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

California

Money Fund

Federal Trust Fund

FedFund

MuniCash

MuniFund

New York

Money Fund

TempCash

TempFund

T-Fund

Treasury Trust Fund

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Liquidity Funds, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 10/31/2020

Date of reporting period: 10/31/2020

Item 1 – Report to Stockholders

October

31,

2020

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2020

Annual

Report

BlackRock

Liquidity

Funds

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

Treasury

Trust

Fund

MuniCash

MuniFund

California

Money

Fund

New

York

Money

Fund

Beginning

on

January

1,

2021,

as

permitted

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regulations

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by

the

Securities

and

Exchange

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Dear

Shareholder,

The

12-month

reporting

period

as

of

October

31,

2020

has

been

a

time

of

sudden

change

in

global

financial

markets,

as

the

emergence

and

spread

of

the

coronavirus

(or

“COVID-19”)

led

to

a

vast

disruption

in

the

global

economy

and

financial

markets.

Prior

to

the

outbreak

of

the

virus,

U.S.

equities

and

bonds

both

delivered

solid

returns,

despite

fears

and

doubts

about

the

economy

that

were

ultimately

laid

to

rest

with

unprecedented

monetary

stimulus

and

a

sluggish

yet

resolute

performance

from

the

U.S.

economy.

But

as

the

threat

from

the

coronavirus

became

more

apparent

throughout

February

and

March

2020,

countries

around

the

world

took

economically

disruptive

countermeasures.

Stay-at-home

orders

and

closures

of

non-essential

businesses

became

widespread,

many

workers

were

laid

off,

and

unemployment

claims

spiked,

causing

a

global

recession

and

a

sharp

fall

in

equity

prices.

After

markets

hit

their

lowest

point

of

the

reporting

period

in

late

March

2020,

a

steady

recovery

ensued,

as

businesses

began

to

re-open

and

governments

learned

to

adapt

to

life

with

the

virus.

Equity

prices

continued

to

rise

throughout

the

summer,

fed

by

strong

fiscal

and

monetary

support

and

improving

economic

indicators.

Many

equity

indices

neared

or

surpassed

all-time

highs

in

early

September

2020

before

retreating

amid

concerns

about

a

second

wave

of

infections.

In

the

United

States,

large-capitalization

stocks

advanced,

outperforming

small-capitalization

stocks,

which

declined

marginally

during

the

reporting

period.

International

equities

from

developed

economies

declined,

significantly

lagging

emerging

market

stocks,

which

rebounded

sharply.

During

the

market

downturn,

the

performance

of

different

types

of

fixed-income

securities

initially

diverged

due

to

a

reduced

investor

appetite

for

risk.

U.S.

Treasuries

benefited

from

the

risk-off

environment,

and

posted

solid

returns,

as

the

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

touched

an

all-time

low.

In

the

corporate

bond

market,

support

from

the

U.S.

Federal

Reserve

(the

“Fed”)

assuaged

credit

concerns

and

both

investment-grade

and

high-yield

bonds

recovered

to

post

positive

returns.

The

Fed

took

an

accommodative

monetary

stance

in

late

2019

to

support

slowing

economic

growth.

After

the

coronavirus

outbreak,

the

Fed

instituted

two

emergency

interest

rate

cuts,

pushing

short-term

interest

rates

close

to

zero.

To

stabilize

credit

markets,

the

Fed

also

implemented

a

new

bond-buying

program,

as

did

several

other

central

banks

around

the

world,

including

the

European

Central

Bank

and

the

Bank

of

Japan.

Looking

ahead,

while

coronavirus-related

disruptions

have

clearly

hindered

worldwide

economic

growth,

we

believe

that

the

global

expansion

is

likely

to

continue

as

economic

activity

resumes.

Several

risks

remain,

however,

including

a

potential

resurgence

of

the

coronavirus

amid

loosened

restrictions,

policy

fatigue

among

governments

already

deep

into

deficit

spending,

and

structural

damage

to

the

financial

system

from

lengthy

economic

interruptions.

Overall,

we

favor

a

moderately

positive

stance

toward

risk,

and

in

particular

toward

credit

given

the

extraordinary

central

bank

measures

taken

in

recent

months.

This

support

extends

beyond

investment-grade

corporates

and

into

high-yield,

leading

to

attractive

opportunities

in

that

end

of

the

market.

We

believe

that

international

diversification

and

a

focus

on

sustainability

can

help

provide

portfolio

resilience,

and

the

disruption

created

by

the

coronavirus

appears

to

be

accelerating

the

shift

toward

sustainable

investments.

We

remain

neutral

on

equities

overall

while

favoring

emerging

market

stocks

and

tilting

toward

the

quality

factor

for

its

resilience.

In

this

environment,

our

view

is

that

investors

need

to

think

globally,

extend

their

scope

across

a

broad

array

of

asset

classes,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

October

31,

2020

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

13.29%

9.71%

U.S.

small

cap

equities

(Russell

2000

®

Index)

18.13

(0.14)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

8.57

(6.86)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

20.96

8.25

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.06

0.92

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(1.63)

8.92

U.S.

investment

grade

bonds

(Bloomberg

Barclays

U.S.

Aggregate

Bond

Index)

1.27

6.19

Tax-exempt

municipal

bonds

(S&P

Municipal

Bond

Index)

4.87

3.55

U.S.

high

yield

bonds

(Bloomberg

Barclays

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

10.73

3.42

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Annual

Report:

Money

Market

Overview

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

4

Fund

Information

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

6

Disclosure

of

Expenses

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

10

Financial

Statements:

Schedules

of

Investments

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

12

Statements

of

Assets

and

Liabilities

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

65

Statements

of

Operations

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

69

Statements

of

Changes

in

Net

Assets

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

71

Financial

Highlights

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

76

Notes

to

Financial

Statements

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

130

Report

of

Independent

Registered

Public

Accounting

Firm

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

144

Important

Tax

Information

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

145

Disclosure

of

Investment

Advisory

Agreement

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

146

Trustee

and

Officer

Information

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

150

Additional

Information

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

154

Glossary

of

Terms

Used

in

this

Report

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

156

Money

Market

Overview

For

the

12-Month

Period

Ended

October

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

4

In

the

latter

half

of

2019

and

the

onset

of

2020,

the

U.S.

economy

was

in

a

good

place

and

interest

rate

policy

was

appropriate

according

to

the

Fed,

but

this

outlook

quickly

changed

upon

the

imposition

of

dramatic

measures

by

authorities

around

the

world

to

stem

the

spread

of

the

coronavirus

pandemic.

In

response,

the

Fed

quickly

enacted

a

series

of

unprecedented

measures

to

channel

credit

to

businesses

and

households

and

smooth

market

functioning.

The

Fed’s

stimulus

campaign

began

with

an

“emergency”

0.50%

cut

to

the

Federal

Funds

target

rate

on

March

3,

2020.

This

action

was

followed

up

a

few

weeks

later

with

a

surprise

1%

interest

rate

cut,

bringing

the

range

for

the

Federal

Funds

target

rate

to

0.00%-0.25%.

This

action

included

a

commitment

to

keep

rates

low

until

the

uncertainty

has

passed.

Dusting

off

its

crisis-era

playbook,

the

Fed

rebooted

or

rolled

out

various

support

facilities

and

continues

to

emphasize

its

support

of

credit

and

liquidity

in

order

to

stabilize

markets

along

with

a

$2

trillion

fiscal

aid

package

signed

into

law

by

President

Trump.

The

most

impactful

for

money

market

funds,

in

our

view,

was

the

creation

of

the

Money

Market

Mutual

Fund

Liquidity

Facility

to

purchase

commercial

paper

and

domestic

and

Yankee

certificates

of

deposit

from

prime

money

market

funds,

and

municipal

debt

and

variable

rate

demand

notes

from

municipal

money

funds.

The

facility

was

largely

active

and

providing

liquidity

to

money

market

funds

by

the

end

of

the

first

quarter

of

2020.

In

a

nod

to

2008,

the

Fed

revived

the

following

vehicles:

the

Commercial

Paper

Funding

Facility

to

backstop

the

purchase

of

high-quality

commercial

paper

from

U.S.

issuers;

the

Primary

Dealer

Credit

Facility

to

provide

low-cost

funding

against

a

broad

range

of

collateral

including

commercial

paper;

and

the

Term

Asset-Backed

Securities

Lending

Facility

to

purchase

asset-backed

securities.

Other

notable

actions

included

the

creation

of

new

facilities

to

purchase

investment-grade

corporate

debt

through

the

Primary

Market

Corporate

Credit

Facility

and

Secondary

Market

Corporate

Credit

Facility.

A

$2

trillion

fiscal

aid

package

signed

into

law

by

President

Trump

along

with

a

series

of

coordinated

global

fiscal

and

monetary

actions

complemented

the

Fed’s

sweeping

measures.

While

no

new

policy

initiatives

were

announced

at

the

June

10,

2020

Federal

Open

Market

Committee

(the

“FOMC”

)

meeting,

Chairman

Powell

acknowledged

during

the

post-meeting

press

conference

that

two

additional

policy

tools,

so-called

forward

guidance

and

the

targeting

of

interest

rates

along

the

yield

curve,

were

both

discussed.

Minutes

of

the

meeting

released

on

July

1,

2020

revealed

that

“participants

generally

indicated

support

for

outcome-based

forward

guidance.”

The

minutes

from

the

September

16,

2020

FOMC

meeting

were

released

on

October

7,

2020

but

presented

no

notable

changes

to

current

policy.

Commenting

on

the

economy,

the

minutes

stated

“many

participants

noted

that

their

economic

outlook

assumed

additional

fiscal

support

and

that

if

future

fiscal

support

was

significantly

smaller

or

arrived

significantly

later

than

they

expected,

the

pace

of

the

recovery

could

be

slower

than

anticipated.”

In

contrast,

conditions

in

money

markets

have

been

relatively

benign.

Net

new

Treasury

bill

(“T-bill”)

supply

contracted

more

than

$43

billion

in

October

2020,

and

three-month

T-bills

were

generally

offered

with

yields

below

0.10%.

Similarly,

the

secured

overnight

financing

rate

(“SOFR”)

—

a

broad

measure

of

the

cost

of

borrowing

cash

overnight

collateralized

by

Treasury

securities

—

was

also

below

0.10%

for

most

of

October.

We

believe

this

was

driven

by

an

excess

of

cash

relative

to

available

collateral.

For

many

market

participants,

we

believe

there

will

eventually

be

agreement

on

additional

fiscal

stimulus

in

Washington,

D.C.

The

size

and

timing

of

any

measures

—

and

in

turn

any

corresponding

increase

in

net

new

T-bill

issuance

—

remains

to

be

seen.

According

to

the

Investment

Company

Institute,

prime

money

market

fund

assets

across

the

industry

recouped

over

two-thirds

of

the

outflows

experienced

during

the

first

quarter

of

2020,

standing

around

$761

billion

as

of

June

30,

2020.

Money

market

fund

industry

assets

declined

about

$56

billion

between

September

30

and

October

28,

2020.

Of

this,

government

money

market

funds

saw

$51

billion

in

outflows,

while

assets

of

prime

money

market

funds

fell

nearly

$4

billion.

We

are

prepared

for

the

possibility

that

an

increase

in

market

volatility

around

the

U.S.

election

could

prompt

flight-to-quality

flows

into

government

money

market

funds.

Credit

spreads

remained

tight

over

October

2020

and

the

three-month

London

Interbank

Offered

Rate

overnight-indexed

swap

spread

(a

gauge

of

stress

in

the

financial

system)

stood

at

0.13%

as

of

October

30.

This

was

just

0.01%

above

the

previous

12-month

low

of

0.12%.

Also

impacting

the

prime

money

market

space

in

October

was

increased

discussion

among

various

official

institutions

about

possible

changes

to

the

regulatory

framework.

Our

strategic

allocations

in

October

were

broadly

consistent

with

the

positioning

for

the

majority

of

the

summer

months.

In

setting

strategy,

we

have

maintained

a

bias

toward

higher-quality

issuers

of

commercial

paper

and

U.S.

dollar-denominated

certificates

of

deposit

when

adding

investments

in

three-

to

six-month

tenors.

When

analyzing

overall

risk

markets

in

October,

we

noticed

significantly

elevated

levels

of

volatility

priced

in

the

equity

options

markets.

At

the

same

time,

we

believe

that

short-term

credit

valuations

are

quite

expensive.

As

a

result,

the

platform

employed

slightly

elevated

liquidity

buffers

to

the

prime

funds

to

mitigate

against

potential

volatility

associated

with

an

upcoming

U.S.

presidential

election,

and

U.S.-China

trade

disputes

amongst

other

such

risks.

As

such,

we

have

increased

our

exposure

to

Treasuries

and

securities

that

mature

within

six

months.

To

help

preserve

the

yield

of

the

funds,

we

were

selective

with

opportunities

further

out

on

the

curve

on

fixed

and

floating

rate

securities

that

we

believe

represent

convincing

relative

value.

With

the

Fed

continuing

to

pledge

its

support

to

markets,

front-end

credit

markets

have

remained

calm.

We

continue

to

monitor

credit

ratings

activity

and

are

cautious

of

the

uncertainty

that

lies

ahead

when

setting

strategy.

As

a

result,

we

continue

to

be

conservative

in

sectors

that

are

subject

to

heightened

risk

of

downgrade.

Our

focus

on

liquidity

means

we

have

maintained

elevated

levels

of

liquidity

relative

to

historical

positioning.

Turning

to

short-term

municipal

bonds,

the

short-term

municipal

market

began

the

twelve-month

period

at

$137

billion

in

industry

assets,

spiked

in

January

2020

at

$140.5

billion

due

to

seasonal

coupon

inflows,

and

then

declined

to

end

the

period

at

$112

billion,

down

approximately

$25

billion

on

the

year

as

low

yields

prompted

investors

to

seek

higher

yields

in

other

asset

classes,

negatively

impacting

tax-exempt

money

fund

industry

assets.

Though

the

FOMC’s

target

range

began

the

period

at

1.50%–1.75%

as

of

November

1,

2019,

in

March

2020,

the

impact

of

the

coronavirus

was

dramatic

and

volatile

for

both

markets

and

investors.

Tax-exempt

money

market

funds

lost

$6

billion

in

assets

as

investors

redeemed

in

favor

of

government

money

market

funds

or

a

preference

for

actual

cash.

Variable

rate

demand

note

(“VRDN”)

inventory

on

dealer

balance

sheets

spiked

to

$31

billion,

approximately

six

times

the

typical

carry

amount,

causing

the

Securities

Industry

and

Financial

Markets

Association

(“SIFMA”)

Index,

which

represents

the

average

yield

on

weekly

VRDNs,

to

spike

to

5.20%.

The

Fed

reacted

in

a

bold

way

and

stated

that

they

would

support

the

economy

by

doing

whatever

it

takes

to

combat

the

growing

impact

of

the

coronavirus

on

financial

markets

and

economic

conditions.

They

began

utilizing

a

variety

of

measures

to

ease

the

building

financial

pressures.

Measures

included

lowering

the

Fed

Funds

rate

to

the

0.00%-0.25%

range

and

extending

Money

Market

Overview

For

the

12-Month

Period

Ended

October

31,

2020

(continued)

5

Money

Market

Overview

asset

purchases

of

bonds

and

mortgage-backed

securities

as

well

as

including

corporate

and

municipal

bonds.

They

also

activated

multiple

Fed

programs

to

relieve

balance

sheet

pressure,

including

the

Money

Market

Mutual

Fund

Liquidity

Facility,

the

Commercial

Paper

Funding

Facility

and

the

Primary

Dealer

Credit

Facility.

All

programs

had

a

dramatic

impact

in

lowering

financial

market

pressures.

Elevated

VRDN

yields

garnered

interest

from

taxable

money

funds

and

crossover

accounts

during

the

last

week

of

March,

helping

to

reduce

VRDN

inventory

on

dealer

balance

sheets,

which

ended

the

month

at

a

normalized

level

of

$5.2

billion.

Throughout

the

remainder

of

the

year,

strong

inflows

into

municipal

bond

funds

and

increased

demand

from

non-traditional

investors

such

as

separately

managed

accounts

and

taxable

money

market

funds

persisted,

translating

into

elevated

demand

for

VRDN

securities

and

exerting

continued

downward

pressure

on

the

SIFMA

Index.

Tax

time

in

July

pushed

SIFMA

briefly

higher

to

0.21%

before

quickly

moving

lower

as

SIFMA

traded

in

a

tight

0.08%-0.13%

range

for

the

remainder

of

the

annual

period.

Additionally,

new

VRDN

issuance

remained

light

throughout

the

period

as

issuers

instead

opted

to

bond

out

debt

issuance

and

take

advantage

of

low

longer-term

bond

yields.

The

SIFMA

Index

ended

the

period

at

0.12%

as

VRDN

inventory

on

dealer

balance

sheets

stood

at

just

$2

billion,

well

below

the

12-month

rolling

average

of

$4.4

billion.

With

low

supply

remaining

a

dominant

theme,

yields

on

commercial

paper,

municipal

notes,

and

municipal

bonds

moved

lower

as

well.

Municipal

note

supply

remained

manageable

at

$41.3

billion

year

to

date,

in

line

with

2019

year

to

date

note

issuance.

The

one-year

Municipal

Market

Data

yield,

which

represents

one-year

municipal

bonds,

and

the

one-year

MIG1

yield,

which

represents

municipal

notes,

decreased

to

end

the

period

at

0.20%

and

0.23%,

respectively.

With

SIFMA

at

0.12%

and

one-year

municipal

notes

pricing

at

0.23%,

the

spread

between

the

seven-day

SIFMA

Index

and

one-year

MIG1

note

scale

ended

the

quarter

at

0.11%,

representing

a

flat,

but

positively

sloped

municipal

money

market

yield

curve.

Looking

ahead,

municipalities

continue

to

address

not

only

their

annual

operating

financing

needs,

but

additional

burdens

created

from

the

coronavirus

pandemic.

The

Fed

continues

to

reiterate

that

it

will

do

whatever

it

takes

to

maintain

fiscal

support.

Municipal

money

market

fund

managers

are

expected

to

maintain

more

of

a

neutral

duration

posture

as

the

Fed

remains

accommodative

to

the

overall

market,

reinforcing

the

low

rate

environment.

We

continue

to

maintain

a

defensive

approach

with

respect

to

high

levels

of

fund

liquidity

and

remain

selective

with

respect

to

one-year

municipal

note

and

bond

purchases

due

to

the

minimal

yield

pickup,

while

opportunistically

investing

in

commercial

paper

for

a

laddered

maturity

schedule.

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Fund

Information

as

of

October

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

6

Federal

Trust

Fund

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

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

0

.00‌

%

0.05‌

%

Administration

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

0

.00‌

0.05‌

Cash

Management

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

0.00‌

0.04‌

Cash

Reserve

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

0.00‌

0.05‌

Dollar

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

0.00‌

0.05‌

Premier

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

0.00‌

0.05‌

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

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

63‌

%

U.S.

Government

Sponsored

Agency

Obligations

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

34‌

Other

Assets

Less

Liabilities

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

3‌

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

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

(0.01‌)

%

0.04‌

%

Administration

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

(0.01‌)

0.04‌

Capital

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

(0.01‌)

0.04‌

Cash

Management

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

(0.01‌)

0.04‌

Cash

Reserve

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

(0.01‌)

0.04‌

Dollar

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

(0.01‌)

0.04‌

Premier

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

(0.01‌)

0.05‌

Private

Client

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

(0.01‌)

0.04‌

Select

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

(0.01‌)

0.04‌

The

7-Day

SEC

Yields

may

differ

from

the

7-Day

Yields

shown

above

due

to

the

fact

that

the

7-Day

SEC

Yields

exclude

distributed

capital

gains.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

U.S.

Treasury

Obligations

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

44‌

%

Repurchase

Agreements

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

29‌

U.S.

Government

Sponsored

Agency

Obligations

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

23‌

Other

Assets

Less

Liabilities

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

4‌

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

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

0.09‌

%

0.09‌

%

Dollar

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

0.00‌ 

0.00‌

Premier

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

0.09‌

0.09‌

The

7-Day

SEC

Yields

may

differ

from

the

7-Day

Yields

shown

above

due

to

the

fact

that

the

7-Day

SEC

Yields

exclude

distributed

capital

gains.

Past

performance

is

not

an

indication

of

future

results.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

Time

Deposits

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

30‌

%

Commercial

Paper

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

25‌

Certificates

of

Deposit

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

19‌

Repurchase

Agreements

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

12‌

U.S.

Treasury

Obligations

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

11‌

Municipal

Bonds

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

1‌

Corporate

Bonds

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

—‌

(a)

U.S.

Government

Sponsored

Agency

Obligations

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

—‌

(a)

Other

Assets

Less

Liabilities

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

2‌

(a)

Represents

less

than

1%

of

the

Fund's

net

assets.

Fund

Information

as

of

October

31,

2020

(continued)

7

Fund

Information

TempFund

TempFund’s

(the

“Fund”)

investment

objective

is

to

seek

as

high

a

level

of

current

income

as

is

consistent

with

liquidity

and

stability

of

principal.

T-Fund

T-Fund’s

(the

“Fund”)

investment

objective

is

to

seek

current

income

as

is

consistent

with

liquidity

and

stability

of

principal.

Treasury

Trust

Fund

Treasury

Trust

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

current

income

as

is

consistent

with

liquidity

and

stability

of

principal.

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

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

0.07‌

%

0.10‌

%

Administration

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

0.01‌

0.04‌

Capital

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

0.02‌

0.05‌

Cash

Management

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

0.00‌

0.03‌

Cash

Reserve

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

0.00‌

0.03‌

Dollar

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

0.01‌

0.04‌

Private

Client

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

0.00‌

0.03‌

The

7-Day

SEC

Yields

may

differ

from

the

7-Day

Yields

shown

above

due

to

the

fact

that

the

7-Day

SEC

Yields

exclude

distributed

capital

gains.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

Time

Deposits

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

27‌

%

Commercial

Paper

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

24‌

Certificates

of

Deposit

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

19‌

Repurchase

Agreements

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

16‌

U.S.

Treasury

Obligations

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

11‌

Municipal

Bonds

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

1‌

Corporate

Bonds

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

—‌

(a)

U.S.

Government

Sponsored

Agency

Obligations

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

—‌

(a)

Other

Assets

Less

Liabilities

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

2‌

(a)

Represents

less

than

1%

of

the

Fund's

net

assets.

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

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

0.01‌

%

0.04‌

%

Administration

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

0.00‌

0.03‌

Capital

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

0.00‌

0.03‌

Cash

Management

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

0.00‌

0.03‌

Cash

Reserve

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

0.00‌

0.03‌

Dollar

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

0.00‌

0.03‌

Premier

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

0.01‌

0.04‌

Select

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

0.00‌

0.03‌

The

7-Day

SEC

Yields

may

differ

from

the

7-Day

Yields

shown

above

due

to

the

fact

that

the

7-Day

SEC

Yields

exclude

distributed

capital

gains.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

U.S.

Treasury

Obligations

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

65‌

%

Repurchase

Agreements

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

31‌

Other

Assets

Less

Liabilities

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

4‌

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

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

(0.02‌)

%

0.01‌

%

Administration

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

(0.02‌)

0.01‌

Capital

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

(0.02‌)

0.01‌

Cash

Management

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

(0.02‌)

0.01‌

Cash

Reserve

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

(0.02‌)

0.01‌

Dollar

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

(0.02‌)

0.00‌

Premier

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

(0.03‌)

0.01‌

Select

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

(0.02‌)

0.01‌

The

7-Day

SEC

Yields

may

differ

from

the

7-Day

Yields

shown

above

due

to

the

fact

that

the

7-Day

SEC

Yields

exclude

distributed

capital

gains.

Past

performance

is

not

an

indication

of

future

results.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

U.S.

Treasury

Obligations

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

97‌

%

Other

Assets

Less

Liabilities

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

3‌

Fund

Information

as

of

October

31,

2020

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

8

MuniCash

MuniCash’s

(the

“Fund”)

investment

objective

is

to

seek

as

high

a

level

of

current

income

exempt

from

federal

income

tax

as

is

consistent

with

liquidity

and

stability

of

principal.

MuniFund

MuniFund’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.

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

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

0.01‌

%

0.01‌

%

Dollar

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

0.01‌

0.01‌

Premier

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

0.01‌

0.01‌

The

7-Day

SEC

Yields

may

differ

from

the

7-Day

Yields

shown

above

due

to

the

fact

that

the

7-Day

SEC

Yields

exclude

distributed

capital

gains.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

Variable

Rate

Demand

Notes

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

77‌

%

Municipal

Bonds

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

20‌ 

Closed-End

Investment

Companies

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

3‌

Other

Assets

Less

Liabilities

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

—‌

(a)

(a)

Represents

less

than

1%

of

the

Fund's

net

assets.

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

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

0.01‌

%

0.01‌

%

Administration

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

0.01‌

0.01‌

Dollar

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

0.01‌

0.01‌

Premier

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

0.01‌

0.01‌

Private

Client

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

0.01‌

0.01‌

Select

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

0.01‌

0.01‌

The

7-Day

SEC

Yields

may

differ

from

the

7-Day

Yields

shown

above

due

to

the

fact

that

the

7-Day

SEC

Yields

exclude

distributed

capital

gains.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

Variable

Rate

Demand

Notes

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

77‌

%

Municipal

Bonds

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

20‌ 

Closed-End

Investment

Companies

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

3‌

Other

Assets

Less

Liabilities

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

—‌

(a)

(a)

Represents

less

than

1%

of

the

Fund's

net

assets.

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

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

0.01‌

%

0.01‌

%

Premier

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

0.02‌

0.02‌

The

7-Day

SEC

Yields

may

differ

from

the

7-Day

Yields

shown

above

due

to

the

fact

that

the

7-Day

SEC

Yields

exclude

distributed

capital

gains.

Past

performance

is

not

an

indication

of

future

results.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

Variable

Rate

Demand

Notes

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

90‌

%

Municipal

Bonds

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

7‌ 

Closed-End

Investment

Companies

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

3‌

Other

Assets

Less

Liabilities

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

—‌

(a)

(a)

Represents

less

than

1%

of

the

Fund's

net

assets.

Fund

Information

as

of

October

31,

2020

(continued)

9

Fund

Information

New

York

Money

Fund

New

York

Money

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

as

high

a

level

of

current

income

that

is

exempt

from

federal

income

tax

and,

to

the

extent

possible,

from

New

York

State

and

New

York

City

personal

income

taxes,

as

is

consistent

with

liquidity

and

stability

of

principal.

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

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

0.01‌

%

0.01‌

%

Premier

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

0.01‌

0.01‌

The

7-Day

SEC

Yields

may

differ

from

the

7-Day

Yields

shown

above

due

to

the

fact

that

the

7-Day

SEC

Yields

exclude

distributed

capital

gains.

Past

performance

is

not

an

indication

of

future

results.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

Variable

Rate

Demand

Notes

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

78‌

%

Municipal

Bonds

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

16‌ 

Closed-End

Investment

Companies

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

6‌

Other

Assets

Less

Liabilities

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

—‌

(a)

(a)

Represents

less

than

1%

of

the

Fund's

net

assets.

Disclosure

of

Expenses

2020

BlackRock

Annual

Report

to

Shareholders

10

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

below

(which are

based

on

a

hypothetical

investment

of

$1,000

invested

on May

1,

2020 and

held

through

October

31,

2020) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their

Fund and

share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

these

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Expense

Examples

Actual

Hypothetical

(a)

Beginning

Account

Value

(05/01/20)

Ending

Account

Value

(10/31/20)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(05/01/20)

Ending

Account

Value

(10/31/20)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Federal

Trust

Fund

Institutional

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

$

1,000.00‌

$

1,000.30‌

$

0.85‌

$

1,000.00‌

$

1,024.28‌

$

0.87‌

0.17%

Administration

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

1,000.00‌

1,000.10‌

1.11‌

1,000.00‌

1,024.03‌

1.12‌

0.22

Cash

Management

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

1,000.00‌

1,000.00‌

1.26‌

1,000.00‌

1,023.88‌

1.27‌

0.25

Cash

Reserve

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

1,000.00‌

1,000.30‌

0.85‌

1,000.00‌

1,024.28‌

0.87‌

0.17

Dollar

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

1,000.00‌

1,000.10‌

1.11‌

1,000.00‌

1,024.03‌

1.12‌

0.22

Premier

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

1,000.00‌

1,000.30‌

0.85‌

1,000.00‌

1,024.28‌

0.87‌

0.17

FedFund

Institutional

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

$

1,000.00‌

$

1,000.40‌

$

0.85‌

$

1,000.00‌

$

1,024.28‌

$

0.87‌

0.17%

Administration

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

1,000.00‌

1,000.10‌

1.11‌

1,000.00‌

1,024.03‌

1.12‌

0.22

Capital

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

1,000.00‌

1,000.20‌

1.01‌

1,000.00‌

1,024.13‌

1.02‌

0.20

Cash

Management

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

1,000.00‌

1,000.10‌

1.16‌

1,000.00‌

1,023.98‌

1.17‌

0.23

Cash

Reserve

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

1,000.00‌

1,000.10‌

1.16‌

1,000.00‌

1,023.98‌

1.17‌

0.23

Dollar

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

1,000.00‌

1,000.10‌

1.16‌

1,000.00‌

1,023.98‌

1.17‌

0.23

Premier

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

1,000.00‌

1,000.40‌

0.85‌

1,000.00‌

1,024.28‌

0.87‌

0.17

Private

Client

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

1,000.00‌

1,000.10‌

1.16‌

1,000.00‌

1,023.98‌

1.17‌

0.23

Select

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

1,000.00‌

1,000.10‌

1.21‌

1,000.00‌

1,023.93‌

1.22‌

0.24

TempCash

Institutional

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

$

1,000.00‌

$

1,001.10‌

$

0.91‌

$

1,000.00‌

$

1,024.23‌

$

0.92‌

0.18%

Dollar

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

1,000.00‌

1,000.20‌

1.86‌

1,000.00‌

1,023.28‌

1.88‌

0.37

Premier

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

1,000.00‌

1,001.10‌

0.91‌

1,000.00‌

1,024.23‌

0.92‌

0.18

TempFund

Institutional

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

$

1,000.00‌

$

1,001.10‌

$

0.91‌

$

1,000.00‌

$

1,024.23‌

$

0.92‌

0.18%

Administration

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

1,000.00‌

1,000.60‌

1.41‌

1,000.00‌

1,023.73‌

1.42‌

0.28

Capital

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

1,000.00‌

1,000.10‌

0.73‌

1,000.00‌

1,023.98‌

1.17‌

0.23

Cash

Management

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

1,000.00‌

1,000.00‌

2.01‌

1,000.00‌

1,023.13‌

2.03‌

0.40

Cash

Reserve

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

1,000.00‌

1,000.10‌

1.91‌

1,000.00‌

1,023.23‌

1.93‌

0.38

Dollar

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

1,000.00‌

1,000.30‌

1.71‌

1,000.00‌

1,023.43‌

1.73‌

0.34

Private

Client

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

1,000.00‌

1,000.00‌

2.66‌

1,000.00‌

1,022.47‌

2.69‌

0.53

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

For

each

class

of

a

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-

half

year

period

shown)

except

for

Capital

Shares

of

TempFund

,

which

is

multiplied

by

116/366

(to

reflect

the

period

since

the

recommencement

date

of

July

7,

2020

to

October

31,

2020)

.

Disclosure

of

Expenses

(continued)

11

Disclosure

of

Expenses

Actual

Hypothetical

(a)

Beginning

Account

Value

(05/01/20)

Ending

Account

Value

(10/31/20)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(05/01/20)

Ending

Account

Value

(10/31/20)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

T-Fund

Institutional

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

$

1,000.00‌

$

1,000.40‌

$

0.85‌

$

1,000.00‌

$

1,024.28‌

$

0.87‌

0.17%

Administration

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

1,000.00‌

1,000.10‌

1.16‌

1,000.00‌

1,023.98‌

1.17‌

0.23

Capital

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

1,000.00‌

1,000.20‌

1.06‌

1,000.00‌

1,024.08‌

1.07‌

0.21

Cash

Management

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

1,000.00‌

1,000.00‌

1.21‌

1,000.00‌

1,023.93‌

1.22‌

0.24

Cash

Reserve

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

1,000.00‌

1,000.00‌

1.26‌

1,000.00‌

1,023.88‌

1.27‌

0.25

Dollar

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

1,000.00‌

1,000.10‌

1.21‌

1,000.00‌

1,023.93‌

1.22‌

0.24

Premier

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

1,000.00‌

1,000.40‌

0.85‌

1,000.00‌

1,024.28‌

0.87‌

0.17

Select

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

1,000.00‌

1,000.00‌

1.21‌

1,000.00‌

1,023.93‌

1.22‌

0.24

Treasury

Trust

Fund

Institutional

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

$

1,000.00‌

$

1,000.20‌

$

0.85‌

$

1,000.00‌

$

1,024.28‌

$

0.87‌

0.17%

Administration

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

1,000.00‌

1,000.10‌

1.01‌

1,000.00‌

1,024.13‌

1.02‌

0.20

Capital

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

1,000.00‌

1,000.00‌

0.05‌

1,000.00‌

1,024.28‌

0.87‌

0.17

Cash

Management

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

1,000.00‌

1,000.00‌

1.01‌

1,000.00‌

1,024.13‌

1.02‌

0.20

Cash

Reserve

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

1,000.00‌

1,000.00‌

1.01‌

1,000.00‌

1,024.13‌

1.02‌

0.20

Dollar

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

1,000.00‌

1,000.10‌

1.01‌

1,000.00‌

1,024.13‌

1.02‌

0.20

Premier

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

1,000.00‌

1,000.20‌

0.85‌

1,000.00‌

1,024.28‌

0.87‌

0.17

Select

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

1,000.00‌

1,000.00‌

1.01‌

1,000.00‌

1,024.13‌

1.02‌

0.20

MuniCash

Institutional

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

$

1,000.00‌

$

1,000.00‌

$

0.90‌

$

1,000.00‌

$

1,024.23‌

$

0.92‌

0.18%

Dollar

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

1,000.00‌

999.90‌

0.96‌

1,000.00‌

1,024.18‌

0.97‌

0.19

Premier

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

1,000.00‌

1,000.00‌

0.90‌

1,000.00‌

1,024.23‌

0.92‌

0.18

MuniFund

Institutional

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

$

1,000.00‌

$

1,002.10‌

$

0.86‌

$

1,000.00‌

$

1,024.28‌

$

0.87‌

0.17%

Administration

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

1,000.00‌

1,001.90‌

1.01‌

1,000.00‌

1,024.13‌

1.02‌

0.20

Dollar

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

1,000.00‌

1,001.90‌

1.01‌

1,000.00‌

1,024.13‌

1.02‌

0.20

Premier

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

1,000.00‌

1,002.10‌

0.86‌

1,000.00‌

1,024.28‌

0.87‌

0.17

Private

Client

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

1,000.00‌

1,001.90‌

1.06‌

1,000.00‌

1,024.08‌

1.07‌

0.21

Select

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

1,000.00‌

1,001.90‌

1.06‌

1,000.00‌

1,024.08‌

1.07‌

0.21

California

Money

Fund

Institutional

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

$

1,000.00‌

$

1,000.10‌

$

0.75‌

$

1,000.00‌

$

1,024.38‌

$

0.76‌

0.15%

Premier

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

1,000.00‌

1,000.10‌

0.70‌

1,000.00‌

1,024.43‌

0.71‌

0.14

New

York

Money

Fund

Institutional

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

$

1,000.00‌

$

1,000.10‌

$

0.70‌

$

1,000.00‌

$

1,024.43‌

$

0.71‌

0.14%

Premier

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

1,000.00‌

1,000.10‌

0.70‌

1,000.00‌

1,024.43‌

0.71‌

0.14

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

For

each

class

of

a

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-

half

year

period

shown)

except

for

Capital

Shares

of

Treasury

Trust

Fund

,

which

is

multiplied

by

10/366

(to

reflect

the

period

since

the

recommencement

date

of

October

22,

2020

to

October

31,

2020)

.

Expense

Examples

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

Federal

Trust

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

October

31,

2020

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Obligations

—

34.0%

Federal

Farm

Credit

Bank

Discount

Notes

(a)

:

0.07%, 11/25/20

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

USD

15,400

$

15,384,292

0.08%, 12/01/20

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

16,570

16,567,929

0.09%, 12/15/20

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

25,000

24,987,778

0.09%, 12/22/20

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

73,885

73,779,283

0.10%, 01/20/21

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

4,415

4,406,366

0.10%, 01/27/21

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

34,000

33,975,350

0.10%, 02/12/21

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

8,110

8,100,022

0.11%, 03/17/21

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

23,235

23,211,300

0.12%, 06/01/21

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

31,325

31,289,951

0.12%, 06/15/21

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

26,645

26,623,255

0.14%, 09/17/21

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

17,785

17,766,029

Federal

Farm

Credit

Bank

Variable

Rate

Notes

(b)

:

(SOFR

+

0.08%),

0.17%, 11/27/20

.....

2,050

2,050,000

(LIBOR

USD

1

Month

+

0.03%),

0.17%, 12/14/20

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

15,855

15,854,924

(SOFR

+

0.08%),

0.17%, 01/14/21

.....

7,135

7,135,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.13%),

0.23%, 02/08/21

....

10,505

10,501,871

(LIBOR

USD

1

Month

+

0.00%),

0.15%, 03/17/21

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

9,670

9,669,771

(LIBOR

USD

1

Month

+

0.05%),

0.19%, 04/16/21

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

17,380

17,380,000

(SOFR

+

0.16%),

0.25%, 05/07/21

.....

75,925

75,925,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.26%),

0.36%, 06/17/21

....

13,085

13,084,191

(LIBOR

USD

1

Month

+

0.16%),

0.31%, 07/01/21

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

10,525

10,525,000

(LIBOR

USD

1

Month

+

0.08%),

0.22%, 07/08/21

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

15,000

15,000,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.23%),

0.33%, 07/08/21

....

7,105

7,105,000

(SOFR

+

0.08%),

0.17%, 07/09/21

.....

28,175

28,175,000

(SOFR

+

0.07%),

0.16%, 08/20/21

.....

15,725

15,725,000

(SOFR

+

0.19%),

0.28%, 11/18/21

.....

6,715

6,715,000

(SOFR

+

0.18%),

0.27%, 01/14/22

.....

16,200

16,200,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.28%),

0.38%, 02/08/22

....

38,000

38,000,000

(SOFR

+

0.40%),

0.49%, 04/01/22

.....

40,000

40,000,000

(SOFR

+

0.20%),

0.29%, 06/23/22

.....

25,000

25,000,000

(US

Federal

Funds

Effective

Rate

(continuous

series)

+

0.18%),

0.27%, 07/20/22

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

55,990

55,980,489

(SOFR

+

0.10%),

0.19%, 09/02/22

.....

8,160

8,160,000

(SOFR

+

0.08%),

0.16%, 11/03/22

.....

33,455

33,455,000

Federal

Home

Loan

Bank:

3.63%, 03/12/21

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

6,875

6,961,951

0.16%, 04/05/21

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

25,000

24,998,671

0.12%, 06/04/21

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

30,215

30,212,964

0.20%, 06/17/21

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

12,615

12,614,385

0.13%, 07/13/21

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

50,000

49,985,328

Federal

Home

Loan

Bank

Discount

Notes

(a)

:

0.06%, 11/12/20

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

16,185

16,184,451

0.07%, 11/20/20

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

13,160

13,159,410

0.08%, 12/04/20

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

19,000

18,998,432

0.09%, 12/18/20

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

15,515

15,512,873

0.09%, 12/23/20

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

20,245

20,241,930

0.10%, 01/04/21

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

3,035

3,034,142

0.10%, 01/06/21

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

53,180

53,170,738

0.10%, 01/13/21

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

64,645

64,631,367

0.10%, 01/29/21

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

80,975

80,955,382

0.11%, 04/12/21

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

26,170

26,145,269

0.11%, 04/29/21

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

35,040

35,005,155

0.12%, 06/11/21

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

24,025

23,995,369

Security

Par

(000)

Par

(000)

Value

U.S.

