22
200,000
200,000
200,017,000
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
6.00%,
due
03/01/27
to
06/01/57
.........
295,065,099
206,000,000
$
–
$
–
$
105,297,806
$
106,268,609,251
$
–
$
–
(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.
2022
BlackRock
Annual
Report
to
Shareholders
FedFund
20
Schedule
of
Investments
(continued)
October
31,
2022
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
Repurchase
Agreements
...................................
$
—
$
105,297,806,145
$
—
$
105,297,806,145
U.S.
Government
Sponsored
Agency
Securities
....................
—
7,102,800,657
—
7,102,800,657
U.S.
Treasury
Obligations
...................................
—
26,308,065,584
—
26,308,065,584
$
—
$
138,708,672,386
$
—
$
138,708,672,386
TempCash
Schedules
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
October
31,
2022
Security
Par
(000)
Pa
r
(
000)
Value
Certificates
of
Deposit
Domestic
—
0.9%
Citibank
NA
3.82%, 07/03/23
.................
USD
12,000
$
11,873,690
4.16%, 08/25/23
.................
12,000
11,882,487
(SOFR
1
Month
+
0.62%),
3.66%, 09/21/23
(a)
..............
20,000
19,959,213
Wells
Fargo
Bank
NA,
(SOFR
1
Month
+
0.35%),
3.40%, 03/23/23
(a)
..........
30,000
29,982,460
73,697,850
Yankee
—
20.5%
(b)
Banco
Santander
SA,
New
York
(a)
(SOFR
3
Month
+
0.62%),
3.66%, 01/18/23
30,000
30,003,412
(SOFR
3
Month
+
0.55%),
3.61%, 02/17/23
40,500
40,490,909
Bank
of
Montreal,
Chicago
(a)
(SOFR
1
Month
+
0.30%),
3.35%, 01/09/23
12,500
12,496,106
(SOFR
3
Month
+
0.50%),
3.55%, 05/05/23
14,000
13,984,115
(SOFR
3
Month
+
0.65%),
3.70%, 07/03/23
12,000
11,992,530
Bank
of
Nova
Scotia,
Houston
(a)
(SOFR
3
Month
+
0.51%),
3.56%, 03/16/23
30,000
29,995,735
(SOFR
3
Month
+
0.58%),
3.63%, 03/24/23
30,000
30,001,300
(SOFR
3
Month
+
0.62%),
3.67%, 04/10/23
40,000
39,999,918
(SOFR
3
Month
+
0.50%),
3.55%, 05/05/23
26,750
26,723,919
Barclays
Bank
plc,
New
York,
(SOFR
1
Month
+
0.62%),
3.66%, 04/05/23
(a)
..........
10,000
9,996,636
BNP
Paribas
SA,
New
York,
4.12%, 09/06/23
11,000
10,887,703
Canadian
Imperial
Bank
of
Commerce,
New
York
0.35%, 11/03/22
.................
18,000
17,995,884
(SOFR
1
Month
+
0.51%),
3.56%, 03/15/23
(a)
..............
22,000
22,001,995
(SOFR
1
Month
+
0.65%),
3.70%, 07/03/23
(a)
..............
25,000
24,989,411
(SOFR
1
Month
+
0.75%),
3.80%, 07/21/23
(a)
..............
7,800
7,801,386
4.65%, 09/14/23
.................
25,000
24,841,474
Commonwealth
Bank
of
Australia,
New
York,
(SOFR
1
Month
+
0.40%),
3.45%, 05/12/23
(a)
................
50,000
49,927,806
Cooperatieve
Rabobank
UA,
New
York
(SOFR
1
Month
+
0.42%),
3.47%, 06/12/23
(a)
..............
50,000
49,921,584
4.15%, 09/06/23
.................
13,000
12,871,176
Credit
Agricole
Corporate
&
Investment
Bank
SA,
New
York,
(SOFR
3
Month
+
0.50%),
3.55%, 03/17/23
(a)
................
30,000
29,988,789
Credit
Suisse
AG,
New
York,
(SOFR
1
Month
+
0.28%),
3.33%, 02/10/23
(a)
..........
32,000
31,968,234
Lloyds
Bank
Corporate
Markets
plc,
New
York
0.40%, 12/01/22
.................
15,000
14,956,056
(SOFR
3
Month
+
0.27%),
3.31%, 01/24/23
(a)
..............
8,200
8,197,365
Mitsubishi
UFJ
Trust
&
Banking
Corp.,
New
York,
(SOFR
3
Month
+
0.57%),
3.62%, 06/20/23
(a)
................
45,500
45,429,818
Mizuho
Bank
Ltd.,
New
York
(a)
(SOFR
1
Month
+
0.42%),
3.46%, 11/16/22
97,450
97,462,994
(SOFR
1
Month
+
0.55%),
3.59%, 01/09/23
35,000
35,009,624
(SOFR
1
Month
+
0.50%),
3.54%, 03/17/23
25,000
24,992,016
MUFG
Bank
Ltd.,
New
York
0.33%, 11/01/22
.................
20,000
19,998,450
(SOFR
3
Month
+
0.28%),
3.32%, 01/23/23
(a)
..............
17,000
16,990,115
(SOFR
3
Month
+
0.56%),
3.64%, 02/01/23
(a)
..............
34,000
34,000,000
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
(SOFR
3
Month
+
0.47%),
3.51%, 02/24/23
(a)
..............
USD
24,000
$
23,989,094
(SOFR
3
Month
+
0.30%),
3.34%, 03/10/23
(a)
..............
12,000
11,985,865
Natixis
SA,
New
York,
(SOFR
1
Month
+
0.28%),
3.33%, 02/07/23
(a)
..........
13,000
12,994,154
Nordea
Bank
Abp
,
New
York
(a)
(SOFR
1
Month
+
0.42%),
3.46%, 12/01/22
-
12/07/22
....................
57,000
57,012,802
(SOFR
3
Month
+
0.53%),
3.57%, 12/23/22
25,000
25,007,265
(SOFR
1
Month
+
0.58%),
3.63%, 03/01/23
-
03/02/23
....................
54,000
54,011,900
(SOFR
1
Month
+
0.49%),
3.54%, 05/24/23
45,000
44,946,779
Oversea-Chinese
Banking
Corp.
Ltd.,
New
York,
(SOFR
3
Month
+
0.59%),
3.63%, 02/28/23
(a)
................
25,000
24,999,681
Royal
Bank
of
Canada,
New
York
(a)
(SOFR
3
Month
+
0.65%),
3.70%, 07/03/23
14,000
13,992,691
(SOFR
3
Month
+
0.80%),
3.85%, 10/19/23
14,000
13,998,116
Standard
Chartered
Bank,
New
York
(a)
(SOFR
1
Month
+
0.61%),
3.66%, 01/31/23
31,500
31,504,081
(SOFR
1
Month
+
0.60%),
3.64%, 03/01/23
35,000
35,006,995
(SOFR
1
Month
+
0.30%),
3.35%, 03/13/23
15,000
14,986,558
(SOFR
1
Month
+
0.55%),
3.60%, 05/04/23
16,000
15,984,778
Sumitomo
Mitsui
Banking
Corp.,
New
York
(a)
(SOFR
1
Month
+
0.62%),
3.67%, 01/24/23
30,000
30,008,050
(SOFR
1
Month
+
0.45%),
3.50%, 01/25/23
36,650
36,644,898
(SOFR
1
Month
+
0.41%),
3.46%, 03/14/23
50,850
50,813,652
(SOFR
1
Month
+
0.60%),
3.65%, 05/03/23
20,000
19,978,658
Sumitomo
Mitsui
Trust
Bank
Ltd.,
New
York
(a)
(SOFR
1
Month
+
0.32%),
3.37%, 11/22/22
85,000
85,009,142
(SOFR
1
Month
+
0.60%),
3.65%, 01/24/23
30,700
30,699,010
(SOFR
1
Month
+
0.62%),
3.67%, 01/31/23
25,000
24,996,889
(SOFR
1
Month
+
0.46%),
3.51%, 02/22/23
40,000
39,975,528
Svenska
Handelsbanken
AB,
New
York
(a)
(SOFR
1
Month
+
0.55%),
3.59%, 05/19/23
25,000
24,978,394
(SOFR
1
Month
+
0.66%),
3.70%, 07/03/23
23,000
22,983,019
Swedbank
AB,
New
York
(a)
(SOFR
1
Month
+
0.49%),
3.53%, 12/15/22
19,400
19,405,276
(SOFR
1
Month
+
0.61%),
3.65%, 04/19/23
33,000
32,991,737
Toronto-Dominion
Bank,
New
York
3.41%, 11/21/22
(a)
................
9,500
9,501,311
(SOFR
1
Day
+
0.51%),
3.55%, 03/09/23
(a)
25,000
24,994,738
(SOFR
1
Day
+
0.70%)
,
3.75%, 05/01/23
(a)
30,000
30,000,000
2.80%, 05/08/23
.................
10,000
9,875,655
(SOFR
1
Day
+
0.55%),
3.59%, 06/02/23
(a)
13,000
12,987,179
(SOFR
1
Day
+
0.65%),
3.70%, 07/05/23
(a)
16,535
16,523,318
4.12%, 08/28/23
.................
22,000
21,772,985
4.35%, 09/13/23
.................
25,000
24,775,979
1,775,252,637
Total
Certificates
of
Deposit
—
21.4%
(Cost:
$1,850,855,835)
...........................
1,848,950,487
Commercial
Paper
Alinghi
Funding
Co.
LLC,
3.91%
,
03/21/23
(c)(d)
25,000
24,518,739
Alpine
Securitization
LLC,
(SOFR
1
Day
+
0.40%),
3.44%
,
11/04/22
(a)(d)
.........
35,000
35,000,388
Antalis
SA,
4.45%
,
03/16/23
(c)
..........
11,000
10,795,671
Australia
&
New
Zealand
Banking
Group
Ltd.,
(SOFR
1
Day
+
0.37%),
3.42%
,
04/26/23
(a)
45,000
44,939,046
Banco
Santander
SA
4.17%,
01/06/23
(c)
................
12,550
12,454,587
(SOFR
1
Day
+
0.42%),
3.46%,
03/20/23
(a)
53,000
52,963,832
2022
BlackRock
Annual
Report
to
Shareholders
TempCash
22
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2022
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Bank
of
Montreal
(SOFR
1
Day
+
0.27%),
3.32%,
02/13/23
(a)
USD
17,250
$
17,238,792
(SOFR
1
Day
+
0.65%),
3.70%,
04/21/23
(a)
37,000
36,999,997
2.80%,
05/12/23
.................
15,000
14,824,561
(SOFR
1
Day
+
0.55%),
3.60%,
06/06/23
(a)
15,000
14,984,814
Bank
of
Nova
Scotia
(The)
(a)
(SOFR
1
Day
+
0.51%),
3.56%,
01/03/23
13,000
13,004,671
(SOFR
1
Day
+
0.66%),
3.71%,
08/18/23
27,000
26,976,756
Barclays
Bank
plc,
3.17%
,
11/01/22
(c)
.....
117,000
116,989,964
Bedford
Row
Funding
Corp.
3.16%,
11/02/22
(c)
................
60,000
59,989,603
(SOFR
1
Day
+
0.37%),
3.42%,
11/02/22
(a)
16,000
16,000,000
Bennington
Stark
Capital
Co.
LLC
(c)(d)
3.21%,
11/02/22
.................
20,000
19,996,485
3.28%,
11/03/22
.................
67,000
66,981,960
BNP
Paribas
SA,
(SOFR
1
Day
+
0.40%),
3.45%
,
11/04/22
(a)
................
15,000
15,000,165
BPCE
SA
(SOFR
1
Day
+
0.50%),
3.55%,
02/01/23
(a)
30,000
29,999,992
1.42%,
02/22/23
(c)
................
15,000
14,777,415
(SOFR
1
Day
+
0.60%),
3.65%,
03/03/23
(a)
30,000
30,007,104
(SOFR
1
Day
+
0.45%),
3.50%,
05/12/23
(a)
50,000
49,939,153
Chariot
Funding
LLC,
(SOFR
1
Day
+
0.53%),
3.57%
,
01/20/23
(a)
................
30,000
30,000,016
Citigroup
Global
Markets,
Inc.,
4.26%
,
01/09/23
(c)
.....................
10,000
9,919,053
Commonwealth
Bank
of
Australia
(a)
(SOFR
1
Day
+
0.45%),
3.50%,
02/21/23
20,000
19,996,960
(SOFR
1
Day
+
0.60%),
3.65%,
07/13/23
(d)
20,500
20,485,707
DNB
Bank
ASA,
(SOFR
1
Day
+
0.49%),
3.54%
,
05/26/23
(a)
................
47,000
46,992,070
Federation
des
Caisses
Desjardins
du
Quebec
(a)
(SOFR
1
Day
+
0.45%),
3.50%,
02/23/23
15,000
14,997,688
(SOFR
1
Day
+
0.35%),
3.40%,
03/23/23
(d)
23,000
22,985,829
(SOFR
1
Day
+
0.68%),
3.73%,
04/28/23
20,000
20,004,929
ING
US
Funding
LLC,
(SOFR
1
Day
+
0.52%),
3.56%
,
02/27/23
(a)
................
60,000
60,000,092
LMA-Americas
LLC,
5.34%
,
04/28/23
(c)
....
17,000
16,569,923
Macquarie
Bank
Ltd.
(a)
(SOFR
1
Day
+
0.35%),
3.39%,
01/04/23
15,000
14,999,216
(SOFR
1
Day
+
0.50%),
3.54%,
01/18/23
(d)
41,125
41,133,746
(SOFR
1
Day
+
0.60%),
3.64%,
06/22/23
32,000
31,959,157
Manhattan
Asset
Funding
Co.
LLC,
3.25%
,
11/03/22
(c)
......................
21,000
20,994,395
Matchpoint
Finance
plc,
3.73%
,
02/21/23
(c)
..
20,000
19,700,613
National
Australia
Bank
Ltd.
(SOFR
1
Day
+
0.37%),
3.42%,
11/14/22
(a)
9,500
9,500,376
1.42%,
02/24/23
(c)
................
8,500
8,374,148
(SOFR
1
Day
+
0.50%),
3.55%,
03/14/23
(a)
20,000
19,997,777
(SOFR
1
Day
+
0.37%),
3.42%,
04/13/23
(a)
40,000
39,955,094
(SOFR
1
Day
+
0.40%),
3.45%,
05/12/23
(a)
79,000
78,887,146
National
Securities
Clearing
Corp.,
3.31%
,
11/04/22
(c)
......................
50,800
50,781,560
Old
Line
Funding
LLC,
(SOFR
1
Day
+
0.56%),
3.60%
,
03/01/23
(a)(d)
...............
38,000
38,000,620
PSP
Capital,
Inc.,
4.04%
,
08/17/23
(c)(d)
.....
25,000
23,981,778
Ridgefield
Funding
Co.
LLC,
(SOFR
1
Day
+
0.55%),
3.60%
,
02/02/23
(a)(d)
.........
60,000
60,000,000
Royal
Bank
of
Canada,
(SOFR
1
Day
+
0.51%),
3.55%
,
01/04/23
(a)(d)
...............
15,000
15,004,324
Skandinaviska
Enskilda
Banken
AB,
(SOFR
1
Day
+
0.58%),
3.62%
,
03/01/23
(a)
......
24,500
24,499,993
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Societe
Generale
SA,
(SOFR
1
Day
+
0.49%),
3.54%
,
03/31/23
(a)(d)
...............
USD
24,500
$
24,493,926
Starbird
Funding
Corp.
(c)
3.76%,
02/22/23
.................
19,200
18,908,646
3.77%,
02/23/23
.................
20,000
19,693,461
Svenska
Handelsbanken
AB,
(SOFR
1
Day
+
0.70%),
3.75%
,
07/13/23
(a)
..........
20,000
19,993,019
Swedbank
AB,
(SOFR
1
Day
+
0.37%),
3.42%
,
11/23/22
(a)
.....................
8,000
8,000,800
Toronto-Dominion
Bank
(The),
3.53%
,
03/31/23
(a)
.....................
13,000
12,993,120
UBS
AG
(a)
(SOFR
1
Day
+
0.30%),
3.35%,
12/08/22
15,000
15,001,176
(SOFR
1
Day
+
0.54%),
3.58%,
02/21/23
35,000
34,996,846
(SOFR
1
Day
+
0.00%),
3.56%,
05/25/23
(d)
29,000
28,961,428
United
Overseas
Bank
Ltd.
(a)
(SOFR
1
Day
+
0.20%),
3.24%,
11/07/22
10,000
9,999,934
(SOFR
1
Day
+
0.37%),
3.41%,
04/13/23
50,000
49,948,354
Westpac
Banking
Corp.
3.17%,
11/02/22
(c)
................
25,000
24,995,753
(SOFR
1
Day
+
0.40%),
3.45%,
05/12/23
(a)
50,000
49,928,574
4.24%,
08/30/23
(c)
................
21,000
20,101,049
Total
Commercial
Paper
—
21.0%
(Cost:
$1,823,984,722)
...........................
1,822,121,991
Corporate
Bonds
Consumer
Finance
—
0.3%
Toyota
Motor
Credit
Corp.
(a)
(SOFR
1
Month
+
0.28%),
3.32%,
12/14/22
10,284
10,283,390
(SOFR
1
Month
+
0.75%),
3.79%,
07/25/23
15,410
15,426,827
Total
Corporate
Bonds
—
0.3%
(Cost:
$25,694,000)
..............................
25,710,217
Municipal
Bonds
Arizona
—
0.3%
(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)
,
3.49%, 01/29/23
.................
759
759,094
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-MIZ9060TX,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
3.34%, 12/05/22
.................
15,408
15,407,962
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-MIZ9070TX,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
3.49%, 01/29/23
.................
7,000
7,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-XMT0949,
COP
,
VRDN
(Royal
Bank
of
Canada
LIQ)
,
2.27%, 11/07/22
.................
3,700
3,700,000
26,867,056
California
—
0.1%
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-XMT0955,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.27%, 11/07/22
(d)(e)(f)
..............
7,000
7,000,000
TempCash
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2022
Security
Par
(000)
Par
(000)
Value
New
York
—
0.6%
(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-MIZ9036,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
3.49%, 01/29/23
(d)(e)
...............
USD
12,500
$
12,500,000
State
of
New
York
Mortgage
Agency
,
Series
2021-238,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.10%, 11/07/22
.............
18,000
18,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-11,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.81%, 12/05/22
(d)
(e)
...........................
7,555
7,555,000
Taxable
Series
2021-BTMFT-007,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-BTMFT-007,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.81%, 12/22/22
(d)(e)
...............
5,400
5,400,000
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-XFT1253,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.27%, 11/07/22
(d)(e)
...............
2,060
2,060,000
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-XMT,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.27%, 11/07/22
(d)(e)
...............
2,255
2,255,000
47,770,000
North
Carolina
—
0.0%
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-MIZ9078T,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
3.34%,��12/05/22
(d)(e)(f)
..............
4,000
4,000,000
Other
—
1.4%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-MIZ9029,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
3.34%, 12/05/22
.................
10,125
10,125,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-MIZ9043,
RB
,
VRDN
(Mizuho
Bank
Ltd.
LOC)
,
3.32%, 11/07/22
36,080
36,080,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-MIZ9071T,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
3.49%, 01/29/23
.................
3,000
3,000,000
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)
,
3.32%, 11/07/22
....
26,370
26,370,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2019-TMFT005,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.67%, 11/07/22
8,005
8,005,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-BTMFT-002,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.81%, 12/05/22
22,100
22,100,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-BTMFT-008,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.81%, 11/07/22
2,000
2,000,000
Security
Par
(000)
Par
(000)
Value
Other
(continued)
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-BTMFT-010,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.81%, 12/05/22
USD
14,900
$
14,900,000
122,580,000
Texas
—
0.1%
Taxable
Series
2021-XF2,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-XF2939TX,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
3.32%, 11/07/22
(d)(e)(f)
..............
8,870
8,870,000
Total
Municipal
Bonds
—
2.5%
(Cost:
$217,087,056)
.............................
217,087,056
Time
Deposits
ABN
AMRO
Bank
NV,
3.06%, 11/01/22
....
50,000
50,000,000
Credit
Agricole
Corporate
&
Investment
Bank
SA
3.05%, 11/01/22
.................
126,925
126,925,000
3.12%, 11/03/22
.................
51,000
51,000,000
Erste
Group
Bank
AG,
3.07%, 11/01/22
....
224,000
224,000,000
ING
Bank
NV,
3.08%, 11/01/22
..........
250,000
250,000,000
Mizuho
Bank
Ltd.,
3.07%, 11/01/22
.......
90,000
90,000,000
Royal
Bank
of
Canada,
3.05%, 11/01/22
...
9,000
9,000,000
Skandinaviska
Enskilda
Banken
AB,
3.06%, 11/01/22
.................
355,000
355,000,000
Svenska
Handelsbanken
AB,
3.04%, 11/01/22
10,000
10,000,000
Swedbank
AB,
3.05%, 11/01/22
.........
300,000
300,000,000
Total
Time
Deposits
—
16.9%
(Cost:
$1,465,925,000)
...........................
1,465,925,000
U.S.
Government
Sponsored
Agency
Obligations
Agency
Obligations
—
0.1%
United
States
International
Development
Finance
Corp.
Variable
Rate
Notes,
(3
Month
Treasury
Bill
Rate
+
0.00%),
3.30%, 11/07/22
(a)
...............
7,500
7,500,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
0.1%
(Cost:
$7,500,000)
..............................
7,500,000
Total
Repurchase
Agreements
—
34.8%
(Cost:
$3,015,000,000)
...........................
3,015,000,000
Total
Investments
—
97.0%
(Cost:
$8,406,046,613
)
(g)
..........................
8,402,294,751
Other
Assets
Less
Liabilities
—
3.0%
...................
256,310,641
Net
Assets
—
100.0%
..............................
$
8,658,605,392
2022
BlackRock
Annual
Report
to
Shareholders
TempCash
24
Schedule
of
Investments
(continued)
October
31,
2022
(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)
Issuer
is
a
U.S.
branch
of
a
foreign
domiciled
bank.
(c)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(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
America
Securities,
Inc.
.....
3.05
%
10/31/22
11/01/22
$
43,000
$
43,000
$
43,003,643
U.S.
Government
Sponsored
Agency
Obligations,
0.85%
to
4.00%,
due
12/20/49
to
01/20/72
.........
$
615,673,662
$
45,150,000
$
–
$
–
Bank
of
Montreal
......
3.12
10/27/22
11/03/22
7,000
7,000
7,004,247
U.S.
Government
Sponsored
Agency
Obligation,
4.00%,
due
09/20/52
.........
7,697,740
7,140,001
$
–
$
–
Barclays
Bank
plc
.....
3.17
(a)
10/31/22
11/01/22
88,000
88,000
88,007,749
Corporate/Debt
Obligations,
2.80%
to
7.37%,
due
10/16/23
to
11/15/49
.........
99,152,000
92,400,624
3.19
(a)
10/31/22
11/01/22
10,000
10,000
10,000,886
Corporate/Debt
Obligation,
4.11%,
due
07/15/31
.........
11,060,000
10,701,324
3.29
(a)
10/31/22
11/01/22
10,000
10,000
10,000,914
Corporate/Debt
Obligations,
5.50%
to
6.88%,
due
12/15/27
to
03/18/31
.........
14,001,000
11,192,160
3.30
(b)
10/31/22
12/05/22
8,000
8,000
8,025,667
Corporate/Debt
Obligation,
4.11%,
due
07/15/31
.........
8,850,000
8,562,995
$
–
$
–
$
116,000
$
122,857,103
$
–
$
–
BNP
Paribas
SA
......
3.17
(a)
10/31/22
11/01/22
11,000
11,000
11,000,969
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.25%
to
11.50%,
due
05/01/23
to
11/01/66
.......
14,130,330
11,929,733
$
–
$
–
Citigroup
Global
Markets,
Inc.
.............
3.00
(c)
10/31/22
11/01/22
90,000
90,000
90,007,500
U.S.
Treasury
Obligations,
0.13%
to
3.13%,
due
02/28/27
to
08/31/27
.........
104,233,089
91,802,836
3.12
(a)
10/31/22
11/01/22
19,000
19,000
19,001,647
U.S.
Treasury
Obligations,
0.13%
to
4.25%,
due
09/30/24
to
08/15/32
.........
24,133,100
19,380,034
3.36
(b)
10/31/22
01/01/23
5,000
5,000
5,028,933
Corporate/Debt
Obligations,
4.96%
to
6.18%,
due
07/14/26
to
01/20/32
.........
6,087,592
5,350,001
$
–
$
–
$
114,000
$
116,532,871
$
–
$
–
Credit
Agricole
Corporate
and
Investment
Bank
SA
.............
3.05
10/31/22
11/01/22
5,000
5,000
5,000,424
U.S.
Government
Sponsored
Agency
Obligation,
2.50%,
due
12/01/50
.........
8,213,508
5,150,000
TempCash
Schedules
of
Investments
25
Schedule
of
Investments
(continued)
October
31,
2022
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
3.18
%
(b)
10/31/22
11/07/22
$
107,000
$
107,000
$
107,066,162
U.S.
Treasury
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
5.75%,
due
11/17/22
to
02/15/67
.........
$
120,655,173
$
111,962,585
$
–
$
–
$
112,000
$
117,112,585
$
–
$
–
Credit
Suisse
Securities
USA
LLC
.........
3.66
(b)
10/31/22
02/03/23
70,000
70,000
70,676,083
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
9.88%,
due
01/03/23
to
04/25/66
.........
799,501,860
76,192,817
$
–
$
–
Federal
Reserve
Bank
of
New
York
.........
3.05
10/31/22
11/01/22
2,200,000
2,200,000
2,200,186,389
U.S.
Treasury
Obligations,
2.50%
to
2.88%,
due
08/15/23
to
05/31/25
.........
2,236,809,800
2,200,186,438
$
–
$
–
HSBC
Securities
USA,
Inc.
3.19
(a)
10/31/22
11/01/22
12,000
12,000
12,001,063
Corporate/Debt
Obligations,
0.75%
to
6.54%,
due
10/02/23
to
09/15/51
.........
13,699,357
12,600,000
$
–
$
–
JP
Morgan
Securities
LLC
3.05
10/31/22
11/01/22
1,000
1,000
1,000,085
U.S.
Government
Sponsored
Agency
Obligation,
3.13%,
due
03/15/49
.........
1,167,217
1,020,002
3.15
(a)
10/31/22
11/01/22
10,000
10,000
10,000,875
Corporate/Debt
Obligations,
0.00%
to
3.90%,
due
11/04/22
to
12/29/23
.........
10,570,590
10,494,189
3.19
(a)
10/31/22
11/01/22
8,000
8,000
8,000,709
Corporate/Debt
Obligation,
0.00%,
due
01/26/23
.........
8,336,918
8,240,001
3.25
(a)
10/31/22
11/01/22
1,000
1,000
1,000,090
Corporate/Debt
Obligation,
4.10%,
due
10/01/29
.........
2,047,000
1,070,304
3.37
(b)
10/31/22
11/07/22
87,000
87,000
87,057,009
Corporate/Debt
Obligations,
3.63%
to
11.50%,
due
03/15/23
to
11/23/81
.......
126,035,625
99,456,113
3.40
(b)
10/31/22
11/07/22
50,000
50,000
50,033,055
Corporate/Debt
Obligations,
1.48%
to
15.50%,
due
11/01/23
to
07/25/68
.......
76,644,133
54,344,695
3.53
(b)
10/31/22
01/29/23
30,000
30,000
30,264,750
Corporate/Debt
Obligations,
0.31%
to
5.26%,
due
07/25/23
to
03/25/60
.........
60,148,050
32,290,671
$
–
$
–
$
187,000
$
206,915,975
$
–
$
–
Mizuho
Securities
USA
LLC
.............
3.52
(b)
10/31/22
12/05/22
50,000
50,000
50,171,111
U.S.
Treasury
Obligations,
0.13%
to
3.25%,
due
07/15/23
to
11/15/30
.........
57,109,600
51,000,037
$
–
$
–
Natixis
SA
...........
3.20
(b)
10/31/22
11/07/22
9,000
9,000
9,005,600
Corporate/Debt
Obligations,
1.00%
to
7.50%,
due
03/10/23
to
05/13/50
.........
10,489,792
9,450,101
2022
BlackRock
Annual
Report
to
Shareholders
TempCash
26
Schedule
of
Investments
(continued)
October
31,
2022
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
3.28
%
(b)
10/31/22
11/07/22
$
9,000
$
9,000
$
9,005,740
Corporate/Debt
Obligations,
0.00%
to
8.25%,
due
04/15/24
to
05/15/97
.........
$
13,321,234
$
10,003,331
$
–
$
–
$
18,000
$
19,453,432
$
–
$
–
TD
Securities
USA
LLC
..
3.15
(a)
10/31/22
11/01/22
26,000
26,000
26,002,275
Corporate/Debt
Obligations,
1.32%
to
6.02%,
due
11/29/24
to
03/05/51
.........
34,529,000
27,300,068
$
–
$
–
Wells
Fargo
Securities
LLC
.............
3.22
10/27/22
11/03/22
6,000
6,000
6,003,757
Corporate/Debt
Obligation,
3.39%,
due
02/01/23
.........
6,286,000
6,300,364
3.39
09/22/22
11/03/22
10,000
10,000
10,039,550
Corporate/Debt
Obligations,
0.11%
to
5.83%,
due
04/15/33
to
08/25/67
.........
235,966,802
10,700,001
3.45
(b)
10/31/22
01/29/23
18,000
18,000
18,155,250
Corporate/Debt
Obligation,
2.96%,
due
07/20/32
.........
27,419,000
19,260,649
3.55
08/30/22
11/30/22
15,000
15,000
15,136,083
Corporate/Debt
Obligations,
1.32%
to
7.09%,
due
03/18/24
to
02/20/46
.........
24,681,156
16,050,000
$
–
$
–
$
49,000
$
52,311,014
$
–
$
–
$
3,015,000
$
3,066,682,074
$
–
$
–
(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
Certificates
of
Deposit
.....................................
$
—
$
1,848,950,487
$
—
$
1,848,950,487
Commercial
Paper
.......................................
—
1,822,121,991
—
1,822,121,991
Corporate
Bonds
........................................
—
25,710,217
—
25,710,217
Municipal
Bonds
.........................................
—
217,087,056
—
217,087,056
Repurchase
Agreements
...................................
—
3,015,000,000
—
3,015,000,000
Time
Deposits
..........................................
—
1,465,925,000
—
1,465,925,000
U.S.
Government
Sponsored
Agency
Securities
....................
—
7,500,000
—
7,500,000
$
—
$
8,402,294,751
$
—
$
8,402,294,751
TempFund
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
October
31,
2022
Security
Par
(000)
Pa
r
(
000)
Value
Certificates
of
Deposit
Domestic
—
1.2%
Citibank
NA
3.82%, 07/03/23
.................
USD
17,500
$
17,315,798
4.16%, 08/25/23
.................
14,500
14,358,005
(SOFR
1
Month
+
0.62%),
3.66%, 09/21/23
(a)
..............
20,000
19,959,213
Wells
Fargo
Bank
NA,
(SOFR
1
Month
+
0.35%),
3.40%, 03/23/23
(a)
..........
35,000
34,979,537
86,612,553
Yankee
—
22.2%
(b)
Banco
Santander
SA,
New
York
(a)
(SOFR
3
Month
+
0.62%),
3.66%, 01/18/23
35,000
35,003,980
(SOFR
3
Month
+
0.55%),
3.61%, 02/17/23
40,000
39,991,021
Bank
of
Montreal,
Chicago
(a)
(SOFR
1
Month
+
0.30%),
3.35%, 01/09/23
20,000
19,993,769
(SOFR
3
Month
+
0.50%),
3.55%, 05/05/23
30,000
29,965,960
(SOFR
3
Month
+
0.65%),
3.70%, 07/03/23
20,000
19,987,551
Bank
of
Nova
Scotia,
Houston
(a)
(SOFR
3
Month
+
0.51%),
3.56%, 03/16/23
30,000
29,995,735
(SOFR
3
Month
+
0.62%),
3.67%, 04/10/23
20,000
19,999,959
(SOFR
3
Month
+
0.50%),
3.55%, 05/05/23
65,000
64,936,626
Barclays
Bank
plc,
New
York,
(SOFR
1
Month
+
0.62%),
3.66%, 04/05/23
(a)
..........
20,000
19,993,273
BNP
Paribas
SA,
New
York,
4.12%, 09/06/23
13,000
12,867,286
Canadian
Imperial
Bank
of
Commerce,
New
York
0.35%, 11/03/22
.................
29,500
29,493,254
(SOFR
1
Month
+
0.51%),
3.56%, 03/15/23
(a)
..............
16,000
16,001,451
(SOFR
1
Month
+
0.65%),
3.70%, 07/03/23
(a)
..............
40,000
39,983,058
(SOFR
1
Month
+
0.75%),
3.80%, 07/21/23
(a)
..............
11,700
11,702,079
Commonwealth
Bank
of
Australia,
New
York,
(SOFR
1
Month
+
0.40%),
3.45%, 05/12/23
(a)
................
18,000
17,974,010
Cooperatieve
Rabobank
UA,
New
York
(SOFR
1
Month
+
0.42%),
3.47%, 06/12/23
(a)
..............
50,000
49,921,583
4.15%, 09/06/23
.................
14,000
13,861,267
Credit
Agricole
Corporate
&
Investment
Bank
SA,
New
York,
(SOFR
3
Month
+
0.50%),
3.55%, 03/17/23
(a)
................
20,000
19,992,526
Credit
Suisse
AG,
New
York,
(SOFR
1
Month
+
0.28%),
3.33%, 02/10/23
(a)
..........
62,000
61,938,454
Lloyds
Bank
Corporate
Markets
plc,
New
York
0.40%, 12/01/22
.................
20,400
20,340,237
(SOFR
3
Month
+
0.27%),
3.31%, 01/24/23
(a)
..............
20,400
20,393,444
Mitsubishi
UFJ
Trust
&
Banking
Corp.,
New
York,
(SOFR
3
Month
+
0.57%),
3.62%, 06/20/23
(a)
................
45,000
44,930,590
Mizuho
Bank
Ltd.,
New
York
(a)
(SOFR
1
Month
+
0.55%),
3.59%, 01/09/23
35,000
35,009,625
(SOFR
1
Month
+
0.50%),
3.54%, 03/17/23
20,000
19,993,612
MUFG
Bank
Ltd.,
New
York
0.33%, 11/01/22
.................
35,000
34,997,287
(SOFR
3
Month
+
0.28%),
3.32%, 01/23/23
(a)
..............
32,000
31,981,392
(SOFR
3
Month
+
0.56%),
3.64%, 02/01/23
(a)
..............
30,000
30,000,000
(SOFR
3
Month
+
0.47%),
3.51%, 02/24/23
(a)
..............
20,000
19,990,912
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
(SOFR
3
Month
+
0.30%),
3.34%, 03/10/23
(a)
..............
USD
22,000
$
21,974,086
Natixis
SA,
New
York,
(SOFR
1
Month
+
0.28%),
3.33%, 02/07/23
(a)
..........
25,000
24,988,757
Nordea
Bank
Abp
,
New
York
(a)
(SOFR
1
Month
+
0.42%),
3.46%, 12/01/22
50,000
50,011,281
(SOFR
1
Month
+
0.58%),
3.63%, 03/01/23
-
03/02/23
....................
60,000
60,013,252
(SOFR
1
Month
+
0.49%),
3.54%, 05/24/23
40,500
40,452,101
Oversea-Chinese
Banking
Corp.
Ltd.,
New
York,
(SOFR
3
Month
+
0.59%),
3.63%, 02/28/23
(a)
................
