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

UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-02354

Name of Fund: 

BlackRock Liquidity Funds

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 52^nd 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

between

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

.........

3.20

(b)

10/31/22

11/07/22

16,000

16,000

16,009,956

Corporate/Debt

Obligations,

1.00%

to

6.55%,

due

03/10/23

to

05/13/50

.........

19,886,220

16,800,036

3.28

(b)

10/31/22

11/07/22

16,000

16,000

16,010,204

Corporate/Debt

Obligations,

0.00%

to

8.75%,

due

05/09/24

to

05/15/97

.........

20,911,901

17,207,659

$

–

$

–

$

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

391,131,206

$

–

$

–

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

renewal

process,

the

Independent

Board

Members

were

advised

by

independent

legal

counsel,

and

met

with

independent

legal

counsel

in

various

executive

sessions

outside

of

the

presence

of

BlackRock’s

management.

During

the

year,

the

Board,

acting

directly

and

through

its

committees,

considered

information

that

was

relevant

to

its

annual

consideration

of

the

renewal

of

the

Agreements,

including

the

services

and

support

provided

by

BlackRock

to

the

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

to

the

Board

in

response

to

specific

questions

from

the

Board.

Among

the

matters

the

Board

considered

were:

(a)

investment

performance

for

one-year,

three-year,

five-year,

and/or

since

inception

periods,

as

applicable,

against

peer

funds,

an

applicable

benchmark,

and

other

performance

metrics,

as

applicable,

as

well

as

BlackRock

senior

management’s

and

portfolio

managers’

analyses

of

the

reasons

for

any

outperformance

or

underperformance

relative

to

its

peers,

benchmarks,

and

other

performance

metrics,

as

applicable;

(b)

fees,

including

advisory,

administration,

if

applicable,

and

other

amounts

paid

to

BlackRock

and

its

affiliates

by

the

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

to

the

Fund;

(d)

the

resources

devoted

to

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

of

the

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

the

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

Board

reviewed

the

structure

and

duties

of

BlackRock’s

fund

administration,

shareholder

services,

and

legal

and

compliance

departments

and

considered

BlackRock’s

policies

and

procedures

for

assuring

compliance

with

applicable

laws

and

regulations.

The

Board

considered

the

operation

of

BlackRock’s

business

continuity

plans,

including

in

light

of

the

ongoing

COVID-19

pandemic.

B.

The

Investment

Performance

of

the

Funds

and

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

of

the

Fund

throughout

the

year

and

at

the

April

Meeting.

In

preparation

for

the

April

Meeting,

the

Board

was

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

the

Fund’s

performance

as

of

December

31,

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.

(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

section302

(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

section906

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