Government

Sponsored

Agency

Obligations

(continued)

Federal

Home

Loan

Bank

Variable

Rate

Notes

(b)

:

(LIBOR

USD

1

Month

-

0.04%),

0.11%, 11/12/20

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

USD

4,020

$

4,020,000

(LIBOR

USD

3

Month

-

0.20%),

0.09%, 11/16/20

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

17,000

16,999,889

(SOFR

+

0.12%),

0.21%, 12/11/20

.....

14,625

14,625,000

(LIBOR

USD

3

Month

-

0.13%),

0.10%, 12/21/20

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

21,350

21,350,000

(LIBOR

USD

3

Month

-

0.17%),

0.06%, 01/08/21

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

13,160

13,160,000

(SOFR

+

0.05%),

0.14%, 01/22/21

.....

4,970

4,970,000

(SOFR

+

0.04%),

0.13%, 02/09/21

.....

30,200

30,198,612

(LIBOR

USD

1

Month

-

0.03%),

0.12%, 02/24/21

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

54,830

54,830,475

(SOFR

+

0.08%),

0.17%, 03/04/21

.....

9,130

9,130,000

(SOFR

+

0.12%),

0.21%, 03/12/21

.....

14,305

14,305,000

(SOFR

+

0.11%),

0.20%, 03/25/21

.....

11,015

11,015,000

(LIBOR

USD

1

Month

-

0.02%),

0.14%, 04/27/21

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

13,630

13,628,084

(SOFR

+

0.16%),

0.25%, 05/07/21

.....

38,970

38,970,000

(LIBOR

USD

1

Month

+

0.00%),

0.15%, 05/14/21

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

50,000

50,000,000

(SOFR

+

0.08%),

0.17%, 07/08/21

.....

10,500

10,500,000

(SOFR

+

0.08%),

0.17%, 07/23/21

.....

6,685

6,685,000

(SOFR

+

0.12%),

0.21%, 02/28/22

.....

19,470

19,470,000

(SOFR

+

0.07%),

0.16%, 04/28/22

.....

7,365

7,365,000

Total

U.S.

Government

Sponsored

Agency

Obligations

—

34.0%

(Cost:

$1,564,762,678)

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

1,564,762,678

U.S.

Treasury

Obligations

—

62.8%

U.S.

Treasury

Bills

(a)

:

0.02%, 11/03/20

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

89,000

88,999,644

0.04%, 11/05/20

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

320

319,997

0.05%, 11/10/20

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

253,075

253,068,452

0.06%, 11/12/20

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

275,000

274,991,177

0.06%, 11/17/20

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

318,595

318,579,316

0.07%, 11/19/20

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

17,735

17,734,069

0.07%, 11/24/20

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

497,897

497,865,678

0.08%, 11/27/20

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

150,000

149,989,528

0.09%, 12/10/20

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

359,680

359,648,356

0.08%, 12/22/20

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

12,270

12,268,436

0.09%, 01/05/21

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

21,000

20,996,550

0.08%, 01/07/21

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

125,000

124,975,573

0.08%, 01/14/21

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

80,805

80,787,543

0.09%, 02/02/21

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

213,105

213,044,442

0.12%, 02/09/21

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

42,482

42,469,999

0.09%, 02/11/21

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

45,720

45,704,455

0.09%, 02/16/21

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

100,000

99,964,333

0.10%, 02/25/21

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

25,000

24,985,500

0.09%, 03/25/21

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

40,205

40,188,114

0.10%, 04/22/21

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

12,745

12,734,953

0.10%, 05/20/21

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

35,625

35,593,333

0.11%, 08/12/21

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

21,490

21,466,265

U.S.

Treasury

Notes:

2.75%, 11/30/20

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

11,855

11,865,566

2.38%, 12/31/20

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

2,575

2,577,998

2.50%, 12/31/20

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

1,745

1,747,371

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.12%),

0.22%, 01/31/21

(b)

...

21,620

21,620,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.22%),

0.32%, 07/31/21

(b)

...

12,000

12,000,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.30%),

0.40%, 10/31/21

(b)

...

25,090

25,101,889

Federal

Trust

Fund

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

October

31,

2020

See

notes

to

financial

statements.

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.11%),

0.21%, 04/30/22

(b)

...

USD

85,000

$

85,000,000

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

Total

U.S.

Treasury

Obligations

—

62.8%

(Cost:

$2,896,288,537)

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

$

2,896,288,537

Total

Investments

—

96.8%

(Cost:

$4,461,051,215

)

(c)

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

4,461,051,215

Other

Assets

Less

Liabilities

—

3.2%

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

147,411,937

Net

Assets

—

100.0%

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

$

4,608,463,152

(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.

(c)

Cost

for

U.S.

federal

income

tax

purposes.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

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

investments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

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

$

—

$

4,461,051,215

$

—

$

4,461,051,215

2020

BlackRock

Annual

Report

to

Shareholders

FedFund

14

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

October

31,

2020

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Obligations

—

22.5%

Federal

Farm

Credit

Bank:

0.35%, 05/07/21

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

USD

180,000

$

179,949,638

0.13%, 07/13/21

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

300,750

300,661,745

Federal

Farm

Credit

Bank

Discount

Notes

(a)

:

0.10%, 01/20/21

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

165,145

164,822,050

0.10%, 02/16/21

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

150,000

149,763,709

0.10%, 02/17/21

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

50,000

49,920,500

0.11%, 04/01/21

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

203,000

202,872,279

0.13%, 07/13/21

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

7,000

6,991,604

0.13%, 07/19/21

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

25,000

24,978,333

0.13%, 08/24/21

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

163,680

163,505,044

0.13%, 08/31/21

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

134,350

134,202,999

0.14%, 09/16/21

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

18,000

17,979,265

Federal

Farm

Credit

Bank

Variable

Rate

Notes

(b)

:

(SOFR

+

0.08%),

0.17%, 11/27/20

.....

69,925

69,925,000

(LIBOR

USD

1

Month

+

0.03%),

0.17%, 12/14/20

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

446,190

446,187,858

(US

Federal

Funds

Effective

Rate

(continuous

series)

+

0.10%),

0.19%, 12/16/20

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

60,915

60,914,978

(LIBOR

USD

1

Month

+

0.10%),

0.25%, 12/30/20

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

147,000

146,997,630

(LIBOR

USD

1

Month

+

0.03%),

0.17%, 01/13/21

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

250,000

249,995,580

(LIBOR

USD

1

Month

+

0.00%),

0.15%, 03/17/21

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

320,670

320,662,412

(SOFR

+

0.28%),

0.37%, 04/01/21

.....

500,000

500,000,000

(SOFR

+

0.08%),

0.17%, 06/10/21

.....

100,000

100,000,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.26%),

0.36%, 06/17/21

....

50,000

49,996,911

(LIBOR

USD

1

Month

+

0.08%),

0.22%, 07/08/21

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

73,325

73,325,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.23%),

0.33%, 07/08/21

....

225,705

225,705,000

(LIBOR

USD

1

Month

+

0.11%),

0.26%, 07/09/21

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

108,400

108,400,000

(LIBOR

USD

1

Month

+

0.10%),

0.25%, 07/16/21

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

99,000

99,000,000

(LIBOR

USD

1

Month

+

0.09%),

0.23%, 08/30/21

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

27,000

27,000,000

(LIBOR

USD

1

Month

+

0.10%),

0.25%, 09/09/21

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

55,000

55,000,000

(LIBOR

USD

1

Month

+

0.16%),

0.30%, 10/04/21

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

138,000

138,000,000

(LIBOR

USD

1

Month

+

0.13%),

0.27%, 10/08/21

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

78,480

78,480,000

(SOFR

+

0.06%),

0.15%, 10/15/21

.....

105,000

105,007,611

(LIBOR

USD

1

Month

+

0.00%),

0.15%, 10/18/21

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

166,165

166,188,430

(SOFR

+

0.21%),

0.30%, 10/28/21

.....

100,000

100,000,000

(SOFR

+

0.04%),

0.13%, 11/03/21

.....

400,000

399,987,780

(LIBOR

USD

1

Month

+

0.13%),

0.27%, 11/05/21

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

100,000

100,000,000

(LIBOR

USD

1

Month

+

0.11%),

0.26%, 11/12/21

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

127,735

127,735,000

(SOFR

+

0.19%),

0.28%, 11/18/21

.....

222,545

222,545,000

(LIBOR

USD

1

Month

+

0.11%),

0.26%, 12/10/21

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

150,000

150,000,000

(LIBOR

USD

1

Month

+

0.01%),

0.16%, 12/28/21

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

266,000

265,974,983

(SOFR

+

0.18%),

0.27%, 01/14/22

.....

60,000

60,000,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.28%),

0.38%, 02/08/22

....

123,000

123,000,000

(SOFR

+

0.13%),

0.22%, 02/11/22

.....

89,000

89,000,000

Security

Par

(000)

Par

(000)

Value

U.S.

Government

Sponsored

Agency

Obligations

(continued)

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.21%),

0.31%, 03/17/22

....

USD

150,000

$

149,995,851

(SOFR

+

0.40%),

0.49%, 04/01/22

.....

660,000

660,000,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.12%),

0.22%, 05/02/22

....

232,975

232,953,815

(SOFR

+

0.05%),

0.16%, 05/05/22

.....

440,000

439,969,869

(SOFR

+

0.09%),

0.18%, 06/17/22

.....

324,500

324,513,355

(SOFR

+

0.10%),

0.19%, 09/02/22

.....

279,885

279,885,000

(SOFR

+

0.09%),

0.18%, 09/23/22

.....

315,000

315,000,000

Federal

Home

Loan

Bank:

0.12%, 06/04/21

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

100,000

99,993,262

0.20%, 06/17/21

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

308,885

308,869,937

0.13%, 08/16/21

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

250,000

249,972,100

0.13%, 09/17/21

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

122,500

122,484,593

Federal

Home

Loan

Bank

Discount

Notes

(a)

:

0.35%, 11/02/20

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

275,000

274,997,361

0.03%, 11/04/20

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

1,300,000

1,299,988,950

0.06%, 11/09/20

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

400,000

399,953,778

0.08%, 12/02/20

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

105,000

104,991,682

0.08%, 12/04/20

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

135,600

135,588,813

0.08%, 12/09/20

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

161,000

160,983,855

0.09%, 12/18/20

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

550,865

550,792,550

0.09%, 12/23/20

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

538,640

538,558,306

0.09%, 12/28/20

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

200,000

199,972,133

0.10%, 01/04/21

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

149,180

149,137,832

0.10%, 01/15/21

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

1,325,265

1,324,978,003

0.10%, 01/20/21

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

588,110

587,979,309

0.10%, 02/05/21

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

150,000

149,792,000

0.11%, 03/09/21

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

1,233,225

1,231,434,320

0.11%, 03/15/21

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

200,000

199,612,889

0.11%, 03/19/21

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

300,000

299,870,050

0.11%, 04/12/21

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

200,000

199,811,000

0.11%, 04/16/21

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

38,700

38,679,478

0.11%, 04/29/21

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

70,000

69,930,389

Federal

Home

Loan

Bank

Variable

Rate

Notes

(b)

:

(LIBOR

USD

1

Month

-

0.04%),

0.11%, 11/12/20

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

145,980

145,980,000

(LIBOR

USD

1

Month

-

0.04%),

0.11%, 11/16/20

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

329,000

329,000,000

(LIBOR

USD

3

Month

-

0.13%),

0.10%, 12/21/20

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

538,800

538,800,000

(SOFR

+

0.10%),

0.19%, 12/23/20

.....

16,000

16,000,000

(LIBOR

USD

3

Month

-

0.17%),

0.06%, 01/08/21

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

436,595

436,595,000

(SOFR

+

0.05%),

0.14%, 01/22/21

.....

190,045

190,045,000

(SOFR

+

0.04%),

0.13%, 02/09/21

.....

231,375

231,371,165

(SOFR

+

0.04%),

0.13%, 02/25/21

.....

228,130

228,130,000

(SOFR

+

0.08%),

0.17%, 03/04/21

.....

341,600

341,600,000

(SOFR

+

0.12%),

0.21%, 03/12/21

.....

516,420

516,420,000

(SOFR

+

0.11%),

0.20%, 03/25/21

.....

287,255

287,255,000

(LIBOR

USD

1

Month

-

0.01%),

0.13%, 04/05/21

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

125,000

125,000,000

(SOFR

+

0.17%),

0.26%, 04/09/21

.....

479,295

479,295,000

(LIBOR

USD

1

Month

-

0.01%),

0.13%, 05/03/21

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

492,730

492,730,000

(SOFR

+

0.16%),

0.25%, 05/07/21

.....

326,305

326,305,000

(LIBOR

USD

1

Month

+

0.00%),

0.15%, 05/14/21

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

85,000

85,000,000

(SOFR

+

0.08%),

0.17%, 06/11/21

.....

245,000

245,000,000

(SOFR

+

0.05%),

0.14%, 06/15/21

.....

473,895

473,895,000

(SOFR

+

0.08%),

0.17%, 07/08/21

.....

413,655

413,655,000

(SOFR

+

0.08%),

0.17%, 07/23/21

.....

225,670

225,670,000

(SOFR

+

0.15%),

0.24%, 09/03/21

.....

120,000

120,000,000

(SOFR

+

0.09%),

0.18%, 09/10/21

.....

11,100

11,100,000

FedFund

Schedules

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

U.S.

Government

Sponsored

Agency

Obligations

(continued)

(SOFR

+

0.12%),

0.21%, 10/13/21

.....

USD

75,000

$

75,000,000

(SOFR

+

0.12%),

0.21%, 02/28/22

.....

487,000

487,000,000

(SOFR

+

0.07%),

0.16%, 04/28/22

.....

255,915

255,915,000

(SOFR

+

0.20%),

0.29%, 05/13/22

.....

150,000

150,000,000

(SOFR

+

0.19%),

0.28%, 05/26/22

.....

75,000

75,000,000

(SOFR

+

0.09%),

0.18%, 09/08/22

.....

91,000

91,000,000

Federal

Home

Loan

Mortgage

Corp.,

1.13%, 08/12/21

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

223,875

225,593,326

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(b)

:

(SOFR

+

0.03%),

0.12%, 02/26/21

.....

741,555

741,555,000

(SOFR

+

0.12%),

0.21%, 06/04/21

.....

155,000

154,814,179

(SOFR

+

0.32%),

0.41%, 09/23/21

.....

1,143,535

1,143,535,000

(SOFR

+

0.32%),

0.41%, 09/27/21

.....

500,000

500,000,000

(SOFR

+

0.32%),

0.41%, 09/30/21

.....

200,000

200,000,000

(SOFR

+

0.30%),

0.39%, 10/25/21

.....

270,000

270,000,000

(SOFR

+

0.18%),

0.27%, 12/13/21

.....

884,415

884,415,000

(SOFR

+

0.31%),

0.40%, 01/03/22

.....

300,000

300,000,000

(SOFR

+

0.20%),

0.29%, 03/11/22

.....

477,670

477,670,000

(SOFR

+

0.19%),

0.28%, 06/02/22

.....

297,000

297,000,000

(SOFR

+

0.10%),

0.19%, 07/29/22

.....

375,000

375,000,000

Federal

National

Mortgage

Association

Variable

Rate

Notes

(b)

:

(SOFR

+

0.07%),

0.16%, 12/11/20

.....

794,085

794,085,000

(SOFR

+

0.25%),

0.34%, 03/24/21

.....

702,000

702,000,000

(SOFR

+

0.29%),

0.38%, 10/04/21

.....

1,063,000

1,063,000,000

(SOFR

+

0.28%),

0.37%, 10/27/21

.....

690,000

690,000,000

(SOFR

+

0.20%),

0.29%, 12/16/21

.....

232,000

232,000,000

(SOFR

+

0.36%),

0.45%, 01/20/22

.....

448,400

448,400,000

(SOFR

+

0.30%),

0.39%, 01/27/22

.....

475,000

475,000,000

(SOFR

+

0.35%),

0.44%, 04/07/22

.....

830,620

830,620,000

(SOFR

+

0.39%),

0.48%, 04/15/22

.....

925,995

925,995,000

(SOFR

+

0.18%),

0.27%, 05/13/22

.....

600,000

600,000,000

(SOFR

+

0.19%),

0.28%, 05/27/22

.....

75,000

75,000,000

(SOFR

+

0.12%),

0.21%, 07/29/22

.....

19,110

19,110,000

Total

U.S.

Government

Sponsored

Agency

Obligations

—

22.5%

(Cost:

$36,972,920,489)

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

36,972,920,489

U.S.

Treasury

Obligations

—

44.3%

U.S.

Treasury

Bills

(a)

:

0.02%, 11/03/20

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

275,395

275,393,622

0.04%, 11/05/20

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

274,060

274,057,502

0.05%, 11/10/20

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

2,900,230

2,900,133,542

0.06%, 11/12/20

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

1,692,845

1,692,786,952

0.06%, 11/17/20

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

1,958,800

1,958,634,590

0.07%, 11/19/20

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

62,745

62,742,490

0.07%, 11/24/20

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

2,030,806

2,030,573,229

0.08%, 11/27/20

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

3,011,385

3,011,174,862

0.08%, 12/01/20

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

3,377,613

3,377,377,584

0.08%, 12/03/20

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

2,459,000

2,458,803,280

0.08%, 12/08/20

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

660,500

660,438,904

0.09%, 12/10/20

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

2,201,000

2,200,809,252

0.08%, 12/15/20

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

563,740

563,633,203

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

0.08%, 12/22/20

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

USD

374,340

$

374,270,266

0.08%, 12/24/20

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

883,900

883,774,221

0.09%, 12/29/20

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

17,700

17,697,660

0.09%, 12/31/20

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

2,527,880

2,527,458,687

0.09%, 01/05/21

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

867,945

867,785,263

0.08%, 01/07/21

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

3,738,000

3,737,256,688

0.08%, 01/12/21

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

1,875,000

1,874,662,500

0.08%, 01/14/21

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

1,877,700

1,877,290,321

0.08%, 01/21/21

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

6,834,000

6,832,446,032

0.14%, 01/26/21

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

336,980

336,890,398

0.09%, 01/28/21

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

6,231,640

6,229,842,313

0.09%, 02/02/21

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

2,195,705

2,195,081,054

0.12%, 02/09/21

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

1,500,414

1,499,997,218

0.09%, 02/11/21

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

1,407,610

1,407,138,294

0.10%, 02/18/21

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

221,325

221,251,286

0.09%, 02/23/21

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

2,437,205

2,436,385,972

0.10%, 02/25/21

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

1,127,865

1,127,358,601

0.09%, 03/09/21

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

2,023,000

2,022,244,747

0.09%, 03/11/21

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

1,682,450

1,681,720,938

0.09%, 03/25/21

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

3,711,165

3,709,222,476

0.10%, 03/30/21

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

248,503

248,384,320

0.10%, 04/22/21

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

779,935

779,369,383

0.11%, 04/29/21

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

2,074,000

2,072,865,637

0.10%, 05/20/21

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

1,176,590

1,175,544,142

0.10%, 06/17/21

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

37,250

37,202,817

0.11%, 07/15/21

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

440,790

440,304,151

0.11%, 08/12/21

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

546,640

546,036,265

U.S.

Treasury

Notes:

1.75%, 11/15/20

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

119,060

119,066,106

2.63%, 11/15/20

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

377,680

377,819,909

1.63%, 11/30/20

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

390,105

390,101,012

2.00%, 11/30/20

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

73,500

73,519,519

2.75%, 11/30/20

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

264,370

264,598,910

2.38%, 12/31/20

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

146,175

146,476,759

2.50%, 12/31/20

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

176,585

176,826,090

2.00%, 01/15/21

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

20,855

20,924,629

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.12%),

0.22%, 01/31/21

(b)

...

34,155

34,155,420

3.63%, 02/15/21

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

150,330

151,650,744

1.13%, 02/28/21

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

93,250

93,480,352

2.00%, 02/28/21

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

101,915

102,456,842

2.25%, 04/30/21

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

504,000

509,282,104

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.22%),

0.32%, 07/31/21

(b)

...

1,040,700

1,040,623,195

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.30%),

0.40%, 10/31/21

(b)

...

343,555

343,946,653

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.11%),

0.21%, 04/30/22

(b)

...

158,900

158,938,382

Total

U.S.

Treasury

Obligations

—

44.3%

(Cost:

$72,629,907,288)

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

72,629,907,288

Total

Repurchase

Agreements

—

29.1%

(Cost:

$47,773,601,827)

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

47,773,601,827

Total

Investments

—

95.9%

(Cost:

$157,376,429,604

)

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

157,376,429,604

Other

Assets

Less

Liabilities

—

4.1%

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

6,748,404,494

Net

Assets

—

100.0%

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

$

164,124,834,098

(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.

2020

BlackRock

Annual

Report

to

Shareholders

FedFund

16

Schedule

of

Investments

(continued)

October

31,

2020

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

....

0.05

%

10/30/20

11/02/20

$

500,000

$

500,000

$

500,002,083

U.S.

Treasury

Obligations,

0.00%,

due

11/27/20

to

02/15/32

..

$

540,000,271

$

510,000,000

0.07

(a)

10/30/20

11/02/20

300,000

300,000

300,001,750

U.S.

Treasury

Obligations,

0.00%

to

2.63%,

due

11/10/20

to

11/15/49

..........

265,291,020

306,000,004

0.07

10/30/20

11/02/20

37,000

37,000

37,000,216

U.S.

Treasury

Obligation,

1.63%,

due

11/30/26

.

35,155,900

37,740,022

0.07

10/30/20

11/02/20

50,000

50,000

50,000,292

U.S.

Treasury

Obligation,

0.25%,

due

06/15/23

.

50,860,900

51,000,045

0.09

10/30/20

11/02/20

172,000

172,000

172,001,290

U.S.

Government

Sponsored

Agency

Obligations,

1.01%

to

6.05%,

due

09/25/40

to

07/20/70

..........

1,388,192,447

180,600,000

$

–

$

–

$

1,059,000

$

1,085,340,071

$

–

$

–

Bank

of

Montreal

.....

0.07

10/30/20

11/02/20

11,111

11,111

11,111,065

U.S.

Treasury

Obligations,

0.00%,

due

08/15/32

to

11/15/35

..

13,510,019

11,333,220

0.09

10/30/20

11/02/20

200,000

200,000

200,001,500

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

4.50%,

due

06/01/48

to

11/01/50

..........

238,994,929

206,000,000

$

–

$

–

$

211,111

$

217,333,220

$

–

$

–

Bank

of

Nova

Scotia

(The)

...........

0.07

10/30/20

11/02/20

372,000

372,000

372,002,170

U.S.

Treasury

Obligations,

0.13%

to

7.63%,

due

11/30/20

to

08/15/49

..........

322,906,400

379,442,214

0.07

10/30/20

11/02/20

37,000

37,000

37,000,216

U.S.

Treasury

Obligations,

1.38%

to

1.75%,

due

04/30/22

to

05/15/23

..........

36,299,000

37,740,277

$

–

$

–

$

409,000

$

417,182,491

$

–

$

–

Barclays

Bank

plc

....

0.07

10/30/20

11/02/20

200,000

200,000

200,001,167

U.S.

Treasury

Obligations,

1.38%

to

6.00%,

due

06/15/21

to

02/15/27

..........

188,155,000

204,000,074

0.07

10/30/20

11/02/20

3,000,000

3,000,000

3,000,017,500

U.S.

Treasury

Obligations,

0.00%

to

6.13%,

due

01/07/21

to

08/15/49

..........

2,743,580,700

3,060,000,030

0.09

10/30/20

11/02/20

800,000

800,000

800,006,000

U.S.

Government

Sponsored

Agency

Obligations,

2.50%

to

4.00%,

due

03/01/49

to

10/01/50

..........

919,960,330

824,000,000

0.16

(b)

10/31/20

11/09/20

200,000

200,000

200,008,000

U.S.

Government

Sponsored

Agency

Obligations,

2.50%,

due

10/01/50

..........

197,970,084

206,000,000

$

–

$

–

$

4,200,000

$

4,294,000,104

$

–

$

–

BMO

Capital

Markets

Corp.

...........

0.07

10/30/20

11/02/20

10,000

10,000

10,000,058

U.S.

Treasury

Obligations,

0.00%

to

7.88%,

due

12/03/20

to

08/15/28

..........

8,714,700

10,200,099

FedFund

Schedules

of

Investments

17

Schedule

of

Investments

(continued)

October

31,

2020

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.09

%

10/30/20

11/02/20

$

505,000

$

505,000

$

505,003,788

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

6.40%,

due

01/15/21

to

09/20/70

.

$

525,609,434

$

517,323,949

$

–

$

–

$

515,000

$

527,524,048

$

–

$

–

BNP

Paribas

SA

.....

0.07

10/30/20

11/02/20

1,575,000

1,575,000

1,575,009,187

U.S.

Treasury

Obligations,

0.00%

to

4.38%,

due

02/15/23

to

08/15/50

..........

1,362,999,659

1,606,500,091

0.09

10/30/20

11/02/20

99,000

99,000

99,000,743

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

8.45%,

due

02/29/24

to

10/25/50

.

351,555,434

101,855,803

0.10

(b)

09/22/20

11/13/20

2,358,000

2,358,000

2,358,340,600

U.S.

Treasury

Obligations,

0.00%

to

7.88%,

due

02/15/21

to

08/15/50

..........

2,031,237,324

2,405,160,024

0.15

(b)

10/31/20

11/09/20

400,000

400,000

400,015,000

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

17.01%,

due

08/15/26

to

07/25/59

..........

8,492,715,281

419,962,811

0.29

(b)

10/31/20

12/07/20

300,000

300,000

300,089,494

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

53.36%,

due

05/15/33

to

06/25/59

..........

3,487,693,842

314,974,999

$

–

$

–

$

4,732,000

$

4,848,453,728

$

–

$

–

Citibank

NA

.........

0.07

10/30/20

11/02/20

150,000

150,000

150,000,875

U.S.

Treasury

Obligations,

0.13%

to

8.13%,

due

02/28/21

to

02/15/49

..........

143,869,800

153,000,002

$

–

$

–

Citigroup

Global

Markets,

Inc.

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

0.07

(a)

10/30/20

11/02/20

60,000

60,000

60,000,350

U.S.

Treasury

Obligations,

0.13%

to

6.50%,

due

03/31/26

to

11/15/26

..........

53,591,338

61,200,010

0.07

10/30/20

11/02/20

105,000

105,000

105,000,613

U.S.

Treasury

Obligations,

1.13%

to

4.63%,

due

02/15/40

to

02/15/41

..........

69,768,622

107,100,012

0.09

10/30/20

11/02/20

40,000

40,000

40,000,300

U.S.

Treasury

Obligations,

1.25%

to

2.88%,

due

12/31/20

to

10/15/21

..........

40,277,100

40,800,028

0.09

10/30/20

11/02/20

400,000

400,000

400,003,000

U.S.

Treasury

Obligations,

1.13%

to

4.63%,

due

08/15/39

to

05/15/40

..........

334,844,065

408,000,149

0.10

10/28/20

11/04/20

500,000

500,000

500,009,722

U.S.

Treasury

Obligations,

0.15%

to

1.88%,

due

11/02/20

to

09/30/22

..........

501,522,200

510,000,077

2020

BlackRock

Annual

Report

to

Shareholders

FedFund

18

Schedule

of

Investments

(continued)

October

31,

2020

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.16

%

(b)

10/31/20

11/02/20

$

500,000

$

500,000

$

500,004,444

U.S.

Government

Sponsored

Agency

Obligations,

U.S.

Treasury

Obligations

and

Corporate/Debt

Obligations,

0.00%

to

23.74%,

due

11/15/20

to

10/20/70

..........

$

5,416,981,316

$

539,683,506

$

–

$

–

$

1,605,000

$

1,666,783,782

$

–

$

–

Credit

Agricole

Corporate

and

Investment

Bank

SA

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

0.07

(a)

10/30/20

11/02/20

50,000

50,000

50,000,292

U.S.

Treasury

Obligations,

0.13%

to

3.63%,

due

09/15/21

to

02/15/48

..........

46,676,315

51,000,000

0.08

10/29/20

11/05/20

600,000

600,000

600,009,333

U.S.

Treasury

Obligation,

2.25%,

due

11/15/24

.

561,941,300

612,000,008

$

–

$

–

$

650,000

$

663,000,008

$

–

$

–

Credit

Suisse

AG

.....

0.07

10/30/20

11/02/20

1,550,000

1,550,000

1,550,009,042

U.S.

Treasury

Obligations,

0.00%

to

2.88%,

due

11/05/20

to

02/28/26

..........

1,501,344,500

1,581,000,072

0.21

(b)

10/31/20

12/07/20

900,000

900,000

900,194,482

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

6.55%,

due

01/01/22

to

11/25/59

..........

8,124,694,898

944,711,890

$

–

$

–

$

2,450,000

$

2,525,711,962

$

–

$

–

Deutsche

Bank

AG

....

0.07

10/30/20

11/02/20

1,150,000

1,150,000

1,150,006,708

U.S.

Treasury

Obligations,

0.38%

to

3.13%,

due

12/31/20

to

11/15/28

..........

1,111,460,300

1,173,000,010

$

–

$

–

Deutsche

Bank

Securities,

Inc.

....

0.09

10/30/20

11/02/20

50,000

50,000

50,000,375

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

4.01%,

due

11/05/20

to

01/16/54

..

50,966,987

51,004,207

$

–

$

–

Fixed

Income

Clearing

Corporation

......

0.08

10/30/20

11/02/20

2,000,000

2,000,000

2,000,013,333

U.S.

Treasury

Obligations,

0.08%,

due

11/02/20

..........

1,445,166,800

2,040,000,029

0.08

10/30/20

11/02/20

2,000,000

2,000,000

2,000,013,333

U.S.

Treasury

Obligations,

0.13%

to

2.75%,

due

07/15/22

to

08/15/47

..........

1,837,367,800

2,040,000,077

0.09

10/30/20

11/02/20

344,011

344,011

344,013,609

U.S.

Treasury

Obligation,

1.50%,

due

09/15/22

.

341,500,000

350,893,830

0.09

10/30/20

11/02/20

161,373

161,373

161,373,759

U.S.

Treasury

Obligation,

0.13%,

due

07/31/22

.

164,600,000

164,601,210

0.09

10/30/20

11/02/20

125,554

125,554

125,555,353

U.S.

Treasury

Obligation,

2.38%,

due

04/30/26

.

114,600,000

128,066,442

0.09

10/30/20

11/02/20

88,426

88,426

88,427,134

U.S.

Treasury

Obligation,

2.63%,

due

06/30/23

.

84,000,000

90,195,663

0.09

10/30/20

11/02/20

348,154

348,154

348,156,436

U.S.

Treasury

Obligation,

2.38%,

due

03/15/22

.

343,523,000

355,119,512

0.09

10/30/20

11/02/20

311,185

311,185

311,186,996

U.S.

Treasury

Obligation,

1.50%,

due

11/30/24

.

300,861,000

317,410,689

0.09

10/30/20

11/02/20

192,156

192,156

192,157,112

U.S.

Treasury

Obligation,

4.50%,

due

08/15/39

.

125,741,000

196,000,225

0.09

10/30/20

11/02/20

50,782

50,783

50,782,856

U.S.

Treasury

Obligation,

2.75%,

due

08/31/25

.

46,300,000

51,798,506

FedFund

Schedules

of

Investments

19

Schedule

of

Investments

(continued)

October

31,

2020

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.09

%

10/30/20

11/02/20

$

196,446

$

196,446

$

196,447,552

U.S.

Treasury

Obligation,

2.88%,

due

10/31/23

.

$

183,200,000

$

200,376,473

0.09

10/30/20

11/02/20

109,284

109,284

109,284,642

U.S.

Treasury

Obligation,

1.13%,

due

05/15/40

.

115,363,000

111,470,318

0.09

10/30/20

11/02/20

54,999

54,999

54,999,310

U.S.

Treasury

Obligation,

2.13%,

due

07/31/24

.

52,185,000

56,099,288

0.09

10/30/20

11/02/20

162,316

162,316

162,317,394

U.S.

Treasury

Obligation,

2.63%,

due

03/31/25

.

150,000,000

165,563,717

0.09

10/30/20

11/02/20

227,460

227,460

227,462,123

U.S.

Treasury

Obligation,

0.13%,

due

10/15/23

.

232,300,000

232,011,331

0.09

10/30/20

11/02/20

19,261

19,261

19,261,174

U.S.

Treasury

Obligation,

1.50%,

due

10/31/24

.

18,600,000

19,646,394

0.09

10/30/20

11/02/20

37,980

37,980

37,980,432

U.S.

Treasury

Obligation,

2.88%,

due

05/15/28

.

32,900,000

38,740,035

0.09

10/30/20

11/02/20

564,541

564,541

564,545,225

U.S.

Treasury

Obligation,

4.63%,

due

02/15/40

.

362,728,700

575,836,045

0.09

10/30/20

11/02/20

265,931

265,931

265,933,367

U.S.

Treasury

Obligation,

2.63%,

due

12/31/23

.

250,000,000

271,251,995

0.09

10/30/20

11/02/20

91,007

91,007

91,007,888

U.S.

Treasury

Obligation,

0.13%,

due

07/15/30

.

83,160,000

92,828,033

0.09

10/30/20

11/02/20

76,900

76,900

76,900,332

U.S.

Treasury

Obligation,

2.25%,

due

11/15/27

.

69,800,000

78,438,327

0.09

10/30/20

11/02/20

45,240

45,240

45,240,535

U.S.

Treasury

Obligation,

1.38%,

due

01/31/25

.

44,000,000

46,145,339

0.09

10/30/20

11/02/20

347,040

347,040

347,043,044

U.S.

Treasury

Obligation,

4.25%,

due

05/15/39

.

232,500,000

353,983,853

0.09

10/30/20

11/02/20

147,081

147,081

147,081,636

U.S.

Treasury

Obligation,

1.13%,

due

01/15/21

.

125,673,000

150,023,247

0.09

10/30/20

11/02/20

32,873

32,873

32,872,918

U.S.

Treasury

Obligation,

2.00%,

due

05/31/24

.

31,300,000

33,530,372

$

–

$

–

$

8,000,001

$

8,160,030,950

$

–

$

–

Goldman

Sachs

&

Co.

LLC

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

0.07

10/30/20

11/02/20

171,000

171,000

171,000,997

U.S.

Treasury

Obligations,

0.00%

to

2.13%,

due

01/26/21

to

08/15/49

..........

167,616,762

174,420,000

0.09

10/30/20

11/02/20

10,000

10,000

10,000,075

U.S.

Treasury

Obligation,

0.13%,

due

10/15/24

.

9,540,200

10,200,021

0.12

10/30/20

11/02/20

215,100

215,100

215,102,151

U.S.

Treasury

Obligation,

2.50%,

due

02/15/46

.

181,909,900

219,402,084

0.36

(b)

10/31/20

12/07/20

1,114,500

1,114,500

1,114,912,365

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

1009.00%,

due

11/27/20

to

01/16/52

..

1,771,763,764

1,141,649,483

$

–

$

–

$

1,510,600

$

1,545,671,588

$

–

$

–

HSBC

Securities

USA,

Inc.

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

0.07

(c)

10/31/20

11/02/20

110,000

110,000

110,000,428

U.S.

Treasury

Obligations,

0.00%

to

1.88%,

due

11/15/24

to

08/15/47

..........

158,306,300

112,200,000

0.07

10/30/20

11/02/20

75,000

75,000

75,000,437

U.S.

Treasury

Obligations,

0.16%

to

2.75%,

due

12/31/20

to

02/15/45

..........

72,406,700

76,500,089

0.08

(b)

10/31/20

11/09/20

1,111,915

1,111,915

1,111,937,238

U.S.

Treasury

Obligations,

0.13%

to

3.50%,

due

01/15/21

to

11/15/47

..........

1,070,524,600

1,134,153,319

0.08

(b)

10/31/20

11/09/20

1,028,000

1,028,000

1,028,020,560

U.S.

Treasury

Obligations,

0.13%

to

3.13%,

due

01/31/21

to

02/15/42

..........

995,176,900

1,048,560,036

2020

BlackRock

Annual

Report

to

Shareholders

FedFund

20

Schedule

of

Investments

(continued)

October

31,

2020

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.09

%

(c)

10/31/20

11/02/20

$

286,000

$

286,000

$

286,001,430

U.S.

Government

Sponsored

Agency

Obligations,

3.00%

to

5.00%,

due

07/20/47

to

09/20/50

..........

$

612,299,290

$

291,720,000

0.10

(b)

10/31/20

11/09/20

350,000

350,000

350,008,750

U.S.

Government

Sponsored

Agency

Obligations,

2.50%

to

5.00%,

due

04/20/41

to

10/20/50

..........

500,947,352

357,000,000

$

–

$

–

$

2,960,915

$

3,020,133,444

$

–

$

–

ING

Financial

Markets

LLC

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

0.07

10/30/20

11/02/20

100,000

100,000

100,000,583

U.S.

Treasury

Obligations,

0.00%

to

3.00%,

due

11/03/20

to

02/15/42

..........

95,836,500

102,000,002

0.08

10/29/20

11/05/20

200,000

200,000

200,003,111

U.S.

Treasury

Obligations,

0.00%

to

2.88%,

due

11/24/20

to

08/15/28

..........

190,920,500

204,000,000

0.09

10/30/20

11/02/20

150,000

150,000

150,001,125

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

2.00%

to

4.50%,

due

06/30/23

to

08/01/59

.

206,380,567

154,497,271

$

–

$

–

$

450,000

$

460,497,273

$

–

$

–

JP

Morgan

Securities

LLC

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

0.07

10/30/20

11/02/20

1,600,000

1,600,000

1,600,009,333

U.S.

Treasury

Obligations,

0.00%

to

2.00%,

due

11/10/20

to

05/31/24

..........

1,565,366,000

1,632,000,065

0.07

10/30/20

11/02/20

544,500

544,500

544,503,176

U.S.

Treasury

Obligations,

0.00%

to

7.88%,

due

12/24/20

to

04/15/23

..........

550,840,600

555,390,028

0.09

10/30/20

11/02/20

142,000

142,000

142,001,065

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

6.50%,

due

10/20/30

to

10/20/50

..........

188,173,841

144,840,000

0.14

(b)

10/31/20

11/09/20

442,000

442,000

442,015,498

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

6.00%,

due

06/25/28

to

07/16/62

..........

4,952,783,390

464,100,000

0.16

(c)

10/31/20

11/02/20

350,000

350,000

350,003,111

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

6.35%,

due

06/25/22

to

12/16/62

..........

2,820,079,409

367,500,000

0.24

(b)

10/31/20

12/07/20

334,500

334,500

334,582,596

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

6.60%,

due

1/25/26

to

12/16/61

..........

4,270,949,057

351,225,000

$

–

$

–

$

3,413,000

$

3,515,055,093

$

–

$

–

Mizuho

Securities

USA

LLC

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

0.09

10/30/20

11/02/20

428,000

428,000

428,003,210

U.S.

Government

Sponsored

Agency

Obligations,

1.00%

to

3.50%,

due

10/01/35

to

11/25/50

..........

449,383,312

445,859,031

FedFund

Schedules

of

Investments

21

Schedule

of

Investments

(continued)

October

31,

2020

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.28

%

(b)

10/31/20

12/07/20

$

1,000,000

$

1,000,000

$

1,000,285,466

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

25.80%,

due

07/25/24

to

04/25/59

..........

$

9,914,381,140

$

1,039,664,280

$

–

$

–

$

1,428,000

$

1,485,523,311

$

–

$

–

Morgan

Stanley

&

Co.

LLC

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

0.09

10/30/20

11/02/20

2,000,000

2,000,000

2,000,015,000

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

9.00%,

due

11/04/20

to

11/01/50

..

2,231,629,863

2,052,152,228

$

–

$

–

MUFG

Securities

Americas,

Inc.

.....

0.07

10/30/20

11/02/20

500,000

500,000

500,002,917

U.S.

Treasury

Obligations,

0.00%

to

3.63%,

due

11/15/20

to

02/15/50

..........

499,561,815

510,000,000

0.09

10/30/20

11/02/20

700,000

700,000

700,005,250

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

7.50%,

due

05/20/24

to

08/20/70

..........