30,000
29,999,617
Royal
Bank
of
Canada,
New
York
(a)
(SOFR
3
Month
+
0.65%),
3.70%, 07/03/23
23,000
22,987,992
(SOFR
3
Month
+
0.80%),
3.85%, 10/19/23
14,000
13,998,116
Standard
Chartered
Bank,
New
York
(a)
(SOFR
1
Month
+
0.61%),
3.66%, 01/31/23
20,000
20,002,591
(SOFR
1
Month
+
0.60%),
3.64%, 03/01/23
26,000
26,005,196
(SOFR
1
Month
+
0.30%),
3.35%, 03/13/23
30,000
29,973,116
(SOFR
1
Month
+
0.55%),
3.60%, 05/04/23
34,000
33,967,654
Sumitomo
Mitsui
Banking
Corp.,
New
York
(a)
(SOFR
1
Month
+
0.27%),
3.32%, 01/19/23
25,000
24,987,791
(SOFR
1
Month
+
0.41%),
3.46%, 03/14/23
51,550
51,513,151
(SOFR
1
Month
+
0.60%),
3.65%, 05/03/23
40,000
39,957,316
Sumitomo
Mitsui
Trust
Bank
Ltd.,
New
York
(a)
(SOFR
1
Month
+
0.60%),
3.65%, 01/24/23
30,000
29,999,033
(SOFR
1
Month
+
0.46%),
3.51%, 02/22/23
45,000
44,972,469
Svenska
Handelsbanken
AB,
New
York,
(SOFR
1
Month
+
0.66%),
3.70%, 07/03/23
(a)
...
36,000
35,973,421
Swedbank
AB,
New
York,
(SOFR
1
Month
+
0.61%),
3.65%, 04/19/23
(a)
..........
25,900
25,893,515
Toronto-Dominion
Bank,
New
York
3.41%, 11/21/22
(a)
................
20,000
20,002,760
(SOFR
1
Day
+
0.51%),
3.55%, 03/09/23
(a)
27,000
26,994,317
(SOFR
1
Day
+
0.70%),
3.75%, 05/01/23
(a)
28,000
28,000,000
2.80%, 05/08/23
.................
23,000
22,714,006
(SOFR
1
Day
+
0.55%),
3.59%, 06/02/23
(a)
25,000
24,975,344
(SOFR
1
Day
+
0.65%),
3.70%, 07/05/23
(a)
24,975
24,957,355
4.12%, 08/28/23
.................
22,000
21,772,985
4.35%, 09/13/23
.................
25,000
24,775,979
1,633,103,142
Total
Certificates
of
Deposit
—
23.4%
(Cost:
$1,721,931,230)
...........................
1,719,715,695
Commercial
Paper
Alpine
Securitization
LLC,
(SOFR
1
Day
+
0.40%),
3.44%
,
11/04/22
(a)(c)
.........
30,250
30,250,335
Antalis
SA,
4.45%
,
03/16/23
(d)
..........
10,000
9,814,247
Australia
&
New
Zealand
Banking
Group
Ltd.,
(SOFR
1
Day
+
0.37%),
3.42%
,
04/26/23
(a)
45,000
44,939,046
Banco
Santander
SA
4.17%,
01/06/23
(d)
................
19,000
18,855,550
(SOFR
1
Day
+
0.42%),
3.46%,
03/20/23
(a)
46,750
46,718,097
Bank
of
Montreal
(SOFR
1
Day
+
0.27%),
3.32%,
02/13/23
(a)
37,000
36,975,959
(SOFR
1
Day
+
0.65%),
3.70%,
04/21/23
(a)
38,000
37,999,997
2.80%,
05/12/23
.................
30,000
29,649,123
(SOFR
1
Day
+
0.55%),
3.60%,
06/06/23
(a)
35,000
34,964,565
Bank
of
Nova
Scotia
(The)
(a)
(SOFR
1
Day
+
0.51%),
3.56%,
01/03/23
21,000
21,007,546
(SOFR
1
Day
+
0.66%),
3.71%,
08/18/23
25,250
25,228,263
Barclays
Bank
plc,
3.17%
,
11/01/22
(d)
.....
70,000
69,993,925
2022
BlackRock
Annual
Report
to
Shareholders
TempFund
28
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2022
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Bedford
Row
Funding
Corp.
3.16%,
11/02/22
(d)
................
USD
111,000
$
110,980,766
(SOFR
1
Day
+
0.37%),
3.42%,
11/02/22
(a)
30,000
30,000,000
Bennington
Stark
Capital
Co.
LLC
(c)(d)
3.21%,
11/02/22
.................
30,000
29,994,726
3.28%,
11/03/22
.................
61,000
60,983,576
BNP
Paribas
SA,
(SOFR
1
Day
+
0.40%),
3.45%
,
11/04/22
(a)
................
30,000
30,000,331
BPCE
SA
(SOFR
1
Day
+
0.50%),
3.55%,
02/01/23
(a)
30,000
29,999,991
1.42%,
02/22/23
(d)
................
30,750
30,293,701
(SOFR
1
Day
+
0.60%),
3.65%,
03/03/23
(a)
30,000
30,007,104
(SOFR
1
Day
+
0.45%),
3.50%,
05/12/23
(a)
50,000
49,939,153
Chariot
Funding
LLC,
(SOFR
1
Day
+
0.53%),
3.57%
,
01/20/23
(a)
................
30,000
30,000,016
Commonwealth
Bank
of
Australia,
(SOFR
1
Day
+
0.45%),
3.50%
,
02/21/23
(a)
......
23,250
23,246,465
DNB
Bank
ASA,
(SOFR
1
Day
+
0.49%),
3.54%
,
05/26/23
(a)
................
46,000
45,992,239
DZ
Bank
AG,
3.06%
,
11/01/22
(d)
.........
5,000
4,999,581
Federation
des
Caisses
Desjardins
du
Quebec,
(SOFR
1
Day
+
0.35%),
3.40%
,
03/23/23
(a)(c)
23,000
22,985,829
ING
US
Funding
LLC,
(SOFR
1
Day
+
0.52%),
3.56%
,
02/27/23
(a)
................
58,950
58,950,091
LMA-Americas
LLC,
5.34%
,
04/28/23
(d)
....
15,000
14,620,520
Macquarie
Bank
Ltd.
(a)
(SOFR
1
Day
+
0.35%),
3.39%,
01/04/23
23,000
22,998,798
(SOFR
1
Day
+
0.50%),
3.54%,
01/18/23
(c)
67,000
67,014,249
(SOFR
1
Day
+
0.60%),
3.64%,
06/22/23
33,000
32,957,880
National
Australia
Bank
Ltd.
(SOFR
1
Day
+
0.37%),
3.42%,
11/14/22
(a)
21,000
21,000,832
1.42%,
02/24/23
(d)
................
17,000
16,748,296
(SOFR
1
Day
+
0.37%),
3.42%,
04/13/23
(a)
10,000
9,988,773
(SOFR
1
Day
+
0.40%),
3.45%,
05/12/23
(a)
50,000
49,928,574
Old
Line
Funding
LLC
(a)(c)
(SOFR
1
Day
+
0.37%),
3.41%,
11/02/22
33,000
33,000,000
(SOFR
1
Day
+
0.56%),
3.60%,
03/01/23
30,000
30,000,490
PSP
Capital,
Inc.,
4.04%
,
08/17/23
(c)(d)
.....
19,000
18,226,151
Ridgefield
Funding
Co.
LLC,
(SOFR
1
Day
+
0.55%),
3.60%
,
02/02/23
(a)(c)
.........
49,000
49,000,000
Royal
Bank
of
Canada,
(SOFR
1
Day
+
0.51%),
3.55%
,
01/04/23
(a)(c)
...............
23,000
23,006,630
Skandinaviska
Enskilda
Banken
AB,
(SOFR
1
Day
+
0.58%),
3.62%
,
03/01/23
(a)
......
32,000
31,999,991
Societe
Generale
SA,
(SOFR
1
Day
+
0.49%),
3.54%
,
03/31/23
(a)(c)
...............
25,000
24,993,802
Starbird
Funding
Corp.,
3.76%
,
02/22/23
(d)
..
19,200
18,908,646
Svenska
Handelsbanken
AB,
(SOFR
1
Day
+
0.70%),
3.75%
,
07/13/23
(a)
..........
20,000
19,993,019
Swedbank
AB,
(SOFR
1
Day
+
0.37%),
3.42%
,
11/23/22
(a)
.....................
26,000
26,002,600
Toronto-Dominion
Bank
(The),
3.53%
,
03/31/23
(a)
.....................
30,000
29,984,123
UBS
AG
(a)
(SOFR
1
Day
+
0.30%),
3.35%,
12/08/22
25,000
25,001,960
(SOFR
1
Day
+
0.54%),
3.58%,
02/21/23
35,000
34,996,846
(SOFR
1
Day
+
0.00%),
3.56%,
05/25/23
(c)
34,000
33,954,778
United
Overseas
Bank
Ltd.
(a)
(SOFR
1
Day
+
0.20%),
3.24%,
11/07/22
18,000
17,999,880
(SOFR
1
Day
+
0.37%),
3.41%,
04/13/23
50,000
49,948,355
Westpac
Banking
Corp.
3.17%,
11/02/22
(d)
................
39,500
39,493,289
(SOFR
1
Day
+
0.48%),
3.53%,
03/24/23
(a)
23,000
22,998,198
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
(SOFR
1
Day
+
0.40%),
3.45%,
05/12/23
(a)
USD
50,000
$
49,928,574
4.24%,
08/30/23
(d)
................
24,000
22,972,628
Total
Commercial
Paper
—
24.9%
(Cost:
$1,834,375,344)
...........................
1,832,438,104
Corporate
Bonds
Consumer
Finance
—
0.5%
Toyota
Motor
Credit
Corp.
(a)
(SOFR
1
Month
+
0.28%),
3.32%,
12/14/22
16,711
16,710,008
(SOFR
1
Month
+
0.75%),
3.79%,
07/25/23
20,030
20,051,872
Total
Corporate
Bonds
—
0.5%
(Cost:
$36,741,000)
..............................
36,761,880
Municipal
Bonds
Arizona
—
0.7%
(c)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-MIZ9049,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LIQ)
,
3.48%, 01/29/23
.................
4,485
4,485,084
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-MIZ9060TX,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
3.34%, 12/05/22
.................
30,868
30,868,028
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-MIZ9070TX,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
3.49%, 01/29/23
.................
10,000
10,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-XMT0949,
COP
,
VRDN
(Royal
Bank
of
Canada
LIQ)
,
2.27%, 11/07/22
.................
5,215
5,215,000
50,568,112
California
—
0.2%
(c)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-MIZ9042,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
3.32%, 11/07/22
.................
3,155
3,155,000
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-XMT0955,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.27%, 11/07/22
.................
10,885
10,885,000
14,040,000
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)
,
3.34%, 12/05/22
(c)(e)(f)
..............
3,915
3,915,000
TempFund
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2022
Security
Par
(000)
Par
(000)
Value
New
York
—
1.1%
(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-MIZ9036,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
3.49%, 01/29/23
(c)(e)
...............
USD
18,795
$
18,795,000
State
of
New
York
Mortgage
Agency
,
Series
2021-238,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.10%, 11/07/22
.............
27,000
27,000,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-11,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.81%, 12/05/22
(c)
(e)
...........................
13,140
13,140,000
Taxable
Series
2021-BTMFT-007,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-BTMFT-007,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.81%, 12/22/22
(c)(e)
...............
9,000
9,000,000
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-XFT1253,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.27%, 11/07/22
(c)(e)
...............
5,940
5,940,000
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-XMT,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.27%, 11/07/22
(c)(e)
...............
4,245
4,245,000
78,120,000
North
Carolina
—
0.1%
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-MIZ9078T,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
3.34%, 12/05/22
(c)(e)(f)
..............
5,600
5,600,000
Other
—
3.1%
(c)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-MIZ9043,
RB
,
VRDN
(Mizuho
Bank
Ltd.
LOC)
,
3.32%, 11/07/22
31,095
31,095,000
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-MIZ9071T,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
3.49%, 01/29/23
.................
4,700
4,700,000
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)
,
3.32%, 11/07/22
....
91,115
91,115,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2019-TMFT005,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.67%, 11/07/22
8,920
8,920,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-XF2908,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
3.32%, 11/07/22
.................
42,890
42,890,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-BTMFT-002,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.81%, 12/05/22
26,600
26,600,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-BTMFT-008,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.81%, 11/07/22
4,000
4,000,000
Security
Par
(000)
Par
(000)
Value
Other
(continued)
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-BTMFT-010,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.81%, 12/05/22
USD
18,900
$
18,900,000
228,220,000
Total
Municipal
Bonds
—
5.2%
(Cost:
$380,463,112)
.............................
380,463,112
Time
Deposits
Credit
Agricole
Corporate
&
Investment
Bank
SA
3.05%, 11/01/22
.................
62,712
62,712,000
3.12%, 11/03/22
.................
46,000
46,000,000
Erste
Group
Bank
AG,
3.07%, 11/01/22
....
5,000
5,000,000
ING
Bank
NV,
3.08%, 11/01/22
..........
250,000
250,000,000
Mizuho
Bank
Ltd.,
3.07%, 11/01/22
.......
100,000
100,000,000
Royal
Bank
of
Canada,
3.05%, 11/01/22
...
77,000
77,000,000
Skandinaviska
Enskilda
Banken
AB,
3.06%, 11/01/22
.................
59,000
59,000,000
Svenska
Handelsbanken
AB,
3.04%, 11/01/22
40,000
40,000,000
Swedbank
AB,
3.05%, 11/01/22
.........
300,000
300,000,000
Total
Time
Deposits
—
12.8%
(Cost:
$939,712,000)
.............................
939,712,000
U.S.
Government
Sponsored
Agency
Obligations
Agency
Obligations
—
0.1%
United
States
International
Development
Finance
Corp.
Variable
Rate
Notes,
(3
Month
Treasury
Bill
Rate
+
0.00%),
3.30%, 11/07/22
(a)
...............
5,500
5,500,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
0.1%
(Cost:
$5,500,000)
..............................
5,500,000
Total
Repurchase
Agreements
—
28.5%
(Cost:
$2,091,500,000)
...........................
2,091,500,000
Total
Investments
—
95.4%
(Cost:
$7,010,222,686
)
(g)
..........................
7,006,090,791
Other
Assets
Less
Liabilities
—
4.6%
...................
334,725,142
Net
Assets
—
100.0%
..............................
$
7,340,815,933
2022
BlackRock
Annual
Report
to
Shareholders
TempFund
30
Schedule
of
Investments
(continued)
October
31,
2022
(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)
Issuer
is
a
U.S.
branch
of
a
foreign
domiciled
bank.
(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)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(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
31
Schedule
of
Investments
(continued)
October
31,
2022
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.
...
3.00
%
(a)
10/31/22
11/01/22
$
150,000
$
150,000
$
150,012,500
U.S.
Treasury
Obligations,
0.63%
to
7.63%,
due
11/15/22
to
05/15/52
.........
$
176,080,560
$
153,000,013
3.39
(b)
10/31/22
12/05/22
48,000
48,000
48,158,200
Corporate/Debt
Obligations,
1.86%
to
8.75%,
due
08/14/24
to
01/22/61
.........
56,392,928
50,937,705
$
–
$
–
$
198,000
$
203,937,718
$
–
$
–
Bank
of
Montreal
....
3.12
10/27/22
11/03/22
18,000
18,000
18,010,920
U.S.
Government
Sponsored
Agency
Obligation,
4.00%,
due
09/20/52
.........
19,794,188
18,360,001
$
–
$
–
Barclays
Bank
plc
...
3.17
(c)
10/31/22
11/01/22
88,000
88,000
88,007,749
Corporate/Debt
Obligations,
0.80%
to
7.75%,
due
03/15/24
to
10/14/52
.........
107,906,000
92,400,066
3.19
(c)
10/31/22
11/01/22
12,000
12,000
12,001,063
Corporate/Debt
Obligation,
4.11%,
due
07/15/31
.........
13,275,000
12,844,492
3.29
(c)
10/31/22
11/01/22
22,000
22,000
22,002,011
Corporate/Debt
Obligations,
2.25%
to
9.38%,
due
12/01/24
to
10/15/30
.........
38,643,000
25,171,304
3.30
(b)
10/31/22
12/05/22
14,000
14,000
14,044,917
Corporate/Debt
Obligation,
4.11%,
due
07/15/31
.........
15,485,000
14,982,822
$
–
$
–
$
136,000
$
145,398,684
$
–
$
–
Barclays
Capital,
Inc.
.
3.30
(b)
10/31/22
12/05/22
51,000
51,000
51,163,625
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
2.50%,
due
10/20/51
to
02/20/52
.........
66,072,367
52,020,000
$
–
$
–
BNP
Paribas
SA
....
3.17
(c)
10/31/22
11/01/22
20,000
20,000
20,001,761
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.25%
to
10.75%,
due
05/01/23
to
05/15/87
.......
24,656,526
21,000,000
$
–
$
–
Citigroup
Global
Markets,
Inc.
...........
3.00
(a)
10/31/22
11/01/22
90,000
90,000
90,007,500
U.S.
Treasury
Obligations,
0.13%
to
3.13%,
due
02/28/27
to
08/31/27
.........
104,233,089
91,802,836
3.12
(c)
10/31/22
11/01/22
29,000
29,000
29,002,513
U.S.
Treasury
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
2.75%,
due
11/07/22
to
08/15/32
.........
31,612,100
30,008,234
3.36
(b)
10/31/22
01/01/23
5,000
5,000
5,028,933
Corporate/Debt
Obligations,
4.48%
to
5.84%,
due
07/22/30
to
02/17/39
.........
5,544,564
5,350,001
$
–
$
–
$
124,000
$
127,161,071
$
–
$
–
Credit
Agricole
Corporate
and
Investment
Bank
SA
...........
2.99
(a)
10/31/22
11/01/22
550,000
550,000
550,045,681
U.S.
Treasury
Obligations,
0.00%
to
3.50%,
due
01/31/24
to
11/15/51
.........
647,602,945
561,000,023
2022
BlackRock
Annual
Report
to
Shareholders
TempFund
32
Schedule
of
Investments
(continued)
October
31,
2022
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
2.99
%
10/31/22
11/01/22
$
15,000
$
15,000
$
15,001,246
U.S.
Treasury
Obligation,
1.00%,
due
02/15/48
.........
$
15,413,200
$
15,300,094
3.05
10/31/22
11/01/22
50,000
50,000
50,004,236
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
4.50%,
due
02/01/41
to
10/01/52
.........
71,631,484
51,500,000
3.18
(b)
10/31/22
11/07/22
157,000
157,000
157,097,078
U.S.
Government
Sponsored
Agency
Obligations,
U.S.
Treasury
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
13.00%,
due
11/16/22
to
04/18/52
.......
184,549,639
167,656,843
$
–
$
–
$
772,000
$
795,456,960
$
–
$
–
Credit
Suisse
Securities
USA
LLC
.......
3.66
(b)
10/31/22
02/03/23
80,000
80,000
80,772,667
Corporate/Debt
Obligations,
0.00%
to
10.18%,
due
09/15/24
to
05/17/62
.......
1,105,943,079
85,976,339
$
–
$
–
Federal
Reserve
Bank
of
New
York
.......
3.05
10/31/22
11/01/22
200,000
200,000
200,016,944
U.S.
Treasury
Obligation,
0.25%,
due
05/15/24
.........
213,453,900
200,016,998
$
–
$
–
HSBC
Securities
USA,
Inc.
...........
3.19
(c)
10/31/22
11/01/22
17,000
17,000
17,001,506
Corporate/Debt
Obligations,
2.70%
to
5.61%,
due
06/09/23
to
05/28/50
.........
18,592,000
17,850,528
$
–
$
–
JP
Morgan
Securities
LLC
...........
3.05
10/31/22
11/01/22
1,000
1,000
1,000,085
U.S.
Government
Sponsored
Agency
Obligation,
3.50%,
due
03/20/52
.........
1,155,381
1,020,001
3.08
(b)
10/31/22
11/07/22
59,000
59,000
59,035,334
U.S.
Government
Sponsored
Agency
Obligations,
0.05%
to
5.71%,
due
09/25/24
to
05/16/61
.........
837,928,833
61,950,001
3.15
(c)
10/31/22
11/01/22
15,000
15,000
15,001,312
Corporate/Debt
Obligations,
1.63%
to
10.38%,
due
01/16/23
to
01/31/52
.......
15,914,000
15,770,784
3.25
(c)
10/31/22
11/01/22
2,500
2,500
2,500,226
Corporate/Debt
Obligations,
4.58%
to
6.01%,
due
07/08/31
to
10/15/37
.........
2,926,000
2,675,016
3.37
(b)
10/31/22
11/07/22
82,000
82,000
82,053,733
Corporate/Debt
Obligations,
3.88%
to
11.50%,
due
05/15/23
to
10/15/44
.......
115,201,745
93,934,593
3.40
(b)
10/31/22
11/07/22
50,000
50,000
50,033,056
Corporate/Debt
Obligations,
0.00%
to
6.04%,
due
11/16/26
to
11/18/54
.........
1,136,932,845
53,772,640
3.52
(b)
10/31/22
01/29/23
25,000
25,000
25,220,000
Corporate/Debt
Obligations,
1.07%
to
4.13%,
due
03/15/27
to
07/25/62
.........
29,791,533
26,750,001
TempFund
Schedules
of
Investments
33
Schedule
of
Investments
(continued)
October
31,
2022
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
3.53
%
(b)
10/31/22
01/29/23
$
65,000
$
65,000
$
65,573,625
Corporate/Debt
Obligations,
0.19%
to
7.50%,
due
03/16/26
to
02/25/60
.........
$
888,589,699
$
70,652,717
$
–
$
–
$
299,500
$
326,525,753
$
–
$
–
Mizuho
Securities
USA
LLC
...........
3.22
(c)
10/31/22
11/01/22
71,000
71,000
71,006,351
Corporate/Debt
Obligations,
4.00%
to
5.50%,
due
07/01/43
to
11/15/53
.........
74,035,000
75,972,704
3.52
(b)
10/31/22
12/05/22
8,000
8,000
8,027,378
U.S.
Treasury
Obligation,
4.00%,
due
10/31/29
.........
8,211,800
8,160,065
$
–
$
–
$
79,000
$
84,132,769
$
–
$
–
Natixis
SA
.........
Obligations,
6.55%,
05/13/50
–
$
–
$
32,000
$
34,007,695
$
–
$
–
TD
Securities
USA
LLC
3.15
(c)
10/31/22
11/01/22
20,000
20,000
20,001,750
Corporate/Debt
Obligations,
1.32%
to
4.27%,
due
11/29/24
to
03/15/48
.........
26,617,000
21,000,477
$
–
$
–
Wells
Fargo
Securities
LLC
...........
3.22
10/27/22
11/03/22
10,000
10,000
10,006,261
Corporate/Debt
Obligation,
3.49%,
due
02/01/23
.........
10,477,000
10,500,940
3.39
09/22/22
11/03/22
13,000
13,000
13,051,415
Corporate/Debt
Obligation,
0.00%,
due
12/02/22
.........
13,705,934
13,650,000
3.45
(b)
10/31/22
01/29/23
7,000
7,000
7,060,375
Corporate/Debt
Obligation,
2.96%,
due
07/20/32
.........
10,663,000
7,490,291
4.15
10/21/22
12/15/22
15,000
15,000
15,095,104
Corporate/Debt
Obligations,
2.91%
to
4.87%,
due
06/15/35
to
09/17/60
.........
23,395,025
16,050,000
$
–
$
–
$
45,000
$
47,691,231
$
–
$
–
$
2,091,500
$
2,180,536,224
$
–
$
–
(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.
2022
BlackRock
Annual
Report
to
Shareholders
TempFund
34
Schedule
of
Investments
(continued)
October
31,
2022
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
Certificates
of
Deposit
.....................................
$
—
$
1,719,715,695
$
—
$
1,719,715,695
Commercial
Paper
.......................................
—
1,832,438,104
—
1,832,438,104
Corporate
Bonds
........................................
—
36,761,880
—
36,761,880
Municipal
Bonds
.........................................
—
380,463,112
—
380,463,112
Repurchase
Agreements
...................................
—
2,091,500,000
—
2,091,500,000
Time
Deposits
..........................................
—
939,712,000
—
939,712,000
U.S.
Government
Sponsored
Agency
Securities
....................
—
5,500,000
—
5,500,000
$
—
$
7,006,090,791
$
—
$
7,006,090,791
T-Fund
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
October
31,
2022
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
1.45%, 11/03/22
.................
USD
730
$
729,793
3.36%, 12/01/22
.................
120,820
120,795,836
3.83%, 12/29/22
.................
260
259,849
4.19%, 02/23/23
.................
555,120
553,194,213
4.30%, 03/23/23
.................
80,000
79,479,333
4.49%, 04/20/23
.................
356,290
352,925,039
4.61%, 05/04/23
.................
541,000
528,866,464
4.29%, 05/18/23
.................
2,595,405
2,565,428,077
4.33%, 06/15/23
.................
139,625
137,130,460
4.42%, 10/05/23
.................
38,790
37,264,023
U.S.
Treasury
Notes
2.00%, 11/30/22
.................
490,685
491,132,867
1.63%, 12/15/22
.................
255,990
256,073,563
0.13%, 12/31/22
.................
217,285
217,213,586
2.13%, 12/31/22
.................
310,410
311,122,006
0.13%, 01/31/23
.................
175,000
174,268,086
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.05%),
4.09%, 01/31/23
(b)
...
3,665,068
3,665,147,369
2.00%, 02/15/23
.................
300,000
300,191,705
1.50%, 02/28/23
.................
94,825
94,922,350
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
0.13%, 03/31/23
.................
USD
150,000
$
148,880,946
1.50%, 03/31/23
.................
466,255
466,027,755
2.50%, 03/31/23
.................
199,345
199,816,394
0.13%, 04/30/23
.................
512,940
507,976,407
2.75%, 04/30/23
.................
315,260
316,554,014
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.03%),
4.07%, 04/30/23
(b)
...
1,045,755
1,045,775,897
1.75%, 05/15/23
.................
900,000
898,256,189
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.03%),
4.07%, 07/31/23
(b)
...
2,666,270
2,666,317,641
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.02%),
4.03%, 01/31/24
(b)
....
932,665
932,663,443
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.08%),
3.97%, 04/30/24
(b)
....
274,300
274,003,655
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.14%),
4.18%, 10/31/24
(b)
...
249,950
249,813,336
Total
U.S.
Treasury
Obligations
—
17.4%
(Cost:
$17,592,230,296)
...........................
17,592,230,296
Total
Repurchase
Agreements
—
77.6%
(Cost:
$78,588,910,428)
...........................
78,588,910,428
Total
Investments
—
95.0%
(Cost:
$96,181,140,724
)
...........................
96,181,140,724
Other
Assets
Less
Liabilities
—
5.0%
...................
5,110,998,615
Net
Assets
—
100.0%
..............................
$
101,292,139,339
(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.
.....
3.00
%
(a)
10/31/22
11/01/22
$
340,000
$
340,000
$
340,028,333
U.S.
Treasury
Obligations,
0.63%
to
7.63%,
due
11/15/22
to
05/15/52
.........
$
399,115,936
$
346,800,030
3.00
10/31/22
11/01/22
2,000
2,000
2,000,167
U.S.
Treasury
Obligation,
4.00%,
due
10/31/29
.........
2,057,000
2,040,038
3.00
10/31/22
11/01/22
48,905
48,905
48,909,075
U.S.
Treasury
Obligation,
1.63%,
due
05/15/31
.........
59,775,500
49,883,111
3.00
10/31/22
11/01/22
3,000
3,000
3,000,250
U.S.
Treasury
Obligation,
4.00%,
due
10/31/29
.........
3,085,500
3,060,057
$
–
$
–
$
393,905
$
401,783,236
$
–
$
–
Bank
of
Montreal
......
3.00
10/31/22
11/01/22
5,000
5,000
5,000,417
U.S.
Treasury
Obligations,
0.00%,
due
08/15/33
to
11/15/47
.
12,122,546
5,100,000
$
–
$
–
Bank
of
Nova
Scotia
(The)
3.00
10/31/22
11/01/22
383,430
383,430
383,461,952
U.S.
Treasury
Obligations,
0.00%
to
4.00%,
due
12/15/22
to
02/15/52
.........
409,112,100
$
–
$
–
Barclays
Bank
plc
.....
3.05
10/31/22
11/01/22
13,000
13,000
13,001,101
U.S.
Treasury
Obligation,
0.00%,
due
04/20/23
.........
13,539,200
13,260,049
2022
BlackRock
Annual
Report
to
Shareholders
T-Fund
36
Schedule
of
Investments
(continued)
October
31,
2022
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
3.05
%
10/31/22
11/01/22
$
1,200,000
$
1,200,000
$
1,200,101,667
U.S.
Treasury
Obligations,
0.38%
to
4.38%,
due
11/30/24
to
08/15/51
.........
$
1,467,339,400
$
1,224,000,025
$
–
$
–
$
1,213,000
$
1,237,260,074
$
–
$
–
Barclays
Capital,
Inc.
...
2.98
10/31/22
11/01/22
25,000
25,000
25,002,069
U.S.
Treasury
Obligation,
3.63%,
due
02/15/44
.........
28,508,800
25,500,036
$
–
$
–
BNP
Paribas
SA
......
3.00
10/31/22
11/01/22
965,000
965,000
965,080,417
U.S.
Treasury
Obligations,
0.13%
to
4.25%,
due
11/15/24
to
02/15/52
.........
1,041,100,700
984,300,091
3.00
10/31/22
11/01/22
5,000
5,000
5,000,417
U.S.
Treasury
Obligation,
0.13%,
due
01/15/31
.........
5,048,600
5,100,069
$
–
$
–
$
970,000
$
989,400,160
$
–
$
–
Citibank
NA
..........
3.00
10/31/22
11/01/22
100,000
100,000
100,008,333
U.S.
Treasury
Obligations,
0.00%
to
7.63%,
due
11/17/22
to
05/15/52
.........
108,054,236
102,000,000
$
–
$
–
Citigroup
Global
Markets,
Inc.
.............
3.00
(a)
10/31/22
11/01/22
440,000
440,000
440,036,667
U.S.
Treasury
Obligations,
0.13%
to
3.13%,
due
02/28/27
to
08/31/27
.........
509,583,993
448,813,864
3.00
10/31/22
11/01/22
798,000
798,000
798,066,500
U.S.
Treasury
Obligations,
0.13%
to
6.13%,
due
04/30/29
to
07/15/30
.........
875,945,500
814,250,901
3.00
10/31/22
11/01/22
5,000
5,000
5,000,417
U.S.
Treasury
Obligations,
0.13%
to
4.38%,
due
10/15/24
to
10/31/24
.........
5,403,600
5,105,582
$
–
$
–
$
1,243,000
$
1,268,170,347
$
–
$
–
Credit
Agricole
Corporate
and
Investment
Bank
SA
.............
2.99
(a)
10/31/22
11/01/22
250,000
250,000
250,020,764
U.S.
Treasury
Obligations,
0.00%
to
3.50%,
due
01/31/24
to
11/15/51
.........
294,364,978
255,000,011
2.99
10/31/22
11/01/22
20,000
20,000
20,001,661
U.S.
Treasury
Obligation,
1.00%,
due
02/15/48
.........
20,550,900
20,400,092
2.99
10/31/22
11/01/22
3,000
3,000
3,000,249
U.S.
Treasury
Obligation,
1.00%,
due
02/15/48
.........
3,082,700
3,060,078
$
–
$
–
$
273,000
$
278,460,181
$
–
$
–
Credit
Suisse
AG
......
3.01
10/31/22
11/01/22
40,000
40,000
40,003,344
U.S.
Treasury
Obligations,
0.63%
to
1.13%,
due
08/31/28
to
02/15/43
.........
48,464,800
40,800,067
$
–
$
–
Deutsche
Bank
AG
.....
3.01
10/31/22
11/01/22
195,000
195,000
195,016,304
U.S.
Treasury
Obligations,
0.13%
to
3.13%,
due
04/15/24
to
08/15/50
.........
189,937,800
198,900,079
$
–
$
–
Federal
Reserve
Bank
of
New
York
.........
3.05
10/31/22
11/01/22
61,000,000
61,000,000
61,005,168,056
U.S.
Treasury
Obligations,
0.25%
to
2.50%,
due
10/31/23
to
11/15/31
.........
67,075,265,500
61,005,168,060
$
–
$
–
T-Fund
Schedules
of
Investments
37
Schedule
of
Investments
(continued)
October
31,
2022
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
.......
3.01
%
10/31/22
11/01/22
$
42,298
$
42,298
$
42,301,484
U.S.
Treasury
Obligation,
1.25%,
due
05/15/50
.........
$
82,375,000
$
43,147,443
3.01
10/31/22
11/01/22
307,364
307,364
307,389,541
U.S.
Treasury
Obligation,
2.38%,
due
11/15/49
.........
439,245,000
313,536,818
3.01
10/31/22
11/01/22
27,279
27,279
27,281,693
U.S.
Treasury
Obligation,
2.88%,
due
05/15/49
.........
35,000,000
27,827,281
3.01
10/31/22
11/01/22
8,931
8,931
8,931,511
U.S.
Treasury
Obligation,
3.00%,
due
08/15/48
.........
11,316,000
9,110,127
3.01
10/31/22
11/01/22
41,397
41,397
41,400,060
U.S.
Treasury
Obligation,
1.38%,
due
08/15/50
.........
78,375,000
42,227,992
3.01
10/31/22
11/01/22
276,174
276,174
276,196,621
U.S.
Treasury
Obligation,
3.38%,
due
11/15/48
.........
322,400,000
281,720,091
3.01
10/31/22
11/01/22
296,558
296,558
296,583,129
U.S.
Treasury
Obligation,
3.00%,
due
02/15/49
.........
374,600,000
302,514,296
3.05
10/31/22
11/01/22
500,000
500,000
500,042,361
U.S.
Treasury
Obligations,
1.50%
to
2.75%,
due
08/15/26
to
02/15/28
.........
549,511,600
510,000,025
3.06
10/31/22
11/01/22
3,000,000
3,000,000
3,000,255,000
U.S.
Treasury
Obligations,
0.00%
to
5.38%,
due
12/06/22
to
08/15/52
.........
3,531,954,800
3,060,000,019
3.06
10/31/22
11/01/22
116,68
7
116,687
116,697,418
U.S.
Treasury
Obligation,
0.38%,
due
04/15/24
.........
126,491,000
119,031,625
3.06
10/31/22
11/01/22
527,31
2
527,312
527,357,322
U.S.
Treasury
Obligation,
0.00%,
due
04/27/23
.........
550,000,000
537,906,322
3.06
10/31/22
11/01/22
319,343
319,343
319,370,144
U.S.
Treasury
Obligation,
4.13%,
due
10/31/27
.........
327,135,000
325,755,464
3.06
10/31/22
11/01/22
1,694,903
1,694,903
1,695,047,067
U.S.
Treasury
Obligation,
0.13%,
due
01/15/23
.........
1,350,000,000
1,728,940,567
3.06
10/31/22
11/01/22
166,000
166,000
166,014,110
U.S.
Treasury
Obligation,
0.50%,
due
05/31/27
.........
200,000,000
169,334,110
3.06
10/31/22
11/01/22
485,754
485,754
485,795,289
U.S.
Treasury
Obligation,
4.00%,
due
10/31/29
.........
500,000,000
495,511,289
3.06
10/31/22
11/01/22
690,000
690,000
690,058,650
U.S.
Treasury
Obligation,
2.75%,
due
04/30/27
.........
750,000,000
703,858,650
$
–
$
–
$
8,500,000
$
8,670,422,119
$
–
$
–
Goldman
Sachs
&
Co.
LLC
3.01
10/31/22
11/01/22
312,000
312,000
312,026,087
U.S.
Treasury
Obligations,
0.00%
to
1.25%,
due
12/08/22
to
08/15/31
.........
378,404,900
318,240,047
$
–
$
–
HSBC
Securities
USA,
Inc.
3.01
10/31/22
11/01/22
3,000
3,000
3,000,251
U.S.
Treasury
Obligation,
0.00%,
due
04/27/23
.........
3,127,600
3,060,053
3.02
(b)
10/31/22
11/07/22
722,000
722,000
722,423,975
U.S.
Treasury
Obligations,
0.00%
to
7.13%,
due
11/30/22
to
08/15/47
.........
848,997,107
736,440,000
2022
BlackRock
Annual
Report
to
Shareholders
T-Fund
38
Schedule
of
Investments
(continued)
October
31,
2022
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
3.02
%
(b)
10/31/22
11/07/22
$
438,085
$
438,085
$
438,342,253
U.S.
