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, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 10/31/2023

Date of reporting period: 10/31/2023

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

October

31,

2023

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2023

Annual

Report

BlackRock

Liquidity

Funds

BlackRock

Liquid

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

Treasury

Trust

Fund

MuniCash

California

Money

Fund

New

York

Money

Fund

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

cooling

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

October

31,

2023.

Significantly

tighter

monetary

policy

helped

to

rein

in

inflation,

as

the

annual

increase

in

the

Consumer

Price

Index

declined

to

its

long-term

average

of

approximately

3%

in

October

2023.

Meanwhile,

real

economic

growth

proved

more

resilient

than

many

investors

anticipated.

A

moderating

labor

market

also

helped

ease

inflationary

pressure,

although

wages

continued

to

grow

and

unemployment

rates

touched

the

lowest

levels

in

decades

before

rising

slightly.

This

robust

labor

market

powered

further

growth

in

consumer

spending,

backstopping

the

economy.

On

October

7,

2023,

Hamas

launched

a

horrific

attack

on

Israel.

The

ensuing

war

will

have

a

significant

humanitarian

impact

and

could

lead

to

heightened

economic

and

market

volatility.

We

see

geopolitics

as

a

structural

market

risk

going

forward.

See

our

geopolitical

risk

dashboard

at

blackrock.com

for

more

details.

Equity

returns

were

solid

during

the

period,

as

the

durability

of

consumer

spending

mitigated

investors’

concerns

about

the

economy’s

trajectory.

The

U.S.

economy

continued

to

show

strength,

and

growth

further

accelerated

in

the

third

quarter

of

2023.

However,

equity

returns

were

uneven,

as

the

performance

of

a

few

notable

technology

companies

supported

gains

among

large-capitalization

U.S.

stocks,

while

small-capitalization

U.S.

stocks

declined

overall.

Meanwhile,

international

developed

market

equities

advanced,

and

emerging

market

equities

posted

solid

gains.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

The

corporate

bond

market

benefited

from

improving

economic

sentiment,

although

high-yield

corporate

bond

prices

fared

significantly

better

than

investment-grade

bonds

as

demand

from

yield-seeking

investors

remained

strong.

The

U.S.

Federal

Reserve

(the

“Fed”),

attempting

to

manage

persistent

inflation,

raised

interest

rates

six

times

during

the

12-month

period,

but

slowed

and

then

paused

its

tightening

later

in

the

period.

The

Fed

also

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.

Supply

constraints

appear

to

have

become

an

embedded

feature

of

the

new

macroeconomic

environment,

making

it

difficult

for

developed

economies

to

increase

production

without

sparking

higher

inflation.

Geopolitical

fragmentation

and

an

aging

population

risk

further

exacerbating

these

constraints,

keeping

the

labor

market

tight

and

wage

growth

high.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes

and

recently

opted

for

several

pauses,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

to

keep

inflation

under

control.

Furthermore,

ongoing

structural

changes

may

mean

that

the

Fed

will

be

hesitant

to

cut

interest

rates

in

the

event

of

faltering

economic

activity

lest

inflation

accelerate

again.

While

we

favor

an

overweight

position

in

developed

market

equities

in

the

long

term,

we

prefer

an

underweight

stance

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

macroeconomic

constraints.

Nevertheless,

we

are

overweight

on

Japanese

stocks

in

the

near

term

as

shareholder-friendly

policies

generate

increased

investor

interest.

We

also

believe

that

stocks

with

an

AI

tilt

should

benefit

from

an

investment

cycle

that

is

set

to

support

revenues

and

margins.

In

credit,

there

are

selective

opportunities

in

the

near

term

despite

tightening

credit

and

financial

conditions.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

attractive

investments

in

short-term

U.S.

Treasuries,

U.S.

inflation-linked

bonds,

euro

area

government

bonds

and

gilts,

U.S.

mortgage-backed

securities,

and

hard-

currency

emerging

market

bonds.

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,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

1.39

%

10.14

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(5.29

)

(8.56

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(7.88

)

14.40

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(4.78

)

10.80

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.63

4.77

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(9.70

)

(3.25

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(6.13

)

0.36

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(4.65

)

2.64

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

0.02

6.23

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

.........................................................................................

55

Statements

of

Operations

................................................................................................

60

Statements

of

Changes

in

Net

Assets

........................................................................................

62

Financial

Highlights

.....................................................................................................

67

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,

2023

2023

BlackRock

Annual

Report

to

Shareholders

4

During

the

twelve-month

period

ending

October

31,

2023,

the

U.S.

unemployment

rate

rose

from

3.7%

to

3.9%

as

the

impacts

from

the

Federal

Reserve’s

rate

hikes

begin

to

take

hold

in

the

economy.

At

the

September

20,

2023,

meeting,

the

Federal

Open

Market

Committee

(the

“FOMC”)

left

the

federal

funds

target

rate

unchanged,

maintaining

the

current

range

of

5.25%

to

5.50%.

The

vote

was

unanimous.

The

FOMC

has

held

the

federal

funds

target

range

steady

at

two

of

its

last

three

meetings.

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

again

noted

it

“remains

highly

attentive

to

inflation

risks”

and

acknowledged

that

“tighter

credit

conditions

for

households

and

businesses

are

likely

to

weigh

on

economic

activity,

hiring

and

inflation.”

The

median

federal

funds

rate

forecast

for

2023

contained

in

the

Summary

of

Economic

Projections

(“SEP”)

released

in

conjunction

with

the

FOMC

meeting

was

unchanged

from

the

projection

of

5.60%

at

the

June

14,

2023,

meeting.

Following

the

U.S.

debt

ceiling

resolution

in

June

2023,

there

has

been

an

estimated

$1.5

trillion

of

new

treasury

issuance.

This

has

led

to

a

meaningful

reduction

in

daily

utilization

of

the

Fed’s

Reverse

Repurchase

Program

(“RRP”)

facility,

averaging

nearly

$2.0

trillion

in

2022

but

only

$1.66

trillion

since

June

2023.

On

October

31st,

the

RRP

facility

ended

the

month

near

recent

lows,

with

a

balance

of

$1.14

trillion.

As

of

October

31st,

Treasury

bill

(“T-bill”)

tenors

between

one-month

and

one-year

traded

between

5.54%

and

5.64%.

For

reference,

T-bills

of

the

same

tenors

traded

between

3.73%

and

4.66%

at

the

start

of

the

reporting

period.

Rates

trended

higher

throughout

much

of

the

period

due

to

hawkish

rhetoric

delivered

by

the

FOMC.

The

Secured

Overnight

Financing

Rate

(“SOFR”)

–

a

broad-based

proxy

for

overnight

repo

collateralized

by

Treasuries

–

has

been

printing

in

line

with

or

just

below

the

RRP

rate.

As

of

October

31st,

SOFR

stood

at

5.35%

–

the

highest

during

the

period.

The

U.S.

Commercial

Paper

Placed

Top

90

Day

Yield

which

started

the

period

at

4.43%

increased

to

5.64%

on

October

31,

2023.

The

index

averaged

5.14%

over

the

12-months

ending

October

31.

Industry-wide,

institutional

money

market

mutual

funds

(“MMFs”)

have

seen

historic

levels

of

inflows

throughout

the

period,

averaging

~$5.1

billion

in

assets

daily.

Since

the

beginning

of

2023,

government

funds

have

seen

over

$608

billion

in

inflows,

while

Prime

funds

have

experienced

nearly

$239

billion

in

inflows.

Turning

to

short-term

municipal

bonds,

the

short-term

municipal

market

began

the

twelve-month

period

with

industry

assets

at

$110

billion.

As

the

period

unfolded

and

the

FOMC

continued

with

their

agenda

of

combating

elevated

inflation

by

implementing

rate

hikes,

rising

yields

translated

into

investors

increasing

their

cash

allocation

as

industry

assets

rose.

In

all,

tax-exempt

money

market

industry

assets

increased

by

9%

to

end

the

period

at

$120

billion.

A

combination

of

hikes

in

the

federal

funds

target

range

by

the

Fed

and

swings

in

variable

rate

demand

note

(“VRDN”)

inventory

levels

resulted

in

the

Securities

Industry

and

Financial

Markets

Association

(“SIFMA”)

Index,

which

represents

the

average

yield

on

7-day

municipal

floating-rate

debt,

exhibiting

elevated

volatility

throughout

the

period.

Ultimately,

the

Fed

ended

the

period

with

its

target

range

for

the

federal

funds

in

the

range

of

5.25%

-

5.50%

while

continuing

to

assess

financial

conditions.

While

the

SIFMA

Index

fluctuated

in

a

large

range

from

1.66%

to

4.47%

over

the

year,

it

averaged

3.15%

and

closed

the

period

at

4.09%.

With

municipal

state

and

local

governments

continuing

to

benefit

from

the

2021

American

Rescue

Plan

fiscal

stimulus

monies,

low

supply

remained

a

dominant

theme

in

the

short-term

municipal

market

once

again.

New

VRDN

issuance

remained

light

throughout

the

period,

translating

into

a

very

tight

supply-demand

dynamic

as

industry

assets

ended

the

period

exceeding

outstanding

VRDN

issuance

by

approximately

$20

billion.

Highlighted

by

seasonal

trends,

VRDN

inventory

on

dealer

balance

sheets

was

elevated

at

times

throughout

the

year

despite

reprieves

early

in

each

month

due

to

reinvestment

cash

from

1st

of

the

month

coupon

payments.

Dealer

VRDN

inventory

ended

the

period

at

$3.1

billion,

while

averaging

$4.8

billion

for

the

12-month

period.

In

addition,

one-year

municipal

operating

note

supply

remained

subdued

in

the

post-pandemic

years

as

many

large

municipal

note

issuers

did

not

have

a

need

to

borrow

to

finance

operations.

Looking

ahead,

while

the

credit

cycle

has

likely

peaked,

high

reserves

will

cushion

possible

softer

state

and

local

revenue

collections

in

fiscal

year

2024.

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

3.76%

and

4.00%,

respectively,

up

from

the

beginning

of

the

period

levels

of

3.12%

and

3.33%.

With

the

SIFMA

Index

at

4.09%

and

one-year

municipal

notes

pricing

at

4.00%,

the

spread

between

the

7-day

SIFMA

Index

and

1-year

MIG1

note

scale

ended

the

year

inverted

by

9

basis

points,

representing

a

negatively

sloped

municipal

money

market

yield

curve.

As

the

labor

market

remains

healthy

and

inflation

above

the

Fed’s

target

level,

the

Fed

continues

to

assess

whether

an

appropriate

restrictive

level

has

been

attained

allowing

a

pause

in

additional

rate

hikes

to

occur.

Amongst

the

Fed's

public

commentary

that

keeps

the

door

to

additional

firming

ajar,

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

as

the

Fed

assesses

the

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,

2023

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

..............................

5.26‌

%

5.26‌

%

Administration

............................

5.16‌

5.16‌

Bancroft

Capital

...........................

5.27‌

5.27‌

Cabrera

Capital

Markets

.....................

5.27‌

5.27‌

Cash

Management

.........................

4.76‌

4.76‌

Dollar

..................................

5.01‌

5.01‌

Great

Pacific

.............................

5.27‌

5.27‌

Mischler

Financial

Group

.....................

5.26‌

5.26‌

Penserra

...............................

5.26‌

5.26‌

Stern

Brothers

............................

5.26‌

5.26‌

Tigress

.................................

5.26‌

5.26‌

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.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

U.S.

Treasury

Obligations

..............................

58.9‌

%

U.S.

Government

Sponsored

Agency

Obligations

..............

38.0‌

Other

Assets

Less

Liabilities

............................

3.1‌

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

..............................

5.24‌

%

5.24‌

%

Administration

............................

5.14‌

5.14‌

Capital

.................................

5.23‌

5.23‌

Cash

Management

.........................

4.74‌

4.74‌

Cash

Reserve

............................

4.84‌

4.84‌

Dollar

..................................

4.99‌

4.99‌

Mischler

Financial

Group

.....................

5.24‌

5.24‌

Premier

................................

5.24‌

5.24‌

Private

Client

............................

4.73‌

4.73‌

Select

.................................

4.41‌

4.41‌

Stern

Brothers

............................

5.25‌

5.25‌

Tigress

.................................

5.24‌

5.24‌

WestCap

...............................

5.24‌

5.24‌

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

...............................

67.8‌

%

U.S.

Treasury

Obligations

..............................

21.6‌

U.S.

Government

Sponsored

Agency

Obligations

..............

7.4‌

Other

Assets

Less

Liabilities

............................

3.2‌

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

..............................

5.40‌

%

5.39‌

%

Dollar

..................................

5.16‌

5.16‌

Great

Pacific

.............................

5.40‌

5.39‌

Premier

................................

5.39‌

5.39‌

The

7-Day

SEC

Yields

may

differ

from

the

7-Day

Yields

shown

above

due

to

the

fact

that

the

7-Day

SEC

Yields

exclude

distributed

capital

gains.

Past

performance

is

not

an

indication

of

future

results.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

Commercial

Paper

...................................

25.7‌

%

Certificates

of

Deposit

.................................

23.4‌

Repurchase

Agreements

...............................

23.3‌

Time

Deposits

......................................

20.1‌

Municipal

Bonds

....................................

0.7‌

Corporate

Bonds

....................................

0.6‌

U.S.

Government

Sponsored

Agency

Obligations

..............

0.5‌

U.S.

Treasury

Obligations

..............................

0.5‌

Other

Assets

Less

Liabilities

............................

5.2‌

Fund

Information

as

of

October

31,

2023

(continued)

2023

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

..............................

5.39‌

%

5.39‌

%

Administration

............................

5.29‌

5.29‌

Cabrera

Capital

Markets

.....................

5.39‌

5.39‌

Capital

.................................

5.34‌

5.34‌

Cash

Management

.........................

4.89‌

4.89‌

Cash

Reserve

............................

5.01‌

5.01‌

Dollar

..................................

5.14‌

5.14‌

Private

Client

............................

4.89‌

4.89‌

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

...............................

24.0‌

%

Certificates

of

Deposit

.................................

23.8‌

Time

Deposits

......................................

21.4‌

Commercial

Paper

...................................

20.8‌

Municipal

Bonds

....................................

2.3‌

Corporate

Bonds

....................................

0.7‌

U.S.

Government

Sponsored

Agency

Obligations

..............

0.5‌

U.S.

Treasury

Obligations

..............................

0.5‌

Other

Assets

Less

Liabilities

............................

6.0‌

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

..............................

5.24‌

%

5.24‌

%

Administration

............................

5.14‌

5.14‌

Capital

.................................

5.19‌

5.19‌

Cash

Management

.........................

4.74‌

4.74‌

Cash

Reserve

............................

4.84‌

4.84‌

Dollar

..................................

4.99‌

4.99‌

Premier

................................

5.24‌

5.24‌

Select

.................................

4.41‌

4.41‌

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

...............................

71.4‌

%

U.S.

Treasury

Obligations

..............................

25.2‌

Other

Assets

Less

Liabilities

............................

3.4‌

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

..............................

5.28‌

%

5.28‌

%

Administration

............................

5.18‌

5.18‌

Capital

.................................

5.23‌

5.23‌

Cash

Management

.........................

4.78‌

4.78‌

Cash

Reserve

............................

4.88‌

4.88‌

Dollar

..................................

5.03‌

5.03‌

Select

.................................

4.45‌

4.45‌

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

..............................

96.1‌

%

Other

Assets

Less

Liabilities

............................

3.9‌

Fund

Information

as

of

October

31,

2023

(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

..............................

3.82‌

%

3.82‌

%

Dollar

..................................

3.57‌

3.57‌

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

............................

91.8‌

%

Municipal

Bonds

....................................

6.5‌

Closed-End

Investment

Companies

.......................

0.9‌

Other

Assets

Less

Liabilities

............................

0.8‌

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

..............................

2.92‌

%

2.92‌

%

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

............................

80.9‌

%

Municipal

Bonds

....................................

15.3‌

Closed-End

Investment

Companies

.......................

1.9‌

Other

Assets

Less

Liabilities

............................

1.9‌

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

..............................

3.83‌

%

3.83‌

%

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

............................

99.2‌

%

Closed-End

Investment

Companies

.......................

0.6‌

Other

Assets

Less

Liabilities

............................

0.2‌

Disclosure

of

Expenses

2023

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

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

BlackRock

Liquid

Federal

Trust

Fund

Institutional

...............................

$

1,000.00‌

$

1,025.80‌

$

0.87‌

$

1,000.00‌

$

1,024.35‌

$

0.87‌

0.17%

Administration

.............................

1,000.00‌

1,025.30‌

1.38‌

1,000.00‌

1,023.84‌

1.38‌

0.27

Bancroft

Capital

............................

1,000.00‌

1,025.80‌

0.82‌

1,000.00‌

1,024.40‌

0.82‌

0.16

Cabrera

Capital

Markets

......................

1,000.00‌

1,025.80‌

0.82‌

1,000.00‌

1,024.40‌

0.82‌

0.16

Cash

Management

..........................

1,000.00‌

1,023.20‌

3.42‌

1,000.00‌

1,021.83‌

3.41‌

0.67

Dollar

...................................

1,000.00‌

1,024.50‌

2.14‌

1,000.00‌

1,023.09‌

2.14‌

0.42

Great

Pacific

..............................

1,000.00‌

1,025.80‌

0.82‌

1,000.00‌

1,024.40‌

0.82‌

0.16

Mischler

Financial

Group

......................

1,000.00‌

1,025.80‌

0.87‌

1,000.00‌

1,024.35‌

0.87‌

0.17

Penserra

................................

1,000.00‌

1,025.80‌

0.87‌

1,000.00‌

1,024.35‌

0.87‌

0.17

Stern

Brothers

.............................

1,000.00‌

1,025.80‌

0.92‌

1,000.00‌

1,024.30‌

0.92‌

0.18

Tigress

..................................

1,000.00‌

1,025.80‌

0.87‌

1,000.00‌

1,024.35‌

0.87‌

0.17

FedFund

Institutional

...............................

$

1,000.00‌

$

1,026.00‌

$

0.87‌

$

1,000.00‌

$

1,024.35‌

$

0.87‌

0.17%

Administration

.............................

1,000.00‌

1,025.50‌

1.38‌

1,000.00‌

1,023.84‌

1.38‌

0.27

Capital

..................................

1,000.00‌

1,025.80‌

1.07‌

1,000.00‌

1,024.15‌

1.07‌

0.21

Cash

Management

..........................

1,000.00‌

1,023.40‌

3.42‌

1,000.00‌

1,021.83‌

3.41‌

0.67

Cash

Reserve

.............................

1,000.00‌

1,024.00‌

2.91‌

1,000.00‌

1,022.33‌

2.91‌

0.57

Dollar

...................................

1,000.00‌

1,024.70‌

2.14‌

1,000.00‌

1,023.09‌

2.14‌

0.42

Mischler

Financial

Group

......................

1,000.00‌

1,026.00‌

0.87‌

1,000.00‌

1,024.35‌

0.87‌

0.17

Premier

.................................

1,000.00‌

1,026.00‌

0.87‌

1,000.00‌

1,024.35‌

0.87‌

0.17

Private

Client

.............................

1,000.00‌

1,023.40‌

3.47‌

1,000.00‌

1,021.78‌

3.47‌

0.68

Select

..................................

1,000.00‌

1,021.70‌

5.10‌

1,000.00‌

1,020.16‌

5.09‌

1.00

Stern

Brothers

.............................

1,000.00‌

1,026.00‌

0.87‌

1,000.00‌

1,024.35‌

0.87‌

0.17

Tigress

..................................

1,000.00‌

1,026.00‌

0.87‌

1,000.00‌

1,024.35‌

0.87‌

0.17

WestCap

................................

1,000.00‌

1,026.00‌

0.87‌

1,000.00‌

1,024.35‌

0.87‌

0.17

TempCash

Institutional

...............................

$

1,000.00‌

$

1,026.90‌

$

0.92‌

$

1,000.00‌

$

1,024.30‌

$

0.92‌

0.18%

Dollar

...................................

1,000.00‌

1,025.70‌

2.20‌

1,000.00‌

1,023.04‌

2.19‌

0.43

Great

Pacific

..............................

1,000.00‌

1,026.80‌

0.92‌

1,000.00‌

1,024.30‌

0.92‌

0.18

Premier

.................................

1,000.00‌

1,026.80‌

0.92‌

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).

Disclosure

of

Expenses

(continued)

9

Disclosure

of

Expenses

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

TempFund

Institutional

...............................

$

1,000.00‌

$

1,026.90‌

$

0.92‌

$

1,000.00‌

$

1,024.30‌

$

0.92‌

0.18%

Administration

.............................

1,000.00‌

1,026.30‌

1.43‌

1,000.00‌

1,023.79‌

1.43‌

0.28

Cabrera

Capital

Markets

......................

1,000.00‌

1,026.80‌

0.92‌

1,000.00‌

1,024.30‌

0.92‌

0.18

Capital

..................................

1,000.00‌

1,026.60‌

1.17‌

1,000.00‌

1,024.05‌

1.17‌

0.23

Cash

Management

..........................

1,000.00‌

1,024.20‌

3.47‌

1,000.00‌

1,021.78‌

3.47‌

0.68

Cash

Reserve

.............................

1,000.00‌

1,025.00‌

2.81‌

1,000.00‌

1,022.43‌

2.80‌

0.55

Dollar

...................................

1,000.00‌

1,025.50‌

2.20‌

1,000.00‌

1,023.04‌

2.19‌

0.43

Private

Client

.............................

1,000.00‌

1,024.20‌

3.47‌

1,000.00‌

1,021.78‌

3.47‌

0.68

T-Fund

Institutional

...............................

$

1,000.00‌

$

1,026.00‌

$

0.87‌

$

1,000.00‌

$

1,024.35‌

$

0.87‌

0.17%

Administration

.............................

1,000.00‌

1,025.50‌

1.38‌

1,000.00‌

1,023.84‌

1.38‌

0.27

Capital

..................................

1,000.00‌

1,025.80‌

1.12‌

1,000.00‌

1,024.10‌

1.12‌

0.22

Cash

Management

..........................

1,000.00‌

1,023.50‌

3.42‌

1,000.00‌

1,021.83‌

3.41‌

0.67

Cash

Reserve

.............................

1,000.00‌

1,024.00‌

2.91‌

1,000.00‌

1,022.33‌

2.91‌

0.57

Dollar

...................................

1,000.00‌

1,024.70‌

2.14‌

1,000.00‌

1,023.09‌

2.14‌

0.42

Premier

.................................

1,000.00‌

1,026.00‌

0.87‌

1,000.00‌

1,024.35‌

0.87‌

0.17

Select

..................................

1,000.00‌

1,021.80‌

5.10‌

1,000.00‌

1,020.16‌

5.09‌

1.00

Treasury

Trust

Fund

Institutional

...............................

$

1,000.00‌

$

1,025.90‌

$

0.87‌

$

1,000.00‌

$

1,024.35‌

$

0.87‌

0.17%

Administration

.............................

1,000.00‌

1,025.40‌

1.38‌

1,000.00‌

1,023.84‌

1.38‌

0.27

Capital

..................................

1,000.00‌

1,025.60‌

1.12‌

1,000.00‌

1,024.10‌

1.12‌

0.22

Cash

Management

..........................

1,000.00‌

1,023.30‌

3.42‌

1,000.00‌

1,021.83‌

3.41‌

0.67

Cash

Reserve

.............................

1,000.00‌

1,023.80‌

2.91‌

1,000.00‌

1,022.33‌

2.91‌

0.57

Dollar

...................................

1,000.00‌

1,024.60‌

2.09‌

1,000.00‌

1,023.14‌

2.09‌

0.41

Select

..................................

1,000.00‌

1,021.60‌

5.10‌

1,000.00‌

1,020.16‌

5.09‌

1.00

MuniCash

Institutional

...............................

$

1,000.00‌

$

1,016.40‌

$

1.02‌

$

1,000.00‌

$

1,024.20‌

$

1.02‌

0.20%

Dollar

...................................

1,000.00‌

1,015.10‌

2.29‌

1,000.00‌

1,022.94‌

2.29‌

0.45

California

Money

Fund

Institutional

...............................

$

1,000.00‌

$

1,012.40‌

$

1.01‌

$

1,000.00‌

$

1,024.20‌

$

1.02‌

0.20%

New

York

Money

Fund

Institutional

...............................

$

1,000.00‌

$

1,016.20‌

$

1.02‌

$

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)

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

October

31,

2023

BlackRock

Liquid

Federal

Trust

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Obligations

Federal

Farm

Credit

Bank

Discount

Notes,

5.08%, 09/19/24

(a)

...............

USD

12,410

$

11,833,231

Federal

Farm

Credit

Bank

Variable

Rate

Notes

(b)

(1-day

SOFR

+

0.02%),

5.33%

,

 11/15/23

.

17,210

17,209,799

(1-day

SOFR

+

0.06%),

5.37%

,

 11/22/23

.

72,970

72,970,000

(1-day

SOFR

+

5.50%),

5.37%

,

 01/10/24

.

19,325

19,325,000

(1-day

SOFR

+

0.05%),

5.36%

,

 05/09/24

.

22,355

22,355,000

(1-day

SOFR

+

0.09%),

5.40%

,

 08/26/24

.

51,440

51,440,000

(1-day

SOFR

+

0.09%),

5.39%

,

 09/23/24

.

17,675

17,675,000

(1-day

SOFR

+

0.17%),

5.48%

,

 01/23/25

.

28,245

28,245,000

(1-day

SOFR

+

0.14%),

5.45%

,

 05/27/25

.

30,510

30,510,000

Federal

Home

Loan

Bank

Bonds

5.45%

,

 03/08/24

.................

14,940

14,936,699

5.34%

,

 04/23/24

.................

78,495

78,495,000

5.35%

,

 04/24/24

.................

22,900

22,900,000

5.34%

,

 04/26/24

.................

15,635

15,635,000

Federal

Home

Loan

Bank

Discount

Notes

(a)

5.20%

,

 11/01/23

.................

98,000

98,000,000

4.63%

,

 11/09/23

.................

50,000

49,941,055

4.87%

,

 11/15/23

.................

100,000

99,794,006

4.91%

,

 11/17/23

.................

36,145

36,060,067

4.98%

,

 11/22/23

.................

39,150

39,028,733

5.10%

,

 12/05/23

.................

300,000

298,484,167

5.11%

,

 12/08/23

.................

100,000

99,453,325

5.13%

,

 12/13/23

.................

10,000

9,938,167

5.15%

,

 12/20/23

.................

81,190

80,602,094

5.15%

,

 12/22/23

.................

25,000

24,810,875

5.17%

,

 12/27/23

.................

244,620

242,591,183

5.20%

,

 01/10/24

.................

77,500

76,694,538

5.21%

,

 01/16/24

.................

9,145

9,055,227

5.28%

,

 02/06/24

.................

25,000

24,679,361

5.18%

,

 02/09/24

.................

71,555

70,570,977

5.25%

,

 03/08/24

.................

6,695

6,574,788

5.12%

,

 06/10/24

.................

18,010

17,426,926

Federal

Home

Loan

Bank

Variable

Rate

Notes

(b)

(1-day

SOFR

+

0.01%),

5.32%

,

 11/03/23

.

25,000

24,999,944

(1-day

SOFR

+

0.02%),

5.33%

,

 11/07/23

.

38,265

38,264,711

(1-day

SOFR

+

0.02%),

5.33%

,

 11/09/23

.

33,010

33,010,000

(1-day

SOFR

+

0.06%),

5.37%

,

 11/24/23

.

81,700

81,701,142

(1-day

SOFR

+

0.07%),

5.38%

,

 11/30/23

.

19,860

19,860,000

(1-day

SOFR

+

0.08%),

5.39%

,

 01/24/24

.

25,000

25,000,000

(1-day

SOFR

+

0.04%),

5.35%

,

 02/20/24

.

42,090

42,090,000

(1-day

SOFR

+

0.05%),

8.16%

,

 03/04/24

.

100,000

100,000,000

(1-day

SOFR

+

0.05%),

5.36%

,

 03/18/24

.

150,000

150,000,000

(1-day

SOFR

+

0.05%),

5.36%

,

 03/25/24

.

50,000

50,000,000

Security

Par

(000)

Par

(000)

Value

U.S.

Government

Sponsored

Agency

Obligations

(continued)

(1-day

SOFR

+

0.16%),

5.47%

,

 07/21/25

.

USD

50,000

$

50,000,000

Total

U.S.

Government

Sponsored

Agency

Obligations

—

38.0%

(Cost:

$2,302,161,015)

...........................

2,302,161,015

U.S.

Treasury

Obligations

U.S.

Treasury

Bills

(a)

4.58%, 11/07/23

.................

582,690

582,176,907

4.76%, 11/09/23

.................

221,000

220,740,202

5.00%, 11/14/23

.................

408,375

407,593,225

5.02%, 11/16/23

.................

112,670

112,420,013

5.12%, 11/21/23

.................

150,000

149,557,917

5.19%, 11/28/23

.................

270,000

268,926,698

5.20%, 11/30/23

.................

200,000

199,139,667

5.22%, 12/05/23

.................

125,720

125,084,209

5.23%, 12/07/23

.................

75,000

74,603,475

5.27%, 12/12/23

.................

150,000

149,097,573

5.31%, 12/19/23

.................

250,000

248,225,000

5.34%, 12/26/23

.................

114,000

113,071,692

5.34%, 01/02/24

.................

38,000

37,651,410

5.35%, 01/11/24

.................

150,000

148,420,250

5.36%, 01/16/24

.................

220,120

217,643,161

5.41%, 02/06/24

.................

42,630

42,016,051

5.43%, 02/13/24

.................

68,905

67,837,648

5.43%, 02/22/24

.................

12,185

11,982,767

5.45%, 03/14/24

.................

78,514

76,964,799

5.48%, 04/04/24

.................

57,935

56,602,978

5.38%, 06/13/24

.................

41,770

40,450,149

5.42%, 08/08/24

.................

4,950

4,753,528

5.42%, 09/05/24

.................

17,590

16,812,449

U.S.

Treasury

Notes

(b)

(US

Treasury

3

Month

Bill

Money

Market

Yield

-

0.02%),

5.37%, 01/31/24

.....

26,895

26,894,986

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.04%),

5.42%, 07/31/24

....

20,000

19,992,745

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.14%),

5.52%, 10/31/24

....

64,990

64,988,399

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.13%),

5.51%, 07/31/25

....

59,255

59,237,374

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.17%),

5.55%, 10/31/25

....

17,609

17,609,000

Total

U.S.

Treasury

Obligations

—

58.9%

(Cost:

$3,560,494,272)

...........................

3,560,494,272

Total

Investments

—

96.9%

(Cost:

$5,862,655,287

)

...........................

5,862,655,287

Other

Assets

Less

Liabilities

—

3.1%

...................

186,340,491

Net

Assets

—

100.0%

..............................

$

6,048,995,778

(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.

Schedule

of

Investments

(continued)

October

31,

2023

BlackRock

Liquid

Federal

Trust

Fund

Schedules

of

Investments

11

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

U.S.

Government

Sponsored

Agency

Obligations

...................

$

—

$

2,302,161,015

$

—

$

2,302,161,015

U.S.

Treasury

Obligations

...................................

—

3,560,494,272

—

3,560,494,272

$

—

$

5,862,655,287

$

—

$

5,862,655,287

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

October

31,

2023

FedFund

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Obligations

Federal

Farm

Credit

Bank

Discount

Notes,

4.81%, 11/13/23

(a)

...............

USD

91,205

$

91,063,632

Federal

Farm

Credit

Bank

Variable

Rate

Notes

(b)

(1-day

SOFR

+

5.50%),

5.37%

,

 01/10/24

.

190,355

190,355,000

(1-day

SOFR

+

0.14%),

5.45%

,

 11/07/24

.

25,000

25,000,000

Federal

Home

Loan

Bank

Bonds

5.45%

,

 03/08/24

.................

402,755

402,666,019

5.40%

,

 03/27/24

.................

1,140,970

1,140,970,000

5.34%

,

 04/23/24

.................

2,363,730

2,363,730,000

5.35%

,

 04/24/24

.................

710,200

710,200,000

5.34%

,

 04/26/24

.................

473,225

473,225,000

Federal

Home

Loan

Bank

Discount

Notes

(a)

4.56%

,

 11/08/23

.................

250,000

249,770,556

5.21%

,

 01/16/24

.................

240,855

238,490,607

5.18%

,

 02/02/24

.................

419,870

414,793,772

5.18%

,

 02/09/24

.................

100,000

98,672,222

5.19%

,

 02/15/24

.................

456,420

449,270,434

5.25%

,

 03/01/24

.................

273,855

268,962,771

5.25%

,

 03/08/24

.................

185,305

181,977,746

5.26%

,

 04/15/24

.................

502,060

489,790,211

5.12%

,

 06/10/24

.................

25,000

24,190,625

5.11%

,

 06/17/24

.................

136,700

132,139,137

Federal

Home

Loan

Bank

Variable

Rate

Notes

(b)

(1-day

SOFR

+

0.07%),

5.38%

,

 11/27/23

.

215,000

215,000,000

(1-day

SOFR

+

0.07%),

5.38%

,

 11/30/23

.

615,895

615,895,000

(1-day

SOFR

+

0.08%),

5.39%

,

 01/24/24

.

891,965

891,965,000

(1-day

SOFR

+

0.05%),

5.36%

,

 03/25/24

.

430,000

430,000,000

Federal

National

Mortgage

Association,

2.63%, 09/06/24

................

569,428

555,970,352

Total

U.S.

Government

Sponsored

Agency

Obligations

—

7.4%

(Cost:

$10,654,098,084)

...........................

10,654,098,084

U.S.

Treasury

Obligations

U.S.

Treasury

Bills

(a)

5.20%, 11/30/23

.................

5,000

4,978,492

5.31%, 12/21/23

.................

209,700

208,194,238

5.34%, 12/28/23

.................

1,754,505

1,740,022,304

5.34%, 01/04/24

.................

610,075

604,370,121

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

5.35%, 01/11/24

.................

USD

125,365

$

124,062,005

5.38%, 01/18/24

.................

1,722,440

1,702,511,369

5.39%, 01/30/24

.................

363,415

358,558,867

5.41%, 02/01/24

.................

2,149,640

2,120,704,943

5.41%, 02/06/24

.................

720,490

710,103,938

5.40%, 02/08/24

.................

215,900

212,774,038

5.43%, 02/13/24

.................

2,802,020

2,758,685,238

5.43%, 02/22/24

.................

1,742,750

1,713,792,997

5.43%, 02/29/24

.................

47,857

47,003,157

5.45%, 03/07/24

.................

344,115

337,681,005

5.45%, 03/14/24

.................

1,589,130

1,557,779,703

5.47%, 03/21/24

.................

174,250

170,632,860

5.48%, 04/04/24

.................

332,925

325,270,499

5.50%, 04/18/24

.................

1,683,740

1,642,734,018

5.49%, 05/02/24

.................

746,850

726,763,054

5.44%, 05/16/24

.................

524,230

510,625,836

5.38%, 06/13/24

.................

612,625

593,676,690

5.42%, 08/08/24

.................

789,740

758,473,874

5.42%, 09/05/24

.................

468,355

447,753,065

5.43%, 10/03/24

.................

405,635

386,126,735

5.39%, 10/31/24

.................

496,695

470,906,320

U.S.

Treasury

Notes

(b)

(US

Treasury

3

Month

Bill

Money

Market

Yield

-

0.02%),

5.37%, 01/31/24

.....

1,120,475

1,120,475,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

-

0.08%),

5.31%, 04/30/24

.....

402,705

402,559,332

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.14%),

5.52%, 10/31/24

....

805,730

805,793,654

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.20%),

5.58%, 01/31/25

....

650,000

650,175,313

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.17%),

5.55%, 04/30/25

....

5,371,785

5,371,676,573

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.13%),

5.51%, 07/31/25

....

921,600

920,821,813

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.17%),

5.55%, 10/31/25

....

1,746,023

1,746,023,000

Total

U.S.

Treasury

Obligations

—

21.6%

(Cost:

$31,251,710,051)

...........................

31,251,710,051

Total

Repurchase

Agreements

—

67.8%

(Cost:

$97,967,605,000)

...........................

97,967,605,000

Total

Investments

—

96.8%

(Cost:

$139,873,413,135

)

..........................

139,873,413,135

Other

Assets

Less

Liabilities

—

3.2%

...................

4,567,833,122

Net

Assets

—

100.0%

..............................

$

144,441,246,257

(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.

Schedule

of

Investments

(continued)

October

31,

2023

FedFund

Schedules

of

Investments

13

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

...

5.30‌

%

(a)

10/31/23

11/01/23

$

600,000‌

$

600,000,000‌

$

600,088,333‌

U.S.

Treasury

Obligations,

0.00%,

due

05/15/24

to

11/15/42

.

$

1,030,740,154‌

$

612,000,000‌

5.30‌

10/31/23

11/01/23

50,000‌

50,000,000‌

50,007,361‌

U.S.

Treasury

Obligation,

1.00%,

due

07/31/28

.........

60,661,900‌

51,000,037‌

5.30‌

10/31/23

11/01/23

7,000‌

7,000,000‌

7,001,031‌

U.S.

Treasury

Obligation,

4.63%,

due

06/30/25

.........

7,091,800‌

7,140,042‌

5.31‌

10/31/23

11/01/23

252,500‌

252,500,000‌

252,537,244‌

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

3.50%,

due

02/20/52

to

04/20/53

.........

333,026,585‌

257,550,001‌

–‌

–‌

$

909,500,000‌

$

927,690,080‌

–‌

–‌

Bank

of

Montreal

....

5.29‌

10/31/23

11/01/23

151,000‌

151,000,000‌

151,022,189‌

U.S.

Treasury

Obligation,

4.63%,

due

10/15/26

.........

154,759,500‌

154,020,037‌

5.30‌

10/31/23

11/01/23

325,000‌

325,000,000‌

325,047,847‌

U.S.

Government

Sponsored

Agency

Obligations,

5.00%

to

6.50%,

due

03/01/53

to

10/01/53

.........

350,424,548‌

334,750,001‌

–‌

–‌

$

476,000,000‌

$

488,770,038‌

–‌

–‌

Bank

of

Nova

Scotia

(The)

..........

5.29‌

10/31/23

11/01/23

527,000‌

527,000,000‌

527,077,440‌

U.S.

Treasury

Obligations,

0.38%

to

4.38%,

due

08/15/25

to

11/15/32

.........

585,812,400‌

537,619,079‌

–‌

–‌

Barclays

Bank

plc

...

5.30‌

10/31/23

11/01/23

95,000‌

95,000,000‌

95,013,986‌

U.S.

Treasury

Obligations,

1.25%

to

4.00%,

due

11/30/26

to

11/15/52

.........

112,253,100‌

96,900,053‌

5.30‌

10/31/23

11/01/23

2,500,000‌

2,500,000,000‌

2,500,368,056‌

U.S.

Treasury

Obligations,

3.50%

to

5.00%,

due

10/31/25

to

02/15/33

.........

2,677,368,000‌

2,550,000,069‌

5.30‌

10/31/23

11/01/23

1,700,000‌

1,700,000,000‌

1,700,250,278‌

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

15.93%,

due

02/25/24

to

10/25/55

.......

21,067,125,368‌

1,785,000,000‌

5.40‌

(b)

10/31/23

11/08/23

200,000‌

200,000,000‌

200,240,000‌

U.S.

Government

Sponsored

Agency

Obligations,

3.00%

to

6.50%,

due

10/20/46

to

09/20/53

.........

506,648,194‌

204,000,000‌

–‌

–‌

$

4,495,000,000‌

$

4,635,900,122‌

–‌

–‌

Barclays

Capital,

Inc.

.

5.47‌

(b)

10/31/23

12/06/23

799,000‌

799,000,000‌

803,370,528‌

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

20.43%,

due

02/25/24

to

10/25/58

.......

2,390,431,772‌

855,373,136‌

–‌

–‌

BMO

Capital

Markets

Corp.

..........

5.30‌

10/31/23

11/01/23

30,000‌

30,000,000‌

30,004,417‌

U.S.

Government

Sponsored

Agency

Obligations,

6.06%

to

6.07%,

due

06/01/30

31,179,409‌

30,900,000‌

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

October

31,

2023

FedFund

14

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5.42‌

%

10/26/23

11/02/23

$

175,000‌

$

175,000,000‌

$

175,184,431‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

6.50%,

due

02/25/27

to

09/20/73

$

4,475,081,882‌

$

183,724,457‌

–‌

–‌

$

205,000,000‌

$

214,624,457‌

–‌

–‌

BNP

Paribas

SA

....

5.29‌

10/31/23

11/01/23

1,600,000‌

1,600,000,000‌

1,600,235,111‌

U.S.

Treasury

Obligations,

0.13%

to

4.13%,

due

03/15/24

to

02/15/53

.........

1,642,402,800‌

1,632,000,009‌

5.30‌

10/31/23

11/01/23

572,000‌

572,000,000‌

572,084,211‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

5.50%,

due

04/15/24

to

09/20/63

574,468,619‌

583,440,072‌

5.36‌

10/12/23

11/14/23

1,200,000‌

1,200,000,000‌

1,205,896,000‌

U.S.

Treasury

Obligations,

0.00%

to

4.88%,

due

02/08/24

to

08/15/52

.........

1,369,377,627‌

1,224,000,056‌

5.39‌

(b)

10/31/23

11/08/23

400,000‌

400,000,000‌

400,479,111‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

7.00%,

due

04/25/24

to

01/20/71

7,963,437,371‌

416,935,974‌

5.50‌

(b)

10/31/23

12/06/23

300,000‌

300,000,000‌

301,650,000‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

7.00%,

due

07/15/25

to

02/25/54

8,563,655,437‌

312,417,972‌

–‌

–‌

$

4,072,000,000‌

$

4,168,794,083‌

–‌

–‌

Citibank

NA

........

5.30‌

10/31/23

11/01/23

150,000‌

150,000,000‌

150,022,083‌

U.S.

Treasury

Obligations,

0.13%

to

4.38%,

due

08/31/28

to

02/15/53

.........

167,222,500‌

153,000,072‌

–‌

–‌

Citigroup

Global

Markets,

Inc.

...........

5.30‌

(a)

10/31/23

11/01/23

238,000‌

238,000,000‌

238,035,039‌

U.S.

Treasury

Obligations,

0.50%

to

4.00%,

due

11/30/23

to

02/28/30

.........

257,219,471‌

242,760,011‌

5.30‌

10/31/23

11/01/23

1,088,000‌

1,088,000,000‌

1,088,160,178‌

U.S.

Government

Sponsored

Agency

Obligations,

3.00%

to

7.50%,

due

04/20/53

to

07/20/53

.........

1,171,381,362‌

1,109,760,933‌

5.30‌

10/31/23

11/01/23

270,000‌

270,000,000‌

270,039,750‌

U.S.

Treasury

Obligations,

1.13%

to

4.63%,

due

10/15/26

to

05/15/31

.........

329,463,000‌

275,400,055‌

5.31‌

10/31/23

11/01/23

500,000‌

500,000,000‌

500,073,750‌

U.S.

Treasury

Obligations,

0.75%

to

4.00%,

due

01/15/28

to

02/29/28

.........

523,755,900‌

510,001,612‌

5.33‌

10/26/23

11/02/23

1,150,000‌

1,150,000,000‌

1,151,191,847‌

U.S.

Treasury

Obligations,

0.38%

to

3.88%,

due

04/30/25

to

10/31/27

.........

1,280,667,400‌

1,173,000,041‌

Schedule

of

Investments

(continued)

October

31,

2023

FedFund

Schedules

of

Investments

15

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5.34‌

%

10/26/23

11/02/23

$

500,000‌

$

500,000,000‌

$

500,519,167‌

U.S.

Government

Sponsored

Agency

Obligations,

2.50%

to

7.00%,

due

02/01/49

to

10/01/53

.........

$

591,798,202‌

$

515,000,001‌

5.40‌

(b)

10/31/23

11/01/23

500,000‌

500,000,000‌

500,075,000‌

U.S.

Government

Sponsored

Agency

Obligations,

3.00%

to

6.00%,

due

08/01/52

to

10/01/53

.........

570,616,025‌

515,000,000‌

–‌

–‌

$

4,246,000,000‌

$

4,340,922,653‌

–‌

–‌

Credit

Agricole

Corporate

&

Investment

Bank

SA

5.29‌

(a)

10/31/23

11/01/23

1,899,000‌

1,899,000,000‌

1,899,279,047‌

U.S.

Treasury

Obligations,

0.13%

to

4.00%,

due

10/15/24

to

02/15/53

.........

2,503,888,866‌

1,936,980,019‌

5.29‌

10/31/23

11/01/23

25,000‌

25,000,000‌

25,003,674‌

U.S.

Treasury

Obligation,

0.13%,

due

07/15/24

.........

20,177,100‌

25,500,092‌

–‌

–‌

$

1,924,000,000‌

$

1,962,480,111‌

–‌

–‌

Deutsche

Bank

AG

...

5.30‌

10/31/23

11/01/23

750,000‌

750,000,000‌

750,110,417‌

U.S.

Treasury

Obligations,

2.75%

to

5.00%,

due

05/15/25

to

02/15/33

.........

804,687,600‌

765,000,037‌

5.31‌

10/31/23

11/01/23

2,000,000‌

2,000,000,000‌

2,000,295,000‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

6.50%,

due

12/13/23

to

11/15/46

.

2,140,002,663‌

2,047,386,901‌

–‌

–‌

$

2,750,000,000‌

$

2,812,386,938‌

–‌

–‌

Federal

Reserve

Bank

of

New

York

.......

