Report
of
Independent
Registered
Public
Accounting
Firm
1
To
the
Shareholders
of
Federal
Trust
Fund,
FedFund,
TempCash,
TempFund,
T-Fund,
Treasury
Trust
Fund,
MuniCash,
MuniFund,
California
Money
Fund,
and
New
York
Money
Fund
and
the
Board
of
Trustees
of
BlackRock
Liquidity
Funds:
In
planning
and
performing
our
audits
of
the
financial
statements
of
Federal
Trust
Fund,
FedFund,
TempCash,
TempFund,
T-Fund,
Treasury
Trust
Fund,
MuniCash,
MuniFund,
California
Money
Fund,
and
New
York
Money
Fund
of
BlackRock
Liquidity
Funds
(the
“Funds”)
as
of
and
for
the
year
ended
October
31,
2020,
in
accordance
with
the
standards
of
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB),
we
considered
the
Funds’
internal
control
over
financial
reporting,
including
controls
over
safeguarding
securities,
as
a
basis
for
designing
our
auditing
procedures
for
the
purpose
of
expressing
our
opinion
on
the
financial
statements
and
to
comply
with
the
requirements
of
Form
N-CEN,
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.
The
management
of
the
Funds
is
responsible
for
establishing
and
maintaining
effective
internal
control
over
financial
reporting.
In
fulfilling
this
responsibility,
estimates
and
judgments
by
management
are
required
to
assess
the
expected
benefits
and
related
costs
of
controls.
A
company's
internal
control
over
financial
reporting
is
a
process
designed
to
provide
reasonable
assurance
regarding
the
reliability
of
financial
reporting
and
the
preparation
of
financial
statements
for
external
purposes
in
accordance
with
generally
accepted
accounting
principles.
A
company's
internal
control
over
financial
reporting
includes
those
policies
and
procedures
that
(1)
pertain
to
the
maintenance
of
records
that,
in
reasonable
detail,
accurately
and
fairly
reflect
the
transactions
and
dispositions
of
the
assets
of
the
company;
(2)
provide
reasonable
assurance
that
transactions
are
recorded
as
necessary
to
permit
preparation
of
financial
statements
in
accordance
with
generally
accepted
accounting
principles,
and
that
receipts
and
expenditures
of
the
company
are
being
made
only
in
accordance
with
authorizations
of
management
and
directors
of
the
company;
and
(3)
provide
reasonable
assurance
regarding
prevention
or
timely
detection
of
unauthorized
acquisition,
use,
or
disposition
of
a
company's
assets
that
could
have
a
material
effect
on
the
financial
statements.
Because
of
its
inherent
limitations,
internal
control
over
financial
reporting
may
not
prevent
or
detect
Also,
projections
of
any
evaluation
of
effectiveness
to
future
periods
are
subject
to
the
risk
that
controls
may
become
inadequate
because
of
changes
in
conditions,
or
that
the
degree
of
compliance
with
the
policies
or
procedures
may
deteriorate.
A
deficiency
in
internal
control
over
financial
reporting
exists
when
the
design
or
operation
of
a
control
does
not
allow
management
or
employees,
in
the
normal
course
of
performing
their
assigned
functions,
to
prevent
or
detect
misstatements
on
a
timely
basis.
A
material
weakness
is
a
deficiency,
or
a
combination
of
deficiencies,
in
internal
control
over
financial
reporting,
such
that
there
is
a
reasonable
possibility
that
a
material
misstatement
of
the
company's
annual
or
interim
financial
statements
will
not
be
prevented
or
detected
on
a
timely
basis.
Our
consideration
of
the
Funds’
internal
control
over
financial
reporting
was
for
the
limited
purpose
described
in
the
first
paragraph
and
would
not
necessarily
disclose
all
deficiencies
in
internal
control
that
might
be
material
weaknesses
under
standards
established
by
the
PCAOB.
However,
we
noted
no
deficiencies
in
the
Funds’
internal
control
over
financial
reporting
and
its
operation,
including
controls
for
safeguarding
securities,
that
we
consider
to
be
a
material
weakness,
as
defined
above,
as
of
October
31,
2020.
This
report
is
intended
solely
for
the
information
and
use
of
management
and
the
Board
of
Trustees
of
the
Funds
and
the
Securities
and
Exchange
Commission
and
is
not
intended
to
be
and
should
not
be
used
by
anyone
other
than
these
specified
parties.
Deloitte &
Touche
LLP
Boston,
Massachusetts
December
21,
2020