Treasury
Obligations,
0.00%
to
6.75%,
due
05/31/23
to
08/15/49
.........
$
523,829,395
$
446,846,700
$
–
$
–
$
1,163,085
$
1,186,346,753
$
–
$
–
ING
Financial
Markets
LLC
3.05
10/31/22
11/01/22
100,000
100,000
100,008,472
U.S.
Treasury
Obligations,
0.00%
to
4.25%,
due
01/03/23
to
11/15/51
.........
109,097,400
102,000,000
$
–
$
–
JP
Morgan
Securities
LLC
3.01
(c)
10/31/22
11/01/22
250,000
250,000
250,020,903
U.S.
Treasury
Obligation,
0.63%,
due
11/30/27
.........
304,241,600
255,000,007
3.01
10/31/22
11/01/22
9,000
9,000
9,000,753
U.S.
Treasury
Obligation,
0.00%,
due
11/25/22
.........
9,199,500
9,180,034
3.05
(b)
10/31/22
11/07/22
500,000
500,000
500,296,528
U.S.
Treasury
Obligations,
0.00%
to
6.25%,
due
04/27/23
to
03/31/28
.........
553,363,100
510,000,066
$
–
$
–
$
759,000
$
774,180,107
$
–
$
–
MUFG
Securities
Americas,
Inc.
......
3.00
10/31/22
11/01/22
35,000
35,000
35,002,917
U.S.
Treasury
Obligation,
4.08%,
due
07/31/24
.........
35,460,700
35,700,052
3.05
(b)
10/31/22
11/07/22
200,000
200,000
200,118,611
U.S.
Treasury
Obligations,
0.13%
to
2.88%,
due
01/15/25
to
08/15/32
.........
201,660,000
204,000,006
$
–
$
–
$
235,000
$
239,700,058
$
–
$
–
Natixis
SA
...........
3.00
(c)
10/31/22
11/01/22
243,000
243,000
243,020,250
U.S.
Treasury
Obligations,
0.25%
to
4.13%,
due
08/31/24
to
02/15/48
.........
275,042,500
247,860,012
3.00
10/31/22
11/01/22
50,000
50,000
50,004,167
U.S.
Treasury
Obligations,
1.75%
to
2.75%,
due
01/31/29
to
11/15/42
.........
58,557,800
51,000,029
3.05
(c)
10/31/22
11/01/22
500,000
500,000
500,042,361
U.S.
Treasury
Obligations,
0.00%
to
4.63%,
due
02/15/23
to
02/15/49
.........
549,769,179
510,000,001
$
–
$
–
$
793,000
$
808,860,042
$
–
$
–
Nomura
Securities
International,
Inc.
....
3.00
10/31/22
11/01/22
250,000
250,000
250,020,833
U.S.
Treasury
Obligations,
0.13%
to
4.50%,
due
02/28/23
to
02/15/41
.........
305,653,800
255,000,072
$
–
$
–
Prudential
Insurance
Co.
of
America
........
3.06
10/31/22
11/01/22
39,375
39,375
39,378,347
U.S.
Treasury
Obligation,
0.00%,
due
08/15/43
.........
100,000,000
40,166,347
3.06
10/31/22
11/01/22
6,525
6,525
6,525,555
U.S.
Treasury
Obligation,
0.00%,
due
08/15/41
.........
15,000,000
6,656,055
3.06
10/31/22
11/01/22
71,625
71,625
71,631,088
U.S.
Treasury
Obligation,
0.00%,
due
05/15/30
.........
100,000,000
73,064,088
3.06
10/31/22
11/01/22
23,063
23,063
23,064,460
U.S.
Treasury
Obligation,
0.00%,
due
11/15/39
.........
50,000,000
23,525,460
T-Fund
Schedules
of
Investments
39
Schedule
of
Investments
(continued)
October
31,
2022
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
3.06
%
10/31/22
11/01/22
$
13,440
$
13,440
$
13,441,142
U.S.
Treasury
Obligation,
0.00%,
due
11/15/39
.........
$
28,000,000
$
13,709,942
3.06
10/31/22
11/01/22
34,819
34,819
34,821,710
U.S.
Treasury
Obligation,
2.88%,
due
11/15/46
.........
45,000,000
35,517,860
3.06
10/31/22
11/01/22
11,781
11,781
11,782,251
U.S.
Treasury
Obligation,
0.00%,
due
05/15/39
.........
25,000,000
12,018,001
3.06
10/31/22
11/01/22
40,050
40,050
40,053,404
U.S.
Treasury
Obligation,
0.00%,
due
11/15/35
.........
72,000,000
40,854,044
3.06
10/31/22
11/01/22
12,000
12,000
12,001,020
U.S.
Treasury
Obligation,
0.00%,
due
02/15/38
.........
24,000,000
12,241,020
3.06
10/31/22
11/01/22
54,313
54,312
54,317,117
U.S.
Treasury
Obligation,
0.00%,
due
05/15/38
.........
110,000,000
55,402,817
3.06
10/31/22
11/01/22
80,190
80,190
80,196,816
U.S.
Treasury
Obligation,
0.00%,
due
05/15/52
.........
264,000,000
81,801,936
3.06
10/31/22
11/01/22
42,100
42,100
42,103,578
U.S.
Treasury
Obligation,
0.00%,
due
02/15/37
.........
80,000,000
42,945,978
3.06
10/31/22
11/01/22
13,110
13,110
13,111,114
U.S.
Treasury
Obligation,
0.00%,
due
05/15/31
.........
19,000,000
13,373,314
3.06
10/31/22
11/01/22
37,350
37,350
37,353,175
U.S.
Treasury
Obligation,
0.00%,
due
08/15/33
.........
60,000,000
38,100,175
3.06
10/31/22
11/01/22
16,600
16,600
16,601,411
U.S.
Treasury
Obligation,
0.00%,
due
11/15/41
.........
40,000,000
16,933,411
3.06
10/31/22
11/01/22
15,300
15,300
15,301,301
U.S.
Treasury
Obligation,
3.38%,
due
05/15/44
.........
18,000,000
15,607,300
3.06
10/31/22
11/01/22
12,000
12,000
12,001,020
U.S.
Treasury
Obligation,
0.00%,
due
05/15/34
.........
20,000,000
12,241,020
3.06
10/31/22
11/01/22
31,850
31,850
31,852,707
U.S.
Treasury
Obligation,
0.00%,
due
02/15/40
.........
70,000,000
32,489,707
$
–
$
–
$
555,490
$
566,648,475
$
–
$
–
Societe
Generale
SA
...
3.00
10/31/22
11/01/22
55,000
55,000
55,004,583
U.S.
Treasury
Obligations,
4.08%
to
4.18%,
due
07/31/24
to
10/31/24
.........
56,030,000
56,100,005
$
–
$
–
TD
Securities
USA
LLC
..
3.02
10/31/22
11/01/22
25,000
25,000
25,002,097
U.S.
Treasury
Obligations,
1.13%
to
2.88%,
due
07/31/23
to
11/30/26
.........
26,147,700
25,500,064
$
–
$
–
$
78,588,910
$
78,946,671,188
$
–
$
–
(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.
2022
BlackRock
Annual
Report
to
Shareholders
T-Fund
40
Schedule
of
Investments
(continued)
October
31,
2022
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
Repurchase
Agreements
...................................
$
—
$
78,588,910,428
$
—
$
78,588,910,428
U.S.
Treasury
Obligations
...................................
—
17,592,230,296
—
17,592,230,296
$
—
$
96,181,140,724
$
—
$
96,181,140,724
Treasury
Trust
Fund
Schedules
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
October
31,
2022
See
notes
to
financial
statements.
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
2.60%, 11/01/22
.................
USD
5,935,440
$
5,935,440,000
1.45%, 11/03/22
.................
1,084,680
1,084,596,552
2.45%, 11/08/22
.................
5,898,540
5,895,687,232
2.84%, 11/15/22
.................
14,158,700
14,141,816,663
2.71%, 11/17/22
.................
625,000
624,364,056
3.19%, 11/22/22
.................
6,095,000
6,084,198,912
3.51%, 11/29/22
.................
9,567,000
9,540,326,030
3.36%, 12/01/22
.................
400,015
399,488,297
3.44%, 12/06/22
.................
559,535
557,748,829
3.51%, 12/13/22
.................
8,088,240
8,059,744,280
3.68%, 12/20/22
.................
12,230,000
12,168,658,908
3.83%, 12/27/22
.................
8,474,750
8,431,114,761
3.83%, 12/29/22
.................
775,170
772,558,282
3.83%, 01/03/23
.................
850,000
845,381,925
3.80%, 01/05/23
.................
1,526,000
1,519,111,806
3.88%, 01/10/23
.................
864,300
858,928,453
3.98%, 01/12/23
.................
2,332,000
2,316,705,750
4.00%, 01/17/23
.................
750,000
744,371,054
3.99%, 01/19/23
.................
1,260,000
1,249,197,463
4.10%, 01/24/23
.................
1,570,600
1,557,449,441
4.04%, 01/26/23
.................
3,117,520
3,087,947,642
4.07%, 01/31/23
.................
6,612,370
6,552,531,394
4.11%, 02/02/23
.................
500,000
494,855,970
4.14%, 02/07/23
.................
3,759,000
3,721,169,986
4.18%, 02/14/23
.................
250,000
247,174,479
4.19%, 02/23/23
.................
531,115
529,259,093
4.19%, 03/02/23
.................
150,000
148,366,500
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
4.33%, 06/15/23
.................
USD
162,365
$
159,429,373
U.S.
Treasury
Notes
1.63%, 11/15/22
.................
452,000
451,753,035
2.00%, 11/30/22
.................
233,940
234,151,310
2.38%, 01/31/23
.................
180,000
180,251,761
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.05%),
4.09%, 01/31/23
(b)
...
2,554,640
2,554,685,805
1.38%, 02/15/23
.................
306,090
305,679,426
1.50%, 02/28/23
.................
89,570
89,661,955
2.50%, 03/31/23
.................
209,450
210,601,334
0.13%, 04/30/23
.................
325,420
322,168,415
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.03%),
4.07%, 04/30/23
(b)
...
938,055
938,073,745
1.75%, 05/15/23
.................
200,000
199,612,486
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.03%),
4.07%, 07/31/23
(b)
...
2,078,970
2,079,125,255
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.04%),
4.08%, 10/31/23
(b)
...
954,000
954,306,330
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.02%),
4.03%, 01/31/24
(b)
....
861,120
861,118,564
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.08%),
3.97%, 04/30/24
(b)
....
1,618,430
1,616,629,417
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.04%),
4.08%, 07/31/24
(b)
...
826,000
825,894,349
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.14%),
4.18%, 10/31/24
(b)
...
1,149,000
1,149,000,000
Total
U.S.
Treasury
Obligations
—
102.2%
(Cost:
$110,700,336,318)
..........................
110,700,336,318
Total
Investments
—
102.2%
(Cost:
$110,700,336,318
)
..........................
110,700,336,318
Liabilities
in
Excess
of
Other
Assets
—
(2.2)%
............
(2,414,520,986)
Net
Assets
—
100.0%
..............................
$
108,285,815,332
(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
U.S.
Treasury
Obligations
...................................
$
—
$
110,700,336,318
$
—
$
110,700,336,318
2022
BlackRock
Annual
Report
to
Shareholders
MuniCash
42
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
October
31,
2022
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
Alaska
—
0.5%
(a)
Alaska
Housing
Finance
Corp.
,
Series
2009B,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA)
,
2.20%, 11/07/22
............
USD
4,500
$
4,500,000
Alaska
Housing
Finance
Corp.
,
Series
2009D,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA)
,
2.20%, 11/07/22
............
12,900
12,900,000
17,400,000
Arizona
—
0.3%
(a)
Industrial
Development
Authority
of
the
City
of
Phoenix
(The)
,
Series
2014B,
RB
,
VRDN
(Northern
Trust
Co.
(The)
SBPA)
,
1.63%, 11/01/22
.................
7,700
7,700,000
Mesa
Arizona
Utility
System,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2022-XM1012,
RB
,
VRDN
(TD
Bank
NA
LIQ)
,
2.29%, 11/07/22
(b)(c)
..
4,800
4,800,000
12,500,000
California
—
2.9%
California
Health
Facilities
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Various
States
,
Series
2021-
XF2962,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
2.27%, 11/07/22
(a)(b)(c)
..........
4,630
4,630,000
California
Public
Finance
Authority
,
Series
2017C,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
1.23%, 11/01/22
(a)
................
1,200
1,200,000
City
of
Los
Angeles
,
Series
2022,
RB,
4.00%, 06/29/23
.................
73,450
73,848,811
City
of
Los
Angeles
Wastewater
System
(TD
Bank
NA
LOC)
,
1.85%, 12/07/22
......
13,500
13,489,947
Long
Beach
California
Community
College,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Various
States
,
Series
2019-
XF0780,
GO
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
2.27%, 11/07/22
(a)(b)(c)
....
4,600
4,600,000
Los
Angeles
Department
of
Water
&
Power
Water
System
,
Series
2001B,
Sub-Series
B-4,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
1.23%, 11/01/22
(a)
................
700
700,000
Los
Angeles
Department
of
Water
&
Power
Water
System
,
Series
2019A,
Sub-Series
A-1,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
1.28%, 11/01/22
(a)
................
1,000
1,000,000
Natomas
University
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2019-XG0250,
GO
,
VRDN
(Bank
of
America
NA
LIQ)
,
2.32%, 11/07/22
(a)(b)(c)
..............
1,580
1,580,000
San
Francisco
City
&
County
Airport
Community
,
Series
2018B,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
1.90%, 11/07/22
(a)
2,405
2,405,000
103,453,758
Colorado
—
3.5%
(a)
City
of
Colorado
Springs
Utilities
System
,
Series
2009C,
RB
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
SBPA)
,
2.22%, 11/07/22
..
8,605
8,605,000
Colorado
Health
Facilities
Authority
,
RB
,
VRDN
,
1.64%, 11/01/22
.................
100,300
100,300,000
County
of
Arapahoe
,
Series
2001,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
LOC)
,
2.27%, 11/07/22
.................
8,680
8,680,000
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)
,
2.27%, 11/07/22
(b)(c)
..
USD
8,000
$
8,000,000
125,585,000
Connecticut
—
5.3%
(a)
Connecticut
Housing
Finance
Authority
,
Series
2017,
Sub-Series
A-3,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA)
,
2.21%, 11/07/22
.................
13,800
13,800,000
Connecticut
Housing
Finance
Authority
,
Series
C-2,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
2.21%, 11/07/22
............
4,000
4,000,000
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Series
A,
RB
,
VRDN
,
1.37%, 11/01/22
.................
60,300
60,300,000
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Series
A,
RB
,
VRDN
,
1.33%, 11/01/22
.................
38,800
38,800,000
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Series
A,
RB
,
VRDN
,
2.00%, 11/07/22
.................
31,450
31,450,000
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Series
A,
RB
,
VRDN
,
2.16%, 11/07/22
.................
43,980
43,980,000
192,330,000
Delaware
—
0.7%
University
of
Delaware
,
Series
2004B,
RB
,
VRDN
(Bank
of
America
NA
SBPA)
,
1.62%, 11/01/22
(a)
................
24,035
24,035,000
District
of
Columbia
—
2.5%
District
of
Columbia
,
Series
2022A,
GO
,
VRDN
(Barclays
Bank
plc
LOC)
,
2.00%, 11/15/22
63,500
63,490,119
Metropolitan
Washington
Airports
Authority
,
Series
2010D,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
2.23%, 11/07/22
(a)
............
22,810
22,810,000
Metropolitan
Washington
Airports
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Various
States
,
Series
2019-
XG0267,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
2.29%, 11/07/22
(a)(b)(c)
..........
3,165
3,165,000
89,465,119
Florida
—
2.3%
(a)
Cape
Coral
Water
&
Sewer,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2017-YX1071,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
2.28%, 11/07/22
(b)
(c)
...........................
10,480
10,480,000
Escambia
County
Health
Facilities
Authority
,
Series
2003B,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
1.73%, 11/01/22
............
16,100
16,100,000
Florida
Housing
Finance
Corp.
,
Series
2004M,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
LIQ)
,
2.30%, 11/07/22
.........
8,675
8,675,000
Highlands
County
Health
Facilities
Authority
,
Series
2012I-3,
RB
,
VRDN
,
2.22%, 11/07/22
19,750
19,750,000
JEA
Electric
System
,
Series
2008B-3,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
2.27%, 11/07/22
.................
17,405
17,405,000
Orlando
Utilities
Commission
,
Series
2015B,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
2.25%, 11/07/22
.................
8,600
8,600,000
81,010,000
MuniCash
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2022
Security
Par
(000)
Par
(000)
Value
Georgia
—
2.0%
(a)
Atlanta
Water
&
Waste
Water,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2018-XF2649,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
2.27%, 11/07/22
(b)(c)
...............
USD
13,000
$
13,000,000
Brookhaven
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2022-XL0307,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
2.27%, 11/07/22
(b)(c)
...............
3,135
3,135,000
Burke
County
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2017
E-107,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
2.29%, 11/07/22
(b)(c)
...............
5,000
5,000,000
Gainesville
&
Hall
County
Development
Authority
,
Series
2003B,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
1.73%, 11/01/22
......
26,280
26,280,000
Georgia
Transmission
Corp.,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-XG0308,
RB
,
VRDN
(Bank
of
America
NA
LIQ)
,
2.30%, 11/07/22
(b)(c)
...............
9,435
9,435,000
Municipal
Electric
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2019-XG0256,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
2.29%, 11/07/22
(b)(c)
...............
15,820
15,820,000
72,670,000
Idaho
—
0.3%
Idaho
Housing
&
Finance
Association
,
Series
2011A,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
Guaranty
)
,
2.21%, 11/07/22
(a)
................
10,950
10,950,000
Illinois
—
3.3%
(a)
Chicago
Illinois
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021E-151,
GO
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
2.28%, 11/07/22
(b)(c)
...............
10,000
10,000,000
City
of
Aurora
,
RB
,
VRDN
(BMO
Harris
Bank
NA
LOC)
,
2.25%, 11/07/22
..........
1,000
1,000,000
Illinois
Finance
Authority
,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
1.63%, 11/01/22
.
35,920
35,920,000
Illinois
Finance
Authority
,
Series
1998,
RB
,
VRDN
(Northern
Trust
Co.
(The)
LOC)
,
2.28%, 11/07/22
.................
8,000
8,000,000
Illinois
Finance
Authority
,
Series
2008,
Sub-
Series
D,
RB
,
VRDN
,
2.15%, 11/07/22
..
17,300
17,300,000
Illinois
Finance
Authority
,
Series
2021C,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
2.19%, 11/07/22
.................
12,450
12,450,000
Illinois
Finance
Authority
,
Series
2022E,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
1.64%, 11/01/22
.................
25,755
25,755,000
Illinois
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2018-XL0072,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
2.27%, 11/07/22
(b)(c)
7,500
7,500,000
Illinois
State
Toll
Highway
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2015-XF2202,
RB
,
VRDN
(Toronto-Dominion
Bank
LIQ)
,
2.29%, 11/07/22
(b)(c)
...............
1,140
1,140,000
119,065,000
Security
Par
(000)
Par
(000)
Value
Indiana
—
1.2%
(a)
Indiana
Finance
Authority
,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
2.20%, 11/07/22
.......
USD
22,200
$
22,200,000
Indiana
Housing
&
Community
Development
Authority
,
Series
2017B-3,
RB
,
VRDN
(TD
Bank
NA
LIQ)
,
1.62%, 11/01/22
.......
22,735
22,735,000
44,935,000
Iowa
—
3.9%
(a)
Iowa
Finance
Authority
,
Series
2008B-1,
RB
,
VRDN
,
2.28%, 11/07/22
............
44,325
44,325,000
Iowa
Finance
Authority
,
Series
2016A,
RB
,
VRDN
,
2.28%, 11/07/22
............
31,800
31,800,000
Iowa
Finance
Authority
,
Series
2021,
RB
,
VRDN
(Korea
Development
Bank
LOC)
,
2.34%, 11/07/22
.................
57,000
57,000,000
Iowa
Finance
Authority
,
Series
2016E,
RB
,
VRDN
(Federal
National
Mortgage
Association
LIQ)
,
2.23%, 11/07/22
.....
4,115
4,115,000
Iowa
Finance
Authority
,
Series
B,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
2.23%, 11/07/22
.................
1,850
1,850,000
139,090,000
Kansas
—
0.4%
(a)(b)(c)
Topeka
Kansas
Utility,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2018-XF0696,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
2.27%, 11/07/22
..
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
LOC)
,
2.27%, 11/07/22
.
7,500
7,500,000
16,080,000
Kentucky
—
1.1%
Kentucky
Economic
Development
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2018-XG0161,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
2.27%, 11/07/22
(a)(b)(c)
.......
4,960
4,960,000
Louisville
and
Jefferson
County
Metropolitan
Sewer
District
,
TECP
(JPMorgan
Chase
Bank
NA
SBPA)
,
2.85%, 12/02/22
.....
10,000
9,999,100
Louisville
and
Jefferson
County
Metropolitan
Sewer
District
,
TECP
(JPMorgan
Chase
Bank
NA
SBPA)
,
2.17%, 12/05/22
.....
10,000
9,992,963
Louisville
and
Jefferson
County
Metropolitan
Sewer
District
,
TECP
(Bank
of
America
NA
SBPA)
,
2.84%, 12/15/22
............
9,500
9,501,091
University
of
Louisville,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-XM0881,
RB
,
VRDN
(Royal
Bank
of
Canada
LIQ)
,
2.28%, 11/07/22
(a)(b)(c)
2,730
2,730,000
37,183,154
Louisiana
—
1.9%
(a)
East
Baton
Rouge
Parish
Industrial
Development
Board,
Inc.
,
Series
2010A,
RB
,
VRDN
,
1.62%, 11/01/22
............
50,000
50,000,000
Louisiana
Public
Facilities
Authority
,
Series
2007,
RB
,
VRDN
,
1.64%, 11/01/22
.....
15,000
15,000,000
Louisiana
Public
Facilities
Authority
,
Series
2008C,
RB
,
VRDN
,
1.64%, 11/01/22
....
4,900
4,900,000
69,900,000
2022
BlackRock
Annual
Report
to
Shareholders
MuniCash
44
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2022
Security
Par
(000)
Par
(000)
Value
Maryland
—
0.3%
(a)(b)(c)
City
of
Baltimore,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2022-XF3014,
RB
,
VRDN
(Citibank
NA
LIQ)
,
2.27%, 11/07/22
.................
USD
9,690
$
9,690,000
Maryland
Health
&
Higher
Educational
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-XG0335,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
2.27%, 11/07/22
..........
2,409
2,409,000
12,099,000
Massachusetts
—
1.7%
Attleboro,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Various
States
,
Series
2020-
XM0915,
GO
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
2.27%, 11/07/22
(a)(b)(c)
..........
2,750
2,750,000
City
of
Quincy
,
GO,
4.00%, 07/07/23
......
14,500
14,571,533
Massachusetts
Bay
Transportation
Authority
,
Series
2000A,
Sub-Series
A-1,
RB
,
VRDN
(TD
Bank
NA
LIQ)
,
2.37%, 11/07/22
(a)
...
28,505
28,505,000
Massachusetts
Development
Finance
Agency
,
Series
2011K-1,
RB
,
VRDN
(Wells
Fargo
Bank
NA
SBPA)
,
2.20%, 11/07/22
(a)
....
13,125
13,125,000
Massachusetts
Housing
Finance
Agency
,
Series
2021,
RB,
0.25%, 11/28/22
.....
2,540
2,534,587
61,486,120
Michigan
—
1.0%
(a)
Michigan
Building
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2019-XM0743,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
2.27%, 11/07/22
(b)(c)
...............
4,000
4,000,000
Michigan
State
University
,
Series
2003A,
RB
,
VRDN
(Northern
Trust
Co.
(The)
SBPA)
,
2.40%, 11/07/22
.................
5,900
5,900,000
Oakland
University
,
Series
2008,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LOC)
,
2.20%, 11/07/22
.................
11,100
11,100,000
University
of
Michigan
,
Series
2012B,
RB
,
VRDN
,
1.60%, 11/01/22
............
16,515
16,515,000
37,515,000
Minnesota
—
2.3%
City
of
Minneapolis
,
Series
1997B,
RB
,
VRDN
(Wells
Fargo
Bank
NA
SBPA)
,
2.25%, 11/07/22
(a)
................
6,425
6,425,000
City
of
Minneapolis
,
Series
2018C,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LOC)
,
1.66%, 11/01/22
(a)
................
12,560
12,560,000
City
of
Rochester
,
Series
2008A,
RB
,
VRDN
,
2.32%, 11/07/22
(a)
................
36,650
36,650,000
Minnesota
Housing
Finance
Agency
,
Series
2015G,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
2.24%, 11/07/22
(a)
...........
7,200
7,200,000
Minnesota
Housing
Finance
Agency
,
Series
2017F,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
2.24%, 11/07/22
(a)
...........
5,350
5,350,000
Regents
of
the
University
of
Minnesota
,
TECP,
2.72%, 12/06/22
.................
15,500
15,500,708
83,685,708
Mississippi
—
3.6%
(a)
County
of
Jackson
,
Series
1993,
RB
,
VRDN
,
1.66%, 11/01/22
.................
53,855
53,855,000
Mississippi
Business
Finance
Corp.
,
Series
2007A,
RB
,
VRDN
,
1.62%, 11/01/22
....
40,000
40,000,000
Security
Par
(000)
Par
(000)
Value
Mississippi
(continued)
Mississippi
Business
Finance
Corp.
,
Series
2007B,
RB
,
VRDN
,
1.66%, 11/01/22
....
USD
450
$
450,000
Mississippi
Business
Finance
Corp.
,
Series
2007E,
RB
,
VRDN
,
1.66%, 11/01/22
....
6,280
6,280,000
Mississippi
Business
Finance
Corp.
,
Series
2009A,
RB
,
VRDN
,
1.66%, 11/01/22
....
1,550
1,550,000
Mississippi
Business
Finance
Corp.
,
Series
2010L,
RB
,
VRDN
,
1.66%, 11/01/22
....
10,340
10,340,000
Mississippi
Business
Finance
Corp.
,
Series
2011G,
RB
,
VRDN
,
1.66%, 11/01/22
....
12,400
12,400,000
Mississippi
Business
Finance
Corp.
,
Series
2010F,
RB
,
VRDN
,
2.20%, 11/07/22
....
5,055
5,055,000
129,930,000
Missouri
—
2.7%
(a)(b)(c)
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2018C-16,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
2.29%, 11/07/22
.......
54,500
54,500,000
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2018-XF0678,
RB
,
VRDN
(Royal
Bank
of
Canada
LIQ)
,
2.27%, 11/07/22
........
13,675
13,675,000
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2019C-17,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
2.28%, 11/07/22
.......
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)
,
2.28%, 11/07/22
..........
3,750
3,750,000
St
Louis
County,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2022-XG0382,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
2.27%, 11/07/22
.......
10,640
10,640,000
96,565,000
Nebraska
—
4.0%
Lincoln
Nebraska
Electric
,
TECP
(JPMorgan
Chase
Bank
NA
SBPA)
,
1.90%, 12/01/22
.
40,000
39,976,780
Nebraska
Investment
Finance
Authority
,
Series
2022E,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA)
,
2.25%, 11/07/22
(a)
.......
28,800
28,800,000
Omaha
Public
Power
District
,
TECP
(Bank
of
America
NA
SBPA)
,
1.75%, 11/02/22
...
15,000
14,999,771
Omaha
Public
Power
District
,
TECP
(Bank
of
America
NA
SBPA)
,
2.75%, 12/01/22
...
2,500
2,499,783
Omaha
Public
Power
District
,
TECP
(Bank
of
America
NA
SBPA)
,
1.90%, 12/01/22
...
9,950
9,944,224
Omaha
Public
Power
District
,
TECP
(Bank
of
America
NA
SBPA)
,
1.90%, 12/05/22
...
10,050
10,043,394
Omaha
Public
Power
District
,
TECP
(Bank
of
America
NA
SBPA)
,
1.90%, 12/06/22
...
11,500
11,491,669
Omaha
Public
Power
District
,
TECP
(Bank
of
America
NA
SBPA)
,
2.90%, 12/07/22
...
8,085
8,084,554
Omaha
Public
Power
District
,
TECP
(Bank
of
America
NA
SBPA)
,
2.84%, 12/15/22
...
13,150
13,149,913
Omaha
Public
Power
District
Electric,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2018-XF2685,
RB
,
VRDN
(Citibank
NA
LIQ)
,
2.27%, 11/07/22
(a)
(b)(c)
..........................
5,400
5,400,000
144,390,088
MuniCash
Schedules
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2022
Security
Par
(000)
Par
(000)
Value
Nevada
—
0.4%
Nevada
System
of
Higher
Education,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-XF2858,
COP
,
VRDN
(Barclays
Bank
plc
LIQ)
,
2.27%, 11/07/22
(a)(b)(c)
..............
USD
12,750
$
12,750,000
New
Hampshire
—
0.4%
New
Hampshire
Health
and
Education
Facilities
Authority
Act
,
Series
2005A-2,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA)
,
1.64%, 11/01/22
(a)
................
14,800
14,800,000
New
Jersey
—
1.2%
(a)
New
Jersey
Health
Care
Facilities
Financing
Authority
,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LOC)
,
1.80%, 11/07/22
.............
6,220
6,220,000
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Series
2009D,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
1.81%, 11/07/22
......
28,555
28,555,000
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Series
2009E,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
1.82%, 11/07/22
......
2,000
2,000,000
New
Jersey
State
Appropriation,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2018-XG0168,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
2.28%, 11/07/22
(b)
(c)
...........................
7,725
7,725,000
44,500,000
New
York
—
17.0%
Battery
Park
City
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2019-E-137,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
2.27%, 11/07/22
(a)(b)(c)
..
4,635
4,635,000
City
of
New
York
,
Series
2014D,
Sub-series
D-4,
GO
,
VRDN
(TD
Bank
NA
LOC)
,
1.60%, 11/01/22
(a)
................
31,200
31,200,000
City
of
New
York
,
Series
2015,
Sub-Series
F-6,
GO
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
1.59%, 11/01/22
(a)
...........
25,870
25,870,000
City
of
New
York
,
Series
2015F,
Sub-Series
F-5,
GO
,
VRDN
(Barclays
Bank
plc
SBPA)
,
1.60%, 11/01/22
(a)
................
25,900
25,900,000
City
of
New
York
,
Series
2017A,
Sub-Series
A-5,
GO
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
1.59%, 11/01/22
(a)
...........
9,600
9,600,000
City
of
New
York
,
Series
2022,
Sub-Series
D-3,
GO
,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA)
,
1.59%, 11/01/22
(a)
...........
13,000
13,000,000
City
of
New
York
,
Series
2023A,
Sub-Series
A3,
GO
,
VRDN
(Bank
of
Montreal
SBPA)
,
1.60%, 11/01/22
(a)
................
10,250
10,250,000
City
of
New
York
,
Series
2023A,
Sub-Series
A4,
GO
,
VRDN
(TD
Bank
NA
SBPA)
,
1.60%, 11/01/22
(a)
................
15,500
15,500,000
Hudson
YDS
Infrastructure
Corp.,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2017-XF0550,
RB
,
VRDN
(Toronto-Dominion
Bank
LIQ)
,
2.28%, 11/07/22
(a)(b)(c)
..............
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)
,
2.28%, 11/07/22
(a)(b)(c)
..............
4,595
4,595,000
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Metropolitan
Transportation
Authority
,
Series
2005D,
Sub-Series
D-2,
RB
,
VRDN
(Landesbank
Hessen-Thuringen
Girozentrale
LOC)
,
1.62%, 11/01/22
(a)
...
USD
3,935
$
3,935,000
Metropolitan
Transportation
Authority
,
Series
2008A,
Sub-Series
2A,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
1.60%, 11/01/22
(a)
.........
6,420
6,420,000
Metropolitan
Transportation
Authority
,
Series
2012A-2,
RB
,
VRDN
(Bank
of
Montreal
LOC)
,
2.35%, 11/07/22
(a)
............
10,000
10,000,000
Metropolitan
Transportation
Authority
,
Series
2015,
Sub-Series
E-3,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
1.57%, 11/01/22
(a)
...
22,000
22,000,000
New
York
City
Housing
Development
Corp.
,
Series
2021F-3,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
2.20%, 11/07/22
(a)
.........
39,285
39,285,000
New
York
City
Housing
Development
Corp.
,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
2.20%, 11/07/22
(a)
................
29,100
29,100,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2008BB-1,
RB
,
VRDN
(Bank
of
Tokyo-Mitsubishi
UFJ
Ltd.
SBPA)
,
2.20%, 11/07/22
(a)
................
19,175
19,175,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2012A-2,
RB
,
VRDN
(Mizuho
Bank
Ltd.
SBPA)
,
1.61%, 11/01/22
(a)
29,430
29,430,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2016BB-1A,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA)
,
1.57%, 11/01/22
(a)
................
10,750
10,750,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2016BB-1B,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA)
,
1.57%, 11/01/22
(a)
................
67,835
67,835,000
New
York
City
Transitional
Finance
Authority
,
Series
2013A,
Sub-Series
A-4,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
1.59%, 11/01/22
(a)
................
1,400
1,400,000
New
York
City
Transitional
Finance
Authority
,
Series
2014D-3,
RB
,
VRDN
(Mizuho
Bank
Ltd.
SBPA)
,
1.63%, 11/01/22
(a)
........
41,850
41,850,000
New
York
City
Transitional
Finance
Authority
,
Series
2019,
Sub-Series
C-4,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
1.60%, 11/01/22
(a)
................
2,100
2,100,000
New
York
City
Transitional
Finance
Authority
,
Series
2023,
Sub-Series
A2,
RB
,
VRDN
(UBS
AG
SBPA)
,
1.59%, 11/01/22
(a)
....
33,400
33,400,000
New
York
City
Transitional
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Various
States
,
Series
2022-
XF1305,
RB
,
VRDN
(Toronto-Dominion
Bank
LIQ)
,
2.27%, 11/07/22
(a)(b)(c)
......
3,075
3,075,000
New
York
State
Dormitory
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2018-XF2647,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
2.27%, 11/07/22
(a)(b)(c)
..............
2,500
2,500,000
Port
Authority
of
New
York
&
New
Jersey
(JPMorgan
Chase
Bank
NA
LIQ)
,
2.15%, 11/09/22
.................
4,225
4,224,668
Port
Authority
of
New
York
&
New
Jersey
,
TECP
(JPMorgan
Chase
Bank
NA
SBPA)
,
2.15%, 11/16/22
.................
6,930
6,928,129
2022
BlackRock
Annual
Report
to
Shareholders
MuniCash
46
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2022
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
State
of
New
York
Mortgage
Agency
,
Series
247,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
2.20%, 11/07/22
(a)
................
USD
43,175
$
43,175,000
Triborough
Bridge
&
Tunnel
Authority
,
Series
2005,
Sub-Series
B-2B,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
LOC)
,
2.35%, 11/07/22
(a)
................
6,000
6,000,000
Triborough
Bridge
&
Tunnel
Authority
,
Series
2005B-2A,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
LOC)
,
2.20%, 11/07/22
(a)
.....
62,800
62,800,000
Triborough
Bridge
&
Tunnel
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2022-XF1359,
RB
,
VRDN
(Toronto-Dominion
Bank
LIQ)
,
2.28%, 11/07/22
(a)(b)(c)
..............
15,000
15,000,000
610,982,797
North
Carolina
—
2.6%
(a)
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Series
2021E,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
1.60%, 11/01/22
.......
5,000
5,000,000
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Series
2007E,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
1.62%, 11/01/22
.............
17,655
17,655,000
City
of
Charlotte
,
Series
2013G,
COP
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
2.22%, 11/07/22
.................
15,970
15,970,000
City
of
Charlotte
Water
&
Sewer
System,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Various
States
,
Series
2022-
XG0403,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
2.27%, 11/07/22
(b)(c)
...........