5.30‌

10/31/23

11/01/23

32,750,000‌

32,750,000,000‌

32,754,821,528‌

U.S.

Treasury

Obligations,

0.38%

to

5.00%,

due

01/15/25

to

05/15/52

.........

35,883,600,221‌

32,754,821,533‌

–‌

–‌

Fixed

Income

Clearing

Corporation

.....

5.30‌

10/31/23

11/01/23

2,000,000‌

2,000,000,000‌

2,000,294,444‌

U.S.

Treasury

Obligations,

5.30%,

due

11/01/23

.........

3,112,068,500‌

2,040,000,019‌

5.30‌

10/31/23

11/01/23

3,000,000‌

3,000,000,000‌

3,000,441,667‌

U.S.

Treasury

Obligations,

0.50%

to

5.00%,

due

07/31/25

to

09/30/28

.........

3,205,046,300‌

3,060,000,009‌

5.31‌

10/31/23

11/01/23

1,500,000‌

1,500,000,000‌

1,500,221,250‌

U.S.

Treasury

Obligations,

0.75%

to

2.88%,

due

04/30/26

to

05/15/28

.........

1,653,803,400‌

1,530,000,000‌

5.31‌

10/31/23

11/01/23

4,000,000‌

4,000,000,000‌

4,000,590,000‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

8.00%,

due

12/28/23

to

01/01/57

7,598,125,635‌

4,145,022,864‌

5.31‌

10/31/23

11/01/23

1,000,000‌

1,000,000,000‌

1,000,147,500‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

7.00%,

due

02/01/24

to

07/01/61

1,278,738,711‌

1,025,302,163‌

5.31‌

10/31/23

11/01/23

2,000,000‌

2,000,000,000‌

2,000,295,000‌

U.S.

Treasury

Obligations,

0.00%

to

5.58%,

due

11/02/23

to

11/15/25

.........

2,044,468,900‌

2,040,000,089‌

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

October

31,

2023

FedFund

16

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5.32‌

%

10/31/23

11/01/23

$

1,500,000‌

$

1,500,000,000‌

$

1,500,221,667‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

1.50%

to

8.00%,

due

03/31/24

to

09/01/57

$

3,203,147,915‌

$

1,544,400,465‌

5.32‌

10/31/23

11/01/23

5,000,000‌

5,000,000,000‌

5,000,738,889‌

U.S.

Treasury

Obligations,

0.00%

to

6.50%,

due

11/02/23

to

08/15/53

.........

5,517,963,200‌

5,100,000,057‌

5.32‌

10/31/23

11/01/23

1,500,000‌

1,500,000,000‌

1,500,221,667‌

U.S.

Treasury

Obligations,

0.50%

to

5.55%,

due

11/30/24

to

05/31/28

.........

1,583,375,900‌

1,530,000,087‌

5.32‌

10/31/23

11/01/23

4,000,000‌

4,000,000,000‌

4,000,591,111‌

U.S.

Treasury

Obligations,

0.25%

to

5.55%,

due

04/30/24

to

05/15/53

.........

5,045,959,900‌

4,080,000,027‌

–‌

–‌

$

25,500,000,000‌

$

26,094,725,780‌

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...........

5.29‌

10/31/23

11/01/23

86,000‌

86,000,000‌

86,012,637‌

U.S.

Treasury

Obligations,

0.63%

to

4.13%,

due

01/31/25

to

11/30/27

.........

96,949,200‌

87,720,021‌

5.31‌

10/31/23

11/01/23

2,571,000‌

2,571,000,000‌

2,571,379,223‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

2.50%

to

6.50%,

due

10/31/24

to

07/20/53

2,631,455,029‌

2,622,420,002‌

5.38‌

(b)

10/31/23

12/06/23

1,114,500‌

1,114,500,000‌

1,120,496,010‌

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

7.50%,

due

03/13/24

to

09/15/64

.........

4,310,861,864‌

1,143,045,899‌

–‌

–‌

$

3,771,500,000‌

$

3,853,185,922‌

–‌

–‌

HSBC

Securities

USA,

Inc.

...........

5.29‌

10/31/23

11/01/23

600,000‌

600,000,000‌

600,088,167‌

U.S.

Treasury

Obligations,

0.50%

to

5.37%,

due

01/31/24

to

08/15/48

.........

760,085,900‌

612,000,012‌

5.30‌

10/31/23

11/01/23

40,000‌

40,000,000‌

40,005,889‌

U.S.

Treasury

Obligations,

0.13%

to

3.88%,

due

04/15/25

to

02/15/43

.........

38,524,600‌

40,800,022‌

5.30‌

(c)

10/31/23

11/01/23

286,000‌

286,000,000‌

286,042,106‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

7.00%,

due

01/15/24

to

10/20/53

551,229,312‌

291,927,687‌

5.31‌

(b)

10/31/23

11/08/23

350,000‌

350,000,000‌

350,413,000‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

7.00%,

due

12/07/23

to

10/20/53

528,579,290‌

359,053,244‌

–‌

–‌

$

1,276,000,000‌

$

1,303,780,965‌

–‌

–‌

ING

Financial

Markets

LLC

...........

5.30‌

10/31/23

11/01/23

75,000‌

75,000,000‌

75,011,042‌

U.S.

Treasury

Obligations,

0.13%

to

3.13%,

due

05/31/26

to

05/15/51

.........

81,621,300‌

76,500,002‌

–‌

–‌

Schedule

of

Investments

(continued)

October

31,

2023

FedFund

Schedules

of

Investments

17

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

JP

Morgan

Securities

LLC

...........

5.30‌

%

10/31/23

11/01/23

$

28,500‌

$

28,500,000‌

$

28,504,196‌

U.S.

Treasury

Obligations,

0.00%

to

4.00%,

due

11/30/23

to

06/30/28

.........

$

29,675,300‌

$

29,070,090‌

5.30‌

10/31/23

11/01/23

650,000‌

650,000,000‌

650,095,694‌

U.S.

Treasury

Obligations,

2.00%

to

3.63%,

due

05/15/26

to

11/15/26

.........

683,611,800‌

663,000,019‌

5.31‌

10/31/23

11/01/23

1,459,000‌

1,459,000,000‌

1,459,215,202‌

U.S.

Government

Sponsored

Agency

Obligations,

1.50%

to

7.50%,

due

11/01/31

to

09/20/63

.........

1,762,248,662‌

1,488,324,638‌

–‌

–‌

$

2,137,500,000‌

$

2,180,394,747‌

–‌

–‌

Mizuho

Securities

USA

LLC

...........

5.30‌

10/31/23

11/01/23

115,000‌

115,000,000‌

115,016,931‌

U.S.

Treasury

Obligations,

0.38%

to

4.75%,

due

05/31/24

to

02/15/33

.........

124,986,700‌

117,300,069‌

5.45‌

(b)

10/31/23

12/06/23

1,000,000‌

1,000,000,000‌

1,005,450,000‌

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

11.57%,

due

03/25/25

to

10/16/64

.......

6,456,270,392‌

1,050,001,411‌

–‌

–‌

$

1,115,000,000‌

$

1,167,301,480‌

–‌

–‌

Morgan

Stanley

&

Co.

LLC

...........

5.29‌

10/31/23

11/01/23

39,000‌

39,000,000‌

39,005,731‌

U.S.

Treasury

Obligations,

0.00%

to

1.13%,

due

11/30/27

to

02/15/47

.........

75,195,200‌

39,780,076‌

5.31‌

10/31/23

11/01/23

1,000,000‌

1,000,000,000‌

1,000,147,500‌

U.S.

Government

Sponsored

Agency

Obligations,

1.50%

to

7.00%,

due

04/01/24

to

09/01/61

.........

1,247,988,044‌

1,030,000,000‌

5.31‌

10/31/23

11/01/23

250,000‌

250,000,000‌

250,036,875‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

7.00%,

due

01/15/25

to

11/01/53

.

288,104,504‌

256,462,138‌

–‌

–‌

$

1,289,000,000‌

$

1,326,242,214‌

–‌

–‌

MUFG

Securities

Americas,

Inc.

....

5.30‌

10/31/23

11/01/23

15,000‌

15,000,000‌

15,002,208‌

U.S.

Treasury

Obligations,

0.00%

to

0.88%,

due

06/30/26

to

02/15/43

.........

16,919,700‌

15,300,015‌

5.31‌

10/31/23

11/01/23

405,000‌

405,000,000‌

405,059,737‌

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

7.50%,

due

03/20/24

to

09/20/62

.........

2,789,193,075‌

416,663,724‌

–‌

–‌

$

420,000,000‌

$

431,963,739‌

–‌

–‌

Natixis

SA

.........

5.29‌

10/31/23

11/01/23

102,000‌

102,000,000‌

102,014,988‌

U.S.

Treasury

Obligations,

0.00%

to

4.75%,

due

11/24/23

to

02/15/53

.........

111,853,152‌

104,040,000‌

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

October

31,

2023

FedFund

18

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5.30‌

%

10/31/23

11/01/23

$

800,000‌

$

800,000,000‌

$

800,117,778‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.88%

to

6.50%,

due

01/31/25

to

10/01/53

$

1,352,119,798‌

$

821,215,450‌

–‌

–‌

$

902,000,000‌

$

925,255,450‌

–‌

–‌

Nomura

Securities

International,

Inc.

..

5.30‌

10/31/23

11/01/23

3,030,000‌

3,030,000,000‌

3,030,446,083‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

8.00%,

due

02/01/24

to

05/15/64

16,268,879,200‌

3,101,258,066‌

–‌

–‌

Prudential

Insurance

Co.

of

America

......

5.33‌

10/31/23

11/01/23

20,813‌

20,812,500‌

20,815,581‌

U.S.

Treasury

Obligation,

0.00%,

due

11/15/30

.........

30,000,000‌

21,231,981‌

5.33‌

10/31/23

11/01/23

16,193‌

16,192,500‌

16,194,897‌

U.S.

Treasury

Obligation,

0.00%,

due

08/15/37

.........

34,000,000‌

16,518,917‌

5.33‌

10/31/23

11/01/23

36,938‌

36,937,500‌

36,942,969‌

U.S.

Treasury

Obligation,

0.00%,

due

08/15/29

.........

50,000,000‌

37,681,969‌

5.33‌

10/31/23

11/01/23

34,125‌

34,125,000‌

34,130,052‌

U.S.

Treasury

Obligation,

3.00%,

due

08/15/52

.........

50,000,000‌

34,812,552‌

5.33‌

10/31/23

11/01/23

16,071‌

16,071,250‌

16,073,629‌

U.S.

Treasury

Obligation,

2.75%,

due

11/15/42

.........

23,000,000‌

16,394,939‌

5.33‌

10/31/23

11/01/23

42,600‌

42,600,000‌

42,606,307‌

U.S.

Treasury

Obligation,

3.00%,

due

05/15/45

.........

60,000,000‌

43,458,307‌

5.33‌

10/31/23

11/01/23

95,675‌

95,675,000‌

95,689,165‌

U.S.

Treasury

Obligation,

0.00%,

due

05/15/39

.........

215,000,000‌

97,602,665‌

5.33‌

10/31/23

11/01/23

52,468‌

52,467,500‌

52,475,268‌

U.S.

Treasury

Obligation,

0.00%,

due

11/15/26

.........

62,000,000‌

53,524,308‌

5.33‌

10/31/23

11/01/23

21,306‌

21,306,250‌

21,309,405‌

U.S.

Treasury

Obligation,

0.00%,

due

05/15/33

.........

35,000,000‌

21,735,705‌

5.33‌

10/31/23

11/01/23

18,769‌

18,768,750‌

18,771,529‌

U.S.

Treasury

Obligation,

0.00%,

due

08/15/35

.........

35,000,000‌

19,146,729‌

5.33‌

10/31/23

11/01/23

45,811‌

45,811,250‌

45,818,033‌

U.S.

Treasury

Obligation,

2.88%,

due

08/15/45

.........

67,000,000‌

46,734,593‌

5.33‌

10/31/23

11/01/23

33,600‌

33,600,000‌

33,604,975‌

U.S.

Treasury

Obligation,

0.00%,

due

11/15/34

.........

60,000,000‌

34,276,975‌

5.33‌

10/31/23

11/01/23

4,325‌

4,325,000‌

4,325,640‌

U.S.

Treasury

Obligation,

0.00%,

due

02/15/39

.........

10,000,000‌

4,412,140‌

5.33‌

10/31/23

11/01/23

21,313‌

21,312,500‌

21,315,655‌

U.S.

Treasury

Obligation,

0.00%,

due

02/15/40

.........

50,000,000‌

21,741,655‌

5.33‌

10/31/23

11/01/23

32,625‌

32,625,000‌

32,629,830‌

U.S.

Treasury

Obligation,

0.00%,

due

05/15/35

.........

60,000,000‌

33,282,030‌

5.33‌

10/31/23

11/01/23

125,475‌

125,475,000‌

125,493,577‌

U.S.

Treasury

Obligation,

0.00%,

due

08/15/43

.........

358,500,000‌

128,003,077‌

–‌

–‌

$

618,105,000‌

$

630,558,542‌

–‌

–‌

Schedule

of

Investments

(continued)

October

31,

2023

FedFund

Schedules

of

Investments

19

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Royal

Bank

of

Canada

5.29‌

%

10/31/23

11/01/23

$

275,000‌

$

275,000,000‌

$

275,040,410‌

U.S.

Treasury

Obligations,

0.50%

to

4.63%,

due

11/30/23

to

05/15/51

.........

$

370,989,000‌

$

280,500,031‌

5.30‌

10/31/23

11/01/23

300,000‌

300,000,000‌

300,044,167‌

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

6.50%,

due

12/15/27

to

01/16/63

.........

11,640,449,135‌

316,278,609‌

–‌

–‌

$

575,000,000‌

$

596,778,640‌

–‌

–‌

Societe

Generale

SA

.

5.29‌

10/31/23

11/01/23

25,000‌

25,000,000‌

25,003,674‌

U.S.

Treasury

Obligation,

4.88%,

due

10/31/28

.........

25,421,200‌

25,500,006‌

5.30‌

10/31/23

11/01/23

1,450,000‌

1,450,000,000‌

1,450,213,472‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

6.50%,

due

01/02/24

to

09/01/53

1,923,559,525‌

1,489,451,791‌

–‌

–‌

$

1,475,000,000‌

$

1,514,951,797‌

–‌

–‌

TD

Securities

USA

LLC

5.30‌

10/31/23

11/01/23

95,000‌

95,000,000‌

95,013,986‌

U.S.

Treasury

Obligations,

1.38%

to

5.00%,

due

09/30/25

to

02/15/33

.........

101,745,700‌

96,900,001‌

5.31‌

10/31/23

11/01/23

1,135,000‌

1,135,000,000‌

1,135,167,412‌

U.S.

Government

Sponsored

Agency

Obligations,

2.50%

to

7.00%,

due

12/01/31

to

10/01/53

.........

2,369,587,951‌

1,169,050,001‌

–‌

–‌

$

1,230,000,000‌

$

1,265,950,002‌

–‌

–‌

Wells

Fargo

Securities

LLC

...........

5.29‌

(a)

10/31/23

11/01/23

550,000‌

550,000,000‌

550,080,819‌

U.S.

Treasury

Obligations,

1.13%

to

7.63%,

due

02/15/25

to

02/15/52

.........

793,176,417‌

561,000,028‌

5.29‌

10/31/23

11/01/23

25,000‌

25,000,000‌

25,003,674‌

U.S.

Treasury

Obligations,

0.75%

to

1.50%,

due

02/15/45

to

02/15/53

.........

28,811,500‌

25,500,055‌

5.31‌

10/31/23

11/01/23

675,000‌

675,000,000‌

675,099,562‌

U.S.

Government

Sponsored

Agency

Obligations,

1.50%

to

7.00%,

due

08/20/32

to

10/20/53

.........

1,343,946,905‌

688,500,000‌

–‌

–‌

$

1,250,000,000‌

$

1,275,000,083‌

–‌

–‌

$

97,967,605,000‌

$

99,596,229,731‌

–‌

–‌

(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.

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

October

31,

2023

FedFund

20

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

Repurchase

Agreements

...................................

$

—

$

97,967,605,000

$

—

$

97,967,605,000

U.S.

Government

Sponsored

Agency

Obligations

...................

—

10,654,098,084

—

10,654,098,084

U.S.

Treasury

Obligations

...................................

—

31,251,710,051

—

31,251,710,051

$

—

$

139,873,413,135

$

—

$

139,873,413,135

Schedule

of

Investments

October

31,

2023

TempCash

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Certificates

of

Deposit

Domestic

—

4.1%

Bank

of

America

NA

5.40%, 11/15/23

.................

USD

33,000

$

32,997,859

(1-day

SOFR

+

0.32%),

5.63%, 12/14/23

(a)

44,000

44,008,396

5.75%, 01/09/24

.................

61,000

61,011,278

5.25%, 01/31/24

.................

50,000

49,909,730

5.44%, 02/06/24

.................

28,961

28,923,825

5.90%, 05/14/24

.................

45,000

44,996,585

6.00%, 08/21/24

.................

30,000

30,006,880

Citibank

NA

5.80%, 02/26/24

-

03/18/24

..........

53,320

53,327,182

5.89%, 05/10/24

.................

33,000

32,993,457

5.92%, 06/20/24

.................

26,000

26,006,591

Wells

Fargo

Bank

NA

(a)

(1-day

SOFR

+

0.50%),

5.81%, 01/22/24

.

63,250

63,295,029

(1-day

SOFR

+

0.35%),

5.66%, 03/07/24

.

59,000

59,012,962

(1-day

SOFR

+

0.64%),

5.95%, 07/17/24

.

32,000

32,038,262

558,528,036

Yankee

—

19.3%

(b)

Bank

of

Nova

Scotia

(The),

Houston

(a)

(1-day

SOFR

+

0.49%),

5.80%, 01/26/24

.

28,000

28,019,872

(1-day

SOFR

+

0.48%),

5.79%, 01/31/24

.

28,000

28,020,087

(1-day

SOFR

+

0.47%),

5.78%, 06/03/24

.

66,000

66,026,367

BNP

Paribas

SA,

New

York

5.25%, 01/31/24

.................

50,000

49,933,520

(1-day

SOFR

+

0.63%),

5.94%, 02/05/24

(a)

32,550

32,585,976

Canadian

Imperial

Bank

of

Commerce,

New

York

5.60%, 12/01/23

-

03/04/24

..........

72,250

72,227,294

(1-day

SOFR

+

0.54%),

5.85%, 01/18/24

(a)

50,000

50,047,135

5.23%, 02/02/24

.................

25,000

24,965,082

5.40%, 02/08/24

.................

32,000

31,973,218

5.90%, 06/13/24

.................

52,000

52,008,935

Cooperatieve

Rabobank

UA,

New

York,

(1-day

SOFR

+

0.35%),

5.66%, 12/08/23

(a)

....

35,000

35,008,401

Credit

Agricole

Corporate

&

Investment

Bank

SA,

New

York

5.40%, 11/10/23

.................

38,000

37,999,339

(1-day

SOFR

+

0.38%),

5.69%, 11/17/23

(a)

50,000

50,006,333

Credit

Industriel

et

Commercial,

New

York

(1-day

SOFR

+

0.37%),

5.68%, 11/03/23

-

04/08/24

(a)

...................

135,000

135,016,123

5.60%, 11/27/23

.................

60,000

60,006,339

DZ

Bank

AG,

New

York

(1-day

SOFR

+

0.35%),

5.66%, 11/08/23

(a)

79,000

79,004,041

5.40%, 11/09/23

.................

35,000

35,000,178

HSBC

Bank

USA

NA,

New

York

(1-day

SOFR

+

0.45%),

5.76%, 11/27/23

(a)

75,000

75,010,607

5.90%, 06/06/24

.................

42,750

42,749,872

Korea

Development

Bank,

New

York,

5.82%, 02/16/24

.................

31,000

31,007,060

Mitsubishi

UFJ

Trust

&

Banking

Corp.,

New

York

5.33%, 11/07/23

.................

120,000

120,000,000

(1-day

SOFR

+

0.40%),

5.71%, 02/14/24

-

03/19/24

(a)

...................

114,630

114,654,277

Mizuho

Bank

Ltd.,

New

York

(a)

(1-day

SOFR

+

0.34%),

5.65%, 11/17/23

.

62,000

62,006,662

(1-day

SOFR

+

0.48%),

5.79%, 11/22/23

.

50,000

50,011,165

(1-day

SOFR

+

0.43%),

5.74%, 01/31/24

.

40,600

40,623,829

(1-day

SOFR

+

0.41%),

5.72%, 02/20/24

.

63,000

63,026,253

MUFG

Bank

Ltd.,

New

York

5.62%, 11/01/23

.................

74,500

74,500,532

(1-day

SOFR

+

0.43%),

5.74%, 11/10/23

(a)

35,000

35,002,653

Security

Par

(000)

Par

(000)

Value

Yankee

(continued)

National

Australia

Bank

Ltd.,

New

York,

(1-day

SOFR

+

0.40%),

5.71%, 01/12/24

(a)

....

USD

60,000

$

60,027,394

Nordea

Bank

Abp

,

New

York

(1-day

SOFR

+

0.45%),

5.76%, 01/18/24

(a)

47,000

47,024,514

5.15%, 02/02/24

.................

34,000

33,951,727

(1-day

SOFR

+

0.27%),

5.58%, 02/16/24

(a)

31,650

31,650,939

(1-day

SOFR

+

0.52%),

5.83%, 04/18/24

(a)

30,000

30,022,161

(1-day

SOFR

+

0.47%),

5.78%, 07/24/24

(a)

20,000

19,999,188

Royal

Bank

of

Canada,

New

York,

5.96%, 09/19/24

.................

40,000

40,016,599

Skandinaviska

Enskilda

Banken

AB,

New

York,

(1-day

SOFR

+

0.25%),

5.56%, 03/04/24

(a)

20,000

19,998,857

Standard

Chartered

Bank,

New

York,

5.63%, 03/01/24

.................

35,000

34,978,135

Sumitomo

Mitsui

Banking

Corp.,

New

York

(a)

(1-day

SOFR

+

0.34%),

5.65%, 11/13/23

.

80,750

80,755,884

(1-day

SOFR

+

0.42%),

5.73%, 02/07/24

.

65,000

65,028,207

(1-day

SOFR

+

0.40%),

5.71%, 02/20/24

.

77,000

77,027,219

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

5.60%, 11/29/23

.................

84,750

84,760,214

5.61%, 12/20/23

.................

59,000

59,003,745

(1-day

SOFR

+

0.42%),

5.73%, 01/29/24

(a)

71,350

71,383,434

Svenska

Handelsbanken

AB,

New

York

(a)

(1-day

SOFR

+

0.35%),

5.66%, 11/06/23

.

68,750

68,752,906

(1-day

SOFR

+

0.55%),

5.86%, 04/29/24

.

54,000

54,045,175

Toronto-Dominion

Bank

(The),

New

York

5.27%, 01/24/24

.................

60,000

59,924,062

(1-day

SOFR

+

0.50%),

5.81%, 01/29/24

(a)

37,000

37,029,871

5.82%, 05/24/24

.................

35,000

34,969,994

6.00%, 10/02/24

.................

27,500

27,513,490

2,614,304,865

Total

Certificates

of

Deposit

—

23.4%

(Cost:

$3,172,572,445)

...........................

3,172,832,901

Commercial

Paper

Alinghi

Funding

Co.

LLC,

5.92%

,

03/28/24

(c)

.

15,400

15,036,858

ANZ

New

Zealand

Int'l

Ltd.,

5.41%

,

11/09/23

(c)

44,000

43,941,442

Aquitaine

Funding

Co.

LLC,

5.40%

,

11/01/23

(c)

84,150

84,137,558

Australia

&

New

Zealand

Banking

Group

Ltd.

5.40%,

11/08/23

(c)

................

92,000

91,891,200

5.43%,

11/17/23

(c)

................

50,000

49,873,979

(1-day

SOFR

+

0.50%),

5.81%,

04/02/24

(a)(d)

24,000

24,017,934

5.77%,

07/30/24

(c)

................

20,000

19,164,453

Bank

of

Montreal

(1-day

SOFR

+

0.40%),

5.71%,

12/18/23

(a)

66,000

66,021,352

5.81%,

04/01/24

(c)

................

30,000

29,286,893

5.86%,

06/05/24

(c)

................

65,000

62,792,891

Bank

of

Nova

Scotia

(The),

(1-day

SOFR

+

0.50%),

5.81%

,

11/06/23

(a)

..........

16,500

16,501,039

Barclays

Bank

plc,

5.35%

,

11/01/23

(c)(d)

....

176,000

175,974,197

Bedford

Row

Funding

Corp.

5.39%,

11/01/23

(c)

................

109,500

109,483,840

(1-day

SOFR

+

0.35%),

5.66%,

03/19/24

(a)

59,000

59,002,705

Bennington

Stark

Capital

Co.

LLC

(c)(d)

5.40%,

11/01/23

.................

104,000

103,984,610

5.41%,

11/02/23

.................

162,000

161,951,991

BPCE

SA,

5.78%

,

02/07/24

(c)(d)

..........

32,000

31,506,514

Canadian

Imperial

Bank

of

Commerce,

5.40%

,

11/01/23

(c)

......................

7,300

7,298,920

CDP

Financial,

Inc.

(d)

5.38%,

11/01/23

(c)

................

97,500

97,485,638

(1-day

SOFR

+

0.36%),

5.67%,

01/08/24

(a)

40,500

40,509,889

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

October

31,

2023

TempCash

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

Commonwealth

Bank

of

Australia

5.40%,

02/16/24

(d)

................

USD

40,750

$

40,719,292

(1-day

SOFR

+

0.50%),

5.81%,

03/18/24

(a)

30,000

30,022,621

Concord

Minutemen

Capital

Co.

LLC

(a)(d)

(1-day

SOFR

+

0.35%),

5.66%,

12/07/23

25,000

25,003,038

(1-day

SOFR

+

0.55%),

5.86%,

05/16/24

32,000

32,000,144

Credit

Industriel

et

Commercial,

5.69%

,

02/09/24

(c)

.....................

62,920

61,944,402

DNB

Bank

ASA

(1-day

SOFR

+

0.48%),

5.79%,

04/29/24

(a)

30,000

30,019,163

5.86%,

06/13/24

(c)

................

40,000

38,591,635

5.88%,

07/30/24

(c)(d)

...............

21,000

20,106,719

Federation

des

Caisses

Desjardins

du

Quebec,

5.52%

,

12/05/23

(c)

................

30,000

29,841,917

FMS

Wertmanagement

(c)

5.77%,

05/02/24

.................

22,750

22,107,139

5.77%,

05/03/24

.................

22,250

21,617,889

Gotham

Funding

Corp.,

5.40%

,

11/02/23

(c)

..

30,000

29,991,124

HSBC

Bank

plc,

(1-day

SOFR

+

0.42%),

5.73%

,

01/26/24

(a)

................

32,000

32,013,216

ING

US

Funding

LLC

5.41%,

11/08/23

(c)

................

27,000

26,968,009

(1-day

SOFR

+

0.50%),

5.81%,

02/05/24

(a)

75,000

75,053,415

5.89%,

05/01/24

(c)(d)

...............

60,000

58,280,105

Kreditanstalt

fuer

Wiederaufbau

,

5.74%

,

05/02/24

(c)

.....................

51,500

50,051,576

Liberty

Street

Funding

LLC,

5.88%

,

05/07/24

(c)

42,000

40,758,012

Mackinac

Funding

Co.

LLC

(c)

5.42%,

11/07/23

.................

49,000

48,949,122

5.81%,

03/06/24

.................

29,150

28,572,137

Macquarie

Bank

Ltd.

5.46%,

11/06/23

(c)

................

24,475

24,453,066

5.81%,

02/12/24

(c)

................

20,000

19,674,410

(1-day

SOFR

+

0.38%),

5.69%,

02/16/24

(a)

89,000

89,024,680

5.86%,

03/07/24

(c)

................

70,000

68,589,613

5.92%,

04/18/24

(c)(d)

...............

65,000

63,254,816

Microsoft

Corp.

(c)

5.44%,

12/11/23

.................

54,000

53,671,980

5.44%,

12/12/23

.................

54,000

53,663,958

National

Australia

Bank

Ltd.

(a)

(1-day

SOFR

+

0.35%),

5.66%,

12/05/23

32,000

32,006,171

(1-day

SOFR

+

0.48%),

5.79%,

02/02/24

60,250

60,296,225

(1-day

SOFR

+

0.50%),

5.81%,

04/12/24

30,000

30,019,862

(1-day

SOFR

+

0.35%),

5.66%,

04/19/24

64,000

64,002,039

National

Bank

of

Canada,

5.43%

,

11/16/23

(c)

44,713

44,606,769

Natixis

SA,

5.78%

,

02/07/24

(c)

..........

54,500

53,658,812

NRW

Bank,

5.69%

,

02/20/24

(c)

..........

15,000

14,742,431

Podium

Funding

Trust

5.41%,

11/06/23

(c)

................

45,000

44,960,046

(1-day

SOFR

+

0.40%),

5.71%,

01/03/24

(a)

33,000

33,011,328

Province

of

Quebec

Canada,

5.38%

,

11/09/23

(c)

58,000

57,923,114

Rabobank

International,

5.38%

,

12/01/23

(c)

..

62,800

62,514,620

Royal

Bank

of

Canada

(a)

(1-day

SOFR

+

0.72%),

6.03%,

12/07/23

29,000

29,014,533

(1-day

SOFR

+

0.67%),

5.98%,

12/12/23

18,000

18,009,293

(1-day

SOFR

+

0.60%),

5.91%,

05/23/24

34,000

34,041,303

Starbird

Funding

Corp.

(a)(d)

(1-day

SOFR

+

0.33%),

5.64%,

11/10/23

85,000

85,004,767

(1-day

SOFR

+

0.35%),

5.66%,

03/07/24

56,000

56,005,044

Swedbank

AB,

(1-day

SOFR

+

0.41%),

5.72%

,

12/28/23

(a)

.....................

75,000

75,029,254

Thunder

Bay

Funding

LLC,

5.69%

,

02/07/24

(c)

28,000

27,574,806

UBS

AG

(1-day

SOFR

+

0.28%),

5.64%,

12/01/23

(a)(d)

30,000

30,000,063

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

5.94%,

05/31/24

(c)

................

USD

44,000

$

42,520,786

Versailles

Commercial

Paper

LLC,

5.61%

,

01/02/24

(c)(d)

....................

35,000

34,664,166

Westpac

Banking

Corp.

5.61%,

03/13/24

(c)

................

31,800

31,157,869

(1-day

SOFR

+

0.50%),

5.81%,

04/19/24

(a)

35,000

35,020,112

(1-day

SOFR

+

0.52%),

5.83%,

04/19/24

(a)

35,000

35,023,388

(1-day

SOFR

+

0.47%),

5.78%,

07/22/24

(a)

50,000

50,007,551

Total

Commercial

Paper

—

25.7%

(Cost:

$3,485,515,007)

...........................

3,485,621,453

Corporate

Bonds

Commercial

Services

&

Supplies

—

0.4%

Ecmc

Group,

Inc.,

Series

23-1,

5.38%,

11/07/23

(a)

....................

53,500

53,500,000

Consumer

Finance

—

0.2%

Toyota

Motor

Credit

Corp.,

(1-day

SOFR

+

0.38%),

5.70%,

02/22/24

(a)

..........

22,655

22,656,924

Total

Corporate

Bonds

—

0.6%

(Cost:

$76,155,000)

..............................

76,156,924

Municipal

Bonds

California

—

0.1%

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2021-XMT0955,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

5.50%, 11/07/23

(d)(e)(f)

7,000

7,000,000

Iowa

—

0.1%

Iowa

Student

Loan

Liquidity

Corp.

,

Series

2023-1,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

5.38%, 11/07/23

(f)

............

12,561

12,561,000

New

York

—

0.1%

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

,

Series

238,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

5.35%, 11/07/23

(f)

................

18,000

18,000,000

Other

—

0.4%

(d)(e)(f)

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2020-MIZ9043,

RB

,

VRDN

(Mizuho

Bank

Ltd.

LOC)

,

5.44%, 11/07/23

30,370

30,370,000

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)

,

5.59%, 11/07/23

....

9,780

9,779,769

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2019-TMFT005,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

5.45%, 11/07/23

7,905

7,905,000

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2021-XF2953TX,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

5.45%, 11/07/23

9,000

9,000,000

57,054,769

Schedule

of

Investments

(continued)

October

31,

2023

TempCash

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Texas

—

0.0%

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2021-XF2,

RB

,

VRDN

(Mizuho

Capital

Markets

LLC

LOC)

,

5.59%, 11/07/23

(d)(e)(f)

.

USD

5,015

$

5,014,580

Total

Municipal

Bonds

—

0.7%

(Cost:

$99,630,349)

..............................

99,630,349

Time

Deposits

ABN

AMRO

Bank

NV

5.31%, 11/01/23

.................

78,000

78,000,000

Credit

Agricole

Corporate

&

Investment

Bank

SA,

5.30%, 11/01/23

..............

153,870

153,870,000

Erste

Group

Bank

AG,

5.32%, 11/01/23

....

400,000

400,000,000

First

Abu

Dhabi

Bank

USA

NV,

5.32%, 11/01/23

400,000

400,000,000

ING

Bank

NV,

5.33%, 11/07/23

..........

355,000

355,000,000

KBC

Bank

NV,

5.32%, 11/01/23

.........

150,000

150,000,000

Mizuho

Bank

Ltd.,

5.32%, 11/01/23

.......

255,000

255,000,000

Royal

Bank

of

Canada,

5.32%, 11/01/23

...

121,000

121,000,000

Skandinaviska

Enskilda

Banken

AB,

5.32%, 11/01/23

.................

360,000

360,000,000

Svenska

Handelsbanken

AB,

5.31%, 11/01/23

310,000

310,000,000

Swedbank

AB,

5.32%, 11/01/23

.........

139,000

139,000,000

Total

Time

Deposits

—

20.1%

(Cost:

$2,721,870,000)

...........................

2,721,870,000

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Obligations

Federal

Home

Loan

Bank

Discount

Notes,

5.12%, 12/11/23

(c)

...............

USD

65,000

$

64,628,089

United

States

International

Development

Finance

Corp.

Variable

Rate

Notes,

(3-mo.

Treasury

Bill

Rate

+

0.00%),

5.57%, 11/07/23

(a)

...............

6,964

6,964,286

Total

U.S.

Government

Sponsored

Agency

Obligations

—

0.5%

(Cost:

$71,577,897)

..............................

71,592,375

U.S.

Treasury

Obligations

U.S.

Treasury

Bills

,

5.27%, 12/12/23

(c)

.....

52,975

52,655,991

U.S.

Treasury

Notes

,

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.17%),

5.55%, 04/30/25

(a)

................

8,000

8,007,873

Total

U.S.

Treasury

Obligations

—

0.5%

(Cost:

$60,656,695)

..............................

60,663,864

Total

Repurchase

Agreements

—

23.3%

(Cost:

$3,157,000,000)

...........................

3,157,000,000

Total

Investments

—

94.8%

(Cost:

$12,844,977,393

)

(g)

.........................

12,845,367,866

Other

Assets

Less

Liabilities

—

5.2%

...................

710,229,910

Net

Assets

—

100.0%

..............................

$

13,555,597,776

(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.

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

October

31,

2023

TempCash

24

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

...

5.39‌

%

(a)

10/31/23

11/01/23

$

75,000‌

$

75,000,000‌

$

75,011,229‌

Corporate/Debt

Obligations,

0.39%

to

7.28%,

due

06/15/26

to

02/18/70

.........

$

416,221,585‌

$

80,250,458‌

5.44‌

(b)

10/31/23

11/08/23

20,000‌

20,000,000‌

20,024,178‌

Corporate/Debt

Obligations,

2.90%

to

5.12%,

due

02/01/29

to

03/17/52

.........

30,290,000‌

21,000,536‌

5.64‌

(b)

10/31/23

12/06/23

80,000‌

80,000,000‌

80,451,200‌

Corporate/Debt

Obligations,

0.36%

to

7.91%,

due

08/15/25

to

01/25/72

.........

207,383,390‌

85,600,000‌

–‌

–‌

$

175,000,000‌

$

186,850,994‌

–‌

–‌

Bank

of

Montreal

....

5.42‌

10/26/23

11/02/23

18,000‌

18,000,000‌

18,018,970‌

U.S.

Government

Sponsored

Agency

Obligations,

0.28%

to

5.00%,

due

12/20/50

to

04/20/72

.........

432,959,150‌

18,900,000‌

–‌

–‌

Barclays

Bank

plc

...

5.42‌

(a)

10/31/23

11/01/23

212,000‌

212,000,000‌

212,031,918‌

Corporate/Debt

Obligations,

2.90%

to

7.95%,

due

10/30/24

to

01/15/77

.........

238,433,000‌

222,600,483‌

5.44‌

(a)

10/31/23

11/01/23

52,000‌

52,000,000‌

52,007,858‌

Corporate/Debt

Obligations,

0.00%

to

5.17%,

due

04/01/35

to

02/15/53

.........

75,412,000‌

55,640,900‌

5.54‌

(a)

10/31/23

11/01/23

68,000‌

68,000,000‌

68,010,464‌

Corporate/Debt

Obligations,

3.75%

to

10.50%,

due

06/15/25

to

03/01/31

.......

95,953,000‌

77,468,468‌

5.57‌

(b)

10/31/23

12/06/23

18,000‌

18,000,000‌

18,100,260‌

Corporate/Debt

Obligations,

2.44%

to

4.00%,

due

04/01/40

to

10/15/56

.........

26,102,000‌

19,260,614‌

–‌

–‌

$

350,000,000‌

$

374,970,465‌

–‌

–‌

Barclays

Capital,

Inc.

.

5.55‌

(b)

10/31/23

12/06/23

95,000‌

95,000,000‌

95,527,250‌

U.S.

Treasury

Obligation,

2.63%,

due

05/31/27

.........

103,282,600‌

96,900,082‌

–‌

–‌

BNP

Paribas

SA

....

5.41‌

10/31/23

11/01/23

57,000‌

57,000,000‌

57,008,566‌

Corporate/Debt

Obligations,

2.30%

to

4.35%,

due

03/12/31

to

05/01/48

.........

77,865,000‌

59,850,313‌

5.42‌

(a)

10/31/23

11/01/23

51,000‌

51,000,000‌

51,007,678‌

Corporate/Debt

Obligations,

1.04%

to

5.20%,

due

08/18/25

to

04/01/51

.........

81,701,925‌

53,550,014‌

–‌

–‌

$

108,000,000‌

$

113,400,327‌

–‌

–‌

Citigroup

Global

Markets,

Inc.

...........

5.30‌

(c)

10/31/23

11/01/23

1,000‌

1,000,000‌

1,000,147‌

U.S.

Treasury

Obligations,

0.50%

to

4.00%,

due

11/30/23

to

02/28/30

.........

1,080,754‌

1,020,000‌

5.30‌

10/31/23

11/01/23

10,000‌

10,000,000‌

10,001,472‌

U.S.

Government

Sponsored

Agency

Obligations,

4.76%

to

7.49%,

due

08/20/73

to

09/20/73

.........

9,627,693‌

10,200,940‌

Schedule

of

Investments

(continued)

October

31,

2023

TempCash

Schedules

of

Investments

25

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5.38‌

%

(a)

10/31/23

11/01/23

$

19,000‌

$

19,000,000‌

$

19,002,839‌

U.S.

Treasury

Obligations

and

Corporate/Debt

Obligations,

0.00%

to

4.00%,

due

11/08/23

to

10/31/29

.........

$

20,045,851‌

$

19,938,630‌

5.62‌

(b)

10/31/23

01/02/24

5,000‌

5,000,000‌

5,049,175‌

Corporate/Debt

Obligation,

3.56%,

due

08/25/55

.........

6,232,786‌

5,350,001‌

–‌

–‌

$

35,000,000‌

$

36,509,571‌

–‌

–‌

Credit

Agricole

Corporate

&

Investment

Bank

SA

5.30‌

10/31/23

11/01/23

220,000‌

220,000,000‌

220,032,389‌

U.S.

Treasury

Obligations,

4.88%

to

5.00%,

due

09/30/25

to

10/31/28

.........

223,723,400‌

224,400,072‌

5.30‌

10/31/23

11/01/23

100,000‌

100,000,000‌

100,014,722‌

U.S.

Treasury

Obligation,

2.38%,

due

10/15/28

.........

101,862,900‌

102,000,073‌

5.44‌

(b)

10/31/23

11/08/23

37,000‌

37,000,000‌

37,044,729‌

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

1.35%

to

11.75%,

due

09/08/24

to

06/25/51

.......

41,960,195‌

39,101,137‌

–‌

–‌

$

357,000,000‌

$

365,501,282‌

–‌

–‌

JP

Morgan

Securities

LLC

...........

5.31‌

10/31/23

11/01/23

1,102,000‌

1,102,000,000‌

1,102,162,545‌

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

2.00%

to

7.50%,

due

08/20/32

to

10/20/63

.........

1,358,667,400‌

1,124,055,395‌

5.44‌

(a)

10/31/23

11/01/23

50,000‌

50,000,000‌

50,007,556‌

Corporate/Debt

Obligations,

0.00%,

due

12/01/23

to

02/01/24

52,456,556‌

51,970,297‌

5.52‌

(a)

10/31/23

11/01/23

25,000‌

25,000,000‌

25,003,833‌

Corporate/Debt

Obligations,

2.58%

to

5.97%,

due

11/01/24

to

10/01/60

.........

28,441,000‌

26,750,157‌

5.54‌

(a)

10/31/23

11/01/23

25,000‌

25,000,000‌

25,003,847‌

Corporate/Debt

Obligations,

1.54%

to

6.25%,

due

11/19/24

to

12/01/56

.........

29,310,366‌

27,771,768‌

5.62‌

(a)

10/31/23

11/01/23

70,000‌

70,000,000‌

70,010,928‌

Corporate/Debt

Obligations,

3.88%

to

13.00%,

due

03/15/24

to

11/01/57

.......

89,451,051‌

79,882,251‌

5.62‌

(b)

10/31/23

11/08/23

100,000‌

100,000,000‌

100,124,889‌

Corporate/Debt

Obligations,

0.30%

to

9.47%,

due

11/15/35

to

07/25/59

.........

128,696,214‌

107,000,001‌

5.69‌

(b)

10/31/23

01/30/24

40,000‌

40,000,000‌

40,575,322‌

Corporate/Debt

Obligations,

1.36%

to

6.22%,

due

05/14/29

to

03/25/68

.........

59,307,596‌

42,800,001‌

5.80‌

(b)

10/31/23

01/30/24

90,000‌

90,000,000‌

91,319,500‌

Corporate/Debt

Obligations,

0.04%

to

13.00%,

due

01/25/27

to

07/25/68

.......

539,835,642‌

96,560,230‌

5.80‌

(b)

10/31/23

01/30/24

25,000‌

25,000,000‌

25,366,528‌

Corporate/Debt

Obligations,

4.95%

to

8.25%,

due

02/01/25

to

10/07/79

.........

26,995,000‌

26,835,387‌

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

October

31,

2023

TempCash

26

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5.80‌

%

(b)

10/31/23

01/30/24

$

65,000‌

$

65,000,000‌

$

65,952,972‌

Corporate/Debt

Obligations,

2.50%

to

6.75%,

due

01/23/31

to

07/25/63

.........

$

85,696,345‌

$

69,385,115‌

–‌

–‌

$

1,592,000,000‌

$

1,653,010,602‌

–‌

–‌

Mizuho

Securities

USA

LLC

...........

5.77‌

(b)

10/31/23

12/06/23

50,000‌

50,000,000‌

50,288,500‌

U.S.

Treasury

Obligations,

0.50%

to

4.50%,

due

04/30/24

to

10/31/27

.........

57,161,400‌

51,000,002‌

–‌

–‌

Natixis

Securities

Americas

LLC

....

5.43‌

(a)

10/31/23

11/01/23

36,000‌

36,000,000‌

36,005,430‌

Corporate/Debt

Obligations,

2.51%

to

7.95%,

due

05/01/25

to

11/15/95

.........

42,804,000‌

37,800,458‌

5.46‌

(b)

10/31/23

11/08/23

9,000‌

9,000,000‌

9,010,920‌

Corporate/Debt

Obligations,

1.00%

to

7.75%,

due

05/01/25

to

11/15/95

.........

11,012,000‌

9,450,536‌

5.54‌

(b)

10/31/23

11/08/23

5,000‌

5,000,000‌

5,006,156‌

Corporate/Debt

Obligations,

2.70%

to

7.72%,

due

12/01/26

to

08/17/50

.........

5,656,580‌

5,391,862‌

–‌

–‌

$

50,000,000‌

$

52,642,856‌

–‌

–‌

TD

Securities

USA

LLC

5.40‌

(a)

10/31/23

11/01/23

126,000‌

126,000,000‌

126,018,900‌

Corporate/Debt

Obligations,

2.65%

to

12.00%,

due

11/15/23

to

02/08/51

.......

174,250,602‌

136,536,503‌

–‌

–‌

Wells

Fargo

Securities

LLC

...........

5.31‌

10/31/23

11/01/23

10,000‌

10,000,000‌

10,001,475‌

U.S.

Government

Sponsored

Agency

Obligations,

1.00%

to

5.45%,

due

09/04/24

to

07/23/26

.........

10,930,000‌

10,202,366‌

5.66‌

(b)

10/31/23

12/31/23

23,000‌

23,000,000‌

23,220,583‌

Corporate/Debt

Obligations,

1.65%

to

6.97%,

due

06/01/24

to

06/30/51

.........