4,195,065,314

719,267,885

0.10

(b)

10/05/20

11/05/20

500,000

500,000

500,043,056

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

7.50%,

due

12/20/26

to

10/20/50

..........

660,095,095

510,000,000

0.12

11/02/20

12/07/20

500,000

500,000

500,058,333

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

7.50%,

due

12/20/26

to

10/20/50

..........

660,095,095

510,000,000

$

–

$

–

$

2,200,000

$

2,249,267,885

$

–

$

–

Natixis

SA

..........

0.07

10/30/20

11/02/20

554,000

554,000

554,003,232

U.S.

Treasury

Obligations,

0.13%

to

6.38%,

due

10/31/21

to

08/15/50

..........

454,759,400

565,080,030

0.09

10/30/20

11/02/20

676,000

676,000

676,005,070

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

6.25%,

due

05/20/21

to

09/01/50

.

772,693,871

696,188,724

0.09

(c)

10/31/20

11/02/20

1,000

1,000

1,000,005

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.13%

to

4.00%,

due

07/31/22

to

07/20/50

.

953,661

1,020,062

$

–

$

–

$

1,231,000

$

1,262,288,816

$

–

$

–

Nomura

Securities

International,

Inc.

...

0.07

10/30/20

11/02/20

1,650,000

1,650,000

1,650,009,625

U.S.

Treasury

Obligations,

0.00%

to

8.13%,

due

11/15/20

to

08/15/50

..........

1,738,594,277

1,683,000,016

0.09

10/30/20

11/02/20

80,000

80,000

80,000,600

U.S.

Government

Sponsored

Agency

Obligations,

2.32%

to

5.00%,

due

04/15/41

to

01/20/70

..........

82,088,228

81,600,001

$

–

$

–

$

1,730,000

$

1,764,600,017

$

–

$

–

2020

BlackRock

Annual

Report

to

Shareholders

FedFund

22

Schedule

of

Investments

(continued)

October

31,

2020

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Prudential

Insurance

Co.

of

America

.......

0.10

%

10/30/20

11/02/20

$

65,313

$

65,312

$

65,313,044

U.S.

Treasury

Obligation,

3.00%,

due

02/15/49

.

$

50,000,000

$

66,619,544

0.10

10/30/20

11/02/20

49,200

49,200

49,200,410

U.S.

Treasury

Obligation,

0.00%,

due

11/15/34

.

60,000,000

50,184,410

0.10

10/30/20

11/02/20

84,420

84,420

84,420,704

U.S.

Treasury

Obligation,

2.88%,

due

08/15/45

.

67,000,000

86,109,104

0.10

10/30/20

11/02/20

36,813

36,813

36,812,807

U.S.

Treasury

Obligation,

0.00%,

due

02/15/40

.

50,000,000

37,548,807

0.10

10/30/20

11/02/20

26,625

26,625

26,625,222

U.S.

Treasury

Obligation,

0.00%,

due

11/15/30

.

30,000,000

27,157,722

0.10

10/30/20

11/02/20

166,088

166,088

166,088,884

U.S.

Treasury

Obligation,

0.00%,

due

05/15/39

.

215,000,000

169,410,634

0.10

10/30/20

11/02/20

48,750

48,750

48,750,406

U.S.

Treasury

Obligation,

0.00%,

due

05/15/35

.

60,000,000

49,725,406

0.10

10/30/20

11/02/20

29,575

29,575

29,575,246

U.S.

Treasury

Obligation,

0.00%,

due

05/15/33

.

35,000,000

30,166,746

0.10

10/30/20

11/02/20

233,750

233,750

233,751,948

U.S.

Treasury

Obligation,

2.38%,

due

11/15/49

.

200,000,000

238,427,948

0.10

10/30/20

11/02/20

63,125

63,125

63,125,526

U.S.

Treasury

Obligation,

0.00%,

due

08/15/47

.

100,000,000

64,388,526

0.10

10/30/20

11/02/20

30,875

30,875

30,875,257

U.S.

Treasury

Obligation,

2.75%,

due

11/15/42

.

25,000,000

31,492,757

0.10

10/30/20

11/02/20

26,393

26,393

26,392,720

U.S.

Treasury

Obligation,

0.00%,

due

08/15/37

.

34,000,000

26,920,400

0.10

10/30/20

11/02/20

31,313

31,312

31,312,761

U.S.

Treasury

Obligation,

0.00%,

due

02/15/47

.

50,000,000

31,938,761

0.10

10/30/20

11/02/20

7,525

7,525

7,525,063

U.S.

Treasury

Obligation,

0.00%,

due

02/15/39

.

10,000,000

7,675,563

0.10

10/30/20

11/02/20

37,875

37,875

37,875,316

U.S.

Treasury

Obligation,

0.00%,

due

02/15/40

.

50,000,000

38,632,816

0.10

10/30/20

11/02/20

51,700

51,700

51,700,431

U.S.

Treasury

Obligation,

3.00%,

due

05/15/45

.

40,000,000

52,734,431

0.10

10/30/20

11/02/20

45,375

45,375

45,375,378

U.S.

Treasury

Obligation,

0.00%,

due

08/15/29

.

50,000,000

46,282,878

0.10

10/30/20

11/02/20

28,263

28,262

28,262,736

U.S.

Treasury

Obligation,

0.00%,

due

08/15/35

.

35,000,000

28,827,986

$

–

$

–

$

1,062,975

$

1,084,244,439

$

–

$

–

Societe

Generale

SA

..

0.07

10/30/20

11/02/20

1,500,000

1,500,000

1,500,008,750

U.S.

Treasury

Obligations,

0.00%

to

8.00%,

due

11/02/20

to

02/15/50

..........

1,477,294,311

1,530,000,072

0.08

10/27/20

11/03/20

450,000

450,000

450,007,000

U.S.

Treasury

Obligations,

0.00%

to

6.13%,

due

11/15/20

to

02/15/49

..........

463,552,266

459,000,000

0.09

10/30/20

11/02/20

1,500,000

1,500,000

1,500,011,250

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

8.00%,

due

11/02/20

to

04/15/60

..

2,145,351,184

1,530,402,878

$

–

$

–

$

3,450,000

$

3,519,402,950

$

–

$

–

TD

Securities

USA

LLC

.

0.07

10/30/20

11/02/20

100,000

100,000

100,000,583

U.S.

Treasury

Obligations,

0.13%

to

1.50%,

due

08/15/23

to

02/15/30

..........

99,131,900

102,000,052

FedFund

Schedules

of

Investments

23

Schedule

of

Investments

(continued)

October

31,

2020

See

notes

to

financial

statements.

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.09

%

10/30/20

11/02/20

$

240,000

$

240,000

$

240,001,800

U.S.

Government

Sponsored

Agency

Obligations,

3.00%

to

4.50%,

due

03/20/41

to

07/20/50

..........

$

746,504,201

$

244,800,000

$

–

$

–

$

340,000

$

346,800,052

$

–

$

–

Wells

Fargo

Securities

LLC

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

0.07

(a)

10/30/20

11/02/20

325,000

325,000

325,001,896

U.S.

Treasury

Obligations,

0.00%

to

3.00%,

due

12/17/20

to

08/15/48

..........

306,991,503

331,500,026

0.07

10/30/20

11/02/20

17,000

17,000

17,000,099

U.S.

Treasury

Obligation,

3.00%,

due

08/15/48

.

13,051,600

17,340,038

0.09

(c)

10/31/20

11/02/20

450,000

450,000

450,002,250

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

5.50%,

due

09/01/22

to

11/01/50

..........

580,792,309

463,500,000

0.09

10/30/20

11/02/20

24,000

24,000

24,000,180

U.S.

Government

Sponsored

Agency

Obligations,

3.00%

to

4.50%,

due

08/20/34

to

07/20/50

..........

24,354,142

24,480,000

$

–

$

–

$

816,000

$

836,820,064

$

–

$

–

$

47,773,602

$

48,924,821,743

$

–

$

–

(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.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

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

investments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

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

$

—

$

157,376,429,604

$

—

$

157,376,429,604

2020

BlackRock

Annual

Report

to

Shareholders

TempCash

24

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

October

31,

2020

Security

Par

(000)

Pa

r

(

000)

Value

Certificates

of

Deposit

—

19.3%

Domestic

—

0.9%

(a)

Bank

of

America

NA:

(LIBOR

USD

3

Month

+

0.15%),

0.38%, 07/06/21

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

USD

32,500

$

32,510,995

(LIBOR

USD

3

Month

+

0.05%),

0.28%, 10/01/21

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

14,000

13,999,999

Wells

Fargo

Bank

NA,

(LIBOR

USD

3

Month

+

0.11%),

0.39%, 02/16/21

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

56,500

56,514,538

103,025,532

Euro

—

1.5%

(b)

Banque

Federative

du

Credit

Mutuel

SA,

1.79%, 12/18/20

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

37,000

36,995,670

Credit

Industriel

et

Commercial

SA:

0.65%, 11/13/20

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

24,000

23,999,365

1.90%, 01/08/21

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

45,000

44,990,640

1.72%, 02/12/21

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

55,000

54,976,589

160,962,264

Yankee

—

16.9%

(c)

Bank

of

Montreal,

Chicago

(a)

:

(LIBOR

USD

3

Month

+

0.14%),

0.41%, 11/18/20

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

30,000

30,002,248

(LIBOR

USD

3

Month

+

0.04%),

0.32%, 09/17/21

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

75,000

75,006,555

(LIBOR

USD

3

Month

+

0.04%),

0.29%, 10/06/21

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

50,000

50,004,626

BNP

Paribas

SA,

New

York,

(LIBOR

USD

3

Month

+

0.06%),

0.31%, 02/05/21

(a)

....

30,000

30,006,897

Canadian

Imperial

Bank

of

Commerce,

New

York:

0.60%, 05/04/21

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

50,000

50,104,888

(LIBOR

USD

3

Month

+

0.14%),

0.35%, 07/23/21

(a)

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

50,000

50,046,893

(LIBOR

USD

3

Month

+

0.16%),

0.41%, 08/06/21

(a)

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

29,000

29,030,752

(LIBOR

USD

3

Month

+

0.05%),

0.30%, 09/13/21

(a)

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

49,000

49,008,429

(LIBOR

USD

3

Month

+

0.04%),

0.27%, 10/04/21

(a)

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

60,000

59,999,995

Credit

Industriel

et

Commercial

SA,

New

York

(a)

:

(LIBOR

USD

3

Month

+

0.07%),

0.32%, 02/01/21

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

40,000

40,009,995

(LIBOR

USD

3

Month

+

0.09%),

0.31%, 04/20/21

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

29,500

29,512,380

Credit

Suisse

AG,

New

York:

0.50%, 04/01/21

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

50,000

50,061,263

(SOFR

+

0.30%),

0.39%, 11/16/21

(a)

....

20,000

20,000,628

DNB

Bank

ASA,

New

York,

(LIBOR

USD

3

Month

+

0.20%),

0.45%, 05/05/21

(a)

....

30,000

30,027,275

Kookmin

Bank,

New

York,

(LIBOR

USD

1

Month

+

0.38%),

0.52%, 02/05/21

(a)

....

13,000

13,006,868

Mizuho

Bank

Ltd.,

New

York

(a)

:

(LIBOR

USD

3

Month

+

0.09%),

0.32%, 01/04/21

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

50,000

50,009,465

(LIBOR

USD

3

Month

+

0.08%),

0.30%, 01/14/21

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

80,000

80,015,989

MUFG

Bank

Ltd.,

New

York,

0.29%, 01/28/21

50,000

50,018,730

Nordea

Bank

Abp

,

New

York:

1.71%, 01/28/21

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

53,000

53,206,362

(LIBOR

USD

3

Month

+

0.10%),

0.34%, 06/09/21

(a)

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

51,000

51,033,628

Royal

Bank

of

Canada,

New

York:

1.30%, 01/07/21

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

40,000

40,091,384

0.65%, 05/03/21

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

25,000

25,058,444

Security

Par

(000)

Par

(000)

Value

Yankee

(continued)

0.43%, 07/26/21

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

USD

35,000

$

35,092,926

Skandinaviska

Enskilda

Banken

AB,

New

York,

(LIBOR

USD

3

Month

+

0.11%),

0.34%, 01/04/21

(a)

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

35,000

35,006,625

Sumitomo

Mitsui

Banking

Corp.,

New

York:

(LIBOR

USD

3

Month

+

0.10%),

0.32%, 12/23/20

(a)

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

55,000

55,009,923

(LIBOR

USD

3

Month

+

0.08%),

0.31%, 01/04/21

(a)

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

45,000

45,007,744

0.30%, 01/28/21

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

65,316

65,335,563

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

(a)

:

(LIBOR

USD

3

Month

+

0.11%),

0.34%, 12/22/20

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

60,000

60,011,425

(LIBOR

USD

3

Month

+

0.09%),

0.32%, 01/04/21

-

02/01

/21

........

86,500

86,517,542

Svenska

Handelsbanken

AB,

New

York

(a)

:

(LIBOR

USD

1

Month

+

0.25%),

0.39%, 01/04/21

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

71,000

71,029,957

(LIBOR

USD

3

Month

+

0.11%),

0.35%, 06/16/21

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

35,000

35,023,824

SwedBank

,

Inc.,

New

York,

0.25%, 07/26/21

30,000

30,004,474

Toronto-Dominion

Bank,

New

York:

0.50%, 05/13/21

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

40,000

40,062,220

(LIBOR

USD

3

Month

+

0.14%),

0.36%, 07/19/21

(a)

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

35,000

35,034,943

0.43%, 07/28/21

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

50,000

50,078,346

0.40%, 08/16/21

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

35,000

35,048,812

(LIBOR

USD

3

Month

+

0.10%),

0.38%, 08/24/21

(a)

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

91,000

91,066,116

UBS

AG,

Stamford,

1.38%, 04/16/21

......

37,000

37,197,705

Westpac

Banking

Corp.,

New

York,

(US

Federal

Funds

Effective

Rate

(continuous

series)

+

0.40%),

0.49%, 11/02/20

(a)

...........

33,000

33,000,000

1,794,791,839

Total

Certificates

of

Deposit

—

19.3%

(Cost:

$2,056,787,733)

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

2,058,779,635

Commercial

Paper

—

24.4%

Alpine

Securitization

Ltd.,

0.26%,

12/04/20

(d)

25,000

24,997,508

Bank

of

Nova

Scotia

(The),

(LIBOR

USD

3

Month

+

0.03%),

0.28%,

08/10/21

(a)

....

50,000

50,003,842

Banque

et

Caisse

d

Epargne

de

l

Etat

,

0.09%,

12/01/20

(b)

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

46,000

45,996,279

Bedford

Row

Funding

Corp.:

0.10%,

11/05/20

(b)

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

50,000

49,999,167

0.18%,

04/26/21

(b)

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

50,000

49,955,747

(LIBOR

USD

3

Month

+

0.05%),

0.32%,

08/12/21

(a)

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

40,000

40,003,095

Bennington

Stark

Capital

Co.

LLC,

0.12%,

11/05/20

(b)(d)

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

59,000

58,998,820

BNG

Bank

NV

(b)

:

0.11%,

11/06/20

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

125,000

124,997,326

0.14%,

11/30/20

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

87,000

86,989,437

BNP

Paribas

SA,

0.10%,

12/11/20

(b)

......

80,000

79,991,040

BPCE

SA,

0.26%,

05/13/21

(b)

...........

39,000

38,946,131

Canada,

0.07%,

11/03/20

(b)

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

80,000

79,999,378

CDP

Financial,

Inc.,

0.07%,

11/03/20

(b)(d)

...

25,000

24,999,805

Chariot

Funding

LLC,

0.10%,

11/12/20

(b)

...

56,000

55,998,038

Citigroup

Global

Markets,

Inc.,

0.20%,

06/04/21

(b)

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

57,000

56,933,001

Commonwealth

Bank

of

Australia,

(LIBOR

USD

3

Month

+

0.09%),

0.35%,

05/28/21

(a)

...

23,000

23,010,419

CPPIB

Capital,

Inc.,

(SOFR

+

0.32%),

0.41%,

12/10/20

(a)(d)

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

23,250

23,254,297

TempCash

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

Crown

Point

Capital

Co.

LLC

(b)(d)

:

0.20%,

02/01/21

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

USD

70,000

$

69,963,262

0.22%,

04/01/21

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

30,000

29,971,822

DNB

Bank

ASA,

(LIBOR

USD

3

Month

+

0.10%),

0.33%,

06/25/21

(a)

..........

55,000

55,024,994

Glencove

Funding

DAC,

(LIBOR

USD

1

Week

+

0.12%),

0.22%,

11/06/20

(a)

.........

43,000

43,000,000

HSBC

Bank

plc

(a)

:

(LIBOR

USD

1

Month

+

0.29%),

0.44%,

12/30/20

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

40,000

40,018,504

(LIBOR

USD

3

Month

+

0.19%),

0.44%,

08/11/21

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

40,000

40,034,169

(LIBOR

USD

3

Month

+

0.14%),

0.39%,

08/31/21

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

30,000

30,009,881

Mitsubishi

UFJ

Trust

&

Banking

Corp.,

0.19%,

02/22/21

(b)

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

24,000

23,986,047

National

Australia

Bank

Ltd.

(a)

:

(LIBOR

USD

1

Month

+

0.11%),

0.26%,

04/29/21

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

38,500

38,505,992

(LIBOR

USD

3

Month

+

0.12%),

0.35%,

06/24/21

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

14,000

14,010,008

NRW

Bank

(b)

:

0.09%,

11/05/20

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

100,000

99,998,450

0.19%,

03/03/21

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

45,000

44,970,860

Ontario

Teachers'

Finance

Trust,

0.13%,

07/06/21

(b)(d)

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

50,000

49,955,041

Oversea-Chinese

Banking

Corp.

Ltd.,

(LIBOR

USD

3

Month

+

0.04%),

0.26%,

04/28/21

(a)

35,800

35,805,246

Province

of

British

Columbia

Canada,

0.14%,

02/05/21

(b)

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

27,000

26,990,151

PSP

Capital,

Inc.,

0.12%,

02/01/21

(b)(d)

.....

32,580

32,569,621

Ridgefield

Funding

Co.

LLC,

0.20%,

02/01/21

(b)

(d)

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

59,500

59,468,773

Societe

Generale

SA:

0.10%,

11/03/20

(b)

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

100,000

99,998,889

0.10%,

11/04/20

(b)

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

200,000

199,996,945

(LIBOR

USD

3

Month

+

0.10%),

0.33%,

03/19/21

(a)

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

48,000

47,996,373

Svenska

Handelsbanken

AB,

(LIBOR

USD

3

Month

+

0.02%),

0.27%,

09/02/21

(a)

....

41,000

40,999,998

Thunder

Bay

Funding

LLC,

0.14%,

01/25/21

(b)

32,000

31,989,405

Toronto-Dominion

Bank

(The),

0.09%,

11/06/20

(b)

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

140,000

139,997,550

UBS

AG:

0.19%,

01/25/21

(b)

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

60,200

60,172,649

(LIBOR

USD

3

Month

+

0.18%),

0.40%,

06/23/21

(a)

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

40,000

40,021,912

(LIBOR

USD

3

Month

+

0.17%),

0.40%,

07/09/21

(a)

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

50,000

50,024,976

(LIBOR

USD

3

Month

+

0.12%),

0.36%,

10/14/21

(a)

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

50,000

49,999,997

Westpac

Banking

Corp.

(a)

:

(LIBOR

USD

3

Month

+

0.15%),

0.40%,

11/25/20

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

50,000

50,005,496

(LIBOR

USD

3

Month

+

0.09%),

0.35%,

05/28/21

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

30,000

30,013,591

(LIBOR

USD

3

Month

+

0.12%),

0.35%,

07/02/21

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

49,000

49,036,042

Westpac

Securities

NZ

Ltd.,

(LIBOR

USD

3

Month

+

0.07%),

0.29%,

01/22/21

(a)

....

54,000

54,010,793

Total

Commercial

Paper

—

24.4%

(Cost:

$2,592,827,035)

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

2,593,620,767

Security

Par

(000)

Pa

r

(

000)

Value

Corporate

Bonds

—

0.3%

Insurance

—

0.3%

Metropolitan

Life

Global

Funding

I,

(LIBOR

USD

3

Month

+

0.23%),

0.46%,

01/08/21

(a)(d)

USD

35,000

$

35,015,179

Total

Corporate

Bonds

—

0.3%

(Cost:

$35,010,411)

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

35,015,179

Municipal

Bonds

—

1.2%

Arizona

—

0.1%

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9028,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.55%, 12/04/20

(d)(e)(f)

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

8,290

8,290,000

Other

—

0.8%

(d)(e)(f)

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9029,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.55%, 12/04/20

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

14,790

14,790,000

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9036,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.55%, 11/02/20

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

16,000

16,000,000

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9043,

RB,

VRDN

(Mizuho

Bank

Ltd.

LOC),

0.33%, 11/06/20

31,095

31,095,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-013,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.20%, 11/06/20

10,000

10,000,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-11,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.50%, 12/04/20

17,000

17,000,000

88,885,000

Texas

—

0.3%

Taxable

Series

2020-XF2907,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.33%, 11/06/20

(d)(e)(f)

.......

27,935

27,935,000

Total

Municipal

Bonds

—

1.2%

(Cost:

$125,110,000)

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

125,110,000

Time

Deposits

—

30.0%

ABN

AMRO

Bank

NV:

0.09%, 11/02/20

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

150,000

150,000,000

0.11%, 11/04/20

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

250,000

250,000,000

Banque

Nationale

du

Canada,

0.11%, 11/04/20

250,000

250,000,000

Barclays

Bank

plc,

0.09%, 11/02/20

......

250,000

250,000,000

Credit

Agricole

Corporate

and

Investment

Bank

SA:

0.08%, 11/02/20

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

258,365

258,365,000

0.15%, 11/04/20

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

130,000

130,000,000

KBC

Bank

NV,

0.08%, 11/02/20

.........

450,000

450,000,000

Landesbank

Hessen-

Thuringen

Girozentrale

:

0.10%, 11/02/20

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

108,000

108,000,000

0.14%, 11/02/20

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

65,000

65,000,000

0.14%, 11/03/20

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

64,000

64,000,000

0.14%, 11/04/20

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

65,000

65,000,000

2020

BlackRock

Annual

Report

to

Shareholders

TempCash

26

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

Time

Deposits

(continued)

0.14%, 11/05/20

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

USD

64,000

$

64,000,000

Mizuho

Bank

Ltd.,

0.08%, 11/02/20

.......

209,000

209,000,000

Royal

Bank

of

Canada,

0.08%, 11/02/20

...

250,000

250,000,000

Skandinaviska

Enskilda

Banken

AB,

0.08%, 11/02/20

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

330,000

330,000,000

Svenska

Handelsbanken

AB,

0.08%, 11/02/20

300,000

300,000,000

Total

Time

Deposits

—

30.0%

(Cost:

$3,193,365,000)

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

3,193,365,000

U.S.

Government

Sponsored

Agency

Obligations

—

0.1%

United

States

International

Development

Finance

Corp.

Variable

Rate

Notes,

(3

Month

Treasury

Bill

Rate

+

0.00%),

0.14%, 11/06/20

(a)

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

7,500

7,500,000

Total

U.S.

Government

Sponsored

Agency

Obligations

—

0.1%

(Cost:

$7,500,000)

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

7,500,000

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

—

11.1%

U.S.

Treasury

Bills

(b)

:

0.05%, 11/10/20

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

USD

75,000

$

74,998,958

0.08%, 11/27/20

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

50,000

49,997,135

0.08%, 12/01/20

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

98,000

97,993,487

0.09%, 12/10/20

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

152,000

151,985,560

0.08%, 01/12/21

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

74,000

73,987,595

0.09%, 01/28/21

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

385,731

385,642,544

0.10%, 03/02/21

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

74,000

73,975,334

0.09%, 03/09/21

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

53,000

52,982,425

0.09%, 03/25/21

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

100,000

99,962,264

0.10%, 04/06/21

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

120,000

119,948,666

Total

U.S.

Treasury

Obligations

—

11.1%

(Cost:

$1,181,416,917)

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

1,181,473,968

Total

Repurchase

Agreements

—

12.0%

(Cost:

$1,277,500,000)

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

1,277,500,000

Total

Investments

—

98.4%

(Cost:

$10,469,517,096

)

(g)

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

10,472,364,549

Other

Assets

Less

Liabilities

—

1.6%

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

165,835,733

Net

Assets

—

100.0%

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

$

10,638,200,282

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Rates

are

the

current

rate

or

a

range

of

current

rates

as

of

period

end.

(c)

Issuer

is

a

U.S.

branch

of

a

foreign

domiciled

bank.

(d)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(e)

These

securities

are

short-term

floating

rate

certificates

issued

by

tender

option

bond

trusts

and

are

secured

by

the

underlying

municipal

bond

securities.

(f)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(g)

Cost

for

U.S.

federal

income

tax

purposes.

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

....

0.48

%

(a)

10/31/20

12/07/20

$

23,000

$

23,000

$

23,011,347

Corporate/Debt

Obligations,

3.00%

to

5.00%,

due

08/25/27

to

04/20/55

..........

$

20,765,002

$

24,150,190

0.78

(a)

10/31/20

01/06/21

38,000

38,000

38,055,163

Corporate/Debt

Obligations,

3.80%

to

6.88%,

due

10/16/25

to

09/21/47

..........

42,628,226

41,800,105

$

–

$

–

$

61,000

$

65,950,295

$

–

$

–

Barclays

Bank

plc

....

0.18

(b)

10/31/20

11/02/20

85,000

85,000

85,000,850

Corporate/Debt

Obligations,

2.45%

to

4.88%,

due

09/12/24

to

09/15/55

..........

77,489,968

89,250,000

0.38

(b)

10/31/20

11/02/20

15,000

15,000

15,000,317

Corporate/Debt

Obligations,

2.80%

to

6.88%,

due

02/01/27

to

04/01/31

..........

18,244,776

16,763,371

0.53

(a)

10/31/20

02/05/21

15,000

15,000

15,021,421

Corporate/Debt

Obligations,

4.75%

to

6.20%,

due

10/15/35

to

05/25/47

..........

12,568,195

15,750,000

TempCash

Schedules

of

Investments

27

Schedule

of

Investments

(continued)

October

31,

2020

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.58

%

(a)

10/31/20

02/05/21

$

13,000

$

13,000

$

13,020,316

U.S.

Government

Sponsored

Agency

Obligation,

0.63%,

due

05/15/50

..........

$

13,907,031

$

13,910,000

$

–

$

–

$

128,000

$

135,673,371

$

–

$

–

Barclays

Capital,

Inc.

..

0.35

(a)

10/31/20

12/07/20

30,000

30,000

30,010,792

U.S.

Treasury

Obligation,

0.00%,

due

02/15/36

.

36,314,000

30,600,028

0.58

(a)

10/31/20

02/05/21

13,000

13,000

13,020,316

Corporate/Debt

Obligation,

3.47%,

due

11/11/50

..........

12,327,643

13,910,000

$

–

$

–

$

43,000

$

44,510,028

$

–

$

–

BNP

Paribas

SA

.....

0.18

(b)

10/31/20

11/02/20

11,000

11,000

11,000,110

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

3.92%

to

4.65%,

due

02/26/24

to

04/15/32

..........

12,108,140

11,793,201

$

–

$

–

Citigroup

Global

Markets,

Inc.

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

0.07

(c)

10/30/20

11/02/20

90,000

90,000

90,000,525

U.S.

Treasury

Obligations,

0.13%

to

6.50%,

due

03/31/26

to

11/15/26

..........

80,387,006

91,800,015

0.09

10/30/20

11/02/20

13,000

13,000

13,000,098

U.S.

Treasury

Obligation,

0.13%,

due

04/15/21

.

12,096,000

13,260,061

0.13

(b)

10/31/20

11/02/20

12,000

12,000

12,000,087

U.S.

Treasury

Obligations

and

Corporate/Debt

Obligations,

0.00%

to

3.13%,

due

02/25/21

to

02/15/47

..........

10,620,900

12,382,511

0.52

(a)

10/31/20

01/03/21

5,000

5,000

5,004,590

U.S.

Government

Sponsored

Agency

Obligations,

4.00%

to

5.95%,

due

12/01/45

to

04/20/46

..........

54,327,710

5,350,203

$

–

$

–

$

120,000

$

122,792,790

$

–

$

–

Credit

Suisse

Securities

USA

LLC

........

0.77

(a)

10/31/20

02/05/21

75,000

75,000

75,154,745

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.00%

to

12.00%,

due

03/28/22

to

03/07/87

..........

306,725,323

86,389,275

$

–

$

–

HSBC

Securities

USA,

Inc.

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

0.20

(b)

10/31/20

11/02/20

10,000

10,000

10,000,111

Corporate/Debt

Obligations,

1.71%

to

7.13%,

due

05/15/23

to

10/01/37

..........

10,087,018

10,500,000

0.28

(b)

10/31/20

11/02/20

11,500

11,500

11,500,179

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

4.67%

to

8.75%,

due

12/01/21

to

06/15/49

..........

9,811,861

12,124,031

$

–

$

–

$

21,500

$

22,624,031

$

–

$

–

2020

BlackRock

Annual

Report

to

Shareholders

TempCash

28

Schedule

of

Investments

(continued)

October

31,

2020

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

JP

Morgan

Securities

LLC

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

0.07

%

10/30/20

11/02/20

$

93,000

$

93,000

$

93,000,543

U.S.

Treasury

Obligations,

1.75%

to

2.00%,

due

02/28/21

to

05/15/23

..........

$

90,581,900

$

94,860,068

0.09

10/30/20

11/02/20

157,000

157,000

157,001,178

U.S.

Government

Sponsored

Agency

Obligations,

2.29%

to

6.00%,

due

04/20/26

to

06/15/63

..........

384,017,802

160,140,000

0.20

(b)

10/31/20

11/02/20

8,000

8,000

8,000,089

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.00%

to

4.00%,

due

02/23/21

to

08/25/44

..........

30,736,730

8,252,867

0.26

(b)

10/31/20

11/02/20

1,000

1,000

1,000,014

Corporate/Debt

Obligations,

0.50%

to

3.50%,

due

05/25/46

to

08/25/55

..........

8,753,810

1,070,000

0.38

(a)

10/31/20

11/09/20

100,000

100,000

100,009,500

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.50%

to

7.50%,

due

02/15/21

to

10/15/50

..........

102,051,261

105,859,588

0.43

(a)

10/31/20

11/09/20

50,000

50,000

50,005,375

Corporate/Debt

Obligations,

0.63%

to

9.75%,

due

06/01/23

to

05/25/59

..........

162,353,738

53,697,988

0.57

(a)

10/31/20

01/31/21

30,000

30,000

30,043,374

Corporate/Debt

Obligations,

1.30%

to

11.50%,

due

06/01/25

to

12/17/59

..........

56,678,867

32,547,353

$

–

$

–

$

439,000

$

456,427,864

$

–

$

–

Mizuho

Securities

USA

LLC

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

0.70

(a)

10/31/20

12/07/20

50,000

50,000

50,035,856

U.S.

Treasury

Obligations,

2.25%

to

2.50%,

due

02/28/26

to

08/15/27

..........

45,700,300

51,000,074

$

–

$

–

TD

Securities

USA

LLC

.

0.20

(b)

10/31/20

11/02/20

3,000

3,000

3,000,033

Corporate/Debt

Obligations,

1.70%

to

2.85%,

due

02/23/23

to

10/15/30

..........

3,079,776

3,150,000

$

–

$

–

Wells

Fargo

Securities

LLC

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

0.07

(c)

10/30/20

11/02/20

25,000

25,000

25,000,146

U.S.

Treasury

Obligations,

0.00%

to

3.00%,

due

12/17/20

to

08/15/48

..........

23,614,724

25,499,998

0.09

10/30/20

11/02/20

125,000

125,000

125,000,937

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

5.00%,

due

05/20/48

to

10/20/50

..........

122,130,585

127,500,000

0.20

(b)

10/31/20

11/02/20

97,000

97,000

97,001,078

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.80%

to

8.59%,

due

11/15/21

to

05/15/48

..........

122,670,713

103,790,001

TempCash

Schedules

of

Investments

29

Schedule

of

Investments

(continued)

October

31,

2020

See

notes

to

financial

statements.

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.43

%

08/24/20

11/13/20

$

12,000

$

12,000

$

12,011,610

Corporate/Debt

Obligations,

0.94%

to

5.16%,

due

07/15/22

to

01/25/60

..........

$

23,328,625

$

12,840,001

0.43

08/24/20

11/13/20

12,000

12,000

12,011,610

Corporate/Debt

Obligations,

2.32%

to

3.09%,

due

04/20/26

to

08/20/29

..........

12,740,898

12,840,000

0.45

08/19/20

11/19/20

40,000

40,000

40,046,000

U.S.

Government

Sponsored

Agency

Obligations,

0.00%,

due

01/05/21

to

03/15/21

.

42,041,204

42,000,000

0.70

08/27/20

11/30/20

15,000

15,000

15,027,708

Corporate/Debt

Obligations,

6.25%

to

7.50%,

due

09/15/27

to

01/15/28

..........

16,580,407

17,250,001

$

–

$

–

$

326,000

$

341,720,001

$

–

$

–

$

1,277,500

$

1,342,030,930

$

–

$

–

(a)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(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)

Traded

in

a

joint

account.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

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

investments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

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

$

—

$

10,472,364,549

$

—

$

10,472,364,549

2020

BlackRock

Annual

Report

to

Shareholders

TempFund

30

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

October

31,

2020

Security

Par

(000)

Pa

r

(

000)

Value

Certificates

of

Deposit

—

19.3%

Domestic

—

1.0%

(a)

Bank

of

America

NA:

(LIBOR

USD

3

Month

+

0.15%),

0.38%, 07/06/21

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

USD

40,000

$

40,013,533

(LIBOR

USD

3

Month

+

0.05%),

0.28%, 10/01/21

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

14,000

13,999,999

Wells

Fargo

Bank

NA,

(LIBOR

USD

3

Month

+

0.11%),

0.37%, 02/22/21

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

59,000

59,016,359

113,029,891

Euro

—

1.8%

Banque

Federative

du

Credit

Mutuel

SA,

1.79%, 12/18/20

(b)

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

38,000

37,995,552

Credit

Industriel

et

Commercial

SA

(b)

:

0.65%, 11/13/20

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

25,000

24,999,339

1.90%, 01/08/21

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

50,000

49,989,600

1.72%, 02/12/21

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

55,000

54,976,589

Mitsubishi

UFJ

Trust

&

Banking

Corp.,

0.33%, 11/02/20

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

45,500

45,500,872

213,461,952

Yankee

—

16.5%

(c)

Bank

of

Montreal,

Chicago

(a)

:

(LIBOR

USD

3

Month

+

0.14%),

0.41%, 11/18/20

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

30,000

30,002,248

(LIBOR

USD

3

Month

+

0.05%),

0.30%, 08/06/21

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

62,500

62,514,201

(LIBOR

USD

3

Month

+

0.04%),

0.32%, 09/17/21

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

75,000

75,006,555

(LIBOR

USD

3

Month

+

0.04%),

0.29%, 10/06/21

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

50,000

50,004,626

BNP

Paribas

SA,

New

York,

(LIBOR

USD

3

Month

+

0.06%),

0.31%, 02/05/21

(a)

....

60,000

60,013,793

Canadian

Imperial

Bank

of

Commerce,

New

York:

0.60%, 05/04/21

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

50,000

50,104,889

(LIBOR

USD

3

Month

+

0.14%),

0.35%, 07/23/21

(a)

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

51,000

51,047,830

(LIBOR

USD

3

Month

+

0.16%),

0.41%, 08/06/21

(a)

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

29,500

29,531,282

(LIBOR

USD

3

Month

+

0.05%),

0.30%, 09/13/21

(a)

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

48,000

48,008,257

(LIBOR

USD

3

Month

+

0.04%),

0.27%, 10/04/21

(a)

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

60,000

59,999,995

Credit

Industriel

et

Commercial

SA,

New

York

(a)

:

(LIBOR

USD

3

Month

+

0.07%),

0.32%, 02/01/21

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

60,000

60,014,993

(LIBOR

USD

3

Month

+

0.09%),

0.31%, 04/20/21

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

29,000

29,012,170

(LIBOR

USD

3

Month

+

0.09%),

0.30%, 04/21/21

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

66,000

66,027,861

Credit

Suisse

AG,

New

York:

0.50%, 04/01/21

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

50,000

50,061,263

(SOFR

+

0.30%),

0.39%, 11/16/21

(a)

....

20,000

20,000,628

DNB

Bank

ASA,

New

York,

(LIBOR

USD

3

Month

+

0.20%),

0.45%, 05/05/21

(a)

....

30,000

30,027,275

Kookmin

Bank,

New

York,

(LIBOR

USD

1

Month

+

0.38%),

0.52%, 02/05/21

(a)

....

13,000

13,006,868

Mizuho

Bank

Ltd.,

New

York

(a)

:

(LIBOR

USD

3

Month

+

0.09%),

0.32%, 01/04/21

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

50,000

50,009,465

(LIBOR

USD

3

Month

+

0.08%),

0.30%, 01/14/21

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

80,000

80,015,989

MUFG

Bank

Ltd.,

New

York,

0.29%, 01/28/21

50,000

50,018,730

Security

Par

(000)

Par

(000)

Value

Yankee

(continued)

Nordea

Bank

Abp

,

New

York:

0.90%, 01/20/21

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

USD

54,200

$

54,293,465

(LIBOR

USD

3

Month

+

0.10%),

0.34%, 06/09/21

(a)

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

50,000

50,032,968

Royal

Bank

of

Canada,

New

York:

1.30%, 01/07/21

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

40,000

40,091,384

(LIBOR

USD

3

Month

+

0.45%),

0.66%, 04/23/21

(a)

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

30,000

30,065,499

0.65%, 05/03/21

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

25,000

25,058,445

0.43%, 07/26/21

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

35,000

35,092,926

Skandinaviska

Enskilda

Banken

AB,

New

York,

(LIBOR

USD

3

Month

+

0.11%),

0.34%, 01/04/21

(a)

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

20,000

20,003,786

Sumitomo

Mitsui

Banking

Corp.,

New

York

(a)

:

(LIBOR

USD

3

Month

+

0.10%),

0.32%, 12/23/20

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

55,500

55,510,013

(LIBOR

USD

3

Month

+

0.08%),

0.31%, 01/04/21

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

45,000

45,007,744

(SOFR

+

0.28%),

0.37%, 01/22/21

.....

40,000

40,014,730

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York:

(LIBOR

USD

3

Month

+

0.11%),

0.34%, 12/22/20

(a)

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

60,000

60,011,424

(LIBOR

USD

3

Month

+

0.09%),

0.32%, 01/04/21

(a)

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

30,000

30,005,679

0.20%, 02/08/21

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

28,500

28,500,719

Svenska

Handelsbanken

AB,

New

York

(a)

:

(LIBOR

USD

1

Month

+

0.25%),

0.39%, 01/04/21

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

32,000

32,013,502

(LIBOR

USD

3

Month

+

0.11%),

0.35%, 06/16/21

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

35,000

35,023,824

SwedBank

,

Inc.,

New

York,

0.25%, 07/26/21

35,000

35,005,220

Toronto-Dominion

Bank,

New

York:

0.50%, 05/13/21

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

55,000

55,085,553

(LIBOR

USD

3

Month

+

0.14%),

0.36%, 07/19/21

(a)

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

35,000

35,034,943

0.43%, 07/28/21

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

50,000

50,078,346

0.40%, 08/16/21

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

35,000

35,048,812

(LIBOR

USD

3

Month

+

0.10%),

0.38%, 08/24/21

(a)

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

36,000

36,026,156

UBS

AG,

Stamford,

1.38%, 04/16/21

......