6,275
6,275,000
Durham
Housing
Authority
,
Series
2021A,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA
&
United
Fidelity
Bank
LOC)
,
2.23%, 11/07/22
11,385
11,385,000
Durham
Housing
Authority
,
Series
2021B,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA
&
United
Fidelity
Bank
LOC)
,
2.23%, 11/07/22
3,400
3,400,000
North
Carolina
Educational
Facilities
Finance
Agency
,
Series
1992A,
RB
,
VRDN
,
2.15%, 11/07/22
.................
4,350
4,350,000
University
of
North
Carolina
at
Chapel
Hill
,
Series
2001A,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
1.62%, 11/01/22
............
29,045
29,045,000
93,080,000
North
Dakota
—
0.2%
North
Dakota
Housing
Finance
Agency
,
Series
2015E,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
2.22%, 11/07/22
(a)
................
6,900
6,900,000
Ohio
—
2.9%
(a)
Allen
County
Ohio
Hospital
Facilities,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2019-E-133,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
2.27%, 11/07/22
(b)(c)
...............
11,270
11,270,000
County
of
Franklin
,
Series
2009A,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
2.20%, 11/07/22
15,545
15,545,000
County
of
Franklin
,
Series
2009B,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
2.20%, 11/07/22
22,090
22,090,000
Miami
County
Ohio
Hospital
Facilities,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2019-XG0225,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
2.28%, 11/07/22
(b)(c)
...............
3,000
3,000,000
Security
Par
(000)
Par
(000)
Value
Ohio
(continued)
Ohio
Higher
Educational
Facility
Commission
,
Series
2013B-1,
RB
,
VRDN
(Ohio
State
Treasurer
SBPA)
,
2.18%, 11/07/22
.....
USD
23,000
$
23,000,000
Ohio
State
Hospital,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2022C-18,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
2.28%, 11/07/22
(b)(c)
.....
9,000
9,000,000
Ohio
State
University
(The)
,
Series
2010E,
RB
,
VRDN
,
2.23%, 11/07/22
............
8,965
8,965,000
Ohio
State
University
(The)
,
Series
2014B-1,
RB
,
VRDN
,
2.15%, 11/07/22
.........
6,500
6,500,000
State
of
Ohio
,
Series
2022B,
RB
,
VRDN
,
2.22%, 11/07/22
.................
5,000
5,000,000
104,370,000
Oregon
—
0.5%
(a)
Oregon
State
Facilities
Authority
,
Series
2005A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
2.38%, 11/07/22
.....
6,775
6,775,000
Oregon
State
Facilities
Authority
,
Series
2018B,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
1.61%, 11/01/22
.................
10,130
10,130,000
16,905,000
Pennsylvania
—
2.8%
(a)
Emmaus
General
Authority
,
Series
1996-1,
RB
,
VRDN
(Wells
Fargo
Bank
NA
SBPA)
,
2.23%, 11/07/22
.................
34,135
34,135,000
Lancaster
Industrial
Development
Authority
,
Series
2009C,
RB
,
VRDN
(PNC
Bank
NA
LOC)
,
2.29%, 11/07/22
.............
10,970
10,970,000
Montgomery
County
Industrial
Development
Authority
,
Series
2002,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
1.73%, 11/01/22
..........
8,165
8,165,000
Pennsylvania
Economic
Development
Financing
Authority
,
Series
2009C,
RB
,
VRDN
(MUFG
Bank
Ltd.
LOC)
,
3.25%, 11/07/22
.................
12,000
12,000,000
Pennsylvania
State
Housing
Finance
Agency,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Various
States
,
Series
2020-
XL0140,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
2.27%, 11/07/22
(b)(c)
...........
1,625
1,625,000
Philadelphia
Authority
for
Industrial
Development,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
19XF2,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
2.44%, 11/07/22
(b)(c)
.......
3,930
3,930,000
Sports
&
Exhibition
Authority
of
Pittsburgh
and
Allegheny
County
,
Series
2007A,
RB
,
VRDN
(PNC
Bank
NA
SBPA)
,
2.26%, 11/07/22
.
9,600
9,600,000
Westmoreland
County
Muni
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2017-YX1075,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
2.28%, 11/07/22
(b)(c)
...............
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)
,
2.28%, 11/07/22
(b)(c)
...............
2,280
2,280,000
99,895,000
MuniCash
Schedules
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2022
Security
Par
(000)
Par
(000)
Value
Rhode
Island
—
0.2%
Rhode
Island
Health
&
Education
Building
Corp.,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Various
States
,
Series
2019-
XM0721,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
2.27%, 11/07/22
(a)(b)(c)
..........
USD
7,150
$
7,150,000
South
Carolina
—
0.9%
(a)
City
of
Columbia
Waterworks
&
Sewer
System
,
Series
2009,
RB
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
2.24%, 11/07/22
...
15,520
15,520,000
South
Carolina
Jobs-Economic
Development
Authority
,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA
&
United
Fidelity
Bank
LOC)
,
2.25%, 11/07/22
.................
5,800
5,800,000
South
Carolina
Public
Service
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2022-XG0398,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
2.36%, 11/07/22
(b)(c)
...............
6,145
6,145,000
South
Carolina
Public
Service
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2022-XL0313,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
2.36%, 11/07/22
(b)(c)
...............
5,540
5,540,000
33,005,000
South
Dakota
—
1.2%
(a)
South
Dakota
Housing
Development
Authority
,
Series
2020A,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA)
,
2.26%, 11/07/22
....
9,830
9,830,000
South
Dakota
Housing
Development
Authority
,
Series
2020B,
RB
,
VRDN
(South
Dakota
Housing
Development
Authority
SBPA)
,
2.22%, 11/07/22
.................
27,975
27,975,000
South
Dakota
Housing
Development
Authority
,
Series
2022D,
RB
,
VRDN
(Federal
Home
Loan
Bank
LIQ)
,
2.26%, 11/07/22
......
5,200
5,200,000
43,005,000
Tennessee
—
2.4%
Johnson
City
Health
&
Educational
Facilities
Board
,
Series
2022B,
RB
,
VRDN
(Truist
Bank
LOC)
,
2.28%, 11/07/22
(a)
........
44,570
44,570,000
Metropolitan
Government
of
Nashville
&
Davidson
County
,
TECP
(State
Street
Bank
&
Trust
Co.
SBPA)
,
2.27%, 11/08/22
....
36,000
35,997,887
Tennessee
Housing
Development
Agency
Resident,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2018-YX1087,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
2.27%, 11/07/22
(a)(b)(c)
........
5,515
5,515,000
86,082,887
Texas
—
10.3%
Austin
Electric
Utility
System,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2015-XF0220,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
2.30%, 11/07/22
(a)(b)(c)
..............
27,745
27,745,000
Board
of
Regents
of
the
University
of
Texas
System
,
TECP,
1.98%, 11/02/22
.......
12,100
12,099,914
Board
of
Regents
of
the
University
of
Texas
System
,
TECP,
1.85%, 11/02/22
.......
25,000
24,999,650
Board
of
Regents
of
the
University
of
Texas
System
,
TECP,
2.10%, 01/05/23
.......
19,600
19,561,074
Board
of
Regents
of
the
University
of
Texas
System
,
TECP,
2.00%, 01/05/23
.......
12,500
12,480,985
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
Board
of
Regents
of
the
University
of
Texas
System
,
TECP,
2.00%, 01/09/23
.......
USD
25,000
$
24,961,998
Board
of
Regents
of
the
University
of
Texas
System
,
TECP,
2.00%, 01/10/23
.......
10,500
10,482,809
Board
of
Regents
of
the
University
of
Texas
System
,
Series
2008B,
RB
,
VRDN
(University
of
Texas
Management
Co.
LIQ)
,
2.18%, 11/07/22
(a)
................
10,155
10,155,000
City
of
Garland
,
TECP
(Barclays
Bank
plc
LOC)
,
2.00%, 12/01/22
.............
6,300
6,296,089
City
of
Houston
Combined
Utility
System
,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
2.25%, 11/07/22
(a)
................
5,000
5,000,000
City
of
San
Antonio
,
TECP
(Bank
of
America
NA
SBPA)
,
2.75%, 12/08/22
.........
10,000
9,999,992
City
of
San
Antonio
,
TECP
(Bank
of
America
NA
SBPA)
,
2.63%, 05/18/23
.........
40,000
39,836,704
Dallas
Independent
School
District
,
Series
2022,
GO,
5.00%, 02/15/23
..........
4,800
4,825,266
Dallas
Texas
Water
Works
&
Swear
System,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Various
States
,
Series
2018-
XF2697,
RB
,
VRDN
(Citibank
NA
LIQ)
,
2.26%, 11/07/22
(a)(b)(c)
..............
6,000
6,000,000
Gulf
Coast
Industrial
Development
Authority
,
Series
2012,
RB
,
VRDN
,
1.64%, 11/01/22
(a)
20,000
20,000,000
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
RB
,
VRDN
(Bank
of
America
NA
SBPA)
,
1.59%, 11/01/22
(a)
........
37,825
37,825,000
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Series
2020B,
RB
,
VRDN
,
1.64%, 11/01/22
(a)
................
12,850
12,850,000
Houston
Higher
Education
Finance
Corp.
,
Series
2010B,
RB
,
VRDN
,
2.20%, 11/07/22
(a)
................
8,375
8,375,000
Lamar
Texas
Cons
Independent
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Various
States
,
Series
2018G-
18,
GO
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
2.27%, 11/07/22
(a)(b)(c)
..........
7,740
7,740,000
Laredo
Texas,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018G-60,
GO
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
2.27%, 11/07/22
(a)(b)(c)
..............
10,520
10,520,000
Lower
Colorado
River
Authority
(State
Street
Bank
&
Trust
Co.
LOC
(50%)
&
JPMorgan
Chase
Bank
NA
(50%)
LOC)
,
2.75%, 12/15/22
.................
1,988
1,988,114
North
Bend
Water
Authority
Texas
Water,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Various
States
,
Series
19XF0,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
2.34%, 11/07/22
(a)(b)(c)
..............
12,705
12,705,000
Port
of
Port
Arthur
Navigation
District
,
Series
2002C,
RB
,
VRDN
,
2.25%, 11/07/22
(a)
...
1,300
1,300,000
Red
River
Education
Finance
Corp.
,
Series
2006,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
2.25%, 11/07/22
(a)
................
36,900
36,900,000
Texas
Transportation
Commission
State
Highway
Fund
,
Series
2014B,
RB
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
LIQ)
,
2.27%, 11/07/22
(a)
................
5,000
5,000,000
369,647,595
2022
BlackRock
Annual
Report
to
Shareholders
MuniCash
48
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2022
Security
Par
(000)
Par
(000)
Value
Utah
—
1.9%
(a)
City
of
Murray
,
Series
2003A,
RB
,
VRDN
,
2.18%, 11/07/22
.................
USD
17,800
$
17,800,000
County
of
Utah
,
Series
2016C,
RB
,
VRDN
(BMO
Harris
Bank
NA
SBPA)
,
2.32%, 11/07/22
.................
27,300
27,300,000
County
of
Utah
,
Series
2018C,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
1.63%, 11/01/22
......
20,690
20,690,000
Utah
County
Hospital,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2019-XM0732,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
2.27%, 11/07/22
(b)(c)
.
1,910
1,910,000
67,700,000
Virginia
—
2.0%
Hampton
Roads
Transport
Accountant,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2018-XF0606,
RB
,
VRDN
(Bank
of
America
NA
LIQ)
,
2.27%, 11/07/22
(a)(b)(c)
..............
5,100
5,100,000
Loudoun
County
Economic
Development
Authority
,
Series
2003B,
RB
,
VRDN
,
2.23%, 11/07/22
(a)
................
10,750
10,750,000
Loudoun
County
Economic
Development
Authority
,
Series
2013A,
RB
,
VRDN
,
2.32%, 11/07/22
(a)
................
15,645
15,645,000
Norfolk
Economic
Development
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Various
States
,
Series
2018-
XG0183,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
2.27%, 11/07/22
(a)(b)(c)
..........
12,860
12,860,000
Virginia
Commonwealth
Transportation
Board
Trust,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Various
States
,
Series
2018-
XF0659,
RB
,
VRDN
(Royal
Bank
of
Canada
LIQ)
,
2.27%, 11/07/22
(a)(b)(c)
..........
6,000
6,000,000
Virginia
Polytechnic
Institute
&
State
University
,
TECP,
2.55%, 11/07/22
.............
20,697
20,697,666
71,052,666
Washington
—
0.8%
King
County
Housing
Authority
,
TECP,
2.62%, 11/02/22
.................
14,700
14,700,099
King
County
Washington
Housing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Various
States
,
Series
2020-
XL0141,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
2.27%, 11/07/22
(a)(b)(c)
..........
10,600
10,600,000
Security
Par
(000)
Par
(000)
Value
Washington
(continued)
Washington
State
Health
Care
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2018-XF2527,
RB
,
VRDN
(Citibank
NA
LIQ)
,
2.34%, 11/07/22
(a)(b)(c)
..............
USD
1,875
$
1,875,000
27,175,099
Wisconsin
—
3.6%
(a)
University
of
Wisconsin
Hospitals
&
Clinics
,
Series
2018B,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
1.59%, 11/01/22
......
60,890
60,890,000
University
of
Wisconsin
Hospitals
&
Clinics
,
Series
2018C,
RB
,
VRDN
(BMO
Harris
Bank
NA
SBPA)
,
1.60%, 11/01/22
..........
66,935
66,935,000
Wisconsin
Housing
&
Economic
Development
Authority
,
Series
2017C,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA)
,
2.20%, 11/07/22
1,100
1,100,000
128,925,000
Wyoming
—
0.1%
Wyoming
Community
Development
Authority
,
Series
2,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
2.19%, 11/07/22
(a)
...........
5,000
5,000,000
Total
Municipal
Bonds
—
99.1%
(Cost:
$3,565,097,575)
...........................
3,564,248,991
Closed-End
Investment
Companies
New
York
—
1.1%
(a)(c)
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund,
Series
1,
VRDP,
(Toronto-
Dominion
Bank.
LIQ)
2.29%, 11/07/22
...
10,200
10,200,000
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund,
Series
5,
VRDP,
(Societe
Generale.
LIQ)
2.28%, 11/07/22
.......
30,000
30,000,000
40,200,000
Total
Closed-End
Investment
Companies
—
1.1%
(Cost:
$40,200,000)
..............................
40,200,000
Total
Investments
—
100.2%
(Cost:
$3,605,297,575
)
(d)
..........................
3,604,448,991
Liabilities
in
Excess
of
Other
Assets
—
(0.2)%
............
(8,897,848)
Net
Assets
—
100.0%
..............................
$
3,595,551,143
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(b)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(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.
MuniCash
Schedules
of
Investments
49
Schedule
of
Investments
(continued)
October
31,
2022
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
Closed-End
Investment
Companies
............................
$
—
$
40,200,000
$
—
$
40,200,000
Municipal
Bonds
.........................................
—
3,564,248,991
—
3,564,248,991
$
—
$
3,604,448,991
$
—
$
3,604,448,991
2022
BlackRock
Annual
Report
to
Shareholders
California
Money
Fund
50
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
October
31,
2022
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
California
—
74.0%
Abag
Finance
Authority
for
Nonprofit
Corp.
,
Series
2009A,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
1.87%, 11/07/22
(a)
.........
USD
220
$
220,000
Bay
Area
Toll
Authority
,
Series
2008E-1,
RB
,
VRDN
(Bank
of
Tokyo-Mitsubishi
UFJ
Ltd.
LOC)
,
1.85%, 11/07/22
(a)
............
250
250,000
Bay
Area
Toll
Authority
,
Series
D2,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
1.82%, 11/07/22
(a)
................
1,000
1,000,000
California
Educational
Facilities
Authority
,
Series
2006B,
RB
,
VRDN
,
1.85%, 11/07/22
(a)
................
10,400
10,400,000
California
Educational
Facilities
Authority
,
Series
2006A,
RB
,
VRDN
,
1.90%, 11/07/22
(a)
................
900
900,000
California
Health
Facilities
Financing
Authority
,
Series
2008B-1,
RB
,
VRDN
,
1.84%, 11/07/22
(a)
................
900
900,000
California
Health
Facilities
Financing
Authority
,
Series
2011B,
RB
,
VRDN
(Bank
of
Montreal
LOC)
,
1.95%, 11/07/22
(a)
............
5,540
5,540,000
California
Health
Facilities
Financing
Authority
,
Series
2012B,
RB
,
VRDN
,
1.90%, 11/07/22
(a)
................
200
200,000
California
Health
Facilities
Financing
Authority
,
Series
B2,
RB
,
VRDN
,
1.92%, 01/05/23
(a)
2,200
2,200,000
California
Health
Facilities
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Various
States
,
Series
2021-
XF2962,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
2.27%, 11/07/22
(a)(b)(c)
..........
1,200
1,200,000
California
Municipal
Finance
Authority
,
Series
2010A,
RB
,
VRDN
,
1.38%, 11/01/22
(a)
...
1,605
1,605,000
California
Public
Finance
Authority
,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
1.24%, 11/01/22
(a)
................
3,850
3,850,000
California
Public
Finance
Authority
,
Series
2017C,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
1.23%, 11/01/22
(a)
................
900
900,000
California
Public
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2022-XF3006,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
2.27%, 11/07/22
(a)(b)(c)
..............
4,000
4,000,000
California
Statewide
Communities
Development
Authority
,
Series
2008B,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LOC)
,
1.35%, 11/01/22
(a)
.
300
300,000
California
Statewide
Communities
Development
Authority
,
Series
2008C,
RB
,
VRDN
(Northern
Trust
Co.
(The)
LOC)
,
1.92%, 11/07/22
(a)
................
3,750
3,750,000
California
Statewide
Communities
Development
Authority
,
Series
2009H,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
LOC)
,
1.86%, 11/07/22
(a)
................
2,720
2,720,000
City
&
County
of
San
Francisco
,
TECP
(US
Bank
NA
LOC)
,
2.70%, 12/01/22
......
4,085
4,084,646
City
of
Los
Angeles
,
Series
2022,
RB,
4.00%, 06/29/23
.................
4,000
4,021,719
City
of
Los
Angeles
Department
of
Airports
(PNC
BANK
NA
LOC)
,
3.10%, 02/16/23
.
3,793
3,792,979
City
of
Los
Angeles
Wastewater
System
(TD
Bank
NA
LOC)
,
1.85%, 12/07/22
......
4,000
3,997,021
Security
Par
(000)
Par
(000)
Value
California
(continued)
City
of
Pasadena
,
Series
A,
COP
,
VRDN
(Bank
of
America
NA
LOC)
,
1.92%, 11/07/22
(a)
..
USD
8,230
$
8,230,000
City
of
Riverside
,
Series
2008C,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
1.93%, 11/07/22
(a)
1,245
1,245,000
City
of
Vacaville
,
Series
1999A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LIQ)
,
1.88%, 11/07/22
(a)
............
4,600
4,600,000
County
of
Riverside
,
Series
2009,
COP
,
VRDN
(Bank
of
America
NA
LOC)
,
1.91%, 11/07/22
(a)
................
320
320,000
County
of
San
Bernardino
,
Series
1999A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
1.88%, 11/07/22
(a)
...
4,545
4,545,000
Del
Mar
California,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2019-XG0259
,
VRDN
(Bank
of
America
NA
LOC)
,
2.29%, 11/07/22
(a)(b)(c)
..........
2,650
2,650,000
East
Bay
Municipal
Utility
District
,
TECP
(Sumitomo
Mitsui
Banking
Corp.
SBPA)
,
1.75%, 11/03/22
.................
4,100
4,099,886
Golden
Gate
Bridge
Highway
&
Transportation
District
,
TECP
(JPMorgan
Chase
Bank
NA
SBPA)
,
1.72%, 11/02/22
............
3,625
3,624,945
Hartnell
Community
College
District,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2017-XF0587,
GO
,
VRDN
(Toronto-Dominion
Bank
LIQ)
,
2.27%, 11/07/22
(a)(b)(c)
..............
1,150
1,150,000
Imperial
Irrigation
District
Electric,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2017-XM0488,
RB
,
VRDN
(Royal
Bank
of
Canada
LIQ)
,
2.30%, 11/07/22
(a)(b)(c)
..............
5,000
5,000,000
Irvine
Ranch
Water
District
,
Series
2008A
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
1.91%, 11/07/22
(a)
............
400
400,000
Long
Beach
California
Community
College,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Various
States
,
Series
2019-
XF0780,
GO
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
2.27%, 11/07/22
(a)(b)(c)
....
6,423
6,423,000
Los
Angeles
County
Metropolitan
Transportation
Authority
,
TECP
(Bank
of
America
NA
LOC)
,
1.95%, 11/15/22
....
3,000
2,999,645
Los
Angeles
Department
of
Water
&
Power
,
Series
2001B,
Sub-Series
B-7,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
1.90%, 11/07/22
(a)
................
850
850,000
Los
Angeles
Department
of
Water
&
Power
,
Series
2002A,
Sub-Series
A-5,
RB
,
VRDN
(Bank
of
America
NA
SBPA)
,
1.25%, 11/01/22
(a)
................
150
150,000
Los
Angeles
Department
of
Water
&
Power
Water
System
,
Series
2019A,
Sub-Series
A-1,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
1.28%, 11/01/22
(a)
................
18,700
18,700,000
Los
Angeles
Department
of
Water,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2022-XM1040,
RB
,
VRDN
(UBS
AG
LIQ)
,
2.27%, 11/07/22
(a)(b)(c)
4,325
4,325,000
Municipal
Improvement
Corp
of
Los
Angeles
,
TECP
(US
Bank
NA
LOC)
,
2.58%, 11/15/22
4,000
4,000,457
California
Money
Fund
Schedules
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2022
Security
Par
(000)
Par
(000)
Value
California
(continued)
Natomas
University
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2019-XG0250,
GO
,
VRDN
(Bank
of
America
NA
LIQ)
,
2.32%, 11/07/22
(a)(b)(c)
..............
USD
5,000
$
5,000,000
Orange
County
Water
District
,
Series
2003A,
COP
,
VRDN
(Bank
of
America
NA
LOC)
,
1.82%, 11/07/22
(a)
................
1,700
1,700,000
Sacramento
Municipal
Utility
District
,
TECP
(Barclays
Bank
plc
LOC)
,
2.40%, 11/08/22
1,500
1,499,955
Sacramento
Transportation
Authority
,
Series
2014A,
RB
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
1.90%, 11/07/22
(a)
..
3,685
3,685,000
Sacramento
Transportation
Authority
,
Series
2015,
RB
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
1.95%, 11/07/22
(a)
........
4,955
4,955,000
San
Diego
County
Regional
Transportation
Commission
,
Series
2008A,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
1.85%, 11/07/22
(a)
................
300
300,000
San
Diego
County
Regional
Transportation
Commission
,
Series
2008C,
RB
,
VRDN
(Bank
of
America
NA
SBPA)
,
2.05%, 11/07/22
(a)
................
3,895
3,895,000
San
Diego
County
Regional
Transportation
Commission
,
Series
2008D,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA)
,
1.85%, 11/07/22
(a)
................
2,340
2,340,000
San
Diego
Public
Facilities
Financing
Authority
,
TECP
(Bank
of
America
NA
LOC)
,
1.85%, 12/09/22
.................
4,000
3,997,272
San
Francisco
California
Bay
Area
Rapid
Transit
District,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2022-XF1331,
GO
,
VRDN
(Toronto-
Dominion
Bank
LIQ)
,
2.27%, 11/07/22
(a)(b)(c)
1,875
1,875,000
San
Francisco
City
&
County
Airport
Community
,
Series
2018B,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
1.90%, 11/07/22
(a)
2,500
2,500,000
San
Francisco
City
&
County
Airport
Community
,
Series
2018C,
RB
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
1.87%, 11/07/22
(a)
................
1,400
1,400,000
San
Francisco
City
&
County
Public
Utilities
Commission
,
TECP
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
2.60%, 11/03/22
...
4,000
4,000,054
San
Mateo
California
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Various
States
,
Series
2020-
XF0925,
GO
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
2.27%, 11/07/22
(a)(b)(c)
....
4,564
4,564,000
San
Mateo
County
Transit
District
Sales
Tax
,
Series
2020A,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
1.90%, 11/07/22
(a)
.........
6,000
6,000,000
Security
Par
(000)
Par
(000)
Value
California
(continued)
Santa
Barbara
California
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Various
States
,
Series
2019-
XF0791,
GO
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
2.27%, 11/07/22
(a)(b)(c)
....
USD
445
$
445,000
Santa
Clara
Valley
Transportation
Authority
,
Series
2008B,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
1.87%, 11/07/22
(a)
...........
1,930
1,930,000
Southern
California
Public
Power
Authority
,
RB
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
1.80%, 11/07/22
(a)
............
5,415
5,415,000
State
of
California
,
Series
2003C-1,
GO
,
VRDN
(TD
Bank
NA
LOC)
,
1.80%, 11/07/22
(a)
..
3,000
3,000,000
State
of
California
,
Series
2005B,
Sub-Series
B-3,
GO
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
1.82%, 11/07/22
(a)
........
350
350,000
State
of
California
,
Series
2005B1,
GO
,
VRDN
(Wells
Fargo
Bank
NA
LOC)
,
1.80%, 11/07/22
(a)
................
350
350,000
State
of
California
,
Series
2005B5,
GO
,
VRDN
(US
Bank
NA
LOC)
,
1.22%, 11/01/22
(a)
..
2,500
2,500,000
State
of
California
,
Series
2020A,
GO
,
VRDN
(State
Street
Bank
&
Trust
Co.
LOC)
,
2.10%, 11/07/22
(a)
................
17,900
17,900,000
University
of
California
,
Series
2013AL-1,
RB
,
VRDN
,
1.20%, 11/01/22
(a)
...........
2,000
2,000,000
University
of
California
,
Series
2013AL-2,
RB
,
VRDN
,
1.24%, 11/01/22
(a)
...........
14,400
14,400,000
University
of
California
,
Series
2013AL-3,
RB
,
VRDN
,
1.20%, 11/01/22
(a)
...........
3,475
3,475,000
University
of
California
,
Series
2013AL-4,
RB
,
VRDN
,
1.20%, 11/01/22
(a)
...........
200
200,000
Western
Municipal
Water
District
Facilities
Authority
,
Series
2012A,
RB
,
VRDN
(Toronto-Dominion
Bank
LOC)
,
1.85%, 11/07/22
(a)
................
6,400
6,400,000
Total
Municipal
Bonds
—
74.0%
(Cost:
$235,246,734)
.............................
235,220,579
Closed-End
Investment
Companies
California
—
1.6%
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund,
Series
4,
VRDP,
(Royal
Bank
of
Canada
LIQ)
,
2.27%, 11/07/22
(a)(c)
....
5,000
5,000,000
Total
Closed-End
Investment
Companies
—
1.6%
(Cost:
$5,000,000)
..............................
5,000,000
Total
Investments
—
75.6%
(Cost:
$240,246,734
)
(d)
............................
240,220,579
Other
Assets
Less
Liabilities
—
24.4%
..................
77,340,157
Net
Assets
—
100.0%
..............................
$
317,560,736
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(b)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(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.
2022
BlackRock
Annual
Report
to
Shareholders
California
Money
Fund
52
Schedule
of
Investments
(continued)
October
31,
2022
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
Closed-End
Investment
Companies
............................
$
—
$
5,000,000
$
—
$
5,000,000
Municipal
Bonds
.........................................
—
235,220,579
—
235,220,579
$
—
$
240,220,579
$
—
$
240,220,579
New
York
Money
Fund
Schedules
of
Investments
53
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
October
31,
2022
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
New
York
—
98.0%
Albany
Industrial
Development
Agency
,
Series
2008A,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
2.26%, 11/07/22
(a)
................
USD
1,245
$
1,245,000
Battery
Park
City
Authority
,
Series
2019D-
1,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
2.22%, 11/07/22
(a)
................
5,670
5,670,000
Battery
Park
City
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2019-E-137,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
2.27%, 11/07/22
(a)(b)(c)
..
1,200
1,200,000
Build
NYC
Resource
Corp.
,
Series
2015,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
2.22%, 11/07/22
(a)
................
240
240,000
City
of
New
York
,
Series
2013F,
Sub-Series
F3,
GO
,
VRDN
(Bank
of
America
NA
SBPA)
,
1.57%, 11/01/22
(a)
................
7,800
7,800,000
City
of
New
York
,
Series
2014I,
Sub-Series
I-3,
GO
,
VRDN
(Citibank
NA
LOC)
,
2.20%, 11/07/22
(a)
................
1,100
1,100,000
City
of
New
York
,
Series
2015,
Sub-Series
F-6,
GO
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
1.59%, 11/01/22
(a)
...........
400
400,000
City
of
New
York
,
Series
2015F,
Sub-Series
F-5,
GO
,
VRDN
(Barclays
Bank
plc
SBPA)
,
1.60%, 11/01/22
(a)
................
1,700
1,700,000
City
of
New
York
,
Series
2017A,
GO
,
VRDN
(Citibank
NA
LOC)
,
2.20%, 11/07/22
(a)
...
2,000
2,000,000
City
of
New
York
,
Series
2018B,
Sub-Series
B-5,
GO
,
VRDN
(Barclays
Bank
plc
SBPA)
,
1.60%, 11/01/22
(a)
................
300
300,000
City
of
New
York
,
Series
2023A,
Sub-Series
A3,
GO
,
VRDN
(Bank
of
Montreal
SBPA)
,
1.60%, 11/01/22
(a)
................
10,300
10,300,000
City
of
New
York
,
Series
2023A,
Sub-Series
A4,
GO
,
VRDN
(TD
Bank
NA
SBPA)
,
1.60%, 11/01/22
(a)
................
3,300
3,300,000
Dutchess
County
Industrial
Development
Agency
,
Series
2008,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
2.24%, 11/07/22
(a)
.........
2,390
2,390,000
Hudson
YDS
Infrastructure
Corp.,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2017-XF0550,
RB
,
VRDN
(Toronto-Dominion
Bank
LIQ)
,
2.28%, 11/07/22
(a)(b)(c)
..............
1,200
1,200,000
Metropolitan
Transportation
Authority
,
Series
2005,
Sub-Series
E-1,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
2.20%, 11/07/22
(a)
.....
4,680
4,680,000
Metropolitan
Transportation
Authority
,
Series
2005D,
Sub-Series
D-2,
RB
,
VRDN
(
Landesbank
Hessen-
Thuringen
Girozentrale
LOC)
,
1.62%, 11/01/22
(a)
...
1,355
1,355,000
Metropolitan
Transportation
Authority
,
Series
2008A-1,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
1.60%, 11/01/22
(a)
................
1,750
1,750,000
Metropolitan
Transportation
Authority
,
Series
2012G,
Sub-Series
G-1,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
1.60%, 11/01/22
(a)
200
200,000
Metropolitan
Transportation
Authority
,
Series
2015,
Sub-Series
E-1,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
1.60%, 11/01/22
(a)
.....
200
200,000
Metropolitan
Transportation
Authority
,
Series
2015,
Sub-Series
E-3,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
1.57%, 11/01/22
(a)
...
1,320
1,320,000
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Nassau
County,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2018-G5,
GO
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
2.27%, 11/07/22
(a)(b)(c)
....
USD
2,100
$
2,100,000
New
York
City
Housing
Development
Corp.
,
Series
2005A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
2.22%, 11/07/22
(a)
................
1,315
1,315,000
New
York
City
Housing
Development
Corp.
,
Series
2006A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
2.20%, 11/07/22
(a)
................
7,500
7,500,000
New
York
City
Housing
Development
Corp.
,
Series
2009A,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
LOC)
,
2.25%, 11/07/22
(a)
................
5,975
5,975,000
New
York
City
Housing
Development
Corp.
,
Series
2011B,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
LOC
)
,
2.23%, 11/07/22
(a)
................
675
675,000
New
York
City
Housing
Development
Corp.
,
Series
2019A-4,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
2.24%, 11/07/22
(a)
.....
3,800
3,800,000
New
York
City
Housing
Development
Corp.
,
Series
2019E-3,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
2.24%, 11/07/22
(a)
.....
600
600,000
New
York
City
Housing
Development
Corp.
,
Series
2021F-3,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
2.20%, 11/07/22
(a)
.........
2,000
2,000,000
New
York
City
Housing
Development
Corp.
,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
2.20%, 11/07/22
(a)
................
3,500
3,500,000
New
York
City
Industrial
Development
Agency
,
Series
2004B,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
1.57%, 11/01/22
(a)
.........
3,505
3,505,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2008BB-1,
RB
,
VRDN
(Bank
of
Tokyo-Mitsubishi
UFJ
Ltd.
SBPA)
,
2.20%, 11/07/22
(a)
................
7,980
7,980,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2011DD-1,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
1.60%, 11/01/22
(a)
....
1,300
1,300,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2013AA-5,
RB
,
VRDN
(Mizuho
Bank
Ltd.
SBPA)
,
1.60%, 11/01/22
(a)
8,500
8,500,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2014AA,
Sub-Series
AA-1,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
1.59%, 11/01/22
(a)
...........
350
350,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2014AA-2,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
1.59%, 11/01/22
(a)
................
800
800,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2016AA-1,
RB
,
VRDN
(Bank
of
America
NA
SBPA)
,
1.57%, 11/01/22
(a)
................
730
730,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2016BB-1A,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA)
,
1.57%, 11/01/22
(a)
................
2,500
2,500,000
New
York
City
Transitional
Finance
Authority
,
Series
1999-A-1,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
2.20%, 11/07/22
(a)
...........
4,000
4,000,000
2022
BlackRock
Annual
Report
to
Shareholders
New
York
Money
Fund
54
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2022
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
City
Transitional
Finance
Authority
,
Series
2003,
Sub-Series
A-4,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
1.60%, 11/01/22
(a)
..
USD
1,700
$
1,700,000
New
York
City
Transitional
Finance
Authority
,
Series
2012C,
Sub-Series
C-4,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
1.59%, 11/01/22
(a)
................
2,490
2,490,000
New
York
City
Transitional
Finance
Authority
,
Series
2019,
Sub-Series
C-4,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
1.60%, 11/01/22
(a)
................
1,500
1,500,000
New
York
City
Trust
for
Cultural
Resources
,
Series
2009A,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LOC)
,
2.22%, 11/07/22
(a)
.....
3,740
3,740,000
New
York
State
Authority
General,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2019-XF0847,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
2.27%, 11/07/22
(a)(b)(c)
..............
2,600
2,600,000
New
York
State
Dormitory
Authority
,
Series
2002A-2,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
2.20%, 11/07/22
(a)
....
325
325,000
New
York
State
Dormitory
Authority
,
Series
2006A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
2.22%, 11/07/22
(a)
................
3,520
3,520,000
New
York
State
Dormitory
Authority
,
Series
2008A-1,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
2.21%, 11/07/22
(a)
............
1,705
1,705,000
New
York
State
Dormitory
Authority
,
Series
2009,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
2.20%, 11/07/22
(a)
................
1,300
1,300,000
New
York
State
Dormitory
Authority
,
Series
2009A,
RB
,
VRDN
,
2.05%, 11/07/22
(a)
...
2,000
2,000,000
New
York
State
Dormitory
Authority
,
Series
2012,
RB
,
VRDN
(HSBC
Bank
USA
NA
LOC)
,
2.25%, 11/07/22
(a)
............
6,155
6,155,000
New
York
State
Energy
Research
&
Development
Authority
,
Series
2005A,
Sub-
Series
A-1,
RB
,
VRDN
(Mizuho
Bank
Ltd.
LOC)
,
2.19%, 11/07/22
(a)
............
1,950
1,950,000
New
York
State
Energy
Research
&
Development
Authority
,
Series
2005A,
Sub-
Series
A-3,
RB
,
VRDN
(Mizuho
Bank
Ltd.
LOC)
,
2.24%, 11/07/22
(a)
............
4,825
4,825,000
New
York
State
Housing
Finance
Agency
,
Series
2003A,
RB
,
VRDN
(
Landesbank
Hessen-
Thuringen
Girozentrale
LOC)
,
2.23%, 11/07/22
(a)
................
3,350
3,350,000
New
York
State
Housing
Finance
Agency
,
Series
2004A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
2.18%, 11/07/22
(a)
................
1,100
1,100,000
New
York
State
Housing
Finance
Agency
,
Series
2008A,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
LIQ)
,
2.21%, 11/07/22
(a)
................