26,789,000‌

24,610,291‌

5.71‌

(b)

10/31/23

01/30/24

143,000‌

143,000,000‌

145,064,006‌

Corporate/Debt

Obligations,

0.03%

to

6.84%,

due

06/15/34

to

09/17/64

.........

1,374,869,002‌

153,010,000‌

5.71‌

(b)

10/31/23

02/04/24

25,000‌

25,000,000‌

25,380,667‌

Corporate/Debt

Obligations,

0.00%

to

6.42%,

due

09/13/32

to

09/17/64

.........

497,978,704‌

26,750,000‌

–‌

–‌

$

201,000,000‌

$

214,572,657‌

–‌

–‌

$

3,157,000,000‌

$

3,300,795,341‌

–‌

–‌

(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.

Schedule

of

Investments

(continued)

October

31,

2023

TempCash

Schedules

of

Investments

27

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

Certificates

of

Deposit

.....................................

$

—

$

3,172,832,901

$

—

$

3,172,832,901

Commercial

Paper

.......................................

—

3,485,621,453

—

3,485,621,453

Corporate

Bonds

........................................

—

76,156,924

—

76,156,924

Municipal

Bonds

.........................................

—

99,630,349

—

99,630,349

Repurchase

Agreements

...................................

—

3,157,000,000

—

3,157,000,000

Time

Deposits

..........................................

—

2,721,870,000

—

2,721,870,000

U.S.

Government

Sponsored

Agency

Obligations

...................

—

71,592,375

—

71,592,375

U.S.

Treasury

Obligations

...................................

—

60,663,864

—

60,663,864

$

—

$

12,845,367,866

$

—

$

12,845,367,866

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

October

31,

2023

TempFund

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Certificates

of

Deposit

Domestic

—

4.9%

Bank

of

America

NA

5.40%, 11/15/23

.................

USD

15,000

$

14,999,027

(1-day

SOFR

+

0.32%),

5.63%, 12/14/23

(a)

19,000

19,003,625

5.75%, 01/09/24

.................

26,000

26,004,807

5.25%, 01/31/24

.................

30,000

29,945,838

5.44%, 02/06/24

.................

18,388

18,364,397

5.90%, 05/14/24

.................

15,000

14,998,861

6.00%, 08/21/24

.................

11,000

11,002,523

Citibank

NA

5.80%, 02/26/24

-

03/18/24

..........

20,105

20,107,720

5.89%, 05/10/24

.................

13,000

12,997,422

5.92%, 06/20/24

.................

20,000

20,005,070

Wells

Fargo

Bank

NA

(a)

(1-day

SOFR

+

0.50%),

5.81%, 01/22/24

.

30,000

30,021,357

(1-day

SOFR

+

0.35%),

5.66%, 03/07/24

.

25,000

25,005,493

(1-day

SOFR

+

0.64%),

5.95%, 07/17/24

.

14,000

14,016,740

256,472,880

Yankee

—

18.9%

(b)

Bank

of

Nova

Scotia

(The),

Houston

(a)

(1-day

SOFR

+

0.49%),

5.80%, 01/26/24

.

14,000

14,009,936

(1-day

SOFR

+

0.47%),

5.78%, 06/03/24

.

25,000

25,009,988

BNP

Paribas

SA,

New

York

5.25%, 01/31/24

.................

30,000

29,960,112

(1-day

SOFR

+

0.63%),

5.94%, 02/05/24

(a)

25,000

25,027,631

Canadian

Imperial

Bank

of

Commerce,

New

York

5.60%, 12/01/23

-

03/04/24

..........

34,000

33,988,511

(1-day

SOFR

+

0.54%),

5.85%, 01/18/24

(a)

25,000

25,023,568

5.40%, 02/08/24

.................

15,000

14,987,446

5.90%, 06/13/24

.................

24,000

24,004,124

Cooperatieve

Rabobank

UA,

New

York,

(1-day

SOFR

+

0.35%),

5.66%, 12/08/23

(a)

....

16,000

16,003,840

Credit

Agricole

Corporate

&

Investment

Bank

SA,

New

York

5.40%, 11/10/23

.................

18,000

17,999,687

5.74%, 02/02/24

.................

24,000

24,002,677

Credit

Industriel

et

Commercial,

New

York

(1-day

SOFR

+

0.37%),

5.68%, 11/03/23

-

04/08/24

(a)

...................

59,000

59,006,548

5.60%, 11/27/23

.................

27,000

27,002,853

DZ

Bank

AG,

New

York

(1-day

SOFR

+

0.35%),

5.66%, 11/08/23

(a)

37,000

37,001,892

5.40%, 11/09/23

.................

16,000

16,000,082

HSBC

Bank

USA

NA,

New

York

(1-day

SOFR

+

0.45%),

5.76%, 11/27/23

(a)

25,000

25,003,536

5.90%, 06/06/24

.................

16,500

16,499,950

Korea

Development

Bank,

New

York,

5.82%, 02/16/24

.................

12,000

12,002,733

Mitsubishi

UFJ

Trust

&

Banking

Corp.,

New

York

5.33%, 11/07/23

.................

51,000

51,000,000

(1-day

SOFR

+

0.40%),

5.71%, 02/14/24

-

03/19/24

(a)

...................

46,000

46,009,749

Mizuho

Bank

Ltd.,

New

York

(a)

(1-day

SOFR

+

0.34%),

5.65%, 11/17/23

.

8,000

8,000,860

(1-day

SOFR

+

0.41%),

5.72%, 02/20/24

.

30,000

30,012,501

MUFG

Bank

Ltd.,

New

York

5.62%, 11/01/23

.................

32,000

32,000,229

(1-day

SOFR

+

0.43%),

5.74%, 11/10/23

(a)

17,000

17,001,288

National

Australia

Bank

Ltd.,

New

York,

(1-day

SOFR

+

0.40%),

5.71%, 01/12/24

(a)

....

28,000

28,012,784

Nordea

Bank

Abp

,

New

York

(a)

(1-day

SOFR

+

0.45%),

5.76%, 01/18/24

.

28,000

28,014,604

Security

Par

(000)

Par

(000)

Value

Yankee

(continued)

(1-day

SOFR

+

0.27%),

5.58%, 02/16/24

.

USD

18,350

$

18,350,544

(1-day

SOFR

+

0.47%),

5.78%, 07/24/24

.

8,000

7,999,676

Royal

Bank

of

Canada,

New

York,

5.96%, 09/19/24

.................

16,000

16,006,640

Standard

Chartered

Bank,

New

York,

5.63%, 03/01/24

.................

20,000

19,987,506

Sumitomo

Mitsui

Banking

Corp.,

New

York

(a)

(1-day

SOFR

+

0.34%),

5.65%, 11/13/23

.

35,000

35,002,550

(1-day

SOFR

+

0.42%),

5.73%, 02/07/24

.

25,000

25,010,849

(1-day

SOFR

+

0.40%),

5.71%, 02/20/24

.

30,000

30,010,605

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

5.60%, 11/29/23

.................

50,000

50,006,026

5.61%, 12/20/23

.................

22,000

22,001,396

(1-day

SOFR

+

0.42%),

5.73%, 01/29/24

(a)

30,000

30,014,058

Toronto-Dominion

Bank

(The),

New

York

5.27%, 01/24/24

.................

30,000

29,962,031

5.82%, 05/24/24

.................

15,000

14,987,140

6.00%, 10/02/24

.................

11,000

11,005,396

992,931,546

Total

Certificates

of

Deposit

—

23.8%

(Cost:

$1,249,346,162)

...........................

1,249,404,426

Commercial

Paper

Alinghi

Funding

Co.

LLC,

5.92%

,

03/28/24

(c)

.

3,000

2,929,258

ANZ

New

Zealand

Int'l

Ltd.,

5.41%

,

11/09/23

(c)

21,000

20,972,052

Australia

&

New

Zealand

Banking

Group

Ltd.

5.40%,

11/06/23

(c)

................

12,877

12,865,588

5.40%,

11/08/23

(c)

................

39,670

39,623,086

(1-day

SOFR

+

0.50%),

5.81%,

04/02/24

(a)(d)

10,000

10,007,472

5.77%,

07/30/24

(c)

................

10,000

9,582,227

Bank

of

Montreal

(1-day

SOFR

+

0.40%),

5.71%,

12/18/23

(a)

31,000

31,010,029

5.81%,

04/01/24

(c)

................

10,000

9,762,298

5.81%,

04/03/24

(c)

................

12,000

11,710,925

5.86%,

06/05/24

(c)

................

25,000

24,151,112

Barclays

Bank

plc,

5.35%

,

11/01/23

(c)(d)

....

30,000

29,995,602

Bedford

Row

Funding

Corp.,

(1-day

SOFR

+

0.35%),

5.66%

,

03/19/24

(a)

..........

23,000

23,001,054

Bennington

Stark

Capital

Co.

LLC

(c)(d)

5.40%,

11/01/23

.................

42,000

41,993,785

5.41%,

11/02/23

.................

66,000

65,980,441

BPCE

SA,

5.78%

,

02/07/24

(c)(d)

..........

5,000

4,922,893

CDP

Financial,

Inc.

(d)

5.38%,

11/01/23

(c)

................

37,500

37,494,476

(1-day

SOFR

+

0.36%),

5.67%,

01/08/24

(a)

18,000

18,004,395

Citigroup

Global

Markets,

Inc.,

5.82%

,

03/22/24

(c)

.....................

20,000

19,553,967

Commonwealth

Bank

of

Australia

5.40%,

02/16/24

(d)

................

21,000

20,984,175

(1-day

SOFR

+

0.50%),

5.81%,

03/18/24

(a)

14,000

14,010,557

Concord

Minutemen

Capital

Co.

LLC,

(1-day

SOFR

+

0.55%),

5.86%

,

05/16/24

(a)(d)

...

13,000

13,000,058

Credit

Industriel

et

Commercial,

5.69%

,

02/09/24

(c)

.....................

25,000

24,612,366

DNB

Bank

ASA

(1-day

SOFR

+

0.48%),

5.79%,

04/29/24

(a)

10,000

10,006,388

5.86%,

06/13/24

(c)

................

15,000

14,471,863

5.88%,

07/30/24

(c)(d)

...............

10,000

9,574,628

Federation

des

Caisses

Desjardins

du

Quebec,

5.52%

,

12/05/23

(c)

................

20,000

19,894,611

FMS

Wertmanagement

(c)

5.77%,

05/02/24

.................

9,000

8,745,681

5.77%,

05/03/24

.................

9,000

8,744,315

Schedule

of

Investments

(continued)

October

31,

2023

TempFund

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

Gotham

Funding

Corp.,

5.40%

,

11/02/23

(c)

..

USD

12,000

$

11,996,450

HSBC

Bank

plc,

(1-day

SOFR

+

0.42%),

5.73%

,

01/26/24

(a)

................

14,000

14,005,782

ING

US

Funding

LLC

5.41%,

11/08/23

(c)

................

12,000

11,985,782

(1-day

SOFR

+

0.50%),

5.81%,

02/05/24

(a)

25,000

25,017,805

5.89%,

05/01/24

(c)(d)

...............

22,000

21,369,372

Kreditanstalt

fuer

Wiederaufbau

,

5.74%

,

05/02/24

(c)

.....................

21,000

20,409,380

Liberty

Street

Funding

LLC,

5.88%

,

05/07/24

(c)

16,000

15,526,862

Mackinac

Funding

Co.

LLC,

5.42%

,

11/07/23

(c)

15,000

14,984,425

Macquarie

Bank

Ltd.

(c)

5.46%,

11/06/23

.................

15,235

15,221,347

5.81%,

02/12/24

.................

15,000

14,755,808

5.86%,

03/07/24

.................

25,000

24,496,290

5.92%,

04/18/24

(d)

................

27,000

26,275,077

Microsoft

Corp.

(c)

5.44%,

12/11/23

.................

22,000

21,866,362

5.44%,

12/12/23

.................

22,000

21,863,094

National

Australia

Bank

Ltd.

(a)

(1-day

SOFR

+

0.35%),

5.66%,

12/05/23

15,000

15,002,893

(1-day

SOFR

+

0.50%),

5.81%,

04/12/24

12,000

12,007,945

(1-day

SOFR

+

0.35%),

5.66%,

04/19/24

24,000

24,000,764

Natixis

SA,

5.78%

,

02/07/24

(c)

..........

22,000

21,660,438

Podium

Funding

Trust,

5.41%

,

11/06/23

(c)

..

20,000

19,982,243

Royal

Bank

of

Canada,

(1-day

SOFR

+

0.60%),

5.91%

,

05/23/24

(a)

................

15,500

15,518,829

Starbird

Funding

Corp.,

(1-day

SOFR

+

0.33%),

5.64%

,

11/10/23

(a)(d)

...............

35,000

35,001,963

Swedbank

AB,

(1-day

SOFR

+

0.41%),

5.72%

,

12/28/23

(a)

.....................

25,000

25,009,751

Thunder

Bay

Funding

LLC,

5.69%

,

02/07/24

(c)

12,000

11,817,774

UBS

AG,

5.94%

,

05/31/24

(c)

............

17,000

16,428,485

Versailles

Commercial

Paper

LLC,

5.61%

,

01/02/24

(c)(d)

....................

14,750

14,608,470

Westpac

Banking

Corp.

5.61%,

03/13/24

(c)

................

14,000

13,717,301

(1-day

SOFR

+

0.50%),

5.81%,

04/19/24

(a)

15,000

15,008,620

(1-day

SOFR

+

0.52%),

5.83%,

04/19/24

(a)

13,000

13,008,687

(1-day

SOFR

+

0.47%),

5.78%,

07/22/24

(a)

20,000

20,003,020

Total

Commercial

Paper

—

20.8%

(Cost:

$1,090,141,041)

...........................

1,090,156,321

Corporate

Bonds

Commercial

Services

&

Supplies

—

0.4%

Ecmc

Group,

Inc.,

Series

23-1,

5.38%,

11/07/23

(a)

....................

21,000

21,000,000

Consumer

Finance

—

0.3%

Toyota

Motor

Credit

Corp.,

(1-day

SOFR

+

0.38%),

5.70%,

02/22/24

(a)

..........

13,595

13,596,155

Total

Corporate

Bonds

—

0.7%

(Cost:

$34,595,000)

..............................

34,596,155

Security

Par

(000)

Pa

r

(

000)

Value

Municipal

Bonds

California

—

0.3%

(d)(e)(f)

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2020-MIZ9042,

RB

,

VRDN

(Mizuho

Capital

Markets

LLC

LOC)

,

5.44%, 11/07/23

....

USD

3,155

$

3,155,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2021-XMT0955,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

5.50%, 11/07/23

..

10,885

10,885,000

14,040,000

Iowa

—

0.1%

Iowa

Student

Loan

Liquidity

Corp.

,

Series

2023-1,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

5.38%, 11/07/23

(f)

............

5,639

5,639,000

New

York

—

0.5%

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

,

Series

238,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

5.35%, 11/07/23

(f)

................

27,000

27,000,000

Other

—

1.4%

(d)(e)(f)

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2020-MIZ9043,

RB

,

VRDN

(Mizuho

Bank

Ltd.

LOC)

,

5.44%, 11/07/23

26,185

26,185,000

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)

,

5.59%, 11/07/23

....

24,841

24,840,954

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

,

Series

2019-TMFT005,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

5.45%, 11/07/23

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)

,

5.59%, 11/07/23

.................

11,910

11,909,557

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2021-XF2953TX,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

5.45%, 11/07/23

3,500

3,500,000

75,355,511

Total

Municipal

Bonds

—

2.3%

(Cost:

$122,034,511)

.............................

122,034,511

Time

Deposits

Credit

Agricole

Corporate

&

Investment

Bank

SA,

5.30%, 11/01/23

..............

95,925

95,925,000

Erste

Group

Bank

AG,

5.32%, 11/01/23

....

160,000

160,000,000

First

Abu

Dhabi

Bank

USA

NV,

5.32%, 11/01/23

107,000

107,000,000

ING

Bank

NV,

5.33%, 11/07/23

..........

109,000

109,000,000

Mizuho

Bank

Ltd.,

5.32%, 11/01/23

.......

75,000

75,000,000

Royal

Bank

of

Canada,

5.32%, 11/01/23

...

157,000

157,000,000

Skandinaviska

Enskilda

Banken

AB,

5.32%, 11/01/23

.................

159,000

159,000,000

Svenska

Handelsbanken

AB,

5.31%, 11/01/23

200,000

200,000,000

Swedbank

AB,

5.32%, 11/01/23

.........

60,000

60,000,000

Total

Time

Deposits

—

21.4%

(Cost:

$1,122,925,000)

...........................

1,122,925,000

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

October

31,

2023

TempFund

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Obligations

Federal

Home

Loan

Bank

Discount

Notes,

5.12%, 12/11/23

(c)

...............

USD

24,000

$

23,862,679

United

States

International

Development

Finance

Corp.

Variable

Rate

Notes,

(3-mo.

Treasury

Bill

Rate

+

0.00%),

5.57%, 11/07/23

(a)

...............

5,107

5,107,143

Total

U.S.

Government

Sponsored

Agency

Obligations

—

0.5%

(Cost:

$28,964,476)

..............................

28,969,822

U.S.

Treasury

Obligations

U.S.

Treasury

Bills

,

5.27%, 12/12/23

(c)

.....

20,375

20,252,304

U.S.

Treasury

Notes

,

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.17%),

5.55%, 04/30/25

(a)

................

4,000

4,003,937

Total

U.S.

Treasury

Obligations

—

0.5%

(Cost:

$24,253,056)

..............................

24,256,241

Total

Repurchase

Agreements

—

24.0%

(Cost:

$1,260,000,000)

...........................

1,260,000,000

Total

Investments

—

94.0%

(Cost:

$4,932,259,246

)

(g)

..........................

4,932,342,476

Other

Assets

Less

Liabilities

—

6.0%

...................

313,269,528

Net

Assets

—

100.0%

..............................

$

5,245,612,004

(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.

Schedule

of

Investments

(continued)

October

31,

2023

TempFund

Schedules

of

Investments

31

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

...

5.30‌

%

(a)

10/31/23

11/01/23

$

1,000‌

$

1,000,000‌

$

1,000,147‌

U.S.

Treasury

Obligations,

0.00%,

due

05/15/24

to

11/15/42

.

$

1,717,901‌

$

1,020,000‌

5.39‌

(b)

10/31/23

11/01/23

23,000‌

23,000,000‌

23,003,444‌

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

5.33%

to

10.32%,

due

02/25/42

to

01/05/54

.......

27,472,573‌

25,933,054‌

5.44‌

(c)

10/31/23

11/08/23

9,000‌

9,000,000‌

9,010,880‌

Corporate/Debt

Obligations,

3.63%

to

4.45%,

due

01/15/49

to

02/25/50

.........

14,452,000‌

9,450,039‌

5.64‌

(c)

10/31/23

12/06/23

48,000‌

48,000,000‌

48,270,720‌

Corporate/Debt

Obligations,

1.66%

to

8.75%,

due

04/27/25

to

11/25/66

.........

57,549,233‌

50,555,384‌

–‌

–‌

$

81,000,000‌

$

86,958,477‌

–‌

–‌

Bank

of

Montreal

....

5.42‌

10/26/23

11/02/23

7,000‌

7,000,000‌

7,007,377‌

U.S.

Government

Sponsored

Agency

Obligation,

5.00%,

due

12/20/50

.........

85,935,762‌

7,350,000‌

–‌

–‌

Barclays

Bank

plc

...

5.42‌

(b)

10/31/23

11/01/23

73,000‌

73,000,000‌

73,010,991‌

Corporate/Debt

Obligations,

3.35%

to

6.56%,

due

07/24/28

to

12/01/47

.........

87,417,000‌

76,650,404‌

5.44‌

(b)

10/31/23

11/01/23

38,000‌

38,000,000‌

38,005,742‌

Corporate/Debt

Obligations,

2.00%

to

5.52%,

due

06/01/34

to

08/15/52

.........

47,480,000‌

40,660,854‌

5.54‌

(b)

10/31/23

11/01/23

31,000‌

31,000,000‌

31,004,771‌

Corporate/Debt

Obligations,

4.75%

to

10.50%,

due

05/15/27

to

02/01/30

.......

51,782,000‌

35,650,595‌

5.57‌

(c)

10/31/23

12/06/23

8,000‌

8,000,000‌

8,044,560‌

Corporate/Debt

Obligation,

6.20%,

due

11/17/36

.........

9,510,847‌

8,560,000‌

–‌

–‌

$

150,000,000‌

$

161,521,853‌

–‌

–‌

Barclays

Capital,

Inc.

.

5.55‌

(c)

10/31/23

12/06/23

66,000‌

66,000,000‌

66,366,300‌

U.S.

Treasury

Obligation,

2.63%,

due

05/31/27

.........

71,754,200‌

67,320,032‌

–‌

–‌

BNP

Paribas

SA

....

5.41‌

10/31/23

11/01/23

22,000‌

22,000,000‌

22,003,306‌

Corporate/Debt

Obligation,

4.40%,

due

06/15/28

.........

24,302,000‌

23,100,563‌

5.42‌

(b)

10/31/23

11/01/23

24,000‌

24,000,000‌

24,003,613‌

Corporate/Debt

Obligations,

1.45%

to

8.48%,

due

03/15/24

to

10/31/82

.........

29,722,000‌

25,200,001‌

–‌

–‌

$

46,000,000‌

$

48,300,564‌

–‌

–‌

Citigroup

Global

Markets,

Inc.

...........

5.30‌

(a)

10/31/23

11/01/23

1,000‌

1,000,000‌

1,000,147‌

U.S.

Treasury

Obligations,

0.50%

to

4.00%,

due

11/30/23

to

02/28/30

.........

1,080,754‌

1,020,000‌

5.30‌

10/31/23

11/01/23

10,000‌

10,000,000‌

10,001,472‌

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

5.25%,

due

06/25/41

to

03/25/50

.........

784,105,142‌

10,700,260‌

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

October

31,

2023

TempFund

32

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5.38‌

%

(b)

10/31/23

11/01/23

$

29,000‌

$

29,000,000‌

$

29,004,334‌

U.S.

Treasury

Obligations

and

Corporate/Debt

Obligations,

0.00%

to

2.75%,

due

11/14/23

to

05/31/29

.........

$

31,893,449‌

$

29,868,695‌

5.62‌

(c)

10/31/23

01/02/24

5,000‌

5,000,000‌

5,049,175‌

Corporate/Debt

Obligation,

3.56%,

due

08/25/55

.........

6,232,786‌

5,350,001‌

–‌

–‌

$

45,000,000‌

$

46,938,956‌

–‌

–‌

Credit

Agricole

Corporate

&

Investment

Bank

SA

5.29‌

(a)

10/31/23

11/01/23

1,000‌

1,000,000‌

1,000,147‌

U.S.

Treasury

Obligations,

0.13%

to

4.00%,

due

10/15/24

to

02/15/53

.........

1,318,540‌

1,020,008‌

5.30‌

10/31/23

11/01/23

15,000‌

15,000,000‌

15,002,208‌

U.S.

Treasury

Obligation,

0.63%,

due

01/15/24

.........

11,713,800‌

15,300,121‌

5.44‌

(c)

10/31/23

11/08/23

68,000‌

68,000,000‌

68,082,205‌

Corporate/Debt

Obligations,

1.93%

to

8.74%,

due

01/09/25

to

05/10/58

.........

71,813,365‌

71,528,452‌

–‌

–‌

$

84,000,000‌

$

87,848,581‌

–‌

–‌

JP

Morgan

Securities

LLC

...........

5.31‌

10/31/23

11/01/23

351,000‌

351,000,000‌

351,051,773‌

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

6.50%,

due

09/01/36

to

10/01/53

.........

438,331,911‌

358,646,887‌

5.44‌

(b)

10/31/23

11/01/23

25,000‌

25,000,000‌

25,003,778‌

Corporate/Debt

Obligations,

2.00%

to

4.13%,

due

05/02/25

to

08/25/27

.........

27,298,000‌

26,250,185‌

5.52‌

(b)

10/31/23

11/01/23

13,000‌

13,000,000‌

13,001,993‌

Corporate/Debt

Obligations,

0.38%

to

5.95%,

due

03/11/24

to

01/14/31

.........

14,343,000‌

13,891,285‌

5.54‌

(b)

10/31/23

11/01/23

12,000‌

12,000,000‌

12,001,847‌

Corporate/Debt

Obligations,

2.45%

to

6.25%,

due

07/01/29

to

01/05/54

.........

14,577,096‌

13,241,899‌

5.62‌

(b)

10/31/23

11/01/23

30,000‌

30,000,000‌

30,004,683‌

Corporate/Debt

Obligations,

3.50%

to

11.75%,

due

03/08/24

to

06/15/45

.......

36,606,000‌

33,533,763‌

5.62‌

(c)

10/31/23

11/08/23

50,000‌

50,000,000‌

50,062,444‌

Corporate/Debt

Obligations,

2.50%

to

6.91%,

due

01/18/28

to

12/25/51

.........

59,159,979‌

53,500,001‌

5.69‌

(c)

10/31/23

01/30/24

17,000‌

17,000,000‌

17,244,512‌

Corporate/Debt

Obligations,

0.00%

to

10.26%,

due

06/15/25

to

05/15/68

.......

28,984,838‌

18,190,001‌

5.80‌

(c)

10/31/23

01/30/24

40,000‌

40,000,000‌

40,586,444‌

Corporate/Debt

Obligations,

4.03%

to

10.63%,

due

03/16/25

to

02/25/63

.......

45,341,659‌

42,788,908‌

5.80‌

(c)

10/31/23

01/30/24

30,000‌

30,000,000‌

30,439,833‌

Corporate/Debt

Obligations,

0.45%

to

7.71%,

due

02/12/28

to

10/25/66

.........

427,771,687‌

32,428,507‌

–‌

–‌

$

568,000,000‌

$

592,471,436‌

–‌

–‌

Schedule

of

Investments

(continued)

October

31,

2023

TempFund

Schedules

of

Investments

33

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Mizuho

Securities

USA

LLC

...........

5.47‌

%

(b)

10/31/23

11/01/23

$

71,000‌

$

71,000,000‌

$

71,010,788‌

Corporate/Debt

Obligations,

3.00%

to

5.50%,

due

02/15/41

to

09/01/53

.........

$

77,510,000‌

$

75,973,744‌

5.77‌

(c)

10/31/23

12/06/23

8,000‌

8,000,000‌

8,046,160‌

U.S.

Government

Sponsored

Agency

Obligations,

7.29%

to

8.67%,

due

08/25/33

to

02/25/50

.........

17,114,759‌

9,600,001‌

–‌

–‌

$

79,000,000‌

$

85,573,745‌

–‌

–‌

Natixis

Securities

Americas

LLC

....

5.43‌

(b)

10/31/23

11/01/23

15,000‌

15,000,000‌

15,002,263‌

Corporate/Debt

Obligations,

1.63%

to

7.75%,

due

05/17/25

to

11/15/95

.........

18,659,000‌

15,750,523‌

5.46‌

(c)

10/31/23

11/08/23

16,000‌

16,000,000‌

16,019,413‌

Corporate/Debt

Obligations,

1.00%

to

7.50%,

due

11/26/24

to

11/15/95

.........

20,699,000‌

16,800,569‌

5.54‌

(c)

10/31/23

11/08/23

11,000‌

11,000,000‌

11,013,542‌

Corporate/Debt

Obligations,

2.70%

to

8.38%,

due

09/01/25

to

10/13/48

.........

13,231,300‌

11,824,938‌

–‌

–‌

$

42,000,000‌

$

44,376,030‌

–‌

–‌

TD

Securities

USA

LLC

5.40‌

(b)

10/31/23

11/01/23

30,000‌

30,000,000‌

30,004,500‌

Corporate/Debt

Obligations,

3.50%

to

6.25%,

due

04/29/30

to

12/01/53

.........

40,325,000‌

31,500,010‌

–‌

–‌

Wells

Fargo

Securities

LLC

...........

5.31‌

10/31/23

11/01/23

10,000‌

10,000,000‌

10,001,475‌

U.S.

Government

Sponsored

Agency

Obligations,

0.80%

to

5.72%,

due

09/04/24

to

10/29/27

.........

10,995,000‌

10,200,125‌

5.66‌

(c)

10/31/23

12/31/23

10,000‌

10,000,000‌

10,095,906‌

Corporate/Debt

Obligations,

2.98%

to

6.45%,

due

03/15/25

to

02/15/35

.........

11,010,000‌

10,700,890‌

5.71‌

(c)

10/31/23

01/30/24

42,000‌

42,000,000‌

42,606,212‌

Corporate/Debt

Obligations,

0.21%

to

7.97%,

due

05/12/34

to

10/25/68

.........

371,028,712‌

44,940,000‌

–‌

–‌

$

62,000,000‌

$

65,841,015‌

–‌

–‌

$

1,260,000,000‌

$

1,326,000,699‌

–‌

–‌

(a)

Traded

in

a

joint

account.

(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.

(c)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

October

31,

2023

TempFund

34

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

Certificates

of

Deposit

.....................................

$

—

$

1,249,404,426

$

—

$

1,249,404,426

Commercial

Paper

.......................................

—

1,090,156,321

—

1,090,156,321

Corporate

Bonds

........................................

—

34,596,155

—

34,596,155

Municipal

Bonds

.........................................

—

122,034,511

—

122,034,511

Repurchase

Agreements

...................................

—

1,260,000,000

—

1,260,000,000

Time

Deposits

..........................................

—

1,122,925,000

—

1,122,925,000

U.S.

Government

Sponsored

Agency

Obligations

...................

—

28,969,822

—

28,969,822

U.S.

Treasury

Obligations

...................................

—

24,256,241

—

24,256,241

$

—

$

4,932,342,476

$

—

$

4,932,342,476

Schedule

of

Investments

October

31,

2023

T-Fund

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

U.S.

Treasury

Bills

(a)

5.31%, 12/21/23

.................

USD

134,945

$

133,976,020

5.34%, 12/28/23

.................

1,144,300

1,134,854,315

5.34%, 01/04/24

.................

420,180

416,250,851

5.35%, 01/11/24

.................

82,075

81,221,944

5.38%, 01/18/24

.................

1,540,075

1,522,256,332

5.39%, 01/30/24

.................

307,287

303,180,483

5.41%, 02/01/24

.................

1,511,410

1,491,065,787

5.41%, 02/06/24

.................

528,930

521,305,328

5.40%, 02/08/24

.................

144,705

142,609,853

5.43%, 02/13/24

.................

1,994,565

1,963,717,814

5.43%, 02/22/24

.................

1,150,070

1,130,960,787

5.43%, 02/29/24

.................

19,274

18,930,182

5.45%, 03/07/24

.................

230,295

225,989,123

5.45%, 03/14/24

.................

1,071,335

1,050,199,647

5.47%, 03/21/24

.................

121,620

119,095,372

5.48%, 04/04/24

.................

950,085

928,240,962

5.50%, 04/18/24

.................

1,740,385

1,697,585,302

5.49%, 05/02/24

.................

500,000

486,552,222

5.44%, 05/16/24

.................

346,455

337,460,796

5.38%, 06/13/24

.................

393,440

381,269,939

5.42%, 08/08/24

.................

519,080

498,528,057

5.42%, 09/05/24

.................

320,370

306,275,099

5.43%, 10/03/24

.................

277,645

264,293,791

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

5.39%, 10/31/24

.................

USD

345,145

$

327,224,880

U.S.

Treasury

Notes

(b)

(US

Treasury

3

Month

Bill

Money

Market

Yield

-

0.02%),

5.37%, 01/31/24

.....

796,880

796,880,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

-

0.08%),

5.31%, 04/30/24

.....

267,915

267,818,089

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.14%),

5.52%, 10/31/24

....

567,995

568,041,401

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.20%),

5.58%, 01/31/25

....

400,000

400,100,179

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.17%),

5.55%, 04/30/25

....

3,523,565

3,523,493,907

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.13%),

5.51%, 07/31/25

....

1,268,235

1,267,252,998

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.17%),

5.55%, 10/31/25

....

1,829,723

1,829,723,000

Total

U.S.

Treasury

Obligations

—

25.2%

(Cost:

$24,136,354,460)

...........................

24,136,354,460

Total

Repurchase

Agreements

—

71.4%

(Cost:

$68,244,691,250)

...........................

68,244,691,250

Total

Investments

—

96.6%

(Cost:

$92,381,045,710

)

...........................

92,381,045,710

Other

Assets

Less

Liabilities

—

3.4%

...................

3,227,754,342

Net

Assets

—

100.0%

..............................

$

95,608,800,052

(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.

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

October

31,

2023

T-Fund

36

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

...

5.30‌

%

(a)

10/31/23

11/01/23

$

399,000‌

$

399,000,000‌

$

399,058,742‌

U.S.

Treasury

Obligations,

0.00%,

due

05/15/24

to

11/15/42

.

$

685,442,203‌

$

406,980,000‌

5.30‌

10/31/23

11/01/23

25,000‌

25,000,000‌

25,003,681‌

U.S.

Treasury

Obligation,

2.75%,

due

07/31/27

.........

27,272,600‌

25,500,072‌

5.30‌

10/31/23

11/01/23

5,000‌

5,000,000‌

5,000,736‌

U.S.

Treasury

Obligation,

4.63%,

due

06/30/25

.........

5,065,600‌

5,100,059‌

–‌

–‌

$

429,000,000‌

$

437,580,131‌

–‌

–‌

Bank

of

Montreal

....

5.29‌

10/31/23

11/01/23

146,000‌

146,000,000‌

146,021,454‌

U.S.

Treasury

Obligations,

0.00%

to

4.63%,

due

11/24/23

to

10/15/26

.........

150,947,600‌

148,920,085‌

–‌

–‌

Bank

of

Nova

Scotia

(The)

..........

5.29‌

10/31/23

11/01/23

203,000‌

203,000,000‌

203,029,830‌

U.S.

Treasury

Obligations,

0.38%

to

4.63%,

due

07/31/27

to

09/30/30

.........

218,182,900‌

207,090,499‌

–‌

–‌

Barclays

Bank

plc

...

5.30‌

10/31/23

11/01/23

10,000‌

10,000,000‌

10,001,472‌

U.S.

Treasury

Obligation,

3.88%,

due

03/31/25

.........

10,360,500‌

10,200,079‌

5.30‌

10/31/23

11/01/23

3,500,000‌

3,500,000,000‌

3,500,515,278‌

U.S.

Treasury

Obligations,

3.50%

to

5.58%,

due

01/31/24

to

11/15/42

.........

3,671,565,000‌

3,570,000,069‌

–‌

–‌

$

3,510,000,000‌

$

3,580,200,148‌

–‌

–‌

BNP

Paribas

SA

....

5.29‌

10/31/23

11/01/23

2,600,000‌

2,600,000,000‌

2,600,382,055‌

U.S.

Treasury

Obligations,

0.00%

to

6.50%,

due

02/15/25

to

02/15/53

.........

3,321,413,765‌

2,652,000,018‌

5.29‌

10/31/23

11/01/23

2,000‌

2,000,000‌

2,000,294‌

U.S.

Treasury

Obligations,

0.00%

to

3.88%,

due

01/18/24

to

08/15/33

.........

2,191,700‌

2,040,005‌

5.36‌

10/12/23

11/14/23

800,000‌

800,000,000‌

803,930,667‌

U.S.

Treasury

Obligations,

0.00%

to

6.63%,

due

05/15/25

to

08/15/52

.........

764,828,660‌

816,000,052‌

–‌

–‌

$

3,402,000,000‌

$

3,470,040,075‌

–‌

–‌

Citibank

NA

........

5.30‌

10/31/23

11/01/23

100,000‌

100,000,000‌

100,014,722‌

U.S.

Treasury

Obligations,

0.00%

to

4.63%,

due

11/16/23

to

02/15/53

.........

106,929,300‌

102,000,052‌

–‌

–‌

Citigroup

Global

Markets,

Inc.

...........

5.30‌

(a)

10/31/23

11/01/23

385,000‌

385,000,000‌

385,056,680‌

U.S.

Treasury

Obligations,

0.50%

to

4.00%,

due

11/30/23

to

02/28/30

.........

416,090,321‌

392,700,018‌

5.30‌

10/31/23

11/01/23

200,000‌

200,000,000‌

200,029,444‌

U.S.

Treasury

Obligations,

2.13%

to

2.38%,

due

05/15/25

to

05/15/29

.........

223,057,300‌

204,000,006‌

5.30‌

10/31/23

11/01/23

5,000‌

5,000,000‌

5,000,736‌

U.S.

Treasury

Obligations,

0.00%

to

5.55%,

due

10/03/24

to

10/31/28

.........

5,084,500‌

5,100,077‌

5.31‌

10/31/23

11/01/23

1,050,000‌

1,050,000,000‌

1,050,154,875‌

U.S.

Treasury

Obligations,

0.63%

to

4.63%,

due

06/15/26

to

10/31/26

.........

1,114,209,300‌

1,071,182,386‌

Schedule

of

Investments

(continued)

October

31,

2023

T-Fund

Schedules

of

Investments

37

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5.33‌

%

10/26/23

11/02/23

$

850,000‌

$

850,000,000‌

$

850,880,931‌

U.S.

Treasury

Obligations,

0.38%

to

1.25%,

due

08/15/24

to

12/31/26

.........

$

949,846,300‌

$

867,000,006‌

–‌

–‌

$

2,490,000,000‌

$

2,539,982,493‌

–‌

–‌

Credit

Agricole

Corporate

&

Investment

Bank

SA

5.29‌

(a)

10/31/23

11/01/23

500,000‌

500,000,000‌

500,073,472‌

U.S.

Treasury

Obligations,

0.13%

to

4.00%,

due

10/15/24

to

02/15/53

.........

659,265,093‌

509,999,997‌

5.29‌

10/31/23

11/01/23

25,000‌

25,000,000‌

25,003,674‌

U.S.

Treasury

Obligation,

0.13%,

due

07/15/24

.........

20,177,100‌

25,500,092‌

5.29‌

10/31/23

11/01/23

25,000‌

25,000,000‌

25,003,674‌

U.S.

Treasury

Obligation,

0.13%,

due

07/15/24

.........

20,177,100‌

25,500,092‌

–‌

–‌

$

550,000,000‌

$

561,000,181‌

–‌

–‌

Deutsche

Bank

AG

...

5.30‌

10/31/23

11/01/23

3,500,000‌

3,500,000,000‌

3,500,515,278‌

U.S.

Treasury

Obligations,

0.25%

to

6.13%,

due

12/31/23

to

02/15/52

.........

4,287,722,500‌

3,570,000,100‌

–‌

–‌

Federal

Reserve

Bank

of

New

York

.......

5.30‌

10/31/23

11/01/23

30,250,000‌

30,250,000,000‌

30,254,453,472‌

U.S.

Treasury

Obligations,

1.13%

to

4.75%,

due

05/15/38

to

11/15/45

.........

42,529,278,700‌

30,254,453,484‌

–‌

–‌

Fixed

Income

Clearing

Corporation

.....

5.30‌

10/31/23

11/01/23

2,000,000‌

2,000,000,000‌

2,000,294,444‌

U.S.

Treasury

Obligations,

5.30%,

due

11/01/23

.........

2,691,903,300‌

2,040,000,073‌

5.30‌

10/31/23

11/01/23

3,000,000‌

3,000,000,000‌

3,000,441,667‌

U.S.

Treasury

Obligations,

0.25%

to

4.63%,

due

04/30/25

to

09/30/28

.........

3,252,257,900‌

3,060,000,028‌

5.31‌

10/31/23

11/01/23

3,500,000‌

3,500,000,000‌

3,500,516,250‌

U.S.

Treasury

Obligations,

1.63%

to

4.63%,

due

10/15/26

to

09/30/29

.........

3,682,256,700‌

3,570,000,050‌

5.32‌

10/31/23

11/01/23

5,000,000‌

5,000,000,000‌

5,000,738,889‌

U.S.

Treasury

Obligations,

0.00%

to

5.55%,

due

11/30/23

to

05/15/48

.........

5,559,346,600‌

5,100,000,051‌

5.32‌

10/31/23

11/01/23

1,500,000‌

1,500,000,000‌

1,500,221,667‌

U.S.

Treasury

Obligations,

0.63%

to

4.38%,

due

10/31/24

to

11/15/42

.........

1,670,375,900‌

1,530,000,036‌

5.32‌

10/31/23

11/01/23

4,000,000‌

4,000,000,000‌

4,000,591,111‌

U.S.

Treasury

Obligations,

0.00%

to

5.55%,

due

11/14/23

to

02/15/53

.........

5,282,364,700‌

4,080,000,001‌

–‌

–‌

$

19,000,000,000‌

$

19,380,000,239‌

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...........

5.29‌

10/31/23

11/01/23

32,000‌

32,000,000‌

32,004,702‌

U.S.

Treasury

Obligations,

1.63%

to

2.25%,

due

04/30/24

to

02/15/26

.........

34,596,700‌

32,640,021‌

–‌

–‌

HSBC

Securities

USA,

Inc.

...........

5.29‌

10/31/23

11/01/23

1,350,000‌

1,350,000,000‌

1,350,198,375‌

U.S.

Treasury

Obligations,

0.00%

to

6.75%,

due

12/15/23

to

02/15/53

.........

1,782,628,316‌

1,377,000,026‌

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

October

31,

2023

T-Fund

38

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5.29‌

%

10/31/23

11/01/23

$

4,000‌

$

4,000,000‌

$

4,000,588‌

U.S.

Treasury

Obligation,

1.38%,

due

11/15/40

.........

$

7,107,800‌

$

4,080,002‌

–‌

–‌

$

1,354,000,000‌

$

1,381,080,028‌

–‌

–‌

ING

Financial

Markets

LLC

...........

5.30‌

10/31/23

11/01/23

75,000‌

75,000,000‌

75,011,042‌

U.S.

Treasury

Obligations,

0.13%

to

4.50%,

due

01/15/24

to

11/15/50

.........

76,440,400‌

76,500,010‌

–‌

–‌

JP

Morgan

Securities

LLC

...........

5.30‌

10/31/23

11/01/23

20,000‌

20,000,000‌

20,002,944‌

U.S.

Treasury

Obligation,

5.37%,

due

01/31/24

.........

20,125,100‌

20,400,092‌

5.30‌

10/31/23

11/01/23

1,350,000‌

1,350,000,000‌

1,350,198,750‌

U.S.

Treasury

Obligations,

0.00%

to

2.25%,

due

01/16/24

to

02/15/27

.........

1,422,933,400‌

1,377,000,086‌

5.30‌

(b)

10/31/23

11/01/23

250,000‌

250,000,000‌

250,036,806‌

U.S.

Treasury

Obligations,

0.00%,

due

12/19/23

to

02/27/24

258,182,400‌

255,000,089‌

–‌

–‌

$

1,620,000,000‌

$

1,652,400,267‌

–‌

–‌

Morgan

Stanley

&

Co.

LLC

...........

5.29‌

10/31/23

11/01/23

17,000‌

17,000,000‌

17,002,498‌

U.S.

Treasury

Obligations,

0.00%

to

2.63%,

due

12/31/23

to

02/15/50

.........

26,790,170‌

17,340,092‌

–‌

–‌

MUFG

Securities

Americas,

Inc.

....

5.30‌

10/31/23

11/01/23

25,000‌

25,000,000‌

25,003,681‌

U.S.

Treasury

Obligations,

0.00%

to

3.25%,

due

11/30/23

to

02/15/28

.........

30,370,500‌

25,500,073‌

–‌

–‌

Natixis

SA

.........

5.29‌

10/31/23

11/01/23

125,000‌

125,000,000‌

125,018,368‌

U.S.

Treasury

Obligations,

0.38%

to

4.13%,

due

04/30/25

to

02/15/53

.........

136,966,200‌

127,500,059‌

5.29‌

(b)

10/31/23

11/01/23

243,000‌

243,000,000‌

243,035,707‌

U.S.

Treasury

Obligations,

0.00%

to

5.38%,

due

11/15/24

to

02/15/53

.........

301,661,567‌

247,860,012‌

–‌

–‌

$

368,000,000‌

$

375,360,071‌

–‌

–‌

Prudential

Insurance

Co.

of

America

......

5.33‌

10/31/23

11/01/23

12,849‌

12,848,750‌

12,850,652‌

U.S.

Treasury

Obligation,

0.00%,

due

05/15/31

.........

19,000,000‌

13,107,722‌

5.33‌

10/31/23

11/01/23

28,875‌

28,875,000‌

28,879,275‌

U.S.

Treasury

Obligation,

0.00%,

due

02/15/26

.........

33,000,000‌

29,456,775‌

5.33‌

10/31/23

11/01/23

11,500‌

11,500,000‌

11,501,703‌

U.S.

Treasury

Obligation,

0.00%,

due

05/15/34

.........

20,000,000‌

11,731,703‌

5.33‌

10/31/23

11/01/23

13,748‌

13,747,500‌

13,749,535‌

U.S.

Treasury

Obligation,

3.38%,

due

05/15/44

.........

18,000,000‌

14,024,575‌

5.33‌

10/31/23

11/01/23

35,000‌

35,000,000‌

35,005,182‌

U.S.

Treasury

Obligation,

0.00%,

due

08/15/43

.........

100,000,000‌

35,705,182‌

5.33‌

10/31/23

11/01/23

28,438‌

28,437,500‌

28,441,710‌

U.S.

Treasury

Obligation,

0.00%,

due

02/15/40

.........

70,000,000‌

29,010,810‌

5.33‌

10/31/23

11/01/23

39,300‌

39,300,000‌

39,305,819‌

U.S.

Treasury

Obligation,

0.00%,

due

02/15/37

.........