35,000

35,187,018

Westpac

Banking

Corp.,

New

York

(a)

:

(US

Federal

Funds

Effective

Rate

(continuous

series)

+

0.40%),

0.49%, 11/02/20

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

39,000

39,000,000

(LIBOR

USD

3

Month

+

0.15%),

0.39%, 12/09/20

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

50,000

50,008,993

1,915,630,067

Total

Certificates

of

Deposit

—

19.3%

(Cost:

$2,240,175,270)

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

2,242,121,910

Commercial

Paper

—

23.5%

Alpine

Securitization

Ltd.,

0.26%

,

12/04/20

(d)

25,000

24,997,508

Banque

et

Caisse

d

Epargne

de

l

Etat

,

0.09%

,

12/01/20

(b)

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

45,000

44,996,360

Bedford

Row

Funding

Corp.:

0.10%

,

11/05/20

(b)

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

50,000

49,999,167

0.18%

,

04/26/21

(b)

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

65,000

64,942,471

(LIBOR

USD

3

Month

+

0.05%),

0.32%

,

08/12/21

(a)

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

30,000

30,002,321

Bennington

Stark

Capital

Co.

LLC,

0.12%

,

11/05/20

(b)(d)

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

60,000

59,998,800

BNG

Bank

NV,

0.11%

,

11/06/20

(b)

........

125,000

124,997,326

BPCE

SA,

0.26%

,

05/13/21

(b)

...........

39,000

38,946,131

TempFund

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

Canada,

0.07%

,

11/03/20

(b)

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

USD

80,000

$

79,999,378

CDP

Financial,

Inc.,

0.07%

,

11/03/20

(b)(d)

...

24,000

23,999,813

Chariot

Funding

LLC

(b)

:

0.09%

,

11/16/20

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

48,000

47,998,005

0.15%

,

02/01/21

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

95,660

95,622,533

Citigroup

Global

Markets,

Inc.,

0.20%

,

06/04/21

(b)

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

58,000

57,931,826

Commonwealth

Bank

of

Australia,

(LIBOR

USD

3

Month

+

0.09%),

0.35%

,

05/28/21

(a)

...

22,000

22,009,966

CPPIB

Capital,

Inc.,

(SOFR

+

0.32%),

0.41%

,

12/10/20

(a)(d)

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

32,500

32,506,006

Crown

Point

Capital

Co.

LLC,

0.22%

,

04/01/21

(b)(d)

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

50,000

49,953,037

DNB

Bank

ASA,

(LIBOR

USD

3

Month

+

0.10%),

0.33%

,

06/25/21

(a)

..........

55,000

55,024,994

FMS

Wertmanagement

,

0.16%

,

03/04/21

(b)

.

90,000

89,950,625

Glencove

Funding

DAC,

(LIBOR

USD

1

Week

+

0.12%),

0.22%

,

11/06/20

(a)

.........

50,000

50,000,000

HSBC

Bank

plc

(a)

:

(LIBOR

USD

3

Month

+

0.22%),

0.44%

,

07/20/21

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

53,500

53,557,653

(LIBOR

USD

3

Month

+

0.19%),

0.44%

,

08/11/21

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

40,000

40,034,169

(LIBOR

USD

3

Month

+

0.14%),

0.39%

,

08/31/21

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

30,000

30,009,881

Lloyds

Bank

plc,

(LIBOR

USD

3

Month

+

0.14%),

0.35%

,

01/21/21

(a)

..........

50,000

50,009,866

Matchpoint

Finance

plc,

0.16%

,

02/25/21

(b)

..

50,000

49,973,942

Mitsubishi

UFJ

Trust

&

Banking

Corp.,

0.19%

,

02/22/21

(b)

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

24,000

23,986,047

National

Australia

Bank

Ltd.

(a)

:

(LIBOR

USD

3

Month

+

0.12%),

0.36%

,

12/09/20

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

78,500

78,511,766

(LIBOR

USD

1

Month

+

0.11%),

0.26%

,

04/29/21

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

38,000

38,005,914

(LIBOR

USD

3

Month

+

0.12%),

0.35%

,

06/24/21

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

14,000

14,010,008

NRW

Bank

(b)

:

0.09%

,

11/05/20

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

100,000

99,998,450

0.19%

,

03/03/21

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

45,000

44,970,860

Ontario

Teachers'

Finance

Trust,

0.13%

,

07/06/21

(b)(d)

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

50,000

49,955,041

Province

of

British

Columbia

Canada,

0.14%

,

02/05/21

(b)

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

27,000

26,990,151

PSP

Capital,

Inc.

(b)(d)

:

0.08%

,

11/17/20

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

65,000

64,997,595

0.08%

,

11/23/20

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

25,000

24,998,633

0.12%

,

02/01/21

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

32,420

32,409,673

Ridgefield

Funding

Co.

LLC

(b)(d)

:

0.11%

,

11/09/20

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

86,000

85,997,348

0.20%

,

02/01/21

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

59,500

59,468,773

Societe

Generale

SA:

0.10%

,

11/03/20

(b)

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

100,000

99,998,889

0.10%

,

11/04/20

(b)

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

200,000

199,996,667

(LIBOR

USD

3

Month

+

0.10%),

0.33%

,

03/19/21

(a)

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

48,000

47,996,373

Svenska

Handelsbanken

AB,

(LIBOR

USD

3

Month

+

0.02%),

0.27%

,

09/02/21

(a)

....

42,650

42,649,998

Thunder

Bay

Funding

LLC,

0.14%

,

01/25/21

(b)

32,100

32,089,372

Toronto-Dominion

Bank

(The),

0.09%

,

11/06/20

(b)

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

140,000

139,997,550

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

UBS

AG:

0.19%

,

01/25/21

(b)

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

USD

74,000

$

73,966,380

(LIBOR

USD

3

Month

+

0.18%),

0.40%

,

06/23/21

(a)

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

40,000

40,021,912

(LIBOR

USD

3

Month

+

0.17%),

0.40%

,

07/09/21

(a)

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

50,000

50,024,975

(LIBOR

USD

3

Month

+

0.12%),

0.36%

,

10/14/21

(a)

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

50,000

49,999,997

Westpac

Banking

Corp.:

(LIBOR

USD

3

Month

+

0.12%),

0.35%

,

07/02/21

(a)

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

50,000

50,036,778

Total

Commercial

Paper

—

23.5%

(Cost:

$2,737,764,162)

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

2,738,540,928

Corporate

Bonds

—

0.3%

Insurance

—

0.3%

Metropolitan

Life

Global

Funding

I,

(LIBOR

USD

3

Month

+

0.23%),

0.46%,

01/08/21

(a)(d)

35,635

35,650,455

Total

Corporate

Bonds

—

0.3%

(Cost:

$35,645,600)

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

35,650,455

Municipal

Bonds

—

1.0%

Other

—

0.7%

(d)(e)(f)

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9036,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.55%, 11/02/20

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

19,000

19,000,000

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9043,

RB,

VRDN

(Mizuho

Bank

Ltd.

LOC),

0.33%, 11/06/20

31,095

31,095,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-012,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.20%, 11/22/20

10,400

10,400,000

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-11,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.50%, 12/04/20

17,000

17,000,000

Taxable

Series

2020-XF2908,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.33%, 11/02/20

..........

4,790

4,790,000

82,285,000

Texas

—

0.3%

Taxable

Series

2020-XF2907,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.33%, 11/06/20

(d)(e)(f)

.......

28,850

28,850,000

Total

Municipal

Bonds

—

1.0%

(Cost:

$111,135,000)

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

111,135,000

Time

Deposits

—

26.6%

ABN

AMRO

Bank

NV:

0.09%, 11/02/20

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

200,000

200,000,000

0.11%, 11/04/20

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

250,000

250,000,000

Banque

Nationale

du

Canada,

0.11%, 11/04/20

250,000

250,000,000

Barclays

Bank

plc,

0.09%, 11/02/20

......

130,000

130,000,000

2020

BlackRock

Annual

Report

to

Shareholders

TempFund

32

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

Time

Deposits

(continued)

Credit

Agricole

Corporate

and

Investment

Bank

SA:

0.08%, 11/02/20

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

USD

219,826

$

219,826,000

0.15%, 11/04/20

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

130,000

130,000,000

KBC

Bank

NV,

0.08%, 11/02/20

.........

450,000

450,000,000

Landesbank

Hessen-

Thuringen

Girozentrale

:

0.10%, 11/02/20

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

118,000

118,000,000

0.14%, 11/02/20

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

70,000

70,000,000

0.14%, 11/03/20

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

68,000

68,000,000

0.14%, 11/04/20

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

70,000

70,000,000

0.14%, 11/05/20

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

69,000

69,000,000

Mizuho

Bank

Ltd.,

0.08%, 11/02/20

.......

199,000

199,000,000

Royal

Bank

of

Canada,

0.08%, 11/02/20

...

200,000

200,000,000

Skandinaviska

Enskilda

Banken

AB,

0.08%, 11/02/20

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

320,000

320,000,000

Svenska

Handelsbanken

AB,

0.08%, 11/02/20

350,000

350,000,000

Total

Time

Deposits

—

26.6%

(Cost:

$3,093,826,000)

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

3,093,826,000

U.S.

Government

Sponsored

Agency

Obligations

—

0.0%

United

States

International

Development

Finance

Corp.

Variable

Rate

Notes,

(3

Month

Treasury

Bill

Rate

+

0.00%),

0.14%, 11/06/20

(a)

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

5,500

5,500,000

Total

U.S.

Government

Sponsored

Agency

Obligations

—

0.0%

(Cost:

$5,500,000)

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

5,500,000

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

—

11.4%

U.S.

Treasury

Bills

(b)

:

0.05%, 11/10/20

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

USD

75,000

$

74,998,958

0.08%, 11/27/20

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

55,000

54,996,849

0.08%, 12/01/20

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

101,000

100,993,288

0.09%, 12/10/20

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

150,000

149,985,750

0.08%, 01/12/21

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

78,000

77,986,924

0.09%, 01/28/21

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

403,302

403,208,910

0.10%, 03/02/21

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

78,000

77,974,000

0.09%, 03/09/21

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

55,127

55,108,719

0.09%, 03/25/21

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

204,000

203,923,019

0.10%, 04/06/21

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

130,000

129,944,389

Total

U.S.

Treasury

Obligations

—

11.4%

(Cost:

$1,329,028,464)

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

1,329,120,806

Total

Repurchase

Agreements

—

15.9%

(Cost:

$1,845,000,000)

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

1,845,000,000

Total

Investments

—

98.0%

(Cost:

$11,398,074,496

)

(g)

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

11,400,895,099

Other

Assets

Less

Liabilities

—

2.0%

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

230,140,270

Net

Assets

—

100.0%

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

$

11,631,035,369

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Rates

are

the

current

rate

or

a

range

of

current

rates

as

of

period

end.

(c)

Issuer

is

a

U.S.

branch

of

a

foreign

domiciled

bank.

(d)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(e)

These

securities

are

short-term

floating

rate

certificates

issued

by

tender

option

bond

trusts

and

are

secured

by

the

underlying

municipal

bond

securities.

(f)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(g)

Cost

for

U.S.

federal

income

tax

purposes.

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

....

0.07

%

(a)

10/30/20

11/02/20

$

150,000

$

150,000

$

150,000,875

U.S.

Treasury

Obligations,

0.00%

to

2.63%,

due

11/10/20

to

11/15/49

..........

$

132,645,510

$

153,000,002

0.48

(b)

10/31/20

12/07/20

48,000

48,000

48,023,680

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

1.40%

to

8.75%,

due

07/12/21

to

01/25/50

..........

346,195,859

51,545,651

$

–

$

–

$

198,000

$

204,545,653

$

–

$

–

TempFund

Schedules

of

Investments

33

Schedule

of

Investments

(continued)

October

31,

2020

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Barclays

Bank

plc

....

0.18

%

(c)

10/31/20

11/02/20

$

84,000

$

84,000

$

84,000,840

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

1.75%

to

7.38%,

due

01/15/27

to

09/15/55

..........

$

82,753,061

$

88,200,001

0.38

(c)

10/31/20

11/02/20

42,000

42,000

42,000,887

Corporate/Debt

Obligations,

5.13%

to

6.88%,

due

07/01/25

to

10/01/29

..........

52,451,866

48,300,000

0.58

(b)

10/31/20

02/05/21

13,000

13,000

13,020,316

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.28%

to

0.63%,

due

07/25/37

to

05/15/50

..........

16,526,953

13,941,875

$

–

$

–

$

139,000

$

150,441,876

$

–

$

–

Barclays

Capital,

Inc.

..

0.35

(b)

10/31/20

12/07/20

30,000

30,000

30,010,792

U.S.

Treasury

Obligation,

0.00%,

due

02/15/36

.

36,314,000

30,600,028

0.58

(b)

10/31/20

02/05/21

13,000

13,000

13,020,316

Corporate/Debt

Obligations,

0.00%

to

4.94%,

due

07/15/21

to

11/11/50

..........

131,485,149

14,156,951

$

–

$

–

$

43,000

$

44,756,979

$

–

$

–

BNP

Paribas

SA

.....

0.18

(c)

10/31/20

11/02/20

34,000

34,000

34,000,340

U.S.

Government

Sponsored

Agency

Obligations,

U.S.

Treasury

Obligations

and

Corporate/Debt

Obligations,

0.00%

to

9.55%,

due

12/01/22

to

09/26/50

..........

32,536,137

35,699,998

$

–

$

–

Citigroup

Global

Markets,

Inc.

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

0.07

(a)

10/30/20

11/02/20

90,000

90,000

90,000,525

U.S.

Treasury

Obligations,

0.13%

to

6.50%,

due

03/31/26

to

11/15/26

..........

80,387,006

91,800,015

0.09

10/30/20

11/02/20

39,000

39,000

39,000,293

U.S.

Government

Sponsored

Agency

Obligations,

2.65%

to

5.50%,

due

09/20/33

to

09/25/50

..........

40,381,946

41,730,001

0.13

(c)

10/31/20

11/02/20

86,000

86,000

86,000,621

U.S.

Treasury

Obligations,

1.75%

to

2.00%,

due

11/30/22

to

12/31/26

..........

81,721,600

87,720,063

0.52

(b)

10/31/20

01/03/21

5,000

5,000

5,004,590

U.S.

Government

Sponsored

Agency

Obligations,

5.75%

to

5.95%,

due

02/20/46

to

05/20/46

..........

60,652,128

5,355,105

$

–

$

–

$

220,000

$

226,605,184

$

–

$

–

Credit

Agricole

Corporate

and

Investment

Bank

SA

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

0.07

(a)

10/30/20

11/02/20

145,000

145,000

145,000,846

U.S.

Treasury

Obligations,

0.13%

to

3.63%,

due

09/15/21

to

02/15/48

..........

135,361,312

147,900,000

$

–

$

–

2020

BlackRock

Annual

Report

to

Shareholders

TempFund

34

Schedule

of

Investments

(continued)

October

31,

2020

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Credit

Suisse

Securities

USA

LLC

........

0.77

%

(b)

10/31/20

02/05/21

$

80,000

$

80,000

$

80,165,061

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.00%

to

9.75%,

due

01/27/21

to

03/25/65

..........

$

1,108,617,201

$

91,719,613

$

–

$

–

HSBC

Securities

USA,

Inc.

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

0.20

(c)

10/31/20

11/02/20

25,000

25,000

25,000,278

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

2.25%

to

6.30%,

due

11/15/23

to

04/15/50

..........

23,243,626

26,250,001

0.28

(c)

10/31/20

11/02/20

28,500

28,500

28,500,443

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

3.13%

to

5.25%,

due

09/06/23

to

02/15/51

..........

29,438,971

30,297,349

$

–

$

–

$

53,500

$

56,547,350

$

–

$

–

JP

Morgan

Securities

LLC

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

0.09

10/30/20

11/02/20

181,000

181,000

181,001,357

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

8.00%,

due

04/20/26

to

07/15/62

..........

346,187,333

184,620,000

0.14

(b)

10/31/20

11/09/20

59,000

59,000

59,002,069

U.S.

Government

Sponsored

Agency

Obligations,

0.03%

to

6.50%,

due

01/25/23

to

09/16/62

..........

1,959,662,410

61,950,000

0.26

(c)

10/31/20

11/02/20

2,500

2,500

2,500,036

Corporate/Debt

Obligations,

3.50%

to

4.21%,

due

07/17/51

to

07/25/56

..........

6,490,862

2,675,001

0.38

(b)

10/31/20

11/09/20

100,000

100,000

100,009,500

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.56%

to

9.50%,

due

11/15/20

to

10/07/79

..........

91,681,484

105,145,810

0.43

(b)

10/31/20

11/09/20

50,000

50,000

50,005,375

Corporate/Debt

Obligations,

0.65%

to

7.25%,

due

06/15/22

to

08/17/61

..........

120,916,191

53,707,311

0.57

(b)

10/31/20

01/31/21

65,000

65,000

65,093,978

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.44%

to

7.50%,

due

02/10/21

to

02/25/59

..........

328,407,462

70,379,701

$

–

$

–

$

457,500

$

478,477,823

$

–

$

–

Mizuho

Securities

USA

LLC

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

0.23

(c)

10/31/20

11/02/20

71,000

71,000

71,000,907

U.S.

Treasury

Obligations,

1.75%

to

2.88%,

due

10/31/23

to

02/15/50

..........

66,153,600

72,420,097

TempFund

Schedules

of

Investments

35

Schedule

of

Investments

(continued)

October

31,

2020

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.38

%

(c)

10/31/20

11/02/20

$

18,000

$

18,000

$

18,000,380

U.S.

Treasury

Obligations,

2.38%

to

2.88%,

due

05/31/25

to

05/15/27

..........

$

16,296,300

$

18,360,057

0.70

(b)

10/31/20

12/07/20

8,000

8,000

8,005,737

U.S.

Treasury

Obligation,

2.38%,

due

05/15/29

.

7,119,500

8,160,032

$

–

$

–

$

97,000

$

98,940,186

$

–

$

–

TD

Securities

USA

LLC

.

0.20

(c)

10/31/20

11/02/20

20,000

20,000

20,000,222

Corporate/Debt

Obligations,

2.65%

to

4.50%,

due

01/15/23

to

10/01/49

..........

19,007,000

21,000,273

$

–

$

–

Wells

Fargo

Securities

LLC

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

0.07

(a)

10/30/20

11/02/20

25,000

25,000

25,000,146

U.S.

Treasury

Obligations,

0.00%

to

3.00%,

due

12/17/20

to

08/15/48

..........

23,614,724

25,499,998

0.09

10/30/20

11/02/20

125,000

125,000

125,000,937

U.S.

Government

Sponsored

Agency

Obligations,

2.50%

to

7.00%,

due

05/20/33

to

10/20/50

..........

123,018,738

127,500,001

0.20

(c)

10/31/20

11/02/20

144,000

144,000

144,001,600

Corporate/Debt

Obligations,

0.54%

to

5.44%,

due

04/20/22

to

06/25/65

..........

197,440,590

154,080,000

0.43

08/24/20

11/13/20

12,000

12,000

12,011,610

Corporate/Debt

Obligations,

1.28%

to

2.32%,

due

02/18/25

to

11/27/34

..........

12,434,783

12,840,000

0.43

08/24/20

11/13/20

12,000

12,000

12,011,610

Corporate/Debt

Obligations,

0.22%

to

3.80%,

due

10/07/31

to

11/25/59

..........

116,833,135

12,840,001

0.45

08/19/20

11/19/20

40,000

40,000

40,046,000

U.S.

Government

Sponsored

Agency

Obligations

and

Corporate/Debt

Obligations,

0.00%,

due

11/20/20

to

04/01/21

..

42,051,972

42,000,001

$

–

$

–

$

358,000

$

374,760,001

$

–

$

–

$

1,845,000

$

1,931,394,936

$

–

$

–

(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.

2020

BlackRock

Annual

Report

to

Shareholders

TempFund

36

Schedule

of

Investments

(continued)

October

31,

2020

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

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

investments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

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

$

—

$

11,400,895,099

$

—

$

11,400,895,099

T-Fund

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

October

31,

2020

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

—

65.3%

U.S.

Treasury

Bills

(a)

:

0.02%, 11/03/20

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

USD

262,520

$

262,518,542

0.04%, 11/05/20

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

36,770

36,769,734

0.05%, 11/10/20

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

1,081,575

1,081,535,781

0.06%, 11/12/20

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

771,235

771,208,606

0.06%, 11/17/20

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

757,000

756,952,204

0.07%, 11/24/20

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

3,157,234

3,157,007,001

0.08%, 11/27/20

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

3,364,275

3,364,030,454

0.08%, 12/01/20

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

3,042,530

3,042,318,523

0.08%, 12/03/20

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

897,200

897,108,351

0.08%, 12/08/20

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

300,000

299,972,250

0.09%, 12/10/20

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

823,520

823,448,631

0.08%, 12/15/20

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

550,660

550,577,681

0.08%, 12/22/20

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

229,415

229,372,485

0.08%, 12/24/20

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

718,085

717,953,136

0.09%, 12/29/20

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

42,445

42,438,988

0.09%, 12/31/20

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

1,687,230

1,686,708,106

0.09%, 01/05/21

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

777,415

777,269,420

0.08%, 01/07/21

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

2,565,895

2,565,398,719

0.08%, 01/12/21

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

1,600,000

1,599,712,000

0.08%, 01/14/21

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

1,045,700

1,045,472,725

0.08%, 01/21/21

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

3,350,000

3,349,250,523

0.14%, 01/26/21

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

406,615

406,507,433

0.09%, 01/28/21

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

4,818,634

4,817,409,487

0.09%, 02/02/21

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

2,309,575

2,308,918,693

0.10%, 02/04/21

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

350,000

349,903,021

0.12%, 02/09/21

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

961,095

960,828,229

0.09%, 02/11/21

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

910,140

909,835,001

0.09%, 02/16/21

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

1,500,000

1,499,465,000

0.10%, 02/18/21

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

425,720

425,569,885

0.09%, 02/23/21

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

2,086,855

2,086,154,579

0.10%, 02/25/21

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

1,465,731

1,465,139,836

0.09%, 03/09/21

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

1,500,000

1,499,440,000

0.09%, 03/11/21

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

444,350

444,157,448

0.09%, 03/25/21

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

2,517,020

2,515,632,529

0.10%, 03/30/21

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

159,177

159,101,636

0.10%, 04/22/21

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

449,530

449,205,329

0.11%, 04/29/21

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

600,000

599,671,833

0.10%, 05/20/21

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

599,225

598,692,356

0.10%, 06/17/21

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

19,375

19,350,458

0.11%, 08/12/21

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

349,500

349,113,995

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

0.12%, 09/09/21

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

USD

500,000

$

499,391,167

U.S.

Treasury

Notes:

1.75%, 11/15/20

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

80,100

80,104,108

2.63%, 11/15/20

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

262,865

262,962,087

1.63%, 11/30/20

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

261,660

261,657,285

2.00%, 11/30/20

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

659,085

659,441,548

2.75%, 11/30/20

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

767,235

767,916,793

1.75%, 12/31/20

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

126,840

126,859,304

2.38%, 12/31/20

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

324,500

325,116,874

2.50%, 12/31/20

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

909,215

910,574,018

2.00%, 01/15/21

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

142,000

142,474,096

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.12%),

0.22%, 01/31/21

(b)

...

1,063,225

1,063,123,376

2.13%, 01/31/21

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

125,000

125,522,165

2.50%, 01/31/21

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

31,000

31,176,941

3.63%, 02/15/21

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

498,425

502,866,291

1.13%, 02/28/21

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

57,705

57,847,547

2.00%, 02/28/21

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

313,065

314,654,042

2.50%, 02/28/21

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

110,000

110,737,767

2.38%, 03/15/21

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

207,000

208,527,727

2.25%, 03/31/21

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

250,000

251,855,835

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.14%),

0.24%, 04/30/21

(b)

...

1,998,365

1,998,166,709

2.25%, 04/30/21

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

320,000

323,353,717

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.22%),

0.32%, 07/31/21

(b)

...

3,674,300

3,673,952,913

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.30%),

0.40%, 10/31/21

(b)

...

3,110,345

3,111,861,109

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.15%),

0.25%, 01/31/22

(b)

...

1,131,945

1,131,648,786

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.11%),

0.21%, 04/30/22

(b)

...

1,507,085

1,507,051,009

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.06%),

0.16%, 07/31/22

(b)

...

2,062,049

2,062,031,955

Total

U.S.

Treasury

Obligations

—

65.3%

(Cost:

$69,431,995,777)

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

69,431,995,777

Total

Repurchase

Agreements

—

30.7%

(Cost:

$32,728,691,278)

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

32,728,691,278

Total

Investments

—

96.0%

(Cost:

$102,160,687,055

)

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

102,160,687,055

Other

Assets

Less

Liabilities

—

4.0%

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

4,205,644,512

Net

Assets

—

100.0%

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

$

106,366,331,567

(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.

2020

BlackRock

Annual

Report

to

Shareholders

T-Fund

38

Schedule

of

Investments

(continued)

October

31,

2020

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

....

0.07

%

(a)

10/30/20

11/02/20

$

550,000

$

550,000

$

550,003,208

U.S.

Treasury

Obligations,

0.00%

to

2.63%,

due

11/10/20

to

11/15/49

..........

$

486,366,870

$

561,000,008

0.07

10/30/20

11/02/20

108,000

108,000

108,000,630

U.S.

Treasury

Obligations,

0.13%

to

2.25%,

due

11/30/21

to

02/15/30

..........

106,012,300

110,160,069

0.07

10/30/20

11/02/20

50,000

50,000

50,000,292

U.S.

Treasury

Obligation,

0.25%,

due

06/15/23

.

50,860,900

51,000,045

$

–

$

–

$

708,000

$

722,160,122

$

–

$

–

Bank

of

Montreal

.....

0.07

10/30/20

11/02/20

11,110

11,110

11,110,065

U.S.

Treasury

Obligations,

0.00%,

due

11/15/33

to

08/15/34

..

13,427,637

11,332,200

$

–

$

–

Bank

of

Nova

Scotia

(The)

...........

0.07

10/30/20

11/02/20

295,000

295,000

295,001,721

U.S.

Treasury

Obligations,

0.13%

to

6.50%,

due

01/15/22

to

11/15/49

..........

232,861,800

300,901,855

0.07

10/30/20

11/02/20

74,000

74,000

74,000,432

U.S.

Treasury

Obligations,

0.13%

to

4.38%,

due

07/15/30

to

02/15/49

..........

58,796,300

75,480,445

$

–

$

–

$

369,000

$

376,382,300

$

–

$

–

Barclays

Bank

plc

....

0.07

10/30/20

11/02/20

600,000

600,000

600,003,500

U.S.

Treasury

Obligations,

0.00%

to

3.63%,

due

03/25/21

to

05/15/48

..........

573,171,500

612,000,008

0.07

10/30/20

11/02/20

2,575,000

2,575,000

2,575,015,021

U.S.

Treasury

Obligations,

0.00%

to

8.00%,

due

01/07/21

to

11/15/48

..........

2,367,114,400

2,626,500,092

$

–

$

–

$

3,175,000

$

3,238,500,100

$

–

$

–

BNP

Paribas

SA

.....

0.07

10/30/20

11/02/20

750,000

750,000

750,004,375

U.S.

Treasury

Obligations,

0.00%

to

6.75%,

due

08/31/22

to

02/15/49

..........

704,783,105

765,000,015

0.07

10/30/20

11/02/20

50,000

50,000

50,000,292

U.S.

Treasury

Obligations,

2.50%

to

2.75%,

due

01/31/21

to

08/15/21

..........

49,951,700

51,000,083

0.09

10/30/20

11/02/20

500,000

500,000

500,003,750

U.S.

Treasury

Obligation,

2.50%,

due

05/15/46

.

418,032,800

510,003,766

0.09

10/30/20

11/02/20

500,000

500,000

500,003,750

U.S.

Treasury

Obligation,

2.50%,

due

02/15/45

.

421,487,700

510,003,867

0.10

(b)

09/22/20

11/13/20

1,400,000

1,400,000

1,400,202,222

U.S.

Treasury

Obligations,

0.00%

to

3.63%,

due

11/15/20

to

11/15/48

..........

1,428,621,203

1,428,000,065

$

–

$

–

$

3,200,000

$

3,264,007,796

$

–

$

–

Citibank

NA

.........

0.07

10/30/20

11/02/20

100,000

100,000

100,000,583

U.S.

Treasury

Obligations,

1.25%

to

8.13%,

due

08/15/21

to

01/31/25

..........

97,480,900

102,000,032

$

–

$

–

Citigroup

Global

Markets,

Inc.

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

0.07

(a)

10/30/20

11/02/20

385,000

385,000

385,002,246

U.S.

Treasury

Obligations,

0.13%

to

6.50%,

due

03/31/26

to

11/15/26

..........

343,877,750

392,700,063

T-Fund

Schedules

of

Investments

39

Schedule

of

Investments

(continued)

October

31,

2020

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.07

%

10/30/20

11/02/20

$

85,000

$

85,000

$

85,000,496

U.S.

Treasury

Obligations,

0.13%

to

5.50%,

due

08/15/28

to

01/15/30

..........

$

69,621,300

$

86,700,015

0.07

10/30/20

11/02/20

50,000

50,000

50,000,292

U.S.

Treasury

Obligations,

0.25%

to

2.88%,

due

07/15/25

to

08/31/25

..........

51,167,200

51,000,040

0.13

10/19/20

12/17/20

1,000,000

1,000,000

1,000,213,056

U.S.

Treasury

Obligations,

0.00%

to

0.13%,

due

12/08/20

to

10/07/21

..........

1,020,392,600

1,020,000,059

$

–

$

–

$

1,520,000

$

1,550,400,177

$

–

$

–

Credit

Agricole

Corporate

and

Investment

Bank

SA

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

0.07

10/30/20

11/02/20

100,000

100,000

100,000,583

U.S.

Treasury

Obligation,

3.75%,

due

11/15/43

.

69,553,400

102,000,031

0.07

(a)

10/30/20

11/02/20

2,205,000

2,205,000

2,205,012,862

U.S.

Treasury

Obligations,

0.13%

to

3.63%,

due

09/15/21

to

02/15/48

..........

2,058,425,473

2,249,100,006

0.08

10/29/20

11/05/20

400,000

400,000

400,006,222

U.S.

Treasury

Obligations,

0.25%

to

0.50%,

due

04/15/24

to

07/15/29

..........

370,717,900

408,000,102

$

–

$

–

$

2,705,000

$

2,759,100,139

$

–

$

–

Credit

Suisse

AG

.....

0.07

10/30/20

11/02/20

1,400,000

1,400,000

1,400,008,167

U.S.

Treasury

Obligations,

0.00%

to

2.88%,

due

11/24/20

to

09/30/26

..........

1,360,232,100

1,428,000,000

$

–

$

–

Deutsche

Bank

AG

....

0.07

10/30/20

11/02/20

1,900,000

1,900,000

1,900,011,083

U.S.

Treasury

Obligations,

0.13%

to

8.13%,

due

11/15/20

to

08/15/48

..........

1,594,604,000

1,938,000,025

$

–

$

–

Fixed

Income

Clearing

Corporation

......

0.08

10/30/20

11/02/20

1,000,000

1,000,000

1,000,006,667

U.S.

Treasury

Obligations,

0.08%,

due

11/02/20

..........

819,356,500

1,020,000,007

0.08

10/30/20

11/02/20

1,500,000

1,500,000

1,500,010,000

U.S.

Treasury

Obligations,

0.13%

to

2.38%,

due

04/15/21

to

08/15/27

..........

1,400,804,100

1,530,000,027

0.09

10/30/20

11/02/20

242,261

242,261

242,262,480

U.S.

Treasury

Obligation,

1.13%,

due

05/15/40

.

255,737,000

247,107,693

0.09

10/30/20

11/02/20

113,318

113,318

113,318,497

U.S.

Treasury

Obligation,

1.13%,

due

08/15/40

.

120,400,000

115,584,850

0.09

10/30/20

11/02/20

107,026

107,026

107,027,028

U.S.

Treasury

Obligation,

3.88%,

due

08/15/40

.

74,900,000

109,167,553

0.09

10/30/20

11/02/20

94,422

94,422

94,422,491

U.S.

Treasury

Obligation,

3.13%,

due

11/15/41

.

72,075,000

96,310,927

0.09

10/30/20

11/02/20

257,950

257,950

257,951,965

U.S.

Treasury

Obligation,

3.75%,

due

08/15/41

.

181,925,000

263,110,966

0.09

10/30/20

11/02/20

74,703

74,703

74,703,992

U.S.

Treasury

Obligation,

3.00%,

due

05/15/42

.

58,000,000

76,198,060

0.09

10/30/20

11/02/20

101,996

101,996

101,996,537

U.S.

Treasury

Obligation,

2.75%,

due

08/15/42

.

82,650,000

104,036,453

0.09

10/30/20

11/02/20

444,775

444,775

444,778,262

U.S.

Treasury

Obligation,

3.38%,

due

05/15/44

.

324,630,000

453,673,761

0.09

10/30/20

11/02/20

110,364

110,364

110,364,989

U.S.

Treasury

Obligation,

3.63%,

due

08/15/43

.

78,447,000

112,572,273

0.09

10/30/20

11/02/20

1,712,946

1,712,946

1,712,959,068

U.S.

Treasury

Obligation,

3.00%,

due

11/15/44

.

1,322,388,000

1,747,217,992

2020

BlackRock

Annual

Report

to

Shareholders

T-Fund

40

Schedule

of

Investments

(continued)

October

31,

2020

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.09

%

10/30/20

11/02/20

$

36,578

$

36,578

$

36,578,706

U.S.

Treasury

Obligation,

3.13%,

due

02/15/42

.

$

28,000,000

$

37,310,274

0.09

10/30/20

11/02/20

319,394

319,394

319,396,881

U.S.

Treasury

Obligation,

2.88%,

due

05/15/43

.

252,300,000

325,784,770

0.09

10/30/20

11/02/20

243,213

243,213

243,215,059

U.S.

Treasury

Obligation,

3.13%,

due

02/15/43

.

186,000,000

248,079,324

0.09

10/30/20

11/02/20

141,054

141,054

141,054,979

U.S.

Treasury

Obligation,

3.63%,

due

02/15/44

.

100,000,000

143,876,058

$

–

$

–

$

6,500,000

$

6,630,030,988

$

–

$

–

Goldman

Sachs

&

Co.

LLC

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

0.07

10/30/20

11/02/20

291,000

291,000

291,001,698

U.S.

Treasury

Obligations,

0.00%

to

5.50%,

due

05/31/22

to

11/15/45

..........

260,854,082

296,820,001

$

–

$

–

HSBC

Securities

USA,

Inc.

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

0.07

(c)

10/31/20

11/02/20

355,000

355,000

355,001,381

U.S.

Treasury

Obligations,

0.00%,

due

11/15/20

to

05/15/50

..

452,954,856

362,100,000

0.07

10/30/20

11/02/20

175,000

175,000

175,001,021

U.S.

Treasury

Obligations,

0.00%

to

3.13%,

due

02/15/22

to

11/15/41

..........

161,124,336

178,500,000

0.08

(b)

10/31/20

11/09/20

888,085

888,085

888,102,761

U.S.

Treasury

Obligations,

0.00%

to

4.75%,

due

11/15/20

to

08/15/49

..........

788,510,100

905,846,778

0.08

(b)

10/31/20

11/09/20

722,000

722,000

722,014,440

U.S.

Treasury

Obligations,

0.13%

to

2.88%,

due

02/28/21

to

08/15/28

..........

684,010,200

736,440,072

$

–

$

–

$

2,140,085

$

2,182,886,850

$

–

$

–

ING

Financial

Markets

LLC

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

0.07

10/30/20

11/02/20

100,000

100,000

100,000,583

U.S.

Treasury

Obligations,

0.00%

to

2.63%,

due

12/10/20

to

06/30/27

..........

99,726,400

102,000,081

0.08

10/29/20

11/05/20

100,000

100,000

100,001,556

U.S.

Treasury

Obligations,

0.00%

to

2.75%,

due

01/05/21

to

02/15/28

..........

88,188,100

102,000,014

$

–

$

–

$

200,000

$

204,000,095

$

–

$

–

JP

Morgan

Securities

LLC

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

0.07

(c)

10/31/20

11/02/20

250,000

250,000

250,000,972

U.S.

Treasury

Obligations,

0.00%

to

2.13%,

due

12/31/20

to

05/15/23

..........

250,825,700

255,000,052

0.07

10/30/20

11/02/20

500,000

500,000

500,002,917

U.S.

Treasury

Obligations,

1.13%

to

2.88%,

due

06/30/21

to

05/31/25

..........

471,468,100

510,000,008

0.07

10/30/20

11/02/20

315,000

315,000

315,001,838

U.S.

Treasury

Obligations,

1.50%

to

2.38%,

due

04/15/21

to

01/15/23

..........

316,787,600

321,300,061

$

–

$

–

$

1,065,000

$

1,086,300,121

$

–

$

–

Mizuho

Securities

USA

LLC

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

0.09

10/30/20

11/02/20

166,164

166,164

166,165,462

U.S.

Treasury

Obligation,

6.00%,

due

02/15/26

.

130,000,000

169,488,746

0.09

10/30/20

11/02/20

107,923

107,923

107,923,604

U.S.

Treasury

Obligation,

2.25%,

due

08/15/46

.

95,000,000

110,082,059

0.09

10/30/20

11/02/20

126,956

126,956

126,956,835

U.S.

Treasury

Obligation,

3.00%,

due

08/15/48

.

97,000,000

129,495,952

0.09

10/30/20

11/02/20

246,210

246,210

246,211,405

U.S.

Treasury

Obligation,

3.00%,

due

02/15/47

.

189,000,000

251,135,597

T-Fund

Schedules

of

Investments

41

Schedule

of

Investments

(continued)

October

31,

2020

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.09

%

10/30/20

11/02/20

$

117,525

$

117,525

$

117,525,391

U.S.

Treasury

Obligation,

2.38%,

due

11/15/49

.

$

100,000,000

$

119,875,881

0.09

10/30/20

11/02/20

59,069

59,069

59,069,070

U.S.

Treasury

Obligation,

3.13%,

due

11/15/28

.

50,000,000

60,250,443

0.09

10/30/20

11/02/20

65,625

65,625

65,625,492

U.S.

Treasury

Obligation,

3.00%,

due

02/15/49

.

50,000,000

66,937,992

0.09

10/30/20

11/02/20

368,388

368,388

368,391,243

U.S.

Treasury

Obligation,

2.75%,

due

08/15/47

.

295,000,000

375,759,013

0.09

10/30/20

11/02/20

68,015

68,015

68,015,216

U.S.

Treasury

Obligation,

6.50%,

due

11/15/26

.

50,000,000

69,375,510

0.09

10/30/20

11/02/20

439,583

439,583

439,586,630

U.S.

Treasury

Obligation,

2.88%,

due

05/15/49

.

340,000,000

448,378,297

0.09

10/30/20

11/02/20

96,088

96,088

96,088,956

U.S.

Treasury

Obligation,

2.50%,

due

02/15/45

.

81,000,000

98,010,721

0.09

10/30/20

11/02/20

146,875

146,875

146,876,102

U.S.

Treasury

Obligation,

0.13%,

due

09/15/23

.

150,000,000

149,813,602

$

–

$

–

$

2,008,421

$

2,048,603,813

$

–

$

–

MUFG

Securities

Americas,

Inc.

.....

0.07

10/30/20

11/02/20

400,000

400,000

400,002,333

U.S.

Treasury

Obligations,

0.00%

to

7.63%,

due

12/15/20

to

08/15/49

..........

500,713,299

408,000,000

$

–

$

–

Natixis

SA

..........

0.07

(c)

10/31/20

11/02/20

753,000

753,000

753,002,928

U.S.

Treasury

Obligations,

0.00%

to

8.00%,

due

11/15/20

to

08/15/50

..........

646,127,100

768,060,021

0.07

10/30/20

11/02/20

810,000

810,000

810,004,725

U.S.

Treasury

Obligations,

0.00%

to

6.38%,

due

01/31/21

to

02/15/50

..........

658,059,700

826,200,030

$

–

$

–

$

1,563,000

$

1,594,260,051

$

–

$

–

Nomura

Securities

International,

Inc.

...

0.07

10/30/20

11/02/20

1,000,000

1,000,000

1,000,005,833

U.S.

Treasury

Obligations,

0.00%

to

8.13%,

due

11/15/20

to

05/15/50

..........