4,500
4,500,000
New
York
State
Housing
Finance
Agency
,
Series
2009A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
2.22%, 11/07/22
(a)
................
850
850,000
New
York
State
Housing
Finance
Agency
,
Series
2010A,
RB
,
VRDN
(
Landesbank
Hessen-
Thuringen
Girozentrale
LOC)
,
2.37%, 11/07/22
(a)
................
4,825
4,825,000
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
State
Housing
Finance
Agency
,
Series
2010A,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
LIQ)
,
2.22%, 11/07/22
(a)
................
USD
5,000
$
5,000,000
New
York
State
Housing
Finance
Agency
,
Series
2010A,
RB
,
VRDN
(
Landesbank
Hessen-
Thuringen
Girozentrale
LOC)
,
2.28%, 11/07/22
(a)
................
700
700,000
New
York
State
Housing
Finance
Agency
,
Series
2013A,
RB
,
VRDN
(
Landesbank
Hessen-
Thuringen
Girozentrale
LOC)
,
1.63%, 11/01/22
(a)
................
2,900
2,900,000
New
York
State
Housing
Finance
Agency
,
Series
2014A,
RB
,
VRDN
(
Landesbank
Hessen-
Thuringen
Girozentrale
LOC)
,
1.63%, 11/01/22
(a)
................
1,000
1,000,000
New
York
State
Housing
Finance
Agency
,
Series
2016A,
RB
,
VRDN
(
Landesbank
Hessen-
Thuringen
Girozentrale
LOC)
,
2.37%, 11/07/22
(a)
................
3,000
3,000,000
New
York
State
Personal
Income
Tax,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2022-YX1250,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
2.27%, 11/07/22
(a)(b)(c)
..............
1,730
1,730,000
New
York
State
Urban
Development
Corp.
,
Series
2004A-3-,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
2.22%, 11/07/22
(a)
685
685,000
New
York
State
Urban
Development
Corp.,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Various
States
,
Series
2022-
XG0392,
RB
,
VRDN
(Bank
of
America
NA
LIQ)
,
2.27%, 11/07/22
(a)(b)(c)
..........
1,300
1,300,000
North
Amityville
Fire
Co.,
Inc.
,
Series
2003,
RB
,
VRDN
(Citibank
NA
LOC)
,
2.34%, 11/07/22
(a)
................
180
180,000
Port
Authority
of
New
York
&
New
Jersey
(JPMorgan
Chase
Bank
NA
LIQ)
,
2.15%, 11/09/22
.................
3,045
3,044,761
State
of
New
York
Mortgage
Agency
,
Series
2021-234,
RB
,
VRDN
(UBS
AG
SBPA)
,
2.20%, 11/07/22
(a)
................
5,055
5,055,000
State
of
New
York
Mortgage
Agency
,
Series
247,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
2.20%, 11/07/22
(a)
................
4,200
4,200,000
Triborough
Bridge
&
Tunnel
Authority
,
Series
2001C,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
LOC)
,
1.61%, 11/01/22
(a)
.....
3,300
3,300,000
Triborough
Bridge
&
Tunnel
Authority
,
Series
2005B-2A,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
LOC)
,
2.20%, 11/07/22
(a)
.....
2,000
2,000,000
Triborough
Bridge
&
Tunnel
Authority
,
Series
2005B-3,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
LOC)
,
1.57%, 11/01/22
(a)
.....
3,750
3,750,000
Trust
for
Cultural
Resources
of
The
City
of
New
York
(The)
,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LOC)
,
2.20%, 11/07/22
(a)
.....
300
300,000
Yonkers
Industrial
Development
Agency
,
Series
2005,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LOC)
,
2.23%, 11/07/22
(a)
.........
3,050
3,050,000
Total
Municipal
Bonds
—
98.0%
(Cost:
$195,110,000)
.............................
195,109,761
New
York
Money
Fund
Schedules
of
Investments
55
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2022
See
notes
to
financial
statements.
Security
Par
(000)
Pa
r
(
000)
Value
Closed-End
Investment
Companies
New
York
—
1.3%
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund,
Series
3,
VRDP,
(
Sumitomo
Mitsui
Banking
Corp.
LIQ)
2.29%, 11/07/22
(a)(c)
...............
USD
2,500
$
2,500,000
Total
Closed-End
Investment
Companies
—
1.3%
(Cost:
$2,500,000)
..............................
2,500,000
Total
Investments
—
99.3%
(Cost:
$197,610,000
)
(d)
............................
197,609,761
Other
Assets
Less
Liabilities
—
0.7%
...................
1,349,508
Net
Assets
—
100.0%
..............................
$
198,959,269
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(b)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(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
Closed-End
Investment
Companies
............................
$
—
$
2,500,000
$
—
$
2,500,000
Municipal
Bonds
.........................................
—
195,109,761
—
195,109,761
$
—
$
197,609,761
$
—
$
197,609,761
Statements
of
Assets
and
Liabilities
October
31,
2022
2022
BlackRock
Annual
Report
to
Shareholders
56
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................
$
5,081,161,344
$
33,410,866,241
$
5,387,294,751
$
4,914,590,791
$
17,592,230,296
Cash
.............................................
146,905,889
8,530,944,005
285,513,799
360,604,446
5,860,370,490
Repurchase
agreements,
at
value
—
unaffiliated
(b)
................
—
105,297,806,145
3,015,000,000
2,091,500,000
78,588,910,428
Receivables:
–
–
–
–
–
Capital
shares
sold
...................................
2,069,148
11,494,135
55,008,967
—
29,653,281
Interest
—
unaffiliated
.................................
8,712,702
70,129,387
9,161,256
10,657,423
26,102,618
Prepaid
expenses
.....................................
630,108
95,931,897
527,372
5,535,318
36,696,808
Total
assets
.........................................
5,239,479,191
147,417,171,810
8,752,506,145
7,382,887,978
102,133,963,921
LIABILITIES
Payables:
–
–
–
–
–
Investments
purchased
................................
49,702,889
790,855,813
34,000,000
30,000,000
620,866,464
Capital
shares
redeemed
...............................
609,
6
07
10,087,647
38,069,367
—
12,341,117
Custodian
fees
......................................
37,837
372,708
25,428
39,327
277,731
Income
dividend
distributions
............................
7,129,639
184,223,494
20,351,897
4,001,692
152,420,554
Management
fees
....................................
601,747
20,766,088
1,193,023
1,066,027
14,541,069
Trustees'
and
Officer's
fees
.............................
3,121
40,342
1,058
5,779
30,721
Printing
and
postage
fees
..............................
39,944
34,602
28,262
29,845
32,211
Professional
fees
....................................
45,854
290,285
67,891
66,986
227,552
Registration
fees
....................................
156,669
5,464,974
104,544
1,196,660
2,549,821
Service
and
distribution
fees
.............................
374,711
99,612,990
101
5,556,931
37,833,061
Transfer
agent
fees
..................................
23,245
360,039
34,713
77,945
652,660
Other
accrued
expenses
...............................
19,881
76,179
24,469
30,853
51,621
Total
liabilities
........................................
58,745,144
1,112,185,161
93,900,753
42,072,045
841,824,582
NET
ASSETS
........................................
$
5,1
80,734,047
$
146,30
4,986,649
$
8,
658,605,392
$
7,340,815,933
$
101,2
92,139,339
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................
$
5,1
81,514,638
$
146,
343,306,640
$
8,663,515,882
$
7,345,640,814
$
101,312,224,41
9
Accumulated
loss
.....................................
(780,591)
(38,
319,991
)
(4,910,490)
(4,824,881)
(20,085,0
8
0
)
NET
ASSETS
........................................
$
5,180,734,047
$
146,304,986,649
$
8,658,605,392
$
7,340,815,933
$
101,292,139,339
(a)
Investments,
at
cost
—
unaffiliated
........................
$
5,081,161,344
$
33,410,866,241
$
5,391,046,613
$
4,918,722,686
$
17,592,230,296
(b)
Repurchase
agreements,
at
cost
—
unaffiliated
................
$
—
$
105,297,806,145
$
3,015,000,000
$
2,091,500,000
$
78,588,910,428
Statements
of
Assets
and
Liabilities
(continued)
October
31,
2022
57
Financial
Statements
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
NET
ASSET
VALUE
Institutional
Net
assets
..........................................
$
5,117,999,378
$
111,196,830,580
$
8,658,550,839
$
6,633,563,411
$
82,703,301,177
Shares
outstanding
...................................
5,118,763,050
111,226,057,558
8,658,875,481
6,633,877,925
82,719,660,113
Net
asset
value
......................................
$
1.00
$
1.00
$
1.0000
$
1.0000
$
1.00
Shares
authorized
....................................
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
..........................................
$
—
$
—
$
—
$
—
$
—
Administration
Net
assets
..........................................
$
24,111,667
$
22,812,396,306
$
—
$
24,601,479
$
15,781,965,055
Shares
outstanding
...................................
24,115,261
22,818,385,769
—
24,601,877
15,785,081,988
Net
asset
value
......................................
$
1.00
$
1.00
$
—
$
1.0000
$
1.00
Shares
authorized
....................................
Unlimited
Unlimited
—
Unlimited
Unlimited
Par
value
..........................................
$
—
$
—
$
—
$
—
$
—
Bancroft
Capital
Net
assets
..........................................
$
50,417
$
—
$
—
$
—
$
—
Shares
outstanding
...................................
50,424
—
—
—
—
Net
asset
value
......................................
$
1.00
$
—
$
—
$
—
$
—
Shares
authorized
....................................
Unlimited
—
—
—
—
Par
value
..........................................
$
—
$
—
$
—
$
—
$
—
Cabrera
Capital
Markets
Net
assets
..........................................
$
50,417
$
—
$
—
$
50,470
$
—
Shares
outstanding
...................................
50,424
—
—
50,470
—
Net
asset
value
......................................
$
1.00
$
—
$
—
$
1.0000
$
—
Shares
authorized
....................................
Unlimited
—
—
Unlimited
—
Par
value
..........................................
$
—
$
—
$
—
$
—
$
—
Capital
Net
assets
..........................................
$
—
$
1,252,276
$
—
$
31,254,572
$
55,006,315
Shares
outstanding
...................................
—
1,252,605
—
31,254,137
55,017,181
Net
asset
value
......................................
$
—
$
1.00
$
—
$
1.0000
$
1.00
Shares
authorized
....................................
—
Unlimited
—
Unlimited
Unlimited
Par
value
..........................................
$
—
$
—
$
—
$
—
$
—
Cash
Management
Net
assets
..........................................
$
14,434,969
$
695,591,327
$
—
$
537,877,244
$
887,139,253
Shares
outstanding
...................................
14,437,122
695,773,985
—
537,893,791
887,314,585
Net
asset
value
......................................
$
1.00
$
1.00
$
—
$
1.0000
$
1.00
Shares
authorized
....................................
Unlimited
Unlimited
—
Unlimited
Unlimited
Par
value
..........................................
$
—
$
—
$
—
$
—
$
—
Cash
Reserve
Net
assets
..........................................
$
—
$
5,181,757,131
$
—
$
12,014,363
$
88,281,059
Shares
outstanding
...................................
—
5,183,120,364
—
12,014,297
88,298,519
Net
asset
value
......................................
$
—
$
1.00
$
—
$
1.0000
$
1.00
Shares
authorized
....................................
—
Unlimited
—
Unlimited
Unlimited
Par
value
..........................................
$
—
$
—
$
—
$
—
$
—
Dollar
Net
assets
..........................................
$
15,765,341
$
3,653,256,255
$
18,075
$
100,332,649
$
1,258,974,271
Shares
outstanding
...................................
15,767,696
3,654,216,662
18,076
100,335,114
1,259,223,206
Net
asset
value
......................................
$
1.00
$
1.00
$
1.0000
$
1.0000
$
1.00
Shares
authorized
....................................
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
..........................................
$
—
$
—
$
—
$
—
$
—
Great
Pacific
Net
assets
..........................................
$
50,400
$
—
$
—
$
—
$
—
Shares
outstanding
...................................
50,407
—
—
—
—
Net
asset
value
......................................
$
1.00
$
—
$
—
$
—
$
—
Shares
authorized
....................................
Unlimited
—
—
—
—
Par
value
..........................................
$
—
$
—
$
—
$
—
$
—
Statements
of
Assets
and
Liabilities
(continued)
October
31,
2022
2022
BlackRock
Annual
Report
to
Shareholders
58
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
Mischler
Financial
Group
Net
assets
..........................................
$
5,120,142
$
673,842,480
$
—
$
—
$
—
Shares
outstanding
...................................
5,120,906
674,019,003
—
—
—
Net
asset
value
......................................
$
1.00
$
1.00
$
—
$
—
$
—
Shares
authorized
....................................
Unlimited
Unlimited
—
—
—
Par
value
..........................................
$
—
$
—
$
—
$
—
$
—
Penserra
Net
assets
..........................................
$
50,414
$
—
$
—
$
—
$
—
Shares
outstanding
...................................
50,422
—
—
—
—
Net
asset
value
......................................
$
1.00
$
—
$
—
$
—
$
—
Shares
authorized
....................................
Unlimited
—
—
—
—
Par
value
..........................................
$
—
$
—
$
—
$
—
$
—
Premier
Net
assets
..........................................
$
—
$
1,429,877,511
$
36,478
$
—
$
496,172,471
Shares
outstanding
...................................
—
1,430,253,194
36,478
—
496,270,127
Net
asset
value
......................................
$
—
$
1.00
$
1.0000
$
—
$
1.00
Shares
authorized
....................................
—
Unlimited
Unlimited
—
Unlimited
Par
value
..........................................
$
—
$
—
$
—
$
—
$
—
Private
Client
Net
assets
..........................................
$
—
$
253,296
$
—
$
1,121,745
$
—
Shares
outstanding
...................................
—
253,362
—
1,121,743
—
Net
asset
value
......................................
$
—
$
1.00
$
—
$
1.0000
$
—
Shares
authorized
....................................
—
Unlimited
—
Unlimited
—
Par
value
..........................................
$
—
$
—
$
—
$
—
$
—
Select
Net
assets
..........................................
$
—
$
657,778,741
$
—
$
—
$
21,299,738
Shares
outstanding
...................................
—
657,951,504
—
—
21,303,947
Net
asset
value
......................................
$
—
$
1.00
$
—
$
—
$
1.00
Shares
authorized
....................................
—
Unlimited
—
—
Unlimited
Par
value
..........................................
$
—
$
—
$
—
$
—
$
—
Stern
Brothers
Net
assets
..........................................
$
50,284
$
50,286
$
—
$
—
$
—
Shares
outstanding
...................................
50,291
50,299
—
—
—
Net
asset
value
......................................
$
1.00
$
1.00
$
—
$
—
$
—
Shares
authorized
....................................
Unlimited
Unlimited
—
—
—
Par
value
..........................................
$
—
$
—
$
—
$
—
$
—
Tigress
Net
assets
..........................................
$
3,050,618
$
2,050,204
$
—
$
—
$
—
Shares
outstanding
...................................
3,051,074
2,050,743
—
—
—
Net
asset
value
......................................
$
1.00
$
1.00
$
—
$
—
$
—
Shares
authorized
....................................
Unlimited
Unlimited
—
—
—
Par
value
..........................................
$
—
$
—
$
—
$
—
$
—
WestCap
Net
assets
..........................................
$
—
$
50,256
$
—
$
—
$
—
Shares
outstanding
...................................
—
50,269
—
—
—
Net
asset
value
......................................
$
—
$
1.00
$
—
$
—
$
—
Shares
authorized
....................................
—
Unlimited
—
—
—
Par
value
..........................................
$
—
$
—
$
—
$
—
$
—
Statements
of
Assets
and
Liabilities
(continued)
October
31,
2022
59
Financial
Statements
See
notes
to
financial
statements.
Treasury
Trust
Fund
MuniCash
California
Money
Fund
New
York
Money
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
..........................................
$
110,700,336,318
$
3,604,448,991
$
240,220,579
$
197,609,761
Cash
...............................................................
5,394,806,621
146,877
77,902,207
83,604
Receivables:
–
–
–
–
Investments
sold
......................................................
5,758,446,643
—
—
1,000,000
Capital
shares
sold
.....................................................
2,019,514
10,617,982
71,936
147,334
Interest
—
unaffiliated
...................................................
11,330,165
9,978,157
573,477
347,866
Prepaid
expenses
.......................................................
15,129,983
238,
35
5
10,19
5
91,311
Total
assets
...........................................................
121,882,069,244
3,625,430,362
318,778,394
199,279,876
LIABILITIES
Payables:
–
–
–
–
Investments
purchased
..................................................
13,447,583,225
12,470,000
925,000
—
Capital
shares
redeemed
.................................................
844,211
13,296,291
1,115
—
Custodian
fees
........................................................
398,605
26,960
4,894
3,002
Income
dividend
distributions
..............................................
113,105,636
3,309,836
85,862
192,411
Management
fees
......................................................
14,830,622
565,198
24,933
13,304
Trustees'
and
Officer's
fees
...............................................
24,956
3,346
1,674
1,515
Printing
and
postage
fees
................................................
29,518
27,156
28,140
28,381
Professional
fees
......................................................
156,948
70,590
63,914
55,685
Registration
fees
......................................................
4,339,577
41,064
77,588
23,219
Service
and
distribution
fees
...............................................
14,781,389
19,801
1,375
269
Transfer
agent
fees
....................................................
119,124
21,063
1,358
1,092
Other
accrued
expenses
.................................................
40,101
27,914
1,805
1,729
Total
liabilities
..........................................................
13,596,253,912
29,879,219
1,217,658
320,607
NET
ASSETS
..........................................................
$
108,285,815,332
$
3,595,551,143
$
317,560,736
$
19
8,959,269
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................
$
108,286,400,265
$
3,596,399,911
$
317,586,535
$
198,959,507
Accumulated
loss
......................................................
(584,933)
(848,768)
(25,799)
(238)
NET
ASSETS
.........................................................
$
108,285,815,332
$
3,595,551,143
$
317,560,736
$
198,959,269
(a)
Investments,
at
cost
—
unaffiliated
..........................................
$
110,700,336,318
$
3,605,297,575
$
240,246,734
$
197,610,000
Statements
of
Assets
and
Liabilities
(continued)
October
31,
2022
2022
BlackRock
Annual
Report
to
Shareholders
60
See
notes
to
financial
statements.
Treasury
Trust
Fund
MuniCash
California
Money
Fund
New
York
Money
Fund
NET
ASSET
VALUE
Institutional
Net
assets
........................................................
$
106,544,392,086
$
3,592,640,395
$
317,560,736
$
198,959,269
Shares
outstanding
.................................................
106,544,969,434
3,593,007,732
317,789,513
198,958,003
Net
asset
value
....................................................
$
1.00
$
0.9999
$
0.9993
$
1.0000
Shares
authorized
..................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
........................................................
$
—
$
—
$
—
$
—
Administration
Net
assets
........................................................
$
382,955,609
$
—
$
—
$
—
Shares
outstanding
.................................................
382,957,312
—
—
—
Net
asset
value
....................................................
$
1.00
$
—
$
—
$
—
Shares
authorized
..................................................
Unlimited
—
—
—
Par
value
........................................................
$
—
$
—
$
—
$
—
Capital
Net
assets
........................................................
$
27,523,655
$
—
$
—
$
—
Shares
outstanding
.................................................
27,523,822
—
—
—
Net
asset
value
....................................................
$
1.00
$
—
$
—
$
—
Shares
authorized
..................................................
Unlimited
—
—
—
Par
value
........................................................
$
—
$
—
$
—
$
—
Cash
Management
Net
assets
........................................................
$
21,329,965
$
—
$
—
$
—
Shares
outstanding
.................................................
21,330,074
—
—
—
Net
asset
value
....................................................
$
1.00
$
—
$
—
$
—
Shares
authorized
..................................................
Unlimited
—
—
—
Par
value
........................................................
$
—
$
—
$
—
$
—
Cash
Reserve
Net
assets
........................................................
$
79,114,108
$
—
$
—
$
—
Shares
outstanding
.................................................
79,114,531
—
—
—
Net
asset
value
....................................................
$
1.00
$
—
$
—
$
—
Shares
authorized
..................................................
Unlimited
—
—
—
Par
value
........................................................
$
—
$
—
$
—
$
—
Dollar
Net
assets
........................................................
$
1,060,803,900
$
2,910,748
$
—
$
—
Shares
outstanding
.................................................
1,060,808,865
2,911,172
—
—
Net
asset
value
....................................................
$
1.00
$
0.9999
$
—
$
—
Shares
authorized
..................................................
Unlimited
Unlimited
—
—
Par
value
........................................................
$
—
$
—
$
—
$
—
Select
Net
assets
........................................................
$
169,696,009
$
—
$
—
$
—
Shares
outstanding
.................................................
169,696,227
—
—
—
Net
asset
value
....................................................
$
1.00
$
—
$
—
$
—
Shares
authorized
..................................................
Unlimited
—
—
—
Par
value
........................................................
$
—
$
—
$
—
$
—
Statements
of
Operations
Year
Ended
October
31,
2022
61
Financial
Statements
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
INVESTMENT
INCOME
–
–
–
–
–
Interest
—
unaffiliated
....................................
$
56,825,531
$
1,649,864,472
$
75,090,426
$
90,412,077
$
1,112,614,177
Total
investment
income
....................................
56,825,531
1,649,864,472
75,090,426
90,412,077
1,112,614,177
EXPENSES
Management
..........................................
12,887,601
308,424,021
13,918,030
18,979,456
211,713,011
Registration
..........................................
339,934
5,508,013
232,947
923,182
3,793,445
Service
and
distribution
—
class
specific
.......................
138,993
64,334,883
44
3,202,364
26,967,066
Transfer
agent
.........................................
133,114
1,104,640
105,085
417,641
864,811
Custodian
............................................
107,946
960,498
70,817
117,839
658,286
Professional
..........................................
69,864
342,855
65,536
75,944
316,658
Trustees
and
Officer
.....................................
30,037
328,027
27,925
35,993
316,312
Organization
and
offering
.................................
—
38,616
—
—
—
Miscellaneous
.........................................
223,803
757,174
148,776
178,934
564,283
Total
expenses
..........................................
13,931,292
381,798,727
14,569,160
23,931,353
245,193,872
Less:
–
–
–
–
–
Fees
waived
and/or
reimbursed
by
the
Manager
..................
(5,655,378)
(97,704,689)
(5,072,635)
(6,796,753)
(59,865,159)
Service
and
distribution
fees
waived
and/or
reimbursed
—
class
specific
..
(69,802)
(24,695,556)
(16)
(1,402,594)
(9,700,429)
Total
expenses
after
fees
waived
and/or
reimbursed
.................
8,206,112
259,398,482
9,496,509
15,732,006
175,628,284
Net
investment
income
.....................................
48,619,419
1,390,465,990
65,593,917
74,680,071
936,985,893
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(690,428)
$
(36,843,186)
$
(3,920,461)
$
(4,431,116)
$
(20,182,878)
Net
realized
gain
(loss)
from
investments
.......................
(690,428)
(36,843,185
)
12,497
10,023
(20,182,8
8
0
)
Net
change
in
unrealized
depreciation
on
investments
..............
—
—
(3,932,958)
(4,441,139)
—
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....
$
47,928,991
$
1,353,622,805
$
61,673,456
$
70,248,955
$
916,803,013
See
notes
to
financial
statements.
Statements
of
Operations
(continued)
Year
Ended
October
31,
2022
2022
BlackRock
Annual
Report
to
Shareholders
62
Treasury
Trust
Fund
MuniCash
California
Money
Fund
New
York
Money
Fund
INVESTMENT
INCOME
–
–
–
–
Interest
—
unaffiliated
...................................................
$
1,059,668,393
$
26,751,502
$
1,436,070
$
1,053,723
Total
investment
income
...................................................
1,059,668,393
26,751,502
1,436,070
1,053,723
EXPENSES
Management
.........................................................
202,697,854
11,354,919
929,763
480,434
Service
and
distribution
—
class
specific
......................................
8,829,895
10,816
—
—
Registration
.........................................................
6,898,673
202,929
81,289
63,510
Custodian
...........................................................
1,237,148
31,802
12,970
8,226
Transfer
agent
........................................................
391,865
43,869
2,585
2,206
Trustees
and
Officer
....................................................
326,665
23,143
8,548
7,778
Professional
.........................................................
288,902
37,944
61,519
44,053
Miscellaneous
........................................................
455,177
100,090
35,439
36,345
Total
expenses
.........................................................
221,126,179
11,805,512
1,132,113
642,552
Less:
–
–
–
–
Fees
waived
and/or
reimbursed
by
the
Manager
.................................
(60,148,782)
(5,291,816)
(755,540)
(438,645)
Service
and
distribution
fees
waived
and/or
reimbursed
—
class
specific
.................
(4,632,486)
(4,668)
—
—
Total
expenses
after
fees
waived
and/or
reimbursed
................................
156,344,911
6,509,028
376,573
203,907
Net
investment
income
....................................................
903,323,482
20,242,474
1,059,497
849,816
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
2,426,101
$
(726,875)
$
(22,258)
$
1,000
Net
realized
gain
from
investments
..........................................
2,426,101
60,574
2,7
29
—
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
...................
—
(787,449)
(24,988)
1,000
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
....................
$
905,749,583
$
19,515,599
$
1,037,238
$
850,816
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets
63
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/22
Year
Ended
10/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
...................................................
$
48,619,419
$
197,183
$
1,390,465,990
$
27,353,818
Net
realized
gain
(loss)
...................................................
(690,428)
174,919
(36,843,185)
3,354,063
Net
increase
in
net
assets
resulting
from
operations
..................................
47,928,991
372,102
1,353,622,805
30,707,881
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
..........................................................
(48,537,193)
(856,148)
(1,077,596,668)
(36,593,415)
Administration
........................................................
(203,462)
(15,249)
(213,403,476)
(847,853)
Bancroft
Capital
.......................................................
(424)
—
—
—
Cabrera
Capital
Markets
.................................................
(424)
—
—
—
Capital
.............................................................
—
—
(3,026,915)
(5,093,642)
Cash
Management
.....................................................
(78,794)
(2,109)
(4,284,003)
(128,908)
Cash
Reserve
........................................................
(3)
(42)
(35,255,621)
(1,591,606)
Dollar
..............................................................
(53,184)
(3,393)
(27,091,528)
(807,667)
Great
Pacific
.........................................................
(407)
—
—
—
Mischler
Financial
Group
.................................................
(68,040)
—
(11,486,407)
(82,914)
Penserra
...........................................................
(422)
—
—
—
Premier
.............................................................
—
—
(18,686,982)
(2,205)
Private
Client
.........................................................
—
—
(1,554)
(67)
Select
..............................................................
—
—
(3,107,617)
(184,048)
Stern
Brothers
........................................................
(291)
—
(299)
—
Tigress
.............................................................
(1,074)
—
(743)
—
WestCap
...........................................................
—
—
(269)
—
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
........................
(48,943,718)
(876,941)
(1,393,942,082)
(45,332,325)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
................
160,508,937
413,281,524
(21,212,578,366)
3,447,674,638
NET
ASSETS
Total
increase
(decrease)
in
net
assets
..........................................
159,494,210
412,776,685
(21,252,897,643)
3,433,050,194
Beginning
of
year
.........................................................
5,021,239,837
4,608,463,152
167,557,884,292
164,124,834,098
End
of
year
.............................................................
$
5,180,734,047
$
5,021,239,837
$
146,304,986,649
$
167,557,884,292
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
64
See
notes
to
financial
statements.
TempCash
TempFund
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/22
Year
Ended
10/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
65,593,917
$
4,106,417
$
74,680,071
$
4,385,685
Net
realized
gain
........................................................
12,497
54,111
10,023
110,809
Net
change
in
unrealized
appreciation
(depreciation)
................................
(3,932,958)
(2,666,357)
(4,441,139)
(2,511,359)
Net
increase
in
net
assets
resulting
from
operations
...................................
61,673,456
1,494,171
70,248,955
1,985,135
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
...........................................................
(65,593,405)
(4,414,196)
(69,791,863)
(5,306,972)
Administration
.........................................................
—
—
(150,396)
(3,271)
Cabrera
Capital
Markets
..................................................
—
—
(495)
—
Capital
..............................................................
—
—
(62,777)
(625)
Cash
Management
......................................................
—
—
(3,801,518)
(150,131)
Cash
Reserve
.........................................................
—
—
(82,973)
(2,699)
Dollar
...............................................................
(150)
(4)
(953,713)
(34,335)
Premier
..............................................................
(362)
(18)
—
—
Private
Client
..........................................................
—
—
(7,842)
(273)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(65,593,917)
(4,414,218)
(74,851,577)
(5,498,306)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
2,875,694,021
(4,848,448,403)
(1,309,031,942)
(2,973,071,701)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
2,871,773,560
(4,851,368,450)
(1,313,634,564)
(2,976,584,872)
Beginning
of
year
..........................................................
5,786,831,832
10,638,200,282
8,654,450,497
11,631,035,369
End
of
year
..............................................................
$
8,658,605,392
$
5,786,831,832
$
7,340,815,933
$
8,654,450,497
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
65
Financial
Statements
See
notes
to
financial
statements.
T-Fund
Treasury
Trust
Fund
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/22
Year
Ended
10/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.................................................
$
936,985,893
$
6,527,325
$
903,323,482
$
5,054,524
Net
realized
gain
(loss)
.................................................
(20,182,880)
2,034,133
2,426,101
1,328,151
Net
increase
in
net
assets
resulting
from
operations
................................
916,803,013
8,561,458
905,749,583
6,382,675
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
........................................................
(772,514,168)
(14,675,809)
(893,603,138)
(9,193,212)
Administration
......................................................
(143,818,630)
(76,283)
(3,879,189)
(58,136)
Capital
...........................................................
(952,166)
(3,085,773)
(101,615)
(140)
Cash
Management
...................................................
(5,473,066)
(146,495)
(156,314)
(5,621)
Cash
Reserve
......................................................
(782,324)
(64,004)
(502,788)
(12,927��)
Dollar
............................................................
(11,632,288)
(145,206)
(7,124,384)
(121,091)
Premier
...........................................................
(2,939,940)
(1,273)
—
—
Select
............................................................
(135,326)
(7,954)
(2,012,121)
(58,575)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
......................
(938,247,908)
(18,202,797)
(907,379,549)
(9,449,702)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
..............
(19,885,886,464)
14,842,780,470
7,255,815,540
43,035,065,014
NET
ASSETS
Total
increase
(decrease)
in
net
assets
........................................
(19,907,331,359)
14,833,139,131
7,254,185,574
43,031,997,987
Beginning
of
year
.......................................................
121,199,470,698
106,366,331,567
101,031,629,758
57,999,631,771
End
of
year
...........................................................
$
101,292,139,339
$
121,199,470,698
$
108,285,815,332
$
101,031,629,758
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
66
See
notes
to
financial
statements.
MuniCash
California
Money
Fund
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/22
Year
Ended
10/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
20,242,474
$
451,851
$
1,059,497
$
19,235
Net
realized
gain
........................................................
60,574
238,132
2,729
168,937
Net
change
in
unrealized
appreciation
(depreciation)
................................
(787,449)
(196,538)
(24,988)
(2,445)
Net
increase
in
net
assets
resulting
from
operations
...................................
19,515,599
493,445
1,037,238
185,727
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
...........................................................
(20,457,399)
(451,547)
(1,228,434)
(23,645)
Dollar
...............................................................
(14,473)
(304)
—
—
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(20,471,872)
(451,851)
(1,228,434)
(23,645)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(1,777,099,677)
209,822,087
110,594,977
53,328,647
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(1,778,055,950)
209,863,681
110,403,781
53,490,729
Beginning
of
year
..........................................................
5,373,607,093
5,163,743,412
207,156,955
153,666,226
End
of
year
..............................................................
$
3,595,551,143
$
5,373,607,093
$
317,560,736
$
207,156,955
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
67
Financial
Statements
See
notes
to
financial
statements.
New
York
Money
Fund
Year
Ended
10/31/22
Year
Ended
10/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..................................................................................
$
849,816
$
10,632
Net
change
in
unrealized
appreciation
(depreciation)
..............................................................
1,000
(4,222)
Net
increase
in
net
assets
resulting
from
operations
.................................................................
850,816
6,410
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
.........................................................................................
(849,816)
(10,632)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.......................................................
(849,816)
(10,632)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...............................................
139,158,163
(90,177,839)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.........................................................................
139,159,163
(90,182,061)
Beginning
of
year
........................................................................................
59,800,106
149,982,167
End
of
year
............................................................................................
$
198,959,269
$
59,800,106
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
68
BlackRock
Liquid
Federal
Trust
Fund
Institutional
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.........................................
0.0077
0.0000
(a)
0.0051
0.0214
0.0151
Net
realized
and
unrealized
gain
(loss)
...............................
0.0007
(b)
0.0001
0.0014
0.0000
(a)
(0.0001
)
Net
increase
from
investment
operations
...............................
0.0084
0.0001
0.0065
0.0214
0.0150
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.....................................
(0.0084
)
(0.0000
)
(d)
(0.0064
)
(0.0214
)
(0.0150
)
From
net
realized
gain
..........................................
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
—
Total
distributions
..............................................
(0.0084
)
(0.0001
)
(0.0065
)
(0.0214
)
(0.0150
)
Net
asset
value,
end
of
year
......................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.........................................
0.85
%
0.02
%
0.65
%
2.16
%
1.51
%
Ratios
to
Average
Net
Assets
Total
expenses
................................................
0.22
%
0.23
%
0.23
%
0.25
%
0.24
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......................
0.13
%
0.09
%
0.17
%
0.17
%
0.17
%
Net
investment
income
..........................................
0.77
%
0.00
%
(f)
0.51
%
2.14
%
1.51
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
5,117,999
$
4,912,973
$
4,488,126
$
3,442,530
$
2,996,754
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
69
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Administration
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
..........................................
0.0043
0.0000
(a)
0.0051
0.0204
0.0140
Net
realized
and
unrealized
gain
....................................
0.0035
(b)
0.0001
0.0006
0.0000
(a)
0.0000
(a)
Net
increase
from
investment
operations
................................
0.0078
0.0001
0.0057
0.0204
0.0140
Distributions
(c)
–
–
–
–
–
From
net
investment
income
......................................
(0.0078
)
(0.0000
)
(d)
(0.0056
)
(0.0204
)
(0.0140
)
From
net
realized
gain
...........................................
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
—
Total
distributions
...............................................
(0.0078
)
(0.0001
)
(0.0057
)
(0.0204
)
(0.0140
)
Net
asset
value,
end
of
year
.......................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
..........................................
0.78
%
0.02
%
0.57
%
2.06
%
1.41
%
Ratios
to
Average
Net
Assets
Total
expenses
.................................................
0.32
%
0.33
%
0.33
%
0.35
%
0.34
%
Total
expenses
after
fees
waived
and/or
reimbursed
........................
0.15
%
0.08
%
0.24
%
0.27
%
0.27
%
Net
investment
income
...........................................
0.43
%
0.00
%
(f)
0.51
%
2.05
%
1.40
%
Supplemental
Data
Net
assets,
end
of
year
(000)
........................................
$
24,112
$
87,091
$
78,219
$
80,271
$
75,807
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
70
BlackRock
Liquid
Federal
Trust
Fund
Bancroft
Capital
Period
from
11/01/21
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
.......................................................................................
$
1.00
Net
investment
income
................................................................................................
0.0084
Net
realized
and
unrealized
gain
..........................................................................................
(
0.0000
)
(b)
Net
increase
from
investment
operations
......................................................................................
0.0084
Distributions
(c)
–
From
net
investment
income
............................................................................................
(0.0084
)
From
net
realized
gain
.................................................................................................
(0.0000
)
(
b
)
Total
distributions
.....................................................................................................
(0.0084
)
Net
asset
value,
end
of
period
............................................................................................
$
1.00
Total
Return
(d)
—
Based
on
net
asset
value
................................................................................................
0.85
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
.......................................................................................................
0.22
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
0.13
%
(f)
Net
investment
income
.................................................................................................
0.85
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................................
$
50
(a)
Commencement
of
operations.
(b)
Amount
is
greater
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)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
71
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Cabrera
Capital
Markets
Period
from
11/01/21
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
.......................................................................................
$
1.00
Net
investment
income
................................................................................................