80,000,000‌

40,092,219‌

5.33‌

10/31/23

11/01/23

50,050‌

50,050,000‌

50,057,410‌

U.S.

Treasury

Obligation,

0.00%,

due

05/15/38

.........

110,000,000‌

51,058,410‌

Schedule

of

Investments

(continued)

October

31,

2023

T-Fund

Schedules

of

Investments

39

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

5.33‌

%

10/31/23

11/01/23

$

14,800‌

$

14,800,000‌

$

14,802,191‌

U.S.

Treasury

Obligation,

0.00%,

due

11/15/41

.........

$

40,000,000‌

$

15,098,191‌

5.33‌

10/31/23

11/01/23

20,625‌

20,625,000‌

20,628,054‌

U.S.

Treasury

Obligation,

0.00%,

due

11/15/39

.........

50,000,000‌

21,040,554‌

5.33‌

10/31/23

11/01/23

12,075‌

12,075,000‌

12,076,788‌

U.S.

Treasury

Obligation,

0.00%,

due

11/15/39

.........

28,000,000‌

12,318,148‌

5.33‌

10/31/23

11/01/23

38,070‌

38,070,000‌

38,075,636‌

U.S.

Treasury

Obligation,

0.00%,

due

11/15/35

.........

72,000,000‌

38,836,677‌

5.33‌

10/31/23

11/01/23

30,713‌

30,712,500‌

30,717,047‌

U.S.

Treasury

Obligation,

2.88%,

due

11/15/46

.........

45,000,000‌

31,331,297‌

5.33‌

10/31/23

11/01/23

71,125‌

71,125,000‌

71,135,530‌

U.S.

Treasury

Obligation,

0.00%,

due

05/15/30

.........

100,000,000‌

72,557,530‌

5.33‌

10/31/23

11/01/23

11,100‌

11,100,000‌

11,101,643‌

U.S.

Treasury

Obligation,

0.00%,

due

02/15/38

.........

24,000,000‌

11,323,643‌

5.33‌

10/31/23

11/01/23

36,000‌

36,000,000‌

36,005,330‌

U.S.

Treasury

Obligation,

0.00%,

due

08/15/33

.........

60,000,000‌

36,725,330‌

5.33‌

10/31/23

11/01/23

27,950‌

27,950,000‌

27,954,138‌

U.S.

Treasury

Obligation,

2.75%,

due

11/15/42

.........

40,000,000‌

28,512,938‌

5.33‌

10/31/23

11/01/23

5,850‌

5,850,000‌

5,850,866‌

U.S.

Treasury

Obligation,

0.00%,

due

08/15/41

.........

15,000,000‌

5,967,866‌

5.33‌

10/31/23

11/01/23

10,625‌

10,625,000‌

10,626,573‌

U.S.

Treasury

Obligation,

0.00%,

due

05/15/39

.........

25,000,000‌

10,839,073‌

–‌

–‌

$

498,691,250‌

$

508,738,643‌

–‌

–‌

Royal

Bank

of

Canada

5.29‌

10/31/23

11/01/23

50,000‌

50,000,000‌

50,007,347‌

U.S.

Treasury

Obligations,

4.63%

to

5.37%,

due

01/31/24

to

09/15/26

.........

51,075,900‌

51,000,023‌

–‌

–‌

Societe

Generale

SA

.

5.29‌

10/31/23

11/01/23

25,000‌

25,000,000‌

25,003,674‌

U.S.

Treasury

Obligation,

4.88%,

due

10/31/28

.........

25,421,200‌

25,500,006‌

–‌

–‌

TD

Securities

USA

LLC

5.30‌

10/31/23

11/01/23

75,000‌

75,000,000‌

75,011,042‌

U.S.

Treasury

Obligations,

0.38%

to

4.38%,

due

08/15/24

to

04/30/29

.........

83,928,800‌

76,500,016‌

–‌

–‌

Wells

Fargo

Securities

LLC

...........

5.29‌

(a)

10/31/23

11/01/23

500,000‌

500,000,000‌

500,073,472‌

U.S.

Treasury

Obligations,

1.13%

to

7.63%,

due

02/15/25

to

02/15/52

.........

721,069,483‌

510,000,033‌

5.29‌

10/31/23

11/01/23

25,000‌

25,000,000‌

25,003,674‌

U.S.

Treasury

Obligation,

0.75%,

due

02/15/45

.........

28,152,400‌

25,500,063‌

–‌

–‌

$

525,000,000‌

$

535,500,096‌

–‌

–‌

$

68,244,691,250‌

$

69,009,326,833‌

–‌

–‌

(a)

Traded

in

a

joint

account.

(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.

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

October

31,

2023

T-Fund

40

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

Repurchase

Agreements

...................................

$

—

$

68,244,691,250

$

—

$

68,244,691,250

U.S.

Treasury

Obligations

...................................

—

24,136,354,460

—

24,136,354,460

$

—

$

92,381,045,710

$

—

$

92,381,045,710

Schedule

of

Investments

October

31,

2023

Treasury

Trust

Fund

Schedules

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

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.

See

notes

to

financial

statements.

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

U.S.

Treasury

Bills

(a)

2.67%, 11/02/23

.................

USD

2,891,500

$

2,891,075,875

4.58%, 11/07/23

.................

6,192,060

6,186,592,166

4.76%, 11/09/23

.................

6,901,670

6,893,557,287

5.00%, 11/14/23

.................

7,670,735

7,656,020,552

5.02%, 11/16/23

.................

7,576,865

7,560,071,761

5.12%, 11/21/23

.................

4,315,345

4,302,627,429

5.15%, 11/24/23

.................

750,000

747,431,667

5.19%, 11/28/23

.................

682,958

680,248,803

5.20%, 11/30/23

.................

1,802,985

1,795,229,161

5.23%, 12/07/23

.................

7,156,850

7,118,916,610

5.28%, 12/14/23

.................

1,987,300

1,975,023,454

5.31%, 12/19/23

.................

500,000

496,456,667

5.34%, 12/26/23

.................

1,418,400

1,406,865,208

5.34%, 12/28/23

.................

1,137,595

1,128,192,680

5.34%, 01/02/24

.................

3,656,000

3,622,443,396

5.34%, 01/04/24

.................

1,564,780

1,550,072,529

5.35%, 01/11/24

.................

4,212,460

4,168,153,105

5.36%, 01/16/24

.................

330,425

326,706,984

5.38%, 01/18/24

.................

1,622,075

1,603,307,592

5.38%, 01/23/24

.................

690,145

681,648,163

5.39%, 01/30/24

.................

3,420,092

3,374,391,021

5.41%, 02/01/24

.................

230

226,904

5.41%, 02/06/24

.................

4,388,710

4,325,447,897

5.40%, 02/08/24

.................

154,380

152,144,771

5.43%, 02/13/24

.................

1,850,515

1,821,894,613

5.44%, 02/20/24

.................

1,652,400

1,625,116,810

5.43%, 02/22/24

.................

1,216,180

1,195,972,324

5.45%, 02/27/24

.................

3,000,000

2,947,539,167

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

5.45%, 03/14/24

.................

USD

1,257,857

$

1,233,041,983

5.47%, 03/21/24

.................

189,000

185,076,675

5.48%, 04/04/24

.................

1,083,675

1,058,759,506

5.50%, 04/18/24

.................

1,627,325

1,588,179,726

5.49%, 05/02/24

.................

400

389,242

5.38%, 06/13/24

.................

412,775

400,002,860

5.42%, 08/08/24

.................

458,450

440,326,223

5.42%, 09/05/24

.................

316,735

302,801,770

5.43%, 10/03/24

.................

297,170

282,904,364

U.S.

Treasury

Notes

(b)

(US

Treasury

3

Month

Bill

Money

Market

Yield

-

0.02%),

5.37%, 01/31/24

.....

2,679,620

2,679,674,803

(US

Treasury

3

Month

Bill

Money

Market

Yield

-

0.08%),

5.31%, 04/30/24

.....

1,611,260

1,610,661,307

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.04%),

5.42%, 07/31/24

....

826,000

825,954,175

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.14%),

5.52%, 10/31/24

....

4,321,540

4,320,634,506

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.20%),

5.58%, 01/31/25

....

2,614,255

2,614,919,128

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.13%),

5.51%, 07/31/25

....

363,815

363,492,686

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.17%),

5.55%, 10/31/25

....

723,515

723,515,000

Total

U.S.

Treasury

Obligations

—

96.1%

(Cost:

$96,863,708,550)

...........................

96,863,708,550

Total

Investments

—

96.1%

(Cost:

$96,863,708,550

)

...........................

96,863,708,550

Other

Assets

Less

Liabilities

—

3.9%

...................

3,968,642,645

Net

Assets

—

100.0%

..............................

$

100,832,351,195

(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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

U.S.

Treasury

Obligations

...................................

$

—

$

96,863,708,550

$

—

$

96,863,708,550

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

October

31,

2023

MuniCash

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Municipal

Bonds

Alaska

—

0.9%

(a)

Alaska

Housing

Finance

Corp.

,

Series

2007D,

RB

,

VRDN

(Federal

Home

Loan

Bank

SBPA)

,

4.05%, 11/07/23

............

USD

25,000

$

25,000,000

Alaska

Housing

Finance

Corp.

,

Series

2009-B,

RB

,

VRDN

(Federal

Home

Loan

Bank

SBPA)

,

4.05%, 11/07/23

............

5,025

5,025,000

Alaska

Housing

Finance

Corp.

,

Series

2009D,

RB

,

VRDN

(Federal

Home

Loan

Bank

SBPA)

,

4.05%, 11/07/23

............

12,500

12,500,000

42,525,000

California

—

0.7%

(a)

California

Health

Facilities

Financing

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2021-XF2962,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

4.11%, 11/07/23

(b)(c)

...............

4,430

4,430,000

City

of

Modesto

,

Series

2008A,

COP

,

VRDN

(BMO

Harris

Bank

NA

SBPA)

,

3.50%, 11/07/23

.................

10,600

10,600,000

Los

Angeles

Department

of

Water

&

Power

,

Series

2001,

Sub-Series

B-6,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

2.80%, 11/01/23

11,100

11,100,000

Los

Angeles

Department

of

Water

&

Power

,

Series

2021A,

Sub-Series

A-3,

RB

,

VRDN

(Royal

Bank

of

Canada

SBPA)

,

2.84%, 11/01/23

.................

5,000

5,000,000

University

of

California,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-

XX1258,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

4.11%, 11/07/23

(b)(c)

...........

2,000

2,000,000

33,130,000

Colorado

—

2.8%

(a)

City

of

Colorado

Springs

Utilities

System

,

Series

2009C,

RB

,

VRDN

(Sumitomo

Mitsui

Banking

Corp.

SBPA)

,

4.09%, 11/07/23

..

4,400

4,400,000

Colorado

Health

Facilities

Authority

,

Series

2022E,

RB

,

VRDN

,

3.82%, 11/01/23

....

63,500

63,500,000

Colorado

Health

Facilities

Authority

,

Series

2022F,

RB

,

VRDN

,

4.05%, 11/07/23

....

29,100

29,100,000

Colorado

Housing

&

Finance

Authority

,

Series

2020A-1,

RB

,

VRDN

(Federal

Home

Loan

Bank

SBPA)

,

4.15%, 11/07/23

........

10,160

10,160,000

Colorado

Springs

Utilities

System,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2016-XM0433,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

4.14%, 11/07/23

(b)(c)

.....

10,310

10,310,000

County

of

Arapahoe

,

Series

2001,

RB

,

VRDN

(Federal

Home

Loan

Mortgage

Corp.

LOC)

,

4.15%, 11/07/23

.................

8,295

8,295,000

125,765,000

Connecticut

—

5.9%

(a)

Connecticut

Housing

Finance

Authority

,

Series

2017A-3,

RB

,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA)

,

4.05%, 11/07/23

.....

22,605

22,605,000

Connecticut

Housing

Finance

Authority

,

Series

2017F,

Sub-Series

F-3,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

4.10%, 11/07/23

.................

36,930

36,930,000

Connecticut

Housing

Finance

Authority

,

Series

2019

B-3,

RB

,

VRDN

(Bank

of

America

NA

SBPA)

,

4.11%, 11/07/23

............

11,720

11,720,000

Security

Par

(000)

Par

(000)

Value

Connecticut

(continued)

Connecticut

Housing

Finance

Authority

,

Series

2020,

Sub-Series

A-3,

RB

,

VRDN

(UBS

AG

SBPA)

,

4.09%, 11/07/23

............

USD

1,900

$

1,900,000

Connecticut

Housing

Finance

Authority

,

Series

C-3,

RB

,

VRDN

(Royal

Bank

of

Canada

SBPA)

,

4.05%, 11/07/23

............

12,685

12,685,000

Connecticut

Housing

Finance

Authority

,

Series

2022,

Sub-Series

E-2,

RB

,

VRDN

(Sumitomo

Mitsui

Banking

Corp.

LOC)

,

4.05%, 11/07/23

.................

6,300

6,300,000

Connecticut

Housing

Finance

Authority

,

Series

2018

A-3,

RB

,

VRDN

(Bank

of

America

NA

SBPA)

,

4.11%, 11/07/23

............

39,215

39,215,000

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Series

2000A,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

3.95%, 11/07/23

...

14,100

14,100,000

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Series

2017A-1,

RB

,

VRDN

,

3.75%, 11/07/23

............

42,890

42,890,000

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Series

2017A-2,

RB

,

VRDN

,

3.90%, 11/07/23

............

56,410

56,410,000

State

of

Connecticut

,

Series

2016C,

GO

,

VRDN

(Bank

of

America

NA

SBPA)

,

4.13%, 11/07/23

.................

21,655

21,655,000

266,410,000

Delaware

—

0.5%

University

of

Delaware

,

Series

2013C,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

3.95%, 11/01/23

(a)

................

23,100

23,100,000

District

of

Columbia

—

0.1%

Metropolitan

Washington

Airports

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2019-XG0267,

RB

,

VRDN

(Bank

of

America

NA

LOC)

,

4.14%, 11/07/23

(a)(b)(c)

..............

3,110

3,110,000

Florida

—

4.3%

Broward

County

Tourist

Development,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-XL0429,

RB

,

VRDN

(Wells

Fargo

Bank

NA

LIQ)

,

4.20%, 11/07/23

(a)(b)(c)

3,720

3,720,000

Cape

Coral,

Water

&

Sewer

System,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-YX1317,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

4.13%, 11/07/23

(a)(b)(c)

...

12,135

12,135,000

City

of

Gainesville,

Utilities

System

,

Series

2012B,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

3.90%, 11/01/23

(a)

...........

26,825

26,825,000

City

of

Gainesville,

Utilities

System

,

Series

2019C,

RB

,

VRDN

(Bank

of

America

NA

LOC)

,

4.02%, 11/01/23

(a)

............

14,960

14,960,000

County

of

Hillsborough

,

Series

A,

TECP

(Wells

Fargo

Bank

NA

SBPA)

,

3.70%, 11/09/23

.

12,000

11,999,006

County

of

Hillsborough

,

Series

A,

TECP

(Wells

Fargo

Bank

NA

SBPA)

,

3.75%, 11/09/23

.

11,485

11,484,218

County

of

St

Lucie

,

Series

2000,

RB

,

VRDN

,

4.20%, 11/01/23

(a)

................

29,540

29,540,000

Escambia

County

Health

Facilities

Authority

,

Series

2003B,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

4.05%, 11/01/23

(a)

...........

14,340

14,340,000

Florida

Housing

Finance

Corp.

,

Series

2004M,

RB

,

VRDN

(Federal

Home

Loan

Mortgage

Corp.

LIQ)

,

4.18%, 11/07/23

(a)

........

8,175

8,175,000

Schedule

of

Investments

(continued)

October

31,

2023

MuniCash

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Florida

(continued)

Highlands

County

Health

Facilities

Authority

,

Series

2012I-3,

RB

,

VRDN

,

4.05%, 11/07/23

(a)

................

USD

38,270

$

38,270,000

JEA

Electric

System

,

Series

2008B-3,

RB

,

VRDN

(Royal

Bank

of

Canada

SBPA)

,

4.08%, 11/07/23

(a)

................

24,655

24,655,000

196,103,224

Georgia

—

1.0%

(a)

Brookhaven

Development

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-XL0307,

RB

,

VRDN

(Wells

Fargo

Bank

NA

LIQ)

,

4.12%, 11/07/23

(b)(c)

.

3,135

3,135,000

Burke

County

Development

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2017E-107,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

4.14%, 11/07/23

(b)(c)

...

5,000

5,000,000

Gainesville

&

Hall

County

Development

Authority

,

Series

2003B,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

4.05%, 11/01/23

......

16,515

16,515,000

Oglethorpe

Power

Corp.,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-

E-155,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

4.13%, 11/07/23

(b)(c)

...........

20,000

20,000,000

44,650,000

Idaho

—

0.2%

Idaho

Housing

&

Finance

Association

,

Series

2011A,

RB

,

VRDN

(Federal

Home

Loan

Mortgage

Corp.

LOC)

,

4.10%, 11/07/23

(a)

.

10,060

10,060,000

Illinois

—

3.1%

(a)

Chicago

Transit

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-

XF3069,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

4.21%, 11/07/23

(b)(c)

...........

12,400

12,400,000

Chicago

Transit

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-

XF3153,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

4.17%, 11/07/23

(b)(c)

...........

28,950

28,950,000

Illinois

Finance

Authority

,

Series

2001,

RB

,

VRDN

(BMO

Harris

Bank

NA

LOC)

,

4.05%, 11/07/23

.................

7,800

7,800,000

Illinois

Finance

Authority

,

Series

2008,

RB

,

VRDN

,

4.07%, 11/07/23

............

11,987

11,987,000

Illinois

Finance

Authority

,

Series

2008C-1,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

4.10%, 11/07/23

.................

26,420

26,420,000

Illinois

Finance

Authority

,

Series

2020B,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

4.00%, 11/01/23

.................

54,780

54,780,000

142,337,000

Indiana

—

0.8%

Indiana

Finance

Authority

,

Series

2008F,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

4.00%, 11/07/23

(a)

................

35,275

35,275,000

Iowa

—

2.6%

(a)

Iowa

Finance

Authority

,

Series

2016A,

RB

,

VRDN

,

4.12%, 11/07/23

............

31,800

31,800,000

Iowa

Finance

Authority

,

Series

2021,

RB

,

VRDN

(Korea

Development

Bank

LOC)

,

4.22%, 11/07/23

(c)

................

62,000

62,000,000

Iowa

Finance

Authority

,

Series

2016E,

RB

,

VRDN

(Federal

National

Mortgage

Association

LIQ)

,

4.05%, 11/07/23

.....

5,000

5,000,000

Security

Par

(000)

Par

(000)

Value

Iowa

(continued)

Iowa

Finance

Authority

,

Series

2018D,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LOC)

,

4.05%, 11/07/23

.................

USD

18,060

$

18,060,000

116,860,000

Kansas

—

0.8%

Wyandotte

County

Kansas

USD,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018G-23,

GO

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

3.28%, 11/07/23

(a)(b)(c)

....

35,000

35,000,000

Kentucky

—

0.1%

Kentucky

Economic

Development

Financing

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018-XG0161,

RB

,

VRDN

(Bank

of

America

NA

LOC)

,

4.12%, 11/07/23

(a)(b)(c)

..............

4,960

4,960,000

Louisiana

—

3.6%

(a)

Louisiana

Public

Facilities

Authority

,

Series

2004,

RB

,

VRDN

,

4.15%, 11/07/23

.....

21,200

21,200,000

Louisiana

Public

Facilities

Authority

,

Series

2010,

RB

,

VRDN

,

4.05%, 11/07/23

.....

23,500

23,500,000

Louisiana

Public

Facilities

Authority

,

Series

2017A,

RB

,

VRDN

(UBS

AG

LOC)

,

4.09%, 11/07/23

.................

51,100

51,100,000

Louisiana

Public

Facilities

Authority

,

Series

2017B,

RB

,

VRDN

(UBS

AG

LOC)

,

4.09%, 11/07/23

.................

9,500

9,500,000

Louisiana

Public

Facilities

Authority

,

Series

2008-C,

RB

,

VRDN

,

3.92%, 11/01/23

...

2,650

2,650,000

Louisiana

Public

Facilities

Authority

,

Series

2009A,

RB

,

VRDN

,

4.15%, 11/07/23

....

28,000

28,000,000

State

of

Louisiana

Gasoline

&

Fuels

Tax

,

Series

2023

A-1,

RB

,

VRDN

(Toronto-Dominion

Bank

LOC)

,

3.95%, 11/01/23

.........

29,160

29,160,000

165,110,000

Maryland

—

0.3%

City

of

Baltimore,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-

XF3014,

RB

,

VRDN

(Citibank

NA

LIQ)

,

4.15%, 11/07/23

(a)(b)(c)

..............

12,535

12,535,000

Massachusetts

—

2.2%

City

of

Somerville

,

GO,

5.00%, 05/30/24

...

43,203

43,485,884

Massachusetts

Bay

Transportation

Authority

,

Series

B,

TECP

(Barclays

Bank

plc

SBPA)

,

3.70%, 12/04/23

.................

11,500

11,496,140

Massachusetts

Development

Finance

Agency

,

Series

2011

K-1,

RB

,

VRDN

(Wells

Fargo

Bank

NA

SBPA)

,

4.00%, 11/07/23

(a)

....

17,225

17,225,000

Massachusetts

Health

&

Educational

Facilities

Authority

,

Series

P2,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

4.05%, 11/07/23

(a)

13,450

13,450,000

Massachusetts

Transportation

Trust

Fund

Metropolitan

Highway

System

,

Series

2022A-1,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

4.12%, 11/07/23

(a)

................

10,000

10,000,000

Town

of

Plymouth

,

GO,

5.00%, 06/28/24

...

3,445

3,467,029

99,124,053

Michigan

—

2.2%

(a)

Michigan

State

Housing

Development

Authority

,

Series

2022B,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

4.00%, 11/07/23

..........

42,600

42,600,000

Michigan

Strategic

Fund

,

Series

2007,

RB

,

VRDN

,

4.05%, 11/01/23

............

42,300

42,300,000

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

October

31,

2023

MuniCash

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Michigan

(continued)

University

of

Michigan

,

Series

2012D-2,

RB

,

VRDN

,

3.95%, 11/07/23

............

USD

15,290

$

15,290,000

100,190,000

Minnesota

—

1.5%

(a)

City

of

Minneapolis

,

Series

1997B,

RB

,

VRDN

(Wells

Fargo

Bank

NA

SBPA)

,

4.10%, 11/07/23

.................

7,100

7,100,000

Minnesota

Housing

Finance

Agency

,

Series

2015G,

RB

,

VRDN

(Royal

Bank

of

Canada

SBPA)

,

4.05%, 11/07/23

............

17,135

17,135,000

Minnesota

Housing

Finance

Agency

,

Series

2017F,

RB

,

VRDN

(Royal

Bank

of

Canada

SBPA)

,

4.05%, 11/07/23

............

29,960

29,960,000

Minnesota

Housing

Finance

Agency

,

Series

2018D,

RB

,

VRDN

(Royal

Bank

of

Canada

SBPA)

,

4.05%, 11/07/23

............

6,540

6,540,000

Minnesota

Housing

Finance

Agency

,

Series

2018H,

RB

,

VRDN

(Royal

Bank

of

Canada

SBPA)

,

4.05%, 11/07/23

............

7,205

7,205,000

67,940,000

Mississippi

—

4.6%

(a)

Mississippi

Business

Finance

Corp.

,

Series

2007A,

RB

,

VRDN

,

4.02%, 11/01/23

....

113,000

113,000,000

Mississippi

Business

Finance

Corp.

,

Series

2007D,

RB

,

VRDN

,

4.02%, 11/01/23

....

17,100

17,100,000

Mississippi

Business

Finance

Corp.

,

Series

2010A,

RB

,

VRDN

,

4.08%, 11/07/23

....

26,500

26,500,000

Mississippi

Business

Finance

Corp.

,

Series

2010J,

RB

,

VRDN

,

4.02%, 11/01/23

....

32,185

32,185,000

Mississippi

Business

Finance

Corp.

,

Series

2023,

RB

,

VRDN

,

4.02%, 11/01/23

.....

4,900

4,900,000

Mississippi

Business

Finance

Corp.

,

Series

2010F,

RB

,

VRDN

,

4.08%, 11/07/23

....

14,415

14,415,000

208,100,000

Missouri

—

2.4%

(a)

Curators

of

the

University

of

Missouri

(The)

,

Series

2007B,

RB

,

VRDN

,

4.05%, 11/07/23

23,015

23,015,000

Missouri

State

Health

&

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018C-16,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

4.14%, 11/07/23

(b)(c)

...............

54,500

54,500,000

Missouri

State

Health

&

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018-XF0678,

RB

,

VRDN

(Royal

Bank

of

Canada

LIQ)

,

4.12%, 11/07/23

(b)(c)

...............

6,880

6,880,000

Missouri

State

Health

&

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2019C-17,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

4.13%, 11/07/23

(b)(c)

...............

14,000

14,000,000

St

Louis

County,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-XG0382,

RB

,

VRDN

(Wells

Fargo

Bank

NA

LIQ)

,

4.12%, 11/07/23

(b)(c)

...............

10,640

10,640,000

109,035,000

Nebraska

—

2.4%

Lincoln

Nebraska

Electric

,

Series

1995,

TECP

(JPMorgan

Chase

Bank

NA

SBPA)

,

3.70%, 12/04/23

.................

40,000

39,986,560

Nebraska

Investment

Finance

Authority

,

Series

2017C,

RB

,

VRDN

(Federal

Home

Loan

Bank

SBPA)

,

4.00%, 11/07/23

(a)

.......

7,895

7,895,000

Security

Par

(000)

Par

(000)

Value

Nebraska

(continued)

Omaha

Public

Power

District

,

Series

A,

TECP

(Bank

of

America

NA

SBPA)

,

3.70%, 11/01/23

.................

USD

10,050

$

10,050,000

Omaha

Public

Power

District

,

Series

A,

TECP

(Bank

of

America

NA

SBPA)

,

3.60%, 11/02/23

.................

13,450

13,449,859

Omaha

Public

Power

District

,

Series

A,

TECP

(Bank

of

America

NA

SBPA)

,

3.70%, 11/28/23

.................

12,500

12,496,535

Omaha

Public

Power

District

,

Series

A,

TECP

(Bank

of

America

NA

SBPA)

,

3.70%, 12/01/23

.................

15,000

14,995,416

Omaha

Public

Power

District

,

Series

A,

TECP

(Bank

of

America

NA

SBPA)

,

3.65%, 12/04/23

.................

10,500

10,496,480

109,369,850

New

Jersey

—

0.0%

Hudson

County

Improvement

Authority

,

Series

2023

B1,

RB,

5.00%, 07/24/24

........

3,000

3,017,111

New

Mexico

—

0.8%

New

Mexico

Hospital

Equipment

Loan

Council

,

Series

2008D,

RB

,

VRDN

(Wells

Fargo

Bank

NA

SBPA)

,

4.10%, 11/07/23

(a)

....

38,505

38,505,000

New

York

—

17.8%

(a)

City

of

New

York

,

Series

2006,

Sub-Series

I-4,

GO

,

VRDN

(TD

Bank

NA

LOC)

,

3.95%, 11/01/23

.................

6,800

6,800,000

City

of

New

York

,

Series

2012

A-4,

GO

,

VRDN

(Sumitomo

Mitsui

Banking

Corp.

LOC)

,

4.00%, 11/07/23

.................

30,000

30,000,000

City

of

New

York

,

Series

2012G-6,

GO

,

VRDN

(Mizuho

Bank

Ltd.

LOC)

,

3.99%, 11/01/23

11,650

11,650,000

City

of

New

York

,

Series

2019

D-4,

GO

,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA)

,

4.00%, 11/01/23

.................

7,000

7,000,000

City

of

New

York

,

Series

2023A,

Sub-Series

A-3,

GO

,

VRDN

(Bank

of

Montreal

SBPA)

,

3.95%, 11/01/23

.................

63,500

63,500,000

City

of

New

York

,

Series

B-4,

GO

,

VRDN

(Barclays

Bank

plc

SBPA)

,

4.00%, 11/01/23

12,100

12,100,000

Metropolitan

Transportation

Authority

,

Series

2005

E-1,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

4.00%, 11/07/23

.............

23,280

23,280,000

Metropolitan

Transportation

Authority

,

Series

2005D-2,

RB

,

VRDN

(Bank

of

Montreal

LOC)

,

4.00%, 11/01/23

.............

900

900,000

Metropolitan

Transportation

Authority

,

Series

2012A-2,

RB

,

VRDN

(Bank

of

Montreal

LOC)

,

4.30%, 11/07/23

.............

10,400

10,400,000

Metropolitan

Transportation

Authority

,

Series

2012G,

Sub-Series

G-2,

RB

,

VRDN

(TD

Bank

NA

LOC)

,

4.09%, 11/07/23

......

60,000

60,000,000

Metropolitan

Transportation

Authority

,

Series

2015E-1,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

4.00%, 11/01/23

.............

43,485

43,485,000

New

York

City

Housing

Development

Corp.

,

Series

2006A,

RB

,

VRDN

(Federal

National

Mortgage

Association

LOC)

,

4.05%, 11/07/23

.................

28,850

28,850,000

New

York

City

Housing

Development

Corp.

,

Series

2023

B-2,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

4.10%, 11/07/23

............

15,000

15,000,000

New

York

City

Housing

Development

Corp.

,

Series

2023A-3,

RB

,

VRDN

(TD

Bank

NA

LOC)

,

4.06%, 11/07/23

.............

29,100

29,100,000

Schedule

of

Investments

(continued)

October

31,

2023

MuniCash

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

City

Housing

Development

Corp.

,

Series

2021F-3,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

4.00%, 11/07/23

..........

USD

20,370

$

20,370,000

New

York

City

Housing

Development

Corp.

,

Series

2021K3,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

4.00%, 11/07/23

..........

46,600

46,600,000

New

York

City

Municipal

Water

Finance

Authority

,

Series

2007,

Sub-Series

CC-1,

RB

,

VRDN

(Bank

of

Nova

Scotia

SBPA,

Sumitomo

Mitsui

Banking

Corp.

SBPA)

,

4.05%, 11/07/23

.................

26,760

26,760,000

New

York

City

Municipal

Water

Finance

Authority

,

Series

2007,

Sub-Series

CC-2,

RB

,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA)

,

4.00%, 11/01/23

............

19,785

19,785,000

New

York

City

Municipal

Water

Finance

Authority

,

Series

2010CC,

RB

,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA)

,

3.95%, 11/01/23

.................

22,450

22,450,000

New

York

City

Municipal

Water

Finance

Authority

,

Series

2013AA-2,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

4.00%, 11/07/23

37,325

37,325,000

New

York

City

Municipal

Water

Finance

Authority

,

Series

2015

BB-2,

RB

,

VRDN

(Mizuho

Bank

Ltd.

SBPA)

,

4.05%, 11/01/23

19,425

19,425,000

New

York

City

Municipal

Water

Finance

Authority

,

Series

2015,

Sub-Series

BB-4,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

4.00%, 11/01/23

.................

3,000

3,000,000

New

York

City

Municipal

Water

Finance

Authority

,

Series

2023CC,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

4.00%, 11/01/23

17,100

17,100,000

New

York

City

Municipal

Water

Finance

Authority

,

Series

AA-2,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

3.95%, 11/01/23

.................

26,270

26,270,000

New

York

City

Municipal

Water

Finance

Authority

,

Series

AA-5,

RB

,

VRDN

(Mizuho

Bank

Ltd.

SBPA)

,

3.95%, 11/01/23

.....

11,300

11,300,000

New

York

City

Municipal

Water

Finance

Authority

,

Series

AA-6,

RB

,

VRDN

(Mizuho

Bank

Ltd.

SBPA)

,

3.95%, 11/01/23

.....

12,250

12,250,000

New

York

City

Transitional

Finance

Authority

,

Series

2011A-4,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

4.00%, 11/01/23

..........

16,115

16,115,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

,

Series

2010

G-6,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

4.00%, 11/01/23

.................

22,120

22,120,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

,

Series

2015

E-3,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

3.95%, 11/01/23

.................

19,440

19,440,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

,

Series

2019,

Sub-

Series

B-4,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

3.95%, 11/01/23

......

25,900

25,900,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

,

Series

D-3,

RB

,

VRDN

(Mizuho

Bank

Ltd.

SBPA)

,

4.05%, 11/01/23

35,575

35,575,000

New

York

State

Dormitory

Authority

,

Series

2006A,

RB

,

VRDN

(Federal

National

Mortgage

Association

LOC)

,

4.13%, 11/07/23

.................

9,000

9,000,000

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

State

Dormitory

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018-XF2647,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

4.12%, 11/07/23

(b)(c)

USD

2,300

$

2,300,000

New

York

State

Housing

Finance

Agency

,

Series

2013A,

RB

,

VRDN

(

Landesbank

Hessen-

Thuringen

Girozentrale

LOC)

,

4.00%, 11/01/23

.................

32,190

32,190,000

New

York

State

Urban

Development

Corp.

,

Series

2004A-3-C,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

4.08%, 11/07/23

.

13,775

13,775,000

Triborough

Bridge

&

Tunnel

Authority

,

Series

2005B-2B,

RB

,

VRDN

(State

Street

Bank

&

Trust

Co.

LOC)

,

4.10%, 11/07/23

......

12,700

12,700,000

Triborough

Bridge

&

Tunnel

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-XF1359,

RB

,

VRDN

(Toronto-

Dominion

Bank

LIQ)

,

4.13%, 11/07/23

(b)(c)

.

15,000

15,000,000

808,815,000

North

Carolina

—

2.0%

(a)

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Series

2007B,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

3.97%, 11/01/23

......

31,355

31,355,000

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Series

2018H,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

3.97%, 11/01/23

......

11,210

11,210,000

City

of

Charlotte

Water

&

Sewer

System,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022-XG0403,

RB

,

VRDN

(Wells

Fargo

Bank

NA

LIQ)

,

4.12%, 11/07/23

(b)(c)

...............

2,276

2,276,000

City

of

Raleigh

,

Series

2005-B-1,

COP

,

VRDN

(PNC

Bank

NA

SBPA)

,

4.20%, 11/07/23

.

16,800

16,800,000

Durham

Housing

Authority

,

Series

2021A,

RB

,

VRDN

(United

Fidelity

Bank

FSB

LOC,

Federal

Home

Loan

Bank

SBPA)

,

4.12%, 11/07/23

.................

22,885

22,885,000

Durham

Housing

Authority

,

Series

2021B,

RB

,

VRDN

(United

Fidelity

Bank

FSB

LOC,

Federal

Home

Loan

Bank

SBPA)

,

4.12%, 11/07/23

.................

4,900

4,900,000

89,426,000

Ohio

—

4.4%

Allen

County

Ohio

Hospital

Facilities,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2019-E-133,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

4.12%, 11/07/23

(a)(b)(c)

..

10,665

10,665,000

County

of

Franklin

,

Series

2011D,

RB

,

VRDN

,

3.95%, 11/07/23

(a)

................

50,777

50,777,000

County

of

Franklin

,

Series

2018D,

RB

,

VRDN

,

4.06%, 11/07/23

(a)

................

30,425

30,425,000

County

of

Franklin

,

Series

2022B,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

3.87%, 11/01/23

(a)

................

16,500

16,500,000

County

of

Franklin

,

Series

2015B,

RB

,

VRDN

,

4.01%, 11/07/23

(a)

................

23,100

23,100,000

Ohio

State

Hospital,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022C-18,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

4.13%, 11/07/23

(a)(b)(c)

..............

9,000

9,000,000

Ohio

State

Water

Development

Authority

,

TECP

(TD

Bank

NA

SBPA)

,

3.75%, 01/04/24

..

19,000

18,987,656

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

October

31,

2023

MuniCash

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ohio

(continued)

Ohio

State

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

,

Series

2016A,

RB

,

VRDN

(Toronto-Dominion

Bank

SBPA)

,

4.05%, 11/07/23

(a)

................

USD

41,705

$

41,705,000

201,159,656

Oregon

—

1.0%

Oregon

State

Facilities

Authority

,

Series

2005A,

RB

,

VRDN

(Federal

National

Mortgage

Association

LOC)

,

4.16%, 11/07/23

(a)

...

6,075

6,075,000

Oregon

State

Facilities

Authority

,

Series

2018B,

RB

,

VRDN

(TD

Bank

NA

LOC)

,

3.95%, 11/01/23

(a)

................

25,575

25,575,000

State

of

Oregon

Department

of

Administrative

Services

,

TECP

(Bank

of

Montreal

LOC)

,

3.55%, 11/01/23

.................

11,614

11,614,000

43,264,000

Pennsylvania

—

4.8%

City

of

Philadelphia

,

Series

2009B,

GO

,

VRDN

(Barclays

Bank

plc

LOC)

,

3.97%, 11/07/23

(a)

24,750

24,750,000

City

of

Philadelphia

,

Series

A-1,

TECP

(TD

Bank

NA

LOC)

,

3.75%, 11/15/23

......

15,000

14,998,215

Emmaus

General

Authority

,

Series

1996,

RB

,

VRDN

(Wells

Fargo

Bank

NA

SBPA)

,

4.10%, 11/07/23

(a)

................

23,120

23,120,000

Montgomery

County

Industrial

Development

Authority

,

Series

2002,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

4.05%, 11/01/23

(a)

........

5,445

5,445,000

Pennsylvania

Economic

Development

Financing

Authority

,

Series

2009C,

RB

,

VRDN

(MUFG

Bank

Ltd.

LOC)

,

5.25%, 11/07/23

(a)

................

18,100

18,100,000

Pennsylvania

Housing

Finance

Agency

,

Series

2023-141B,

RB

,

VRDN

(Royal

Bank

of

Canada

SBPA)

,

4.05%, 11/07/23

(a)

.....

26,000

26,000,000

Pennsylvania

Turnpike

Commission

,

Series

2020A,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

3.97%, 11/07/23

(a)

................

21,495

21,495,000

Sports

&

Exhibition

Authority

of

Pittsburgh

and

Allegheny

County

,

Series

2007-

A,

RB

,

VRDN

(PNC

Bank

NA

SBPA)

,

4.09%, 11/07/23

(a)

................

68,925

68,925,000

Westmoreland

County

Muni

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2017-YX1075,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

3.90%, 11/07/23

(a)(b)(c)

...

17,190

17,190,000

220,023,215

Rhode

Island

—

0.1%

Rhode

Island

Health

&

Education

Building

Corp.,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2019-XM0721,

RB

,

VRDN

(Wells

Fargo

Bank

NA

LIQ)

,

4.12%, 11/07/23

(a)(b)(c)

..............

4,360

4,360,000

South

Carolina

—

3.1%

(a)

City

of

Columbia

Waterworks

&

Sewer

System

,

Series

2009,

RB

,

VRDN

(Sumitomo

Mitsui

Banking

Corp.

LOC)

,

4.09%, 11/07/23

...

15,240

15,240,000

South

Carolina

Jobs-Economic

Development

Authority

,

Series

2018B,

RB

,

VRDN

(TD

Bank

NA

LOC)

,

3.95%, 11/01/23

......

18,150

18,150,000

South

Carolina

Jobs-Economic

Development

Authority

,

Series

2021B,

RB

,

VRDN

(Federal

Home

Loan

Bank

LOC)

,

4.13%, 11/07/23

.

5,800

5,800,000

Security

Par

(000)

Par

(000)

Value

South

Carolina

(continued)

South

Carolina

Jobs-Economic

Development

Authority

,

Series

2023A,

RB

,

VRDN

(Federal

Home

Loan

Bank

LOC)

,

4.11%, 11/07/23

.

USD

44,500

$

44,500,000

South

Carolina

Jobs-Economic

Development

Authority

,

Series

2023A,

RB

,

VRDN

(Federal

Home

Loan

Bank

LOC)

,

4.11%, 11/07/23

.

16,500

16,500,000

South

Carolina

Jobs-Economic

Development

Authority

,

Series

2023B,

RB

,

VRDN

(Federal

Home

Loan

Bank

LOC)

,

4.11%, 11/07/23

.

10,000

10,000,000

South

Carolina

Public

Service

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-XG0398,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

4.21%, 11/07/23

(b)(c)

.....

6,145

6,145,000

South

Carolina

Public

Service

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-XL0313,

RB

,

VRDN

(Wells

Fargo

Bank

NA

LIQ)

,

4.21%, 11/07/23

(b)(c)

.

9,010

9,010,000

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Series

2020,

RB

,

VRDN

(Federal

Home

Loan

Bank

LOC)

,

4.13%, 11/07/23

.................

17,250

17,250,000

142,595,000

South

Dakota

—

1.1%

(a)

South

Dakota

Housing

Development

Authority

,

Series

2020A,

RB

,

VRDN

(Federal

Home

Loan

Bank

SBPA)

,

4.13%, 11/07/23

....

9,645

9,645,000

South

Dakota

Housing

Development

Authority

,

Series

2020B,

RB

,

VRDN

(South

Dakota

Housing

Development

Authority

SBPA)

,

4.05%, 11/07/23

.................

27,975

27,975,000

South

Dakota

Housing

Development

Authority

,

Series

2022D,

RB

,

VRDN

(Federal

Home

Loan

Bank

LIQ)

,

4.13%, 11/07/23

......

11,300

11,300,000

48,920,000

Tennessee

—

0.4%

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

,

TECP,

3.20%, 01/25/24

........

5,000

4,990,654

Public

Building

Authority

of

Sevier

County

(The)

,

Series

2008VII-B-1,

RB

,

VRDN

(Bank

of

America

NA

LOC)

,

4.11%, 11/07/23

(a)

..

1,800

1,800,000

Sullivan

County

Health

Educational

&

Human

Services,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-

BAML5024,

RB

,

VRDN

(Bank

of

America

NA

LOC)

,

4.27%, 11/01/23

(a)(b)(c)

..........

9,585

9,585,000

Tennessee

Housing

Development

Agency

Resident,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018-YX1087,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

4.12%, 11/07/23

(a)(b)(c)

..............

5,405

5,405,000

21,780,654

Texas

—

15.2%

Austin

Electric

Utility

System,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2015-XF0220,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

4.00%, 11/01/23

(a)(b)(c)

....

21,235

21,235,000

Board

of

Regents

of

the

University

of

Texas

System

,

Series

2007B,

RB

,

VRDN

(University

of

Texas

Management

Co.

LIQ)

,

4.06%, 11/07/23

(a)

................

65,000

65,000,000

Board

of

Regents

of

the

University

of

Texas

System

,

Series

2008B,

RB

,

VRDN

(University

of

Texas

Management

Co.

LIQ)

,

4.00%, 11/07/23

(a)

................

105,910

105,910,000

Schedule

of

Investments

(continued)

October

31,

2023

MuniCash

Schedules

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

Bowie

County

Industrial

Development

Corp.

,

Series

1985,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LOC)

,

4.02%, 11/01/23

(a)

.....

USD

2,700

$

2,700,000

City

of

Houston,

Combined

Utility

System

,

Series

2004B-4,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

4.10%, 11/07/23

(a)

35,100

35,100,000

City

of

Houston,

Combined

Utility

System

,

Series

2018C,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

4.13%, 11/07/23

(a)

.........

34,220

34,220,000

City

of

San

Antonio

,

TECP

(Bank

of

America

NA

SBPA)

,

3.80%, 11/16/23

..........

20,000

19,998,932

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Series

2015-2,

RB

,

VRDN

(TD

Bank

NA

LOC)

,

4.05%, 11/07/23

(a)

..

13,785

13,785,000

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Series

2020B,

RB

,

VRDN

,

3.87%, 11/01/23

(a)

................

56,025

56,025,000

Harris

County

Health

Facilities

Development

Corp.

,

Series

A-1,

RB

,

VRDN

,

3.87%, 11/01/23

(a)

................

26,715

26,715,000

Harris

County

Health

Facilities

Development

Corp.

,

Series

A-2,

RB

,

VRDN

,

3.87%, 11/01/23

(a)

................

25,985

25,985,000

Katy

Independent

School

District

,

Series

2023,

GO,

5.00%, 02/15/24

..............

8,300

8,327,639

Lamar

Consolidated

Independent

School

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022-XF3069,

GO

,

VRDN

(Wells

Fargo

Bank

NA

LIQ)

,

4.12%, 11/07/23

(a)(b)(c)

..............

5,245

5,245,000

Leander

Independent

School

District

,

Series

2023,

GO,

5.00%, 02/15/24

..........

10,000

10,030,431

Lower

Neches

Valley

Authority

Industrial

Development

Corp.

,

Series

2010,

RB

,

VRDN

,

4.00%, 11/01/23

(a)

...........

14,765

14,765,000

Pasadena

Independent

School

District

,

Series

2005B,

GO

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

4.00%, 11/07/23

(a)

........

35,820

35,820,000

Permanent

University

Fund

-

University

of

Texas

System

,

Series

2008A,

RB

,

VRDN

(University

of

Texas

Management

Co.

LIQ)

,

4.09%, 11/07/23

(a)

................

24,395

24,395,000

Permanent

University

Fund

-

University

of

Texas

System

,

Series

2008A,

RB

,

VRDN

(University

of

Texas

Management

Co.

LIQ)

,

4.00%, 11/07/23

(a)

................

55,260

55,260,000

Red

River

Education

Finance

Corp.

,

Series

2006,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

4.10%, 11/07/23

(a)

................

36,900

36,900,000

State

of

Texas

,

Series

2015B,

GO

,

VRDN

(Federal

Home

Loan

Bank

SBPA)

,

4.05%, 11/07/23

(a)

................

36,295

36,295,000

State

of

Texas

,

Series

2017,

GO

,

VRDN

(Sumitomo

Mitsui

Banking

Corp.