1,066,324,022

1,020,000,034

$

–

$

–

Prudential

Insurance

Co.

of

America

.......

0.10

10/30/20

11/02/20

24,570

24,570

24,570,205

U.S.

Treasury

Obligation,

3.38%,

due

05/15/44

.

18,000,000

25,061,605

0.10

10/30/20

11/02/20

84,150

84,150

84,150,701

U.S.

Treasury

Obligation,

0.00%,

due

05/15/38

.

110,000,000

85,833,701

0.10

10/30/20

11/02/20

94,688

94,688

94,688,289

U.S.

Treasury

Obligation,

0.00%,

due

08/15/47

.

150,000,000

96,582,789

0.10

10/30/20

11/02/20

31,313

31,313

31,312,761

U.S.

Treasury

Obligation,

0.00%,

due

02/15/47

.

50,000,000

31,938,761

0.10

10/30/20

11/02/20

51,538

51,538

51,537,929

U.S.

Treasury

Obligation,

0.00%,

due

02/15/40

.

70,000,000

52,568,330

0.10

10/30/20

11/02/20

16,696

16,696

16,696,389

U.S.

Treasury

Obligation,

0.00%,

due

05/15/31

.

19,000,000

17,030,219

0.10

10/30/20

11/02/20

16,115

16,115

16,115,134

U.S.

Treasury

Obligation,

0.00%,

due

05/15/40

.

22,000,000

16,437,434

0.10

10/30/20

11/02/20

89,500

89,500

89,500,746

U.S.

Treasury

Obligation,

0.00%,

due

05/15/30

.

100,000,000

91,290,746

0.10

10/30/20

11/02/20

116,875

116,875

116,875,974

U.S.

Treasury

Obligation,

2.38%,

due

11/15/49

.

100,000,000

119,213,974

0.10

10/30/20

11/02/20

62,700

62,700

62,700,523

U.S.

Treasury

Obligation,

0.00%,

due

02/15/37

.

80,000,000

63,954,123

0.10

10/30/20

11/02/20

21,350

21,350

21,350,178

U.S.

Treasury

Obligation,

0.00%,

due

11/15/39

.

28,000,000

21,777,178

0.10

10/30/20

11/02/20

84,870

84,870

84,870,707

U.S.

Treasury

Obligation,

0.00%,

due

08/15/43

.

123,000,000

86,568,107

0.10

10/30/20

11/02/20

18,450

18,450

18,450,154

U.S.

Treasury

Obligation,

0.00%,

due

02/15/38

.

24,000,000

18,819,034

2020

BlackRock

Annual

Report

to

Shareholders

T-Fund

42

Schedule

of

Investments

(continued)

October

31,

2020

See

notes

to

financial

statements.

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

0.10

%

10/30/20

11/02/20

$

16,575

$

16,575

$

16,575,138

U.S.

Treasury

Obligation,

0.00%,

due

05/15/34

.

$

20,000,000

$

16,906,538

0.10

10/30/20

11/02/20

74,125

74,125

74,125,618

U.S.

Treasury

Obligation,

0.00%,

due

11/15/39

.

100,000,000

75,608,618

0.10

10/30/20

11/02/20

10,913

10,913

10,912,591

U.S.

Treasury

Obligation,

0.00%,

due

08/15/41

.

15,000,000

11,130,841

0.10

10/30/20

11/02/20

8,985

8,985

8,985,075

U.S.

Treasury

Obligation,

0.00%,

due

05/15/39

.

12,000,000

9,164,835

0.10

10/30/20

11/02/20

28,350

28,350

28,350,236

U.S.

Treasury

Obligation,

0.00%,

due

11/15/41

.

40,000,000

28,917,436

0.10

10/30/20

11/02/20

57,870

57,870

57,870,482

U.S.

Treasury

Obligation,

0.00%,

due

11/15/35

.

72,000,000

59,028,242

0.10

10/30/20

11/02/20

29,444

29,444

29,443,995

U.S.

Treasury

Obligation,

0.00%,

due

08/15/33

.

35,000,000

30,033,045

$

–

$

–

$

939,077

$

957,865,556

$

–

$

–

Societe

Generale

SA

..

0.07

10/30/20

11/02/20

500,000

500,000

500,002,917

U.S.

Treasury

Obligations,

0.00%

to

3.00%,

due

11/15/20

to

08/15/48

..........

495,377,875

510,000,015

0.08

10/27/20

11/03/20

300,000

300,000

300,004,667

U.S.

Treasury

Obligations,

0.00%

to

6.75%,

due

11/15/20

to

02/15/50

..........

303,205,628

306,000,000

$

–

$

–

$

800,000

$

816,000,015

$

–

$

–

TD

Securities

USA

LLC

.

0.07

10/30/20

11/02/20

37,000

37,000

37,000,216

U.S.

Treasury

Obligations,

1.25%

to

2.38%,

due

07/31/23

to

02/29/24

..........

35,686,000

37,740,075

$

–

$

–

Wells

Fargo

Securities

LLC

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

0.07

(a)

10/30/20

11/02/20

675,000

675,000

675,003,937

U.S.

Treasury

Obligations,

0.00%

to

3.00%,

due

12/17/20

to

08/15/48

..........

637,597,733

688,500,051

0.07

10/30/20

11/02/20

22,000

22,000

22,000,128

U.S.

Treasury

Obligations,

1.50%

to

2.38%,

due

08/31/22

to

01/31/27

..........

21,252,100

22,440,084

$

–

$

–

$

697,000

$

710,940,135

$

–

$

–

$

32,728,693

$

33,383,330,625

$

–

$

–

(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.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

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

investments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

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

$

—

$

102,160,687,055

$

—

$

102,160,687,055

Treasury

Trust

Fund

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

October

31,

2020

See

notes

to

financial

statements.

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

—

97.2%

U.S.

Treasury

Bills

(a)

:

0.02%, 11/03/20

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

USD

886,430

$

886,425,075

0.04%, 11/05/20

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

588,200

588,193,464

0.05%, 11/10/20

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

836,185

836,155,487

0.06%, 11/12/20

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

797,400

797,374,716

0.06%, 11/17/20

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

1,375,000

1,374,914,211

0.07%, 11/19/20

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

2,581,350

2,581,232,305

0.07%, 11/24/20

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

2,220,875

2,220,702,621

0.08%, 11/27/20

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

2,481,810

2,481,640,158

0.08%, 12/01/20

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

3,407,860

3,407,621,533

0.08%, 12/03/20

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

3,852,465

3,852,147,294

0.08%, 12/08/20

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

2,610,000

2,609,759,592

0.09%, 12/10/20

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

950,000

949,917,668

0.08%, 12/15/20

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

900,000

899,899,717

0.08%, 12/17/20

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

160,000

159,982,680

0.08%, 12/22/20

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

1,520,675

1,520,475,680

0.08%, 12/24/20

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

2,145,145

2,144,817,543

0.09%, 12/29/20

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

31,152

31,147,881

0.09%, 12/31/20

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

1,692,505

1,692,195,627

0.09%, 01/05/21

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

1,095,000

1,094,810,417

0.08%, 01/07/21

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

1,089,705

1,089,453,360

0.08%, 01/12/21

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

694,600

694,474,972

0.08%, 01/21/21

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

600,000

599,824,500

0.14%, 01/26/21

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

350,000

349,905,639

0.09%, 01/28/21

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

2,333,565

2,333,016,657

0.09%, 02/02/21

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

1,696,605

1,696,128,740

0.10%, 02/04/21

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

245,000

244,930,828

0.12%, 02/09/21

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

991,936

991,643,951

0.09%, 02/11/21

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

500,510

500,339,826

0.09%, 02/16/21

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

3,125,000

3,123,885,417

0.10%, 02/18/21

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

226,880

226,797,566

0.09%, 02/23/21

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

1,740,000

1,739,408,150

0.10%, 02/25/21

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

437,940

437,728,386

0.09%, 03/11/21

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

145,580

145,518,630

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

0.09%, 03/25/21

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

USD

1,164,580

$

1,163,764,713

0.10%, 04/22/21

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

351,605

351,349,667

0.11%, 04/29/21

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

350,000

349,808,569

0.10%, 05/20/21

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

477,815

477,390,275

0.11%, 07/15/21

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

188,240

188,032,518

U.S.

Treasury

Notes:

2.63%, 11/15/20

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

50,105

50,130,185

2.00%, 11/30/20

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

50,000

50,041,383

2.38%, 12/31/20

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

49,835

49,937,337

2.50%, 12/31/20

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

12,330

12,346,749

2.00%, 01/15/21

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

77,435

77,693,532

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.12%),

0.22%, 01/31/21

(b)

...

1,241,495

1,241,344,859

2.13%, 01/31/21

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

13,000

13,055,196

3.63%, 02/15/21

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

39,715

40,063,921

1.13%, 02/28/21

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

82,045

82,249,053

2.00%, 02/28/21

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

60,020

60,294,070

2.50%, 02/28/21

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

407,000

409,669,451

2.25%, 03/31/21

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

350,000

352,687,506

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.14%),

0.24%, 04/30/21

(b)

...

1,028,750

1,028,628,854

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.22%),

0.32%, 07/31/21

(b)

...

1,590,000

1,589,745,392

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.30%),

0.40%, 10/31/21

(b)

...

723,530

723,885,955

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.15%),

0.25%, 01/31/22

(b)

...

990,080

989,522,446

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.11%),

0.21%, 04/30/22

(b)

...

2,028,185

2,028,220,414

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.06%),

0.16%, 07/31/22

(b)

...

737,705

737,704,900

Total

U.S.

Treasury

Obligations

—

97.2%

(Cost:

$56,370,037,236)

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

56,370,037,236

Total

Investments

—

97.2%

(Cost:

$56,370,037,236

)

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

56,370,037,236

Other

Assets

Less

Liabilities

—

2.8%

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

1,629,594,535

Net

Assets

—

100.0%

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

$

57,999,631,771

(a)

Rates

are

the

current

rate

or

a

range

of

current

rates

as

of

period

end.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

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

investments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

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

$

—

$

56,370,037,236

$

—

$

56,370,037,236

2020

BlackRock

Annual

Report

to

Shareholders

MuniCash

44

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

October

31,

2020

Security

Par

(000)

Pa

r

(

000)

Value

Municipal

Bonds

—

96.6%

Alabama

—

0.5%

(a)(b)

Alabama

Federal

Aid

Highway

Finance,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2016-XF2373,

RB,

VRDN

(Citibank

NA

LIQ),

0.15%, 11/06/20

(c)

USD

5,000

$

5,000,000

Homewood

Alabama,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018G-37,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(c)

....

4,000

4,000,000

Mobile

Downtown

Redevelopment

Authority,

Series

2011A,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.15%, 11/06/20

..........

17,860

17,860,000

26,860,000

Alaska

—

2.8%

(b)

Alaska

Housing

Finance

Corp.,

Series

2001A,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.11%, 11/06/20

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

13,945

13,945,000

Alaska

Housing

Finance

Corp.,

Series

2007B,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.12%, 11/06/20

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

19,290

19,290,000

Alaska

Housing

Finance

Corp.,

Series

2007D,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.12%, 11/06/20

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

23,645

23,645,000

Alaska

Housing

Finance

Corp.,

Series

2009A,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.12%, 11/06/20

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

26,590

26,590,000

Alaska

Housing

Finance

Corp.,

Series

2009B,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.12%, 11/06/20

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

12,185

12,185,000

Alaska

Housing

Finance

Corp.,

Series

2009B,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.11%, 11/06/20

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

35,845

35,845,000

Alaska

Housing

Finance

Corp.,

Series

2009D,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.11%, 11/06/20

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

15,495

15,495,000

146,995,000

Arizona

—

0.2%

(b)

Arizona

Health

Facilities

Authority,

Series

2015C,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.11%, 11/02/20

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

4,165

4,165,000

Industrial

Development

Authority

of

the

County

of

Yavapai

(The),

Series

2010,

RB,

VRDN

(Citibank

NA

LOC),

0.15%, 11/06/20

....

7,000

7,000,000

11,165,000

California

—

7.8%

Bay

Area

Toll

Authority,

Series

2007C-2,

RB,

VRDN

(Bank

of

Tokyo-Mitsubishi

UFJ

Ltd.

LOC),

0.09%, 11/06/20

(b)

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

3,000

3,000,000

Bay

Area

Toll

Authority,

Series

2008E-1,

RB,

VRDN

(Bank

of

Tokyo-Mitsubishi

UFJ

Ltd.

LOC),

0.08%, 11/06/20

(b)

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

8,450

8,450,000

Bay

Area

Toll

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2016-XG0019,

RB,

VRDN

(Bank

of

America

NA

LIQ),

0.13%, 11/06/20

(a)(b)(c)

..

1,050

1,050,000

California

Educational

Facilities

Authority,

Series

2006B,

RB,

VRDN,

0.12%, 11/06/20

(b)

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

17,870

17,870,000

California

Health

Facilities

Financing

Authority,

Series

2009H,

RB,

VRDN

(Wells

Fargo

Bank

NA

LOC),

0.07%, 11/06/20

(b)

.....

4,700

4,700,000

Security

Par

(000)

Par

(000)

Value

California

(continued)

California

Health

Facilities

Financing

Authority,

Series

2011C,

RB,

VRDN

(Bank

of

Montreal

LOC),

0.10%, 11/06/20

(b)

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

USD

27,115

$

27,115,000

California

Health

Facilities

Financing

Authority,

Series

2012B,

RB,

VRDN,

0.06%, 11/06/20

(b)

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

7,015

7,015,000

California

Health

Facilities

Financing

Authority,

Series

2012C,

RB,

VRDN,

0.07%, 11/06/20

(b)

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

14,170

14,170,000

California

Health

Facilities

Funding

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2019,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.20%, 11/06/20

(a)(b)(c)

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

4,600

4,600,000

California

Pollution

Control

Financing

Authority,

Series

1997B,

RB,

VRDN,

0.10%, 11/02/20

(b)

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

7,900

7,900,000

California

Statewide

Communities

Development

Authority,

Series

2008B,

RB,

VRDN

(Wells

Fargo

Bank

NA

LOC),

0.10%, 11/02/20

(b)

.

3,500

3,500,000

California

Statewide

Communities

Development

Authority,

Series

2017BB,

RB,

VRDN

(East

West

Bank

LOC),

0.16%, 11/06/20

(b)

....

30,000

30,000,000

California

University

of

Sciences

&

Medicine,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2019,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.32%, 11/06/20

(a)(b)(c)

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

4,035

4,035,000

City

of

Los

Angeles

Department

of

Airports,

Series

2020A-3

(Bank

of

America

NA

LOC),

0.16%, 01/06/21

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

7,250

7,249,623

City

of

Modesto,

Series

2008A,

COP,

VRDN

(JP

Morgan

Chase

Bank

NA

LOC),

0.07%, 11/06/20

(b)

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

5,000

5,000,000

Fontana

California

University

School

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XF2895,

GO,

VRDN

(Barclays

Bank

plc

LIQ),

0.14%, 11/06/20

(a)(b)(c)

..........

5,800

5,800,000

Imperial

Irrigation

District

Electric,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017-XM0488,

RB,

VRDN

(Royal

Bank

of

Canada

LIQ),

0.18%, 11/06/20

(a)(b)(c)

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

7,500

7,500,000

Long

Beach

California

Community

College,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2019,

GO,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.14%, 11/06/20

(a)(b)(c)

..........

7,700

7,700,000

Los

Angeles

Community

Facilities

District,

Series

2020

(Bank

of

America

NA

LOC),

0.20%, 02/05/21

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

7,310

7,309,912

Los

Angeles

Department

of

Water

&

Power

System,

Series

2001,

Sub-Series

B-3,

RB,

VRDN

(Barclays

Bank

plc

SBPA),

0.11%, 11/02/20

(b)

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

3,000

3,000,000

Los

Angeles

Department

of

Water

&

Power

System,

Series

2001B,

Sub-Series

B-3,

RB,

VRDN

(Royal

Bank

of

Canada

SBPA),

0.08%, 11/06/20

(b)

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

3,500

3,500,000

Los

Angeles

Department

of

Water

&

Power

System,

Series

2001B-2,

RB,

VRDN

(Royal

Bank

of

Canada

SBPA),

0.09%, 11/02/20

(b)

5,100

5,100,000

Los

Angeles

Department

of

Water

&

Power

System,

Series

2001B-2,

RB,

VRDN

(Bank

of

The

West

SBPA),

0.08%, 11/06/20

(b)

..

11,500

11,500,000

MuniCash

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

California

(continued)

Los

Angeles

Department

of

Water

&

Power

System,

Series

2002A,

Sub-Series

A-6,

RB,

VRDN

(Bank

of

America

NA

SBPA),

0.11%, 11/02/20

(b)

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

USD

1,600

$

1,600,000

Los

Angeles

Department

of

Water

&

Power

System,

Series

2019A,

Sub-Series

A-1,

RB,

VRDN

(Toronto-Dominion

Bank

SBPA),

0.13%, 11/02/20

(b)

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

17,030

17,030,000

Metropolitan

Water

District

of

Southern

California,

Series

2017A,

RB,

VRDN

(PNC

Bank

NA

SBPA),

0.11%, 11/02/20

(b)

.....

16,370

16,370,000

Metropolitan

Water

District

of

Southern

California,

Series

2017C,

RB,

VRDN,

0.37%, 06/21/21

(b)

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

11,000

11,000,000

Metropolitan

Water

District

of

Southern

California,

Series

2017D,

RB,

VRDN,

0.37%, 06/21/21

(b)

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

26,000

26,000,000

Metropolitan

Water

District

of

Southern

California,

Series

2017E,

RB,

VRDN,

0.37%, 06/21/21

(b)

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

16,375

16,375,000

Metropolitan

Water

District

of

Southern

California,

Series

2018A-2,

RB,

VRDN

(Toronto-Dominion

Bank

SBPA),

0.10%, 11/02/20

(b)

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

11,695

11,695,000

Mount

San

Antonio

California

Community

College

District,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019,

GO,

VRDN

(Royal

Bank

of

Canada

LIQ),

0.13%, 11/06/20

(a)(b)(c)

..........

5,600

5,600,000

Municipal

Improvement

Corp.

of

Los

Angeles,

Series

2020A-3

(US

Bank

NA

LOC),

0.24%, 04/20/21

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

11,250

11,248,940

Natomas

University

School

District,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XG0250,

GO,

VRDN

(Bank

of

America

NA

LIQ),

0.14%, 11/06/20

(a)(b)(c)

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

6,580

6,580,000

San

Diego

County

Regional

Transportation

Commission,

Series

2008D,

RB,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA),

0.10%, 11/06/20

(b)

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

8,350

8,350,000

Santa

Clara

Valley

Transportation

Authority,

Series

2008C,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.08%, 11/02/20

(b)

...........

9,200

9,200,000

State

of

California,

Series

2003C-1,

GO,

VRDN

(TD

Bank

NA

LOC),

0.07%, 11/06/20

(b)

..

30,300

30,300,000

State

of

California,

Series

2004A10,

GO,

VRDN

(Citibank

NA

LOC),

0.07%, 11/06/20

(b)

...

5,005

5,005,000

University

of

California,

Series

2013AL-2,

RB,

VRDN,

0.08%, 11/02/20

(b)

...........

2,630

2,630,000

University

of

California,

Series

2013AL-3,

RB,

VRDN,

0.10%, 11/02/20

(b)

...........

8,600

8,600,000

University

of

California,

Series

2020A,

0.35%, 02/22/21

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

10,000

9,997,240

University

of

California,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-YX1098,

RB,

VRDN

(Barclays

Bank

plc

LIQ),

0.14%, 11/06/20

(a)(b)(c)

....

8,150

8,150,000

402,795,715

Security

Par

(000)

Par

(000)

Value

Colorado

—

2.3%

Boulder

Larimer

&

Weld

Cos.,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

G-57,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(a)(b)(c)

USD

5,670

$

5,670,000

Boulder

Valley

Colony

School

District,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018G-16,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(a)(b)(c)

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

5,000

5,000,000

City

of

Colorado

Springs

Utilities

System,

Series

2005A,

RB,

VRDN

(Bank

of

America

NA

SBPA),

0.14%, 11/06/20

(b)

........

47,295

47,295,000

City

of

Colorado

Springs

Utilities

System,

Series

2006B,

RB,

VRDN

(Landesbank

Hessen-Thuringen

Girozentrale

SBPA),

0.15%, 11/06/20

(b)

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

1,685

1,685,000

City

of

Colorado

Springs

Utilities

System,

Series

2007A,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.11%, 11/06/20

(b)

...........

195

195,000

City

of

Colorado

Springs

Utilities

System,

Series

2009C,

RB,

VRDN

(Sumitomo

Mitsui

Banking

SBPA),

0.12%, 11/06/20

(b)

.....

27,445

27,445,000

Colorado

Health

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF0667,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.16%, 11/06/20

(a)(b)(c)

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

5,345

5,345,000

County

of

Arapahoe,

Series

2001,

RB,

VRDN

(Freddie

Mac

LOC),

0.15%, 11/06/20

(b)

..

9,275

9,275,000

Denver

Colorado

City

&

County,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF2686,

RB,

VRDN

(Citibank

NA

LIQ),

0.17%, 11/06/20

(a)(b)(c)

.

8,000

8,000,000

Regional

Transportation

District

Sales

Tax,

Series

2010A,

RB,

5.00%, 11/02/20

(d)

...

5,000

5,000,000

Sheridan

Redevelopment

Agency,

Series

2011A-1,

VRDN

(JP

Morgan

Chase

Bank

NA

LOC),

0.15%, 11/06/20

(b)

.........

5,015

5,015,000

119,925,000

Connecticut

—

2.7%

(b)

Connecticut

Housing

Finance

Authority,

Series

2016F,

Sub-Series

F-5,

RB,

VRDN

(Helaba

SBPA

SBPA),

0.12%, 11/06/20

........

48,200

48,200,000

Connecticut

Housing

Finance

Authority,

Series

2017F,

Sub-Series

F-3,

RB,

VRDN

(Barclays

Bank

plc

SBPA),

0.11%, 11/06/20

......

22,930

22,930,000

Connecticut

Housing

Finance

Authority,

Series

2019,

Sub-Series

D-3,

RB,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA),

0.11%, 11/06/20

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

25,000

25,000,000

Connecticut

Housing

Finance

Authority,

Series

2020,

RB,

VRDN

(Barclays

Bank

plc

SBPA),

0.11%, 11/06/20

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

22,850

22,850,000

Connecticut

Innovations,

Inc.,

Series

2012,

RB,

VRDN

(TD

Bank

NA

LOC),

0.12%, 11/06/20

18,195

18,195,000

Connecticut

State,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018G-3,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(a)(c)

.....

4,000

4,000,000

141,175,000

Delaware

—

0.0%

Delaware

State

Economic

Development

Authority,

Series

1997,

RB,

VRDN

(M&T

Bank

LOC),

0.18%, 11/06/20

(b)

........

400

400,000

2020

BlackRock

Annual

Report

to

Shareholders

MuniCash

46

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

District

of

Columbia

—

0.4%

District

of

Columbia,

Series

1998A,

RB,

VRDN

(TD

Bank

NA

LOC),

0.11%, 11/02/20

(b)

..

USD

11,555

$

11,555,000

District

of

Columbia,

Series

2004,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.17%, 11/06/20

(b)

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

5,110

5,110,000

District

of

Columbia,

Series

2012A,

RB,

5.00%, 12/01/20

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

795

797,959

District

of

Columbia

Water

&

Sewer

Authority,

Series

2014B-1,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.14%, 11/06/20

(b)

...........

4,980

4,980,000

22,442,959

Florida

—

5.1%

(b)

Cape

Coral

Water

&

Sewer,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017-YX1071,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.16%, 11/06/20

(a)

(c)

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

10,480

10,480,000

County

of

Palm

Beach,

Series

2002,

RB,

VRDN

(Northern

Trust

Co.

LOC),

0.12%, 11/06/20

7,200

7,200,000

Escambia

County

Health

Facilities

Authority,

Series

2003B,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.18%, 11/02/20

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

19,430

19,430,000

Florida

Housing

Finance

Corp.,

Series

2004M,

RB,

VRDN

(Freddie

Mac

LIQ),

0.18%, 11/06/20

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

10,075

10,075,000

Highlands

County

Health

Facilities

Authority,

Series

2012I,

RB,

VRDN,

0.11%, 11/06/20

26,410

26,410,000

Highlands

County

Health

Facilities

Authority,

Series

2012I,

RB,

VRDN,

0.12%, 11/06/20

18,050

18,050,000

Hillsborough

County

Industrial

Development

Authority,

Series

2020B,

RB,

VRDN

(TD

Bank

NA

LOC),

0.10%, 11/02/20

......

61,825

61,825,000

Hillsborough

County

Industrial

Development

Authority,

Series

2020D,

RB,

VRDN

(TD

Bank

NA

LOC),

0.11%, 11/02/20

.......

14,600

14,600,000

Miami-Dade

County

Water

&

Sewer,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XX1110,

RB,

VRDN

(Barclays

Bank

plc

LIQ),

0.15%, 11/06/20

(a)(c)

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

60,000

60,000,000

Miami-Dade

County

Water

&

Sewer,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-XM0901,

RB,

VRDN

(Bank

of

America

NA

LIQ),

0.16%, 11/06/20

(a)(c)

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

2,000

2,000,000

Orlando

Utilities

Commission,

Series

2008-2,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.14%, 11/06/20

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

12,950

12,950,000

Orlando

Utilities

Commission,

Series

2015B,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.10%, 11/06/20

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

14,565

14,565,000

Sunshine

State

Governmental

Financing

Commission,

Series

2010A,

RB,

VRDN

(MUFG

Union

Bank

NA

LOC),

0.15%, 11/06/20

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

5,500

5,500,000

263,085,000

Security

Par

(000)

Par

(000)

Value

Georgia

—

2.2%

(b)

Atlanta

Water

&

Waste

Water,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF2649,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.16%, 11/06/20

(a)(c)

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

USD

13,000

$

13,000,000

Brookhaven

Development

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XG0244,

RB,

VRDN

(Bank

of

America

NA

LIQ),

0.17%, 11/06/20

(a)(c)

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

2,450

2,450,000

Brookhaven

Development

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XM0751,

RB,

VRDN

(Bank

of

America

NA

LIQ),

0.17%, 11/06/20

(a)(c)

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

3,000

3,000,000

Burke

County

Development

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017E-107,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.19%, 11/06/20

(a)(c)

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

5,000

5,000,000

Cobb

County

Hospital

Authority,

Series

2006,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.12%, 11/06/20

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

2,450

2,450,000

Development

Authority

of

Monroe

County

(The),

Series

2009B,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LOC),

0.13%, 11/06/20

..

32,445

32,445,000

Gainesville

&

Hall

County

Development

Authority,

Series

2003B,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.18%, 11/02/20

......

28,685

28,685,000

Georgia

Municipal

Electric

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XG0257,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.17%, 11/06/20

(a)(c)

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

2,230

2,230,000

Heard

County

Development

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017E-105,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.19%, 11/06/20

(a)(c)

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

2,075

2,075,000

Monroe

County

Development

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017E-106,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.19%, 11/06/20

(a)(c)

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

5,000

5,000,000

Municipal

Electric

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XG0256,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.17%, 11/06/20

(a)(c)

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

15,820

15,820,000

112,155,000

Hawaii

—

0.3%

State

of

Hawaii,

Series

2020GA,

GO,

5.00%, 10/01/21

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

16,175

16,870,552

Illinois

—

3.6%

(b)

City

of

Galesburg,

Series

1999,

RB,

VRDN

(PNC

Bank

NA

LOC),

0.50%, 11/06/20

..

2,550

2,550,000

Illinois

Development

Finance

Authority,

Series

1998,

RB,

VRDN

(Northern

Trust

Co.

LOC),

0.13%, 11/06/20

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

8,000

8,000,000

Illinois

Development

Finance

Authority,

Series

2008,

Sub-Series

D,

RB,

VRDN,

0.08%, 11/06/20

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

4,860

4,860,000

Illinois

Finance

Authority,

Series

2004,

RB,

VRDN

(BMO

Harris

Bank

NA

LOC),

0.14%, 11/06/20

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

11,225

11,225,000

MuniCash

Schedules

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

Illinois

(continued)

Illinois

Finance

Authority,

Series

2007A,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LOC),

0.14%, 11/06/20

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

USD

4,100

$

4,100,000

Illinois

Finance

Authority,

Series

2008C,

Sub-

Series

2-B,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.14%, 11/06/20

......

25,045

25,045,000

Illinois

Finance

Authority,

Series

2008C,

Sub-

Series

3-A,

RB,

VRDN

(Northern

Trust

Co.

SBPA),

0.11%, 11/06/20

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

7,055

7,055,000

Illinois

Finance

Authority,

Series

2008C-1,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.14%, 11/06/20

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

34,610

34,610,000

Illinois

Finance

Authority,

Series

2008D,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.14%, 11/06/20

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

7,000

7,000,000

Illinois

Finance

Authority,

Series

2009E,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LOC),

0.12%, 11/06/20

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

16,980

16,980,000

Illinois

Finance

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XL0072,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.16%, 11/06/20

(a)(c)

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

7,500

7,500,000

Illinois

Finance

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XL0086,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.16%, 11/06/20

(a)(c)

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

16,150

16,150,000

Illinois

Finance

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XM0781,

RB,

VRDN

(Wells

Fargo

Bank

NA

LIQ),

0.15%, 11/06/20

(a)(c)

.

23,420

23,420,000

Illinois

Housing

Development

Authority,

Series

2018,

Sub-Series

A-2,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.11%, 11/06/20

12,500

12,500,000

Illinois

State

Toll

Highway

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2015-XF2202,

RB,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.16%, 11/06/20

(a)(c)

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

1,140

1,140,000

Illinois

State

Toll

Highway

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XF0801,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.24%, 11/06/20

(a)(c)

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

3,340

3,340,000

Will

County

Ill,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018G-36,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(a)(c)

.....

3,000

3,000,000

188,475,000

Indiana

—

1.1%

(b)

Indiana

Finance

Authority,

Series

2005A-1,

RB,

VRDN

(Bank

of

America

NA

SBPA),

0.15%, 11/06/20

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

21,700

21,700,000

Indiana

Finance

Authority,

Series

2011D,

RB,

VRDN

(Northern

Trust

Co.

SBPA),

0.12%, 11/06/20

.................

6,825

6,825,000

Indiana

Finance

Authority,

Series

2016B,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.11%, 11/06/20

.................

12,300

12,300,000

Indiana

Housing

&

Community

Development

Authority,

Series

2017B-3,

RB,

VRDN

(TD

Bank

NA

LIQ),

0.10%, 11/02/20

.......

10,150

10,150,000

Security

Par

(000)

Par

(000)

Value

Indiana

(continued)

Indiana

Housing

&

Community

Development

Authority,

Series

2017C-3,

RB,

VRDN

(TD

Bank

NA

LIQ),

0.10%, 11/02/20

.......

USD

3,775

$

3,775,000

54,750,000

Iowa

—

4.3%

(b)

Iowa

Finance

Authority,

Series

2003B,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.12%, 11/06/20

.................

20,910

20,910,000

Iowa

Finance

Authority,

Series

2008B,

RB,

VRDN,

0.16%, 11/06/20

............

53,625

53,625,000

Iowa

Finance

Authority,

Series

2012,

RB,

VRDN

(Korea

Development

Bank

LOC),

0.32%, 11/06/20

(a)

................

90,325

90,325,000

Iowa

Finance

Authority,

Series

2013B-1,

RB,

VRDN

(TD

Bank

NA

LOC),

0.10%, 11/02/20

6,890

6,890,000

Iowa

Finance

Authority,

Series

2016A,

RB,

VRDN,

0.16%, 11/06/20

............

29,850

29,850,000

Iowa

Finance

Authority,

Series

2016E,

RB,

VRDN

(Fannie

Mae

LIQ),

0.11%, 11/06/20

8,650

8,650,000

Iowa

Finance

Authority,

Series

2018C,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LOC),

0.11%, 11/06/20

.................

6,260

6,260,000

Iowa

Finance

Authority,

Series

2020E,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.11%, 11/06/20

.................

4,100

4,100,000

220,610,000

Kansas

—

0.4%

Kansas

Development

Finance

Authority,

Series

2020R,

RB,

5.00%, 11/02/20

.........

4,840

4,840,000

Topeka

Kansas

Utility,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF0696,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.17%, 11/06/20

(a)(b)(c)

..............

8,580

8,580,000

Wyandotte

County

Kansas

USD,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018G-23,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(a)(b)(c)

6,500

6,500,000

19,920,000

Kentucky

—

1.6%

Kentucky

Economic

Development

Financing

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XG0161,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.15%, 11/06/20

(a)(b)(c)

.......

4,960

4,960,000

Louisville

&

Jefferson

County

Metropolitan

Sewer

District,

Series

2020,

0.25%, 11/04/20

.................

10,000

10,000,060

Louisville

&

Jefferson

County

Metropolitan

Sewer

District,

Series

2020

(Bank

of

America

NA

LOC),

0.22%, 11/05/20

....

10,000

9,999,920

Louisville

and

Jefferson

County

Metropolitan

Sewer

District,

Series

2020,

BAN,

5.00%, 10/20/21

.................

52,340

54,733,602

University

of

Louisville,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-XM0881,

RB,

VRDN

(Royal

Bank

of

Canada

LIQ),

0.16%, 11/06/20

(a)(b)(c)

2,730

2,730,000

82,423,582

Louisiana

—

1.8%

(b)

Louisiana

Public

Facilities

Authority,

Series

2004,

RB,

VRDN,

0.12%, 11/06/20

.....

7,750

7,750,000

Louisiana

Public

Facilities

Authority,

Series

2008B,

RB,

VRDN,

0.12%, 11/06/20

....

5,300

5,300,000

2020

BlackRock

Annual

Report

to

Shareholders

MuniCash

48

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

Louisiana

(continued)

Louisiana

Public

Facilities

Authority,

Series

2008C,

RB,

VRDN,

0.09%, 11/02/20

....

USD

2,600

$

2,600,000

Louisiana

Public

Facilities

Authority,

Series

2009A,

RB,

VRDN,

0.12%, 11/06/20

....

8,635

8,635,000

Louisiana

Public

Facilities

Authority,

Series

2010,

RB,

VRDN,

0.12%, 11/06/20

.....

68,900

68,900,000

Parish

of

St.

Charles,

Series

1992B,

RB,

VRDN,

0.12%, 11/02/20

............

2,200

2,200,000

95,385,000

Maryland

—

1.2%

Baltimore

County,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF0642,

BAN,

GO,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.16%, 11/06/20

(a)(b)(c)

1,900

1,900,000

Maryland

Economic

Development

Corp.,

Series

2008A,

RB,

VRDN,

0.12%, 11/06/20

(b)

...

3,750

3,750,000

Maryland

Health

&

Higher

Educational

Facilities

Authority,

Series

1985B,

RB,

VRDN

(TD

Bank

NA

LOC),

0.11%, 11/06/20

(b)

.....

12,875

12,875,000

Maryland

Health

&

Higher

Educational

Facilities

Authority,

Series

2000,

RB,

VRDN

(Manufacturers

&

Traders

Trust

Co.

LOC),

0.18%, 11/06/20

(b)

................

15,340

15,340,000

Maryland

Health

&

Higher

Educational

Facilities

Authority,

Series

2008E,

RB,

VRDN

(Bank

of

Montreal

LOC),

0.06%, 11/06/20

(b)

.....

6,000

6,000,000

Maryland

Health

&

Higher

Educational

Facilities

Authority,

Series

2009B,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.12%, 11/06/20

(b)

...

12,320

12,320,000

Maryland

Health

&

Higher

Educational

Facilities

Authority,

Series

2020B,

0.18%, 12/03/20

8,520

8,519,421

Washington

Suburban

Sanitary

District,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-XM0816,

RB,

VRDN

(Barclays

Bank

plc

LIQ),

0.15%, 11/06/20

(a)(b)(c)

..............

2,285

2,285,000

62,989,421

Massachusetts

—

1.2%

Attleboro,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XM0915,

GO,

VRDN

(Wells

Fargo

Bank

NA

LIQ),

0.15%, 11/06/20

(a)(b)(c)

..........

6,750

6,750,000

City

of

Quincy,

Series

2020,

BAN,

GO,

2.00%, 06/11/21

.................

16,614

16,791,086

Massachusetts

Health

&

Educational

Facilities

Authority,

Series

2009K-1,

RB,

VRDN

(TD

Bank

NA

LOC),

0.10%, 11/02/20

(b)

.....

11,100

11,100,000

Massachusetts

State

Transporting

Fund,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018-

XF0610,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.16%, 11/06/20

(a)(b)(c)

....

4,500

4,500,000

Massachusetts

Water

Resources

Authority,

Series

2008A-3,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.11%, 11/06/20

(b)

.....

4,175

4,175,000

University

of

Massachusetts

Building

Authority,

Series

2011-1,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.10%, 11/06/20

(b)

....

5,040

5,040,000

University

of

Massachusetts

Building

Authority,

Series

2011-2,

RB,

VRDN,

0.42%, 05/28/21

(b)

................

11,000

11,000,000

59,356,086

Security

Par

(000)

Par

(000)

Value

Michigan

—

3.8%

Board

of

Trustees

of

Michigan

State

University,

Series

2020F,

0.19%, 12/03/20

.......

USD

13,260

$

13,259,682

Board

of

Trustees

of

Michigan

State

University,

Series

2020F,

0.17%, 12/04/20

.......

21,170

21,168,984

Kent

Hospital

Finance

Authority,

Series

2008C,

RB,

VRDN

(Bank

of

New

York

Mellon

LOC),

0.13%, 11/06/20

(b)

................

5,115

5,115,000

Michigan

Building

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019,

RB,

VRDN

(Wells

Fargo

Bank

NA

LIQ),

0.15%, 11/06/20

(a)(b)(c)

4,000

4,000,000

Michigan

State

Housing

Development

Authority,

Series

2006C,

RB,

VRDN

(US

Bank

NA

SBPA),

0.12%, 11/06/20

(b)

...........

14,240

14,240,000

Michigan

State

Housing

Development

Authority,

Series

2009D,

RB,

VRDN

(Industrial

and

Commercial

Bank

of

China

Ltd.

SBPA),

0.19%, 11/06/20

(b)

................

16,640

16,640,000

Michigan

State

University,

Series

2000A-

1,

RB,

VRDN

(PNC

Bank

NA

SBPA),

0.15%, 11/06/20

(b)

................

33,135

33,135,000

Michigan

State

University,

Series

2003A,

RB,

VRDN

(Northern

Trust

Co.

SBPA),

0.15%, 11/06/20

(b)

................

32,590

32,590,000

Michigan

State

University,

Series

2005,

RB,

VRDN

(PNC

Bank

NA

SBPA),

0.15%, 11/06/20

(b)

................

37,000

37,000,000

Oakland

County

Building

Authority,

Series

2020B,

RB,

5.00%, 11/02/20

.........

4,320

4,320,000

University

of

Michigan,

Series

2012D-1,

RB,

VRDN,

0.10%, 11/02/20

(b)

...........

14,195

14,195,000

195,663,666

Minnesota

—

1.6%

City

of

Minneapolis,

Series

1997B,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.12%, 11/06/20

(b)

................

2,530

2,530,000

City

of

Rochester,

Series

2019A,

RB,

VRDN

(United

Fidelity

Bank

LOC),

0.12%, 11/06/20

(b)

................

15,000

15,000,000

Housing

&

Redevelopment

Authority

of

The

City

of

St.

Paul

Minnesota,

Series

2009C,

RB,

VRDN

(Wells

Fargo

Bank

NA

LOC),

0.12%, 11/06/20

(b)

................

5,320

5,320,000

Minnesota

Housing

Finance

Agency,

Series

2015G,

RB,

VRDN

(Royal

Bank

of

Canada

SBPA),

0.12%, 11/06/20

(b)

...........

2,115

2,115,000

Regents

of

the

University

of

Minnesota,

Series

2020F,

0.19%, 12/04/20

............

42,100

42,096,337

University

of

Minnesota,

Series

2020C,

0.20%, 12/08/20

.................