0.0084
Net
realized
and
unrealized
gain
..........................................................................................
(
0.0000
)
(b)
Net
increase
from
investment
operations
......................................................................................
0.0084
Distributions
(c)
–
From
net
investment
income
............................................................................................
(0.0084
)
From
net
realized
gain
.................................................................................................
(0.0000
)
(b
)
Total
distributions
.....................................................................................................
(0.0084
)
Net
asset
value,
end
of
period
............................................................................................
$
1.00
Total
Return
(d)
—
Based
on
net
asset
value
................................................................................................
0.85
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
.......................................................................................................
0.22
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
0.13
%
(f)
Net
investment
income
.................................................................................................
0.85
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................................
$
50
(a)
Commencement
of
operations.
(b)
Amount
is
greater
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)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
72
BlackRock
Liquid
Federal
Trust
Fund
Cash
Management
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.........................................
0.0051
0.0000
(a)
0.0022
0.0164
0.0099
Net
realized
and
unrealized
gain
...................................
0.0006
(b)
0.0001
0.0016
0.0000
(a)
0.0001
Net
increase
from
investment
operations
...............................
0.0057
0.0001
0.0038
0.0164
0.0100
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.....................................
(0.0057
)
(0.0000
)
(d)
(0.0037
)
(0.0164
)
(0.0100
)
From
net
realized
gain
..........................................
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
—
Total
distributions
..............................................
(0.0057
)
(0.0001
)
(0.0038
)
(0.0164
)
(0.0100
)
Net
asset
value,
end
of
year
......................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.........................................
0.57
%
0.02
%
0.38
%
1.65
%
1.01
%
Ratios
to
Average
Net
Assets
Total
expenses
................................................
0.72
%
0.73
%
0.73
%
0.75
%
0.74
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......................
0.39
%
0.08
%
0.36
%
0.67
%
0.67
%
Net
investment
income
..........................................
0.51
%
0.00
%
(f)
0.22
%
1.65
%
0.99
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
14,435
$
10,191
$
10,809
$
11,839
$
13,175
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
73
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Dollar
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.........................................
0.0084
0.0000
(a)
0.0032
0.0189
0.0116
Net
realized
and
unrealized
gain
(loss)
...............................
(0.0015
)
0.0001
0.0018
0.0000
(a)
0.0009
Net
increase
from
investment
operations
...............................
0.0069
0.0001
0.0050
0.0189
0.0125
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.....................................
(0.0069
)
(0.0000
)
(c)
(0.0049
)
(0.0189
)
(0.0125
)
From
net
realized
gain
..........................................
(0.0000
)
(c)
(0.0001
)
(0.0001
)
(0.0000
)
(c)
—
Total
distributions
..............................................
(0.0069
)
(0.0001
)
(0.0050
)
(0.0189
)
(0.0125
)
Net
asset
value,
end
of
year
......................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.........................................
0.70
%
0.02
%
0.49
%
1.91
%
1.26
%
Ratios
to
Average
Net
Assets
Total
expenses
................................................
0.47
%
0.48
%
0.48
%
0.50
%
0.49
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......................
0.29
%
0.09
%
0.29
%
0.42
%
0.42
%
Net
investment
income
..........................................
0.84
%
0.00
%
(e)
0.32
%
1.90
%
1.16
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
15,765
$
10,977
$
30,848
$
11,152
$
13,751
(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%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
74
BlackRock
Liquid
Federal
Trust
Fund
Great
Pacific
Period
from
05/02/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
.......................................................................................
$
1.00
Net
investment
income
................................................................................................
0.0081
Net
realized
and
unrealized
gain
..........................................................................................
(
0.0000
)
(b)
Net
increase
from
investment
operations
......................................................................................
0.0081
Distributions
from
net
investment
income
(c)
..................................................................................
(0.0081
)
Net
asset
value,
end
of
period
............................................................................................
$
1.00
Total
Return
(d)
—
Based
on
net
asset
value
................................................................................................
0.81
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
.......................................................................................................
0.22
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
0.17
%
(f)
Net
investment
income
.................................................................................................
1.62
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................................
$
50
(a)
Commencement
of
operations.
(b)
Amount
is
greater
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)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
75
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Mischler
Financial
Group
Period
from
11/01/21
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
.......................................................................................
$
1.00
Net
investment
income
................................................................................................
0.0089
Net
realized
and
unrealized
loss
..........................................................................................
(0.0005
)
Net
increase
from
investment
operations
......................................................................................
0.0084
Distributions
(b)
–
From
net
investment
income
............................................................................................
(0.0084
)
From
net
realized
gain
.................................................................................................
(0.0000
)
(c)
Total
distributions
.....................................................................................................
(0.0084
)
Net
asset
value,
end
of
period
............................................................................................
$
1.00
Total
Return
(d)
—
Based
on
net
asset
value
................................................................................................
0.85
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
.......................................................................................................
0.22
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
0.17
%
(f)
Net
investment
income
.................................................................................................
0.89
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................................
$
5,120
(a)
Commencement
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)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
76
BlackRock
Liquid
Federal
Trust
Fund
Penserra
Period
from
01/21/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
.......................................................................................
$
1.00
Net
investment
income
................................................................................................
0.0084
Net
realized
and
unrealized
gain
..........................................................................................
(
0.0000
)
(b)
Net
increase
from
investment
operations
......................................................................................
0.0084
Distributions
from
net
investment
income
(c)
..................................................................................
(0.0084
)
Net
asset
value,
end
of
period
............................................................................................
$
1.00
Total
Return
(d)
—
Based
on
net
asset
value
................................................................................................
0.84
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
.......................................................................................................
0.22
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
0.15
%
(f)
Net
investment
income
.................................................................................................
1.08
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................................
$
50
(a)
Commencement
of
operations.
(b)
Amount
is
greater
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)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
77
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Stern
Brothers
Period
from
08/01/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
.......................................................................................
$
1.00
Net
investment
income
................................................................................................
0.0058
Net
realized
and
unrealized
gain
..........................................................................................
(
0.0000
)
(b)
Net
increase
from
investment
operations
......................................................................................
0.0058
Distributions
from
net
investment
income
(c)
..................................................................................
(0.0058
)
Net
asset
value,
end
of
period
............................................................................................
$
1.00
Total
Return
(d)
—
Based
on
net
asset
value
................................................................................................
0.58
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
.......................................................................................................
0.23
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
0.17
%
(f)
Net
investment
income
.................................................................................................
2.31
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................................
$
50
(a)
Commencement
of
operations.
(b)
Amount
is
greater
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)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
78
BlackRock
Liquid
Federal
Trust
Fund
Tigress
Period
from
09/30/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
.......................................................................................
$
1.00
Net
investment
income
................................................................................................
0.0026
Net
realized
and
unrealized
loss
..........................................................................................
(0.0004
)
Net
increase
from
investment
operations
......................................................................................
0.0022
Distributions
from
net
investment
income
(b)
..................................................................................
(0.0022
)
Net
asset
value,
end
of
period
............................................................................................
$
1.00
Total
Return
(c)
—
Based
on
net
asset
value
................................................................................................
0.22
%
(d)
Ratios
to
Average
Net
Assets
Total
expenses
.......................................................................................................
0.25
%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
0.17
%
(e)
Net
investment
income
.................................................................................................
2.91
%
(e)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................................
$
3,051
(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)
Not
annualized.
(e)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
79
Financial
Highlights
FedFund
Institutional
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
..........................................
0.0084
0.0002
0.0054
0.0217
0.0152
Net
realized
and
unrealized
gain
....................................
0.0006
(a)
0.0001
0.0010
0.0001
0.0001
Net
increase
from
investment
operations
................................
0.0090
0.0003
0.0064
0.0218
0.0153
Distributions
(b)
–
–
–
–
–
From
net
investment
income
......................................
(0.0090
)
(0.0002
)
(0.0063
)
(0.0218
)
(0.0153
)
From
net
realized
gain
...........................................
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
—
Total
distributions
...............................................
(0.0090
)
(0.0003
)
(0.0064
)
(0.0218
)
(0.0153
)
Net
asset
value,
end
of
year
.......................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
..........................................
0.90
%
0.03
%
0.64
%
2.20
%
1.54
%
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
........................
0.13
%
0.08
%
0.17
%
0.17
%
0.17
%
Net
investment
income
...........................................
0.84
%
0.02
%
0.54
%
2.17
%
1.52
%
Supplemental
Data
Net
assets,
end
of
year
(000)
........................................
$
111,196,831
$
127,458,227
$
141,084,816
$
93,106,503
$
74,278,100
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
80
FedFund
Administration
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.........................................
0.0116
0.0002
0.0054
0.0207
0.0145
Net
realized
and
unrealized
gain
(loss)
...............................
(0.0032
)
0.0001
0.0002
0.0001
(0.0002
)
Net
increase
from
investment
operations
...............................
0.0084
0.0003
0.0056
0.0208
0.0143
Distributions
(a)
–
–
–
–
–
From
net
investment
income
.....................................
(0.0084
)
(0.0002
)
(0.0055
)
(0.0208
)
(0.0143
)
From
net
realized
gain
..........................................
(0.0000
)
(b)
(0.0001
)
(0.0001
)
—
—
Total
distributions
..............................................
(0.0084
)
(0.0003
)
(0.0056
)
(0.0208
)
(0.0143
)
Net
asset
value,
end
of
year
......................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
.........................................
0.84
%
0.03
%
0.56
%
2.10
%
1.44
%
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
.......................
0.25
%
0.08
%
0.24
%
0.27
%
0.27
%
Net
investment
income
..........................................
1.16
%
0.02
%
0.54
%
2.07
%
1.45
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
22,812,396
$
3,021,092
$
2,977,997
$
2,870,758
$
2,500,290
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
81
Financial
Highlights
FedFund
Capital
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Period
from
11/10/17
(a)
to
10/31/18
Net
asset
value,
beginning
of
period
................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.........................................
0.0003
0.0002
0.0051
0.0213
0.0172
Net
realized
and
unrealized
gain
(loss)
...............................
0.0085
(b)
0.0001
0.0009
0.0001
(0.0026
)
Net
increase
from
investment
operations
...............................
0.0088
0.0003
0.0060
0.0214
0.0146
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.....................................
(0.0088
)
(0.0002
)
(0.0059
)
(0.0214
)
(0.0146
)
From
net
realized
gain
..........................................
(0.0000
)
(d)
(0.0001
)
(0.0001
)
—
—
Total
distributions
..............................................
(0.0088
)
(0.0003
)
(0.0060
)
(0.0214
)
(0.0146
)
Net
asset
value,
end
of
period
.....................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.........................................
0.88
%
0.03
%
0.60
%
2.16
%
1.47
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
................................................
0.24
%
0.24
%
0.24
%
0.24
%
0.24
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
.......................
0.07
%
0.07
%
0.21
%
0.21
%
0.21
%
(g)
Net
investment
income
..........................................
0.03
%
0.02
%
0.51
%
2.13
%
1.77
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................................
$
1,252
$
25,722,827
$
11,247,218
$
8,078,893
$
7,138,766
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
82
FedFund
Cash
Management
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.........................................
0.0062
0.0002
0.0035
0.0165
0.0100
Net
realized
and
unrealized
gain
...................................
(
0.0000
)
(a)
0.0001
0.0003
0.0003
0.0003
Net
increase
from
investment
operations
...............................
0.0062
0.0003
0.0038
0.0168
0.0103
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.....................................
(0.0062
)
(0.0002
)
(0.0037
)
(0.0168
)
(0.0103
)
From
net
realized
gain
..........................................
(0.0000
)
(a)
(0.0001
)
(0.0001
)
—
—
Total
distributions
..............................................
(0.0062
)
(0.0003
)
(0.0038
)
(0.0168
)
(0.0103
)
Net
asset
value,
end
of
year
......................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
.........................................
0.62
%
0.03
%
0.38
%
1.69
%
1.04
%
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
.......................
0.42
%
0.08
%
0.42
%
0.67
%
0.67
%
Net
investment
income
..........................................
0.62
%
0.02
%
0.35
%
1.65
%
1.00
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
695,591
$
590,584
$
440,893
$
377,591
$
154,607
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
83
Financial
Highlights
FedFund
Cash
Reserve
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
..........................................
0.0063
0.0002
0.0040
0.0178
0.0115
Net
realized
and
unrealized
gain
(loss)
................................
0.0004
(a)
0.0001
0.0002
0.0000
(b)
(0.0002
)
Net
increase
from
investment
operations
................................
0.0067
0.0003
0.0042
0.0178
0.0113
Distributions
(c)
–
–
–
–
–
From
net
investment
income
......................................
(0.0067
)
(0.0002
)
(0.0041
)
(0.0178
)
(0.0113
)
From
net
realized
gain
...........................................
(0.0000
)
(d)
(0.0001
)
(0.0001
)
—
—
Total
distributions
...............................................
(0.0067
)
(0.0003
)
(0.0042
)
(0.0178
)
(0.0113
)
Net
asset
value,
end
of
year
.......................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
..........................................
0.67
%
0.03
%
0.42
%
1.79
%
1.14
%
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
........................
0.35
%
0.08
%
0.39
%
0.57
%
0.57
%
Net
investment
income
...........................................
0.63
%
0.02
%
0.40
%
1.78
%
1.15
%
Supplemental
Data
Net
assets,
end
of
year
(000)
........................................
$
5,181,757
$
5,518,536
$
5,079,903
$
4,907,193
$
1,649,400
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
84
FedFund
Dollar
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
..........................................
0.0080
0.0002
0.0039
0.0195
0.0129
Net
realized
and
unrealized
gain
(loss)
................................
(0.0005
)
0.0001
0.0009
0.0000
(a)
(0.0001
)
Net
increase
from
investment
operations
................................
0.0075
0.0003
0.0048
0.0195
0.0128
Distributions
(b)
–
–
–
–
–
From
net
investment
income
......................................
(0.0075
)
(0.0002
)
(0.0047
)
(0.0195
)
(0.0128
)
From
net
realized
gain
...........................................
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
—
Total
distributions
...............................................
(0.0075
)
(0.0003
)
(0.0048
)
(0.0195
)
(0.0128
)
Net
asset
value,
end
of
year
.......................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
..........................................
0.75
%
0.03
%
0.48
%
1.97
%
1.29
%
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
........................
0.29
%
0.08
%
0.31
%
0.42
%
0.42
%
Net
investment
income
...........................................
0.80
%
0.02
%
0.39
%
1.95
%
1.29
%
Supplemental
Data
Net
assets,
end
of
year
(000)
........................................
$
3,653,256
$
2,863,692
$
2,991,892
$
2,307,110
$
1,776,032
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
85
Financial
Highlights
FedFund
Mischler
Financial
Group
Year
Ended
10/31/22
Period
from
01/22/21
(a)
to
10/31/21
Net
asset
value,
beginning
of
period
..........................................................................
$
1.00
$
1.00
Net
investment
income
...................................................................................
0.0081
0.0001
Net
realized
and
unrealized
gain
.............................................................................
0.0009
(b)
0.0001
Net
increase
from
investment
operations
.........................................................................
0.0090
0.0002
Distributions
(c)
–
–
From
net
investment
income
...............................................................................
(0.0090
)
(0.0001
)
From
net
realized
gain
....................................................................................
(0.0000
)
(d)
(0.0001
)
Total
distributions
........................................................................................
(0.0090
)
(0.0002
)
Net
asset
value,
end
of
period
...............................................................................
$
1.00
$
1.00
Total
Return
(e)
—
—
Based
on
net
asset
value
...................................................................................
0.90
%
0.02
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
..........................................................................................
0.19
%
0.19
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
.................................................................
0.13
%
0.05
%
(g)
Net
investment
income
....................................................................................
0.81
%
0.03
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
...............................................................................
$
673,842
$
1,636,430
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
86
FedFund
Premier
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Period
from
07/26/19
(a)
to
10/31/19
Net
asset
value,
beginning
of
period
.............................................
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................................
0.0208
0.0002
0.0062
0.0051
Net
realized
and
unrealized
gain
(loss)
............................................
(0.0118
)
0.0001
0.0002
0.0000
(b)
Net
increase
from
investment
operations
............................................
0.0090
0.0003
0.0064
0.0051
Distributions
(c)
–
–
–
–
From
net
investment
income
..................................................
(0.0090
)
(0.0002
)
(0.0063
)
(0.0051
)
From
net
realized
gain
.......................................................
(0.0000
)
(d)
(0.0001
)
(0.0001
)
—
Total
distributions
...........................................................
(0.0090
)
(0.0003
)
(0.0064
)
(0.0051
)
Net
asset
value,
end
of
period
..................................................
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
—
—
—
—
Based
on
net
asset
value
......................................................
0.90
%
0.03
%
0.64
%
0.51
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.............................................................
0.18
%
0.19
%
0.19
%
0.19
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
....................................
0.17
%
0.06
%
0.17
%
0.17
%
(g)
Net
investment
income
.......................................................
2.09
%
0.02
%
0.62
%
1.95
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..................................................
$
1,429,878
$
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)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
87
Financial
Highlights
FedFund
Private
Client
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
..........................................
0.0061
0.0002
0.0036
0.0166
0.0090
Net
realized
and
unrealized
gain
....................................
0.0001
(a)
0.0001
0.0002
0.0001
0.0012
Net
increase
from
investment
operations
................................
0.0062
0.0003
0.0038
0.0167
0.0102
Distributions
(b)
–
–
–
–
–
From
net
investment
income
......................................
(0.0062
)
(0.0002
)
(0.0037
)
(0.0167
)
(0.0102
)
From
net
realized
gain
...........................................
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
—
Total
distributions
...............................................
(0.0062
)
(0.0003
)
(0.0038
)
(0.0167
)
(0.0102
)
Net
asset
value,
end
of
year
.......................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
..........................................
0.62
%
0.03
%
0.38
%
1.68
%
1.02
%
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
........................
0.42
%
0.08
%
0.43
%
0.68
%
0.68
%
Net
investment
income
...........................................
0.61
%
0.02
%
0.36
%
1.66
%
0.90
%
Supplemental
Data
Net
assets,
end
of
year
(000)
........................................
$
253
$
252
$
252
$
230
$
768
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
88
FedFund
Select
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
..........................................
0.0042
0.0002
0.0021
0.0133
0.0066
Net
realized
and
unrealized
gain
....................................
0.0005
(a)
0.0001
0.0004
0.0002
0.0004
Net
increase
from
investment
operations
................................
0.0047
0.0003
0.0025
0.0135
0.0070
Distributions
(b)
–
–
–
–
–
From
net
investment
income
......................................
(0.0047
)
(0.0002
)
(0.0024
)
(0.0135
)
(0.0070
)
From
net
realized
gain
...........................................
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
—
Total
distributions
...............................................
(0.0047
)
(0.0003
)
(0.0025
)
(0.0135
)
(0.0070
)
Net
asset
value,
end
of
year
.......................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
..........................................
0.47
%
0.03
%
0.26
%
1.36
%
0.71
%
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
........................
0.50
%
0.08
%
0.54
%
1.00
%
1.00
%
Net
investment
income
...........................................
0.42
%
0.02
%
0.22
%
1.33
%
0.66
%
Supplemental
Data
Net
assets,
end
of
year
(000)
........................................
$
657,779
$
727,352
$
301,826
$
256,241
$
195,297
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
89
Financial
Highlights
FedFund
Stern
Brothers
Period
from
08/01/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
.......................................................................................
$
1.00
Net
investment
income
................................................................................................
0.0060
Net
realized
and
unrealized
gain
..........................................................................................
(
0.0000
)
(b)
Net
increase
from
investment
operations
......................................................................................
0.0060
Distributions
from
net
investment
income
(c)
..................................................................................
(0.0060
)
Net
asset
value,
end
of
period
............................................................................................
$
1.00
Total
Return
(d)
—
Based
on
net
asset
value
................................................................................................
0.60
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
.......................................................................................................
0.18
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
0.17
%
(f)
Net
investment
income
.................................................................................................
2.37
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................................
$
50
(a)
Commencement
of
operations.
(b)
Amount
is
greater
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)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
90
FedFund
Tigress
Period
from
09/30/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
.......................................................................................
$
1.00
Net
investment
income
................................................................................................
0.0025
Net
realized
and
unrealized
loss
..........................................................................................
(0.0002
)
Net
increase
from
investment
operations
......................................................................................
0.0023
Distributions
from
net
investment
income
(b)
..................................................................................
(0.0023
)
Net
asset
value,
end
of
period
............................................................................................
$
1.00
Total
Return
(c)
—
Based
on
net
asset
value
................................................................................................
0.23
%
(d)
Ratios
to
Average
Net
Assets
Total
expenses
.......................................................................................................
0.19
%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
0.17
%
(e)
Net
investment
income
.................................................................................................
2.87
%
(e)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................................
$
2,050
(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)
Not
annualized.
(e)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
91
Financial
Highlights
FedFund
WestCap
Period
from
08/12/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
.......................................................................................
$
1.00
Net
investment
income
................................................................................................
0.0054
Net
realized
and
unrealized
gain
..........................................................................................
(
0.0000
)
(b)
Net
increase
from
investment
operations
......................................................................................
0.0054
Distributions
from
net
investment
income
(c)
..................................................................................
(0.0054
)
Net
asset
value,
end
of
period
............................................................................................
$
1.00
Total
Return
(d)
—
Based
on
net
asset
value
................................................................................................
0.54
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
.......................................................................................................
0.18
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
0.17
%
(f)
Net
investment
income
.................................................................................................
2.42
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................................
$
50
(a)
Commencement
of
operations.
(b)
Amount
is
greater
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)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
92
TempCash
Institutional
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
..................................
$
1.0006
$
1.0009
$
1.0006
$
1.0003
$
1.0002
Net
investment
income
.........................................
0.0119
0.0005
0.0084
0.0233
0.0188
Net
realized
and
unrealized
gain
(loss)
...............................
(0.0026
)
(0.0003
)
0.0004
0.0005
(0.0010
)
Net
increase
from
investment
operations
...............................
0.0093
0.0002
0.0088
0.0238
0.0178
Distributions
(a)
–
–
–
–
–
From
net
investment
income
.....................................
(0.0099
)
(0.0005
)
(0.0085
)
(0.0235
)
(0.0177
)
From
net
realized
gain
..........................................
—
—
(0.0000
)
(b)
(0.0000
)
(b)
—
Total
distributions
..............................................
(0.0099
)
(0.0005
)
(0.0085
)
(0.0235
)
(0.0177
)
Net
asset
value,
end
of
year
......................................
$
1.0000
$
1.0006
$
1.0009
$
1.0006
$
1.0003
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
.........................................
0.94
%
0.02
%
0.88
%
2.41
%
1.79
%
Ratios
to
Average
Net
Assets
Total
expenses
................................................
0.26
%
0.24
%
0.23
%
0.26
%
0.33
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......................
0.17
%
0.17
%
0.18
%
0.18
%
0.18
%
Net
investment
income
..........................................
1.19
%
0.05
%
0.84
%
2.33
%
1.88
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
8,658,551
$
5,786,777
$
10,638,146
$
10,035,653
$
4,875,313
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
93
Financial
Highlights
TempCash
Dollar
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
................................
$
1.0006
$
1.0009
$
1.0006
$
1.0003
$
1.0002
Net
investment
income
.......................................
0.0084
(0.0000
)
(a)
0.0062
0.1405
(b)
0.0122
Net
realized
and
unrealized
gain
(loss)
.............................
(0.0006
)
(0.0001
)
0.0004
0.0156
0.0031
Net
increase
(decrease)
from
investment
operations
.....................
0.0078
(0.0001
)
0.0066
0.1561
0.0153
Distributions
(c)
–
–
–
–
–
From
net
investment
income
...................................
(0.0084
)
(0.0002
)
(0.0063
)
(0.1558
)
(0.0152
)
From
net
realized
gain
........................................
—
—
(0.0000
)
(a)
(0.0000
)
(a)
—
Total
distributions
............................................
(0.0084
)
(0.0002
)
(0.0063
)
(0.1558
)
(0.0152
)
Net
asset
value,
end
of
year
....................................
$
1.0000
$
1.0006
$
1.0009
$
1.0006
$
1.0003
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.......................................
0.78
%
(0.01
)%
0.66
%
15.90
%
(b)
1.54
%
Ratios
to
Average
Net
Assets
Total
expenses
..............................................
0.51
%
0.50
%
0.47
%
0.51
%
0.61
%
Total
expenses
after
fees
waived
and/or
reimbursed
.....................
0.33
%
0.20
%
0.40
%
0.43
%
0.43
%
Net
investment
income
........................................
0.84
%
(0.00
)%
(e)
0.62
%
14.04
%
(b)
1.22
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.....................................
$
18
$
18
$
18
$
18
$
15
(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)%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
94
TempCash
Premier
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Period
from
07/26/19
(a)
to
10/31/19
Net
asset
value,
beginning
of
period
.............................................
$
1.0006
$
1.0010
$
1.0007
$
1.0006
Net
investment
income
......................................................
0.0099
0.0005
0.0085
0.0055
Net
realized
and
unrealized
gain
(loss)
............................................
(0.0006
)
(0.0004
)
0.0003
0.0001
Net
increase
from
investment
operations
............................................
0.0093
0.0001
0.0088
0.0056
Distributions
(b)
–
–
–
–
From
net
investment
income
..................................................
(0.0099
)
(0.0005
)
(0.0085
)
(0.0055
)
From
net
realized
gain
.......................................................
—
—
(0.0000
)
(c)
(0.0000
)
(c)
Total
distributions
...........................................................
(0.0099
)
(0.0005
)
(0.0085
)
(0.0055
)
Net
asset
value,
end
of
period
..................................................
$
1.0000
$
1.0006
$
1.0010
$
1.0007
Total
Return
(d)
—
—
—
—
Based
on
net
asset
value
......................................................
0.94
%
0.01
%
0.88
%
0.56
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
.............................................................
0.27
%
0.25
%
0.23
%
0.24
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
....................................
0.17
%
0.16
%
0.18
%
0.18
%
(f)
Net
investment
income
.......................................................
0.99
%
0.05
%
0.84
%
2.10
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
..................................................
$
36
$
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)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
95
Financial
Highlights
TempFund
Institutional
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
..................................
$
1.0004
$
1.0008
$
1.0006
$
1.0003
$
1.0003
Net
investment
income
.........................................
0.0091
0.0004
0.0084
0.0237
0.0177
Net
realized
and
unrealized
gain
(loss)
...............................
0.0003
(a)
(0.0003
)
0.0002
0.0003
0.0001
Net
increase
from
investment
operations
...............................
0.0094
0.0001
0.0086
0.0240
0.0178
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.....................................
(0.0098
)
(0.0005
)
(0.0083
)
(0.0237
)
(0.0178
)
From
net
realized
gain
..........................................
—
—
(0.0001
)
(0.0000
)
(c)
—
Total
distributions
..............................................
(0.0098
)
(0.0005
)
(0.0084
)
(0.0237
)
(0.0178
)
Net
asset
value,
end
of
year
......................................
$
1.0000
$
1.0004
$
1.0008
$
1.0006
$
1.0003
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.........................................
0.95
%
0.01
%
0.86
%
(e)
2.42
%
1.79
%
Ratios
to
Average
Net
Assets
Total
expenses
................................................
0.25
%
0.23
%
0.22
%
0.22
%
0.22
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......................
0.17
%
0.16
%
0.18
%
0.18
%
0.18
%
Net
investment
income
..........................................
0.91
%
0.05
%
0.84
%
2.37
%
1.77
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
6,633,563
$
7,923,377
$
10,928,671
$
10,609,770
$
12,325,770
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
96
TempFund
Administration
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
...................
$
1.0005
$
1.0008
$
1.0006
$
1.0004
$
1.0004
Net
investment
income
..........................
0.0120
0.0002
0.0072
0.0227
0.0153
Net
realized
and
unrealized
gain
(loss)
................
(0.0033
)
(0.0002
)
0.0004
0.0002
0.0015
Net
increase
from
investment
operations
................
0.0087
0.0000
0.0076
0.0229
0.0168
Distributions
(a)
–
–
–
–
–
From
net
investment
income
......................
(0.0092
)
(0.0003
)
(0.0073
)
(0.0227
)
(0.0168
)
From
net
realized
gain
...........................
—
—
(0.0001
)
(0.0000
)
(b)
—
Total
distributions
...............................
(0.0092
)
(0.0003
)
(0.0074
)
(0.0227
)
(0.0168
)
Net
asset
value,
end
of
year
.......................
$
1.0000
$
1.0005
���
$
1.0008
$
1.0006
$
1.0004
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
..........................
0.87
%
0.00
%
(d)
0.76
%
(e)
2.31
%
1.69
%
Ratios
to
Average
Net
Assets
Total
expenses
.................................
0.35
%
0.33
%
0.32
%
0.32
%
0.32
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.24
%
0.18
%
0.28
%
0.28
%
0.28
%
Net
investment
income
...........................
1.20
%
0.02
%
0.72
%
2.27
%
1.53
%
Supplemental
Data
Net
assets,
end
of
year
(000)
........................
$
24,601
$
10,577
$
9,524
$
42,214
$
23,965
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
97
Financial
Highlights
TempFund
Cabrera
Capital
Markets
Period
from
11/01/21
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
.......................................................................................
$
1.0005
Net
investment
income
................................................................................................
0.0099
Net
realized
and
unrealized
loss
..........................................................................................
(0.0005
)
Net
increase
from
investment
operations
......................................................................................
0.0094
Distributions
(b)
–
From
net
investment
income
............................................................................................
(0.0099
)
From
net
realized
gain
.................................................................................................
—
Total
distributions
.....................................................................................................
(0.0099
)
Net
asset
value,
end
of
period
............................................................................................
$
1.0000
Total
Return
(c)
—
Based
on
net
asset
value
................................................................................................
0.94
%
(d)
Ratios
to
Average
Net
Assets
Total
expenses
.......................................................................................................
0.25
%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
0.17
%
(e)
Net
investment
income
.................................................................................................
0.99
%
(e)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................................
$
50
(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)
Not
annualized.
(e)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
98
TempFund
Capital
Year
Ended
10/31/22
Year
Ended
10/31/21
Period
from
07/07/20
(a)
to
10/31/20
Net
asset
value,
beginning
of
period
..........................................................
$
1.0005
$
1.0008
$
1.0010
Net
investment
income
...................................................................
0.0196
0.0002
0.0002
Net
realized
and
unrealized
loss
.............................................................
(0.0106
)
(0.0002
)
(0.0001
)
Net
increase
from
investment
operations
.........................................................
0.0090
0.0000
0.0001
Distributions
(b)
–
–
–
From
net
investment
income
...............................................................
(0.0095
)
(0.0003
)
(0.0002
)
From
net
realized
gain
....................................................................
—
—
(0.0001
)
Total
distributions
........................................................................
(0.0095
)
(0.0003
)
(0.0003
)
Net
asset
value,
end
of
period
...............................................................
$
1.0000
$
1.0005
$
1.0008
Total
Return
(c)
—
—
—
Based
on
net
asset
value
...................................................................
0.90
%
0.00
%
(d)
0.01
%
(e)(f)
Ratios
to
Average
Net
Assets
Total
expenses
..........................................................................
0.30
%
0.28
%
0.27
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
.................................................
0.22
%
0.19
%
0.23
%
(g)
Net
investment
income
....................................................................
1.96
%
0.02
%
0.05
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
...............................................................
$
31,255
$
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)
Not
annualized.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
99
Financial
Highlights
TempFund
Cash
Management
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
................................
$
1.0005
$
1.0008
$
1.0006
$
1.0003
$
1.0003
Net
investment
income
.......................................
0.0067
0.0002
0.0048
0.0188
0.0127
Net
realized
and
unrealized
gain
(loss)
.............................
(0.0002
)
(0.0002
)
0.0002
0.0003
0.0001
Net
increase
from
investment
operations
.............................
0.0065
0.0000
0.0050
0.0191
0.0128
Distributions
(a)
–
–
–
–
–
From
net
investment
income
...................................
(0.0070
)
(0.0003
)
(0.0047
)
(0.0188
)
(0.0128
)
From
net
realized
gain
........................................
—
—
(0.0001
)
(0.0000
)
(b)
—
Total
distributions
............................................
(0.0070
)
(0.0003
)
(0.0048
)
(0.0188
)
(0.0128
)
Net
asset
value,
end
of
year
....................................
$
1.0000
$
1.0005
$
1.0008
$
1.0006
$
1.0003
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
.......................................
0.65
%
0.00
%
(d)
0.50
%
(e)
1.92
%
1.28
%
Ratios
to
Average
Net
Assets
Total
expenses
..............................................
0.75
%
0.73
%
0.73
%
0.72
%
0.72
%
Total
expenses
after
fees
waived
and/or
reimbursed
.....................
0.45
%
0.18
%
0.54
%
0.68
%
0.68
%
Net
investment
income
........................................
0.67
%
0.02
%
0.48
%
1.88
%
1.27
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.....................................
$
537,877
$
596,683
$
576,228
$
624,658
$
632,405
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
100
TempFund
Cash
Reserve
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
.................................
$
1.0005
$
1.0008
$
1.0006
$
1.0004
$
1.0003
Net
investment
income
........................................
0.0057
0.0002
0.0052
0.0231
0.0143
Net
realized
and
unrealized
gain
(loss)
..............................
0.0014
(a)
(0.0002
)
0.0008
0.0000
(b)
(0.0004
)
Net
increase
from
investment
operations
..............................
0.0071
0.0000
0.0060
0.0231
0.0139
Distributions
(c)
–
–
–
–
–
From
net
investment
income
....................................
(0.0076
)
(0.0003
)
(0.0057
)
(0.0229
)
(0.0138
)
From
net
realized
gain
.........................................
—
—
(0.0001
)
(0.0000
)
(d)
—
Total
distributions
.............................................
(0.0076
)
(0.0003
)
(0.0058
)
(0.0229
)
(0.0138
)
Net
asset
value,
end
of
year
.....................................
$
1.0000
$
1.0005
$
1.0008
$
1.0006
$
1.0004
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
........................................
0.71
%
0.00
%
(f)
0.60
%
(g)
2.33
%
1.39
%
Ratios
to
Average
Net
Assets
Total
expenses
...............................................
0.65
%
0.63
%
0.63
%
0.62
%
0.62
%
Total
expenses
after
fees
waived
and/or
reimbursed
......................
0.35
%
0.17
%
0.44
%
0.50
%
0.58
%
Net
investment
income
.........................................
0.57
%
0.02
%
0.52
%
2.31
%
1.43
%
Supplemental
Data
Net
assets,
end
of
year
(000)
......................................
$
12,014
$
14,234
$
5,544
$
4,296
$
4,320
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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)
Amount
is
less
than
0.005%.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
101
Financial
Highlights
TempFund
Dollar
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
................................
$
1.0005
$
1.0008
$
1.0006
$
1.0004
$
1.0004
Net
investment
income
.......................................
0.0083
0.0002
0.0056
0.0221
0.0151
Net
realized
and
unrealized
gain
(loss)
.............................
(0.0005
)
(0.0002
)
0.0009
0.0001
0.0002
Net
increase
from
investment
operations
.............................
0.0078
0.0000
0.0065
0.0222
0.0153
Distributions
(a)
–
–
–
–
–
From
net
investment
income
...................................
(0.0083
)
(0.0003
)
(0.0062
)
(0.0220
)
(0.0153
)
From
net
realized
gain
........................................
—
—
(0.0001
)
(0.0000
)
(b)
—
Total
distributions
............................................
(0.0083
)
(0.0003
)
(0.0063
)
(0.0220
)
(0.0153
)
Net
asset
value,
end
of
year
....................................
$
1.0000
$
1.0005
$
1.0008
$
1.0006
$
1.0004
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
.......................................
0.78
%
0.00
%
(d)
0.65
%
(e)
2.24
%
1.54
%
Ratios
to
Average
Net
Assets
Total
expenses
..............................................
0.50
%
0.48
%
0.48
%
0.47
%
0.47
%
Total
expenses
after
fees
waived
and/or
reimbursed
.....................
0.33
%
0.18
%
0.38
%
0.43
%
0.43
%
Net
investment
income
........................................
0.83
%
0.02
%
0.56
%
2.21
%
1.51
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.....................................
$
100,333
$
107,298
$
106,802
$
79,837
$
80,471
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
102
TempFund
Private
Client
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
................................