SBPA)

,

4.10%, 11/07/23

(a)

................

30,000

30,000,000

State

of

Texas

,

Series

2022,

GO

,

VRDN

(Sumitomo

Mitsui

Banking

Corp.

LOC)

,

4.10%, 11/07/23

(a)

................

26,000

26,000,000

689,712,002

Security

Par

(000)

Par

(000)

Value

Utah

—

0.5%

(a)

City

of

Murray

,

Series

2003A,

RB

,

VRDN

,

4.05%, 11/07/23

.................

USD

15,500

$

15,500,000

Utah

Water

Finance

Agency

,

Series

B-2,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

4.15%, 11/07/23

.................

5,345

5,345,000

20,845,000

Virginia

—

1.9%

(a)

Hampton

Roads

Sanitation

District

,

Series

2016B,

RB

,

VRDN

,

3.95%, 11/07/23

....

1,125

1,125,000

Hampton

Roads

Transport

Accountant,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2018-XF0606,

RB

,

VRDN

(Bank

of

America

NA

LIQ)

,

4.15%, 11/07/23

(b)(c)

...

1,050

1,050,000

Loudoun

County

Economic

Development

Authority

,

Series

2003B,

RB

,

VRDN

,

4.10%, 11/07/23

.................

15,010

15,010,000

Loudoun

County

Economic

Development

Authority

,

Series

2013A,

RB

,

VRDN

,

4.05%, 11/07/23

.................

19,345

19,345,000

Norfolk

Economic

Development

Authority

,

Series

2016A,

RB

,

VRDN

,

4.07%, 11/07/23

37,700

37,700,000

Norfolk

Economic

Development

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022C-19,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

4.13%, 11/07/23

(b)(c)

...............

4,730

4,730,000

Norfolk

Economic

Development

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022-C-20,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

4.13%, 11/07/23

(b)(c)

...............

6,000

6,000,000

84,960,000

Washington

—

0.1%

City

of

Seattle

,

Series

2023B,

RB

,

VRDN

(TD

Bank

NA

LOC)

,

4.10%, 11/01/23

(a)(d)

....

5,500

5,500,000

Wisconsin

—

1.3%

(a)

University

of

Wisconsin

Hospitals

&

Clinics

,

Series

2018C,

RB

,

VRDN

(BMO

Harris

Bank

NA

SBPA)

,

3.95%, 11/01/23

..........

50,900

50,900,000

Wisconsin

Housing

&

Economic

Development

Authority

,

Series

2008-A,

RB

,

VRDN

(Federal

Home

Loan

Bank

SBPA)

,

4.05%, 11/07/23

.................

3,545

3,545,000

Wisconsin

Housing

&

Economic

Development

Authority

,

Series

2017C,

RB

,

VRDN

(Federal

Home

Loan

Bank

SBPA)

,

4.00%, 11/07/23

4,360

4,360,000

58,805,000

Wyoming

—

0.8%

Wyoming

Community

Development

Authority

,

Series

2022-2,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

4.00%, 11/07/23

(a)

.........

35,280

35,280,000

Total

Municipal

Bonds

—

98.3%

(Cost:

$4,467,818,807)

...........................

4,467,656,765

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

October

31,

2023

MuniCash

48

(Percentages

shown

are

based

on

Net

Assets)

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.

See

notes

to

financial

statements.

Security

Par

(000)

Pa

r

(

000)

Value

Closed-End

Investment

Companies

New

York

—

0.9%

(a)(c)

Nuveen

New

York

AMT-Free

Quality

Municipal

Income

Fund,

Series

1,

VRDP,

(

Societe

Generale

LIQ,

Societe

Generale

LOC),

4.14%, 11/07/23

.................

USD

10,200

$

10,200,000

Nuveen

New

York

AMT-Free

Quality

Municipal

Income

Fund,

Series

5,

VRDP,

(Toronto-

Dominion

Bank

LOC),

4.13%, 11/07/23

..

30,000

30,000,000

40,200,000

Total

Closed-End

Investment

Companies

—

0.9%

(Cost:

$40,200,000)

..............................

40,200,000

Total

Investments

—

99.2%

(Cost:

$4,508,018,807

)

(e)

..........................

4,507,856,765

Other

Assets

Less

Liabilities

—

0.8%

...................

34,572,296

Net

Assets

—

100.0%

..............................

$

4,542,429,061

(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)

When-issued

security.

(e)

Cost

for

U.S.

federal

income

tax

purposes.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

Closed-End

Investment

Companies

............................

$

—

$

40,200,000

$

—

$

40,200,000

Municipal

Bonds

.........................................

—

4,467,656,765

—

4,467,656,765

$

—

$

4,507,856,765

$

—

$

4,507,856,765

Schedule

of

Investments

October

31,

2023

California

Money

Fund

Schedules

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Municipal

Bonds

California

—

96.2%

Abag

Finance

Authority

for

Nonprofit

Corp.

,

Series

2009A,

RB

,

VRDN

(Bank

of

America

NA

LOC)

,

2.22%, 11/07/23

(a)

.........

USD

2,130‌

$

2,130,000‌

Antelope

Valley

Community

College

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022-XX1272,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

4.14%, 11/07/23

(a)(b)(c)

..............

2,500‌

2,500,000‌

Bay

Area

Toll

Authority

,

Series

2019

D,

RB

,

VRDN

(Sumitomo

Mitsui

Banking

Corp.

LOC)

,

2.60%, 11/07/23

(a)

............

3,000‌

3,000,000‌

California

CCA,

Clean

Energy

Project,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-XF1635,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

4.12%, 11/07/23

(a)(b)(c)

3,000‌

3,000,000‌

California

CCA,

Clean

Energy

Project,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-XM1138,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

4.12%, 11/07/23

(a)(b)(c)

2,000‌

2,000,000‌

California

Educational

Facilities

Authority

,

Series

1994,

RB

,

VRDN

,

2.30%, 11/02/23

(a)

1,700‌

1,700,000‌

California

Educational

Facilities

Authority

,

Series

B,

RB

,

VRDN

,

2.30%, 11/07/23

(a)

.

10,000‌

10,000,000‌

California

Health

Facilities

Financing

Authority

,

Series

2008B-1,

RB

,

VRDN

,

2.35%, 11/07/23

(a)

................

1,200‌

1,200,000‌

California

Health

Facilities

Financing

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2021-XF2962,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

4.11%, 11/07/23

(a)(b)(c)

..............

2,290‌

2,290,000‌

California

Health

Facilities

Financing

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022-BAML5025,

RB

,

VRDN

(Bank

of

America

NA

LIQ)

,

3.81%, 11/01/23

(a)(b)(c)

..............

2,000‌

2,000,000‌

California

Municipal

Finance

Authority

,

Series

2010C,

RB

,

VRDN

,

2.35%, 11/01/23

(a)

...

450‌

450,000‌

California

Pollution

Control

Financing

Authority

,

Series

1997B,

RB

,

VRDN

,

2.25%, 11/01/23

(a)

................

9,600‌

9,600,000‌

California

Public

Finance

Authority

,

Series

2022B

-1,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

2.40%, 11/01/23

(a)

......

3,200‌

3,200,000‌

California

Public

Finance

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-XF3006,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

4.11%, 11/07/23

(a)(b)(c)

....

4,000‌

4,000,000‌

California

State,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-XF1627,

GO

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

3.85%, 11/01/23

(a)(b)(c)

..........

2,800‌

2,800,000‌

California

Statewide

Communities

Development

Authority

,

Series

2008B,

RB

,

VRDN

(Wells

Fargo

Bank

NA

LOC)

,

2.60%, 11/01/23

(a)

.

1,700‌

1,700,000‌

City

of

Los

Angeles

Wastewater

System

,

Series

A-2,

TECP

(TD

Bank

NA

LOC)

,

3.25%, 11/16/23

.................

3,600‌

3,599,389‌

City

of

Modesto

,

Series

2008A,

COP

,

VRDN

(BMO

Harris

Bank

NA

SBPA)

,

3.50%, 11/07/23

(a)

................

14,500‌

14,500,000‌

City

of

Vacaville

,

Series

1999A,

RB

,

VRDN

(Federal

National

Mortgage

Association

LIQ)

,

2.12%, 11/07/23

(a)

............

4,600‌

4,600,000‌

Security

Par

(000)

Par

(000)

Value

California

(continued)

County

of

Los

Angeles

,

RB,

5.00%, 06/28/24

USD

3,000‌

$

3,026,737‌

County

of

Riverside

,

RB,

5.00%, 06/28/24

..

3,000‌

3,025,353‌

County

of

San

Bernardino

,

Series

1999A,

RB

,

VRDN

(Federal

National

Mortgage

Association

LOC)

,

2.12%, 11/07/23

(a)

...

6,745‌

6,745,000‌

East

Bay

Municipal

Utility

District

,

Series

A-1,

TECP

(Sumitomo

Mitsui

Banking

Corp.

SBPA)

,

2.90%, 11/02/23

............

3,500‌

3,499,954‌

Eastern

Municipal

Water

District

,

Series

2018A,

RB

,

VRDN

(Bank

of

America

NA

SBPA)

,

2.75%, 11/01/23

(a)

................

9,550‌

9,550,000‌

Irvine

California

Facilities

Financing

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2023-XG0484

,

VRDN

(Royal

Bank

of

Canada

LIQ)

,

4.15%, 11/07/23

(a)(b)(c)

..............

5,000‌

5,000,000‌

Irvine

Ranch

Water

District

Water

Service

Corp.

,

Series

2009B,

VRDN

(Bank

of

America

NA

LOC)

,

2.25%, 11/01/23

(a)

...

1,900‌

1,900,000‌

Irvine

Ranch

Water

District

Water

Service

Corp.

,

Series

2011A-1,

VRDN,

4.14%, 02/29/24

(a)

................

6,700‌

6,699,719‌

Long

Beach

California,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-

XG0501,

GO

,

VRDN

(Wells

Fargo

Bank

NA

LIQ)

,

4.12%, 11/07/23

(a)(b)(c)

..........

560‌

560,000‌

Long

Beach

California,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-

XG0478,

GO

,

VRDN

(Wells

Fargo

Bank

NA

LIQ)

,

4.15%, 11/07/23

(a)(b)(c)

..........

11,475‌

11,475,000‌

Los

Angeles

County

Metropolitan

Transportation

Authority

,

TECP

(Bank

of

America

NA

LOC)

,

3.05%, 11/08/23

....

2,200‌

2,199,758‌

Los

Angeles

Department

of

Water

&

Power

,

Series

2001,

Sub-Series

B-3,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

2.80%, 11/01/23

(a)

................

18,005‌

18,005,000‌

Los

Angeles

Department

of

Water

&

Power

,

Series

2021A

,

Sub-Series

A-1,

RB

,

VRDN

(Royal

Bank

of

Canada

SBPA)

,

2.80%, 11/01/23

(a)

................

3,570‌

3,570,000‌

Los

Angeles

Department

of

Water

&

Power

Water

System

,

Series

2021

A-1,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

2.70%, 11/01/23

(a)

..

5,000‌

5,000,000‌

Los

Angeles

Department

of

Water

&

Power

Water

System

,

Series

2021

A-2,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

2.70%, 11/01/23

(a)

..

4,600‌

4,600,000‌

Los

Angeles

Department

of

Water

&

Power,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022-XM1040,

RB

,

VRDN

(UBS

AG

LIQ)

,

4.11%, 11/07/23

(a)(b)(c)

4,325‌

4,325,000‌

Municipal

Improvement

Corp.

of

Los

Angeles

,

Series

A-1,

TECP

(BMO

Harris

Bank

NA

LOC)

,

3.18%, 11/07/23

.............

9,200‌

9,199,129‌

Sacramento

County

Housing

Authority

,

Series

1996C,

RB

,

VRDN

(Federal

National

Mortgage

Association

LIQ)

,

2.12%, 11/07/23

(a)

................

2,475‌

2,475,000‌

Sacramento

County

Housing

Authority

,

Series

1996D,

RB

,

VRDN

(Federal

National

Mortgage

Association

LIQ)

,

2.16%, 11/07/23

(a)

................

780‌

780,000‌

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

October

31,

2023

California

Money

Fund

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

San

Diego

Public

Facilities

Financing

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022-XF1429,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

4.17%, 11/07/23

(a)(b)(c)

..............

USD

4,600‌

$

4,600,000‌

San

Diego

Public

Facilities

Financing

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2023-XG0502,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

4.11%, 11/07/23

(a)(b)(c)

..............

2,700‌

2,700,000‌

San

Francisco

California

Bay

Area

Rapid

Transit

District,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-XF1331,

GO

,

VRDN

(Toronto-Dominion

Bank

LIQ)

,

4.12%, 11/07/23

(a)(b)(c)

..............

1,875‌

1,875,000‌

San

Francisco

California

Bay

Area

Rapid

Transit

District,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2022-XX1268,

GO

,

VRDN

(Barclays

Bank

plc

LIQ)

,

4.11%, 11/07/23

(a)(b)(c)

..............

2,795‌

2,795,000‌

San

Francisco

City

&

County

Airport

Commission

-

San

Francisco

International

Airport

,

TECP

(Barclays

Bank

plc

LOC)

,

3.30%, 11/02/23

.................

4,300‌

4,299,982‌

San

Francisco

City

&

County

Airport

Commission

-

San

Francisco

International

Airport

,

Series

2018C,

RB

,

VRDN

(Sumitomo

Mitsui

Banking

Corp.

LOC)

,

2.29%, 11/07/23

(a)

................

3,225‌

3,225,000‌

San

Mateo

Joint

Powers

Financing

Authority

,

Series

2007,

RB

,

VRDN

(Wells

Fargo

Bank

NA

LOC)

,

2.40%, 11/07/23

(a)

.........

660‌

660,000‌

San

Mateo

Union

High

School

District,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-XF1481,

GO

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

3.85%, 11/01/23

(a)(b)(c)

5,213‌

5,213,000‌

Santa

Clara

County

Financing

Authority

,

Series

2008M,

RB

,

VRDN

(Bank

of

America

NA

LOC)

,

2.44%, 11/07/23

(a)

............

6,905‌

6,905,000‌

Santa

Clara

Valley

Transportation

Authority

,

Series

2008D,

RB

,

VRDN

(Toronto-

Dominion

Bank

LOC)

,

2.90%, 11/01/23

(a)

.

3,200‌

3,200,000‌

Security

Par

(000)

Par

(000)

Value

California

(continued)

State

of

California

,

Series

2004

A3,

GO

,

VRDN

(State

Street

Bank

&

Trust

Co.

LOC)

,

2.60%, 11/01/23

(a)

................

USD

3,500‌

$

3,500,000‌

State

of

California

,

Series

A-2,

TECP

(Royal

Bank

of

Canada

LOC)

,

3.22%, 11/07/23

.

1,665‌

1,664,842‌

State

of

California

,

Series

A-3,

TECP

(UBS

AG

LOC)

,

3.10%, 11/03/23

.............

4,000‌

3,999,885‌

University

of

California

,

Series

2013AL-3,

RB

,

VRDN

,

2.65%, 11/01/23

(a)

...........

8,995‌

8,995,000‌

University

of

California

,

Series

2013AL-4,

RB

,

VRDN

,

2.65%, 11/01/23

(a)

...........

15,395‌

15,395,000‌

University

of

California,

Tender

Option

Bond

Trust

Receipts/Certificates

,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LIQ)

,

3.85%, 11/01/23

(a)(b)(c)

..............

7,570‌

7,570,000‌

Ventura

Unified

School

District,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-XL0442,

GO

,

VRDN

(Royal

Bank

of

Canada

LIQ)

,

4.12%, 11/07/23

(a)(b)(c)

....

3,110‌

3,110,000‌

Washington

Township

Health

Care

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022-XL0384,

GO

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

4.12%, 11/07/23

(a)(b)(c)

..............

1,900‌

1,900,000‌

Total

Municipal

Bonds

—

96.2%

(Cost:

$257,530,852)

.............................

257,512,748‌

Closed-End

Investment

Companies

California

—

1.9%

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund,

Series

2010-4,

VRDP,

(Royal

Bank

of

Canada

LOC),

4.12%, 11/07/23

(a)(c)

5,000‌

5,000,000‌

Total

Closed-End

Investment

Companies

—

1.9%

(Cost:

$5,000,000)

..............................

5,000,000‌

Total

Investments

—

98.1%

(Cost:

$262,530,852

)

(d)

............................

262,512,748‌

Other

Assets

Less

Liabilities

—

1.9%

...................

5,190,686‌

Net

Assets

—

100.0%

..............................

$

267,703,434‌

(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.

Schedule

of

Investments

(continued)

October

31,

2023

California

Money

Fund

Schedules

of

Investments

51

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

Closed-End

Investment

Companies

............................

$

—‌

$

5,000,000‌

$

—‌

$

5,000,000‌

Municipal

Bonds

.........................................

—‌

257,512,748‌

—‌

257,512,748‌

$

—‌

$

262,512,748‌

$

—‌

$

262,512,748‌

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

October

31,

2023

New

York

Money

Fund

52

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Municipal

Bonds

New

York

—

99.2%

(a)

Battery

Park

City

Authority

,

Series

2019D-

1,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

4.05%, 11/07/23

.................

USD

2,795‌

$

2,795,000‌

Battery

Park

City

Authority

,

Series

2019D-

2,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

4.06%, 11/07/23

.................

2,320‌

2,320,000‌

Build

NYC

Resource

Corp.

,

Series

2015,

RB

,

VRDN

(TD

Bank

NA

LOC)

,

4.05%, 11/07/23

1,270‌

1,270,000‌

City

of

New

York

,

Series

2006

E-2,

GO

,

VRDN

(Bank

of

America

NA

LOC)

,

4.02%, 11/01/23

4,000‌

4,000,000‌

City

of

New

York

,

Series

2006,

Sub-Series

I-4,

GO

,

VRDN

(TD

Bank

NA

LOC)

,

3.95%, 11/01/23

.................

2,600‌

2,600,000‌

City

of

New

York

,

Series

2013

A-3,

GO

,

VRDN

(Mizuho

Bank

Ltd.

LOC)

,

4.00%, 11/01/23

4,880‌

4,880,000‌

City

of

New

York

,

Series

2013,

Sub-Series

A-2,

GO

,

VRDN

(Mizuho

Bank

Ltd.

LOC)

,

4.00%, 11/01/23

.................

1,000‌

1,000,000‌

City

of

New

York

,

Series

2014

D-4,

GO

,

VRDN

(TD

Bank

NA

LOC)

,

3.95%, 11/01/23

...

1,000‌

1,000,000‌

City

of

New

York

,

Series

2014I,

Sub-Series

I-3,

GO

,

VRDN

(Citibank

NA

LOC)

,

4.07%, 11/07/23

.................

1,100‌

1,100,000‌

City

of

New

York

,

Series

2017A,

Sub-Series

A-4,

GO

,

VRDN

(Citibank

NA

LOC)

,

4.01%, 11/07/23

.................

1,925‌

1,925,000‌

City

of

New

York

,

Series

2023A,

Sub-Series

A-3,

GO

,

VRDN

(Bank

of

Montreal

SBPA)

,

3.95%, 11/01/23

.................

24,140‌

24,140,000‌

City

of

New

York

,

Series

2023A,

Sub-Series

A-4,

GO

,

VRDN

(TD

Bank

NA

SBPA)

,

3.95%, 11/01/23

.................

10,565‌

10,565,000‌

Dutchess

County

Industrial

Development

Agency

,

Series

2008,

RB

,

VRDN

(TD

Bank

NA

LOC)

,

4.05%, 11/07/23

..........

2,540‌

2,540,000‌

Long

Island

Power

Authority

,

Series

2023D,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

3.98%, 11/07/23

.................

18,100‌

18,100,000‌

Metropolitan

Transportation

Authority

,

Series

2005D-2,

RB

,

VRDN

(Bank

of

Montreal

LOC)

,

4.00%, 11/01/23

.............

10,100‌

10,100,000‌

Metropolitan

Transportation

Authority

,

Series

2012A-2,

RB

,

VRDN

(Bank

of

Montreal

LOC)

,

4.30%, 11/07/23

.............

4,500‌

4,500,000‌

Metropolitan

Transportation

Authority

,

Series

2015

E-3,

RB

,

VRDN

(Bank

of

America

NA

LOC)

,

4.02%, 11/01/23

.............

2,500‌

2,500,000‌

Metropolitan

Transportation

Authority

,

Series

Sub-Series

G-4,

RB

,

VRDN

(Bank

of

Montreal

LOC)

,

4.00%, 11/01/23

......

3,200‌

3,200,000‌

Metropolitan

Transportation

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

RB

,

VRDN

(Wells

Fargo

Bank

NA

LIQ)

,

4.12%, 11/07/23

(b)(c)

...............

1,000‌

1,000,000‌

New

York

City

Housing

Development

Corp.

,

Series

2005A,

RB

,

VRDN

(Federal

National

Mortgage

Association

LOC)

,

4.08%, 11/07/23

.................

2,890‌

2,890,000‌

New

York

City

Housing

Development

Corp.

,

Series

2006A,

RB

,

VRDN

(Federal

National

Mortgage

Association

LOC)

,

4.05%, 11/07/23

.................

12,850‌

12,850,000‌

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

City

Housing

Development

Corp.

,

Series

2009A,

RB

,

VRDN

(Federal

Home

Loan

Mortgage

Corp.

LOC)

,

4.08%, 11/07/23

.................

USD

6,175‌

$

6,175,000‌

New

York

City

Housing

Development

Corp.

,

Series

2010A,

RB

,

VRDN

(Federal

Home

Loan

Mortgage

Corp.

LIQ)

,

4.06%, 11/07/23

7,555‌

7,555,000‌

New

York

City

Housing

Development

Corp.

,

Series

2011B,

RB

,

VRDN

(Federal

Home

Loan

Mortgage

Corp.

LOC)

,

4.05%, 11/07/23

.................

875‌

875,000‌

New

York

City

Housing

Development

Corp.

,

Series

2019A-4,

RB

,

VRDN

(Royal

Bank

of

Canada

SBPA)

,

4.12%, 11/07/23

......

3,800‌

3,800,000‌

New

York

City

Housing

Development

Corp.

,

Series

2023A-3,

RB

,

VRDN

(TD

Bank

NA

LOC)

,

4.06%, 11/07/23

.............

6,200‌

6,200,000‌

New

York

City

Housing

Development

Corp.

,

Series

2021F-3,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

4.00%, 11/07/23

..........

10,800‌

10,800,000‌

New

York

City

Industrial

Development

Agency

,

Series

2004B,

RB

,

VRDN

(Bank

of

America

NA

LOC)

,

4.02%, 11/01/23

..........

14,250‌

14,250,000‌

New

York

City

Municipal

Water

Finance

Authority

,

Series

2010CC,

RB

,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA)

,

3.95%, 11/01/23

.................

18,600‌

18,600,000‌

New

York

City

Municipal

Water

Finance

Authority

,

Series

2014

AA-3,

RB

,

VRDN

(TD

Bank

NA

LIQ)

,

3.95%, 11/01/23

.......

5,125‌

5,125,000‌

New

York

City

Municipal

Water

Finance

Authority

,

Series

2017

BB,

RB

,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA)

,

4.05%, 11/01/23

.................

2,715‌

2,715,000‌

New

York

City

Municipal

Water

Finance

Authority

,

Series

2023,

Sub-Series

BB-2,

RB

,

VRDN

(Mizuho

Bank

Ltd.

SBPA)

,

4.00%, 11/01/23

.................

6,100‌

6,100,000‌

New

York

City

Municipal

Water

Finance

Authority

,

Series

AA-2,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

3.95%, 11/01/23

.................

500‌

500,000‌

New

York

City

Municipal

Water

Finance

Authority

,

Series

AA-5,

RB

,

VRDN

(Mizuho

Bank

Ltd.

SBPA)

,

3.95%, 11/01/23

.....

11,550‌

11,550,000‌

New

York

City

Municipal

Water

Finance

Authority

,

Series

BB

1A,

RB

,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA)

,

4.00%, 11/01/23

.................

2,315‌

2,315,000‌

New

York

City

Municipal

Water

Finance

Authority

,

Series

BB-1B,

RB

,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA)

,

4.00%, 11/01/23

.................

5,805‌

5,805,000‌

New

York

City

Municipal

Water

Finance

Authority

,

Series

DD-2,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

3.95%, 11/01/23

.................

500‌

500,000‌

New

York

City

Transitional

Finance

Authority

,

Series

2003-A4,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

3.95%, 11/01/23

............

15,210‌

15,210,000‌

New

York

City

Transitional

Finance

Authority

,

Series

2011A-4,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

4.00%, 11/01/23

..........

1,300‌

1,300,000‌

Schedule

of

Investments

(continued)

October

31,

2023

New

York

Money

Fund

Schedules

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

,

Series

2010

G-6,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

4.00%, 11/01/23

.................

USD

1,000‌

$

1,000,000‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

,

Series

2015

E-4,

RB

,

VRDN

(Bank

of

America

NA

SBPA)

,

4.02%, 11/01/23

.................

2,500‌

2,500,000‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

,

Series

A-4,

RB

,

VRDN

(Mizuho

Bank

Ltd.

SBPA)

,

4.05%, 11/01/23

550‌

550,000‌

New

York

City

Trust

for

Cultural

Resources

,

Series

2004,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LOC)

,

4.00%, 11/07/23

......

220‌

220,000‌

New

York

City

Trust

for

Cultural

Resources

,

Series

2008-B3,

RB

,

VRDN

(Wells

Fargo

Bank

NA

SBPA)

,

4.00%, 11/07/23

......

2,945‌

2,945,000‌

New

York

City

Trust

for

Cultural

Resources

,

Series

2009A,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LOC)

,

4.05%, 11/07/23

......

3,850‌

3,850,000‌

New

York

Power

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-

XL0416,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

4.12%, 11/07/23

(b)(c)

...........

3,465‌

3,465,000‌

New

York

State

Dormitory

Authority

,

Series

2002A-2,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

4.06%, 11/07/23

......

1,955‌

1,955,000‌

New

York

State

Dormitory

Authority

,

Series

2006A,

RB

,

VRDN

(Federal

National

Mortgage

Association

LOC)

,

4.13%, 11/07/23

.................

13,600‌

13,600,000‌

New

York

State

Dormitory

Authority

,

Series

2008A-1,

RB

,

VRDN

(Bank

of

America

NA

LOC)

,

4.05%, 11/07/23

.............

2,645‌

2,645,000‌

New

York

State

Dormitory

Authority

,

Series

2009,

RB

,

VRDN

(TD

Bank

NA

LOC)

,

4.06%, 11/07/23

.................

4,695‌

4,695,000‌

New

York

State

Dormitory

Authority

,

Series

2009A,

RB

,

VRDN

,

3.85%, 11/07/23

....

8,975‌

8,975,000‌

New

York

State

Dormitory

Authority

,

Series

2012,

RB

,

VRDN

(HSBC

Bank

USA

NA

LOC)

,

4.10%, 11/07/23

.............

5,855‌

5,855,000‌

New

York

State

Energy

Research

&

Development

Authority

,

Series

2005A-

1,

RB

,

VRDN

(Mizuho

Bank

Ltd.

LOC)

,

4.03%, 11/07/23

.................

6,275‌

6,275,000‌

New

York

State

Energy

Research

&

Development

Authority

,

Series

2005A-

3,

RB

,

VRDN

(Mizuho

Bank

Ltd.

LOC)

,

4.08%, 11/07/23

.................

10,080‌

10,080,000‌

New

York

State

Energy

Research

&

Development

Authority

,

Series

2005A-

3,

RB

,

VRDN

(Mizuho

Bank

Ltd.

LOC)

,

3.95%, 11/07/23

.................

1,500‌

1,500,000‌

New

York

State

Environmental

Facilities

Corp.,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022-XF3049,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

4.12%, 11/07/23

(b)(c)

...............

2,670‌

2,670,000‌

New

York

State

Environmental

Facilities

Corp.,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2023-XF1442,

RB

,

VRDN

(Toronto-Dominion

Bank

LIQ)

,

4.12%, 11/07/23

(b)(c)

...............

3,560‌

3,560,000‌

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

State

Housing

Finance

Agency

,

Series

2004A,

RB

,

VRDN

(Federal

National

Mortgage

Association

LOC)

,

3.95%, 11/07/23

.................

USD

6,550‌

$

6,550,000‌

New

York

State

Housing

Finance

Agency

,

Series

2008A,

RB

,

VRDN

(Federal

Home

Loan

Mortgage

Corp.

LIQ)

,

4.06%, 11/07/23

4,745‌

4,745,000‌

New

York

State

Housing

Finance

Agency

,

Series

2009A,

RB

,

VRDN

(Federal

National

Mortgage

Association

LOC)

,

3.95%, 11/07/23

.................

2,600‌

2,600,000‌

New

York

State

Housing

Finance

Agency

,

Series

2009A,

RB

,

VRDN

(Federal

National

Mortgage

Association

LOC)

,

4.07%, 11/07/23

.................

3,950‌

3,950,000‌

New

York

State

Housing

Finance

Agency

,

Series

2010A,

RB

,

VRDN

(Federal

Home

Loan

Mortgage

Corp.

LIQ)

,

4.07%, 11/07/23

6,400‌

6,400,000‌

New

York

State

Housing

Finance

Agency

,

Series

2010A,

RB

,

VRDN

(Landesbank

Hessen-Thuringen

Girozentrale

LOC)

,

4.17%, 11/07/23

.................

9,550‌

9,550,000‌

New

York

State

Housing

Finance

Agency

,

Series

2013A,

RB

,

VRDN

(Landesbank

Hessen-Thuringen

Girozentrale

LOC)

,

4.00%, 11/01/23

.................

15,250‌

15,250,000‌

New

York

State

Housing

Finance

Agency

,

Series

2014A,

RB

,

VRDN

(Landesbank

Hessen-Thuringen

Girozentrale

LOC)

,

4.00%, 11/01/23

.................

5,000‌

5,000,000‌

New

York

State

Housing

Finance

Agency

,

Series

2022G-3,

RB

,

VRDN

(Bank

of

America

NA

SBPA)

,

4.10%, 11/07/23

...

12,485‌

12,485,000‌

New

York

State

Personal

Income

Tax

Bonds,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2022-YX1250,

RB

,

VRDN

(Barclays

Bank

plc

LIQ)

,

4.12%, 11/07/23

(b)(c)

...............

1,730‌

1,730,000‌

New

York

State

Personal

Income

Tax

Bonds,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2023-XF1496,

RB

,

VRDN

(Toronto-Dominion

Bank

LIQ)

,

4.14%, 11/07/23

(b)(c)

...............

1,525‌

1,525,000‌

New

York

State

Personal

Income

Tax

Bonds,

Tender

Option

Bond

Trust

Receipts/

Certificates

,

Series

2023-XL0414,

RB

,

VRDN

(Citibank

NA

LIQ)

,

4.11%, 11/07/23

(b)

(c)

...........................

2,000‌

2,000,000‌

New

York

State

Thruway

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2019-XF0847,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

4.12%, 11/07/23

(b)(c)

1,395‌

1,395,000‌

New

York

State

Urban

Development

Corp.

,

Series

2004A-3-C,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

SBPA)

,

4.08%, 11/07/23

.

11,930‌

11,930,000‌

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

,

Series

247,

RB

,

VRDN

(TD

Bank

NA

SBPA)

,

4.05%, 11/07/23

.................

3,200‌

3,200,000‌

Triborough

Bridge

&

Tunnel

Authority

,

Series

2001C,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

4.00%, 11/01/23

.................

3,000‌

3,000,000‌

Triborough

Bridge

&

Tunnel

Authority

,

Series

2005A,

RB

,

VRDN

(Barclays

Bank

plc

LOC)

,

4.00%, 11/07/23

.................

200‌

200,000‌

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

October

31,

2023

New

York

Money

Fund

54

(Percentages

shown

are

based

on

Net

Assets)

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.

See

notes

to

financial

statements.

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Triborough

Bridge

&

Tunnel

Authority

,

Series

2005B-2A,

RB

,

VRDN

(State

Street

Bank

&

Trust

Co.

LOC)

,

4.35%, 11/07/23

......

USD

6,900‌

$

6,900,000‌

Triborough

Bridge

&

Tunnel

Authority

,

Series

2005B-2B,

RB

,

VRDN

(State

Street

Bank

&

Trust

Co.

LOC)

,

4.10%, 11/07/23

......

5,000‌

5,000,000‌

Triborough

Bridge

&

Tunnel

Authority

,

Series

2005B3,

RB

,

VRDN

(Bank

of

America

NA

LOC)

,

4.02%, 11/01/23

.............

3,100‌

3,100,000‌

Triborough

Bridge

&

Tunnel

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-XF1495,

RB

,

VRDN

(Toronto-

Dominion

Bank

LIQ)

,

4.12%, 11/07/23

(b)(c)

.

1,550‌

1,550,000‌

Yankee

Stadium,

Tender

Option

Bond

Trust

Receipts/Certificates

,

Series

2023-XF1455,

RB

,

VRDN

(Royal

Bank

of

Canada

LOC)

,

4.12%, 11/07/23

(b)(c)

...............

1,800‌

1,800,000‌

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Yonkers

Industrial

Development

Agency

,

Series

2005,

RB

,

VRDN

(JPMorgan

Chase

Bank

NA

LOC)

,

4.02%, 11/07/23

..........

USD

15,145‌

$

15,145,000‌

Total

Municipal

Bonds

—

99.2%

(Cost:

$435,995,000)

.............................

435,995,000‌

Closed-End

Investment

Companies

New

York

—

0.6%

Nuveen

New

York

AMT-Free

Quality

Municipal

Income

Fund,

Series

3,

VRDP,

(Sumitomo

Mitsui

Banking

Corp.

LOC,

Sumitomo

Mitsui

Banking

Corp.

LIQ),

4.14%, 11/07/23

(a)(c)

.

2,500‌

2,500,000‌

Total

Closed-End

Investment

Companies

—

0.6%

(Cost:

$2,500,000)

..............................

2,500,000‌

Total

Investments

—

99.8%

(Cost:

$438,495,000

)

(d)

............................

438,495,000‌

Other

Assets

Less

Liabilities

—

0.2%

...................

883,753‌

Net

Assets

—

100.0%

..............................

$

439,378,753‌

(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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

Closed-End

Investment

Companies

............................

$

—‌

$

2,500,000‌

$

—‌

$

2,500,000‌

Municipal

Bonds

.........................................

—‌

435,995,000‌

—‌

435,995,000‌

$

—‌

$

438,495,000‌

$

—‌

$

438,495,000‌

Statements

of

Assets

and

Liabilities

October

31,

2023

55

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Liquid

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

...........................

$

5,862,655,287‌

$

41,905,808,135‌

$

9,688,367,866‌

$

3,672,342,476‌

$

24,136,354,460‌

Cash  

................................................

410,737,596‌

8,591,814,988‌

662,227,474‌

300,810,183‌

5,201,223,179‌

Repurchase

agreements,

at

value

—

unaffiliated

(b)

...................

—‌

97,967,605,000‌

3,157,000,000‌

1,260,000,000‌

68,244,691,250‌

Receivables:

–‌

–‌

–‌

–‌

–‌

Investments

sold

.......................................

5,937,005‌

141,540,966‌

—‌

—‌

98,353,653‌

Capital

shares

sold

......................................

5,418,943‌

841,773,884‌

96,624,150‌

—‌

624,068,326‌

Interest

—

unaffiliated

....................................

6,240,864‌

61,441,741‌

42,128,814‌

18,334,210‌

15,423,796‌

Prepaid

expenses

........................................

570,306‌

95,468,277‌

237,605‌

5,473,938‌

36,391,904‌

Other

assets

............................................

—‌

209,742‌

—‌

—‌

289,982‌

Total

assets

............................................

6,291,560,001‌

149,605,662,733‌

13,646,585,909‌

5,256,960,807‌

98,356,796,550‌

LIABILITIES

Payables:

–‌

–‌

–‌

–‌

–‌

Investments

purchased

...................................

217,637,431‌

3,818,374,317‌

—‌

—‌

1,804,842,889‌

Capital

shares

redeemed

..................................

6,510,248‌

832,450,171‌

31,294,112‌

—‌

597,597,847‌

Custodian

fees

.........................................

29,193‌

234,986‌

48,903‌

42,500‌

255,866‌

Income

dividend

distributions

...............................

17,043,419‌

388,684,613‌

57,507,078‌

3,634,134‌

290,918,706‌

Management

fees

.......................................

718,894‌

20,756,244‌

1,969,184‌

745,823‌

14,397,275‌

Trustees'

and

Officer's

fees

................................

6,354‌

85,418‌

1,074‌

12,430‌

58,931‌

Professional

fees

.......................................

18,357‌

135,721‌

9,371‌

25,285‌

120,624‌

Registration

fees

.......................................

156,669‌

5,464,974‌

104,544‌

1,196,660‌

2,549,821‌

Service

and

distribution

fees

................................

375,145‌

97,768,019‌

100‌

5,546,441‌

36,796,605‌

Transfer

agent

fees

.....................................

39,765‌

409,758‌

45,037‌

116,298‌

408,117‌

Other

accrued

expenses

..................................

28,748‌

52,255‌

8,730‌

29,232‌

49,817‌

Total

liabilities

...........................................

242,564,223‌

5,164,416,476‌

90,988,133‌

11,348,803‌

2,747,996,498‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

—‌

—‌

NET

ASSETS

...........................................

$

6,048,995,778‌

$

144,441,246,257‌

$

13,555,597,776‌

$

5,245,612,004‌

$

95,608,800,052‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

...........................................

$

6,049,128,560‌

$

144,524,457,680‌

$

13,556,305,461‌

$

5,246,301,191‌

$

95,657,699,658‌

Accumulated

loss

........................................

(132,782‌)

(83,211,423‌)

(707,685‌)

(689,187‌)

(48,899,606‌)

NET

ASSETS

...........................................

$

6,048,995,778‌

$

144,441,246,257‌

$

13,555,597,776‌

$

5,245,612,004‌

$

95,608,800,052‌

(a)

  Investments,

at

cost

—

unaffiliated

.........................

$

5,862,655,287‌

$

41,905,808,135‌

$

9,687,977,393‌

$

3,672,259,246‌

$

24,136,354,460‌

(b)

  Repurchase

agreements,

at

cost

—

unaffiliated

.................

$

—‌

$

97,967,605,000‌

$

3,157,000,000‌

$

1,260,000,000‌

$

68,244,691,250‌

Statements

of

Assets

and

Liabilities

(continued)

October

31,

2023

2023

BlackRock

Annual

Report

to

Shareholders

56

BlackRock

Liquid

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

NET

ASSET

VALUE

Institutional

Net

assets

.........................................

$

5,944,450,830‌

$

122,363,197,269‌

$

13,151,148,484‌

$

4,418,931,838‌

$

87,613,216,552‌

Shares

outstanding

..................................

5,944,573,889‌

122,434,274,698‌

13,146,079,322‌

4,416,790,521‌

87,658,040,711‌

Net

asset

value

.....................................

$

1.00‌

$

1.00‌

$

1.0004‌

$

1.0005‌

$

1.00‌

Shares

authorized

...................................

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Administration

Net

assets

.........................................

$

31,594,117‌

$

7,965,005,768‌

$

—‌

$

28,313,939‌

$

3,987,751,409‌

Shares

outstanding

..................................

31,594,769‌

7,969,596,743‌

—‌

28,299,471‌

3,989,783,851‌

Net

asset

value

.....................................

$

1.00‌

$

1.00‌

$

—‌

$

1.0005‌

$

1.00‌

Shares

authorized

...................................

Unlimited

Unlimited

—

Unlimited

Unlimited

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Bancroft

Capital

Net

assets

.........................................

$

52,771‌

$

—‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

..................................

52,772‌

—‌

—‌

—‌

—‌

Net

asset

value

.....................................

$

1.00‌

$

—‌

$

—‌

$

—‌

$

—‌

Shares

authorized

...................................

Unlimited

—

—

—

—

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Cabrera

Capital

Markets

Net

assets

.........................................

$

52,771‌

$

—‌

$

—‌

$

182,841‌

$

—‌

Shares

outstanding

..................................

52,772‌

—‌

—‌

182,745‌

—‌

Net

asset

value

.....................................

$

1.00‌

$

—‌

$

—‌

$

1.0005‌

$

—‌

Shares

authorized

...................................

Unlimited

—

—

Unlimited

—

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Capital

Net

assets

.........................................

$

—‌

$

2,587,811‌

$

—‌

$

190,669,720‌

$

202,286,101‌

Shares

outstanding

..................................

—‌

2,589,303‌

—‌

190,568,048‌

202,389,197‌

Net

asset

value

.....................................

$

—‌

$

1.00‌

$

—‌

$

1.0005‌

$

1.00‌

Shares

authorized

...................................

—

Unlimited

—

Unlimited

Unlimited

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Cash

Management

Net

assets

.........................................

$

9,809,574‌

$

718,126,020‌

$

—‌

$

508,936,889‌

$

915,926,722‌

Shares

outstanding

..................................

9,809,777‌

718,539,355‌

—‌

508,684,064‌

916,393,821‌

Net

asset

value

.....................................

$

1.00‌

$

1.00‌

$

—‌

$

1.0005‌

$

1.00‌

Shares

authorized

...................................

Unlimited

Unlimited

—

Unlimited

Unlimited

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Cash

Reserve

Net

assets

.........................................

$

—‌

$

4,048,351,481‌

$

—‌

$

15,135,146‌

$

43,531,254‌

Shares

outstanding

..................................

—‌

4,050,691,394‌

—‌

15,126,805‌

43,553,513‌

Net

asset

value

.....................................

$

—‌

$

1.00‌

$

—‌

$

1.0006‌

$

1.00‌

Shares

authorized

...................................

—

Unlimited

—

Unlimited

Unlimited

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Dollar

Net

assets

.........................................

$

23,415,640‌

$

3,987,319,436‌

$

18,928‌

$

82,732,292‌

$

1,364,428,093‌

Shares

outstanding

..................................

23,416,125‌

3,989,621,084‌

18,921‌

82,691,105‌

1,365,124,948‌

Net

asset

value

.....................................

$

1.00‌

$

1.00‌

$

1.0004‌

$

1.0005‌

$

1.00‌

Shares

authorized

...................................

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Great

Pacific

Net

assets

.........................................

$

52,753‌

$

—‌

$

404,393,871‌

$

—‌

$

—‌

Shares

outstanding

..................................

52,754‌

—‌

404,263,357‌

—‌

—‌

Net

asset

value

.....................................

$

1.00‌

$

—‌

$

1.0003‌

$

—‌

$

—‌

Shares

authorized

...................................

Unlimited

—

Unlimited

—

—

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Statements

of

Assets

and

Liabilities

(continued)

October

31,

2023

57

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Liquid

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

Mischler

Financial

Group

Net

assets

.........................................

$

10,518,534‌

$

2,018,044,740‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

..................................

10,518,752‌

2,019,207,413‌

—‌

—‌

—‌

Net

asset

value

.....................................

$

1.00‌

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

...................................

Unlimited

Unlimited

—

—

—

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Penserra

Net

assets

.........................................

$

802,753‌

$

—‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

..................................

802,769‌

—‌

—‌

—‌

—‌

Net

asset

value

.....................................

$

1.00‌

$

—‌

$

—‌

$

—‌

$

—‌

Shares

authorized

...................................

Unlimited

—

—

—

—

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Premier

Net

assets

.........................................

$

—‌

$

2,879,644,736‌

$

36,493‌

$

—‌

$

1,431,263,844‌

Shares

outstanding

..................................

—‌

2,880,833,135‌

36,478‌

—‌

1,431,937,098‌

Net

asset

value

.....................................

$

—‌

$

1.00‌

$

1.0004‌

$

—‌

$

1.00‌

Shares

authorized

...................................

—

Unlimited

Unlimited

—

Unlimited

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Private

Client

Net

assets

.........................................

$

—‌

$

249,634‌

$

—‌

$

709,339‌

$

—‌

Shares

outstanding

..................................

—‌

249,778‌

—‌

708,964‌

—‌

Net

asset

value

.....................................

$

—‌

$

1.00‌

$

—‌

$

1.0005‌

$

—‌

Shares

authorized

...................................

—

Unlimited

—

Unlimited

—

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Select

Net

assets

.........................................

$

—‌

$

325,700,247‌

$

—‌

$

—‌

$

50,396,077‌

Shares

outstanding

..................................

—‌

325,887,746‌

—‌

—‌

50,421,766‌

Net

asset

value

.....................................

$

—‌

$

1.00‌

$

—‌

$

—‌

$

1.00‌

Shares

authorized

...................................

—

Unlimited

—

—

Unlimited

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Stern

Brothers

Net

assets

.........................................

$

53,496‌

$

26,623‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

..................................

53,497‌

26,625‌

—‌

—‌

—‌

Net

asset

value

.....................................

$

1.00‌

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

...................................

Unlimited

Unlimited

—

—

—

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Tigress

Net

assets

.........................................

$

28,192,539‌

$

29,731,594‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

..................................

28,193,123‌

29,748,767‌

—‌

—‌

—‌

Net

asset

value

.....................................

$

1.00‌

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

...................................

Unlimited

Unlimited

—

—

—

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

WestCap

Net

assets

.........................................

$

—‌

$

103,260,898‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

..................................

—‌

103,320,316‌

—‌

—‌

—‌

Net

asset

value

.....................................

$

—‌

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

...................................

—

Unlimited

—

—

—

Par

value

.........................................

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Statements

of

Assets

and

Liabilities

(continued)

October

31,

2023

2023

BlackRock

Annual

Report

to

Shareholders

58

See

notes

to

financial

statements.