15,000

14,999,505

82,060,842

Mississippi

—

3.0%

(b)

County

of

Jackson,

Series

1993,

RB,

VRDN,

0.11%, 11/02/20

.................

44,455

44,455,000

Mississippi

Business

Finance

Corp.,

Series

2007A,

RB,

VRDN,

0.14%, 11/02/20

....

24,300

24,300,000

Mississippi

Business

Finance

Corp.,

Series

2007B,

RB,

VRDN,

0.11%, 11/02/20

....

34,790

34,790,000

Mississippi

Business

Finance

Corp.,

Series

2010A,

RB,

VRDN,

0.12%, 11/06/20

....

24,150

24,150,000

Mississippi

Business

Finance

Corp.,

Series

2010G,

RB,

VRDN,

0.11%, 11/02/20

....

6,900

6,900,000

Mississippi

Business

Finance

Corp.,

Series

2010H,

RB,

VRDN,

0.11%, 11/02/20

....

9,535

9,535,000

MuniCash

Schedules

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

Mississippi

(continued)

Mississippi

Business

Finance

Corp.,

Series

2010I,

RB,

VRDN,

0.11%, 11/02/20

.....

USD

1,300

$

1,300,000

Mississippi

Business

Finance

Corp.,

Series

2011-B,

RB,

VRDN,

0.11%, 11/02/20

....

8,000

8,000,000

153,430,000

Missouri

—

1.9%

(b)

City

of

Kansas

City,

Series

2008E,

RB,

VRDN

(Sumitomo

Mitsui

Banking

LOC),

0.11%, 11/06/20

.................

7,765

7,765,000

Missouri

State

Health

&

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF0678,

RB,

VRDN

(Royal

Bank

of

Canada

LIQ),

0.15%, 11/06/20

(a)(c)

......

14,000

14,000,000

Missouri

State

Health

&

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XG0184,

RB,

VRDN

(Citibank

NA

LOC),

0.17%, 11/06/20

(a)(c)

...........

5,000

5,000,000

Missouri

State

Health

&

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019C-17,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.17%, 11/06/20

(a)(c)

.....

14,000

14,000,000

Missouri

State

Health

&

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-XG0300,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.16%, 11/06/20

(a)(c)

........

7,500

7,500,000

Missouri

State

Health

&

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

C-16,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.19%, 11/06/20

(a)(c)

...........

51,500

51,500,000

99,765,000

Nebraska

—

1.7%

Lincoln

Nebraska

Electric,

Series

1995

(JP

Morgan

Chase

Bank

NA

LOC),

0.22%, 12/04/20

.................

30,500

30,498,841

Nebraska

Investment

Finance

Authority,

Series

2017C,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.10%, 11/06/20

(b)

.......

14,600

14,600,000

Omaha

Public

Power

District,

Series

2020A

(Bank

of

America

NA

SBPA),

0.20%, 12/03/20

.................

14,000

13,999,034

Omaha

Public

Power

District,

Series

2020A

(Bank

of

America

NA

SBPA),

0.18%, 01/06/21

.................

14,000

13,998,978

Omaha

Public

Power

District

Electric,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF2685,

RB,

VRDN

(Citibank

NA

LIQ),

0.15%, 11/06/20

(a)

(b)(c)

..........................

5,400

5,400,000

Omaha

School

District,

Series

2020B,

GO,

5.00%, 12/15/20

.................

8,895

8,944,442

87,441,295

Nevada

—

2.4%

Las

Vegas

Valley

Water

District,

Series

2020A

(Sumitomo

Mitsui

Banking

LOC),

0.20%, 11/04/20

.................

43,065

43,064,570

Las

Vegas

Valley

Water

District,

Series

2020A

(Sumitomo

Mitsui

Banking

LOC),

0.22%, 02/03/21

.................

50,000

49,994,850

Security

Par

(000)

Par

(000)

Value

Nevada

(continued)

Las

Vegas

Valley

Water

District,

Series

2020A

(Sumitomo

Mitsui

Banking

LOC),

0.23%, 03/03/21

.................

USD

26,720

$

26,716,152

Nevada

System

of

Higher

Education,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-XF2858,

COP,

VRDN

(Barclays

Bank

plc

LIQ),

0.19%, 11/06/20

(a)(b)(c)

..............

3,975

3,975,000

123,750,572

New

Hampshire

—

0.1%

New

Hampshire

Health

and

Education

Facilities

Authority

Act,

Series

2005A-2,

RB,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA),

0.11%, 11/02/20

(b)

................

3,325

3,325,000

New

Jersey

—

1.2%

County

of

Mercer,

Series

2020A,

BAN,

GO,

2.00%, 06/10/21

.................

39,544

39,957,893

County

of

Middlesex,

Series

2020,

BAN,

GO,

2.00%, 06/03/21

.................

6,000

6,061,453

New

Jersey

Economic

Development

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018-

XX1091,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.15%, 11/06/20

(a)(b)(c)

..........

11,545

11,545,000

New

Jersey

Economic

Development

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XF2853,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.15%, 11/06/20

(a)(b)(c)

..........

2,740

2,740,000

New

Jersey

State

Housing

&

Mortgage

Finance

Agency,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2019,

RB,

VRDN

(Royal

Bank

of

Canada

LIQ),

0.15%, 11/06/20

(a)(b)(c)

..............

2,865

2,865,000

63,169,346

New

York

—

13.4%

Amherst

Development

Corp.,

Series

2011A,

RB,

VRDN

(Manufacturers

&

Traders

Trust

Co.

LOC),

0.18%, 11/06/20

(b)

.........

2,000

2,000,000

Battery

Park

City

Authority,

Series

2019D-

1,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.10%, 11/06/20

(b)

................

340

340,000

Bethlehem

Central

School

District,

Series

2020A,

BAN,

GO,

1.50%, 06/29/21

.....

6,000

6,044,134

City

of

New

York,

Series

2005F,

Sub-Series

F-3,

GO,

VRDN

(Sumitomo

Mitsui

Banking

LOC),

0.14%, 11/06/20

(b)

............

2,500

2,500,000

City

of

New

York,

Series

2006I,

Sub-Series

I-4,

GO,

VRDN

(TD

Bank

NA

LOC),

0.10%, 11/02/20

(b)

................

38,635

38,635,000

City

of

New

York,

Series

2012G,

Sub-Series

G-3,

GO,

VRDN

(Citibank

NA

LOC),

0.12%, 11/06/20

(b)

................

9,520

9,520,000

City

of

New

York,

Series

2012G,

Sub-Series

G-4,

GO,

VRDN

(Citibank

NA

LOC),

0.12%, 11/06/20

(b)

................

32,015

32,015,000

City

of

New

York,

Series

2014I,

Sub-Series

I-3,

GO,

VRDN

(Citibank

NA

LOC),

0.11%, 11/06/20

(b)

................

25,550

25,550,000

City

of

New

York,

Series

2017A,

Sub-

SeriesA-4,

GO,

VRDN

(Citibank

NA

LOC),

0.12%, 11/06/20

(b)

................

44,195

44,195,000

City

of

New

York,

Series

2018A,

Sub-Series

B-4,

GO,

VRDN

(Barclays

Bank

plc

SBPA),

0.11%, 11/02/20

(b)

................

27,500

27,500,000

2020

BlackRock

Annual

Report

to

Shareholders

MuniCash

50

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

City

of

New

York,

Series

2018B,

Sub-Series

B-5,

GO,

VRDN

(Barclays

Bank

plc

SBPA),

0.11%, 11/02/20

(b)

................

USD

1,800

$

1,800,000

City

of

New

York

(The),

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-XM0906,

GO,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.16%, 11/06/20

(a)(b)(c)

..............

5,050

5,050,000

City

of

New

York

(The),

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-XM0908,

GO,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.16%, 11/06/20

(a)(b)(c)

..............

2,755

2,755,000

Hudson

YDS

Infrastructure

Corp.,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017-XF0550,

RB,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.22%, 11/06/20

(a)(b)(c)

..............

10,050

10,050,000

Hudson

YDS

Infrastructure

Corp.,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF0677,

RB,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.17%, 11/06/20

(a)(b)(c)

..............

4,595

4,595,000

Metropolitan

Transportation

Authority,

Series

2012A-2,

RB,

VRDN

(Bank

of

Montreal

LOC),

0.21%, 11/06/20

(b)

............

22,000

22,000,000

Metropolitan

Transportation

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

E-126,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.17%, 11/06/20

(a)(b)(c)

..............

30,500

30,500,000

Monroe

County

Industrial

Development

Corp.,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XF0991,

RB,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.15%, 11/06/20

(a)(b)(c)

......

5,150

5,150,000

New

York

City

Housing

Development

Corp.,

Series

2017C-4,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.13%, 11/06/20

(b)

....

17,920

17,920,000

New

York

City

Housing

Development

Corp.,

Series

2019A-4,

RB,

VRDN

(RBC

Capital

Markets

SBPA),

0.13%, 11/06/20

(b)

.....

2,950

2,950,000

New

York

City

Housing

Development

Corp.,

Series

2019E-3,

RB,

VRDN

(Royal

Bank

of

Canada

SBPA),

0.12%, 11/06/20

(b)

.....

8,070

8,070,000

New

York

City

Municipal

Water

Finance,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2019,

RB,

VRDN

(Bank

of

America

NA

LIQ),

0.15%, 11/06/20

(a)(b)(c)

..............

2,000

2,000,000

New

York

City

Transitional

Finance

Authority,

Series

2012C,

Sub-Series

C-4,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.11%, 11/02/20

(b)

................

1,550

1,550,000

New

York

City

Transitional

Finance

Authority,

Series

2014,

Sub-Series

B-3,

RB,

VRDN

(Barclays

Bank

plc

SBPA),

0.11%, 11/02/20

(b)

................

16,800

16,800,000

New

York

City

Transitional

Finance

Authority,

Series

2019C,

RB,

3.00%, 11/02/20

....

400

400,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2010,

Sub-

Series

G-6,

RB,

VRDN

(Barclays

Bank

plc

SBPA),

0.11%, 11/02/20

(b)

...........

3,795

3,795,000

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2011,

Sub-

Series

A-4,

RB,

VRDN

(Barclays

Bank

plc

SBPA),

0.11%, 11/02/20

(b)

...........

USD

6,700

$

6,700,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2019,

Sub-

Series

C-4,

RB,

VRDN

(Barclays

Bank

plc

SBPA),

0.11%, 11/02/20

(b)

...........

8,065

8,065,000

New

York

City

Transitional

Finance

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018-

E120,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.14%, 11/02/20

(a)(b)(c)

..........

12,200

12,200,000

New

York

City

Transitional

Finance

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018-

XF0607,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.16%, 11/06/20

(a)(b)(c)

....

4,625

4,625,000

New

York

City

Transitional

Finance

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XF0992,

RB,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.15%, 11/06/20

(a)(b)(c)

......

3,080

3,080,000

New

York

City

Water

&

Sewer

System,

Series

2003,

Sub-Series

F-1-A,

RB,

VRDN

(Barclays

Bank

plc

SBPA),

0.11%, 11/06/20

(b)

................

13,780

13,780,000

New

York

City

Water

&

Sewer

System,

Series

2009BB-2,

RB,

VRDN

(Landesbank

Hessen-Thuringen

Girozentrale

SBPA),

0.12%, 11/02/20

(b)

................

26,000

26,000,000

New

York

City

Water

&

Sewer

System,

Series

2011DD-1,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.10%, 11/02/20

(b)

................

7,130

7,130,000

New

York

City

Water

&

Sewer

System,

Series

2013,

Sub-Series

AA2,

RB,

VRDN

(PNC

Bank

NA

SBPA),

0.15%, 11/06/20

(b)

....

6,300

6,300,000

New

York

City

Water

&

Sewer

System,

Series

2014AA,

Sub-Series

AA-3,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.10%, 11/02/20

(b)

....

7,960

7,960,000

New

York

City

Water

&

Sewer

System,

Series

2016BB-1A,

RB,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA),

0.13%, 11/02/20

(b)

...

19,615

19,615,000

New

York

City

Water

&

Sewer

System,

Series

2017BB,

RB,

VRDN

(Bank

of

Montreal

SBPA),

0.11%, 11/02/20

(b)

...........

17,200

17,200,000

New

York

Power

Authority,

Series

2020

(State

Street

Bank

&

Trust

Co.

SBPA),

0.16%, 11/05/20

.................

6,100

6,099,975

New

York

Power

Authority,

Series

2020

(State

Street

Bank

&

Trust

Co.

SBPA),

0.21%, 11/16/20

.................

38,522

38,520,729

New

York

Power

Authority,

Series

2020

(State

Street

Bank

&

Trust

Co.

SBPA),

0.28%, 12/03/20

.................

26,495

26,494,444

New

York

Power

Authority,

Series

2020

(State

Street

Bank

&

Trust

Co.

SBPA),

0.37%, 02/01/21

.................

12,000

12,001,212

New

York

Power

Authority,

Series

2020-2

(State

Street

Bank

&

Trust

Co.

SBPA),

0.32%, 02/03/21

.................

11,000

11,001,144

New

York

State

Dormitory

Authority,

Series

2020B,

5.00%, 03/31/21

............

94,085

95,944,308

MuniCash

Schedules

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

State

Dormitory

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF2647,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.16%, 11/06/20

(a)(b)(c)

..............

USD

3,000

$

3,000,000

New

York

State

Housing

Finance

Agency,

Series

2013A,

RB,

VRDN

(Landesbank

Hessen-Thuringen

Girozentrale

LOC),

0.12%, 11/02/20

(b)

................

7,945

7,945,000

New

York

State

Urban

Development

Corp.,

Series

2004A-3-B,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.12%, 11/06/20

(b)

9,950

9,950,000

New

York

State

Urban

Development

Corp.,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018-

XM0580,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.16%, 11/06/20

(a)(b)(c)

....

3,750

3,750,000

New

York,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

G-55,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(a)(b)(c)

..............

7,865

7,865,000

Port

Authority

of

New

York

&

New

Jersey,

Series

2010B,

0.28%, 11/12/20

.......

3,150

3,149,965

Port

Authority

of

New

York

&

New

Jersey,

Series

2010B,

0.30%, 12/21/20

.......

1,500

1,499,941

Triborough

Bridge

&

Tunnel

Authority,

Series

2005A,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.11%, 11/06/20

(b)

................

8,700

8,700,000

692,260,852

North

Carolina

—

2.7%

(b)

Charlotte-Mecklenburg

Hospital

Authority

(The),

Series

2007E,

RB,

VRDN

(TD

Bank

NA

LOC),

0.10%, 11/02/20

.............

21,475

21,475,000

Charlotte-Mecklenburg

Hospital

Authority

(The),

Series

2018G,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.11%, 11/02/20

.

5,800

5,800,000

Charlotte-Mecklenburg

Hospital

Authority

(The),

Series

2018H,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.11%, 11/02/20

.

1,050

1,050,000

City

of

Charlotte,

Series

2003F,

COP,

VRDN

(Bank

of

America

NA

SBPA),

0.14%, 11/06/20

.................

14,390

14,390,000

City

of

Raleigh,

Series

2005B-1,

COP,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.11%, 11/06/20

.................

56,400

56,400,000

University

of

Chapel

Hill

Union,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XG0262,

RB,

VRDN

(Bank

of

America

NA

LIQ),

0.19%, 11/06/20

(a)(c)

...............

640

640,000

University

of

North

Carolina

at

Chapel

Hill,

Series

2001A,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.10%, 11/02/20

............

26,900

26,900,000

University

of

North

Carolina

at

Chapel

Hill,

Series

2001B,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.10%, 11/02/20

............

10,500

10,500,000

137,155,000

North

Dakota

—

0.5%

(b)

North

Dakota

Housing

Finance

Agency,

Series

2015C,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.12%, 11/06/20

.................

8,850

8,850,000

North

Dakota

Housing

Finance

Agency,

Series

2015E,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.12%, 11/06/20

.................

12,500

12,500,000

Security

Par

(000)

Par

(000)

Value

North

Dakota

(continued)

North

Dakota

Housing

Finance

Agency,

Series

2017H,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.12%, 11/06/20

........

USD

2,745

$

2,745,000

24,095,000

Ohio

—

1.9%

Berea

Ohio

City

School

District,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

G-54,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(a)(b)(c)

4,050

4,050,000

City

of

Avon,

Series

2020,

BAN,

GO,

1.50%, 06/10/21

.................

525

528,393

City

of

Kirtland,

Series

2020,

BAN,

GO,

1.50%, 06/17/21

.................

2,405

2,422,551

City

of

Parma,

Series

2020,

BAN,

GO,

1.00%, 07/22/21

.................

3,000

3,015,136

County

of

Franklin,

Series

2009A,

RB,

VRDN

(Barclays

Bank

plc

SBPA),

0.11%, 11/06/20

(b)

................

34,570

34,570,000

County

of

Franklin,

Series

2011DD-1,

RB,

VRDN,

0.10%, 11/06/20

(b)

...........

15

15,000

County

of

Franklin,

Series

2017B,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.11%, 11/06/20

(b)

................

270

270,000

County

of

Franklin,

Series

2018C,

RB,

VRDN,

0.10%, 11/06/20

(b)

................

22,250

22,250,000

County

of

Franklin,

Series

2018D,

RB,

VRDN,

0.11%, 11/06/20

(b)

................

3,600

3,600,000

Forest

Hills

Ohio

Local

School

District,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018G-30,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(a)(b)(c)

..............

4,600

4,600,000

Miami

County

Ohio

Hospital

Facilities,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2019,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.16%, 11/06/20

(a)(b)(c)

..............

3,000

3,000,000

Ohio

Higher

Educational

Facility

Commission,

Series

2013B-1,

RB,

VRDN

(Ohio

State

Treasurer

SBPA),

0.10%, 11/06/20

(b)

....

10,000

10,000,000

RBC

Municipal

Products,

Inc.

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019E,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(a)(b)(c)

..............

11,395

11,395,000

99,716,080

Oregon

—

0.5%

(b)

Oregon

State

Facilities

Authority,

Series

2005A,

RB,

VRDN

(Fannie

Mae

LOC),

0.21%, 11/06/20

.................

8,375

8,375,000

Oregon

State

Facilities

Authority,

Series

2018B,

RB,

VRDN

(TD

Bank

NA

LOC),

0.10%, 11/02/20

.................

14,885

14,885,000

23,260,000

Pennsylvania

—

4.2%

Allegheny

County

Hospital

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017E-111,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.14%, 11/02/20

(a)(b)(c)

..............

10,000

10,000,000

City

of

Philadelphia,

Series

2020-2021A,

TAN,

4.00%, 06/30/21

.................

31,900

32,683,158

Cumberland

County

Municipal

Authority,

Series

2019,

RB,

VRDN

(Manufacturers

&

Traders

Trust

Co.

LOC),

0.18%, 11/06/20

(b)

.....

16,700

16,700,000

2020

BlackRock

Annual

Report

to

Shareholders

MuniCash

52

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

Pennsylvania

(continued)

Emmaus

General

Authority,

Series

1996,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.11%, 11/06/20

(b)

................

USD

39,710

$

39,710,000

Geisinger

Authority

Pennsylvania

Health

System,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2017-

XF0543,

RB,

VRDN

(Royal

Bank

of

Canada

LIQ),

0.19%, 11/06/20

(a)(b)(c)

..........

4,000

4,000,000

Geisinger

Authority

Pennsylvania

Health

System,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018-

XM0613,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.22%, 11/06/20

(a)(b)(c)

....

4,325

4,325,000

General

Authority

of

Southcentral

Pennsylvania,

Series

2003,

RB,

VRDN

(Manufacturers

&

Traders

Trust

Co.

LOC),

0.18%, 11/06/20

(b)

3,140

3,140,000

General

Authority

of

Southcentral

Pennsylvania,

Series

2019C,

RB,

VRDN

(Bank

of

America

NA

LIQ),

0.16%, 11/06/20

(b)

..........

10,500

10,500,000

General

Authority

of

Southcentral

Pennsylvania,

Series

2019D,

RB,

VRDN

(Bank

of

America

NA

LIQ),

0.16%, 11/06/20

(b)

..........

18,500

18,500,000

Lancaster

Industrial

Development

Authority,

Series

2009C

(PNC

Bank

NA

LOC),

0.13%, 11/06/20

.................

10,970

10,970,000

Lycoming

County

Authority,

Series

2013-S1,

RB,

VRDN

(Manufacturers

&

Traders

Trust

Co.

LOC),

0.18%, 11/06/20

(b)

.........

2,770

2,770,000

Montgomery

County

Industrial

Development

Authority,

Series

2002,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.18%, 11/02/20

(b)

........

9,485

9,485,000

Oklahoma

Development

Finance

Authority,

Series

2020E-140,

0.15%, 11/06/20

....

12,500

12,500,000

Pennsylvania

State

Housing

Finance

Agency,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018-

XF0721,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.16%, 11/06/20

(a)(b)(c)

....

3,035

3,035,000

Pennsylvania

State

Housing

Finance

Agency,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XL0140,

RB,

VRDN

(Wells

Fargo

Bank

NA

LIQ),

0.15%, 11/06/20

(a)(b)(c)

..........

1,625

1,625,000

Pennsylvania

State

University

(The),

Series

2020E,

RB,

5.00%, 03/01/21

.........

275

279,230

Pennsylvania

Turnpike

Commission,

Series

2020A,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.10%, 11/06/20

(b)

................

18,000

18,000,000

Philadelphia

Authority

for

Industrial,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XF2836,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.32%, 11/06/20

(a)(b)(c)

..............

3,930

3,930,000

Sports

&

Exhibition

Authority

of

Pittsburgh

and

Allegheny

County,

Series

2007A,

RB,

VRDN

(PNC

Bank

NA

SBPA),

0.15%, 11/06/20

(b)

2,610

2,610,000

Westmoreland

County

Muni

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017-YX1075,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.15%, 11/06/20

(a)(b)(c)

..............

8,595

8,595,000

Security

Par

(000)

Par

(000)

Value

Pennsylvania

(continued)

Wilkes-Barre

Area

School

District,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019,

GO,

VRDN

(Bank

of

America

NA

LOC),

0.16%, 11/06/20

(a)(b)(c)

..............

USD

2,280

$

2,280,000

215,637,388

Rhode

Island

—

0.2%

Rhode

Island

Health

&

Education

Building

Corp.,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2019-

XM0721,

RB,

VRDN

(Wells

Fargo

Bank

NA

LIQ),

0.15%, 11/06/20

(a)(b)(c)

..........

8,250

8,250,000

South

Carolina

—

1.2%

City

of

Columbia

Waterworks

&

Sewer

System,

Series

2009,

RB,

VRDN

(Sumitomo

Mitsui

Banking

LOC),

0.12%, 11/06/20

(b)

......

22,400

22,400,000

Georgetown

County

School

District,

Series

2020,

GO,

5.00%, 03/01/21

..........

3,325

3,376,925

South

Carolina

Public

Service

Authority,

Series

2019A,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.23%, 11/06/20

(b)

............

28,960

28,960,000

South

Carolina

Public

Service

Authority,

Series

2020A

(Barclays

Bank

plc

LOC),

0.23%, 01/06/21

.................

5,600

5,599,597

60,336,522

South

Dakota

—

0.4%

(b)

South

Dakota

Housing

Development

Authority,

Series

2020B,

RB,

VRDN,

0.11%, 11/06/20

14,400

14,400,000

South

Dakota

Housing

Development

Authority,

Series

2020D,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.16%, 11/06/20

....

7,600

7,600,000

22,000,000

Tennessee

—

0.7%

Clarksville

Public

Building

Authority,

Series

1999,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.16%, 11/06/20

(b)

............

2,620

2,620,000

Memphis

Sanitary

Sewer

System,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-XF0994,

RB,

VRDN

(Royal

Bank

of

Canada

LIQ),

0.15%, 11/06/20

(a)(b)(c)

..............

4,340

4,340,000

Metropolitan

Government

of

Nashville

&

Davidson

County,

Series

2020B-1

(JP

Morgan

Chase

Bank

NA

SBPA),

0.16%, 11/09/20

.................

20,585

20,584,856

Tennessee

Housing

Development

Agency

Resident,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-YX1087,

RB,

VRDN

(Barclays

Bank

plc

LIQ),

0.15%, 11/06/20

(a)(b)(c)

........

10,400

10,400,000

37,944,856

Texas

—

9.8%

Abilene

Texas,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018G-31,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(a)(b)(c)

....

12,355

12,355,000

Austin

Electric

Utility

System,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2015-XF0220,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.22%, 11/06/20

(a)(b)(c)

..............

27,745

27,745,000

Bexar

County

Housing

Finance

Corp.,

Series

2000,

RB,

VRDN

(Fannie

Mae

LOC),

0.12%, 11/06/20

(b)

................

2,720

2,720,000

MuniCash

Schedules

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

City

of

Austin,

Series

2017A,

RB,

VRDN

(Citibank

NA

LOC),

0.12%, 11/06/20

(b)

...

USD

14,645

$

14,645,000

City

of

Austin

Water

&

Wastewater

System,

Series

2008,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.13%, 11/06/20

(b)

............

8,165

8,165,000

City

of

Garland,

Series

2018

(Bank

of

America

NA

LOC),

0.19%, 12/03/20

..........

17,300

17,299,377

City

of

Garland,

Series

2020

(Sumitomo

Mitsui

Banking

LOC),

0.25%, 11/23/20

.......

6,000

5,999,862

City

of

Garland,

Series

2020

(Sumitomo

Mitsui

Banking

LOC),

0.20%, 12/03/20

.......

8,000

7,999,688

City

of

New

Braunfels

Utility

System,

Series

2019A

(JP

Morgan

Chase

Bank

NA

SBPA),

0.22%, 12/09/20

.................

10,000

9,999,550

City

of

San

Antonio,

Series

2013,

GO,

5.00%, 02/01/21

.................

770

778,929

City

of

San

Antonio,

Series

2020A

(Bank

of

America

NA

SBPA),

0.68%, 11/04/20

...

50,000

50,004,150

City

of

San

Antonio,

Series

2020A

(Bank

of

America

NA

SBPA),

0.27%, 01/05/21

...

7,000

7,000,497

City

of

San

Antonio,

Series

2020A

(Bank

of

America

NA

SBPA),

0.25%, 01/05/21

...

32,500

32,497,043

Dallas

Area

Rapid

Transit,

Series

2020IIA

(JP

Morgan

Chase

Bank

NA

SBPA),

0.21%, 11/12/20

.................

3,500

3,499,954

Dallas

Texas

Independent

School

District,

Series

2020A

(JP

Morgan

Chase

Bank

NA

LOC),

0.28%, 07/02/21

.............

10,000

9,997,280

Dallas

Texas

Water

Works

&

Swear

System,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018-

XF2697,

RB,

VRDN

(Citibank

NA

LIQ),

0.15%, 11/06/20

(a)(b)(c)

..............

6,000

6,000,000

Harris

County

Health

Facilities

Development

Corp.,

Series

2008A-2,

RB,

VRDN,

0.10%, 11/02/20

(b)

................

9,690

9,690,000

Katy

Independent

School

District,

Series

2020,

GO,

5.00%, 02/15/21

..............

1,500

1,520,249

Lamar

Texas

Cons

Independent

School

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

G-18,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(a)(b)(c)

..............

7,740

7,740,000

Laredo

Texas,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

G-60,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(a)(b)(c)

..........

10,520

10,520,000

Leander

Texas

Independent

School

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

G-62,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(a)(b)(c)

..............

2,000

2,000,000

North

Bend

Water

Authority

Texas

Water,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2019-

XF0816,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.22%, 11/06/20

(a)(b)(c)

....

16,520

16,520,000

North

Texas

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020E-145,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(a)(b)(c)

....

11,000

11,000,000

Pasadena

Independent

School

District,

Series

2005-B,

GO,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.11%, 11/06/20

(b)

.....

20,965

20,965,000

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

Port

of

Arthur

Navigation

District

Industrial

Development

Corp.,

Series

2002C,

RB,

VRDN,

0.17%, 11/06/20

(b)

...........

USD

1,500

$

1,500,000

Port

of

Arthur

Navigation

District

Industrial

Development

Corp.,

Series

2010A,

RB,

VRDN,

0.17%, 11/06/20

(b)

...........

3,000

3,000,000

Port

of

Arthur

Navigation

District

Industrial

Development

Corp.,

Series

2012,

RB,

VRDN,

0.17%, 11/06/20

(b)

...........

9,500

9,500,000

Red

River

Education

Finance

Corp.,

Series

2006,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.11%, 11/06/20

(b)

................

20,000

20,000,000

San

Antonio

Electric

&

Gas,

Series

2020B

(State

Street

Bank

&

Trust

Co.

SBPA),

0.19%, 01/05/21

.................

3,800

3,799,806

San

Antonio

Housing

Trust

Finance

Corp.,

Series

2020A,

RB,

VRDN

(United

Fidelity

Bank

LOC),

0.12%, 11/06/20

(b)

........

8,625

8,625,000

San

Antonio

Housing

Trust

Finance

Corp.,

Series

2020B,

RB,

VRDN

(United

Fidelity

Bank

LOC),

0.12%, 11/06/20

(b)

........

2,000

2,000,000

South

Texas

Community

College

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018G-

35,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(a)(b)(c)

..........

7,135

7,135,000

State

of

Texas,

Series

2012B,

GO,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA),

0.15%, 11/06/20

(b)

................

1,040

1,040,000

State

of

Texas,

Series

2013A,

GO,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA),

0.15%, 11/06/20

(b)

................

11,855

11,855,000

State

of

Texas,

Series

2014A,

GO,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA),

0.15%, 11/06/20

(b)

................

9,625

9,625,000

State

of

Texas,

Series

2015A,

GO,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA),

0.15%, 11/06/20

(b)

................

21,860

21,860,000

State

of

Texas,

Series

2018,

GO,

VRDN

(Federal

Home

Loan

Bank

LIQ),

0.15%, 11/06/20

(b)

................

1,215

1,215,000

State

of

Texas,

Series

2020,

TAN,

4.00%, 08/26/21

.................

50,000

51,532,770

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.,

Series

2008A,

RB,

VRDN

(TD

Bank

NA

LOC),

0.10%, 11/02/20

(b)

..

17,125

17,125,000

Texas

Water

Development

Board,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2015-XF2201,

RB,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.16%, 11/06/20

(a)(b)(c)

..............

300

300,000

Tomball

Independent

School

District,

Series

2020,

GO,

5.00%, 02/15/21

..........

375

379,986

University

of

Texas

System

(The),

Series

2020A,

0.24%, 02/03/21

............

23,000

22,994,549

University

of

Texas

System

(The),

Series

2020A,

0.43%, 02/19/21

............

15,500

15,495,769

505,644,459

Utah

—

1.8%

(b)

County

of

Utah,

Series

2016C,

RB,

VRDN

(BMO

Harris

Bank

NA

SBPA),

0.11%, 11/06/20

.................

71,275

71,275,000

County

of

Utah,

Series

2016E,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.13%, 11/06/20

.................

9,805

9,805,000

2020

BlackRock

Annual

Report

to

Shareholders

MuniCash

54

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

Utah

(continued)

County

of

Utah,

Series

2018C,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.12%, 11/02/20

......

USD

3,900

$

3,900,000

County

of

Weber,

Series

2000C,

RB,

VRDN

(Bank

of

New

York

Mellon

SBPA),

0.11%, 11/02/20

.................

2,500

2,500,000

Intermountain

Power

Agency

Utah

Power,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

E142,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(a)(c)

...........

3,380

3,380,000

Utah

County

Hospital,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019,

RB,

VRDN

(Wells

Fargo

Bank

NA

LIQ),

0.15%, 11/06/20

(a)(c)

.........

1,910

1,910,000

92,770,000

Virginia

—

1.2%

(b)

Fairfax

County

Industrial

Development

Authority,

Series

2016C,

RB,

VRDN,

0.15%, 11/06/20

.................

3,665

3,665,000

Fairfax

County

Industrial

Development

Authority,

Series

2018C,

RB,

VRDN,

0.15%, 11/06/20

.................

16,500

16,500,000

Hampton

Roads

Transport

Accountant,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF0606,

RB,

VRDN

(Bank

of

America

NA

LIQ),

0.16%, 11/06/20

(a)(c)

...............

4,400

4,400,000

Loudoun

County

Economic

Development

Authority,

Series

2003A,

RB,

VRDN,

0.12%, 11/06/20

.................

8,455

8,455,000

Loudoun

County

Economic

Development

Authority,

Series

2003F,

RB,

VRDN,

0.12%, 11/06/20

.................

8,460

8,460,000

Norfolk

Economic

Development

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018-

XG0183,

RB,

VRDN

(Barclays

Bank

plc

LIQ),

0.15%, 11/06/20

(a)(c)

...........

12,860

12,860,000

Virginia

Commonwealth

Transportation

Board

Trust,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018-

XF0659,

RB,

VRDN

(Royal

Bank

of

Canada

LIQ),

0.15%, 11/06/20

(a)(c)

...........

6,000

6,000,000

60,340,000

Washington

—

0.7%

King

County

School

District

No.

414

Lake

Washington,

Series

2020,

GO,

4.00%, 12/01/20

.................

1,405

1,409,126

King

County

Washington

Housing

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XL0141,

RB,

VRDN

(Wells

Fargo

Bank

NA

LIQ),

0.15%, 11/06/20

(a)(b)(c)

..........

5,300

5,300,000

State

of

Washington,

Series

R-2020C,

GO,

5.00%, 01/01/21

.................

3,000

3,023,077

State

of

Washington,

Series

R-2020D,

GO,

5.00%, 01/01/21

.................

265

267,039

Washington

Higher

Education

Facilities

Authority,

Series

2004,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.14%, 11/06/20

(b)

................

19,535

19,535,000

Security

Par

(000)

Par

(000)

Value

Washington

(continued)

Washington

State

Health

Care

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF2527,

RB,

VRDN

(Citibank

NA

LIQ),

0.15%, 11/06/20

(a)(b)(c)

..............

USD

1,875

$

1,875,000

Washington

State

Health

Care

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XX1106,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.16%, 11/06/20

(a)(b)(c)

.......

6,240

6,240,000

37,649,242

West

Virginia

—

0.4%

West

Virginia

Hospital

Finance

Authority,

Series

2018C,

RB,

VRDN

(TD

Bank

NA

LOC),

0.12%, 11/06/20

(b)

................

22,955

22,955,000

Wisconsin

—

1.6%

(b)

University

of

Wisconsin

Hospitals

&

Clinics,

Series

2009B,

RB,

VRDN

(US

Bank

NA

LOC),

0.12%, 11/06/20

.............

26,750

26,750,000

University

of

Wisconsin

Hospitals

&

Clinics,

Series

2018C,

RB,

VRDN

(BMO

Harris

Bank

NA

SBPA),

0.11%, 11/02/20

..........

12,300

12,300,000

Wisconsin

Housing

&

Economic

Development

Authority,

Series

2017D,

RB,

VRDN

(Royal

Bank

of

Canada

SBPA),

0.12%, 11/06/20

.

9,200

9,200,000

Wisconsin

Housing

&

Economic

Development

Authority,

Series

2018C,

RB,

VRDN

(Royal

Bank

of

Canada

SBPA),

0.12%, 11/06/20

.

17,865

17,865,000

Wisconsin

Housing

&

Economic

Development

Authority,

Series

2019B,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.12%, 11/06/20

17,400

17,400,000

83,515,000

Wyoming

—

0.2%

Wyoming

Community

Development

Authority,

Series

2018-2,

RB,

VRDN

(Royal

Bank

of

Canada

SBPA),

0.12%, 11/06/20

(b)

.....

9,750

9,750,000

Total

Municipal

Bonds

—

96.6%

(Cost:

$4,989,528,032)

...........................

4,989,663,435

Closed-End

Investment

Companies

—

3.3%

(b)

California

—

1.0%

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund,

Series

2013,

VRDP,

(Citibank

NA

LOC),

0.15%, 11/06/20

..........

25,000

25,000,000

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund,

Series

2016,

VRDP,

(Sumitomo

Mitsui

Banking

LOC),

0.15%, 11/06/20

(a)

................

25,000

25,000,000

50,000,000

New

York

—

1.8%

Nuveen

AMT-Free

Quality

Municipal

Income

Fund,

Series

2016,

VRDP,

(Sumitomo

Mitsui

Banking

LOC),

0.17%, 11/06/20

.......

14,300

14,300,000

Nuveen

New

York

AMT-Free

Quality

Municipal

Income

Fund,

Series

2010,

VRDP,

(Citibank

NA

LOC),

0.17%, 11/06/20

..........

49,500

49,500,000

Nuveen

New

York

AMT-Free

Quality

Municipal

Income

Fund,

Series

2016,

VRDP,

(Toronto-

Dominion

Bank

LOC),

0.18%, 11/06/20

(a)

.

30,000

30,000,000

93,800,000

MuniCash

Schedules

of

Investments

55

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

October

31,

2020

See

notes

to

financial

statements.

Security

Par

(000)

Par

(000)

Value

Other

—

0.5%

Nuveen

AMT-Free

Municipal

Credit

Income

Fund,

Series

2013,

VRDP,

(Citibank

NA

LOC),

0.17%, 11/06/20

.............

USD

19,000

$

19,000,000

Nuveen

AMT-Free

Quality

Municipal

Income

Fund,

Series

2013,

VRDP,

(Citibank

NA

LOC),

0.17%, 11/06/20

(a)

............

6,900

6,900,000

25,900,000

Total

Closed-End

Investment

Companies

—

3.3%

(Cost:

$169,700,000)

.............................

169,700,000

Total

Investments

—

99.9%

(Cost:

$5,159,228,032

)

(e)

..........................

5,159,363,435

Other

Assets

Less

Liabilities

—

0.1%

...................

4,379,977

Net

Assets

—

100.0%

..............................

$

5,163,743,412

(a)

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.

(b)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(c)

These

securities

are

short-term

floating

rate

certificates

issued

by

tender

option

bond

trusts

and

are

secured

by

the

underlying

municipal

bond

securities.

(d)

U.S.

Government

securities

held

in

escrow,

are

used

to

pay

interest

on

this

security

as

well

as

to

retire

the

bond

in

full

at

the

date

indicated,

typically

at

a

premium

to

par.

(e)

Cost

for

U.S.

federal

income

tax

purposes.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

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

investments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

.......................................

$

—

$

5,159,363,435

$

—

$

5,159,363,435

2020

BlackRock

Annual

Report

to

Shareholders

MuniFund

56

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

October

31,

2020

Security

Par

(000)

Pa

r

(

000)

Value

Municipal

Bonds

—

97.0%

Alaska

—

0.6%

Alaska

Housing

Finance

Corp.,

Series

2009A,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.12%, 11/06/20

(a)

................

USD

475

$

475,000

Colorado

—

2.0%

(a)

City

of

Colorado

Springs

Utilities

System,

Series

2006B,

RB,

VRDN

(

Landesbank

Hessen-

Thuringen

Girozentrale

SBPA),

0.15%, 11/06/20

.................

500

500,000

City

of

Colorado

Springs

Utilities

System,

Series

2009C,

RB,

VRDN

(Sumitomo

Mitsui

Banking

SBPA),

0.12%, 11/06/20

......

5

5,000

Colorado

Health

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF0667,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.16%, 11/06/20

(b)(c)

...............

1,000

1,000,000

1,505,000

Connecticut

—

0.9%

(a)

Connecticut

Housing

Finance

Authority,

Series

2015C,

Sub-Series

C-3,

RB,

VRDN

(Royal

Bank

of

Canada

SBPA),

0.12%, 11/06/20

.

400

400,000

Connecticut

Housing

Finance

Authority,

Series

2016F,

Sub-Series

F-5,

RB,

VRDN

(

Helaba

SBPA

SBPA),

0.12%, 11/06/20

........

300

300,000

700,000

District

of

Columbia

—

2.4%

(a)

District

of

Columbia,

Series

2007A,

RB,

VRDN

(Manufacturers

&

Traders

Trust

Co.

LOC),

0.18%, 11/06/20

.................

900

900,000

Metropolitan

Wash

Transportation

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2019-

XG0267,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.17%, 11/06/20

(b)(c)

...........