$
1.0005
$
1.0008
$
1.0006
$
1.0004
$
1.0003
Net
investment
income
.......................................
0.0070
0.0002
0.0017
0.0190
0.0136
Net
realized
and
unrealized
gain
(loss)
.............................
(0.0005
)
(0.0002
)
0.0033
(0.0001
)
(0.0007
)
Net
increase
from
investment
operations
.............................
0.0065
0.0000
0.0050
0.0189
0.0129
Distributions
(a)
–
–
–
–
–
From
net
investment
income
...................................
(0.0070
)
(0.0003
)
(0.0047
)
(0.0187
)
(0.0128
)
From
net
realized
gain
........................................
—
—
(0.0001
)
(0.0000
)
(b)
—
Total
distributions
............................................
(0.0070
)
(0.0003
)
(0.0048
)
(0.0187
)
(0.0128
)
Net
asset
value,
end
of
year
....................................
$
1.0000
$
1.0005
$
1.0008
$
1.0006
$
1.0004
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
.......................................
0.65
%
0.00
%
(d)
0.50
%
(e)
1.90
%
1.29
%
Ratios
to
Average
Net
Assets
Total
expenses
..............................................
1.10
%
1.08
%
1.08
%
1.07
%
1.07
%
Total
expenses
after
fees
waived
and/or
reimbursed
.....................
0.45
%
0.18
%
0.59
%
0.68
%
0.68
%
Net
investment
income
........................................
0.70
%
0.02
%
0.17
%
1.90
%
1.36
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.....................................
$
1,122
$
1,131
$
1,043
$
1,165
$
2,042
(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.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
103
Financial
Highlights
T-Fund
Institutional
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
.................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................................
0.0084
0.0001
0.0057
0.0215
0.0151
Net
realized
gain
............................................
0.0006
(a)
0.0001
0.0005
0.0001
0.0002
Net
increase
from
inv
estment
operations
..............................
0.0090
0.0002
0.0062
0.0216
0.0153
Distributions
(b)
–
–
–
–
–
From
net
investment
income
....................................
(0.0090
)
(0.0001
)
(0.0061
)
(0.0216
)
(0.0153
)
From
net
realized
gain
.........................................
(0.0000
)
(c)
(0.0001
)
(0.0001
)
(0.0000
)
(c)
(0.0000
)
(c)
Total
distributions
.............................................
(0.0090
)
(0.0002
)
(0.0062
)
(0.0216
)
(0.0153
)
Net
asset
value,
end
of
year
.....................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
........................................
0.90
%
0.02
%
0.62
%
(e)
2.18
%
1.54
%
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
......................
0.14
%
0.08
%
0.17
%
0.17
%
0.17
%
Net
investment
income
.........................................
0.84
%
0.01
%
0.57
%
2.15
%
1.51
%
Supplemental
Data
Net
assets,
end
of
year
(000)
......................................
$
82,703,301
$
91,031,976
$
88,266,743
$
65,112,830
$
57,671,676
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
104
T-Fund
Administration
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
.................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................................
0.0120
0.0001
0.0056
0.0206
0.0146
Net
realized
gain
(loss)
........................................
(0.0037
)
0.0001
(0.0002
)
0.0000
(a)
(0.0003
)
Net
increase
from
investment
operations
..............................
0.0083
0.0002
0.0054
0.0206
0.0143
Distributions
(b)
–
–
–
–
–
From
net
investment
income
....................................
(0.0083
)
(0.0001
)
(0.0053
)
(0.0206
)
(0.0143
)
From
net
realized
gain
.........................................
(0.0000
)
(c)
(0.0001
)
(0.0001
)
(0.0000
)
(c)
(0.0000
)
(c)
Total
distributions
.............................................
(0.0083
)
(0.0002
)
(0.0054
)
(0.0206
)
(0.0143
)
Net
asset
value,
end
of
year
.....................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
........................................
0.84
%
0.01
%
0.53
%
(e)
2.08
%
1.43
%
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
......................
0.27
%
0.08
%
0.25
%
0.27
%
0.27
%
Net
investment
income
.........................................
1.20
%
0.01
%
0.56
%
2.08
%
1.46
%
Supplemental
Data
Net
assets,
end
of
year
(000)
......................................
$
15,781,965
$
504,427
$
489,691
$
733,783
$
924,933
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
105
Financial
Highlights
T-Fund
Capital
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Period
from
11/10/17
(a)
to
10/31/18
Net
asset
value,
beginning
of
period
...............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................................
0.0001
0.0001
0.0048
0.0212
0.0172
Net
realized
gain
(loss)
........................................
0.0086
(b)
0.0001
0.0010
0.0000
(c)
(0.0027
)
Net
increase
from
investment
operations
..............................
0.0087
0.0002
0.0058
0.0212
0.0145
Distributions
(d)
–
–
–
–
–
From
net
investment
income
....................................
(0.0087
)
(0.0001
)
(0.0057
)
(0.0212
)
(0.0145
)
From
net
realized
gain
.........................................
(0.0000
)
(e)
(0.0001
)
(0.0001
)
(0.0000
)
(e)
(0.0000
)
(e)
Total
distributions
.............................................
(0.0087
)
(0.0002
)
(0.0058
)
(0.0212
)
(0.0145
)
Net
asset
value,
end
of
period
....................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(f)
—
—
—
—
—
Based
on
net
asset
value
........................................
0.87
%
0.01
%
0.57
%
(g)
2.14
%
1.46
%
(h)
Ratios
to
Average
Net
Assets
Total
expenses
...............................................
0.24
%
0.24
%
0.24
%
0.24
%
0.24
%
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
......................
0.09
%
0.08
%
0.21
%
0.21
%
0.21
%
(i)
Net
investment
income
.........................................
0.01
%
0.01
%
0.48
%
2.13
%
1.76
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
....................................
$
55,006
$
27,304,259
$
15,842,877
$
10,347,984
$
10,978,658
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Amount
is
less
than
$0.00005
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Amount
is
greater
than
$(0.00005)
per
share.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Not
annualized.
(i)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
106
T-Fund
Cash
Management
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
.................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
........................................
0.0059
0.0001
0.0034
0.0164
0.0103
Net
realized
gain
............................................
0.0003
(a)
0.0001
0.0003
0.0003
0.0000
(b)
Net
increase
from
investment
operations
..............................
0.0062
0.0002
0.0037
0.0167
0.0103
Distributions
(c)
–
–
–
–
–
From
net
investment
income
....................................
(0.0062
)
(0.0001
)
(0.0036
)
(0.0167
)
(0.0103
)
From
net
realized
gain
.........................................
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
(0.0000
)
(d)
Total
distributions
.............................................
(0.0062
)
(0.0002
)
(0.0037
)
(0.0167
)
(0.0103
)
Net
asset
value,
end
of
year
.....................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
........................................
0.62
%
0.01
%
0.37
%
(f)
1.69
%
1.03
%
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
......................
0.41
%
0.08
%
0.41
%
0.67
%
0.67
%
Net
investment
income
.........................................
0.59
%
0.00
%
(g)
0.34
%
1.64
%
1.03
%
Supplemental
Data
Net
assets,
end
of
year
(000)
......................................
$
887,139
$
825,420
$
1,009,514
$
1,035,657
$
600,314
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
107
Financial
Highlights
T-Fund
Cash
Reserve
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.........................................
0.0033
0.0001
0.0037
0.0176
0.0128
Net
realized
gain
(loss)
.........................................
0.0034
(a)
0.0001
0.0004
0.0000
(b)
(0.0015
)
Net
increase
from
investment
operations
...............................
0.0067
0.0002
0.0041
0.0176
0.0113
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.....................................
(0.0067
)
(0.0001
)
(0.0040
)
(0.0176
)
(0.0113
)
From
net
realized
gain
..........................................
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
(0.0000
)
(d)
Total
distributions
..............................................
(0.0067
)
(0.0002
)
(0.0041
)
(0.0176
)
(0.0113
)
Net
asset
value,
end
of
year
......................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.........................................
0.67
%
0.01
%
0.40
%
(f)
1.78
%
1.13
%
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
.......................
0.22
%
0.07
%
0.39
%
0.57
%
0.57
%
Net
investment
income
..........................................
0.33
%
0.01
%
0.37
%
1.78
%
1.28
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
88,281
$
482,231
$
56,822
$
123,578
$
239,734
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
108
T-Fund
Dollar
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.........................................
0.0071
0.0001
0.0044
0.0191
0.0123
Net
realized
gain
.............................................
0.0003
(a)
0.0001
0.0003
0.0000
(b)
0.0004
Net
increase
from
investment
operations
...............................
0.0074
0.0002
0.0047
0.0191
0.0127
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.....................................
(0.0074
)
(0.0001
)
(0.0046
)
(0.0191
)
(0.0127
)
From
net
realized
gain
..........................................
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
(0.0000
)
(d)
Total
distributions
..............................................
(0.0074
)
(0.0002
)
(0.0047
)
(0.0191
)
(0.0127
)
Net
asset
value,
end
of
year
......................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.........................................
0.75
%
0.01
%
0.46
%
(f)
1.93
%
1.28
%
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
.......................
0.29
%
0.08
%
0.32
%
0.42
%
0.42
%
Net
investment
income
..........................................
0.71
%
0.01
%
0.44
%
1.92
%
1.23
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
1,258,974
$
1,000,401
$
670,205
$
794,485
$
1,230,374
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
109
Financial
Highlights
T-Fund
Premier
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Period
from
07/26/19
(a)
to
10/31/19
Net
asset
value,
beginning
of
period
............................................
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................................
0.0193
0.0001
0.0060
0.0050
Net
realized
gain
(loss)
.....................................................
(0.0103
)
0.0001
0.0002
0.0000
(b)
Net
increase
from
investment
operations
...........................................
0.0090
0.0002
0.0062
0.0050
Distributions
(c)
–
–
–
–
From
net
investment
income
.................................................
(0.0090
)
(0.0001
)
(0.0061
)
(0.0050
)
From
net
realized
gain
......................................................
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
Total
distributions
..........................................................
(0.0090
)
(0.0002
)
(0.0062
)
(0.0050
)
Net
asset
value,
end
of
period
.................................................
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
—
—
—
—
Based
on
net
asset
value
.....................................................
0.90
%
0.02
%
0.61
%
(f)
0.50
%
(g)
Ratios
to
Average
Net
Assets
Total
expenses
............................................................
0.19
%
0.19
%
0.19
%
0.19
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...................................
0.17
%
0.06
%
0.17
%
0.17
%
(h)
Net
investment
income
......................................................
1.95
%
0.01
%
0.60
%
1.93
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.................................................
$
496,172
$
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)
Not
annualized.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
110
T-Fund
Select
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.........................................
0.0031
0.0001
0.0011
0.0133
0.0051
Net
realized
gain
.............................................
0.0016
(a)
0.0001
0.0014
0.0000
(b)
0.0019
Net
increase
from
investment
operations
...............................
0.0047
0.0002
0.0025
0.0133
0.0070
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.....................................
(0.0047
)
(0.0001
)
(0.0024
)
(0.0133
)
(0.0070
)
From
net
realized
gain
..........................................
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
(0.0000
)
(d)
Total
distributions
..............................................
(0.0047
)
(0.0002
)
(0.0025
)
(0.0133
)
(0.0070
)
Net
asset
value,
end
of
year
......................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.........................................
0.47
%
0.01
%
0.24
%
(f)
1.34
%
0.70
%
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
.......................
0.52
%
0.07
%
0.41
%
1.00
%
1.00
%
Net
investment
income
..........................................
0.31
%
0.01
%
0.11
%
1.37
%
0.51
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
21,300
$
37,798
$
30,444
$
14,769
$
19,710
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
111
Financial
Highlights
Treasury
Trust
Fund
Institutional
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.........................................
0.0082
0.0001
0.0048
0.0212
0.0153
Net
realized
gain
(loss)
.........................................
0.0001
0.0001
0.0015
0.0000
(a)
(0.0002
)
Net
increase
from
investment
operations
...............................
0.0083
0.0002
0.0063
0.0212
0.0151
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.....................................
(0.0083
)
(0.0001
)
(0.0062
)
(0.0212
)
(0.0151
)
From
net
realized
gain
..........................................
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
(0.0000
)
(c)
Total
distributions
..............................................
(0.0083
)
(0.0002
)
(0.0063
)
(0.0212
)
(0.0151
)
Net
asset
value,
end
of
year
......................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.........................................
0.84
%
0.01
%
0.63
%
2.14
%
1.52
%
Ratios
to
Average
Net
Assets
Total
expenses
................................................
0.19
%
0.19
%
0.19
%
0.20
%
0.20
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......................
0.14
%
0.06
%
0.17
%
0.17
%
0.17
%
Net
investment
income
..........................................
0.82
%
0.01
%
0.48
%
2.12
%
1.53
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
106,544,392
$
98,602,650
$
56,400,526
$
38,728,217
$
30,530,122
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
112
Treasury
Trust
Fund
Administration
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.........................................
0.0065
0.0001
0.0058
0.0203
0.0136
Net
realized
gain
(loss)
.........................................
0.0012
0.0001
(0.0002
)
0.0000
(a)
0.0005
Net
increase
from
investment
operations
...............................
0.0077
0.0002
0.0056
0.0203
0.0141
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.....................................
(0.0077
)
(0.0001
)
(0.0055
)
(0.0203
)
(0.0141
)
From
net
realized
gain
..........................................
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
(0.0000
)
(c)
Total
distributions
..............................................
(0.0077
)
(0.0002
)
(0.0056
)
(0.0203
)
(0.0141
)
Net
asset
value,
end
of
year
......................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.........................................
0.77
%
0.01
%
0.56
%
2.05
%
1.42
%
Ratios
to
Average
Net
Assets
Total
expenses
................................................
0.29
%
0.29
%
0.29
%
0.30
%
0.30
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......................
0.19
%
0.07
%
0.24
%
0.26
%
0.27
%
Net
investment
income
..........................................
0.65
%
0.01
%
0.58
%
2.03
%
1.36
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
382,956
$
599,190
$
399,846
$
465,703
$
413,618
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
113
Financial
Highlights
Treasury
Trust
Fund
Capital
Year
Ended
10/31/22
Year
Ended
10/31/21
Period
from
10/22/20
(a)
to
10/31/20
Net
asset
value,
beginning
of
period
...........................................................
$
1.00
$
1.00
$
1.00
Net
investment
income
....................................................................
0.0163
0.0001
0.0000
(b)
Net
realized
gain
(loss)
....................................................................
(0.0083
)
(c)
0.0001
0.0000
(b)
Net
increase
from
investment
operations
..........................................................
0.0080
0.0002
0.0000
Distributions
(d)
–
–
–
From
net
investment
income
................................................................
(0.0080
)
(0.0001
)
—
From
net
realized
gain
.....................................................................
(0.0000
)
(e)
(0.0001
)
—
Total
distributions
.........................................................................
(0.0080
)
(0.0002
)
—
Net
asset
value,
end
of
period
................................................................
$
1.00
$
1.00
$
1.00
Total
Return
(f)
—
—
—
Based
on
net
asset
value
....................................................................
0.80
%
0.01
%
0.00
%
(g)
Ratios
to
Average
Net
Assets
Total
expenses
...........................................................................
0.24
%
0.24
%
0.24
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..................................................
0.20
%
0.06
%
0.17
%
(h)
Net
investment
income
(loss)
.................................................................
1.63
%
0.01
%
(0.03
)%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
................................................................
$
27,524
$
3,299
$
250
(a)
Recommencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Amount
is
greater
than
$(0.00005)
per
share.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
114
Treasury
Trust
Fund
Cash
Management
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.........................................
0.0051
0.0001
0.0034
0.0158
0.0098
Net
realized
gain
.............................................
0.0005
0.0001
0.0003
0.0005
0.0003
Net
increase
from
investment
operations
...............................
0.0056
0.0002
0.0037
0.0163
0.0101
Distributions
(a)
–
–
–
–
–
From
net
investment
income
.....................................
(0.0056
)
(0.0001
)
(0.0036
)
(0.0163
)
(0.0101
)
From
net
realized
gain
..........................................
(0.0000
)
(b)
(0.0001
)
(0.0001
)
—
(
0.0000
)
(b)
Total
distributions
..............................................
(0.0056
)
(0.0002
)
(0.0037
)
(0.0163
)
(0.0101
)
Net
asset
value,
end
of
year
......................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
.........................................
0.56
%
0.01
%
0.37
%
1.64
%
1.02
%
Ratios
to
Average
Net
Assets
Total
expenses
................................................
0.69
%
0.69
%
0.69
%
0.69
%
0.70
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......................
0.41
%
0.08
%
0.41
%
0.67
%
0.67
%
Net
investment
income
..........................................
0.51
%
0.01
%
0.34
%
1.58
%
0.98
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
21,330
$
32,960
$
53,101
$
36,492
$
13,843
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
115
Financial
Highlights
Treasury
Trust
Fund
Cash
Reserve
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.........................................
0.0053
0.0001
0.0040
0.0172
0.0124
Net
realized
gain
(loss)
.........................................
0.0007
0.0001
0.0001
0.0000
(a)
(0.0013
)
Net
increase
from
investment
operations
...............................
0.0060
0.0002
0.0041
0.0172
0.0111
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.....................................
(0.0060
)
(0.0001
)
(0.0040
)
(0.0172
)
(0.0111
)
From
net
realized
gain
..........................................
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
(0.0000
)
(c)
Total
distributions
..............................................
(0.0060
)
(0.0002
)
(0.0041
)
(0.0172
)
(0.0111
)
Net
asset
value,
end
of
year
......................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.........................................
0.61
%
0.01
%
0.41
%
1.74
%
1.12
%
Ratios
to
Average
Net
Assets
Total
expenses
................................................
0.59
%
0.59
%
0.59
%
0.60
%
0.60
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......................
0.35
%
0.07
%
0.39
%
0.57
%
0.57
%
Net
investment
income
..........................................
0.53
%
0.01
%
0.40
%
1.73
%
1.24
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
79,114
$
97,008
$
102,984
$
74,034
$
8,044
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
116
Treasury
Trust
Fund
Dollar
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.........................................
0.0073
0.0001
0.0046
0.0194
0.0127
Net
realized
gain
(loss)
.........................................
(0.0003
)
(a)
0.0001
0.0003
0.0002
(0.0001
)
Net
increase
from
investment
operations
...............................
0.0070
0.0002
0.0049
0.0196
0.0126
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.....................................
(0.0070
)
(0.0001
)
(0.0048
)
(0.0196
)
(0.0126
)
From
net
realized
gain
..........................................
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
(0.0000
)
(c)
Total
distributions
..............................................
(0.0070
)
(0.0002
)
(0.0049
)
(0.0196
)
(0.0126
)
Net
asset
value,
end
of
year
......................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.........................................
0.70
%
0.01
%
0.49
%
1.98
%
1.27
%
Ratios
to
Average
Net
Assets
Total
expenses
................................................
0.44
%
0.44
%
0.44
%
0.44
%
0.45
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......................
0.27
%
0.07
%
0.30
%
0.40
%
0.42
%
Net
investment
income
..........................................
0.73
%
0.01
%
0.46
%
1.94
%
1.27
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
1,060,804
$
1,035,846
$
939,241
$
977,335
$
482,014
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
117
Financial
Highlights
Treasury
Trust
Fund
Select
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.........................................
0.0032
0.0001
0.0016
0.0129
0.0067
Net
realized
gain
.............................................
0.0010
0.0001
0.0008
0.0001
0.0001
Net
increase
from
investment
operations
...............................
0.0042
0.0002
0.0024
0.0130
0.0068
Distributions
(a)
–
–
–
–
–
From
net
investment
income
.....................................
(0.0042
)
(0.0001
)
(0.0023
)
(0.0130
)
(0.0068
)
From
net
realized
gain
..........................................
(0.0000
)
(b)
(0.0001
)
(0.0001
)
—
(0.0000
)
(b)
Total
distributions
..............................................
(0.0042
)
(0.0002
)
(0.0024
)
(0.0130
)
(0.0068
)
Net
asset
value,
end
of
year
......................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
.........................................
0.42
%
0.01
%
0.24
%
1.30
%
0.68
%
Ratios
to
Average
Net
Assets
Total
expenses
................................................
1.04
%
1.04
%
1.04
%
1.05
%
1.05
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......................
0.49
%
0.06
%
0.45
%
1.00
%
1.00
%
Net
investment
income
..........................................
0.32
%
0.01
%
0.16
%
1.29
%
0.67
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
169,696
$
660,676
$
103,647
$
38,265
$
39,675
(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.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
118
MuniCash
Institutional
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
...................................
$
1.0001
$
1.0001
$
1.0001
$
1.0001
$
1.0003
Net
investment
income
..........................................
0.0048
0.0001
0.0051
0.0137
0.0112
Net
realized
and
unrealized
gain
....................................
0.0007
(a)
0.0000
(b)
0.0004
0.0000
(b)
0.0000
(b)
Net
increase
from
investment
operations
................................
0.0055
0.0001
0.0055
0.0137
0.0112
Distributions
(c)
–
–
–
–
–
From
net
investment
income
......................................
(0.0057
)
(0.0001
)
(0.0055
)
(0.0137
)
(0.0112
)
From
net
realized
gain
...........................................
(0.0000
)
(d)
—
—
(0.0000
)
(d)
(0.0002
)
Total
distributions
...............................................
(0.0057
)
(0.0001
)
(0.0055
)
(0.0137
)
(0.0114
)
Net
asset
value,
end
of
year
.......................................
$
0.9999
$
1.0001
$
1.0001
$
1.0001
$
1.0001
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
..........................................
0.56
%
0.01
%
0.55
%
1.38
%
1.13
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.................................................
0.28
%
0.26
%
0.26
%
0.28
%
0.29
%
Total
expenses
after
fees
waived
and/or
reimbursed
........................
0.16
%
0.08
%
0.19
%
0.20
%
0.20
%
Net
investment
income
...........................................
0.48
%
0.01
%
0.51
%
1.36
%
1.12
%
Supplemental
Data
Net
assets,
end
of
year
(000)
........................................
$
3,592,640
$
5,368,797
$
5,160,531
$
5,182,923
$
3,992,552
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
119
Financial
Highlights
MuniCash
Dollar
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
...................................
$
1.0001
$
1.0001
$
1.0001
$
1.0001
$
1.0003
Net
investment
income
..........................................
0.0033
0.0001
0.0040
0.0123
0.0087
Net
realized
and
unrealized
gain
....................................
0.0007
(a)
0.0000
(b)
0.0002
0.0000
(b)
0.0000
(b)
Net
increase
from
investment
operations
................................
0.0040
0.0001
0.0042
0.0123
0.0087
Distributions
(c)
–
–
–
–
–
From
net
investment
income
......................................
(0.0042
)
(0.0001
)
(0.0042
)
(0.0123
)
(0.0087
)
From
net
realized
gain
...........................................
(0.0000
)
(d)
—
—
(0.0000
)
(d)
(0.0002
)
Total
distributions
...............................................
(0.0042
)
(0.0001
)
(0.0042
)
(0.0123
)
(0.0089
)
Net
asset
value,
end
of
year
.......................................
$
0.9999
$
1.0001
$
1.0001
$
1.0001
$
1.0001
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
..........................................
0.40
%
0.01
%
0.42
%
1.23
%
0.88
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.................................................
0.53
%
0.52
%
0.51
%
0.53
%
0.54
%
Total
expenses
after
fees
waived
and/or
reimbursed
........................
0.30
%
0.07
%
0.31
%
0.45
%
0.45
%
Net
investment
income
...........................................
0.33
%
0.01
%
0.40
%
1.22
%
0.87
%
Supplemental
Data
Net
assets,
end
of
year
(000)
........................................
$
2,911
$
4,810
$
3,176
$
2,207
$
1,893
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
120
California
Money
Fund
Institutional
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
...................................
$
1.0006
$
1.0000
$
1.0002
$
1.0002
$
1.00
Net
investment
income
..........................................
0.0043
0.0001
0.0051
0.0107
0.0101
Net
realized
and
unrealized
gain
(loss)
................................
0.0006
(a)
0.0006
(0.0007
)
0.0001
0.0002
Net
increase
from
investment
operations
................................
0.0049
0.0007
0.0044
0.0108
0.0103
Distributions
(b)
–
–
–
–
–
From
net
investment
income
......................................
(0.0050
)
(0.0001
)
(0.0046
)
(0.0108
)
(0.0101
)
From
net
realized
gain
...........................................
(0.0012
)
(0.0000
)
(c)
—
—
—
Total
distributions
...............................................
(0.0062
)
(0.0001
)
(0.0046
)
(0.0108
)
(0.0101
)
Net
asset
value,
end
of
year
.......................................
$
0.9993
$
1.0006
$
1.0000
$
1.0002
$
1.0002
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
..........................................
0.49
%
0.07
%
0.44
%
1.09
%
1.03
%
Ratios
to
Average
Net
Assets
Total
expenses
.................................................
0.46
%
0.45
%
0.45
%
0.47
%
0.70
%
Total
expenses
after
fees
waived
and/or
reimbursed
........................
0.15
%
0.05
%
0.18
%
0.20
%
0.20
%
Net
investment
income
...........................................
0.43
%
0.01
%
0.51
%
1.07
%
1.01
%
Supplemental
Data
Net
assets,
end
of
year
(000)
........................................
$
317,561
$
207,157
$
153,630
$
397,288
$
169,293
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
121
Financial
Highlights
New
York
Money
Fund
Institutional
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Year
Ended
10/31/18
Net
asset
value,
beginning
of
year
..................................
$
1.0000
$
1.0000
$
1.0000
$
1.0000
$
1.00
Net
investment
income
.........................................
0.0066
0.0001
0.0062
0.0129
0.0113
Net
realized
and
unrealized
gain
(loss)
...............................
(0.0009
)
(a)
(0.0000
)
(b)
(0.0008
)
0.0003
(0.0002
)
Net
increase
from
investment
operations
...............................
0.0057
0.0001
0.0054
0.0132
0.0111
Distributions
from
net
investment
income
(c)
...........................
(0.0057
)
(0.0001
)
(0.0054
)
(0.0132
)
(0.0111
)
Net
asset
value,
end
of
year
......................................
$
1.0000
$
1.0000
$
1.0000
$
1.0000
$
1.00
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.........................................
0.57
%
0.01
%
0.54
%
1.33
%
1.12
%
Ratios
to
Average
Net
Assets
Total
expenses
................................................
0.50
%
0.53
%
0.46
%
0.56
%
1.35
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......................
0.16
%
0.06
%
0.18
%
0.20
%
0.20
%
Net
investment
income
..........................................
0.66
%
0.01
%
0.62
%
1.29
%
1.13
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
198,959
$
59,800
$
149,946
$
243,502
$
46,066
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Amount
is
greater
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.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
2022
BlackRock
Annual
Report
to
Shareholders
122
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:
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,
LLC
and
its
affiliates.
Cabrera
Capital
Markets
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Cabrera
Capital
Markets,
LLC
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.
Penserra
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Penserra
Securities
LLC
and
its
affiliates.
Great
Pacific
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Great
Pacific
Securities
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.
Stern
Brothers
Shares
are
sold
without
a
sales
charge
and
are
only
available to
clients
of
Stern
Brothers
&
Co.
and
its
affiliates.
Tigress
Shares
are
sold
without
a
sales
charge
and are
only
available
to
clients
of
Tigress
Financial
Partners
LLC
and
its
affiliates.
WestCap
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
portfolio
companies
of
WestCap
Management,
LLC
and
its
affiliates.
Administration,
Select,
Capital,
Cash
Reserve,
Cash
Management,
Private
Client
and
Dollar
Shares
are
sold
without
a
sales
charge
and
are
generally
available
through
financial
intermediaries.
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
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
Effective
January
10,
2022,
each
of
TempCash,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
terminated
its
Administration
Shares,
Cash
Management
Shares
and
Cash
Reserve
Shares.
Each
of
FedFund,
TempCash,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
terminated
its
Cash
Plus
Shares.
Each
of
California
Money
Fund
and
New
York
Money
Fund
terminated
its
Dollar
Shares.
Each
of
TempFund,
T-Fund,
California
Money
Fund
and
New
York
Money
Fund
terminated
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,
Bancroft
Capital,
Cabrera
Capital
Markets,
Capital,
Cash
Management,
Cash
Reserve,
Dollar,
Great
Pacific,
Mischler
Financial
Group,
Penserra,
Stern
Brothers
and
Tigress
FedFund
......................................
Institutional,
Administration,
Capital,
Cash
Management,
Cash
Reserve,
Dollar,
Mischler
Financial
Group,
Premier,
Private
Client,
Select,
Stern
Brothers,
Tigress
and
WestCap
TempCash
.....................................
Institutional,
Capital,
Dollar
and
Premier
TempFund
.....................................
Institutional,
Administration,
Cabrera
Capital
Markets,
Capital,
Cash
Management,
Cash
Reserve,
Dollar
and
Private
Client
T-Fund
........................................
Institutional,
Administration,
Capital,
Cash
Management,
Cash
Reserve,
Dollar,
Premier
and
Select
Treasury
Trust
Fund
...............................
Institutional,
Administration,
Capital,
Cash
Management,
Cash
Reserve,
Dollar
and
Select
MuniCash
......................................
Institutional,
Capital
and
Dollar
California
Money
Fund
.............................
Institutional
and
Capital
New
York
Money
Fund
.............................
Institutional
and
Capital
Notes
to
Financial
Statements
(continued)
123
Notes
to
Financial
Statements
its
Plus
Shares.
Each
of
BlackRock Liquid
Federal
Trust
Fund
and Treasury
Trust
Fund terminated
its
Premier
Shares.
Each
of
BlackRock Liquid
Federal
Trust
Fund,
TempCash,
T-Fund,
Treasury
Trust
Fund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
terminated
its
Private
Client
Shares.
Each
of
BlackRock
Liquid
Federal
Trust
Fund,
TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
terminated
its
Select
Shares.
None
of
the
terminated
classes
had
any
outstanding
shares.
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
interest
holders.
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
one
of
their
custodians
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):
TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
investments
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.
The
Board
has
approved
the
designation
of
each
Fund's
Manager
as
the
valuation
designee
for
each
Fund.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
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
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
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.
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
124
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
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
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.
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
daily
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
(a)
Calculation
B
(b)
Management
Fees
are
equal
to
calculation
A
plus
calculation
B
.175%
of
the
first
$1
billion
.175%
of
the
first
$1
billion
.150%
of
the
next
$1
billion
.150%
of
the
next
$1
billion
.125%
of
the
next
$1
billion
.125%
of
the
next
$1
billion
.100%
of
the
next
$1
billion
.100%
of
amounts
in
excess
of
$3
billion
.095%
of
the
next
$1
billion
.090%
of
the
next
$1
billion
.085%
of
the
next
$1
billion
.080%
of
amounts
in
excess
of
$7
billion
Notes
to
Financial
Statements
(continued)
125
Notes
to
Financial
Statements
With
respect
to
TempCash
and
TempFund,
the
Manager
entered
into
a
sub-advisory
agreement
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,
2022,
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
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,
2022,
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
Fund
Name
Management
Fees
TempCash
and
MuniCash
...................................................
.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
Fund
Name
Management
Fees
TempFund
..............................................................
.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
Fund
Name
Management
Fees
California
Money
Fund
and
New
York
Money
Fund
...................................
.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
..
$
46,334
$
—
$
76,948
$
16
$
15,695
$
—
$
—
$
138,993
FedFund
.....................
18,386,134
5,380,420
3,435,670
22,424,266
8,412,454
2,143
6,293,796
64,334,883
TempCash
....................
—
—
—
—
44
—
—
44
TempFund
....................
12,479
1,598
2,832,314
58,455
287,972
9,546
—
3,202,364
T-Fund
.......................
11,993,809
4,919,080
4,666,689
944,377
4,075,613
—
367,498
26,967,066
Treasury
Trust
Fund
..............
595,426
3,116
152,068
377,471
2,420,313
—
5,281,501
8,829,895
MuniCash
.....................
—
—
—
—
10,816
—
—
10,816
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
126
—
of
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-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
prior
to
June
30,
2023,
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,
2022,
the
amounts
waived
were
as
follows:
The
Manager has
also voluntarily
agreed
to
waive 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,
2022,
amounts
waived
and/or
reimbursed
were
as
follows:
In
addition,
BRIL
has
contractually
agreed
to
waive
service
and/or
distribution
fees
through February
28,
2023
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,
2022,
the
amounts
waived
and/or
reimbursed
were
as
follows:
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
service
and
distribution
fees
waived
and/or
reimbursed
—
class
specific.
The
Manager
and
BRIL
may
discontinue
the
voluntary
waiver
and/or
reimbursement
at
any
time.
For
the
year
ended
October
31,
2022,
the
amounts
waived
and/or
reimbursed
were
as
follows:
Fund
Name
Fees
waived
and/or
Reimbursed
by
the
Manager
BlackRock
Liquid
Federal
Trust
Fund
.............................................................................................
$
3,079,070
FedFund
................................................................................................................
28,632,103
TempCash
...............................................................................................................
4,618,97
7
TempFund
...............................................................................................................
5,708,144
T-Fund
..................................................................................................................
20,399,812
Treasury
Trust
Fund
.........................................................................................................
22,970,535
MuniCash
................................................................................................................
3,411,181
California
Money
Fund
.......................................................................................................
636,033
New
York
Money
Fund
.......................................................................................................
386,111
BlackRock
Liquid
Federal
Trust
Fund
...........................................................................................
$
2,576,308
FedFund
..............................................................................................................
69,072,586
TempCash
.............................................................................................................
453,65
7
TempFund
.............................................................................................................
1,088,609
T-Fund
................................................................................................................
39,465,347
Treasury
Trust
Fund
.......................................................................................................
37,178,247
MuniCash
..............................................................................................................
1,880,635
California
Money
Fund
.....................................................................................................
119,507
New
York
Money
Fund
.....................................................................................................
52,534
Service
and
distribution
fees
waived
and/or
reimbursed
—
class
specific
Administration
Cash
Management
Cash
Reserve
Dollar
Private
Client
Select
Total
BlackRock
Liquid
Federal
Trust
Fund
............
$
—
$
—
$
16
$
62
$
—
$
—
$
78
FedFund
.............
—
—
—
—
858
148,038
148,896
TempFund
............
—
—
1,515
808
3,930
—
6,253
T-Fund
...............
—
118
13
—
—
8,646
8,777
Treasury
Trust
Fund
......
4,370
—
—
170,666
—
124,171
299,207
Service
and
distribution
fees
waived
and/or
reimbursed
—
class
specific
Administration
Capital
Cash
Management
Cash
Reserve
Dollar
Private
Client
Select
Total
BlackRock
Liquid
Federal
Trust
Fund
..
$
26,595
$
—
$
37,233
$
—
$
5,896
$
—
$
—
$
69,724
FedFund
.....................
1,312,948
5,345,510
1,487,961
10,061,9
49
2,993,442
569
3,344,281
24,546,
660
TempCash
....................
—
—
—
16
—
—
16
TempFund
....................
3,651
249
1,255,636
29,250
105,136
2,419
—
1,396,341
T-Fund
.......................
218,286
4,881,921
2,110,277
677,956
1,608,757
—
194,455
9,691,652
Treasury
Trust
Fund
..............
227,154
521
69,088
171,835
959,000
—
2,905,681
4,333,279
MuniCash
.....................
—
—
—
—
4,668
—
—
4,668
Notes
to
Financial
Statements
(continued)
127
Notes
to
Financial
Statements
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,
2022,
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
Trust'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,
2022,
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
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,
2022,
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
and
certain
deemed
distributions
were
reclassified
to
the
following
accounts:
Fund
Name
Purchases
Sales
Net
Realized
Gain
(Loss)
TempCash
..........................................................................
$
6,000,150
$
7,000,100
$
—
TempFund
..........................................................................
9,500,237
11,675,166
—
MuniCash
...........................................................................
916,024,618
798,968,583
—
California
Money
Fund
..................................................................
356,765,090
398,107,128
—
New
York
Money
Fund
..................................................................
89,029,831
114,806,792
—
Fund
Name
Paid-In
Capital
Accumulated
Earnings
(Loss)
FedFund
................................................................................
$
(38,616)
$
38,616
MuniCash
................................................................................
60,568
(60,568)
California
Money
Fund
.......................................................................