Treasury

Trust

Fund

MuniCash

California

Money

Fund

New

York

Money

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

..........................................

$

96,863,708,550‌

$

4,507,856,765‌

$

262,512,748‌

$

438,495,000‌

Cash  

...............................................................

6,564,515,214‌

2,475,605‌

—‌

930,390‌

Receivables:

–‌

–‌

–‌

–‌

Investments

sold

......................................................

100,437,006‌

10,000,000‌

12,463,501‌

—‌

Capital

shares

sold

.....................................................

4,191,718‌

9,402,827‌

214,430‌

1,283,975‌

Interest

—

unaffiliated

...................................................

2,978,840‌

21,876,226‌

1,013,412‌

1,473,975‌

Prepaid

expenses

.......................................................

14,893,518‌

204,071‌

16,816‌

22,183‌

Total

assets

...........................................................

103,550,724,846‌

4,551,815,494‌

276,220,907‌

442,205,523‌

LIABILITIES

Bank

overdraft

..........................................................

—‌

—‌

7,482,459‌

—‌

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

..................................................

2,374,054,100‌

2,471,880‌

500,814‌

857,405‌

Capital

shares

redeemed

.................................................

1,592,536‌

490,061‌

221,923‌

966,218‌

Custodian

fees

........................................................

479,571‌

21,703‌

9,220‌

4,925‌

Income

dividend

distributions

..............................................

308,600,046‌

5,618,856‌

148,238‌

884,272‌

Management

fees

......................................................

14,116,085‌

661,117‌

51,647‌

59,146‌

Trustees'

and

Officer's

fees

...............................................

54,107‌

265‌

1,419‌

1,070‌

Professional

fees

......................................................

95,858‌

20,844‌

16,039‌

13,641‌

Registration

fees

......................................................

4,339,577‌

41,064‌

77,588‌

23,219‌

Service

and

distribution

fees

...............................................

14,910,659‌

19,950‌

1,375‌

269‌

Transfer

agent

fees

....................................................

87,893‌

14,393‌

649‌

639‌

Other

accrued

expenses

.................................................

43,219‌

26,300‌

6,102‌

15,966‌

Total

liabilities

..........................................................

2,718,373,651‌

9,386,433‌

8,517,473‌

2,826,770‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

—‌

NET

ASSETS

..........................................................

$

100,832,351,195‌

$

4,542,429,061‌

$

267,703,434‌

$

439,378,753‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

100,819,615,448‌

$

4,542,583,178‌

$

267,721,182‌

$

439,373,987‌

Accumulated

earnings

(loss)

................................................

12,735,747‌

(154,117‌)

(17,748‌)

4,766‌

NET

ASSETS

..........................................................

$

100,832,351,195‌

$

4,542,429,061‌

$

267,703,434‌

$

439,378,753‌

(a)

  Investments,

at

cost

—

unaffiliated

.......................................

$

96,863,708,550‌

$

4,508,018,807‌

$

262,530,852‌

$

438,495,000‌

Statements

of

Assets

and

Liabilities

(continued)

October

31,

2023

59

Financial

Statements

See

notes

to

financial

statements.

Treasury

Trust

Fund

MuniCash

California

Money

Fund

New

York

Money

Fund

NET

ASSET

VALUE

Institutional

Net

assets

.........................................................

$

97,157,593,294‌

$

4,540,657,345‌

$

267,703,434‌

$

439,378,753‌

Shares

outstanding

..................................................

97,145,321,667‌

4,540,694,785‌

267,896,310‌

439,371,456‌

Net

asset

value

.....................................................

$

1.00‌

$

1.0000‌

$

0.9993‌

$

1.0000‌

Shares

authorized

...................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.........................................................

$

—‌

$

—‌

$

—‌

$

—‌

Administration

Net

assets

.........................................................

$

442,723,123‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

..................................................

442,667,309‌

—‌

—‌

—‌

Net

asset

value

.....................................................

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

...................................................

Unlimited

—

—

—

Par

value

.........................................................

$

—‌

$

—‌

$

—‌

$

—‌

Capital

Net

assets

.........................................................

$

500,685,089‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

..................................................

500,622,032‌

—‌

—‌

—‌

Net

asset

value

.....................................................

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

...................................................

Unlimited

—

—

—

Par

value

.........................................................

$

—‌

$

—‌

$

—‌

$

—‌

Cash

Management

Net

assets

.........................................................

$

5,085,112‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

..................................................

5,084,472‌

—‌

—‌

—‌

Net

asset

value

.....................................................

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

...................................................

Unlimited

—

—

—

Par

value

.........................................................

$

—‌

$

—‌

$

—‌

$

—‌

Cash

Reserve

Net

assets

.........................................................

$

128,271,654‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

..................................................

128,255,431‌

—‌

—‌

—‌

Net

asset

value

.....................................................

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

...................................................

Unlimited

—

—

—

Par

value

.........................................................

$

—‌

$

—‌

$

—‌

$

—‌

Dollar

Net

assets

.........................................................

$

2,343,866,350‌

$

1,771,716‌

$

—‌

$

—‌

Shares

outstanding

..................................................

2,343,569,986‌

1,771,781‌

—‌

—‌

Net

asset

value

.....................................................

$

1.00‌

$

1.0000‌

$

—‌

$

—‌

Shares

authorized

...................................................

Unlimited

Unlimited

—

—

Par

value

.........................................................

$

—‌

$

—‌

$

—‌

$

—‌

Select

Net

assets

.........................................................

$

254,126,573‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

..................................................

254,094,551‌

—‌

—‌

—‌

Net

asset

value

.....................................................

$

1.00‌

$

—‌

$

—‌

$

—‌

Shares

authorized

...................................................

Unlimited

—

—

—

Par

value

.........................................................

$

—‌

$

—‌

$

—‌

$

—‌

Statements

of

Operations

Year

Ended

October

31,

2023

2023

BlackRock

Annual

Report

to

Shareholders

60

BlackRock

Liquid

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

INVESTMENT

INCOME

–

–

–

–

–

Interest

—

unaffiliated

....................................

$

233,370,300‌

$

6,731,491,981‌

$

612,380,049‌

$

305,553,069‌

$

4,588,487,641‌

Total

investment

income

....................................

233,370,300‌

6,731,491,981‌

612,380,049‌

305,553,069‌

4,588,487,641‌

EXPENSES

Management

..........................................

10,420,869‌

253,669,958‌

25,879,915‌

15,131,350‌

173,570,100‌

Registration

..........................................

320,233‌

1,636,395‌

764,753‌

225,254‌

758,562‌

Transfer

agent

.........................................

147,475‌

1,274,849‌

133,158‌

457,488‌

432,276‌

Service

and

distribution

—

class

specific

.......................

112,386‌

46,936,143‌

44‌

3,012,425‌

16,244,380‌

Professional

..........................................

88,199‌

387,328‌

73,615‌

76,969‌

283,461‌

Printing

and

postage

....................................

64,161‌

68,303‌

33,764‌

43,655‌

50,625‌

Custodian

............................................

54,672‌

474,949‌

112,074‌

94,602‌

403,039‌

Trustees

and

Officer

.....................................

44,999‌

350,281‌

93,055‌

58,905‌

314,480‌

Miscellaneous

.........................................

119,326‌

693,023‌

97,858‌

120,984‌

567,599‌

Total

expenses

..........................................

11,372,320‌

305,491,229‌

27,188,236‌

19,221,632‌

192,624,522‌

Less:

–‌

–‌

–‌

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

..................

(2,872,680‌)

(21,420,118‌)

(5,409,993‌)

(5,080,787‌)

(14,543,643‌)

Service

and

distribution

fees

waived

and/or

reimbursed

—

class

specific

..

(705‌)

(84,223‌)

—‌

(7,981‌)

(12,069‌)

Total

expenses

after

fees

waived

and/or

reimbursed

.................

8,498,935‌

283,986,888‌

21,778,243‌

14,132,864‌

178,068,810‌

Net

investment

income

.....................................

224,871,365‌

6,447,505,093‌

590,601,806‌

291,420,205‌

4,410,418,831‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

647,809‌

$

(45,185,505‌)

$

4,202,805‌

$

4,135,694‌

$

(29,108,642‌)

Net

realized

gain

(loss)

from

investments

......................

647,809‌

(45,185,505‌)

60,470‌

(79,431‌)

(29,108,642‌)

Net

change

in

unrealized

appreciation

on

investments

..............

—‌

—‌

4,142,335‌

4,215,125‌

—‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

225,519,174‌

$

6,402,319,588‌

$

594,804,611‌

$

295,555,899‌

$

4,381,310,189‌

See

notes

to

financial

statements.

Statements

of

Operations

(continued)

Year

Ended

October

31,

2023

61

Financial

Statements

Treasury

Trust

Fund

MuniCash

California

Money

Fund

New

York

Money

Fund

INVESTMENT

INCOME

–

–

–

–

Interest

—

unaffiliated

...................................................

$

4,817,124,068‌

$

103,169,020‌

$

9,507,909‌

$

9,120,568‌

Total

investment

income

...................................................

4,817,124,068‌

103,169,020‌

9,507,909‌

9,120,568‌

EXPENSES

Management

.........................................................

184,889,634‌

9,816,138‌

1,467,583‌

1,106,792‌

Service

and

distribution

—

class

specific

......................................

6,606,820‌

5,641‌

—‌

—‌

Custodian

...........................................................

1,076,194‌

41,596‌

19,857‌

12,504‌

Registration

.........................................................

856,675‌

252,306‌

11,680‌

96,682‌

Transfer

agent

........................................................

568,641‌

23,994‌

1,401‌

1,740‌

Professional

.........................................................

330,889‌

57,507‌

67,570‌

62,711‌

Trustees

and

Officer

....................................................

317,095‌

27,203‌

8,735‌

8,064‌

Printing

and

postage

...................................................

43,956‌

30,431‌

21,928‌

31,651‌

Miscellaneous

........................................................

506,708‌

50,423‌

7,816‌

8,196‌

Total

expenses

.........................................................

195,196,612‌

10,305,239‌

1,606,570‌

1,328,340‌

Less:

–‌

–‌

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

.................................

(16,124,383‌)

(3,477,116‌)

(823,802‌)

(737,993‌)

Service

and

distribution

fees

waived

and/or

reimbursed

—

class

specific

.................

(312,504‌)

—‌

—‌

—‌

Total

expenses

after

fees

waived

and/or

reimbursed

................................

178,759,725‌

6,828,123‌

782,768‌

590,347‌

Net

investment

income

....................................................

4,638,364,343‌

96,340,897‌

8,725,141‌

8,530,221‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

18,563,686‌

$

694,651‌

$

10,549‌

$

5,047‌

Net

realized

gain

from

investments

.........................................

18,563,686‌

8,109‌

2,498‌

4,808‌

Net

change

in

unrealized

appreciation

on

investments

.............................

—‌

686,542‌

8,051‌

239‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

....................

$

4,656,928,029‌

$

97,035,548‌

$

8,735,690‌

$

8,535,268‌

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

2023

BlackRock

Annual

Report

to

Shareholders

62

See

notes

to

financial

statements.

BlackRock

Liquid

Federal

Trust

Fund

FedFund

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/23

Year

Ended

10/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

224,871,365‌

$

48,619,419‌

$

6,447,505,093‌

$

1,390,465,990‌

Net

realized

gain

(loss)

............................................

647,809‌

(690,428‌)

(45,185,505‌)

(36,843,185‌)

Net

increase

in

net

assets

resulting

from

operations

...........................

225,519,174‌

47,928,991‌

6,402,319,588‌

1,353,622,805‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

...................................................

(221,257,571‌)

(48,537,193‌)

(5,350,110,036‌)

(1,077,596,668‌)

  Administration

.................................................

(1,258,380‌)

(203,462‌)

(548,004,687‌)

(213,403,476‌)

  Bancroft

Capital

................................................

(2,348‌)

(424‌)

—‌

—‌

  Cabrera

Capital

Markets

..........................................

(2,348‌)

(424‌)

—‌

—‌

  Capital

......................................................

—‌

—‌

(151,947‌)

(3,026,915‌)

  Cash

Management

..............................................

(452,379‌)

(78,794‌)

(26,770,197‌)

(4,284,003‌)

  Cash

Reserve

.................................................

—‌

(3‌)

(190,618,421‌)

(35,255,621‌)

  Dollar

.......................................................

(497,569‌)

(53,184‌)

(162,022,146‌)

(27,091,528‌)

  Great

Pacific

..................................................

(2,347‌)

(407‌)

—‌

—‌

Mischler

Financial

Group

..........................................

(411,410‌)

(68,040‌)

(78,385,377‌)

(11,486,407‌)

Penserra

.....................................................

(29,442‌)

(422‌)

—‌

—‌

  Premier

......................................................

—‌

—‌

(72,073,104‌)

(18,686,982‌)

  Private

Client

..................................................

—‌

—‌

(10,459‌)

(1,554‌)

  Select

.......................................................

—‌

—‌

(15,135,753‌)

(3,107,617‌)

  Stern

Brothers

.................................................

(3,206‌)

(291‌)

(26,326‌)

(299‌)

  Tigress

......................................................

(954,365‌)

(1,074‌)

(752,039‌)

(743‌)

WestCap

.....................................................

—‌

—‌

(3,150,528‌)

(269‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(224,871,365‌)

(48,943,718‌)

(6,447,211,020‌)

(1,393,942,082‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

867,613,922‌

160,508,937‌

(1,818,848,960‌)

(21,212,578,366‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

868,261,731‌

159,494,210‌

(1,863,740,392‌)

(21,252,897,643‌)

Beginning

of

year

..................................................

5,180,734,047‌

5,021,239,837‌

146,304,986,649‌

167,557,884,292‌

End

of

year

......................................................

$

6,048,995,778‌

$

5,180,734,047‌

$

144,441,246,257‌

$

146,304,986,649‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

63

Financial

Statements

See

notes

to

financial

statements.

TempCash

TempFund

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/23

Year

Ended

10/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

590,601,806‌

$

65,593,917‌

$

291,420,205‌

$

74,680,071‌

Net

realized

gain

(loss)

............................................

60,470‌

12,497‌

(79,431‌)

10,023‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

4,142,335‌

(3,932,958‌)

4,215,125‌

(4,441,139‌)

Net

increase

in

net

assets

resulting

from

operations

...........................

594,804,611‌

61,673,456‌

295,555,899‌

70,248,955‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

...................................................

(570,810,672‌)

(65,593,405‌)

(255,677,073‌)

(69,791,863‌)

  Administration

.................................................

—‌

—‌

(1,408,620‌)

(150,396‌)

  Cabrera

Capital

Markets

..........................................

—‌

—‌

(7,399‌)

(495‌)

  Capital

......................................................

—‌

—‌

(6,611,763‌)

(62,777‌)

  Cash

Management

..............................................

—‌

—‌

(22,540,001‌)

(3,801,518‌)

  Cash

Reserve

.................................................

—‌

—‌

(707,240‌)

(82,973‌)

  Dollar

.......................................................

(846‌)

(150‌)

(4,433,374‌)

(953,713‌)

  Great

Pacific

..................................................

(19,788,529‌)

—‌

—‌

—‌

  Premier

......................................................

(1,759‌)

(362‌)

—‌

—‌

  Private

Client

..................................................

—‌

—‌

(34,735‌)

(7,842‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(590,601,806‌)

(65,593,917‌)

(291,420,205‌)

(74,851,577‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

4,892,789,579‌

2,875,694,021‌

(2,099,339,623‌)

(1,309,031,942‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

4,896,992,384‌

2,871,773,560‌

(2,095,203,929‌)

(1,313,634,564‌)

Beginning

of

year

..................................................

8,658,605,392‌

5,786,831,832‌

7,340,815,933‌

8,654,450,497‌

End

of

year

......................................................

$

13,555,597,776‌

$

8,658,605,392‌

$

5,245,612,004‌

$

7,340,815,933‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

64

See

notes

to

financial

statements.

T-Fund

Treasury

Trust

Fund

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/23

Year

Ended

10/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

4,410,418,831‌

$

936,985,893‌

$

4,638,364,343‌

$

903,323,482‌

Net

realized

gain

(loss)

............................................

(29,108,642‌)

(20,182,880‌)

18,563,686‌

2,426,101‌

Net

increase

in

net

assets

resulting

from

operations

...........................

4,381,310,189‌

916,803,013‌

4,656,928,029‌

905,749,583‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

...................................................

(3,937,571,942‌)

(772,514,168‌)

(4,529,645,292‌)

(893,603,138‌)

  Administration

.................................................

(320,493,272‌)

(143,818,630‌)

(19,482,279‌)

(3,879,189‌)

  Capital

......................................................

(6,007,199‌)

(952,166‌)

(11,772,075‌)

(101,615‌)

  Cash

Management

..............................................

(31,999,834‌)

(5,473,066‌)

(490,313‌)

(156,314‌)

  Cash

Reserve

.................................................

(3,501,185‌)

(782,324‌)

(3,925,185‌)

(502,788‌)

  Dollar

.......................................................

(67,441,132‌)

(11,632,288‌)

(70,921,213‌)

(7,124,384‌)

  Premier

......................................................

(40,693,855‌)

(2,939,940‌)

—‌

—‌

  Select

.......................................................

(2,416,296‌)

(135,326‌)

(7,370,992‌)

(2,012,121‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(4,410,124,715‌)

(938,247,908‌)

(4,643,607,349‌)

(907,379,549‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

(5,654,524,761‌)

(19,885,886,464‌)

(7,466,784,817‌)

7,255,815,540‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

(5,683,339,287‌)

(19,907,331,359‌)

(7,453,464,137‌)

7,254,185,574‌

Beginning

of

year

..................................................

101,292,139,339‌

121,199,470,698‌

108,285,815,332‌

101,031,629,758‌

End

of

year

......................................................

$

95,608,800,052‌

$

101,292,139,339‌

$

100,832,351,195‌

$

108,285,815,332‌

(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.

MuniCash

California

Money

Fund

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/23

Year

Ended

10/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

96,340,897‌

$

20,242,474‌

$

8,725,141‌

$

1,059,497‌

Net

realized

gain

................................................

8,109‌

60,574‌

2,498‌

2,729‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

686,542‌

(787,449‌)

8,051‌

(24,988‌)

Net

increase

in

net

assets

resulting

from

operations

...........................

97,035,548‌

19,515,599‌

8,735,690‌

1,037,238‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

...................................................

(96,283,682‌)

(20,457,399‌)

(8,725,141‌)

(1,228,434‌)

  Dollar

.......................................................

(57,215‌)

(14,473‌)

—‌

—‌

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(96,340,897‌)

(20,471,872‌)

(8,725,141‌)

(1,228,434‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

946,183,267‌

(1,777,099,677‌)

(49,867,851‌)

110,594,977‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

946,877,918‌

(1,778,055,950‌)

(49,857,302‌)

110,403,781‌

Beginning

of

year

..................................................

3,595,551,143‌

5,373,607,093‌

317,560,736‌

207,156,955‌

End

of

year

......................................................

$

4,542,429,061‌

$

3,595,551,143‌

$

267,703,434‌

$

317,560,736‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

66

See

notes

to

financial

statements.

New

York

Money

Fund

Year

Ended

10/31/23

Year

Ended

10/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

8,530,221‌

$

849,816‌

Net

realized

gain

..................................................................................

4,808‌

—‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

239‌

1,000‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

8,535,268‌

850,816‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

.....................................................................................

(8,530,221‌)

(849,816‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(8,530,221‌)

(849,816‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

...................................................

240,414,437‌

139,158,163‌

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

240,419,484‌

139,159,163‌

Beginning

of

year

....................................................................................

198,959,269‌

59,800,106‌

End

of

year

........................................................................................

$

439,378,753‌

$

198,959,269‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

67

Financial

Highlights

BlackRock

Liquid

Federal

Trust

Fund

Institutional

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

..............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................................

0.0456

‌

0.0077

‌

0.0000

(a)

0.0051

‌

0.0214

‌

Net

realized

and

unrealized

gain

...............................

0.0000

(a)

0.0007

(b)

0.0001

‌

0.0014

‌

0.0000

(a)

Net

increase

from

investment

operations

...........................

0.0456

‌

0.0084

‌

0.0001

‌

0.0065

‌

0.0214

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

.................................

(0.0456

)

(0.0084

)

(0.0000

)

(d)

(0.0064

)

(0.0214

)

From

net

realized

gain

......................................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

(0.0000

)

(d)

Total

distributions

..........................................

(0.0456

)

(0.0084

)

(0.0001

)

(0.0065

)

(0.0214

)

Net

asset

value,

end

of

year

..................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

.....................................

4.66

%

0.85

%

0.02

%

0.65

%

2.16

%

Ratios

to

Average

Net

Assets

Total

expenses

............................................

0.23

%

0.22

%

0.23

%

0.23

%

0.25

%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.17

%

0.13

%

0.09

%

0.17

%

0.17

%

Net

investment

income

......................................

4.56

%

0.77

%

0.00

%

(f)

0.51

%

2.14

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

5,944,451

‌

$

5,117,999

‌

$

4,912,973

‌

$

4,488,126

‌

$

3,442,530

‌

(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)

2023

BlackRock

Annual

Report

to

Shareholders

68

BlackRock

Liquid

Federal

Trust

Fund

Administration

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

..............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................................

0.0452

‌

0.0043

‌

0.0000

(a)

0.0051

‌

0.0204

‌

Net

realized

and

unrealized

gain

(loss)

...........................

(0.0006

)

(b)

0.0035

(b)

0.0001

‌

0.0006

‌

0.0000

(a)

Net

increase

from

investment

operations

...........................

0.0446

‌

0.0078

‌

0.0001

‌

0.0057

‌

0.0204

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

.................................

(0.0446

)

(0.0078

)

(0.0000

)

(d)

(0.0056

)

(0.0204

)

From

net

realized

gain

......................................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

(0.0000

)

(d)

Total

distributions

..........................................

(0.0446

)

(0.0078

)

(0.0001

)

(0.0057

)

(0.0204

)

Net

asset

value,

end

of

year

..................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

.....................................

4.55

%

0.78

%

0.02

%

0.57

%

2.06

%

Ratios

to

Average

Net

Assets

Total

expenses

............................................

0.33

%

0.32

%

0.33

%

0.33

%

0.35

%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.27

%

0.15

%

0.08

%

0.24

%

0.27

%

Net

investment

income

......................................

4.52

%

0.43

%

0.00

%

(f)

0.51

%

2.05

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

31,594

‌

$

24,112

‌

$

87,091

‌

$

78,219

‌

$

80,271

‌

(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

Bancroft

Capital

Year

Ended

10/31/23

Period

from

11/01/21

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................................

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................................

0.0457

‌

0.0084

‌

Net

realized

and

unrealized

(loss)

..........................................................................

(0.0001

)

(b)

(0.0000

)

(c)

Net

increase

from

investment

operations

.......................................................................

0.0456

‌

0.0084

‌

Distributions

(d)

–

–

From

net

investment

income

.............................................................................

(0.0456

)

(0.0084

)

From

net

realized

gain

..................................................................................

—

‌

(0.0000

)

(c)

Total

distributions

......................................................................................

(0.0456

)

(0.0084

)

Net

asset

value,

end

of

period

.............................................................................

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

Based

on

net

asset

value

.................................................................................

4.66

%

0.85

%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................

0.23

%

0.22

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

0.17

%

0.13

%

(g)

Net

investment

income

..................................................................................

4.57

%

0.85

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................

$

53

‌

$

50

‌

(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

greater

than

$(0.00005)

per

share.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(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)

2023

BlackRock

Annual

Report

to

Shareholders

70

BlackRock

Liquid

Federal

Trust

Fund

Cabrera

Capital

Markets

Year

Ended

10/31/23

Period

from

11/01/21

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................................

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................................

0.0457

‌

0.0084

‌

Net

realized

and

unrealized

(loss)

..........................................................................

(0.0001

)

(b)

(0.0000

)

(c)

Net

increase

from

investment

operations

.......................................................................

0.0456

‌

0.0084

‌

Distributions

(d)

–

–

From

net

investment

income

.............................................................................

(0.0456

)

(0.0084

)

From

net

realized

gain

..................................................................................

—

‌

(0.0000

)

(c)

Total

distributions

......................................................................................

(0.0456

)

(0.0084

)

Net

asset

value,

end

of

period

.............................................................................

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

Based

on

net

asset

value

.................................................................................

4.66

%

0.85

%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................

0.23

%

0.22

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

0.17

%

0.13

%

(g)

Net

investment

income

..................................................................................

4.57

%

0.85

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................

$

53

‌

$

50

‌

(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

greater

than

$(0.00005)

per

share.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(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)

71

Financial

Highlights

BlackRock

Liquid

Federal

Trust

Fund

Cash

Management

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

..............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................................

0.0399

‌

0.0051

‌

0.0000

(a)

0.0022

‌

0.0164

‌

Net

realized

and

unrealized

gain

...............................

0.0007

‌

0.0006

(b)

0.0001

‌

0.0016

‌

0.0000

(a)

Net

increase

from

investment

operations

...........................

0.0406

‌

0.0057

‌

0.0001

‌

0.0038

‌

0.0164

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

.................................

(0.0406

)

(0.0057

)

(0.0000

)

(d)

(0.0037

)

(0.0164

)

From

net

realized

gain

......................................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

(0.0000

)

(d)

Total

distributions

..........................................

(0.0406

)

(0.0057

)

(0.0001

)

(0.0038

)

(0.0164

)

Net

asset

value,

end

of

year

..................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

.....................................

4.14

%

0.57

%

0.02

%

0.38

%

1.65

%

Ratios

to

Average

Net

Assets

Total

expenses

............................................

0.73

%

0.72

%

0.73

%

0.73

%

0.75

%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.67

%

0.39

%

0.08

%

0.36

%

0.67

%

Net

investment

income

......................................

3.99

%

0.51

%

0.00

%

(f)

0.22

%

1.65

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

9,810

‌

$

14,435

‌

$

10,191

‌

$

10,809

‌

$

11,839

‌

(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)

2023

BlackRock

Annual

Report

to

Shareholders

72

BlackRock

Liquid

Federal

Trust

Fund

Dollar

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

.............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

....................................

0.0446

‌

0.0084

‌

0.0000

(a)

0.0032

‌

0.0189

‌

Net

realized

and

unrealized

gain

(loss)

..........................

(0.0015

)

(b)

(0.0015

)

0.0001

‌

0.0018

‌

0.0000

(a)

Net

increase

from

investment

operations

..........................

0.0431

‌

0.0069

‌

0.0001

‌

0.0050

‌

0.0189

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

................................

(0.0431

)

(0.0069

)

(0.0000

)

(d)

(0.0049

)

(0.0189

)

From

net

realized

gain

.....................................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

(0.0000

)

(d)

Total

distributions

.........................................

(0.0431

)

(0.0069

)

(0.0001

)

(0.0050

)

(0.0189

)

Net

asset

value,

end

of

year

.................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

....................................

4.40

%

0.70

%

0.02

%

0.49

%

1.91

%

Ratios

to

Average

Net

Assets

Total

expenses

...........................................

0.48

%

0.47

%

0.48

%

0.48

%

0.50

%

Total

expenses

after

fees

waived

and/or

reimbursed

..................

0.42

%

0.29

%

0.09

%

0.29

%

0.42

%

Net

investment

income

.....................................

4.46

%

0.84

%

0.00

%

(f)

0.32

%

1.90

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..................................

$

23,416

‌

$

15,765

‌

$

10,977

‌

$

30,848

‌

$

11,152

‌

(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

Great

Pacific

Year

Ended

10/31/23

Period

from

05/02/22

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................................

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................................

0.0457

‌

0.0081

‌

Net

realized

and

unrealized

(loss)

..........................................................................

(0.0001

)

(b)

(0.0000

)

(c)

Net

increase

from

investment

operations

.......................................................................

0.0456

‌

0.0081

‌

Distributions

from

net

investment

income

(d)

...................................................................

(0.0456

)

(0.0081

)

Net

asset

value,

end

of

period

.............................................................................

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

Based

on

net

asset

value

.................................................................................

4.66

%

0.81

%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................

0.23

%

0.22

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

0.17

%

0.17

%

(g)

Net

investment

income

..................................................................................

4.57

%

1.62

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................

$

53

‌

$

50

‌

(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

greater

than

$(0.00005)

per

share.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(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)

2023

BlackRock

Annual

Report

to

Shareholders

74

BlackRock

Liquid

Federal

Trust

Fund

Mischler

Financial

Group

Year

Ended

10/31/23

Period

from

11/01/21

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................................

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................................

0.0482

‌

0.0089

‌

Net

realized

and

unrealized

(loss)

..........................................................................

(0.0026

)

(b)

(0.0005

)

Net

increase

from

investment

operations

.......................................................................

0.0456

‌

0.0084

‌

Distributions

(c)

–

–

From

net

investment

income

.............................................................................

(0.0456

)

(0.0084

)

From

net

realized

gain

..................................................................................

—

‌

(0.0000

)

(d)

Total

distributions

......................................................................................

(0.0456

)

(0.0084

)

Net

asset

value,

end

of

period

.............................................................................

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

Based

on

net

asset

value

.................................................................................

4.66

%

0.85

%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................

0.23

%

0.22

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

0.17

%

0.17

%

(g)

Net

investment

income

..................................................................................

4.82

%

0.89

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................

$

10,519

‌

$

5,120

‌

(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)

75

Financial

Highlights

BlackRock

Liquid

Federal

Trust

Fund

Penserra

Year

Ended

10/31/23

Period

from

01/21/22

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................................

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................................

0.0484

‌

0.0084

‌

Net

realized

and

unrealized

(loss)

..........................................................................

(0.0028

)

(b)

(0.0000

)

(c)

Net

increase

from

investment

operations

.......................................................................

0.0456

‌

0.0084

‌

Distributions

from

net

investment

income

(d)

...................................................................

(0.0456

)

(0.0084

)

Net

asset

value,

end

of

period

.............................................................................

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

Based

on

net

asset

value

.................................................................................

4.66

%

0.84

%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................

0.23

%

0.22

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

0.17

%

0.15

%

(g)

Net

investment

income

..................................................................................

4.84

%

1.08

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................

$

803

‌

$

50

‌

(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

greater

than

$(0.00005)

per

share.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(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)

2023

BlackRock

Annual

Report

to

Shareholders

76

BlackRock

Liquid

Federal

Trust

Fund

Stern

Brothers

Year

Ended

10/31/23

Period

from

08/01/22

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................................

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................................

0.0443

‌

0.0058

‌

Net

realized

and

unrealized

gain

(loss)

.......................................................................

0.0013

‌

(0.0000

)

(b)

Net

increase

from

investment

operations

.......................................................................

0.0456

‌

0.0058

‌

Distributions

from

net

investment

income

(c)

...................................................................

(0.0456

)

(0.0058

)

Net

asset

value,

end

of

period

.............................................................................

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

Based

on

net

asset

value

.................................................................................

4.66

%

0.58

%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................

0.23

%

0.23

%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

0.17

%

0.17

%

(f)

Net

investment

income

..................................................................................

4.43

%

2.31

%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................

$

53

‌

$

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

Tigress

Year

Ended

10/31/23

Period

from

09/30/22

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................................

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................................

0.0488

‌

0.0026

‌

Net

realized

and

unrealized

(loss)

..........................................................................

(0.0032

)

(b)

(0.0004

)

Net

increase

from

investment

operations

.......................................................................

0.0456

‌

0.0022

‌

Distributions

from

net

investment

income

(c)

...................................................................

(0.0456

)

(0.0022

)

Net

asset

value,

end

of

period

.............................................................................

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

Based

on

net

asset

value

.................................................................................

4.66

%

0.22

%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................

0.23

%

0.25

%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

0.17

%

0.17

%

(f)

Net

investment

income

..................................................................................

4.88

%

2.91

%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................

$

28,193

‌

$

3,051

‌

(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)

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)

2023

BlackRock

Annual

Report

to

Shareholders

78

FedFund

Institutional

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

...............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

......................................

0.0468

‌

0.0084

‌

0.0002

‌

0.0054

‌

0.0217

‌

Net

realized

and

unrealized

gain

(loss)

............................

(0.0005

)

0.0006

(a)

0.0001

‌

0.0010

‌

0.0001

‌

Net

increase

from

investment

operations

............................

0.0463

‌

0.0090

‌

0.0003

‌

0.0064

‌

0.0218

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0463

)

(0.0090

)

(0.0002

)

(0.0063

)

(0.0218

)

From

net

realized

gain

.......................................

—

‌

(0.0000

)

(c)

(0.0001

)

(0.0001

)

—

‌

Total

distributions

...........................................

(0.0463

)

(0.0090

)

(0.0003

)

(0.0064

)

(0.0218

)

Net

asset

value,

end

of

year

...................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

......................................

4.73

%

0.90

%

0.03

%

0.64

%

2.20

%

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

....................

0.17

%

0.13

%

0.08

%

0.17

%

0.17

%

Net

investment

income

.......................................

4.68

%

0.84

%

0.02

%

0.54

%

2.17

%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

122,363,197

‌

$

111,196,831

‌

$

127,458,227

‌

$

141,084,816

‌

$

93,106,503

‌

(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)

79

Financial

Highlights

FedFund

Administration

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

..............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................................

0.0431

‌

0.0116

‌

0.0002

‌

0.0054

‌

0.0207

‌

Net

realized

and

unrealized

gain

(loss)

...........................

0.0022

(a)

(0.0032

)

0.0001

‌

0.0002

‌

0.0001

‌

Net

increase

from

investment

operations

...........................

0.0453

‌

0.0084

‌

0.0003

‌

0.0056

‌

0.0208

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

.................................

(0.0453

)

(0.0084

)

(0.0002

)

(0.0055

)

(0.0208

)

From

net

realized

gain

......................................

—

‌

(0.0000

)

(c)

(0.0001

)

(0.0001

)

—

‌

Total

distributions

..........................................

(0.0453

)

(0.0084

)

(0.0003

)

(0.0056

)

(0.0208

)

Net

asset

value,

end

of

year

..................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

.....................................

4.63

%

0.84

%

0.03

%

0.56

%

2.10

%

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

%

0.25

%

0.08

%

0.24

%

0.27

%

Net

investment

income

......................................

4.31

%

1.16

%

0.02

%

0.54

%

2.07

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

7,965,006

‌

$

22,812,396

‌

$

3,021,092

‌

$

2,977,997

‌

$

2,870,758

‌

(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)

2023

BlackRock

Annual

Report

to

Shareholders

80

FedFund

Capital

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

...............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

......................................

0.0448

‌

0.0003

‌

0.0002

‌

0.0051

‌

0.0213

‌

Net

realized

and

unrealized

gain

................................

0.0012

(a)

0.0085

(a)

0.0001

‌

0.0009

‌

0.0001

‌

Net

increase

from

investment

operations

............................

0.0460

‌

0.0088

‌

0.0003

‌

0.0060

‌

0.0214

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0460

)

(0.0088

)

(0.0002

)

(0.0059

)

(0.0214

)

From

net

realized

gain

.......................................

—

‌

(0.0000

)

(c)

(0.0001

)

(0.0001

)

—

‌

Total

distributions

...........................................

(0.0460

)

(0.0088

)

(0.0003

)

(0.0060

)

(0.0214

)

Net

asset

value,

end

of

year

...................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

......................................

4.70

%

0.88

%

0.03

%

0.60

%

2.16

%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.24

%

0.24

%

0.24

%

0.24

%

0.24

%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.21

%

0.07

%

0.07

%

0.21

%

0.21

%

Net

investment

income

.......................................

4.48

%

0.03

%

0.02

%

0.51

%

2.13

%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

2,588

‌

$

1,252

‌

$

25,722,827

‌

$

11,247,218

‌

$

8,078,893

‌

(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)

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)

81

Financial

Highlights

FedFund

Cash

Management

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

..............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................................

0.0412

‌

0.0062

‌

0.0002

‌

0.0035

‌

0.0165

‌

Net

realized

and

unrealized

gain

(loss)

...........................

0.0001

(a)

(0.0000

)

(b)

0.0001

‌

0.0003

‌

0.0003

‌

Net

increase

from

investment

operations

...........................

0.0413

‌

0.0062

‌

0.0003

‌

0.0038

‌

0.0168

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

.................................

(0.0413

)

(0.0062

)

(0.0002

)

(0.0037

)

(0.0168

)

From

net

realized

gain

......................................

—

‌

(0.0000

)

(b)

(0.0001

)

(0.0001

)

—

‌

Total

distributions

..........................................

(0.0413

)

(0.0062

)

(0.0003

)

(0.0038

)

(0.0168

)

Net

asset

value,

end

of

year

..................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

.....................................

4.21

%

0.62

%

0.03

%

0.38

%

1.69

%

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

...................

0.67

%

0.42

%

0.08

%

0.42

%

0.67

%

Net

investment

income

......................................

4.12

%

0.62

%

0.02

%

0.35

%

1.65

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

718,126

‌

$

695,591

‌

$

590,584

‌

$

440,893

‌

$

377,591

‌

(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.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Annual

Report

to

Shareholders

82

FedFund

Cash

Reserve

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

...............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

......................................

0.0418

‌

0.0063

‌

0.0002

‌

0.0040

‌

0.0178

‌

Net

realized

and

unrealized

gain

................................

0.0005

(a)

0.0004

(a)

0.0001

‌

0.0002

‌

0.0000

(b)

Net

increase

from

investment

operations

............................

0.0423

‌

0.0067

‌

0.0003

‌

0.0042

‌

0.0178

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

..................................

(0.0423

)

(0.0067

)

(0.0002

)

(0.0041

)

(0.0178

)

From

net

realized

gain

.......................................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

—

‌

Total

distributions

...........................................

(0.0423

)

(0.0067

)

(0.0003

)

(0.0042

)

(0.0178

)

Net

asset

value,

end

of

year

...................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

......................................

4.32

%

0.67

%

0.03

%

0.42

%

1.79

%

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

....................

0.57

%

0.35

%

0.08

%

0.39

%

0.57

%

Net

investment

income

.......................................

4.18

%

0.63

%

0.02

%

0.40

%

1.78

%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

4,048,351

‌

$

5,181,757

‌

$

5,518,536

‌

$

5,079,903

‌

$

4,907,193

‌

(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)

83

Financial

Highlights

FedFund

Dollar

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

..............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................................

0.0439

‌

0.0080

‌

0.0002

‌

0.0039

‌

0.0195

‌

Net

realized

and

unrealized

gain

(loss)

...........................

(0.0001

)

(0.0005

)

0.0001

‌

0.0009

‌

0.0000

(a)

Net

increase

from

investment

operations

...........................

0.0438

‌

0.0075

‌

0.0003

‌

0.0048

‌

0.0195

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

.................................

(0.0438

)

(0.0075

)

(0.0002

)

(0.0047

)

(0.0195

)

From

net

realized

gain

......................................

—

‌

(0.0000

)

(c)

(0.0001

)

(0.0001

)

—

‌

Total

distributions

..........................................

(0.0438

)

(0.0075

)

(0.0003

)

(0.0048

)

(0.0195

)

Net

asset

value,

end

of

year

..................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

.....................................

4.47

%

0.75

%

0.03

%

0.48

%

1.97

%

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

...................

0.42

%

0.29

%

0.08

%

0.31

%

0.42

%

Net

investment

income

......................................

4.39

%

0.80

%

0.02

%

0.39

%

1.95

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

3,987,319

‌

$

3,653,256

‌

$

2,863,692

‌

$

2,991,892

‌

$

2,307,110

‌

(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)

2023

BlackRock

Annual

Report

to

Shareholders

84

FedFund

Mischler

Financial

Group

Year

Ended

10/31/23

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

‌

$

1.00

‌

Net

investment

income

..................................................................

0.0489

‌

0.0081

‌

0.0001

‌

Net

realized

and

unrealized

gain

(loss)

........................................................

(0.0026

)

0.0009

(b)

0.0001

‌

Net

increase

from

investment

operations

........................................................

0.0463

‌

0.0090

‌

0.0002

‌

Distributions

(c)

–

–

–

From

net

investment

income

..............................................................

(0.0463

)

(0.0090

)

(0.0001

)

From

net

realized

gain

...................................................................

—

‌

(0.0000

)

(d)

(0.0001

)

Total

distributions

.......................................................................

(0.0463

)

(0.0090

)

(0.0002

)

Net

asset

value,

end

of

period

..............................................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

—

Based

on

net

asset

value

..................................................................

4.73

%

0.90

%

0.02

%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................

0.19

%

0.19

%

0.19

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................

0.17

%

0.13

%

0.05

%

(g)

Net

investment

income

...................................................................

4.89

%

0.81

%

0.03

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................

$

2,018,045

‌

$

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)

85

Financial

Highlights

FedFund

Premier

Year

Ended

10/31/23

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

‌

$

1.00

‌

Net

investment

income

....................................

0.0466

‌

0.0208

‌

0.0002

‌

0.0062

‌

0.0051

‌

Net

realized

and

unrealized

gain

(loss)

..........................

(0.0003

)

(0.0118

)

0.0001

‌

0.0002

‌

0.0000

(b)

Net

increase

from

investment

operations

..........................

0.0463

‌

0.0090

‌

0.0003

‌

0.0064

‌

0.0051

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

................................

(0.0463

)

(0.0090

)

(0.0002

)

(0.0063

)

(0.0051

)

From

net

realized

gain

.....................................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

—

‌

Total

distributions

.........................................

(0.0463

)

(0.0090

)

(0.0003

)

(0.0064

)

(0.0051

)

Net

asset

value,

end

of

period

................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

....................................

4.73

%

0.90

%

0.03

%

0.64

%

0.51

%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

...........................................

0.19

%

0.18

%

0.19

%

0.19

%

0.19

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

..................

0.17

%

0.17

%

0.06

%

0.17

%

0.17

%

(g)

Net

investment

income

.....................................

4.66

%

2.09

%

0.02

%

0.62

%

1.95

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

................................

$

2,879,645

‌

$

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)

2023

BlackRock

Annual

Report

to

Shareholders

86

FedFund

Private

Client

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

..............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................................

0.0412

‌

0.0061

‌

0.0002

‌

0.0036

‌

0.0166

‌

Net

realized

and

unrealized

gain

(loss)

...........................

(0.0000

)

(a)

0.0001

(b)

0.0001

‌

0.0002

‌

0.0001

‌

Net

increase

from

investment

operations

...........................

0.0412

‌

0.0062

‌

0.0003

‌

0.0038

‌

0.0167

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

.................................

(0.0412

)

(0.0062

)

(0.0002

)

(0.0037

)

(0.0167

)

From

net

realized

gain

......................................

—

‌

(0.0000

)

(a)

(0.0001

)

(0.0001

)

—

‌

Total

distributions

..........................................

(0.0412

)

(0.0062

)

(0.0003

)

(0.0038

)

(0.0167

)

Net

asset

value,

end

of

year

..................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

.....................................

4.20

%

0.62

%

0.03

%

0.38

%

1.68

%

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

...................

0.68

%

0.42

%

0.08

%

0.43

%

0.68

%

Net

investment

income

......................................

4.12

%

0.61

%

0.02

%

0.36

%

1.66

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

250

‌

$

253

‌

$

252

‌

$

252

‌

$

230

‌

(a)

Amount

is

greater

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)

Where

applicable,

assumes

the

reinvestment

of

distributions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

87

Financial

Highlights

FedFund

Select

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

...............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

......................................

0.0365

‌

0.0042

‌

0.0002

‌

0.0021

‌

0.0133

‌

Net

realized

and

unrealized

gain

................................

0.0015

(a)

0.0005

(a)

0.0001

‌

0.0004

‌

0.0002

‌

Net

increase

from

investment

operations

............................

0.0380

‌

0.0047

‌

0.0003

‌

0.0025

‌

0.0135

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0380

)

(0.0047

)

(0.0002

)

(0.0024

)

(0.0135

)

From

net

realized

gain

.......................................

—

‌

(0.0000

)

(c)

(0.0001

)

(0.0001

)

—

‌

Total

distributions

...........................................

(0.0380

)

(0.0047

)

(0.0003

)

(0.0025

)

(0.0135

)

Net

asset

value,

end

of

year

...................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

......................................

3.87

%

0.47

%

0.03

%

0.26

%

1.36

%

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

....................

1.00

%

0.50

%

0.08

%

0.54

%

1.00

%

Net

investment

income

.......................................

3.65

%

0.42

%

0.02

%

0.22

%

1.33

%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

325,700

‌

$

657,779

‌

$

727,352

‌

$

301,826

‌

$

256,241

‌

(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)

2023

BlackRock

Annual

Report

to

Shareholders

88

FedFund

Stern

Brothers

Year

Ended

10/31/23

Period

from

08/01/22

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................................

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................................

0.0513

‌

0.0060

‌

Net

realized

and

unrealized

(loss)

..........................................................................

(0.0050

)

(0.0000

)

(b)

Net

increase

from

investment

operations

.......................................................................

0.0463

‌

0.0060

‌

Distributions

from

net

investment

income

(c)

...................................................................

(0.0463

)

(0.0060

)

Net

asset

value,

end

of

period

.............................................................................

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

Based

on

net

asset

value

.................................................................................

4.73

%

0.60

%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................

0.18

%

0.18

%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

0.17

%

0.17

%

(f)

Net

investment

income

..................................................................................

5.13

%

2.37

%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................

$

27

‌

$

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)

89

Financial

Highlights

FedFund

Tigress

Year

Ended

10/31/23

Period

from

09/30/22

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................................

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................................

0.0494

‌

0.0025

‌

Net

realized

and

unrealized

(loss)

..........................................................................

(0.0031

)

(0.0002

)

Net

increase

from

investment

operations

.......................................................................