950

950,000

1,850,000

Florida

—

4.5%

(a)

City

of

Gainesville

Utilities

System,

Series

2007A,

RB,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA),

0.12%, 11/06/20

.....

900

900,000

Highlands

County

Health

Facilities

Authority,

Series

2012I,

RB,

VRDN,

0.12%, 11/06/20

2,500

2,500,000

3,400,000

Illinois

—

0.7%

Illinois

Finance

Authority,

Series

2008C,

Sub-

Series

2-B,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.14%, 11/06/20

(a)

....

565

565,000

Iowa

—

2.9%

(a)

Iowa

Finance

Authority,

Series

2015B,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.12%, 11/06/20

.................

475

475,000

Iowa

Finance

Authority,

Series

2016A,

RB,

VRDN,

0.16%, 11/06/20

............

1,700

1,700,000

2,175,000

Kansas

—

1.3%

Wyandotte

County

Kansas

USD,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018G-23,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(a)(b)(c)

1,000

1,000,000

Security

Par

(000)

Par

(000)

Value

Maryland

—

3.2%

(a)

Maryland

Health

&

Higher

Educational

Facilities

Authority,

Series

2008D,

RB,

VRDN

(TD

Bank

NA

LOC),

0.10%, 11/02/20

......

USD

700

$

700,000

Maryland

Health

&

Higher

Educational

Facilities

Authority,

Series

2018,

RB,

VRDN

(M&T

Bank

LOC),

0.18%, 11/06/20

(c)

........

1,725

1,725,000

2,425,000

Massachusetts

—

4.1%

Boston

Water

&

Sewer

Commission,

Series

2020A

(State

Street

Bank

&

Trust

Co.

LOC),

0.15%, 12/03/20

.................

2,000

2,000,000

Massachusetts

Bay

Transportation

Authority,

Series

2018A,

Sub-Series

A-2,

RB,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA),

0.11%, 11/06/20

(a)

................

1,100

1,100,000

3,100,000

Michigan

—

6.6%

Board

of

Trustees

of

Michigan

State

University,

Series

2020F,

0.19%, 12/03/20

.......

2,000

2,000,000

University

of

Michigan,

Series

2012B,

RB,

VRDN,

0.10%, 11/02/20

(a)

...........

3,000

3,000,000

5,000,000

Minnesota

—

5.6%

(a)

City

of

Minneapolis,

Series

1997B,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.12%, 11/06/20

.................

2,500

2,500,000

City

of

Rochester,

Series

2008A,

RB,

VRDN,

0.12%, 11/06/20

.................

1,750

1,750,000

4,250,000

Missouri

—

4.0%

Missouri

State

Health

&

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

C-16,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.19%, 11/06/20

(a)(b)(c)

..........

3,000

3,000,000

Nevada

—

2.8%

Las

Vegas

Valley

Water

District,

Series

2020A

(Sumitomo

Mitsui

Banking

LOC),

0.20%, 11/04/20

.................

1,500

1,500,000

Nevada

System

of

Higher

Education,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-XF2858,

COP,

VRDN

(Barclays

Bank

plc

LIQ),

0.19%, 11/06/20

(a)(b)(c)

..............

600

600,000

2,100,000

New

Hampshire

—

2.2%

New

Hampshire

Health

and

Education

Facilities

Authority

Act,

Series

2005A-2,

RB,

VRDN

(State

Street

Bank

&

Trust

Co.

SBPA),

0.11%, 11/02/20

(a)

................

1,700

1,700,000

New

York

—

17.3%

Bethlehem

Central

School

District,

Series

2020A,

BAN,

GO,

1.50%, 06/29/21

.....

1,000

1,007,200

City

of

New

York,

Series

2006I,

Sub-Series

I-4,

GO,

VRDN

(TD

Bank

NA

LOC),

0.10%, 11/02/20

(a)

................

2,100

2,100,000

City

of

New

York,

Series

2012G,

Sub-Series

G-6,

GO,

VRDN

(Mizuho

Bank

Ltd.

LOC),

0.12%, 11/02/20

(a)

................

800

800,000

Metropolitan

Transportation

Authority,

Series

2008A-1,

RB,

VRDN

(TD

Bank

NA

LOC),

0.10%, 11/02/20

(a)

................

20

20,000

MuniFund

Schedules

of

Investments

57

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

City

Transitional

Finance

Authority,

Series

2013A,

Sub-Series

A-4,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.11%, 11/02/20

(a)

................

USD

700

$

700,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2014,

Sub-

Series

D-3,

RB,

VRDN

(Mizuho

Bank

Ltd.

SBPA),

0.12%, 11/02/20

(a)

...........

1,500

1,500,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2019,

Sub-

Series

A-4,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.11%, 11/02/20

(a)

.....

1,100

1,100,000

New

York

City

Water

&

Sewer

System,

Series

2014AA,

Sub-Series

AA-1,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.11%, 11/02/20

(a)

................

500

500,000

New

York

City

Water

&

Sewer

System,

Series

2014AA,

Sub-Series

AA-1,

RB,

VRDN

(Mizuho

Bank

Ltd.

SBPA),

0.11%, 11/02/20

(a)

1,100

1,100,000

New

York

City

Water

&

Sewer

System,

Series

2015BB,

Sub-Series

BB-2,

RB,

VRDN

(Mizuho

Bank

Ltd.

SBPA),

0.13%, 11/02/20

(a)

800

800,000

New

York

Power

Authority,

Series

2020-2

(State

Street

Bank

&

Trust

Co.

SBPA),

0.32%, 02/03/21

.................

1,000

1,000,000

New

York

State

Dormitory

Authority,

Series

2020B,

5.00%, 03/31/21

............

1,000

1,018,267

New

York

State

Urban

Development

Corp.,

Series

2004A-3-C,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.12%, 11/06/20

(a)

435

435,000

Port

Authority

of

New

York

&

New

Jersey,

Series

2010B,

0.28%, 11/12/20

.......

1,000

1,000,000

13,080,467

North

Carolina

—

1.1%

North

Carolina

Medical

Care

Commission,

Series

2001A,

RB,

VRDN

(BMO

Harris

Bank

NA

SBPA),

0.12%, 11/06/20

(a)

........

800

800,000

Ohio

—

4.0%

(a)

County

of

Franklin,

Series

2018D,

RB,

VRDN,

0.11%, 11/06/20

.................

1,500

1,500,000

Ohio

State

Hospital

Facility,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017-XF0573,

RB,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.17%, 11/06/20

(b)(c)

...............

525

525,000

RBC

Municipal

Products,

Inc.

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019E,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(b)(c)

...............

965

965,000

2,990,000

Oregon

—

3.7%

Oregon

State

Facilities

Authority,

Series

2018B,

RB,

VRDN

(TD

Bank

NA

LOC),

0.10%, 11/02/20

(a)

................

2,800

2,800,000

Pennsylvania

—

4.6%

City

of

Philadelphia,

Series

2020-2021A,

TAN,

4.00%, 06/30/21

.................

1,500

1,536,952

Sports

&

Exhibition

Authority

of

Pittsburgh

and

Allegheny

County,

Series

2007A,

RB,

VRDN

(PNC

Bank

NA

SBPA),

0.15%, 11/06/20

(a)

1,920

1,920,000

3,456,952

Security

Par

(000)

Par

(000)

Value

Texas

—

10.0%

Bexar

County

Housing

Finance

Corp.,

Series

2000,

RB,

VRDN

(Fannie

Mae

LOC),

0.12%, 11/06/20

(a)

................

USD

485

$

485,000

City

of

Austin,

Series

2017A,

RB,

VRDN

(Citibank

NA

LOC),

0.12%, 11/06/20

(a)

...

150

150,000

City

of

San

Antonio,

Series

2020A

(Bank

of

America

NA

SBPA),

0.25%, 01/05/21

...

1,500

1,500,000

Dallas

Area

Rapid

Transit,

Series

2020IIA

(JP

Morgan

Chase

Bank

NA

SBPA),

0.21%, 11/12/20

.................

500

500,000

Port

of

Arthur

Navigation

District

Industrial

Development

Corp.,

Series

2010A,

RB,

VRDN,

0.17%, 11/06/20

(a)

...........

1,000

1,000,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.,

Series

2008A,

RB,

VRDN

(TD

Bank

NA

LOC),

0.10%, 11/02/20

(a)

..

1,955

1,955,000

University

of

Texas

System

(The),

Series

2020A,

0.43%, 02/19/21

............

2,000

2,000,000

7,590,000

Utah

—

4.0%

County

of

Weber,

Series

2000A,

RB,

VRDN

(Bank

of

New

York

Mellon

SBPA),

0.11%, 11/02/20

(a)

................

3,000

3,000,000

Virginia

—

2.8%

(a)

Fairfax

County

Industrial

Development

Authority,

Series

2016C,

RB,

VRDN,

0.15%, 11/06/20

.................

1,410

1,410,000

Hampton

Roads

Transport

Accountant,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018-XF0606,

RB,

VRDN

(Bank

of

America

NA

LIQ),

0.16%, 11/06/20

(b)(c)

...............

700

700,000

2,110,000

Washington

—

3.1%

(a)

County

of

King,

Series

2019A,

GO,

VRDN

(TD

Bank

NA

SBPA),

0.11%, 11/02/20

......

800

800,000

Washington

State

Health

Care

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XX1106,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.16%, 11/06/20

(b)(c)

........

1,000

1,000,000

Washington

State

Housing

Finance

Commission,

Series

2000,

RB,

VRDN

(Wells

Fargo

Bank

NA

LOC),

0.14%, 11/06/20

..

570

570,000

2,370,000

Wisconsin

—

2.6%

Public

Finance

Authority,

Series

2019B,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.11%, 11/06/20

(a)

................

1,980

1,980,000

Total

Municipal

Bonds

—

97.0%

(Cost:

$73,422,419)

..............................

73,422,419

2020

BlackRock

Annual

Report

to

Shareholders

MuniFund

58

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

October

31,

2020

See

notes

to

financial

statements.

Security

Par

(000)

Pa

r

(

000)

Value

Closed-End

Investment

Companies

—

2.9%

New

York

—

2.9%

(a)

Nuveen

AMT-Free

Quality

Municipal

Income

Fund,

Series

2016,

VRDP,

(Sumitomo

Mitsui

Banking

LOC),

0.17%, 11/06/20

.......

USD

700

$

700,000

Nuveen

New

York

AMT-Free

Quality

Municipal

Income

Fund,

Series

2010,

VRDP,

(Citibank

NA

LOC),

0.17%, 11/06/20

..........

1,500

1,500,000

2,200,000

Total

Closed-End

Investment

Companies

—

2.9%

(Cost:

$2,200,000)

..............................

2,200,000

Total

Investments

—

99.9%

(Cost:

$75,622,419

)

(d)

............................

75,622,419

Other

Assets

Less

Liabilities

—

0.1%

...................

82,494

Net

Assets

—

100.0%

..............................

$

75,704,913

(a)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(b)

These

securities

are

short-term

floating

rate

certificates

issued

by

tender

option

bond

trusts

and

are

secured

by

the

underlying

municipal

bond

securities.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(d)

Cost

for

U.S.

federal

income

tax

purposes.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

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

investments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

.......................................

$

—

$

75,622,419

$

—

$

75,622,419

California

Money

Fund

Schedules

of

Investments

59

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

October

31,

2020

Security

Par

(000)

Pa

r

(

000)

Value

Municipal

Bonds

—

96.7%

California

—

96.7%

Abag

Finance

Authority

for

Nonprofit

Corp.,

Series

2009A,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.10%, 11/06/20

(a)

.........

USD

900

$

900,000

Abag

Finance

Authority

for

Nonprofit

Corp.,

Series

2009C,

RB,

VRDN

(Citibank

NA

LOC),

0.10%, 11/06/20

(a)

............

1,450

1,450,000

Bay

Area

Toll

Authority,

Series

2008C-1,

RB,

VRDN

(Sumitomo

Mitsui

Banking

LOC),

0.09%, 11/06/20

(a)

................

985

985,000

Bay

Area

Toll

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2016-XG0019,

RB,

VRDN

(Bank

of

America

NA

LIQ),

0.13%, 11/06/20

(a)(b)(c)

..

4,200

4,200,000

California

Health

Facilities

Financing

Authority,

Series

2008-B1,

RB,

VRDN,

0.11%, 11/06/20

(a)

................

2,350

2,350,000

California

Health

Facilities

Financing

Authority,

Series

2009C,

RB,

VRDN

(US

Bank

NA

LOC),

0.09%, 11/06/20

(a)

............

1,340

1,340,000

California

Health

Facilities

Financing

Authority,

Series

2011B,

RB,

VRDN

(Bank

of

Montreal

LOC),

0.07%, 11/06/20

(a)

............

2,535

2,535,000

California

Health

Facilities

Financing

Authority,

Series

2011C,

RB,

VRDN

(Bank

of

Montreal

LOC),

0.10%, 11/06/20

(a)

............

875

875,000

California

Health

Facilities

Financing

Authority,

Series

2012C,

RB,

VRDN,

0.07%, 11/06/20

(a)

................

3,800

3,800,000

California

Municipal

Finance

Authority,

Series

2010A,

RB,

VRDN,

0.10%, 11/02/20

(a)

...

7,350

7,350,000

California

Pollution

Control

Financing

Authority,

Series

1997B,

RB,

VRDN,

0.10%, 11/02/20

(a)

................

3,100

3,100,000

California

Statewide

Communities

Development

Authority,

Series

2008B,

RB,

VRDN

(Wells

Fargo

Bank

NA

LOC),

0.10%, 11/02/20

(a)

.

2,500

2,500,000

California

Statewide

Communities

Development

Authority,

Series

2008C,

RB,

VRDN

(Northern

Trust

Co.

LOC),

0.08%, 11/06/20

(a)

5,995

5,995,000

California

University

of

Sciences

&

Medicine,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2019,

RB,

VRDN

(Mizuho

Capital

Markets

LLC

LOC),

0.32%, 11/06/20

(a)(b)(c)

..............

8,475

8,475,000

Chino

Valley

California

Unified

School

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XM0836,

GO,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.15%, 11/06/20

(a)(b)(c)

......

3,940

3,940,000

City

&

County

of

San

Francisco,

Series

2017B-

1,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.11%, 11/06/20

(a)

................

450

450,000

City

of

Los

Angeles,

Series

2020,

TAN,

4.00%, 06/24/21

.................

2,000

2,047,996

County

of

Los

Angeles,

Series

2020-21A,

TAN,

4.00%, 06/30/21

.................

1,000

1,024,888

County

of

Riverside,

Series

2020,

TAN,

4.00%, 06/30/21

.................

2,000

2,049,641

Del

Mar

California,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XG0259,

VRDN

(Bank

of

America

NA

LOC),

0.16%, 11/06/20

(a)(b)(c)

..........

2,655

2,655,000

Security

Par

(000)

Par

(000)

Value

California

(continued)

East

Bay

Municipal

Utility

District

Water

System,

Series

2008A-1,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.08%, 11/06/20

(a)

USD

6,335

$

6,335,000

Eastern

Municipal

Water

District,

Series

2018A,

RB,

VRDN

(Bank

of

America

NA

SBPA),

0.11%, 11/02/20

(a)

................

2,085

2,085,000

Fontana

California

University

School

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XF2895,

GO,

VRDN

(Barclays

Bank

plc

LIQ),

0.14%, 11/06/20

(a)(b)(c)

..........

3,000

3,000,000

Gilroy

California

Unified

School

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2019,

GO,

VRDN

(Royal

Bank

of

Canada

LIQ),

0.16%, 11/06/20

(a)(b)(c)

..............

2,000

2,000,000

Hartnell

Community

College

District,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017-XF0587,

GO,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.15%, 11/06/20

(a)(b)(c)

..............

1,150

1,150,000

Long

Beach

California

Community

College,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2019,

GO,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.14%, 11/06/20

(a)(b)(c)

..........

2,695

2,695,000

Long

Beach

California

University

School

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XF0862,

GO,

VRDN

(TD

Bank

NA

LIQ),

0.15%, 11/06/20

(a)(b)(c)

..............

1,610

1,610,000

Los

Angeles

California

Housing

Department,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2019,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.14%, 11/06/20

(a)(b)(c)

..............

1,875

1,875,000

Los

Angeles

California

Unified

School

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018-

XM0703,

GO,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.14%, 11/06/20

(a)(b)(c)

....

2,225

2,225,000

Los

Angeles

Department

of

Water

&

Power

System,

Series

2001B,

Sub-Series

B-1,

RB,

VRDN

(Royal

Bank

of

Canada

SBPA),

0.07%, 11/06/20

(a)

................

1,000

1,000,000

Los

Angeles

Department

of

Water

&

Power

System,

Series

2001B,

Sub-Series

B-4,

RB,

VRDN

(Citibank

NA

SBPA),

0.10%, 11/02/20

(a)

................

1,900

1,900,000

Los

Angeles

Department

of

Water

&

Power

System,

Series

2001B-2,

RB,

VRDN

(Bank

of

The

West

SBPA),

0.08%, 11/06/20

(a)

..

7,000

7,000,000

Los

Angeles

Department

of

Water

&

Power

System,

Series

2019A,

Sub-Series

A-2,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.11%, 11/02/20

(a)

................

1,900

1,900,000

Metropolitan

Water

District

of

Southern

California,

Series

2017E,

RB,

VRDN,

0.37%, 06/21/21

(a)

................

10,000

10,000,000

Metropolitan

Water

District

of

Southern

California,

Series

2018A-2,

RB,

VRDN

(Toronto-Dominion

Bank

SBPA),

0.10%, 11/02/20

(a)

................

4,510

4,510,000

Municipal

Improvement

Corp.

of

Los

Angeles,

Series

2020A-3

(US

Bank

NA

LOC),

0.24%, 04/20/21

.................

3,000

2,999,718

2020

BlackRock

Annual

Report

to

Shareholders

California

Money

Fund

60

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

California

(continued)

Northern

California

Power

Agency,

Series

2008A,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.10%, 11/06/20

(a)

............

USD

450

$

450,000

Orange

County

Water

District,

Series

2003A,

COP,

VRDN

(Citibank

NA

LOC),

0.10%, 11/06/20

(a)

................

1,700

1,700,000

Regents

of

the

University

of

California

Medical

Center

Pooled,

Series

2007B,

Sub-Series

B-2,

RB,

VRDN,

0.08%, 11/02/20

(a)

.....

3,965

3,965,000

Sacramento

Municipal

Utility

District,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-XF0944,

RB,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.15%, 11/06/20

(a)(b)(c)

..............

4,000

4,000,000

Sacramento

Transportation

Authority,

Series

2014A,

RB,

VRDN

(Sumitomo

Mitsui

Banking

LOC),

0.08%, 11/06/20

(a)

......

1,540

1,540,000

Sacramento

Transportation

Authority,

Series

2015A,

RB,

VRDN

(Sumitomo

Mitsui

Banking

LOC),

0.07%, 11/06/20

(a)

......

3,375

3,375,000

San

Diego

County

Regional

Transportation

Commission,

Series

2008A,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.08%, 11/06/20

(a)

................

500

500,000

San

Diego

Public

Facilities

Financing

Authority,

Series

2020B

(Bank

of

America

NA

LOC),

0.29%, 01/11/21

.................

2,000

1,999,958

San

Francisco

California

Bay

Area

Rapid

Transit

District,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017-XF2449,

GO,

VRDN

(Citibank

NA

LIQ),

0.14%, 11/06/20

(a)(b)(c)

..........

200

200,000

San

Francisco

City

&

County

Airport

Comm

-

San

Francisco

International

Airport,

Series

2018B,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.10%, 11/06/20

(a)

................

1,200

1,200,000

San

Francisco

City

&

County

Airport

Comm

-

San

Francisco

International

Airport,

Series

2018C,

RB,

VRDN

(Sumitomo

Mitsui

Banking

LOC),

0.10%, 11/06/20

(a)

......

300

300,000

San

Jose

California

Unified

School

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2018-

XF2534,

GO,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.15%, 11/06/20

(a)(b)(c)

......

1,820

1,820,000

Security

Par

(000)

Par

(000)

Value

California

(continued)

San

Mateo

California

Unified

School

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XF0925,

GO,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.14%, 11/06/20

(a)(b)(c)

....

USD

4,357

$

4,357,000

Santa

Barbara

California

Unified

School

District,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2019,

GO,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.17%, 11/06/20

(a)(b)(c)

..........

869

869,000

Santa

Clara

Valley

Transportation

Authority,

Series

2008D,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.10%, 11/02/20

(a)

...........

2,100

2,100,000

State

of

California,

Series

2004B5,

GO,

VRDN

(US

Bank

NA

LOC),

0.09%, 11/02/20

(a)

..

1,960

1,960,000

State

of

California,

Series

2005B5,

GO,

VRDN

(MUFG

Union

Bank

NA

LOC),

0.09%, 11/02/20

(a)

................

1,900

1,900,000

University

of

California,

Series

2013AL-3,

RB,

VRDN,

0.10%, 11/02/20

(a)

...........

2,800

2,800,000

University

of

California,

Series

2013AL-4,

RB,

VRDN,

0.10%, 11/02/20

(a)

...........

2,800

2,800,000

Western

Municipal

Water

District

Facilities

Authority,

Series

2012A,

RB,

VRDN

(TD

Bank

NA

LOC),

0.08%, 11/06/20

(a)

.....

485

485,000

Total

Municipal

Bonds

—

96.7%

(Cost:

$148,626,923)

.............................

148,628,201

Closed-End

Investment

Companies

—

3.3%

California

—

3.3%

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund,

Series

2013,

VRDP,

(Citibank

NA

LOC),

0.15%, 11/06/20

(a)

.........

5,000

5,000,000

Total

Closed-End

Investment

Companies

—

3.3%

(Cost:

$5,000,000)

..............................

5,000,000

Total

Investments

—

100.0%

(Cost:

$153,626,923

)

(d)

............................

153,628,201

Other

Assets

Less

Liabilities

—

0.0%

...................

38,025

Net

Assets

—

100.0%

..............................

$

153,666,226

(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.

California

Money

Fund

Schedules

of

Investments

61

Schedule

of

Investments

(continued)

October

31,

2020

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

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

investments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

.......................................

$

—

$

153,628,201

$

—

$

153,628,201

2020

BlackRock

Annual

Report

to

Shareholders

New

York

Money

Fund

62

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

October

31,

2020

Security

Par

(000)

Pa

r

(

000)

Value

Municipal

Bonds

—

93.9%

New

York

—

93.9%

Amherst

Development

Corp.,

Series

2011A,

RB,

VRDN

(Manufacturers

&

Traders

Trust

Co.

LOC),

0.18%, 11/06/20

(a)

.........

USD

2,200

$

2,200,000

Battery

Park

City

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(a)(b)

...........

6,000

6,000,000

Bethlehem

Central

School

District,

Series

2020A,

BAN,

GO,

1.50%, 06/29/21

.....

1,206

1,214,419

Build

NYC

Resource

Corp.,

Series

2015,

RB,

VRDN

(TD

Bank

NA

LOC),

0.13%, 11/06/20

(a)

................

3,900

3,900,000

City

of

New

York,

Series

2012G,

Sub-Series

G-4,

GO,

VRDN

(Citibank

NA

LOC),

0.12%, 11/06/20

(a)

................

200

200,000

City

of

New

York,

Series

2017A,

Sub-

Series

A-5,

GO,

VRDN

(

Landesbank

Hessen-

Thuringen

Girozentrale

SBPA),

0.13%, 11/02/20

(a)

................

4,400

4,400,000

Dutchess

County

Industrial

Development

Agency,

Series

2008,

RB,

VRDN

(TD

Bank

NA

LOC),

0.13%, 11/06/20

(a)

.........

2,410

2,410,000

East

Rochester

Housing

Authority,

Series

2008,

RB,

VRDN

(M&T

Bank

LOC),

0.18%, 11/06/20

(a)

................

3,560

3,560,000

Franklin

County

Civic

Development

Corp.,

Series

2013A,

RB,

VRDN

(HSBC

Bank

USA

NA

LOC),

0.14%, 11/06/20

(a)

.........

1,060

1,060,000

Hudson

YDS

Infrastructure

Corp.,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2017-XF0550,

RB,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.22%, 11/06/20

(a)(b)(c)

..............

1,200

1,200,000

Metropolitan

Transportation

Authority,

Series

2012G,

Sub-Series

G-2,

RB,

VRDN

(TD

Bank

NA

LOC),

0.10%, 11/06/20

(a)

.....

1,500

1,500,000

Metropolitan

Transportation

Authority,

Series

2012G-1,

RB,

VRDN

(Barclays

Bank

plc

LOC),

0.11%, 11/02/20

(a)

............

700

700,000

Metropolitan

Transportation

Authority,

Series

Sub-Series

2002B-1,

RB,

VRDN

(Bank

of

Tokyo-Mitsubishi

UFJ

Ltd.

LOC),

0.11%, 11/06/20

(a)

................

170

170,000

Monroe

County

Industrial

Development

Corp.,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XF0991,

RB,

VRDN

(Toronto-Dominion

Bank

LIQ),

0.15%, 11/06/20

(a)(b)(c)

......

1,000

1,000,000

Nassau

County,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2018G-5,

GO,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(a)(b)(c)

....

2,100

2,100,000

New

York

City

Health

&

Hospital

Corp.,

Series

2008B,

RB,

VRDN

(TD

Bank

NA

LOC),

0.12%, 11/06/20

(a)

................

3,000

3,000,000

New

York

City

Health

&

Hospital

Corp.,

Series

2008C,

RB,

VRDN

(TD

Bank

NA

LOC),

0.11%, 11/06/20

(a)

................

1,000

1,000,000

New

York

City

Housing

Development

Corp.,

Series

2008A,

RB,

VRDN

(Freddie

Mac

LOC),

0.12%, 11/06/20

(a)

............

700

700,000

New

York

City

Housing

Development

Corp.,

Series

2009A,

RB,

VRDN

(Freddie

Mac

LOC),

0.12%, 11/06/20

(a)

............

2,350

2,350,000

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

City

Housing

Development

Corp.,

Series

2017C-4,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.13%, 11/06/20

(a)

....

USD

1,200

$

1,200,000

New

York

City

Housing

Development

Corp.,

Series

2017G-3,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

0.11%, 11/06/20

(a)

.....

2,600

2,600,000

New

York

City

Housing

Development

Corp.,

Series

A,

RB,

VRDN

(Fannie

Mae

LOC),

0.13%, 11/06/20

(a)

................

2,715

2,715,000

New

York

City

Industrial

Development

Agency,

Series

2004B,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.14%, 11/02/20

(a)

.........

5,800

5,800,000

New

York

City

Transitional

Finance

Authority,

Series

2003,

Sub-series

A-4,

RB,

VRDN

(TD

Bank

NA

SBPA),

0.10%, 11/02/20

(a)

....

1,100

1,100,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2018,

Sub-

Series

C-6,

RB,

VRDN

(Sumitomo

Mitsui

Banking

SBPA),

0.14%, 11/06/20

(a)

.....

1,000

1,000,000

New

York

City

Trust

for

Cultural

Resources,

Series

2009A,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LOC),

0.13%, 11/06/20

(a)

4,370

4,370,000

New

York

City

Water

&

Sewer

System,

Series

2003,

Sub-Series

F-1-A,

RB,

VRDN

(Barclays

Bank

plc

SBPA),

0.11%, 11/06/20

(a)

................

130

130,000

New

York

City

Water

&

Sewer

System,

Series

2009BB-2,

RB,

VRDN

(

Landesbank

Hessen-

Thuringen

Girozentrale

SBPA),

0.12%, 11/02/20

(a)

................

3,400

3,400,000

New

York

City

Water

&

Sewer

System,

Series

2012,

Sub-Series

A-2,

RB,

VRDN

(Mizuho

Bank

Ltd.

SBPA),

0.13%, 11/02/20

(a)

....

1,600

1,600,000

New

York

City

Water

&

Sewer

System,

Series

2014AA,

Sub-Series

AA-1,

RB,

VRDN

(Mizuho

Bank

Ltd.

SBPA),

0.11%, 11/02/20

(a)

1,400

1,400,000

New

York

Power

Authority,

Series

2020

(State

Street

Bank

&

Trust

Co.

SBPA),

0.16%, 11/05/20

.................

3,800

3,799,985

New

York

Power

Authority,

Series

2020

(State

Street

Bank

&

Trust

Co.

SBPA),

0.28%, 12/03/20

.................

2,000

1,999,958

New

York

Power

Authority,

Series

2020-2

(State

Street

Bank

&

Trust

Co.

SBPA),

0.32%, 02/03/21

.................

1,500

1,500,156

New

York

State

Authority

General,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XF0829,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(a)(b)(c)

..............

3,585

3,585,000

New

York

State

Authority

General,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XF0847,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

0.15%, 11/06/20

(a)(b)(c)

..............

2,250

2,250,000

New

York

State

Dormitory

Authority,

Series

2003B,

RB,

VRDN,

0.07%, 11/06/20

(a)

...

2,900

2,900,000

New

York

State

Dormitory

Authority,

Series

2005B,

RB,

VRDN

(Mizuho

Bank

Ltd.

LOC),

0.12%, 11/06/20

(a)

................

6,000

6,000,000

New

York

State

Dormitory

Authority,

Series

2006,

RB,

VRDN

(Fannie

Mae

LOC),

0.10%, 11/06/20

(a)

................

1,770

1,770,000

New

York

State

Dormitory

Authority,

Series

2008A-1,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.13%, 11/06/20

(a)

............

550

550,000

New

York

Money

Fund

Schedules

of

Investments

63

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

State

Dormitory

Authority,

Series

2008B-1,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.11%, 11/06/20

(a)

............

USD

240

$

240,000

New

York

State

Dormitory

Authority,

Series

2008C,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.13%, 11/06/20

(a)

............

1,620

1,620,000

New

York

State

Dormitory

Authority,

Series

2008D,

RB,

VRDN

(TD

Bank

NA

LOC),

0.10%, 11/06/20

(a)

................

660

660,000

New

York

State

Dormitory

Authority,

Series

2009,

RB,

VRDN

(TD

Bank

NA

LOC),

0.10%, 11/06/20

(a)

................

970

970,000

New

York

State

Dormitory

Authority,

Series

2012,

RB,

VRDN

(HSBC

Bank

USA

NA

LOC),

0.15%, 11/06/20

(a)

............

7,205

7,205,000

New

York

State

Dormitory

Authority,

Series

2020B,

5.00%, 03/31/21

............

2,000

2,039,524

New

York

State

Dormitory

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2019-XF0838,

RB,

VRDN

(Bank

of

America

NA

LIQ),

0.15%, 11/06/20

(a)(b)(c)

..............

1,600

1,600,000

New

York

State

Energy

Research

&

Development

Authority,

Series

2005A,

RB,

VRDN

(Mizuho

Bank

Ltd.

LOC),

0.13%, 11/06/20

(a)

................

1,800

1,800,000

New

York

State

Energy

Research

&

Development

Authority,

Series

2005A,

Sub-

Series

A-1,

RB,

VRDN

(Mizuho

Bank

Ltd.

LOC),

0.11%, 11/06/20

(a)

............

1,100

1,100,000

New

York

State

Energy

Research

&

Development

Authority,

Series

2005A,

Sub-

Series

A-2,

RB,

VRDN

(Mizuho

Bank

Ltd.

LOC),

0.11%, 11/06/20

(a)

............

400

400,000

New

York

State

Housing

Finance

Agency,

Series

2003A,

RB,

VRDN

(

Landesbank

Hessen-

Thuringen

Girozentrale

LOC),

0.12%, 11/06/20

(a)

................

2,050

2,050,000

New

York

State

Housing

Finance

Agency,

Series

2003L,

RB,

VRDN

(Bank

of

America

NA

LOC),

0.11%, 11/06/20

(a)

.........

235

235,000

New

York

State

Housing

Finance

Agency,

Series

2004A,

RB,

VRDN

(Fannie

Mae

LOC),

0.11%, 11/06/20

(a)

............

4,800

4,800,000

New

York

State

Housing

Finance

Agency,

Series

2009A,

RB,

VRDN

(Fannie

Mae

LOC),

0.12%, 11/06/20

(a)

............

4,500

4,500,000

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

State

Housing

Finance

Agency,

Series

2010A,

RB,

VRDN

(

Landesbank

Hessen-

Thuringen

Girozentrale

LOC),

0.12%, 11/06/20

(a)

................

USD

1,000

$

1,000,000

New

York

State

Housing

Finance

Agency,

Series

2010A,

RB,

VRDN

(Freddie

Mac

LIQ),

0.13%, 11/06/20

(a)

............

300

300,000

New

York

State

Urban

Development

Corp.,

Series

2004A-3-B,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.12%, 11/06/20

(a)

950

950,000

New

York

State

Urban

Development

Corp.,

Series

2004A-3-D,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

SBPA),

0.12%, 11/06/20

(a)

1,500

1,500,000

New

York

State

Urban

Development

Corp.,

Series

2008A-1,

RB,

VRDN

(Wells

Fargo

Bank

NA

LOC),

0.12%, 11/06/20

(a)

.....

1,825

1,825,000

North

Amityville

Fire

Co.,

Inc.,

Series

2003,

RB,

VRDN

(Citibank

NA

LOC),

0.26%, 11/06/20

(a)

................

490

490,000

Oneida

County

Industrial

Development

Agency,

Series

2004

A,

RB,

VRDN

(Manufacturers

&

Traders

Trust

Co.

LOC),

0.18%, 11/06/20

(a)

4,285

4,285,000

Port

Authority

of

New

York

&

New

Jersey,

Series

2010B,

0.30%, 12/21/20

.......

7,500

7,499,707

Rensselaer

County

Industrial

Development

Agency,

Series

2002A,

RB,

VRDN

(M&T

Bank

LOC),

0.18%, 11/06/20

(a)

........

3,730

3,730,000

Westchester

County

Industrial

Development

Agency,

Series

2004,

RB,

VRDN

(TD

Bank

NA

LOC),

0.10%, 11/06/20

(a)

.........

1,750

1,750,000

Total

Municipal

Bonds

—

93.9%

(Cost:

$140,880,766)

.............................

140,883,749

Closed-End

Investment

Companies

—

6.0%

New

York

—

6.0%

Nuveen

New

York

AMT-Free

Quality

Municipal

Income

Fund,

Series

2010,

VRDP,

(Citibank

NA

LOC),

0.17%, 11/06/20

(a)

.........

9,000

9,000,000

Total

Closed-End

Investment

Companies

—

6.0%

(Cost:

$9,000,000)

..............................

9,000,000

Total

Investments

—

99.9%

(Cost:

$149,880,766

)

(d)

............................

149,883,749

Other

Assets

Less

Liabilities

—

0.1%

...................

98,418

Net

Assets

—

100.0%

..............................

$

149,982,167

(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.

2020

BlackRock

Annual

Report

to

Shareholders

New

York

Money

Fund

64

Schedule

of

Investments

(continued)

October

31,

2020

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

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

investments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

.......................................

$

—

$

149,883,749

$

—

$

149,883,749

Statements

of

Assets

and

Liabilities

October

31,

2020

65

Financial

Statements

See

notes

to

financial

statements.

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

ASSETS

Investments

at

value

—

unaffiliated

(a)

...........................

$

4,461,051,215‌

$

109,602,827,777‌

$

9,194,864,549‌

$

9,555,895,099‌

$

69,431,995,777‌

Cash  

................................................

109,650,264‌

6,643,368,895‌

285,070,877‌

266,243,127‌

3,882,802,852‌

Repurchase

agreements

at

value

—

unaffiliated

(b)

...................

—‌

47,773,601,827‌

1,277,500,000‌

1,845,000,000‌

32,728,691,278‌

Receivables:

–‌

–‌

–‌

–‌

–‌

Investments

sold

.......................................

50,018,920‌

205,799,990‌

—‌

—‌

421,273,680‌

Capital

shares

sold

......................................

21,364,281‌

3,988,801,258‌

27,507,534‌

94,737,498‌

3,133,143,296‌

Interest

—

unaffiliated

....................................

467,023‌

24,776,901‌

3,135,593‌

2,680,194‌

39,869,937‌

Prepaid

expenses

........................................

353,119‌

18,874,055‌

194,261‌

1,073,612‌

5,453,361‌

Total

assets

............................................

4,642,904,822‌

168,258,050,703‌

10,788,272,814‌

11,765,629,530‌

109,643,230,181‌

LIABILITIES

Payables:

–‌

–‌

–‌

–‌

–‌

Investments

purchased

...................................

33,455,000‌

1,557,630,195‌

119,947,127‌

129,942,721‌

1,342,358,099‌

Capital

shares

redeemed

..................................

50‌

2,533,072,471‌

27,513,534‌

971,059‌

1,912,756,733‌

Custodian

fees

.........................................

33,913‌

682,125‌

65,842‌

67,618‌

471,379‌

Income

dividend

distributions

...............................

—‌

—‌

790,399‌

—‌

—‌

Management

fees

.......................................

568,803‌

21,529,438‌

1,531,362‌

1,636,923‌

13,957,909‌

Trustees'

and

Officer's

fees

................................

18,223‌

60,076‌

6,076‌

6,114‌

42,193‌

Printing

and

postage

fees

.................................

20,583‌

48,627‌

22,078‌

23,639‌

50,345‌

Professional

fees

.......................................

42,206‌

213,205‌

54,426‌

59,026‌

184,502‌

Registration

fees

.......................................

22,378‌

—‌

106,789‌

515,196‌

—‌

Service

and

distribution

fees

................................

111,146‌

16,247,054‌

44‌

941,010‌

4,934,135‌

Transfer

agent

fees

.....................................

24,412‌

386,866‌

27,510‌

134,490‌

379,717‌

Other

accrued

expenses

..................................

144,956‌

3,346,548‌

7,345‌

296,365‌

1,763,602‌

Total

liabilities

...........................................

34,441,670‌

4,133,216,605‌

150,072,532‌

134,594,161‌

3,276,898,614‌

NET

ASSETS

...........................................

$

4,608,463,152‌

$

164,124,834,098‌

$

10,638,200,282‌

$

11,631,035,369‌

$

106,366,331,567‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

...........................................

$

4,607,724,177‌

$

164,108,355,130‌

$

10,636,270,264‌

$

11,627,744,457‌

$

106,355,330,413‌

Accumulated

earnings

.....................................

738,975‌

16,478,968‌

1,930,018‌

3,290,912‌

11,001,154‌

NET

ASSETS

...........................................

$

4,608,463,152‌

$

164,124,834,098‌

$

10,638,200,282‌

$

11,631,035,369‌

$

106,366,331,567‌

(a)

  Investments

at

cost

—

unaffiliated

............................

$

4,461,051,215‌

$

109,602,827,777‌

$

9,192,017,096‌

$

9,553,074,496‌

$

69,431,995,777‌

(b)

  Repurchase

agreements

at

cost

—

unaffiliated

...................

$

—‌

$

47,773,601,827‌

$

1,277,500,000‌

$

1,845,000,000‌

$

32,728,691,278‌

Statements

of

Assets

and

Liabilities

(continued)

October

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

66

See

notes

to

financial

statements.

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

NET

ASSET

VALUE

Institutional

Net

assets

............................................

$

4,488,125,633‌

$

141,084,816,014‌

$

10,638,145,830‌

$

10,928,671,364‌

$

88,266,742,656‌

Shares

outstanding

(c)

....................................

4,487,398,591‌

141,070,636,544‌

10,628,286,419‌

10,920,360,529‌

88,257,568,035‌

Net

asset

value

........................................

$

1.00‌

$

1.00‌

$

1.0009‌

$

1.0008‌

$

1.00‌

Administration

Net

assets

............................................

$

78,218,676‌

$

2,977,997,183‌

$

—‌

$

9,524,024‌

$

489,690,731‌

Shares

outstanding

(c)

....................................

78,206,005‌

2,977,697,882‌

—‌

9,516,393‌

489,639,833‌

Net

asset

value

........................................

$

1.00‌

$

1.00‌

$

—‌

$

1.0008‌

$

1.00‌

Capital

Net

assets

............................................

$

—‌

$

11,247,218,308‌

$

—‌

$

3,222,877‌

$

15,842,876,922‌

Shares

outstanding

(c)

....................................

—‌

11,246,087,952‌

—‌

3,220,320‌

15,841,230,201‌

Net

asset

value

........................................