2,729
(2,729)
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
128
The
tax
character
of
distributions
paid
was
as
follows:
As
of
October
31,
2022,
the
tax
components
of
accumulated earnings
(loss) were
as
follows:
During
the
year ended October
31,
2022,
the
Funds
listed
below
utilized
the
following
amounts
of
their
respective
capital
loss
carryforwards:
Fund
Name
Year
Ended
10/31/22
Year
Ended
10/31/21
BlackRock
Liquid
Federal
Trust
Fund
Ordinary
income
...........................................................................................
$
48,943,718
$
876,941
FedFund
Ordinary
income
...........................................................................................
$
1,393,942,082
$
44,893,051
Long-term
capital
gains
......................................................................................
—
439,274
$
1,393,942,082
$
45,332,325
TempCash
Ordinary
income
...........................................................................................
$
65,593,917
$
4,414,218
TempFund
Ordinary
income
...........................................................................................
$
74,851,577
$
5,498,306
T-Fund
Ordinary
income
...........................................................................................
$
938,247,908
$
18,202,797
Treasury
Trust
Fund
Ordinary
income
...........................................................................................
$
907,284,386
$
9,449,702
Long-term
capital
gains
......................................................................................
95,163
—
$
907,379,549
$
9,449,702
MuniCash
Tax-exempt
income
.........................................................................................
$
20,242,655
$
451,851
Ordinary
income
...........................................................................................
198,536
—
Long-term
capital
gains
......................................................................................
30,681
—
$
20,471,872
$
451,851
California
Money
Fund
Tax-exempt
income
.........................................................................................
$
1,059,497
$
19,235
Ordinary
income
...........................................................................................
168,937
4,410
$
1,228,434
$
23,645
New
York
Money
Fund
Tax-exempt
income
.........................................................................................
$
849,816
$
10,632
Fund
Name
Undistributed
tax-
exempt
income
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
BlackRock
Liquid
Federal
Trust
Fund
................................
$
—
$
—
$
(673,555)
$
(107,036)
$
(780,591)
FedFund
...................................................
—
—
(36,796,858)
(1,523,133)
(38,319,991)
TempCash
..................................................
—
476
(1,159,104)
(3,751,862)
(4,910,490)
TempFund
..................................................
—
7,783
(700,769)
(4,131,895)
(4,824,881)
T-Fund
.....................................................
—
97,801
(20,152,675)
(30,206)
(20,085,080)
Treasury
Trust
Fund
............................................
—
12,124
—
(597,057)
(584,933)
MuniCash
...................................................
—
—
—
(848,768)
(848,768)
California
Money
Fund
..........................................
348
—
—
(26,147)
(25,799)
New
York
Money
Fund
..........................................
—
—
—
(238)
(238)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales.
Fund
Name
Amount
Utilized
TempCash
.........................................................................................................
$
12,497
TempFund
.........................................................................................................
10,023
Notes
to
Financial
Statements
(continued)
129
Notes
to
Financial
Statements
As
of
October
31,
2022, 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.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
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.
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
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the
recent
period
of
historically
low
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Liquid
Federal
Trust
Fund
....................................
$
5,081,178,726
$
–
$
(17,382)
$
(17,382)
FedFund
.......................................................
138,708,718,715
–
(46,329)
(46,329)
T-Fund
........................................................
96,181,170,930
–
(30,206)
(30,206)
Treasury
Trust
Fund
...............................................
110,700,933,375
–
(597,057)
(597,057)
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
130
interest rates. The
Federal
Reserve
has
recently
begun
to
raise
the
federal
funds
rate
as
part
of
its
efforts
to
address
inflation.
There
is
a
risk
that
interest
rates
will
continue
to
rise,
which
will
likely
drive
down
the
prices
of
bonds
and
other
fixed-income
securities,
and
could
negatively
impact certain
Funds’
performance.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
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
ceased to
be
published
or
no
longer
are representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
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
10/31/22
10/31/21
BlackRock
Liquid
Federal
Trust
Fund
Institutional
Shares
sold
37,721,624,450
22,952,490,345
Shares
issued
in
reinvestment
of
distributions
........................................................
18,793,845
286,671
Shares
redeemed
(37,534,391,448)
(22,527,439,404)
206,026,847
425,337,612
Administration
Shares
sold
18,616,847
67,460,757
Shares
issued
in
reinvestment
of
distributions
........................................................
203,322
15,249
Shares
redeemed
(81,791,501)
(58,595,418)
(62,971,332)
8,880,588
Bancroft
Capital
(a)
Shares
sold
50,000
—
Shares
issued
in
reinvestment
of
distributions
........................................................
424
—
50,424
—
Cabrera
Capital
Markets
(a)
Shares
sold
50,000
—
Shares
issued
in
reinvestment
of
distributions
........................................................
424
—
50,424
—
Cash
Management
Shares
sold
28,499,707
3,898,412
Shares
issued
in
reinvestment
of
distributions
........................................................
23,878
173
Shares
redeemed
(24,277,160)
(4,515,445)
4,246,425
(616,860)
Cash
Reserve
Shares
sold
—
1,489
Shares
issued
in
reinvestment
of
distributions
........................................................
3
(b)
33
Shares
redeemed
(8,153)
(b)
(418,627)
(8,150)
(417,105)
Dollar
Shares
sold
75,113,047
32,429,851
Shares
issued
in
reinvestment
of
distributions
........................................................
3,378
1,394
Shares
redeemed
(70,325,226)
(52,297,456)
4,791,199
(19,866,211)
Great
Pacific
(c)
Shares
sold
50,000
—
Shares
issued
in
reinvestment
of
distributions
........................................................
407
—
50,407
—
Notes
to
Financial
Statements
(continued)
131
Notes
to
Financial
Statements
d
Fund
Name/Share
Class
Year
Ended
10/31/22
10/31/21
Mischler
Financial
Group
(a)
Shares
sold
231,550,000
—
Shares
issued
in
reinvestment
of
distributions
........................................................
20,906
—
Shares
redeemed
(226,450,000)
—
5,120,906
—
Penserra
(e)
Shares
sold
50,000
—
Shares
issued
in
reinvestment
of
distributions
........................................................
422
—
50,422
—
Premier
Shares
redeemed
—
(36,500
)
(d)
—
(36,500
)
Stern
Brothers
(f)
Shares
sold
50,000
—
Shares
issued
in
reinvestment
of
distributions
........................................................
291
—
50,291
—
Tigress
(g)
Shares
sold
3,050,000
—
Shares
issued
in
reinvestment
of
distributions
........................................................
1,074
—
Shares
redeemed
—
—
3,051,074
—
160,508,937
413,281,524
FedFund
Institutional
Shares
sold
1,030,637,249,721
1,324,295,784,382
Shares
issued
in
reinvestment
of
distributions
........................................................
441,007,092
15,733,295
Shares
redeemed
(1,047,309,003,144)
(1,337,925,350,332)
(16,230,746,331)
(13,613,832,655)
Administration
Shares
sold
51,690,963,371
6,941,246,471
Shares
issued
in
reinvestment
of
distributions
........................................................
178,483,736
54,192
Shares
redeemed
(32,072,119,530)
(6,897,940,353)
19,797,327,577
43,360,310
Capital
Shares
sold
12,822,079,189
31,235,222,164
Shares
issued
in
reinvestment
of
distributions
........................................................
2,930,405
5,096,642
Shares
redeemed
(38,546,297,046)
(16,763,866,701)
(25,721,287,452)
14,476,452,105
Cash
Management
Shares
sold
780,699,507
891,616,538
Shares
issued
in
reinvestment
of
distributions
........................................................
3,041,796
91,413
Shares
redeemed
(678,544,955)
(741,978,907)
105,196,348
149,729,044
Cash
Reserve
Shares
sold
50,056,302,595
58,905,515,789
Shares
issued
in
reinvestment
of
distributions
........................................................
21,562
164,640
Shares
redeemed
(50,391,678,100)
(58,466,598,112)
(335,353,943)
439,082,317
Dollar
Shares
sold
15,629,110,135
11,629,362,307
Shares
issued
in
reinvestment
of
distributions
........................................................
8,730,950
100,606
Shares
redeemed
(14,847,284,223)
(11,757,394,720)
790,556,862
(127,931,807)
Mischler
Financial
Group
Shares
sold
24,406,918,879
9,154,639,081
(h)
Shares
issued
in
reinvestment
of
distributions
........................................................
11,390,175
74,932
(h)
Shares
redeemed
(25,380,702,059)
(7,518,302,005)
(h)
(962,393,005)
1,636,412,008
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
132
d
Fund
Name/Share
Class
Year
Ended
10/31/22
10/31/21
Premier
Shares
sold
3,608,457,808
28,279,649
Shares
issued
in
reinvestment
of
distributions
........................................................
1,864,396
2,201
Shares
redeemed
(2,198,960,628)
(9,426,732)
1,411,361,576
18,855,118
Private
Client
Shares
sold
—
17
Shares
issued
in
reinvestment
of
distributions
........................................................
1,554
67
Shares
redeemed
(280)
(243)
1,274
(159)
Select
Shares
sold
1,912,292,513
1,986,654,560
Shares
issued
in
reinvestment
of
distributions
........................................................
3,107,617
184,141
Shares
redeemed
(1,984,792,713)
(1,561,290,344)
(69,392,583)
425,548,357
Stern
Brothers
(f)
Shares
sold
50,000
—
Shares
issued
in
reinvestment
of
distributions
........................................................
299
—
50,299
—
Tigress
(g)
Shares
sold
2,050,000
—
Shares
issued
in
reinvestment
of
distributions
........................................................
743
—
Shares
redeemed
—
—
2,050,743
—
WestCap
(i)
Shares
sold
50,000
—
Shares
issued
in
reinvestment
of
distributions
........................................................
269
—
50,269
—
(21,212,578,366)
3,447,674,638
T-Fund
Institutional
Shares
sold
1,130,088,249,661
951,132,194,011
Shares
issued
in
reinvestment
of
distributions
........................................................
200,986,153
4,494,399
Shares
redeemed
(1,138,600,488,935��)
(948,363,343,211)
(8,311,253,121)
2,773,345,199
Administration
Shares
sold
35,189,075,748
610,557,919
Shares
issued
in
reinvestment
of
distributions
........................................................
141,478,818
1,646
Shares
redeemed
(20,049,893,915)
(595,778,061)
15,280,660,651
14,781,504
Capital
Shares
sold
11,810,436,969
41,895,478,847
Shares
issued
in
reinvestment
of
distributions
........................................................
893,971
3,086,498
Shares
redeemed
(39,060,254,288)
(30,435,855,017)
(27,248,923,348)
11,462,710,328
Cash
Management
Shares
sold
4,498,561,177
3,178,082,970
Shares
issued
in
reinvestment
of
distributions
........................................................
3,818,361
99,816
Shares
redeemed
(4,440,475,621)
(3,362,181,204)
61,903,917
(183,998,418)
Cash
Reserve
Shares
sold
1,059,106,115
6,902,105,373
Shares
issued
in
reinvestment
of
distributions
........................................................
224,084
55,646
Shares
redeemed
(1,453,257,146)
(6,476,751,799)
(393,926,947)
425,409,220
Dollar
Shares
sold
15,300,359,363
7,333,179,590
Shares
issued
in
reinvestment
of
distributions
........................................................
5,754,182
65,810
Shares
redeemed
(15,047,279,578)
(7,002,991,243)
258,833,967
330,254,157
Notes
to
Financial
Statements
(continued)
133
Notes
to
Financial
Statements
d
Fund
Name/Share
Class
Year
Ended
10/31/22
10/31/21
Premier
Shares
sold
783,579,642
29,996,944
Shares
issued
in
reinvestment
of
distributions
........................................................
1,911,883
1,269
Shares
redeemed
(302,179,262)
(17,076,849)
483,312,263
12,921,364
Select
Shares
sold
152,218,729
206,182,657
Shares
issued
in
reinvestment
of
distributions
........................................................
135,326
7,954
Shares
redeemed
(168,847,901)
(198,833,495)
(16,493,846)
7,357,116
(19,885,886,464)
14,842,780,470
Treasury
Trust
Fund
Institutional
Shares
sold
275,811,620,566
207,617,878,152
Shares
issued
in
reinvestment
of
distributions
........................................................
451,551,434
3,575,578
Shares
redeemed
(268,319,833,043)
(165,416,350,596)
7,943,338,957
42,205,103,134
Administration
Shares
sold
1,501,043,709
1,679,147,710
Shares
issued
in
reinvestment
of
distributions
........................................................
2,905,488
43,111
Shares
redeemed
(1,720,175,754)
(1,479,824,880)
(216,226,557)
199,365,941
Capital
Shares
sold
45,866,399
9,527,611
Shares
issued
in
reinvestment
of
distributions
........................................................
97,696
137
Shares
redeemed
(21,739,697)
(6,478,325)
24,224,398
3,049,423
Cash
Management
Shares
sold
50,917,744
72,355,001
Shares
issued
in
reinvestment
of
distributions
........................................................
10,536
367
Shares
redeemed
(62,557,550)
(92,493,341)
(11,629,270)
(20,137,973)
Cash
Reserve
Shares
sold
355,051,481
472,719,070
Shares
issued
in
reinvestment
of
distributions
........................................................
616
140
Shares
redeemed
(372,944,893)
(478,688,800)
(17,892,796)
(5,969,590)
Dollar
Shares
sold
3,544,056,801
3,253,418,897
Shares
issued
in
reinvestment
of
distributions
........................................................
864,712
11,753
Shares
redeemed
(3,519,947,987)
(3,156,769,508)
24,973,526
96,661,142
Premier
Shares
redeemed
—
(36,500
)
(d)
—
(36,500
)
Select
Shares
sold
1,905,146,766
1,846,534,070
Shares
issued
in
reinvestment
of
distributions
........................................................
2,012,121
58,599
Shares
redeemed
(2,398,131,605)
(1,289,563,232)
(490,972,718)
557,029,437
7,255,815,540
43,035,065,014
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
134
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
10/31/22
Year
Ended
10/31/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
TempCash
Institutional
Shares
sold
..........................................
9,600,080,601
$
9,601,791,284
5,576,672,623
$
5,580,908,907
Shares
issued
in
reinvestment
of
distributions
.....................
3,890,755
3,891,427
628,328
628,794
Shares
redeemed
......................................
(6,728,448,109)
(6,729,988,840)
(10,422,235,136)
(10,429,986,107)
2,875,523,247
$
2,875,693,871
(4,844,934,185)
$
(4,848,448,406)
Dollar
Shares
issued
in
reinvestment
of
distributions
.....................
150
$
150
3
$
3
150
$
150
3
$
3
Premier
Shares
sold
..........................................
—
$
—
—
$
—
Shares
issued
in
reinvestment
of
distributions
.....................
—
—
—
—
Shares
redeemed
......................................
—
—
—
—
—
$
—
—
$
—
2,875,523,397
$
2,875,694,021
(4,844,934,182)
$
(4,848,448,403)
TempFund
Institutional
Shares
sold
..........................................
29,219,735,194
$
29,223,593,041
41,481,261,180
$
41,504,489,347
Shares
issued
in
reinvestment
of
distributions
.....................
56,440,667
56,447,053
3,843,500
3,845,697
Shares
redeemed
......................................
(30,562,133,416)
(30,565,617,972)
(44,485,629,729)
(44,510,328,479)
(1,285,957,555)
$
(1,285,577,878)
(3,000,525,049)
$
(3,001,993,435)
Administration
Shares
sold
..........................................
22,922,307
$
22,926,204
6,425,357
$
6,429,233
Shares
issued
in
reinvestment
of
distributions
.....................
150,228
150,250
3,267
3,269
Shares
redeemed
......................................
(9,042,750)
(9,044,672)
(5,372,925)
(5,376,118)
14,029,785
$
14,031,782
1,055,699
$
1,056,384
Cabrera
Capital
Markets
Shares
sold
..........................................
49,975
$
50,000
—
$
—
Shares
issued
in
reinvestment
of
distributions
.....................
495
495
—
$
—
50,470
$
50,495
—
$
—
Capital
Shares
sold
..........................................
41,317,345
$
41,324,464
499,772
$
500,138
Shares
issued
in
reinvestment
of
distributions
.....................
60,701
60,704
617
617
Shares
redeemed
......................................
(11,272,057)
(11,273,308)
(2,572,561)
(2,574,174)
30,105,989
$
30,111,860
(2,072,172)
$
(2,073,419)
Cash
Management
Shares
sold
..........................................
262,023,985
$
262,057,634
220,153,830
$
220,272,953
Shares
issued
in
reinvestment
of
distributions
.....................
3,800,989
3,801,488
150,083
150,166
Shares
redeemed
......................................
(324,336,305)
(324,376,857)
(199,683,507)
(199,794,496)
(58,511,331)
$
(58,517,735)
20,620,406
$
20,628,623
Cash
Reserve
Shares
sold
..........................................
40,130,742
$
40,141,262
30,861,648
$
30,878,367
Shares
issued
in
reinvestment
of
distributions
.....................
82,560
82,573
2,666
2,668
Shares
redeemed
......................................
(42,426,716)
(42,433,639)
(22,175,856)
(22,187,675)
(2,213,414)
$
(2,209,804)
8,688,458
$
8,693,360
Dollar
Shares
sold
..........................................
101,482,514
$
101,493,465
96,224,682
$
96,277,023
Shares
issued
in
reinvestment
of
distributions
.....................
722,935
723,035
25,774
25,789
Shares
redeemed
......................................
(109,118,262)
(109,128,018)
(95,722,269)
(95,774,754)
(6,912,813)
$
(6,911,518)
528,187
$
528,058
Private
Client
Shares
sold
..........................................
—
$
—
178,018
$
178,107
Shares
issued
in
reinvestment
of
distributions
.....................
7,827
7,829
258
258
Shares
redeemed
......................................
(16,969)
(16,973)
(89,578)
(89,637)
(9,142)
$
(9,144)
88,698
$
88,728
(1,309,418,011)
$
(1,309,031,942)
(2,971,615,773)
$
(2,973,071,701)
Notes
to
Financial
Statements
(continued)
135
Notes
to
Financial
Statements
(a)
Period
November
1,
2021
(commencement
of
operations)
to
October
31,
2022
for
Bancroft
Capital
Shares,
Cabrera
Capital
Markets
Shares
and
Mischler
Financial
Group
Shares.
(b)
There
were
no
Cash
Reserve
Shares
outstanding
for
the
year
ended
October
31,
2022.
(c)
Period
May
2,
2022
(commencement
of
operations)
to
October
31,
2022
for
Great
Pacific
Shares.
(d)
There
were
no
Premier
Shares
outstanding
for
the
year
ended
October
31,
2021.
(e)
Period
January
21,
2022
(commencement
of
operations)
to
October
31,
2022
for
Penserra
Shares.
(f)
Period
August
1,
2022
(commencement
of
operations)
to
October
31,
2022
for
Stern
Brothers
Shares.
(g)
Period
September
30,
2022
(commencement
of
operations)
to
October
31,
2022
for
Tigress
Shares.
(h)
Period
January
22,
2021
(commencement
of
operations)
to
October
31,
2021
for
Mischler
Financial
Group
Shares.
(i)
Period
August
12,
2022
(commencement
of
operations)
to
October
31,
2022
for
WestCap
Shares.
As
of
October
31,
2022,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
owned
1,258,871,641
Institutional
Shares
of
FedFund.
As
of
October
31,
2022,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
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
10/31/22
Year
Ended
10/31/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
MuniCash
Institutional
Shares
sold
..........................................
43,233,900,980
$
43,236,483,206
39,071,598,364
$
39,078,855,628
Shares
issued
in
reinvestment
of
distributions
.....................
9,691,100
9,691,295
275,285
275,333
Shares
redeemed
......................................
(45,018,624,832)
(45,021,375,647)
(38,863,685,618)
(38,870,906,629)
(1,775,032,752)
$
(1,775,201,146)
208,188,031
$
208,224,332
Dollar
Shares
sold
..........................................
3,246,982
$
3,246,997
9,254,627
$
9,256,175
Shares
issued
in
reinvestment
of
distributions
.....................
14,459
14,459
273
273
Shares
redeemed
......................................
(5,159,835)
(5,159,987)
(7,620,980)
(7,622,193)
(1,898,394)
$
(1,898,531)
1,633,920
$
1,634,255
Premier
Shares
redeemed
......................................
—
$
—
(36,493)
(d)
$
(36,500)
(d)
—
$
—
(36,493)
$
(36,500)
(1,776,931,146)
$
(1,777,099,677)
209,785,458
$
209,822,087
California
Money
Fund
Institutional
Shares
sold
..........................................
3,122,928,236
$
3,121,371,243
2,130,721,169
$
2,131,690,158
Shares
issued
in
reinvestment
of
distributions
.....................
970,885
970,232
19,576
19,583
Shares
redeemed
......................................
(3,013,148,212)
(3,011,746,498)
(2,077,326,017)
(2,078,344,583)
110,750,909
$
110,594,977
53,414,728
$
53,365,158
Premier
Shares
redeemed
......................................
—
$
—
(36,492)
(d)
$
(36,511)
(d)
—
$
—
(36,492)
$
(36,511)
110,750,909
$
110,594,977
53,378,236
$
53,328,647
New
York
Money
Fund
Institutional
Shares
sold
..........................................
1,169,906,443
$
1,169,906,444
710,686,175
$
710,686,175
Shares
issued
in
reinvestment
of
distributions
.....................
334,396
334,396
6,088
6,088
Shares
redeemed
......................................
(1,031,082,677)
(1,031,082,677)
(800,833,602)
(800,833,602)
139,158,162
$
139,158,163
(90,141,339)
$
(90,141,339)
Premier
Shares
redeemed
......................................
—
$
—
(36,500)
(d)
$
(36,500)
(d)
—
$
—
(36,500)
$
(36,500)
139,158,162
$
139,158,163
(90,177,839)
$
(90,177,839)
Report
of
Independent
Registered
Public
Accounting
Firm
2022
BlackRock
Annual
Report
to
Shareholders
136
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,
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,
2022,
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,
2022,
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
its
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,
2022,
by
correspondence
with
custodians
or
counterparties;
when
replies
were
not
received,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
Deloitte
&
Touche
LLP
Boston,
Massachusetts
December
21,
2022
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
1992.
Important
Tax
Information
(unaudited)
137
Important
Tax
Information
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
as
noted
below,
for
the
fiscal
year
ended
October
31,
2022:
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,
2022:
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,
2022:
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,
2022:
Fund
Name
20%
Rate
Long-Term
Capital
Gain
Dividends
Treasury
Trust
Fund
.................................................................................................
$
95,163
MuniCash
........................................................................................................
36,675
Fund
Name
Federal
Obligation
Interest
FedFund
........................................................................................................
$
450,863,123
TempCash
.......................................................................................................
72,451
TempFund
.......................................................................................................
50,617
T-Fund
..........................................................................................................
263,269,572
Treasury
Trust
Fund
.................................................................................................
873,798,591
BlackRock
Liquid
Federal
Trust
Fund
.....................................................................................
48,760,110
Fund
Name
Interest
Dividends
FedFund
........................................................................................................
$
1,392,601,452
TempCash
.......................................................................................................
65,593,917
TempFund
.......................................................................................................
74,851,577
T-Fund
..........................................................................................................
938,041,195
Treasury
Trust
Fund
.................................................................................................
904,265,489
BlackRock
Liquid
Federal
Trust
Fund
.....................................................................................
48,796,224
Fund
Name
Interest-Related
Dividends
Qualified
Short-Term
Capital
Gain
FedFund
.....................................................................................
$
1,392,601,452
$
1,340,630
TempCash
....................................................................................
42,501,782
—
TempFund
....................................................................................
47,732,054
—
T-Fund
.......................................................................................
938,041,195
206,713
Treasury
Trust
Fund
..............................................................................
904,265,489
3,018,897
MuniCash
.....................................................................................
—
198,536
California
Money
Fund
............................................................................
—
168,937
BlackRock
Liquid
Federal
Trust
Fund
..................................................................
48,796,224
147,494
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
2022
BlackRock
Annual
Report
to
Shareholders
138
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
20,
2022
(the
“April
Meeting”)
and
May
10-11,
2022
(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”
or
“BlackRock”),
each
Fund’s
investment
advisor.
The
Board
also
considered
the
approval
to
continue
the
sub-advisory
agreement
between
the
Manager
and
BlackRock
International
Limited
(the
“Sub-Advisor”)
with
respect
to
TempFund
and
TempCash
(the
“Sub-Advisory
Agreement”).
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
who
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
an
additional
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
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
Fund’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
and
the
Independent
Board
Members
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
Board
Members
evaluated
the
information
available
to
it
on
a
fund-by-fund
basis.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
(continued)
139
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
The
following
paragraphs
provide
more
information
about
some
of
the
primary
factors
that
were
relevant
to
the
Board’s
decision.
The
Board
Members
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
benchmark,
and
performance
metrics,
as
applicable.
The
Board
met
with
BlackRock’s
senior
management
personnel
responsible
for
investment
activities,
including
the
senior
investment
officers.
The
Board
also
reviewed
the
materials
provided
by
each
Fund’s
portfolio
management
team
discussing
the
Fund’s
performance,
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
Fund
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
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,
2021,
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
each
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
the
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
effective
July
19,
2021,
the
Fund
had
undergone
a
change
in
its
investment
strategy
and
in
that
connection
had
changed
its
name
from
BlackRock
Federal
Trust
Fund
to
BlackRock
Liquid
Federal
Trust
Fund.
The
Board
noted
that
for
the
one-
and
three-year
periods
reported,
each
of
T-Fund,
California
Money
Fund,
Treasury
Trust
Fund
and
Fed
Fund
outperformed
and
underperformed,
respectively,
its
Benchmark
Weighted
Average.
The
Board
and
BlackRock
reviewed
the
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
TempCash,
TempFund,
MuniCash
and
New
York
Money
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.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
140
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.
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,
2021
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
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
each
of
FedFund’s
and
BlackRock
Liquid
Federal
Trust
Fund’s
contractual
management
fee
rate
ranked
in
the
second
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
each
of
New
York
Money
Fund’s,
T-Fund’s,
Treasury
Trust
Fund’s,
California
Money
Fund’s
and
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
first
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
noted
that
TempCash’s
and
TempFund’s
contractual
management
fee
rate
ranked
in
the
fourth
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
second
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
further
noted
that
each
of
TempCash,
TempFund,
California
Money
Fund,
MuniCash
and
New
York
Money
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
a
Fund
were
to
decrease,
the
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
also
noted
that
each
of
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
aggregate
assets
of
such
Funds,
increase
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
a
Fund
were
to
decrease,
each
Fund
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
each
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
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
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
(continued)
141
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
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
At
the
May
Meeting,
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,
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,
2023,
and
the
Sub-Advisory
Agreement
between
the
Manager
and
the
pertinent
Sub-Advisor
with
respect
to
TempFund
and
TempCash,
for
a
one-year
term
ending
June
30,
2023.
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
2022
BlackRock
Annual
Report
to
Shareholders
142
Independent
Trustees
(a)
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
5
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
5
Years
Mark
Stalnecker
1951
Chair
of
the
Board
(Since
2019)
and
Trustee
(Since
2015)
Chief
Investment
Officer,
University
of
Delaware
from
1999
to
2013;
Trustee
and
Chair
of
the
Finance
and
Investment
Committees,
Winterthur
Museum
and
Country
Estate
from
2005
to
2016;
Member
of
the
Investment
Committee,
Delaware
Public
Employees’
Retirement
System
since
2002;
Member
of
the
Investment
Committee,
Christiana
Care
Health
System
from
2009
to
2017;
Member
of
the
Investment
Committee,
Delaware
Community
Foundation
from
2013
to
2014;
Director
and
Chair
of
the
Audit
Committee,
SEI
Private
Trust
Co.
from
2001
to
2014.
28
RICs
consisting
of
164
Portfolios
None
Susan
J.
Carter
1956
Trustee
(Since
2016)
Trustee,
Financial
Accounting
Foundation
from
2017
to
2021;
Advisory
Board
Member,
Center
for
Private
Equity
and
Entrepreneurship
at
Tuck
School
of
Business
from
1997
to
2021;
Director,
Pacific
Pension
Institute
from
2014
to
2018;
Senior
Advisor,
Commonfund
Capital,
Inc.
(“CCI”)
(investment
adviser)
in
2015;
Chief
Executive
Officer,
CCI
from
2013
to
2014;
President
&
Chief
Executive
Officer,
CCI
from
1997
to
2013;
Advisory
Board
Member,
Girls
Who
Invest
from
2015
to
2018
and
Board
Member
thereof
since
2018;
Advisory
Board
Member,
Bridges
Fund
Management
since
2016;
Practitioner
Advisory
Board
Member,
Private
Capital
Research
Institute
("PCRI")
since
2017;
Lecturer
in
the
Practice
of
Management,
Yale
School
of
Management
since
2019;
Advisor
to
Finance
Committee,
Altman
Foundation
since
2020;
Investment
Committee
Member,
Tostan
since
2021.
28
RICs
consisting
of
164
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.
28
RICs
consisting
of
164
Portfolios
None
Neil
A.
Cotty
1954
Trustee
(Since
2016)
Bank
of
America
Corporation
from
1996
to
2015,
serving
in
various
senior
finance
leadership
roles,
including
Chief
Accounting
Officer
from
2009
to
2015,
Chief
Financial
Officer
of
Global
Banking,
Markets
and
Wealth
Management
from
2008
to
2009,
Chief
Accounting
Officer
from
2004
to
2008,
Chief
Financial
Officer
of
Consumer
Bank
from
2003
to
2004,
Chief
Financial
Officer
of
Global
Corporate
Investment
Bank
from
1999
to
2002.
28
RICs
consisting
of
164
Portfolios
None
Lena
G.
Goldberg
1949
Trustee
(Since
2019)
Director,
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.
28
RICs
consisting
of
164
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.
28
RICs
consisting
of
164
Portfolios
Hertz
Global
Holdings
(car
rental);
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;
Sealed
Air
Corp.
(packaging)
from
2015
to
2021
Cynthia
A.
Montgomery
1952
Trustee
(Since
2007)
Professor,
Harvard
Business
School
since
1989.
28
RICs
consisting
of
164
Portfolios
Newell
Rubbermaid,
Inc.
(manufacturing)
from
1995
to
2016
Trustee
and
Officer
Information
(continued)
143
Trustee
and
Officer
Information
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
5
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
5
Years
Donald
C.
Opatrny
1952
Trustee
(Since
2019)
Director,
Athena
Capital
Advisors
LLC
(investment
management
firm)
from
2013
to
2020;
Trustee,
Vice
Chair,
Member
of
the
Executive
Committee
and
Chair
of
the
Investment
Committee,
Cornell
University
from
2004
to
2019;
President
and
Trustee,
the
Center
for
the
Arts,
Jackson
Hole
from
2011
to
2018;
Member
of
the
Board
and
Investment
Committee,
University
School
from
2007
to
2018;
Trustee,
Artstor
(a
Mellon
Foundation
affiliate)
from
2010
to
2015;
Member
of
the
Investment
Committee,
Mellon
Foundation
from
2009
to
2015;
President,
Trustee
and
Member
of
the
Investment
Committee,
The
Aldrich
Contemporary
Art
Museum
from
2007
to
2014;
Trustee
and
Chair
of
the
Investment
Committee,
Community
Foundation
of
Jackson
Hole
since
2014;
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.
28
RICs
consisting
of
164
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.
28
RICs
consisting
of
164
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.
28
RICs
consisting
of
164
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.
28
RICs
consisting
of
164
Portfolios
None
Independent
Trustees
(a)
(continued)
Trustee
and
Officer
Information
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
144
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:
Cynthia
A.
Montgomery,
1994;
Joseph
P.
Platt,
1999;
Kenneth
L.
Urish,
1999;
Lena
G.
Goldberg,
2016;
Henry
R.
Keizer,
2016;
Donald
C.
Opatrny,
2015.
(d)
Mr.
Fairbairn
and
Mr.
Perlowski
are
both
“interested
persons,”
as
defined
in
the
1940
Act,
of
the
Trust
based
on
their
positions
with
BlackRock,
Inc.
and
its
affiliates.
Mr.
Fairbairn
and
Mr.
Perlowski
are
also
board
members
of
the
BlackRock
Fixed-Income
Complex.
(e)
Mr.
Perlowski
is
also
a
trustee
of
the
BlackRock
Credit
Strategies
Fund
and
BlackRock
Private
Investments
Fund.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
5
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
5
Years
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.
98
RICs
consisting
of
265
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.
100
RICs
consisting
of
267
Portfolios
None
Trustee
and
Officer
Information
(continued)
145
Trustee
and
Officer
Information
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
5
Years
Roland
Villacorta
1971
Vice
President
(Since
2022)
Managing
Director
of
BlackRock,
Inc.
since
2022;
Head
of
Global
Cash
Management
and
Head
of
Securities
Lending
within
BlackRock's
Portfolio
Management
Group
since
2022;
Member
of
BlackRock's
Global
Operating
Committee
since
2022;
Head
of
Portfolio
Management
in
BlackRock's
Financial
Markets
Advisory
Group
within
BlackRock
Solutions
from
2008
to
2015;
Co-Head
of
BlackRock
Solutions'
Portfolio
Analytics
Group;
previously
Mr.
Villacorta
was
Co-Head
of
Fixed
Income
within
BlackRock's
Risk
&
Quantitative
Analysis
Group.
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.
Effective
December
31,
2021,
Bruce
R.
Bond
retired
as
a
Trustee
of
the
Trust.
Effective
March
31,
2022,
Thomas
Callahan
resigned
as
a
Vice
President
of
the
Trust
and
effective
May
10,
2022,
Roland
Villacorta
was
appointed
as
a
Vice
President
of
the
Trust.
Additional
Information
2022
BlackRock
Annual
Report
to
Shareholders
146
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)
147
Additional
Information
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
2022
BlackRock
Annual
Report
to
Shareholders
148
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
AMT
Alternative
Minimum
Tax
COP
Certificates
of
Participation
GO
General
Obligation
Bonds
LIQ
Liquidity
Agreement
LOC
Letter
of
Credit
RB
Revenue
Bonds
SBPA
Stand-by-Bond
Purchase
Agreement
SOFR
Secured
Overnight
Financing
Rate
TECP
Tax
E
xempt
Commercial
Paper
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-10/22-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 |
BlackRock Liquid Federal Trust Fund | $25,194 | $24,947 | $8,044 | $210 | $9,500 | $9,500 | $431 | $0 |
California Money Fund | $27,234 | $26,967 | $44 | $210 | $10,500 | $10,500 | $431 | $0 |
FedFund | $31,416 | $31,108 | $44 | $4,210 | $9,500 | $9,500 | $431 | $0 |
MuniCash | $27,234 | $26,967 | $44 | $210 | $10,500 | $10,500 | $431 | $0 |
New York Money Fund | $27,234 | $26,967 | $44 | $210 | $10,500 | $10,500 | $431 | $0 |
TempCash | $27,234 | $26,967 | $44 | $210 | $9,500 | $9,500 | $431 | $0 |
TempFund | $26,010 | $25,755 | $4,044 | $210 | $9,500 | $9,500 | $431 | $0 |
T-Fund | $30,192 | $29,896 | $44 | $210 | $9,500 | $9,500 | $431 | $0 |
Treasury Trust Fund | $25,194 | $24,947 | $44 | $210 | $9,500 | $9,500 | $431 | $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 | $2,098,000 | $2,032,000 |
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 $2,098,000 and $2,032,000 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 |
BlackRock Liquid Federal Trust Fund | $17,975 | $9,710 |
California Money Fund | $10,975 | $10,710 |
FedFund | $9,975 | $13,710 |
MuniCash | $10,975 | $10,710 |
New York Money Fund | $10,975 | $10,710 |
TempCash | $9,975 | $9,710 |
TempFund | $13,975 | $9,710 |
T-Fund | $9,975 | $9,710 |
Treasury Trust Fund | $9,975 | $9,710 |
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 |
$2,098,000 | $2,032,000 |
These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and
the Affiliated Service Providers
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) – Not Applicable
(j) – Not Applicable
Item 5 – Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.
(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: December 21, 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: December 21, 2022
By: /s/ Trent Walker
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Liquidity Funds
Date: December 21, 2022