0.0463

‌

0.0023

‌

Distributions

from

net

investment

income

(b)

...................................................................

(0.0463

)

(0.0023

)

Net

asset

value,

end

of

period

.............................................................................

$

1.00

‌

$

1.00

‌

Total

Return

(c)

—

—

Based

on

net

asset

value

.................................................................................

4.73

%

0.23

%

(d)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................

0.18

%

0.19

%

(e)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

0.17

%

0.17

%

(e)

Net

investment

income

..................................................................................

4.97

%

2.87

%

(e)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................

$

29,732

‌

$

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)

2023

BlackRock

Annual

Report

to

Shareholders

90

FedFund

WestCap

Year

Ended

10/31/23

Period

from

08/12/22

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................................

$

1.00

‌

$

1.00

‌

Net

investment

income

.................................................................................

0.0501

‌

0.0054

‌

Net

realized

and

unrealized

(loss)

..........................................................................

(0.0038

)

(0.0000

)

(b)

Net

increase

from

investment

operations

.......................................................................

0.0463

‌

0.0054

‌

Distributions

from

net

investment

income

(c)

...................................................................

(0.0463

)

(0.0054

)

Net

asset

value,

end

of

period

.............................................................................

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

Based

on

net

asset

value

.................................................................................

4.73

%

0.54

%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................

0.18

%

0.18

%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

0.17

%

0.17

%

(f)

Net

investment

income

..................................................................................

5.01

%

2.42

%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................

$

103,261

‌

$

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)

91

Financial

Highlights

TempCash

Institutional

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

..............................

$

1.0000

‌

$

1.0006

‌

$

1.0009

‌

$

1.0006

‌

$

1.0003

‌

Net

investment

income

.....................................

0.0488

‌

0.0119

‌

0.0005

‌

0.0084

‌

0.0233

‌

Net

realized

and

unrealized

gain

(loss)

...........................

(0.0002

)

(a)

(0.0026

)

(0.0003

)

0.0004

‌

0.0005

‌

Net

increase

from

investment

operations

...........................

0.0486

‌

0.0093

‌

0.0002

‌

0.0088

‌

0.0238

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

.................................

(0.0482

)

(0.0099

)

(0.0005

)

(0.0085

)

(0.0235

)

From

net

realized

gain

......................................

—

‌

—

‌

—

‌

(0.0000

)

(c)

(0.0000

)

(c)

Total

distributions

..........................................

(0.0482

)

(0.0099

)

(0.0005

)

(0.0085

)

(0.0235

)

Net

asset

value,

end

of

year

..................................

$

1.0004

‌

$

1.0000

‌

$

1.0006

‌

$

1.0009

‌

$

1.0006

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

.....................................

4.97

%

0.94

%

0.02

%

0.88

%

2.41

%

Ratios

to

Average

Net

Assets

Total

expenses

............................................

0.22

%

0.26

%

0.24

%

0.23

%

0.26

%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.18

%

0.17

%

0.17

%

0.18

%

0.18

%

Net

investment

income

......................................

4.88

%

1.19

%

0.05

%

0.84

%

2.33

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

13,151,148

‌

$

8,658,551

‌

$

5,786,777

‌

$

10,638,146

‌

$

10,035,653

‌

(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)

2023

BlackRock

Annual

Report

to

Shareholders

92

TempCash

Dollar

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

...........................

$

1.0000

‌

$

1.0006

‌

$

1.0009

‌

$

1.0006

‌

$

1.0003

‌

Net

investment

income

..................................

0.0459

‌

0.0084

‌

(0.0000

)

(a)

0.0062

‌

0.1405

(b)

Net

realized

and

unrealized

gain

(loss)

........................

0.0003

‌

(0.0006

)

(0.0001

)

0.0004

‌

0.0156

‌

Net

increase

(decrease)

from

investment

operations

................

0.0462

‌

0.0078

‌

(0.0001

)

0.0066

‌

0.1561

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

..............................

(0.0458

)

(0.0084

)

(0.0002

)

(0.0063

)

(0.1558

)

From

net

realized

gain

...................................

—

‌

—

‌

—

‌

(0.0000

)

(a)

(0.0000

)

(a)

Total

distributions

.......................................

(0.0458

)

(0.0084

)

(0.0002

)

(0.0063

)

(0.1558

)

Net

asset

value,

end

of

year

...............................

$

1.0004

‌

$

1.0000

‌

$

1.0006

‌

$

1.0009

‌

$

1.0006

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

..................................

4.72

%

0.78

%

(0.01

)%

0.66

%

15.90

%

(b)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................

0.47

%

0.51

%

0.50

%

0.47

%

0.51

%

Total

expenses

after

fees

waived

and/or

reimbursed

................

0.42

%

0.33

%

0.20

%

0.40

%

0.43

%

Net

investment

income

...................................

4.59

%

0.84

%

(0.00

)%

(e)

0.62

%

14.04

%

(b)

Supplemental

Data

Net

assets,

end

of

year

(000)

................................

$

19

‌

$

18

‌

$

18

‌

$

18

‌

$

18

‌

(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)

93

Financial

Highlights

TempCash

Great

Pacific

Period

from

01/23/23

(a)

to

10/31/23

Net

asset

value,

beginning

of

period

.......................................................................................

$

1.0004

‌

Net

investment

income

................................................................................................

0.0387

‌

Net

realized

and

unrealized

gain

..........................................................................................

0.0002

‌

Net

increase

from

investment

operations

......................................................................................

0.0389

‌

Distributions

from

net

investment

income

(b)

..................................................................................

(0.0390

)

Net

asset

value,

end

of

period

............................................................................................

$

1.0003

‌

Total

Return

(c)

—

Based

on

net

asset

value

................................................................................................

3.96

%

(d)

Ratios

to

Average

Net

Assets

Total

expenses

.......................................................................................................

0.22

%

(e)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

0.18

%

(e)

Net

investment

income

.................................................................................................

5.01

%

(e)

Supplemental

Data

Net

assets,

end

of

period

(000)

............................................................................................

$

404,394

‌

(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)

2023

BlackRock

Annual

Report

to

Shareholders

94

TempCash

Premier

Year

Ended

10/31/23

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

...........................

$

1.0000

‌

$

1.0006

‌

$

1.0010

‌

$

1.0007

‌

$

1.0006

‌

Net

investment

income

....................................

0.0482

‌

0.0099

‌

0.0005

‌

0.0085

‌

0.0055

‌

Net

realized

and

unrealized

gain

(loss)

..........................

0.0004

‌

(0.0006

)

(0.0004

)

0.0003

‌

0.0001

‌

Net

increase

from

investment

operations

..........................

0.0486

‌

0.0093

‌

0.0001

‌

0.0088

‌

0.0056

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

................................

(0.0482

)

(0.0099

)

(0.0005

)

(0.0085

)

(0.0055

)

From

net

realized

gain

.....................................

—

‌

—

‌

—

‌

(0.0000

)

(c)

(0.0000

)

(c)

Total

distributions

.........................................

(0.0482

)

(0.0099

)

(0.0005

)

(0.0085

)

(0.0055

)

Net

asset

value,

end

of

period

................................

$

1.0004

‌

$

1.0000

‌

$

1.0006

‌

$

1.0010

‌

$

1.0007

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

....................................

4.97

%

0.94

%

0.01

%

0.88

%

0.56

%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

...........................................

0.22

%

0.27

%

0.25

%

0.23

%

0.24

%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

..................

0.18

%

0.17

%

0.16

%

0.18

%

0.18

%

(f)

Net

investment

income

.....................................

4.82

%

0.99

%

0.05

%

0.84

%

2.10

%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

................................

$

36

‌

$

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

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

.............................

$

1.0000

‌

$

1.0004

‌

$

1.0008

‌

$

1.0006

‌

$

1.0003

‌

Net

investment

income

....................................

0.0475

‌

0.0091

‌

0.0004

‌

0.0084

‌

0.0237

‌

Net

realized

and

unrealized

gain

(loss)

..........................

0.0014

‌

0.0003

(a)

(0.0003

)

0.0002

‌

0.0003

‌

Net

increase

from

investment

operations

..........................

0.0489

‌

0.0094

‌

0.0001

‌

0.0086

‌

0.0240

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

................................

(0.0484

)

(0.0098

)

(0.0005

)

(0.0083

)

(0.0237

)

From

net

realized

gain

.....................................

—

‌

—

‌

—

‌

(0.0001

)

(0.0000

)

(c)

Total

distributions

.........................................

(0.0484

)

(0.0098

)

(0.0005

)

(0.0084

)

(0.0237

)

Net

asset

value,

end

of

year

.................................

$

1.0005

‌

$

1.0000

‌

$

1.0004

‌

$

1.0008

‌

$

1.0006

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

....................................

5.00

%

0.95

%

0.01

%

0.86

%

(e)

2.42

%

Ratios

to

Average

Net

Assets

Total

expenses

...........................................

0.26

%

0.25

%

0.23

%

0.22

%

0.22

%

Total

expenses

after

fees

waived

and/or

reimbursed

..................

0.18

%

0.17

%

0.16

%

0.18

%

0.18

%

Net

investment

income

.....................................

4.75

%

0.91

%

0.05

%

0.84

%

2.37

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..................................

$

4,418,932

‌

$

6,633,563

‌

$

7,923,377

‌

$

10,928,671

‌

$

10,609,770

‌

(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)

2023

BlackRock

Annual

Report

to

Shareholders

96

TempFund

Administration

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

............................

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

$

1.0004

‌

Net

investment

income

...................................

0.0482

‌

0.0120

‌

0.0002

‌

0.0072

‌

0.0227

‌

Net

realized

and

unrealized

gain

(loss)

.........................

(0.0003

)

(a)

(0.0033

)

(0.0002

)

0.0004

‌

0.0002

‌

Net

increase

from

investment

operations

.........................

0.0479

‌

0.0087

‌

0.0000

‌

0.0076

‌

0.0229

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

...............................

(0.0474

)

(0.0092

)

(0.0003

)

(0.0073

)

(0.0227

)

From

net

realized

gain

....................................

—

‌

—

‌

—

‌

(0.0001

)

(0.0000

)

(c)

Total

distributions

........................................

(0.0474

)

(0.0092

)

(0.0003

)

(0.0074

)

(0.0227

)

Net

asset

value,

end

of

year

................................

$

1.0005

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

...................................

4.89

%

0.87

%

0.00

%

(e)

0.76

%

(f)

2.31

%

Ratios

to

Average

Net

Assets

Total

expenses

..........................................

0.37

%

0.35

%

0.33

%

0.32

%

0.32

%

Total

expenses

after

fees

waived

and/or

reimbursed

.................

0.28

%

0.24

%

0.18

%

0.28

%

0.28

%

Net

investment

income

....................................

4.82

%

1.20

%

0.02

%

0.72

%

2.27

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.................................

$

28,314

‌

$

24,601

‌

$

10,577

‌

$

9,524

‌

$

42,214

‌

(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)

Amount

is

less

than

0.005%.

(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)

97

Financial

Highlights

TempFund

Cabrera

Capital

Markets

Year

Ended

10/31/23

Period

from

11/01/21

(a)

to

10/31/22

Net

asset

value,

beginning

of

period

........................................................................

$

1.0000

‌

$

1.0005

‌

Net

investment

income

.................................................................................

0.0499

‌

0.0099

‌

Net

realized

and

unrealized

(loss)

..........................................................................

(0.0010

)

(b)

(0.0005

)

Net

increase

from

investment

operations

.......................................................................

0.0489

‌

0.0094

‌

Distributions

from

net

investment

income

(c)

...................................................................

(0.0484

)

(0.0099

)

Net

asset

value,

end

of

period

.............................................................................

$

1.0005

‌

$

1.0000

‌

Total

Return

(d)

—

—

Based

on

net

asset

value

.................................................................................

5.00

%

0.94

%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................

0.27

%

0.25

%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

0.18

%

0.17

%

(f)

Net

investment

income

..................................................................................

4.99

%

0.99

%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................

$

183

‌

$

50

‌

(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)

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)

2023

BlackRock

Annual

Report

to

Shareholders

98

TempFund

Capital

Year

Ended

10/31/23

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

........................................

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0010

‌

Net

investment

income

.................................................

0.0496

‌

0.0196

‌

0.0002

‌

0.0002

‌

Net

realized

and

unrealized

(loss)

..........................................

(0.0012

)

(b)

(0.0106

)

(0.0002

)

(0.0001

)

Net

increase

from

investment

operations

.......................................

0.0484

‌

0.0090

‌

0.0000

‌

0.0001

‌

Distributions

(c)

–

–

–

–

From

net

investment

income

.............................................

(0.0479

)

(0.0095

)

(0.0003

)

(0.0002

)

From

net

realized

gain

..................................................

—

‌

—

‌

—

‌

(0.0001

)

Total

distributions

......................................................

(0.0479

)

(0.0095

)

(0.0003

)

(0.0003

)

Net

asset

value,

end

of

period

.............................................

$

1.0005

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

Total

Return

(d)

—

—

—

—

Based

on

net

asset

value

.................................................

4.94

%

0.90

%

0.00

%

(e)

0.01

%

(f)(g)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................

0.32

%

0.30

%

0.28

%

0.27

%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................

0.23

%

0.22

%

0.19

%

0.23

%

(h)

Net

investment

income

..................................................

4.96

%

1.96

%

0.02

%

0.05

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................

$

190,670

‌

$

31,255

‌

$

1,149

‌

$

3,223

‌

(a)

Recommencement

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)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Amount

is

less

than

0.005%.

(f)

Not

annualized.

(g)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(h)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

99

Financial

Highlights

TempFund

Cash

Management

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

............................

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

$

1.0003

‌

Net

investment

income

...................................

0.0433

‌

0.0067

‌

0.0002

‌

0.0048

‌

0.0188

‌

Net

realized

and

unrealized

gain

(loss)

.........................

0.0006

‌

(0.0002

)

(0.0002

)

0.0002

‌

0.0003

‌

Net

increase

from

investment

operations

.........................

0.0439

‌

0.0065

‌

0.0000

‌

0.0050

‌

0.0191

‌

Distributions

(a)

–

–

–

–

–

From

net

investment

income

...............................

(0.0434

)

(0.0070

)

(0.0003

)

(0.0047

)

(0.0188

)

From

net

realized

gain

....................................

—

‌

—

‌

—

‌

(0.0001

)

(0.0000

)

(b)

Total

distributions

........................................

(0.0434

)

(0.0070

)

(0.0003

)

(0.0048

)

(0.0188

)

Net

asset

value,

end

of

year

................................

$

1.0005

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

Total

Return

(c)

—

—

—

—

—

Based

on

net

asset

value

...................................

4.47

%

0.65

%

0.00

%

(d)

0.50

%

(e)

1.92

%

Ratios

to

Average

Net

Assets

Total

expenses

..........................................

0.76

%

0.75

%

0.73

%

0.73

%

0.72

%

Total

expenses

after

fees

waived

and/or

reimbursed

.................

0.68

%

0.45

%

0.18

%

0.54

%

0.68

%

Net

investment

income

....................................

4.33

%

0.67

%

0.02

%

0.48

%

1.88

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.................................

$

508,937

‌

$

537,877

‌

$

596,683

‌

$

576,228

‌

$

624,658

‌

(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)

2023

BlackRock

Annual

Report

to

Shareholders

100

TempFund

Cash

Reserve

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

.............................

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

$

1.0004

‌

Net

investment

income

....................................

0.0445

‌

0.0057

‌

0.0002

‌

0.0052

‌

0.0231

‌

Net

realized

and

unrealized

gain

(loss)

..........................

0.0007

‌

0.0014

(a)

(0.0002

)

0.0008

‌

0.0000

(b)

Net

increase

from

investment

operations

..........................

0.0452

‌

0.0071

‌

0.0000

‌

0.0060

‌

0.0231

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

................................

(0.0446

)

(0.0076

)

(0.0003

)

(0.0057

)

(0.0229

)

From

net

realized

gain

.....................................

—

‌

—

‌

—

‌

(0.0001

)

(0.0000

)

(d)

Total

distributions

.........................................

(0.0446

)

(0.0076

)

(0.0003

)

(0.0058

)

(0.0229

)

Net

asset

value,

end

of

year

.................................

$

1.0006

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

....................................

4.61

%

0.71

%

0.00

%

(f)

0.60

%

(g)

2.33

%

Ratios

to

Average

Net

Assets

Total

expenses

...........................................

0.66

%

0.65

%

0.63

%

0.63

%

0.62

%

Total

expenses

after

fees

waived

and/or

reimbursed

..................

0.56

%

0.35

%

0.17

%

0.44

%

0.50

%

Net

investment

income

.....................................

4.45

%

0.57

%

0.02

%

0.52

%

2.31

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..................................

$

15,135

‌

$

12,014

‌

$

14,234

‌

$

5,544

‌

$

4,296

‌

(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

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

............................

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

$

1.0004

‌

Net

investment

income

...................................

0.0458

‌

0.0083

‌

0.0002

‌

0.0056

‌

0.0221

‌

Net

realized

and

unrealized

gain

(loss)

.........................

0.0006

‌

(0.0005

)

(0.0002

)

0.0009

‌

0.0001

‌

Net

increase

from

investment

operations

.........................

0.0464

‌

0.0078

‌

0.0000

‌

0.0065

‌

0.0222

‌

Distributions

(a)

–

–

–

–

–

From

net

investment

income

...............................

(0.0459

)

(0.0083

)

(0.0003

)

(0.0062

)

(0.0220

)

From

net

realized

gain

....................................

—

‌

—

‌

—

‌

(0.0001

)

(0.0000

)

(b)

Total

distributions

........................................

(0.0459

)

(0.0083

)

(0.0003

)

(0.0063

)

(0.0220

)

Net

asset

value,

end

of

year

................................

$

1.0005

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

Total

Return

(c)

—

—

—

—

—

Based

on

net

asset

value

...................................

4.74

%

0.78

%

0.00

%

(d)

0.65

%

(e)

2.24

%

Ratios

to

Average

Net

Assets

Total

expenses

..........................................

0.51

%

0.50

%

0.48

%

0.48

%

0.47

%

Total

expenses

after

fees

waived

and/or

reimbursed

.................

0.43

%

0.33

%

0.18

%

0.38

%

0.43

%

Net

investment

income

....................................

4.58

%

0.83

%

0.02

%

0.56

%

2.21

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.................................

$

82,732

‌

$

100,333

‌

$

107,298

‌

$

106,802

‌

$

79,837

‌

(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)

2023

BlackRock

Annual

Report

to

Shareholders

102

TempFund

Private

Client

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

............................

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

$

1.0004

‌

Net

investment

income

...................................

0.0421

‌

0.0070

‌

0.0002

‌

0.0017

‌

0.0190

‌

Net

realized

and

unrealized

gain

(loss)

.........................

0.0018

‌

(0.0005

)

(0.0002

)

0.0033

‌

(0.0001

)

Net

increase

from

investment

operations

.........................

0.0439

‌

0.0065

‌

0.0000

‌

0.0050

‌

0.0189

‌

Distributions

(a)

–

–

–

–

–

From

net

investment

income

...............................

(0.0434

)

(0.0070

)

(0.0003

)

(0.0047

)

(0.0187

)

From

net

realized

gain

....................................

—

‌

—

‌

—

‌

(0.0001

)

(0.0000

)

(b)

Total

distributions

........................................

(0.0434

)

(0.0070

)

(0.0003

)

(0.0048

)

(0.0187

)

Net

asset

value,

end

of

year

................................

$

1.0005

‌

$

1.0000

‌

$

1.0005

‌

$

1.0008

‌

$

1.0006

‌

Total

Return

(c)

—

—

—

—

—

Based

on

net

asset

value

...................................

4.47

%

0.65

%

0.00

%

(d)

0.50

%

(e)

1.90

%

Ratios

to

Average

Net

Assets

Total

expenses

..........................................

1.11

%

1.10

%

1.08

%

1.08

%

1.07

%

Total

expenses

after

fees

waived

and/or

reimbursed

.................

0.68

%

0.45

%

0.18

%

0.59

%

0.68

%

Net

investment

income

....................................

4.21

%

0.70

%

0.02

%

0.17

%

1.90

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.................................

$

709

‌

$

1,122

‌

$

1,131

‌

$

1,043

‌

$

1,165

‌

(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

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

.............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

....................................

0.0468

‌

0.0084

‌

0.0001

‌

0.0057

‌

0.0215

‌

Net

realized

gain

(loss)

....................................

(0.0005

)

0.0006

(a)

0.0001

‌

0.0005

‌

0.0001

‌

Net

increase

from

investment

operations

..........................

0.0463

‌

0.0090

‌

0.0002

‌

0.0062

‌

0.0216

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

................................

(0.0463

)

(0.0090

)

(0.0001

)

(0.0061

)

(0.0216

)

From

net

realized

gain

.....................................

—

‌

(0.0000

)

(c)

(0.0001

)

(0.0001

)

(0.0000

)

(c)

Total

distributions

.........................................

(0.0463

)

(0.0090

)

(0.0002

)

(0.0062

)

(0.0216

)

Net

asset

value,

end

of

year

.................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

....................................

4.73

%

0.90

%

0.02

%

0.62

%

(e)

2.18

%

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

..................

0.17

%

0.14

%

0.08

%

0.17

%

0.17

%

Net

investment

income

.....................................

4.68

%

0.84

%

0.01

%

0.57

%

2.15

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..................................

$

87,613,217

‌

$

82,703,301

‌

$

91,031,976

‌

$

88,266,743

‌

$

65,112,830

‌

(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)

2023

BlackRock

Annual

Report

to

Shareholders

104

T-Fund

Administration

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

..............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................................

0.0423

‌

0.0120

‌

0.0001

‌

0.0056

‌

0.0206

‌

Net

realized

gain

(loss)

.....................................

0.0030

(a)

(0.0037

)

0.0001

‌

(0.0002

)

0.0000

(b)

Net

increase

from

investment

operations

...........................

0.0453

‌

0.0083

‌

0.0002

‌

0.0054

‌

0.0206

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

.................................

(0.0453

)

(0.0083

)

(0.0001

)

(0.0053

)

(0.0206

)

From

net

realized

gain

......................................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

(0.0000

)

(d)

Total

distributions

..........................................

(0.0453

)

(0.0083

)

(0.0002

)

(0.0054

)

(0.0206

)

Net

asset

value,

end

of

year

..................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

.....................................

4.63

%

0.84

%

0.01

%

0.53

%

(f)

2.08

%

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

%

0.27

%

0.08

%

0.25

%

0.27

%

Net

investment

income

......................................

4.23

%

1.20

%

0.01

%

0.56

%

2.08

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

3,987,751

‌

$

15,781,965

‌

$

504,427

‌

$

489,691

‌

$

733,783

‌

(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)

105

Financial

Highlights

T-Fund

Capital

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

..............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................................

0.0480

‌

0.0001

‌

0.0001

‌

0.0048

‌

0.0212

‌

Net

realized

gain

(loss)

.....................................

(0.0022

)

0.0086

(a)

0.0001

‌

0.0010

‌

0.0000

(b)

Net

increase

from

investment

operations

...........................

0.0458

‌

0.0087

‌

0.0002

‌

0.0058

‌

0.0212

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

.................................

(0.0458

)

(0.0087

)

(0.0001

)

(0.0057

)

(0.0212

)

From

net

realized

gain

......................................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

(0.0000

)

(d)

Total

distributions

..........................................

(0.0458

)

(0.0087

)

(0.0002

)

(0.0058

)

(0.0212

)

Net

asset

value,

end

of

year

..................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

.....................................

4.68

%

0.87

%

0.01

%

0.57

%

(f)

2.14

%

Ratios

to

Average

Net

Assets

Total

expenses

............................................

0.24

%

0.24

%

0.24

%

0.24

%

0.24

%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.22

%

0.09

%

0.08

%

0.21

%

0.21

%

Net

investment

income

......................................

4.80

%

0.01

%

0.01

%

0.48

%

2.13

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

202,286

‌

$

55,006

‌

$

27,304,259

‌

$

15,842,877

‌

$

10,347,984

‌

(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)

2023

BlackRock

Annual

Report

to

Shareholders

106

T-Fund

Cash

Management

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

.............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

....................................

0.0411

‌

0.0059

‌

0.0001

‌

0.0034

‌

0.0164

‌

Net

realized

gain

........................................

0.0002

(a)

0.0003

(a)

0.0001

‌

0.0003

‌

0.0003

‌

Net

increase

from

investment

operations

..........................

0.0413

‌

0.0062

‌

0.0002

‌

0.0037

‌

0.0167

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

................................

(0.0413

)

(0.0062

)

(0.0001

)

(0.0036

)

(0.0167

)

From

net

realized

gain

.....................................

—

‌

(0.0000

)

(c)

(0.0001

)

(0.0001

)

(0.0000

)

(c)

Total

distributions

.........................................

(0.0413

)

(0.0062

)

(0.0002

)

(0.0037

)

(0.0167

)

Net

asset

value,

end

of

year

.................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

....................................

4.21

%

0.62

%

0.01

%

0.37

%

(e)

1.69

%

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

..................

0.67

%

0.41

%

0.08

%

0.41

%

0.67

%

Net

investment

income

.....................................

4.11

%

0.59

%

0.00

%

(f)

0.34

%

1.64

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..................................

$

915,927

‌

$

887,139

‌

$

825,420

‌

$

1,009,514

‌

$

1,035,657

‌

(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.

(f)

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

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

..............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................................

0.0417

‌

0.0033

‌

0.0001

‌

0.0037

‌

0.0176

‌

Net

realized

gain

.........................................

0.0006

(a)

0.0034

(a)

0.0001

‌

0.0004

‌

0.0000

(b)

Net

increase

from

investment

operations

...........................

0.0423

‌

0.0067

‌

0.0002

‌

0.0041

‌

0.0176

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

.................................

(0.0423

)

(0.0067

)

(0.0001

)

(0.0040

)

(0.0176

)

From

net

realized

gain

......................................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

(0.0000

)

(d)

Total

distributions

..........................................

(0.0423

)

(0.0067

)

(0.0002

)

(0.0041

)

(0.0176

)

Net

asset

value,

end

of

year

..................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

.....................................

4.32

%

0.67

%

0.01

%

0.40

%

(f)

1.78

%

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

...................

0.57

%

0.22

%

0.07

%

0.39

%

0.57

%

Net

investment

income

......................................

4.17

%

0.33

%

0.01

%

0.37

%

1.78

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

43,531

‌

$

88,281

‌

$

482,231

‌

$

56,822

‌

$

123,578

‌

(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)

2023

BlackRock

Annual

Report

to

Shareholders

108

T-Fund

Dollar

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

..............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................................

0.0438

‌

0.0071

‌

0.0001

‌

0.0044

‌

0.0191

‌

Net

realized

gain

(loss)

.....................................

(0.0000

)

(a)

0.0003

(b)

0.0001

‌

0.0003

‌

0.0000

(c)

Net

increase

from

investment

operations

...........................

0.0438

‌

0.0074

‌

0.0002

‌

0.0047

‌

0.0191

‌

Distributions

(d)

–

–

–

–

–

From

net

investment

income

.................................

(0.0438

)

(0.0074

)

(0.0001

)

(0.0046

)

(0.0191

)

From

net

realized

gain

......................................

—

‌

(0.0000

)

(a)

(0.0001

)

(0.0001

)

(0.0000

)

(a)

Total

distributions

..........................................

(0.0438

)

(0.0074

)

(0.0002

)

(0.0047

)

(0.0191

)

Net

asset

value,

end

of

year

..................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

.....................................

4.47

%

0.75

%

0.01

%

0.46

%

(f)

1.93

%

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

...................

0.42

%

0.29

%

0.08

%

0.32

%

0.42

%

Net

investment

income

......................................

4.38

%

0.71

%

0.01

%

0.44

%

1.92

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

1,364,428

‌

$

1,258,974

‌

$

1,000,401

‌

$

670,205

‌

$

794,485

‌

(a)

Amount

is

greater

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)

Amount

is

less

than

$0.00005

per

share.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(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

10/31/23

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

‌

$

1.00

‌

Net

investment

income

...................................

0.0475

‌

0.0193

‌

0.0001

‌

0.0060

‌

0.0050

‌

Net

realized

gain

(loss)

...................................

(0.0012

)

(0.0103

)

0.0001

‌

0.0002

‌

0.0000

(b)

Net

increase

from

investment

operations

.........................

0.0463

‌

0.0090

‌

0.0002

‌

0.0062

‌

0.0050

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

...............................

(0.0463

)

(0.0090

)

(0.0001

)

(0.0061

)

(0.0050

)

From

net

realized

gain

....................................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

(0.0000

)

(d)

Total

distributions

........................................

(0.0463

)

(0.0090

)

(0.0002

)

(0.0062

)

(0.0050

)

Net

asset

value,

end

of

period

...............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

...................................

4.73

%

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

%

0.19

%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

.................

0.17

%

0.17

%

0.06

%

0.17

%

0.17

%

(h)

Net

investment

income

....................................

4.75

%

1.95

%

0.01

%

0.60

%

1.93

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

...............................

$

1,431,264

‌

$

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)

2023

BlackRock

Annual

Report

to

Shareholders

110

T-Fund

Select

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

..............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................................

0.0400

‌

0.0031

‌

0.0001

‌

0.0011

‌

0.0133

‌

Net

realized

gain

(loss)

.....................................

(0.0020

)

0.0016

(a)

0.0001

‌

0.0014

‌

0.0000

(b)

Net

increase

from

investment

operations

...........................

0.0380

‌

0.0047

‌

0.0002

‌

0.0025

‌

0.0133

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

.................................

(0.0380

)

(0.0047

)

(0.0001

)

(0.0024

)

(0.0133

)

From

net

realized

gain

......................................

—

‌

(0.0000

)

(d)

(0.0001

)

(0.0001

)

(0.0000

)

(d)

Total

distributions

..........................................

(0.0380

)

(0.0047

)

(0.0002

)

(0.0025

)

(0.0133

)

Net

asset

value,

end

of

year

..................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

.....................................

3.87

%

0.47

%

0.01

%

0.24

%

(f)

1.34

%

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

...................

1.00

%

0.52

%

0.07

%

0.41

%

1.00

%

Net

investment

income

......................................

4.00

%

0.31

%

0.01

%

0.11

%

1.37

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

50,396

‌

$

21,300

‌

$

37,798

‌

$

30,444

‌

$

14,769

‌

(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

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

..............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................................

0.0458

‌

0.0082

‌

0.0001

‌

0.0048

‌

0.0212

‌

Net

realized

gain

.........................................

0.0001

‌

0.0001

‌

0.0001

‌

0.0015

‌

0.0000

(a)

Net

increase

from

investment

operations

...........................

0.0459

‌

0.0083

‌

0.0002

‌

0.0063

‌

0.0212

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

.................................

(0.0459

)

(0.0083

)

(0.0001

)

(0.0062

)

(0.0212

)

From

net

realized

gain

......................................

(0.0000

)

(c)

(0.0000

)

(c)

(0.0001

)

(0.0001

)

—

‌

Total

distributions

..........................................

(0.0459

)

(0.0083

)

(0.0002

)

(0.0063

)

(0.0212

)

Net

asset

value,

end

of

year

..................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

.....................................

4.69

%

0.84

%

0.01

%

0.63

%

2.14

%

Ratios

to

Average

Net

Assets

Total

expenses

............................................

0.19

%

0.19

%

0.19

%

0.19

%

0.20

%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.17

%

0.14

%

0.06

%

0.17

%

0.17

%

Net

investment

income

......................................

4.58

%

0.82

%

0.01

%

0.48

%

2.12

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

97,157,593

‌

$

106,544,392

‌

$

98,602,650

‌

$

56,400,526

‌

$

38,728,217

‌

(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)

2023

BlackRock

Annual

Report

to

Shareholders

112

Treasury

Trust

Fund

Administration

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

...............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

......................................

0.0449

‌

0.0065

‌

0.0001

‌

0.0058

‌

0.0203

‌

Net

realized

gain

(loss)

......................................

0.0000

(a)

0.0012

‌

0.0001

‌

(0.0002

)

0.0000

(a)

Net

increase

from

investment

operations

............................

0.0449

‌

0.0077

‌

0.0002

‌

0.0056

‌

0.0203

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0449

)

(0.0077

)

(0.0001

)

(0.0055

)

(0.0203

)

From

net

realized

gain

.......................................

(0.0000

)

(c)

(0.0000

)

(c)

(0.0001

)

(0.0001

)

—

‌

Total

distributions

...........................................

(0.0449

)

(0.0077

)

(0.0002

)

(0.0056

)

(0.0203

)

Net

asset

value,

end

of

year

...................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

......................................

4.58

%

0.77

%

0.01

%

0.56

%

2.05

%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.29

%

0.29

%

0.29

%

0.29

%

0.30

%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.27

%

0.19

%

0.07

%

0.24

%

0.26

%

Net

investment

income

.......................................

4.49

%

0.65

%

0.01

%

0.58

%

2.03

%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

442,723

‌

$

382,956

‌

$

599,190

‌

$

399,846

‌

$

465,703

‌

(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

10/31/23

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

‌

$

1.00

‌

Net

investment

income

...................................................

0.0489

‌

0.0163

‌

0.0001

‌

0.0000

(b)

Net

realized

gain

(loss)

...................................................

(0.0035

)

(c)

(0.0083

)

(c)

0.0001

‌

0.0000

(b)

Net

increase

from

investment

operations

.........................................

0.0454

‌

0.0080

‌

0.0002

‌

0.0000

‌

Distributions

(d)

–

–

–

–

From

net

investment

income

...............................................

(0.0454

)

(0.0080

)

(0.0001

)

—

�����

From

net

realized

gain

....................................................

(0.0000

)

(e)

(0.0000

)

(e)

(0.0001

)

—

‌

Total

distributions

........................................................

(0.0454

)

(0.0080

)

(0.0002

)

—

‌

Net

asset

value,

end

of

period

...............................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(f)

—

—

—

—

Based

on

net

asset

value

...................................................

4.63

%

0.80

%

0.01

%

0.00

%

(g)

Ratios

to

Average

Net

Assets

Total

expenses

..........................................................

0.24

%

0.24

%

0.24

%

0.24

%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

.................................

0.22

%

0.20

%

0.06

%

0.17

%

(h)

Net

investment

income

(loss)

................................................

4.89

%

1.63

%

0.01

%

(0.03

)%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

...............................................

$

500,685

‌

$

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)

2023

BlackRock

Annual

Report

to

Shareholders

114

Treasury

Trust

Fund

Cash

Management

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

..............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................................

0.0402

‌

0.0051

‌

0.0001

‌

0.0034

‌

0.0158

‌

Net

realized

gain

.........................................

0.0007

‌

0.0005

‌

0.0001

‌

0.0003

‌

0.0005

‌

Net

increase

from

investment

operations

...........................

0.0409

‌

0.0056

‌

0.0002

‌

0.0037

‌

0.0163

‌

Distributions

(a)

–

–

–

–

–

From

net

investment

income

.................................

(0.0409

)

(0.0056

)

(0.0001

)

(0.0036

)

(0.0163

)

From

net

realized

gain

......................................

(0.0000

)

(b)

(0.0000

)

(b)

(0.0001

)

(0.0001

)

—

‌

Total

distributions

..........................................

(0.0409

)

(0.0056

)

(0.0002

)

(0.0037

)

(0.0163

)

Net

asset

value,

end

of

year

..................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(c)

—

—

—

—

—

Based

on

net

asset

value

.....................................

4.16

%

0.56

%

0.01

%

0.37

%

1.64

%

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

...................

0.67

%

0.41

%

0.08

%

0.41

%

0.67

%

Net

investment

income

......................................

4.02

%

0.51

%

0.01

%

0.34

%

1.58

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

5,085

‌

$

21,330

‌

$

32,960

‌

$

53,101

‌

$

36,492

‌

(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

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

..............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................................

0.0415

‌

0.0053

‌

0.0001

‌

0.0040

‌

0.0172

‌

Net

realized

gain

.........................................

0.0004

‌

0.0007

‌

0.0001

‌

0.0001

‌

0.0000

(a)

Net

increase

from

investment

operations

...........................

0.0419

‌

0.0060

‌

0.0002

‌

0.0041

‌

0.0172

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

.................................

(0.0419

)

(0.0060

)

(0.0001

)

(0.0040

)

(0.0172

)

From

net

realized

gain

......................................

(0.0000

)

(c)

(0.0000

)

(c)

(0.0001

)

(0.0001

)

—

‌

Total

distributions

..........................................

(0.0419

)

(0.0060

)

(0.0002

)

(0.0041

)

(0.0172

)

Net

asset

value,

end

of

year

..................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

.....................................

4.27

%

0.61

%

0.01

%

0.41

%

1.74

%

Ratios

to

Average

Net

Assets

Total

expenses

............................................

0.59

%

0.59

%

0.59

%

0.59

%

0.60

%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.57

%

0.35

%

0.07

%

0.39

%

0.57

%

Net

investment

income

......................................

4.15

%

0.53

%

0.01

%

0.40

%

1.73

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

128,272

‌

$

79,114

‌

$

97,008

‌

$

102,984

‌

$

74,034

‌

(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)

2023

BlackRock

Annual

Report

to

Shareholders

116

Treasury

Trust

Fund

Dollar

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

..............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................................

0.0447

‌

0.0073

‌

0.0001

‌

0.0046

‌

0.0194

‌

Net

realized

gain

(loss)

.....................................

(0.0011

)

(a)

(0.0003

)

(a)

0.0001

‌

0.0003

‌

0.0002

‌

Net

increase

from

investment

operations

...........................

0.0436

‌

0.0070

‌

0.0002

‌

0.0049

‌

0.0196

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

.................................

(0.0436

)

(0.0070

)

(0.0001

)

(0.0048

)

(0.0196

)

From

net

realized

gain

......................................

(0.0000

)

(c)

(0.0000

)

(c)

(0.0001

)

(0.0001

)

—

‌

Total

distributions

..........................................

(0.0436

)

(0.0070

)

(0.0002

)

(0.0049

)

(0.0196

)

Net

asset

value,

end

of

year

..................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

.....................................

4.44

%

0.70

%

0.01

%

0.49

%

1.98

%

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

...................

0.40

%

0.27

%

0.07

%

0.30

%

0.40

%

Net

investment

income

......................................

4.47

%

0.73

%

0.01

%

0.46

%

1.94

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

2,343,866

‌

$

1,060,804

‌

$

1,035,846

‌

$

939,241

‌

$

977,335

‌

(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

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

..............................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.....................................

0.0378

‌

0.0032

‌

0.0001

‌

0.0016

‌

0.0129

‌

Net

realized

gain

(loss)

.....................................

(0.0002

)

(a)

0.0010

‌

0.0001

‌

0.0008

‌

0.0001

‌

Net

increase

from

investment

operations

...........................

0.0376

‌

0.0042

‌

0.0002

‌

0.0024

‌

0.0130

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

.................................

(0.0376

)

(0.0042

)

(0.0001

)

(0.0023

)

(0.0130

)

From

net

realized

gain

......................................

(0.0000

)

(c)

(0.0000

)

(c)

(0.0001

)

(0.0001

)

—

‌

Total

distributions

..........................................

(0.0376

)

(0.0042

)

(0.0002

)

(0.0024

)

(0.0130

)

Net

asset

value,

end

of

year

..................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

.....................................

3.82

%

0.42

%

0.01

%

0.24

%

1.30

%

Ratios

to

Average

Net

Assets

Total

expenses

............................................

1.04

%

1.04

%

1.04

%

1.04

%

1.05

%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

1.00

%

0.49

%

0.06

%

0.45

%

1.00

%

Net

investment

income

......................................

3.78

%

0.32

%

0.01

%

0.16

%

1.29

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

254,127

‌

$

169,696

‌

$

660,676

‌

$

103,647

‌

$

38,265

‌

(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)

2023

BlackRock

Annual

Report

to

Shareholders

118

MuniCash

Institutional

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

..............................

$

0.9999

‌

$

1.0001

‌

$

1.0001

‌

$

1.0001

‌

$

1.0001

‌

Net

investment

income

.....................................

0.0282

‌

0.0048

‌

0.0001

‌

0.0051

‌

0.0137

‌

Net

realized

and

unrealized

gain

(loss)

...........................

(0.0000

)

(a)(b)

0.0007

(b)

0.0000

(c)

0.0004

‌

0.0000

(c)

Net

increase

from

investment

operations

...........................

0.0282

‌

0.0055

‌

0.0001

‌

0.0055

‌

0.0137

‌

Distributions

(d)

–

–

–

–

–

From

net

investment

income

.................................

(0.0281

)

(0.0057

)

(0.0001

)

(0.0055

)

(0.0137

)

From

net

realized

gain

......................................

—

‌

(0.0000

)

(a)

—

‌

—

‌

(0.0000

)

(a)

Total

distributions

..........................................

(0.0281

)

(0.0057

)

(0.0001

)

(0.0055

)

(0.0137

)

Net

asset

value,

end

of

year

..................................

$

1.0000

‌

$

0.9999

‌

$

1.0001

‌

$

1.0001

‌

$

1.0001

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

.....................................

2.86

%

0.56

%

0.01

%

0.55

%

1.38

%

Ratios

to

Average

Net

Assets

Total

expenses

............................................

0.30

%

0.28

%

0.26

%

0.26

%

0.28

%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.20

%

0.16

%

0.08

%

0.19

%

0.20

%

Net

investment

income

......................................

2.82

%

0.48

%

0.01

%

0.51

%

1.36

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

4,540,657

‌

$

3,592,640

‌

$

5,368,797

‌

$

5,160,531

‌

$

5,182,923

‌

(a)

Amount

is

greater

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)

Amount

is

less

than

$0.00005

per

share.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

119

Financial

Highlights

MuniCash

Dollar

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

...............................

$

0.9999

‌

$

1.0001

‌

$

1.0001

‌

$

1.0001

‌

$

1.0001

‌

Net

investment

income

......................................

0.0254

‌

0.0033

‌

0.0001

‌

0.0040

‌

0.0123

‌

Net

realized

and

unrealized

gain

................................

0.0003

‌

0.0007

(a)

0.0000

(b)

0.0002

‌

0.0000

(b)

Net

increase

from

investment

operations

............................

0.0257

‌

0.0040

‌

0.0001

‌

0.0042

‌

0.0123

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

..................................

(0.0256

)

(0.0042

)

(0.0001

)

(0.0042

)

(0.0123

)

From

net

realized

gain

.......................................

—

‌

(0.0000

)

(d)

—

‌

—

‌

(0.0000

)

(d)

Total

distributions

...........................................

(0.0256

)

(0.0042

)

(0.0001

)

(0.0042

)

(0.0123

)

Net

asset

value,

end

of

year

...................................

$

1.0000

‌

$

0.9999

‌

$

1.0001

‌

$

1.0001

‌

$

1.0001

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

......................................

2.60

%

0.40

%

0.01

%

0.42

%

1.23

%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.55

%

0.53

%

0.52

%

0.51

%

0.53

%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.45

%

0.30

%

0.07

%

0.31

%

0.45

%

Net

investment

income

.......................................

2.54

%

0.33

%

0.01

%

0.40

%

1.22

%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

1,772

‌

$

2,911

‌

$

4,810

‌

$

3,176

‌

$

2,207

‌

(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

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Annual

Report

to

Shareholders

120

California

Money

Fund

Institutional

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

..............................

$

0.9993

‌

$

1.0006

‌

$

1.0000

‌

$

1.0002

‌

$

1.0002

‌

Net

investment

income

.....................................

0

.0223

‌

0

.0043

‌

0

.0001

‌

0

.0051

‌

0

.0107

‌

Net

realized

and

unrealized

gain

(loss)

...........................

(

0

.0002

)

(a)

0

.0006

(a)

0

.0006

‌

(

0

.0007

)

0

.0001

‌

Net

increase

from

investment

operations

...........................

0.0221

‌

0.0049

‌

0.0007

‌

0.0044

‌

0.0108

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

.................................

(

0

.0221

)

(

0

.0050

)

(

0

.0001

)

(

0

.0046

)

(

0

.0108

)

From

net

realized

gain

......................................

—

‌

(

0

.0012

)

(

0

.0000

)

(c)

—

‌

—

‌

Total

distributions

..........................................

(0.0221

)

(0.0062

)

(0.0001

)

(0.0046

)

(0.0108

)

Net

asset

value,

end

of

year

..................................

$

0.9993

‌

$

0.9993

‌

$

1.0006

‌

$

1.0000

‌

$

1.0002

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

.....................................

2.24

%

0.49

%

0.07

%

0.44

%

1.09

%

Ratios

to

Average

Net

Assets

Total

expen

ses

............................................

0.41

%

0.46

%

0.45

%

0.45

%

0.47

%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.20

%

0.15

%

0.05

%

0.18

%

0.20

%

Net

investment

income

......................................

2.23

%

0.43

%

0.01

%

0.51

%

1.07

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

267,703

‌

$

317,561

‌

$

207,157

‌

$

153,630

‌

$

397,288

‌

(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

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Year

Ended

10/31/19

Net

asset

value,

beginning

of

year

..............................

$

1.0000

‌

$

1.0000

‌

$

1.0000

‌

$

1.0000

‌

$

1.0000

‌

Net

investment

income

.....................................

0.0289

‌

0.0066

‌

0.0001

‌

0.0062

‌

0.0129

‌

Net

realized

and

unrealized

gain

(loss)

...........................

(0.0008

)

(a)

(0.0009

)

(a)

(0.0000

)

(b)

(0.0008

)

0.0003

‌

Net

increase

from

investment

operations

...........................

0.0281

‌

0.0057

‌

0.0001

‌

0.0054

‌

0.0132

‌

Distributions

from

net

investment

income

(c)

.......................

(0.0281

)

(0.0057

)

(0.0001

)

(0.0054

)

(0.0132

)

Net

asset

value,

end

of

year

..................................

$

1.0000

‌

$

1.0000

‌

$

1.0000

‌

$

1.0000

‌

$

1.0000

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

.....................................

2.84

%

0.57

%

0.01

%

0.54

%

1.33

%

Ratios

to

Average

Net

Assets

Total

expenses

............................................

0.45

%

0.50

%

0.53

%

0.46

%

0.56

%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.20

%

0.16

%

0.06

%

0.18

%

0.20

%

Net

investment

income

......................................

2.89

%

0.66

%

0.01

%

0.62

%

1.29

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

439,379

‌

$

198,959

‌

$

59,800

‌

$

149,946

‌

$

243,502

‌

(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

2023

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

operates

as

a

“government

money

market

fund”

under

Rule

2a-7

under

the

1940

Act. 

Each

Fund

is

not

subject

to

discretionary

liquidity

fees.

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") may

impose

a

discretionary liquidity

fee

of

up

to

2%

upon

the

value

of

shares

redeemed,

if

such

fee

is

determined

to

be

in

the

best

interests

of

such

Fund.

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.

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

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,

Great

Pacific

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

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. 

Bank

Overdraft:

California

Money

Fund

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

California

Money

Fund

is

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations.

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

. 

Discretionary

Liquidity

Fees:

Any

discretionary

liquidity

fees

imposed

on

the

value

of

shares

redeemed

are

recorded

as

paid-in-capital.

The

discretionary

liquidity

fees

are

collected

and

retained

by each

Fund

for

the

benefit

of

a

Fund’s

remaining

shareholders. 

Offering

Costs:

Offering

costs

are

amortized

over

a

12-month

period

beginning

with

the

commencement

of

operations

of

a

class

of

shares.  

Indemnifications:

In

the

normal

course

of

business,

a

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

A

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

a

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to

a

Fund

or

its

classes

are

charged

to

that

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Funds

and

other

shared

expenses

prorated

to

the

Funds

are

allocated

daily

to

each

class

based

on

their

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods. 

The

Funds

have

an

arrangement

with

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

Fund's

assets

and

liabilities:

Investments

are

valued

on

the

basis

of

prices

provided

by

dealers

or

pricing

services.

In

determining

the

value

of

a

particular

investment,

pricing

services

may

use

certain

information

with

respect

to

transactions

in

such

investments,

quotations

from

dealers,

pricing

matrixes,

market

transactions

in

comparable

investments

and

information

with

respect

to

various

relationships

between

investments. 

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services.  Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Repurchase

agreements

are

valued

at

amortized

cost,

which

approximates

market

value. 

Investment

Valuation

Policies

(BlackRock

Liquid

Federal

Trust

Fund,

FedFund

,

T-Fund

and

Treasury

Trust

Fund)

:

U.S.

GAAP

defines

fair

value

as

the

price

the

Funds

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Funds'

investments

are

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.

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

124

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,

2023,

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,

2023,

the

Funds 

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

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

..

$

27,847‌

$

—‌

$

56,669‌

$

—‌

$

27,870‌

$

—‌

$

—‌

$

112,386‌

FedFund

.....................

12,715,543‌

1,695‌

3,248,571‌

18,220,323‌

9,220,682‌

2,158‌

3,527,171‌

46,936,143‌

TempCash

....................

—‌

—‌

—‌

—‌

4

4‌

—‌

—‌

4

4‌

TempFund

....................

29,213‌

66,674‌

2,603,707‌

63,565‌

242,261‌

7,005‌

—‌

3,012,425‌

T-Fund

.......................

7,584,747‌

62,525‌

3,894,

067‌

336,178‌

3,853,937‌

—‌

512,926‌

16,244,

380‌

Treasury

Trust

Fund

..............

433,381‌

120,175‌

60,933‌

378,172‌

3,959,207‌

—‌

1,654,952‌

6,606,820‌

MuniCash

.....................

—‌

—‌

—‌

—‌

5,641‌

—‌

—‌

5,641‌

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

126

Expense

Limitations,

Waivers

and

Reimbursements:

With

respect

to

each

Fund,

the

Manager,

as

investment

adviser

and

administrator,

has

contractually

agreed

to

reduce

its

fees

and/or

reimburse

ordinary

operating

expenses

to

ensure

that

the

combined

“Management

Fees”

and

“Miscellaneous/Other

Expenses,”

excluding

service

fees,

distribution

fees

and

any

extraordinary

expenses,

do

not

exceed

0.18%

of

the

average

daily

net

assets

of

TempCash

and

TempFund, 0.17%

of

the

average

daily

net

assets

of

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,

2024,

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,

2023,

the

amounts

waived

were

as

follows:

In

addition,

BRIL

has

contractually

agreed

to

waive

service

and/or

distribution

fees

through February

29,

2024

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,

2023,

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,

2023,

the

amounts

waived

and/or

reimbursed

were

as

follows:

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

U.S.

Securities

and

Exchange

Commission

(“SEC”),

each

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

each

Fund’s

investment

policies

and

restrictions.

Each

Fund

is

currently

permitted

to borrow

under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During

the year

ended

October

31,

2023,

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. 

Fund

Name

Fees

waived

and/or

Reimbursed

by

the

Manager

BlackRock

Liquid

Federal

Trust

Fund

.............................................................................................

$

2,872,680‌

FedFund

................................................................................................................

21,420,118‌

TempCash

...............................................................................................................

5,409,993‌

TempFund

...............................................................................................................

5,080,787‌

T-Fund

..................................................................................................................

14,543,643‌

Treasury

Trust

Fund

.........................................................................................................

16,124,383‌

MuniCash

................................................................................................................

3,477,116‌

California

Money

Fund

.......................................................................................................

823,802‌

New

York

Money

Fund

.......................................................................................................

737,993‌

Service

and

distribution

fees

waived

and/or

reimbursed

-

class

specific

Private

Client

Select

Total

FedFund

........................................................................

$

863‌

$

82,915‌

$

83,778‌

TempFund

.......................................................................

2,884‌

—‌

2,884‌

T-Fund

..........................................................................

—‌

12,069‌

12,069‌

Treasury

Trust

Fund

.................................................................

—‌

38,930‌

38,930‌

Service

and

distribution

fees

waived

and/or

reimbursed

-

class

specific

Capital

FedFund

..............................................................................................................

$

445

Notes

to

Financial

Statements

(continued)

127

Notes

to

Financial

Statements

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,

2023,

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,

2023,

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

certain

deemed

distributions

were reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows: 

Fund

Name

Purchases

Sales

Net

Realized

Gain

(Loss)

MuniCash

...........................................................................

$

1,392,672,925‌

$

1,059,556,033‌

$

—‌

California

Money

Fund

..................................................................

321,735,844‌

437,378,530‌

—‌

New

York

Money

Fund

..................................................................

93,375,774‌

98,709,948‌

—‌

Fund

Name

Paid-In

Capital

Accumulated

Earnings

(Loss)

California

Money

Fund

.......................................................................

$

2,498‌

$

(2,498‌)

New

York

Money

Fund

.......................................................................

43‌

(43‌)

—‌

Fund

Name

Year

Ended

10/31/23

Year

Ended

10/31/22

BlackRock

Liquid

Federal

Trust

Fund

Ordinary

income

...........................................................................................

$

224,871,365‌

$

48,943,718‌

FedFund

Ordinary

income

...........................................................................................

$

6,447,211,020‌

$

1,393,942,082‌

TempCash

Ordinary

income

...........................................................................................

$

590,601,806‌

$

65,593,917‌

TempFund

Ordinary

income

...........................................................................................

$

291,420,205‌

$

74,851,577‌

T-Fund

Ordinary

income

...........................................................................................

$

4,410,124,715‌

$

938,247,908‌

Treasury

Trust

Fund

Ordinary

income

...........................................................................................

$

4,643,607,349‌

$

907,284,386‌

Long-term

capital

gains

......................................................................................

—‌

95,163‌

$

4,643,607,349‌

$

907,379,549‌

MuniCash

Tax-exempt

income

.........................................................................................

$

96,340,098‌

$

20,242,655‌

Ordinary

income

...........................................................................................

615‌

198,536‌

Long-term

capital

gains

......................................................................................

184‌

30,681‌

$

96,340,897‌

$

20,471,872‌

California

Money

Fund

Tax-exempt

income

.........................................................................................

$

8,725,141‌

$

1,059,497‌

Ordinary

income

...........................................................................................

—‌

168,937‌

$

8,725,141‌

$

1,228,434‌

New

York

Money

Fund

Tax-exempt

income

.........................................................................................

$

8,530,217‌

$

849,816‌

Ordinary

income

...........................................................................................

4‌

—‌

$

8,530,221‌

$

849,816‌

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

128

As

of

October

31,

2023,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

(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.

During

the

year ended October

31,

2023,

the

Funds

listed

below

utilized

the

following

amounts

of

their

respective

capital

loss

carryforwards: 

As

of

October

31,

2023, 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. 

On

July

12,

2023,

the

SEC

approved

changes

to

money

market

fund

regulations.

These

changes,

among

other

things:

(i)

eliminate

provisions

that

permit

a

money

market

fund

to

suspend

redemptions

except

in

liquidations,

(ii)

require

institutional

prime

and

institutional

tax-exempt

money

market

funds

to

impose

mandatory

liquidity

fees

under

certain

conditions,

(iii)

permit

a

discretionary

liquidity

fee

for

a

non-government

money

market

fund

and

(iv)

increase

minimum

daily

and

weekly

liquidity

for

all

money

market

funds.

These

changes

will

be

implemented

over

the

next

12

months

depending

on

the

change

and

may

affect

the

Funds’

operations

and

return

potential.

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

Fund

Name

Undistributed

Tax-

Exempt

Income

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

BlackRock

Liquid

Federal

Trust

Fund

.............

$

—‌

$

—‌

$

—‌

$(43,092)

$(89,690)

$(132,782)

FedFund

................................

—‌

—‌

—‌

(82,025,194)

(1,186,229)

(83,211,423)

TempCash

...............................

—‌

476‌

—‌

(1,098,634)

390,473

(707,685)

TempFund

...............................

—‌

7,783‌

—‌

(780,200)

83,230

(689,187)

T-Fund

..................................

—‌

391,917‌

—‌

(49,288,847)

(2,676)

(48,899,606)

Treasury

Trust

Fund

.........................

—‌

12,736,076‌

—‌

—

(329)

12,735,747

MuniCash

................................

—‌

—‌

7,925‌

—

(162,042)

(154,117)

California

Money

Fund

.......................

348‌

—‌

—‌

—

(18,096)

(17,748)

New

York

Money

Fund

.......................

—‌

—‌

4,766‌

—

—

4,766

Fund

Name

Amount

Utilized

BlackRock

Liquid

Federal

Trust

Fund

.......................................................................................

$

630,463‌

TempCash

.........................................................................................................

60,470‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Liquid

Federal

Trust

Fund

....................................

$

5,862,655,323‌

$

–‌

$

(36‌)

$

(36‌)

FedFund

.......................................................

139,873,416,634‌

–‌

(3,498‌)

(3,498‌)

T-Fund

........................................................

92,381,048,386‌

–‌

(2,676‌)

(2,676‌)

Treasury

Trust

Fund

...............................................

96,863,708,879‌

–‌

(329‌)

(329‌)

Notes

to

Financial

Statements

(continued)

129

Notes

to

Financial

Statements

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.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy,

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

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. 

Geographic/Asset

Class

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.

The

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 period

of

historically

low

interest

rates

that

ended

in

March

2022. The

Federal

Reserve

has

recently been

raising 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

the

Funds'

performance.

The

Funds invest

a

significant

portion

of their

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Funds

invest. 

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.

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

10/31/23

10/31/22

BlackRock

Liquid

Federal

Trust

Fund

Institutional

Shares

sold

30,621,001,915‌

37,721,624,450‌

Shares

issued

in

reinvestment

of

distributions

........................................................

66,202,478‌

18,793,845‌

Shares

redeemed

(29,861,393,554‌)

(37,534,391,448‌)

825,810,839‌

206,026,847‌

Administration

Shares

sold

80,901,405‌

18,616,847‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1,253,451‌

203,322‌

Shares

redeemed

(74,675,348‌)

(81,791,501‌)

7,479,508‌

(62,971,332‌)

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

130

d

Fund

Name/Share

Class        

Year

Ended

10/31/23

10/31/22

Bancroft

Capital

Shares

sold

—‌

50,000‌

(a)

Shares

issued

in

reinvestment

of

distributions

........................................................

2,348‌

424‌

(a)

2,348‌

50,424‌

Cabrera

Capital

Markets

Shares

sold

—‌

50,000‌

(a)

Shares

issued

in

reinvestment

of

distributions

........................................................

2,348‌

424‌

(a)

2,348‌

50,424‌

Cash

Management

Shares

sold

5,087,771‌

28,499,707‌

Shares

issued

in

reinvestment

of

distributions

........................................................

93,876‌

23,878‌

Shares

redeemed

(9,808,992‌)

(24,277,160‌)

(4,627,345‌)

4,246,425‌

Cash

Reserve

Shares

issued

in

reinvestment

of

distributions

........................................................

—‌

3‌

(b)

Shares

redeemed

—‌

(8,153‌)

(b)

—‌

(8,150‌)

Dollar

Shares

sold

80,931,698‌

75,113,047‌

Shares

issued

in

reinvestment

of

distributions

........................................................

23,581‌

3,378‌

Shares

redeemed

(73,306,850‌)

(70,325,226‌)

7,648,429‌

4,791,199‌

Great

Pacific

Shares

sold

—‌

50,000‌

(c)

Shares

issued

in

reinvestment

of

distributions

........................................................

2,347‌

407‌

(c)

2,347‌

50,407‌

Mischler

Financial

Group

Shares

sold

202,250,000‌

231,550,000‌

(a)

Shares

issued

in

reinvestment

of

distributions

........................................................

147,846‌

20,906‌

(a)

Shares

redeemed

(197,000,000‌)

(226,450,000‌)

(a)

5,397,846‌

5,120,906‌

Penserra

Shares

sold

750,000‌

50,000‌

(d)

Shares

issued

in

reinvestment

of

distributions

........................................................

2,347‌

422‌

(d)

752,347‌

50,422‌

Stern

Brothers

Shares

sold

1,500,000‌

50,000‌

(e)

Shares

issued

in

reinvestment

of

distributions

........................................................

3,206‌

291‌

(e)

Shares

redeemed

(1,500,000‌)

—‌

3,206‌

50,291‌

Tigress

Shares

sold

25,000,010‌

3,050,000‌

(f)

Shares

issued

in

reinvestment

of

distributions

........................................................

142,049‌

1,074‌

(f)

Shares

redeemed

(10‌)

—‌

25,142,049‌

3,051,074‌

867,613,922‌

160,508,937‌

FedFund

Institutional

Shares

sold

941,796,456,420‌

1,030,637,249,721‌

Shares

issued

in

reinvestment

of

distributions

........................................................

2,005,616,089‌

441,007,092‌

Shares

redeemed

(932,593,855,369‌)

(1,047,309,003,144‌)

11,208,217,140‌

(16,230,746,331‌)

Administration

Shares

sold

21,082,794,544‌

51,690,963,371‌

Shares

issued

in

reinvestment

of

distributions

........................................................

398,054,292‌

178,483,736‌

Shares

redeemed

(36,329,637,862‌)

(32,072,119,530‌)

(14,848,789,026‌)

19,797,327,577‌

Notes

to

Financial

Statements

(continued)

131

Notes

to

Financial

Statements

d

Fund

Name/Share

Class        

Year

Ended

10/31/23

10/31/22

Capital

Shares

sold

13,580,571‌

12,822,079,189‌

Shares

issued

in

reinvestment

of

distributions

........................................................

150,992‌

2,930,405‌

Shares

redeemed

(12,394,865‌)

(38,546,297,046‌)

1,336,698‌

(25,721,287,452‌)

Cash

Management

Shares

sold

591,793,057‌

780,699,507‌

Shares

issued

in

reinvestment

of

distributions

........................................................

22,702,513‌

3,041,796‌

Shares

redeemed

(591,730,200‌)

(678,544,955‌)

22,765,370‌

105,196,348‌

Cash

Reserve

Shares

sold

45,843,430,347‌

50,056,302,595‌

Shares

issued

in

reinvestment

of

distributions

........................................................

201,503‌

21,562‌

Shares

redeemed

(46,976,060,820‌)

(50,391,678,100‌)

(1,132,428,970‌)

(335,353,943‌)

Dollar

Shares

sold

12,639,188,049‌

15,629,110,135‌

Shares

issued

in

reinvestment

of

distributions

........................................................

54,932,668‌

8,730,950‌

Shares

redeemed

(12,358,716,295‌)

(14,847,284,223‌)

335,404,422‌

790,556,862‌

Mischler

Financial

Group

Shares

sold

31,177,816,277‌

24,406,918,879‌

Shares

issued

in

reinvestment

of

distributions

........................................................

53,523,489‌

11,390,175‌

Shares

redeemed

(29,886,151,356‌)

(25,380,702,059‌)

1,345,188,410‌

(962,393,005‌)

Premier

Shares

sold

3,350,415,754‌

3,608,457,808‌

Shares

issued

in

reinvestment

of

distributions

........................................................

16,504,973‌

1,864,396‌

Shares

redeemed

(1,916,340,786‌)

(2,198,960,628‌)

1,450,579,941‌

1,411,361,576‌

Private

Client

Shares

sold

4,791‌

—‌

Shares

issued

in

reinvestment

of

distributions

........................................................

10,459‌

1,554‌

Shares

redeemed

(18,834‌)

(280‌)

(3,584‌)

1,274‌

Select

Shares

sold

1,339,475,954‌

1,912,292,513‌

Shares

issued

in

reinvestment

of

distributions

........................................................

15,133,650‌

3,107,617‌

Shares

redeemed

(1,686,673,362‌)

(1,984,792,713‌)

(332,063,758‌)

(69,392,583‌)

Stern

Brothers

Shares

sold

11,500,001‌

50,000‌

(e)

Shares

issued

in

reinvestment

of

distributions

........................................................

26,325‌

299‌

(e)

Shares

redeemed

(11,550,000‌)

—‌

(23,674‌)

50,299‌

Tigress

Shares

sold

46,562,693‌

2,050,000‌

(f)

Shares

issued

in

reinvestment

of

distributions

........................................................

184,054‌

743‌

(f)

Shares

redeemed

(19,048,723‌)

—‌

27,698,024‌

2,050,743‌

WestCap

Shares

sold

118,000,000‌

50,000‌

(g)

Shares

issued

in

reinvestment

of

distributions

........................................................

3,150,047‌

269‌

(g)

Shares

redeemed

(17,880,000‌)

—‌

103,270,047‌

50,269‌

(1,818,848,960‌)

(21,212,578,366‌)

T-Fund

Institutional

Shares

sold

1,124,983,592,331‌

1,130,088,249,661‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1,173,900,710‌

200,986,153‌

Shares

redeemed

(1,121,219,112,443‌)

(1,138,600,488,935‌)

4,938,380,598‌

(8,311,253,121‌)

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

132

d

Fund

Name/Share

Class        

Year

Ended

10/31/23

10/31/22

Administration

Shares

sold

7,852,313,986‌

35,189,075,748‌

Shares

issued

in

reinvestment

of

distributions

........................................................

309,549,338‌

141,478,818‌

Shares

redeemed

(19,957,161,461‌)

(20,049,893,915‌)

(11,795,298,137‌)

15,280,660,651‌

Capital

Shares

sold

405,304,186‌

11,810,436,969‌

Shares

issued

in

reinvestment

of

distributions

........................................................

5,865,916‌

893,971‌

Shares

redeemed

(263,798,086‌)

(39,060,254,288‌)

147,372,016‌

(27,248,923,348‌)

Cash

Management

Shares

sold

4,313,088,808‌

4,498,561,177‌

Shares

issued

in

reinvestment

of

distributions

........................................................

24,332,943‌

3,818,361‌

Shares

redeemed

(4,308,342,515‌)

(4,440,475,621‌)

29,079,236‌

61,903,917‌

Cash

Reserve

Shares

sold

323,421,715‌

1,059,106,115‌

Shares

issued

in

reinvestment

of

distributions

........................................................

772,240‌

224,084‌

Shares

redeemed

(368,938,961‌)

(1,453,257,146‌)

(44,745,006‌)

(393,926,947‌)

Dollar

Shares

sold

9,928,734,641‌

15,300,359,363‌

Shares

issued

in

reinvestment

of

distributions

........................................................

28,968,263‌

5,754,182‌

Shares

redeemed

(9,851,801,162‌)

(15,047,279,578‌)

105,901,742‌

258,833,967‌

Premier

Shares

sold

2,283,790,381‌

783,579,642‌

Shares

issued

in

reinvestment

of

distributions

........................................................

25,486,576‌

1,911,883‌

Shares

redeemed

(1,373,609,986‌)

(302,179,262‌)

935,666,971‌

483,312,263‌

Select

Shares

sold

523,278,909‌

152,218,729‌

Shares

issued

in

reinvestment

of

distributions

........................................................

2,416,295‌

135,326‌

Shares

redeemed

(496,577,385‌)

(168,847,901‌)

29,117,819‌

(16,493,846‌)

(5,654,524,761‌)

(19,885,886,464‌)

Treasury

Trust

Fund

Institutional

Shares

sold

270,716,368,499‌

275,811,620,566‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1,693,628,787‌

451,551,434‌

Shares

redeemed

(281,809,645,053‌)

(268,319,833,043‌)

(9,399,647,767‌)

7,943,338,957‌

Administration

Shares

sold

1,228,748,237‌

1,501,043,709‌

Shares

issued

in

reinvestment

of

distributions

........................................................

14,155,842‌

2,905,488‌

Shares

redeemed

(1,183,194,082‌)

(1,720,175,754‌)

59,709,997‌

(216,226,557‌)

Capital

Shares

sold

913,705,465‌

45,866,399‌

Shares

issued

in

reinvestment

of

distributions

........................................................

11,527,571‌

97,696‌

Shares

redeemed

(452,134,826‌)

(21,739,697‌)

473,098,210‌

24,224,398‌

Cash

Management

Shares

sold

29,920,721‌

50,917,744‌

Shares

issued

in

reinvestment

of

distributions

........................................................

368,642‌

10,536‌

Shares

redeemed

(46,534,965‌)

(62,557,550‌)

(16,245,602‌)

(11,629,270‌)

Notes

to

Financial

Statements

(continued)

133

Notes

to

Financial

Statements

Transactions

in

capital

shares

for

each

class

of

TempCash,

TempFund,

MuniCash,

California

Money

Fund

and

New

York

Money

Fund

were

as

follows:

d

Fund

Name/Share

Class        

Year

Ended

10/31/23

10/31/22

Cash

Reserve

Shares

sold

610,857,948‌

355,051,481‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1,324‌

616‌

Shares

redeemed

(561,718,372‌)

(372,944,893‌)

49,140,900‌

(17,892,796‌)

Dollar

Shares

sold

7,763,879,918‌

3,544,056,801‌

Shares

issued

in

reinvestment

of

distributions

........................................................

5,306,384‌

864,712‌

Shares

redeemed

(6,486,425,181‌)

(3,519,947,987‌)

1,282,761,121‌

24,973,526‌

Select

Shares

sold

750,589,215‌

1,905,146,766‌

Shares

issued

in

reinvestment

of

distributions

........................................................

7,370,864‌

2,012,121‌

Shares

redeemed

(673,561,755‌)

(2,398,131,605‌)

84,398,324‌

(490,972,718‌)

(7,466,784,817‌)

7,255,815,540‌

d

Year

Ended

10/31/23

Year

Ended

10/31/22

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

TempCash

Institutional

Shares

sold

..........................................

19,184,097,745‌

$

19,189,951,147‌

9,600,080,601‌

$

9,601,791,284‌

Shares

issued

in

reinvestment

of

distributions

.....................

23,922,723‌

23,930,356‌

3,890,755‌

3,891,427‌

Shares

redeemed

......................................

(14,720,816,627‌)

(14,725,554,167‌)

(6,728,448,109‌)

(6,729,988,840‌)

4,487,203,841‌

$

4,488,327,336‌

2,875,523,247‌

$

2,875,693,871‌

Dollar

Shares

issued

in

reinvestment

of

distributions

.....................

845‌

$

846‌

150‌

$

150‌

845‌

$

846‌

150‌

$

150‌

Great

Pacific

(h)

Shares

sold

..........................................

585,024,981‌

$

585,258,875‌

—‌

$

—‌

Shares

issued

in

reinvestment

of

distributions

.....................

19,784,211‌

19,788,522‌

—‌

—‌

Shares

redeemed

......................................

(200,545,835‌)

(200,586,000‌)

—‌

—‌

404,263,357‌

$

404,461,397‌

—‌

$

—‌

4,891,468,043‌

$

4,892,789,579‌

2,875,523,397‌

$

2,875,694,021‌

TempFund

Institutional

Shares

sold

..........................................

18,908,539,487‌

$

18,916,051,607‌

29,219,735,194‌

$

29,223,593,041‌

Shares

issued

in

reinvestment

of

distributions

.....................

204,679,581‌

204,762,886‌

56,440,667‌

56,447,053‌

Shares

redeemed

......................................

(21,330,306,472‌)

(21,339,185,990‌)

(30,562,133,416‌)

(30,565,617,972‌)

(2,217,087,404‌)

$

(2,218,371,497‌)

(1,285,957,555‌)

$

(1,285,577,878‌)

Administration

Shares

sold

..........................................

48,903,102‌

$

48,922,965‌

22,922,307‌

$

22,926,204‌

Shares

issued

in

reinvestment

of

distributions

.....................

1,404,546‌

1,405,136‌

150,228‌

150,250‌

Shares

redeemed

......................................

(46,610,054‌)

(46,631,185‌)

(9,042,750‌)

(9,044,672‌)

3,697,594‌

$

3,696,916‌

14,029,785‌

$

14,031,782‌

Cabrera

Capital

Markets

Shares

sold

..........................................

124,925‌

$

125,002‌

49,975‌

$

50,000‌

Shares

issued

in

reinvestment

of

distributions

.....................

7,350‌

7,353‌

495‌

495‌

132,275‌

$

132,355‌

50,470‌

$

50,495‌

Capital

Shares

sold

..........................................

438,259,205‌

$

438,451,580‌

41,317,345‌

$

41,324,464‌

Shares

issued

in

reinvestment

of

distributions

.....................

6,337,865‌

6,340,663‌

60,701‌

60,704‌

Shares

redeemed

......................................

(285,283,159‌)

(285,417,146‌)

(11,272,057‌)

(11,273,308‌)

159,313,911‌

$

159,375,097‌

30,105,989‌

$

30,111,860‌

Cash

Management

Shares

sold

..........................................

153,641,233‌

$

153,702,543‌

262,023,985‌

$

262,057,634‌

Shares

issued

in

reinvestment

of

distributions

.....................

22,528,431‌

22,537,848‌

3,800,989‌

3,801,488‌

Shares

redeemed

......................................

(205,379,391‌)

(205,463,655‌)

(324,336,305‌)

(324,376,857‌)

(29,209,727‌)

$

(29,223,264‌)

(58,511,331‌)

$

(58,517,735‌)

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

134

(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)

Period

January

21,

2022

(commencement

of

operations)

to

October

31,

2022

for

Penserra

Shares.

(e)

Period

August

1,

2022

(commencement

of

operations)

to

October

31,

2022

for

Stern

Brothers

Shares.

(f)

Period

September

30,

2022

(commencement

of

operations)

to

October

31,

2022

for

Tigress

Shares.

(g)

Period

August

12,

2022

(commencement

of

operations)

to

October

31,

2022

for

WestCap

Shares.

(h)

Period

January

23,

2023

(commencement

of

operations)

to

October

31,

2023

for

Great

Pacific

Shares.

As

of

October

31,

2023,

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Fund,

owned

2,268,040,900

Institutional

Shares

of

FedFund

.

As

of

October

31,

2023,

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.

On

November

16,

2023,

the

Board

approved

a

proposal

to

close

California

Money

Fund

and

New

York

Money

Fund

to

new

investors

and

thereafter

to

liquidate

each

Fund.

Accordingly,

effective

on

December

1,

2023,

each

Fund

will

no

longer

accept

purchase

orders

from

new

investors.

On

or

about

February

23,

2024

(the

“Liquidation

Date”),

d

Year

Ended

10/31/23

Year

Ended

10/31/22

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Cash

Reserve

Shares

sold

..........................................

37,187,243‌

$

37,203,114‌

40,130,742‌

$

40,141,262‌

Shares

issued

in

reinvestment

of

distributions

.....................

702,199‌

702,516‌

82,560‌

82,573‌

Shares

redeemed

......................................

(34,776,934‌)

(34,793,115‌)

(42,426,716‌)

(42,433,639‌)

3,112,508‌

$

3,112,515‌

(2,213,414‌)

$

(2,209,804‌)

Dollar

Shares

sold

..........................................

155,527,541‌

$

155,589,180‌

101,482,514‌

$

101,493,465‌

Shares

issued

in

reinvestment

of

distributions

.....................

3,449,949‌

3,451,418‌

722,935‌

723,035‌

Shares

redeemed

......................................

(176,621,499‌)

(176,689,353‌)

(109,118,262‌)

(109,128,018‌)

(17,644,009‌)

$

(17,648,755‌)

(6,912,813‌)

$

(6,911,518‌)

Private

Client

Shares

sold

..........................................

65,887‌

$

65,920‌

—‌

$

—‌

Shares

issued

in

reinvestment

of

distributions

.....................

33,401‌

33,416‌

7,827‌

7,829‌

Shares

redeemed

......................................

(512,067‌)

(512,326‌)

(16,969‌)

(16,973‌)

(412,779‌)

$

(412,990‌)

(9,142‌)

$

(9,144‌)

(2,098,097,631‌)

$

(2,099,339,623‌)

(1,309,418,011‌)

$

(1,309,031,942‌)

MuniCash

Institutional

Shares

sold

..........................................

35,981,486,604‌

$

35,981,358,818‌

43,233,900,980‌

$

43,236,483,206‌

Shares

issued

in

reinvestment

of

distributions

.....................

51,656,917‌

51,656,128‌

9,691,100‌

9,691,295‌

Shares

redeemed

......................................

(35,085,456,468‌)

(35,085,692,424‌)

(45,018,624,832‌)

(45,021,375,647‌)

947,687,053‌

$

947,322,522‌

(1,775,032,752‌)

$

(1,775,201,146‌)

Dollar

Shares

sold

..........................................

5,093,134‌

$

5,093,161‌

3,246,982‌

$

3,246,997‌

Shares

issued

in

reinvestment

of

distributions

.....................

52,079‌

52,078‌

14,459‌

14,459‌

Shares

redeemed

......................................

(6,284,604‌)

(6,284,494‌)

(5,159,835‌)

(5,159,987‌)

(1,139,391‌)

$

(1,139,255‌)

(1,898,394‌)

$

(1,898,531‌)

946,547,662‌

$

946,183,267‌

(1,776,931,146‌)

$

(1,777,099,677‌)

California

Money

Fund

Institutional

Shares

sold

..........................................

3,694,802,462‌

$

3,692,238,107‌

3,122,928,236‌

$

3,121,371,243‌

Shares

issued

in

reinvestment

of

distributions

.....................

7,022,534‌

7,017,452‌

970,885‌

970,232‌

Shares

redeemed

......................................

(3,751,718,199‌)

(3,749,123,410‌)

(3,013,148,212‌)

(3,011,746,498‌)

(49,893,203‌)

$

(49,867,851‌)

110,750,909‌

$

110,594,977‌

New

York

Money

Fund

Institutional

Shares

sold

..........................................

1,709,417,536‌

$

1,709,418,932‌

1,169,906,443‌

$

1,169,906,444‌

Shares

issued

in

reinvestment

of

distributions

.....................

2,426,130‌

2,426,143‌

334,396‌

334,396‌

Shares

redeemed

......................................

(1,471,430,213‌)

(1,471,430,638‌)

(1,031,082,677‌)

(1,031,082,677‌)

240,413,453‌

$

240,414,437‌

139,158,162‌

$

139,158,163‌

Notes

to

Financial

Statements

(continued)

135

Notes

to

Financial

Statements

all

of

the

assets

of

the

Funds

will

be

liquidated

completely,

the

shares

of

any

shareholders

on

the

Liquidation

Date

will

be

redeemed

at

the

NAV

per

share

and

each

Fund

will

then

be

terminated

as

a

series

of

the

Trust.

On

November

16,

2023,

the

Board

approved

a

change

in

MuniCash’s

principal

strategies

to

only

allow

assets

that

are

weekly

liquid

assets

to

be

held

in

the

portfolio.

The

change

in

strategy

will

become

effective

on

February

27,

2024.

Report

of

Independent

Registered

Public

Accounting

Firm

2023

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,

2023,

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,

2023,

and

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

their

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Funds

are

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

their

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Funds’

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2023,

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,

2023

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,

2023:

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,

2023:

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,

2023:

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,

2023:

Fund

Name

20%

Rate

Long-Term

Capital

Gain

Dividends

MuniCash

........................................................................................................

$

184‌

Fund

Name

Federal

Obligation

Interest

FedFund

........................................................................................................

$

1,393,325,714‌

TempCash

.......................................................................................................

4,945,184‌

TempFund

.......................................................................................................

2,890,696‌

T-Fund

..........................................................................................................

531,237,087‌

Treasury

Trust

Fund

.................................................................................................

4,384,089,276‌

BlackRock

Liquid

Federal

Trust

Fund

.....................................................................................

224,871,365‌

Fund

Name

Interest

Dividends

FedFund

........................................................................................................

$

6,731,491,981‌

TempCash

.......................................................................................................

590,601,806‌

TempFund

.......................................................................................................

291,425,805‌

T-Fund

..........................................................................................................

4,410,418,831‌

Treasury

Trust

Fund

.................................................................................................

4,817,124,068‌

BlackRock

Liquid

Federal

Trust

Fund

.....................................................................................

224,871,365‌

Fund

Name

Interest-Related

Dividends

Qualified

Short-Term

Capital

Gains

FedFund

.....................................................................................

$

6,447,505,094‌

$

—‌

TempCash

....................................................................................

577,763,825‌

—‌

TempFund

....................................................................................

291,425,805‌

—‌

T-Fund

.......................................................................................

4,410,418,831‌

—‌

Treasury

Trust

Fund

..............................................................................

4,642,843,349‌

5,230,882‌

MuniCash

.....................................................................................

—‌

615‌

New

York

Money

Fund

............................................................................

—‌

4‌

BlackRock

Liquid

Federal

Trust

Fund

..................................................................

224,871,365‌

—‌

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

2023

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

18,

2023

(the

“April

Meeting”)

and

May

23-24,

2023

(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

of

which

extended

over

a

two-day

period,

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

regarding

the

renewal

of

the

Agreements.

In

considering

the

renewal

of

the

Agreements,

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

are

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

Agreements

(continued)

139

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

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

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.

The

Board

noted

that

the

engagement

of

the

Sub-Advisor

with

respect

to

TempFund

and

TempCash

facilitates

the

provision

of

investment

advice

and

trading

by

investment

personnel

out

of

non-U.S.

jurisdictions.

The

Board

considered

that

this

arrangement

provides

additional

flexibility

to

the

portfolio

management

team,

which

may

benefit

TempFund

and

TempCash

and

their

shareholders.

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,

2022,

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

that

existed

for

a

portion

of

the

relative

periods.

In

addition

to

reviewing

each

Fund’s

performance

and

current

yield,

it

also

reviews

the

liquidity,

duration,

credit

quality

and

other

risk

factors

of

each

Fund’s

portfolio.

The

Board

noted

that

for

each

of

the

one-

and

three-year

periods

reported,

each

of

T-Fund,

Treasury

Trust

Fund

and

BlackRock

Liquid

Federal

Trust

Fund

outperformed

its

Benchmark

Weighted

Average.

The

Board

noted

that

for

each

of

the

one-

and

three-year

periods

reported,

California

Money

Fund,

New

York

Money

Fund,

TempFund,

TempCash,

MuniCash

and

Fed

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

Agreements

(continued)

2023

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

that

the

fee

and

expense

information

in

the

Broadridge

report

for

the

Fund

reflected

information

for

a

specific

period

and

that

historical

asset

levels

and

expenses

may

differ

from

current

levels,

particularly

in

a

period

of

market

volatility.

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,

2022

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

and

resources,

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

that

existed

for

a

portion

of

the

relative

periods,

and

any

consequent

expense

waivers

and

reimbursements

necessary

to

maintain

minimum

levels

of

daily

net

investment

income,

as

applicable.

The

Board

noted

that

BlackRock

Liquid

Federal

Trust

Fund’s

contractual

management

fee

rate

ranked

in

the

third

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

third

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

noted

that

TempCash’s

contractual

management

fee

rate

ranked

in

the

third

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

fourth

and

third

quartiles,

respectively,

relative

to

the

pertinent

Fund’s

Expense

Peers.

The

Board

noted

that

each

of

Treasury

Trust

Fund’s,

T-Fund’s

and

Fed

Fund’s

contractual

management

fee

rate

ranked

in

the

third

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

fourth

quartile

relative

to

the

pertinent

Fund’s

Expense

Peers.

The

Board

noted

that

New

York

Money

Fund’s

contractual

management

fee

rate

ranked

in

the

fourth

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

second

and

fourth

quartiles,

respectively.

relative

to

the

Fund’s

Expense

Peers.

The

Board

noted

that

TempFund’s

contractual

management

fee

rate

ranked

in

the

fourth

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

third

and

fourth

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

noted

that

each

of

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

fourth

quartile

relative

to

the

pertinent

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

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

Fund

decreases

below

certain

contractually

specified

levels.

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

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

aggregate

assets

of

such

Funds

decrease

below

certain

contractually

specified

levels.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

each

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

D.

Economies

of

Scale

The

Board,

including

the

Independent

Board

Members,

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Funds

increase,

including

the

existence

of

fee

waivers

and/or

expense

caps,

as

applicable,

noting

that

any

contractual

fee

waivers

and

contractual

expense

caps

had

been

approved

by

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

141

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

the

Board.

In

its

consideration,

the

Board

further

considered

the

continuation

and/or

implementation

of

fee

waivers

and/or

expense

caps,

as

applicable.

The

Board

also

considered

the

extent

to

which

the

Funds

benefit

from

such

economies

of

scale

in

a

variety

of

ways,

and

whether

there

should

be

changes

in

the

advisory

fee

rate

or

breakpoint

structure

in

order

to

enable

the

Funds

to

more

fully

participate

in

these

economies

of

scale.

The

Board

considered

each

Fund’s

asset

levels

and

whether

the

current

fee

schedule

was

appropriate.

E.

Other

Factors

Deemed

Relevant

by

the

Board

Members

The

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

or

“fall-out”

benefits

that

BlackRock

or

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

the

Funds,

both

tangible

and

intangible,

such

as

BlackRock’s

ability

to

leverage

its

investment

professionals

who

manage

other

portfolios

and

its

risk

management

personnel,

an

increase

in

BlackRock’s

profile

in

the

investment

advisory

community,

and

the

engagement

of

BlackRock’s

affiliates

as

service

providers

to

the

Funds,

including

for

administrative,

distribution,

securities

lending

and

cash

management

services.

With

respect

to

securities

lending,

during

the

year

the

Board

also

considered

information

provided

by

independent

third-party

consultants

related

to

the

performance

of

each

BlackRock

affiliate

as

securities

lending

agent.

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,

in

a

continuation

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,

2024,

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,

2024.

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

advised

by

independent

legal

counsel

throughout

the

deliberative

process.

Trustee

and

Officer

Information

2023

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

169

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

from

2018

to

2022;

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;

Member

of

the

President's

Counsel,

Commonfund

since

2023.

28

RICs

consisting

of

169

Portfolios

None

Collette

Chilton

1958

Trustee

(Since

2015)

Chief

Investment

Officer,

Williams

College

from

2006

to

2023;

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

169

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

169

Portfolios

None

Lena

G.

Goldberg

1949

Trustee

(Since

2019)

Director,

Pioneer

Legal

Institute

since

2023;

Director,

Charles

Stark

Draper

Laboratory,

Inc.

from

2013

to

2021;

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

169

Portfolios

None

Henry

R.

Keizer

1956

Trustee

(Since

2019)

Director,

Park

Indemnity

Ltd.

(captive

insurer)

from

2010

to

2022.

28

RICs

consisting

of

169

Portfolios

GrafTech

International

Ltd.

(materials

manufacturing);

Sealed

Air

Corp.

(packaging);

WABCO

(commercial

vehicle

safety

systems)

from

2015

to

2020;

Hertz

Global

Holdings

(car

rental)

from

2015

to

2021.

Cynthia

A.

Montgomery

1952

Trustee

(Since

2007)

Professor,

Harvard

Business

School

since

1989.

28

RICs

consisting

of

169

Portfolios

None

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)

Chair

of

the

Board

of

Phoenix

Art

Museum

since

2022

and

Trustee

thereof

since

2018;

Chair

of

the

Investment

Committee

of

The

Arizona

Community

Foundation

since

2022

and

Trustee

thereof

since

2020;

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;

Member

of

Affordable

Housing

Supply

Board

of

Jackson,

Wyoming

since

2017;

Member,

Investment

Funds

Committee,

State

of

Wyoming

since

2017;

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.

28

RICs

consisting

of

169

Portfolios

None

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

2001,

Emeritus

since

2022;

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

169

Portfolios

None

Claire

A.

Walton

1957

Trustee

(Since

2016)

Advisory

Board

Member,

Grossman

School

of

Business

at

the

University

of

Vermont

since

2023;

Advisory

Board

Member,

Scientific

Financial

Systems

since

2022;

General

Partner

of

Neon

Liberty

Capital

Management,

LLC

since

2003;

Chief

Operating

Officer

and

Chief

Financial

Officer

of

Liberty

Square

Asset

Management,

LP

from

1998

to

2015;

Director,

Boston

Hedge

Fund

Group

from

2009

to

2018;

Director,

Massachusetts

Council

on

Economic

Education

from

2013

to

2015.;

Director,

Woodstock

Ski

Runners

from

2013

to

2022.

28

RICs

consisting

of

169

Portfolios

None

Independent

Trustees

(a)

(continued)

Trustee

and

Officer

Information

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

144

Interested

Trustees

(a)(d)

(a)

The

address

of

each

Trustee

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New

York,

New

York

10001.

(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;

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

273

Portfolios

None

John

M.

Perlowski

(e)

1964

Trustee

(Since

2015);

President

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

275

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.,

50

Hudson

Yards,

New

York,

New

York

10001.

(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.

Aaron

Wasserman

1974

Chief

Compliance

Officer

(Since

2023)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Chief

Compliance

Officer

of

the

BlackRock-advised

funds

in

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

iShares

Complex

since

2023;

Deputy

Chief

Compliance

Officer

for

the

BlackRock-advised

funds

in

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-

Income

Complex

and

the

iShares

Complex

from

2014

to

2023.

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,

2022,

Joseph

P.

Platt

retired

as

a

Trustee

of

the

Trust.

Effective

July

1,

2023,

Aaron

Wasserman

replaced

Charles

Park

as

Chief

Compliance

Officer

of

the

Trust.

Additional

Information

2023

BlackRock

Annual

Report

to

Shareholders

146

Tailored

Shareholder

Reports

for

Open-End Mutual

Funds

and

ETFs

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Funds.

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

schedule

of

portfolio

holdings

with

the

SEC

each

month

on

Form

N-MFP.

The

Funds'

reports

on

Form

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

10001

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

2023

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-Exempt

Commercial

Paper

VRDN

Variable

Rate

Demand

Notes

VRDP

Variable

Rate

Demand

Preferred

Notice

to

Shareholders

2023

BlackRock

Annual

Report

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.

An

investment

in

a

Fund

is

not

a

bank

account

and

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Funds'

sponsor

is

not

required

to

reimburse

the

Funds

for

losses,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

to

the

Funds

at

any

time,

including

during

periods

of

market

stress.

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

a

bank

account

and

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Funds'

sponsor

is

not

required

to

reimburse

the

Funds

for

losses,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

to

the

Funds

at

any

time,

including

during

periods

of

market

stress.

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-10/23-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	$26,214	$25,194	$8,000	$8,044	$9,900	$9,500	$407	$431
California Money Fund	$28,356	$27,234	$0	$44	$10,900	$10,500	$407	$431
FedFund	$32,640	$31,416	$8,000	$44	$9,900	$9,500	$407	$431
MuniCash	$28,356	$27,234	$0	$44	$10,900	$10,500	$407	$431
New York Money Fund	$28,356	$27,234	$0	$44	$10,900	$10,500	$407	$431
TempCash	$28,356	$27,234	$2,000	$44	$9,900	$9,500	$407	$431
TempFund	$27,030	$26,010	$0	$4,044	$9,900	$9,500	$407	$431
T-Fund	$31,416	$30,192	$0	$44	$9,900	$9,500	$407	$431
Treasury Trust Fund	$26,214	$25,194	$0	$44	$9,900	$9,500	$407	$431

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	$2,154,000	$2,098,000

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 $2,154,000 and $2,098,000 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	$10,307	$17,975
California Money Fund	$11,307	$10,975
FedFund	$10,307	$9,975
MuniCash	$11,307	$10,975
New York Money Fund	$11,307	$10,975
TempCash	$10,307	$9,975
TempFund	$10,307	$13,975
T-Fund	$10,307	$9,975
Treasury Trust Fund	$10,307	$9,975

              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
$2,154,000	$2,098,000

              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 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 14 – 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, 2023

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, 2023

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Liquidity Funds

Date: December 21, 2023