$

—‌

$

1.00‌

$

—‌

$

1.0008‌

$

1.00‌

Cash

Management

Net

assets

............................................

$

10,809,308‌

$

440,892,903‌

$

—‌

$

576,228,316‌

$

1,009,514,016‌

Shares

outstanding

(c)

....................................

10,807,557‌

440,848,593‌

—‌

575,784,716‌

1,009,409,086‌

Net

asset

value

........................................

$

1.00‌

$

1.00‌

$

—‌

$

1.0008‌

$

1.00‌

Cash

Reserve

Net

assets

............................................

$

425,324‌

$

5,079,902,544‌

$

—‌

$

5,543,518‌

$

56,822,151‌

Shares

outstanding

(c)

....................................

425,255‌

5,079,391,990‌

—‌

5,539,253‌

56,816,246‌

Net

asset

value

........................................

$

1.00‌

$

1.00‌

$

—‌

$

1.0008‌

$

1.00‌

Dollar

Net

assets

............................................

$

30,847,705‌

$

2,991,892,305‌

$

17,939‌

$

106,802,237‌

$

670,204,744‌

Shares

outstanding

(c)

....................................

30,842,708‌

2,991,591,607‌

17,923‌

106,719,740‌

670,135,082‌

Net

asset

value

........................................

$

1.00‌

$

1.00‌

$

1.0009‌

$

1.0008‌

$

1.00‌

Premier

Net

assets

............................................

$

36,506‌

$

36,504‌

$

36,513‌

$

—‌

$

36,504‌

Shares

outstanding

(c)

....................................

36,500‌

36,500‌

36,478‌

—‌

36,500‌

Net

asset

value

........................................

$

1.00‌

$

1.00‌

$

1.0010‌

$

—‌

$

1.00‌

Private

Client

Net

assets

............................................

$

—‌

$

252,273‌

$

—‌

$

1,043,033‌

$

—‌

Shares

outstanding

(c)

....................................

—‌

252,247‌

—‌

1,042,187‌

—‌

Net

asset

value

........................................

$

—‌

$

1.00‌

$

—‌

$

1.0008‌

$

—‌

Select

Net

assets

............................................

$

—‌

$

301,826,064‌

$

—‌

$

—‌

$

30,443,843‌

Shares

outstanding

(c)

....................................

—‌

301,795,730‌

—‌

—‌

30,440,677‌

Net

asset

value

........................................

$

—‌

$

1.00‌

$

—‌

$

—‌

$

1.00‌

(c)

Unlimited

number

of

shares

authorized,

no

par

value.

Statements

of

Assets

and

Liabilities

(continued)

October

31,

2020

67

Financial

Statements

See

notes

to

financial

statements.

Treasury

Trust

Fund

MuniCash

MuniFund

California

Money

Fund

New

York

Money

Fund

ASSETS

Investments

at

value

—

unaffiliated

(a)

...........................

$

56,370,037,236‌

$

5,159,363,435‌

$

75,622,419‌

$

153,628,201‌

$

149,883,749‌

Cash  

................................................

2,448,946,958‌

—‌

20,308‌

28,063‌

73,153‌

Receivables:

–‌

–‌

–‌

–‌

–‌

Investments

sold

.......................................

169,063,950‌

14,801,342‌

—‌

—‌

—‌

Capital

shares

sold

......................................

551,284,736‌

195,051‌

—‌

—‌

—‌

Interest

—

unaffiliated

....................................

5,235,623‌

4,860,224‌

49,755‌

95,839‌

68,201‌

From

the

Manager

......................................

—‌

—‌

14,521‌

—‌

—‌

Investment

adviser

......................................

—‌

—‌

152‌

—‌

—‌

Prepaid

expenses

........................................

2,152,925‌

243,847‌

106,474‌

21,877‌

50,109‌

Total

assets

............................................

59,546,721,428‌

5,179,463,899‌

75,813,629‌

153,773,980‌

150,075,212‌

LIABILITIES

Bank

overdraft

...........................................

—‌

7,844,214‌

—‌

—‌

—‌

Payables:

–‌

–‌

–‌

–‌

–‌

Investments

purchased

...................................

989,088,272‌

7,015,242‌

—‌

—‌

—‌

Capital

shares

redeemed

..................................

546,721,668‌

75,000‌

—‌

—‌

—‌

Custodian

fees

.........................................

336,632‌

49,124‌

6,322‌

9,511‌

4,963‌

Income

dividend

distributions

...............................

—‌

19,070‌

269‌

453‌

684‌

Management

fees

.......................................

8,089,464‌

599,876‌

—‌

1,013‌

2,014‌

Trustees'

and

Officer's

fees

................................

26,696‌

8,408‌

217‌

608‌

388‌

Printing

and

postage

fees

.................................

26,400‌

19,523‌

21,383‌

21,204‌

21,113‌

Professional

fees

.......................................

93,031‌

69,077‌

41,774‌

57,831‌

60,161‌

Registration

fees

.......................................

582,291‌

—‌

13,986‌

15,008‌

1,377‌

Service

and

distribution

fees

................................

1,813,127‌

3,367‌

17,266‌

—‌

94‌

Transfer

agent

fees

.....................................

99,171‌

12,321‌

3,986‌

1,149‌

1,368‌

Other

accrued

expenses

..................................

212,905‌

5,265‌

3,513‌

977‌

883‌

Total

liabilities

...........................................

1,547,089,657‌

15,720,487‌

108,716‌

107,754‌

93,045‌

NET

ASSETS

...........................................

$

57,999,631,771‌

$

5,163,743,412‌

$

75,704,913‌

$

153,666,226‌

$

149,982,167‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

...........................................

$

57,995,519,711‌

$

5,163,616,933‌

$

75,705,182‌

$

153,660,182‌

$

149,979,183‌

Accumulated

earnings

(loss)

.................................

4,112,060‌

126,479‌

(269‌)

6,044‌

2,984‌

NET

ASSETS

...........................................

$

57,999,631,771‌

$

5,163,743,412‌

$

75,704,913‌

$

153,666,226‌

$

149,982,167‌

(a)

  Investments

at

cost

—

unaffiliated

............................

$

56,370,037,236‌

$

5,159,228,032‌

$

75,622,419‌

$

153,626,923‌

$

149,880,766‌

Statements

of

Assets

and

Liabilities

(continued)

October

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

68

See

notes

to

financial

statements.

Treasury

Trust

Fund

MuniCash

MuniFund

California

Money

Fund

New

York

Money

Fund

NET

ASSET

VALUE

Institutional

Net

assets

............................................

$

56,400,526,030‌

$

5,160,530,919‌

$

68,295,266‌

$

153,629,735‌

$

149,945,667‌

Shares

outstanding

(b)

....................................

56,396,527,343‌

5,159,852,453‌

68,270,107‌

153,623,876‌

149,941,180‌

Net

asset

value

........................................

$

1.00‌

$

1.0001‌

$

1.00‌

$

1.0000‌

$

1.0000‌

Administration

Net

assets

............................................

$

399,846,276‌

$

—‌

$

156,468‌

$

—‌

$

—‌

Shares

outstanding

(b)

....................................

399,817,928‌

—‌

156,410‌

—‌

—‌

Net

asset

value

........................................

$

1.00‌

$

—‌

$

1.00‌

$

—‌

$

—‌

Capital

Net

assets

............................................

$

250,018‌

$

—‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

(b)

....................................

250,001‌

—‌

—‌

—‌

—‌

Net

asset

value

........................................

$

1.00‌

$

—‌

$

—‌

$

—‌

$

—‌

Cash

Management

Net

assets

............................................

$

53,101,082‌

$

—‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

(b)

....................................

53,097,317‌

—‌

—‌

—‌

—‌

Net

asset

value

........................................

$

1.00‌

$

—‌

$

—‌

$

—‌

$

—‌

Cash

Reserve

Net

assets

............................................

$

102,984,218‌

$

—‌

$

—‌

$

—‌

$

—‌

Shares

outstanding

(b)

....................................

102,976,917‌

—‌

—‌

—‌

—‌

Net

asset

value

........................................

$

1.00‌

$

—‌

$

—‌

$

—‌

$

—‌

Dollar

Net

assets

............................................

$

939,240,787‌

$

3,175,995‌

$

4,988,069‌

$

—‌

$

—‌

Shares

outstanding

(b)

....................................

939,174,197‌

3,175,646‌

4,986,231‌

—‌

—‌

Net

asset

value

........................................

$

1.00‌

$

1.0001‌

$

1.00‌

$

—‌

$

—‌

Premier

Net

assets

............................................

$

36,503‌

$

36,498‌

$

36,513‌

$

36,491‌

$

36,500‌

Shares

outstanding

(b)

....................................

36,500‌

36,493‌

36,500‌

36,492‌

36,500‌

Net

asset

value

........................................

$

1.00‌

$

1.0001‌

$

1.00‌

$

1.0000‌

$

1.0000‌

Private

Client

Net

assets

............................................

$

—‌

$

—‌

$

291,724‌

$

—‌

$

—‌

Shares

outstanding

(b)

....................................

—‌

—‌

291,616‌

—‌

—‌

Net

asset

value

........................................

$

—‌

$

—‌

$

1.00‌

$

—‌

$

—‌

Select

Net

assets

............................................

$

103,646,857‌

$

—‌

$

1,936,873‌

$

—‌

$

—‌

Shares

outstanding

(b)

....................................

103,639,508‌

—‌

1,936,160‌

—‌

—‌

Net

asset

value

........................................

$

1.00‌

$

—‌

$

1.00‌

$

—‌

$

—‌

(b)

Unlimited

number

of

shares

authorized,

no

par

value.

Statements

of

Operations

Year

Ended

October

31,

2020

69

Financial

Statements

Federal

Trust

Fund

FedFund

TempCash

TempFund

T-Fund

INVESTMENT

INCOME

–

–

–

–

–

Interest

—

unaffiliated

....................................

$

31,219,437‌

$

1,020,019,026‌

$

106,680,319‌

$

109,159,247‌

$

644,034,834‌

Total

investment

income

....................................

31,219,437‌

1,020,019,026‌

106,680,319‌

109,159,247‌

644,034,834‌

EXPENSES

Management

..........................................

9,740,144‌

259,777,730‌

22,899,260‌

23,011,727‌

161,115,619‌

Registration

..........................................

298,560‌

1,165,558‌

499,225‌

167,583‌

1,132,935‌

Service

and

distribution

—

class

specific

.......................

241,025‌

40,541,008‌

44‌

3,417,929‌

14,697,070‌

Transfer

agent

.........................................

82,099‌

1,231,583‌

98,304‌

423,148‌

1,239,436‌

Professional

..........................................

78,262‌

700,589‌

130,876‌

79,550‌

687,375‌

Trustees

and

Officer

.....................................

74,888‌

505,199‌

129,439‌

127,024‌

456,594‌

Custodian

............................................

64,831‌

1,259,262‌

136,960‌

160,500‌

997,405‌

Printing

and

postage

....................................

13,792‌

160,266‌

18,974‌

9,425‌

131,766‌

Miscellaneous

.........................................

58,790‌

680,394‌

109,317‌

96,850‌

508,865‌

Total

expenses

..........................................

10,652,391‌

306,021,589‌

24,022,399‌

27,493,736‌

180,967,065‌

Less:

–‌

–‌

–‌

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

..................

(2,669,123‌)

(22,787,869‌)

(5,220,759‌)

(4,782,621‌)

(16,323,373‌)

Service

and

distribution

fees

waived

and/or

reimbursed

—

class

specific

..

(112,024‌)

(17,074,845‌)

(6‌)

(927,982‌)

(5,099,835‌)

Total

expenses

after

fees

waived

and/or

reimbursed

.................

7,871,244‌

266,158,875‌

18,801,634‌

21,783,133‌

159,543,857‌

Net

investment

income

.....................................

23,348,193‌

753,860,151‌

87,878,685‌

87,376,114‌

484,490,977‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

671,876‌

$

27,444,938‌

$

(781,370‌)

$

(888,222‌)

$

11,254,508‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

..............................

671,876‌

27,444,938‌

(1,220,250‌)

(829,600‌)

11,162,632‌

Payment

by

affiliate

...................................

—‌

—‌

—‌

14,497‌

91,876‌

671,876‌

27,444,938‌

(1,220,250‌)

(815,103‌)

11,254,508‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

....

—‌

—‌

438,880‌

(73,119‌)

—‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

24,020,069‌

$

781,305,089‌

$

87,097,315‌

$

86,487,892‌

$

495,745,485‌

Suppression

logic

for

footnote

See

notes

to

financial

statements.

Statements

of

Operations

(continued)

Year

Ended

October

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

70

Treasury

Trust

Fund

MuniCash

MuniFund

California

Money

Fund

New

York

Money

Fund

INVESTMENT

INCOME

–

–

–

–

–

Interest

—

unaffiliated

....................................

$

369,505,118‌

$

41,948,851‌

$

1,263,461‌

$

2,152,641‌

$

1,982,471‌

Total

investment

income

....................................

369,505,118‌

41,948,851‌

1,263,461‌

2,152,641‌

1,982,471‌

EXPENSES

Management

..........................................

103,578,174‌

14,900,288‌

505,317‌

1,169,683‌

933,156‌

Service

and

distribution

—

class

specific

.......................

4,374,722‌

6,635‌

50,383‌

—‌

—‌

Registration

..........................................

956,852‌

398,703‌

177,107‌

70,352‌

95,926‌

Custodian

............................................

612,485‌

140,790‌

14,520‌

32,385‌

11,285‌

Trustees

and

Officer

.....................................

417,687‌

77,868‌

10,725‌

11,732‌

11,882‌

Professional

..........................................

295,992‌

124,913‌

56,794‌

95,967‌

79,868‌

Transfer

agent

.........................................

281,896‌

29,260‌

12,350‌

3,315‌

3,902‌

Printing

and

postage

....................................

69,095‌

14,266‌

10,312‌

7,442‌

7,585‌

Miscellaneous

.........................................

290,560‌

73,553‌

37,348‌

13,191‌

12,285‌

Total

expenses

..........................................

110,877,463‌

15,766,276‌

874,856‌

1,404,067‌

1,155,889‌

Less:

–‌

–‌

–‌

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

..................

(11,410,701‌)

(4,472,475‌)

(551,007‌)

(851,601‌)

(713,498‌)

Service

and

distribution

fees

waived

and/or

reimbursed

—

class

specific

..

(2,121,985‌)

(3,389‌)

(23,537‌)

—‌

—‌

Total

expenses

after

fees

waived

and/or

reimbursed

.................

97,344,777‌

11,290,412‌

300,312‌

552,466‌

442,391‌

Net

investment

income

.....................................

272,160,341‌

30,658,439‌

963,149‌

1,600,175‌

1,540,080‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

5,555,006‌

$

(77,475‌)

$

7,714‌

$

5,081‌

$

2,910‌

Net

realized

gain

from

investments

...........................

5,555,006‌

46,530‌

7,714‌

4,451‌

—‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

....

—‌

(124,005‌)

—‌

630‌

2,910‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

277,715,347‌

$

30,580,964‌

$

970,863‌

$

1,605,256‌

$

1,542,990‌

Suppression

logic

for

footnote

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

71

Financial

Statements

See

notes

to

financial

statements.

Federal

Trust

Fund

FedFund

Year

Ended

October

31,

Year

Ended

October

31,

2020

2019

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.................................................

$

23,348,193‌

$

66,974,536‌

$

753,860,151‌

$

2,054,702,854‌

Net

realized

gain

.....................................................

671,876‌

183,090‌

27,444,938‌

4,500,454‌

Net

increase

in

net

assets

resulting

from

operations

................................

24,020,069‌

67,157,626‌

781,305,089‌

2,059,203,308‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

........................................................

(23,011,396‌)

(64,640,720‌)

(669,745,146‌)

(1,709,971,371‌)

  Administration

......................................................

(468,572‌)

(1,898,550‌)

(15,836,138‌)

(53,405,549‌)

  Capital

...........................................................

—‌

—‌

(49,238,496‌)

(159,322,016‌)

  Cash

Management

...................................................

(44,364‌)

(205,923‌)

(1,592,758‌)

(4,198,637‌)

  Cash

Reserve

......................................................

(2,485‌)

(11,900‌)

(21,485,458‌)

(83,946,800‌)

  Dollar

............................................................

(66,472‌)

(217,261‌)

(11,874,360‌)

(40,565,639‌)

  Premier

...........................................................

(235‌)

(182‌)

(232‌)

(185‌)

  Private

Client

.......................................................

—‌

—‌

(951‌)

(5,702‌)

  Select

............................................................

—‌

—‌

(638,200‌)

(3,014,409‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

......................

(23,593,524‌)

(66,974,536‌)

(770,411,739‌)

(2,054,430,308‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

......................

1,061,824,847‌

446,167,544‌

52,209,385,495‌

24,206,521,354‌

NET

ASSETS

Total

increase

in

net

assets

................................................

1,062,251,392‌

446,350,634‌

52,220,278,845‌

24,211,294,354‌

Beginning

of

year

.......................................................

3,546,211,760‌

3,099,861,126‌

111,904,555,253‌

87,693,260,899‌

End

of

year

...........................................................

$

4,608,463,152‌

$

3,546,211,760‌

$

164,124,834,098‌

$

111,904,555,253‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

72

See

notes

to

financial

statements.

TempCash

TempFund

Year

Ended

October

31,

Year

Ended

October

31,

2020

2019

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

87,878,685‌

$

179,982,250‌

$

87,376,114‌

$

293,120,921‌

Net

realized

gain

(loss)

....................................................

(1,220,250‌)

245,208‌

(815,103‌)

917,720‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

438,880‌

2,095,321‌

(73,119‌)

2,183,170‌

Net

increase

in

net

assets

resulting

from

operations

...................................

87,097,315‌

182,322,779‌

86,487,892‌

296,221,811‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

...........................................................

(87,880,802‌)

(179,979,611‌)

(84,499,283‌)

(278,642,112‌)

  Administration

.........................................................

—‌

—‌

(366,136‌)

(565,276‌)

  Capital

..............................................................

—‌

—‌

(467‌)

—‌

  Cash

Management

......................................................

—‌

—‌

(2,995,688‌)

(11,905,587‌)

  Cash

Reserve

.........................................................

—‌

—‌

(30,920‌)

(105,199‌)

  Dollar

...............................................................

(112‌)

(2,440‌)

(537,055‌)

(1,869,891‌)

  Premier

..............................................................

(309‌)

(199‌)

—‌

—‌

  Private

Client

..........................................................

—‌

—‌

(12,766‌)

(32,851‌)

  Select

...............................................................

—‌

—‌

—‌

(5‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(87,881,223‌)

(179,982,250‌)

(88,442,315‌)

(293,120,921‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

603,276,726‌

5,158,038,403‌

271,048,458‌

(1,710,131,706‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

602,492,818‌

5,160,378,932‌

269,094,035‌

(1,707,030,816‌)

Beginning

of

year

..........................................................

10,035,707,464‌

4,875,328,532‌

11,361,941,334‌

13,068,972,150‌

End

of

year

..............................................................

$

10,638,200,282‌

$

10,035,707,464‌

$

11,631,035,369‌

$

11,361,941,334‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

73

Financial

Statements

See

notes

to

financial

statements.

T-Fund

Treasury

Trust

Fund

Year

Ended

October

31,

Year

Ended

October

31,

2020

2019

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..................................................

$

484,490,977‌

$

1,527,915,850‌

$

272,160,341‌

$

766,253,135‌

Net

realized

gain

......................................................

11,254,508‌

3,559,276‌

5,555,006‌

2,608,922‌

Net

increase

in

net

assets

resulting

from

operations

.................................

495,745,485‌

1,531,475,126‌

277,715,347‌

768,862,057‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

.........................................................

(419,749,578‌)

(1,253,377,617‌)

(268,762,817‌)

(741,963,297‌)

  Administration

.......................................................

(3,593,535‌)

(18,816,448‌)

(2,705,419‌)

(8,288,440‌)

  Capital

............................................................

(58,140,794‌)

(224,500,604‌)

—‌

—‌

  Cash

Management

....................................................

(3,577,313‌)

(11,995,387‌)

(123,299‌)

(305,549‌)

  Cash

Reserve

.......................................................

(382,216‌)

(2,625,690‌)

(424,419‌)

(1,293,406‌)

  Dollar

.............................................................

(3,976,267‌)

(16,786,002‌)

(4,891,290‌)

(13,904,914‌)

  Premier

............................................................

(224‌)

(183‌)

(228‌)

(178‌)

  Select

.............................................................

(36,784‌)

(263,265‌)

(137,158‌)

(497,351‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.......................

(489,456,711‌)

(1,528,365,196‌)

(277,044,630‌)

(766,253,135‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

.......................

28,196,920,810‌

6,494,614,343‌

17,678,878,374‌

8,830,157,211‌

NET

ASSETS

Total

increase

in

net

assets

.................................................

28,203,209,584‌

6,497,724,273‌

17,679,549,091‌

8,832,766,133‌

Beginning

of

year

........................................................

78,163,121,983‌

71,665,397,710‌

40,320,082,680‌

31,487,316,547‌

End

of

year

............................................................

$

106,366,331,567‌

$

78,163,121,983‌

$

57,999,631,771‌

$

40,320,082,680‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

74

See

notes

to

financial

statements.

MuniCash

MuniFund

Year

Ended

October

31,

Year

Ended

October

31,

2020

2019

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

30,658,439‌

$

63,985,665‌

$

963,149‌

$

3,326,322‌

Net

realized

gain

(loss)

....................................................

46,530‌

(55,451‌)

7,714‌

1,155‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

(124,005‌)

308,693‌

—‌

—‌

Net

increase

in

net

assets

resulting

from

operations

...................................

30,580,964‌

64,238,907‌

970,863‌

3,327,477‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

From

net

investment

income

and

net

realized

gain:

  Institutional

...........................................................

(30,647,703‌)

(64,136,910‌)

(865,441‌)

(3,023,212‌)

  Administration

.........................................................

—‌

—‌

(80,419‌)

(225,733‌)

  Dollar

...............................................................

(10,533‌)

(25,575‌)

(19,306‌)

(52,830‌)

  Premier

..............................................................

(202‌)

(114‌)

(207‌)

(119‌)

  Private

Client

..........................................................

—‌

—‌

(926‌)

(2,800‌)

  Select

...............................................................

—‌

—‌

(4,101‌)

(21,628‌)

From

return

of

capital:

–

–

–

–

  Institutional

...........................................................

—‌

—‌

(139,677‌)

—‌

  Administration

.........................................................

—‌

—‌

(280‌)

—‌

  Dollar

...............................................................

—‌

—‌

(8,705‌)

—‌

  Premier

..............................................................

—‌

—‌

(66‌)

—‌

  Private

Client

..........................................................

—‌

—‌

(521‌)

—‌

  Select

...............................................................

—‌

—‌

(3,167‌)

—‌

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(30,658,438‌)

(64,162,599‌)

(1,122,816‌)

(3,326,322‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

(21,345,744‌)

1,190,645,713‌

(141,446,074‌)

2,149,102‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

(21,423,218‌)

1,190,722,021‌

(141,598,027‌)

2,150,257‌

Beginning

of

year

..........................................................

5,185,166,630‌

3,994,444,609‌

217,302,940‌

215,152,683‌

End

of

year

..............................................................

$

5,163,743,412‌

$

5,185,166,630‌

$

75,704,913‌

$

217,302,940‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

75

Financial

Statements

See

notes

to

financial

statements.

California

Money

Fund

New

York

Money

Fund

Year

Ended

October

31,

Year

Ended

October

31,

2020

2019

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

1,600,175‌

$

3,470,737‌

$

1,540,080‌

$

1,886,518‌

Net

realized

gain

........................................................

4,451‌

—‌

—‌

—‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

630‌

591‌

2,910‌

53‌

Net

increase

in

net

assets

resulting

from

operations

...................................

1,605,256‌

3,471,328‌

1,542,990‌

1,886,571‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

...........................................................

(1,600,008‌)

(3,470,643‌)

(1,539,882‌)

(1,886,407‌)

  Premier

..............................................................

(167‌)

(94‌)

(197‌)

(111‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(1,600,175‌)

(3,470,737‌)

(1,540,079‌)

(1,886,518‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

(243,663,265‌)

228,031,195‌

(93,559,084‌)

197,471,918‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

(243,658,184‌)

228,031,786‌

(93,556,173‌)

197,471,971‌

Beginning

of

year

..........................................................

397,324,410‌

169,292,624‌

243,538,340‌

46,066,369‌

End

of

year

..............................................................

$

153,666,226‌

$

397,324,410‌

$

149,982,167‌

$

243,538,340‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

76

See

notes

to

financial

statements.

Federal

Trust

Fund

Institutional

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0051‌

0.0214‌

0.0151‌

0.0059‌

0.0016‌

Net

realized

gain

(loss)

......................................

0.0014‌

0.0000‌

(a)

(0.0001‌)

0.0001‌

0.0000‌

(a)

Net

increase

from

investment

operations

............................

0.0065‌

0.0214‌

0.0150‌

0.0060‌

0.0016‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0064‌)

(0.0214‌)

(0.0150‌)

(0.0060‌)

(0.0016‌)

From

net

realized

gain

.......................................

(0.0001‌)

(0.0000‌)

(c)

—‌

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

...........................................

(0.0065‌)

(0.0214‌)

(0.0150‌)

(0.0060‌)

(0.0016‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.65%

2.16%

1.51%

0.61%

—

Based

on

net

asset

value

......................................

0.65%

2.16%

1.51%

0.61%

0.16%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.23%

0.25%

0.24%

0.24%

0.28%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.17%

0.17%

0.17%

0.17%

0.18%

Net

investment

income

.......................................

0.51%

2.14%

1.51%

0.59%

0.19%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

4,488,126‌

$

3,442,530‌

$

2,996,754‌

$

2,756,560‌

$

3,142,077‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

77

Financial

Highlights

See

notes

to

financial

statements.

Federal

Trust

Fund

Administration

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0051‌

0.0204‌

0.0140‌

0.0056‌

0.0007‌

Net

realized

gain

(loss)

......................................

0.0006‌

0.0000‌

(a)

0.0000‌

(a)

(0.0006‌)

—‌

Net

increase

from

investment

operations

............................

0.0057‌

0.0204‌

0.0140‌

0.0050‌

0.0007‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0056‌)

(0.0204‌)

(0.0140‌)

(0.0050‌)

(0.0007‌)

From

net

realized

gain

.......................................

(0.0001‌)

(0.0000‌)

(c)

—‌

(0.0000‌)

(c)

—‌

Total

distributions

...........................................

(0.0057‌)

(0.0204‌)

(0.0140‌)

(0.0050‌)

(0.0007‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.57%

2.06%

1.41%

0.51%

—

Based

on

net

asset

value

......................................

0.57%

2.06%

1.41%

0.51%

0.06%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.33%

0.35%

0.34%

0.34%

0.37%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.24%

0.27%

0.27%

0.27%

0.28%

Net

investment

income

.......................................

0.51%

2.05%

1.40%

0.56%

0.11%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

78,219‌

$

80,271‌

$

75,807‌

$

68,102‌

$

42,205‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

78

See

notes

to

financial

statements.

Federal

Trust

Fund

Cash

Management

Year

Ended

October

31,

Period

from

04/18/16

(a)

to

10/31/16

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

.............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0022‌

0.0164‌

0.0099‌

0.0012‌

0.0000‌

(b)

Net

realized

gain

..........................................

0.0016‌

0.0000‌

(b)

0.0001‌

0.0004‌

—‌

Net

increase

from

investment

operations

............................

0.0038‌

0.0164‌

0.0100‌

0.0016‌

0.0000‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

..................................

(0.0037‌)

(0.0164‌)

(0.0100‌)

(0.0016‌)

(0.0000‌)

(d)

From

net

realized

gain

.......................................

(0.0001‌)

(0.0000‌)

(d)

—‌

(0.0000‌)

(d)

—‌

Total

distributions

...........................................

(0.0038‌)

(0.0164‌)

(0.0100‌)

(0.0016‌)

(0.0000‌)

Net

asset

value,

end

of

period

..................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(e)

0.38%

1.65%

1.01%

0.16%

—

Based

on

net

asset

value

......................................

0.38%

1.65%

1.01%

0.16%

0.00%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.73%

0.75%

0.74%

0.74%

0.69%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.36%

0.67%

0.67%

0.59%

0.34%

(g)

Net

investment

income

.......................................

0.22%

1.65%

0.99%

0.12%

0.00%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..................................

$

10,809‌

$

11,839‌

$

13,175‌

$

15,174‌

$

31,560‌

(a)

Commencement

of

operations.

(b)

Amount

is

less

than

$0.00005

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.00005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

79

Financial

Highlights

See

notes

to

financial

statements.

Federal

Trust

Fund

Cash

Reserve

Year

Ended

October

31,

Period

from

04/18/16

(a)

to

10/31/16

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

.............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0061‌

0.0314‌

0.0108‌

0.0022‌

0.0000‌

(b)

Net

realized

gain

..........................................

0.0004‌

0.0001‌

0.0002‌

0.0001‌

—‌

Net

increase

from

investment

operations

............................

0.0065‌

0.0315‌

0.0110‌

0.0023‌

0.0000‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

..................................

(0.0064‌)

(0.0315‌)

(0.0110‌)

(0.0023‌)

(0.0000‌)

(d)

From

net

realized

gain

.......................................

(0.0001‌)

(0.0000‌)

(d)

—‌

(0.0000‌)

(d)

—‌

Total

distributions

...........................................

(0.0065‌)

(0.0315‌)

(0.0110‌)

(0.0023‌)

(0.0000‌)

Net

asset

value,

end

of

period

..................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(e)

0.65%

3.19%

1.11%

0.23%

—

Based

on

net

asset

value

......................................

0.65%

3.19%

1.11%

0.23%

0.00%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.63%

0.65%

0.64%

0.64%

0.61%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.17%

0.28%

0.57%

0.54%

0.35%

(g)

Net

investment

income

.......................................

0.61%

3.14%

1.08%

0.22%

0.00%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..................................

$

425‌

$

383‌

$

374‌

$

447‌

$

499‌

(a)

Commencement

of

operations.

(b)

Amount

is

less

than

$0.00005

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.00005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

80

See

notes

to

financial

statements.

Federal

Trust

Fund

Dollar

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0032‌

0.0189‌

0.0116‌

0.0035‌

0.0000‌

(a)

Net

realized

gain

..........................................

0.0018‌

0.0000‌

(a)

0.0009‌

0.0001‌

0.0000‌

(a)

Net

increase

from

investment

operations

............................

0.0050‌

0.0189‌

0.0125‌

0.0036‌

0.0000‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0049‌)

(0.0189‌)

(0.0125‌)

(0.0036‌)

(0.0000‌)

(c)

From

net

realized

gain

.......................................

(0.0001‌)

(0.0000‌)

(c)

—‌

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

...........................................

(0.0050‌)

(0.0189‌)

(0.0125‌)

(0.0036‌)

(0.0000‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.49%

1.91%

1.26%

0.36%

—

Based

on

net

asset

value

......................................

0.49%

1.91%

1.26%

0.36%

0.00%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.48%

0.50%

0.49%

0.49%

0.52%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.29%

0.42%

0.42%

0.42%

0.38%

Net

investment

income

.......................................

0.32%

1.90%

1.16%

0.35%

0.00%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

30,848‌

$

11,152‌

$

13,751‌

$

133,962‌

$

242,959‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

81

Financial

Highlights

See

notes

to

financial

statements.

Federal

Trust

Fund

Premier

Year

Ended

10/31/2020

Period

from

07/26/19

(a)

to

10/31/19

Net

asset

value,

beginning

of

period

.........................................................................

$

1.00‌

$

1.00‌

Net

investment

income

..................................................................................

0.0064‌

0.0050‌

Net

realized

gain

......................................................................................

0.0001‌

0.0000‌

(b)

Net

increase

from

investment

operations

........................................................................

0.0065‌

0.0050‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

(0.0064‌)

(0.0050‌)

From

net

realized

gain

...................................................................................

(0.0001‌)

(0.0000‌)

(d)

Total

distributions

.......................................................................................

(0.0065‌)

(0.0050‌)

Net

asset

value,

end

of

period

..............................................................................

$

1.00‌

$

1.00‌

Total

Return

(e)

0.65%

0.50%

Based

on

net

asset

value

..................................................................................

0.65%

0.50%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

0.23%

0.24%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.17%

0.17%

(g)

Net

investment

income

...................................................................................

0.64%

1.91%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

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)

Aggregate

total

return.

(g)

Annualized.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

82

See

notes

to

financial

statements.

FedFund

Institutional

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0

054‌

0.0217‌

0.0152‌

0.0065‌

0.0023‌

Net

realized

gain

(loss)

......................................

0.0010‌

0.0001‌

0.0001‌

0.0001‌

0.0000‌

(a)

Net

increase

from

investment

operations

............................

0.006

4‌

0.0218‌

0.0153‌

0.0066‌

0.0023‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0063‌)

(0.0218‌)

(0.0153‌)

(0.0066‌)

(0.0023‌)

From

net

realized

gain

.......................................

(0.0001‌)

—‌

—‌

—‌

(0.0000‌)

(c)

Total

distributions

...........................................

(0.0064‌)

(0.0218‌)

(0.0153‌)

(0.0066‌)

(0.0023‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.64%

2.20%

1.54%

0.66%

—

Based

on

net

asset

value

......................................

0.64%

2.20%

1.54%

0.66%

0.23%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.19%

0.19%

0.19%

0.19%

0.21%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.17%

0.17%

0.17%

0.15%

0.12%

Net

investment

income

.......................................

0.54%

2.17%

1.52%

0.65%

0.28%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

141,084,816‌

$

93,106,503‌

$

74,278,100‌

$

78,004,801‌

$

84,001,937‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

83

Financial

Highlights

See

notes

to

financial

statements.

FedFund

Administration

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0054‌

0.0207‌

0.0145‌

0.0057‌

0.0014‌

Net

realized

gain

(loss)

......................................

0.000

2‌

0.0001‌

(0.0002‌)

(0.0001‌)

0.0000‌

(a)

Net

increase

from

investment

operations

............................

0.005

6‌

0.0208‌

0.0143‌

0.0056‌

0.0014‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0055‌)

(0.0208‌)

(0.0143‌)

(0.0056‌)

(0.0014‌)

From

net

realized

gain

.......................................

(0.0001‌)

—‌

—‌

—‌

(0.0000‌)

(c)

Total

distributions

...........................................

(0.0056‌)

(0.0208‌)

(0.0143‌)

(0.0056‌)

(0.0014‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.56%

2.10%

1.44%

0.56%

—

Based

on

net

asset

value

......................................

0.56%

2.10%

1.44%

0.56%

0.14%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.29%

0.29%

0.29%

0.29%

0.31%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.24%

0.27%

0.27%

0.26%

0.21%

Net

investment

income

.......................................

0.54%

2.07%

1.45%

0.57%

0.17%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

2,977,997‌

$

2,870,758‌

$

2,500,290‌

$

2,436,503‌

$

1,693,932‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

84

See

notes

to

financial

statements.

FedFund

Capital

Year

Ended

October

31,

Period

from

11/10/17

(a)

to

10/31/18

2020

2019

Net

asset

value,

beginning

of

period

...........................................................

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

....................................................................

0.0051‌

0.0213‌

0.0172‌

Net

realized

gain

(loss)

....................................................................

0.00

09‌

0.0001‌

(0.0026‌)

Net

increase

from

investment

operations

..........................................................

0.006

0‌

0.0214‌

0.0146‌

Distributions

(b)

–

–

–

From

net

investment

income

................................................................

(0.0059‌)

(0.0214‌)

(0.0146‌)

From

net

realized

gain

.....................................................................

(0.0001‌)

—‌

—‌

Total

distributions

.........................................................................

(0.0060‌)

(0.0214‌)

(0.0146‌)

Net

asset

value,

end

of

period

................................................................

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(c)

0.60%

2.16%

1.47%

Based

on

net

asset

value

....................................................................

0.60%

2.16%

1.47%

(d)

Ratios

to

Average

Net

Assets

Total

expenses

...........................................................................

0.24%

0.24%

0.24%

(e)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................

0.21%

0.21%

0.21%

(e)

Net

investment

income

.....................................................................

0.51%

2.13%

1.77%

(e)

Supplemental

Data

Net

assets,

end

of

period

(000)

................................................................

$

11,247,218‌

$

8,078,893‌

$

7,138,766‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Aggregate

total

return.

(e)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

85

Financial

Highlights

See

notes

to

financial

statements.

FedFund

Cash

Management

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0035‌

0.0165‌

0.0100‌

0.0020‌

0.0003‌

Net

realized

gain

..........................................

0.000

3‌

0.0003‌

0.0003‌

0.0001‌

0.0000‌

(a)

Net

increase

from

investment

operations

............................

0.003

8‌

0.0168‌

0.0103‌

0.0021‌

0.0003‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0037‌)

(0.0168‌)

(0.0103‌)

(0.0021‌)

(0.0003‌)

From

net

realized

gain

.......................................

(0.0001‌)

—‌

—‌

—‌

(0.0000‌)

(c)

Total

distributions

...........................................

(0.0038‌)

(0.0168‌)

(0.0103‌)

(0.0021‌)

(0.0003‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.38%

1.69%

1.04%

0.21%

—

Based

on

net

asset

value

......................................

0.38%

1.69%

1.04%

0.21%

0.04%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.69%

0.69%

0.69%

0.69%

0.71%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.42%

0.67%

0.67%

0.61%

0.36%

Net

investment

income

.......................................

0.35%

1.65%

1.00%

0.20%

0.03%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

440,893‌

$

377,591‌

$

154,607‌

$

106,798‌

$

90,565‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

86

See

notes

to

financial

statements.

FedFund

Cash

Reserve

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0040‌

0.0178‌

0.0115‌

0.0032‌

0.0003‌

Net

realized

gain

(loss)

......................................

0.000

2‌

0.0000‌

(a)

(0.0002‌)

(0.0004‌)

0.0000‌

(a)

Net

increase

from

investment

operations

............................

0.004

2‌

0.0178‌

0.0113‌

0.0028‌

0.0003‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0041‌)

(0.0178‌)

(0.0113‌)

(0.0028‌)

(0.0003‌)

From

net

realized

gain

.......................................

(0.0001‌)

—‌

—‌

—‌

(0.0000‌)

(c)

Total

distributions

...........................................

(0.0042‌)

(0.0178‌)

(0.0113‌)

(0.0028‌)

(0.0003‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.42%

1.79%

1.14%

0.28%

—

Based

on

net

asset

value

......................................

0.42%

1.79%

1.14%

0.28%

0.04%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.59%

0.59%

0.59%

0.59%

0.62%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.39%

0.57%

0.57%

0.55%

0.31%

Net

investment

income

.......................................

0.40%

1.78%

1.15%

0.32%

0.09%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

5,079,903‌

$

4,907,193‌

$

1,649,400‌

$

814,974‌

$

220,572‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

87

Financial

Highlights

See

notes

to

financial

statements.

FedFund

Dollar

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0039‌

0.0195‌

0.0129‌

0.0039‌

0.0004‌

Net

realized

gain

(loss)

......................................

0.00

09‌

0.0000‌

(a)

(0.0001‌)

0.0002‌

0.0000‌

(a)

Net

increase

from

investment

operations

............................

0.004

8‌

0.0195‌

0.0128‌

0.0041‌

0.0004‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0047‌)

(0.0195‌)

(0.0128‌)

(0.0041‌)

(0.0004‌)

From

net

realized

gain

.......................................

(0.0001‌)

—‌

—‌

—‌

(0.0000‌)

(c)

Total

distributions

...........................................

(0.0048‌)

(0.0195‌)

(0.0128‌)

(0.0041‌)

(0.0004‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.48%

1.97%

1.29%

0.41%

—

Based

on

net

asset

value

......................................

0.48%

1.97%

1.29%

0.41%

0.04%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.44%

0.44%

0.44%

0.44%

0.46%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.31%

0.42%

0.42%

0.40%

0.34%

Net

investment

income

.......................................

0.39%

1.95%

1.29%

0.39%

0.04%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

2,991,892‌

$

2,307,110‌

$

1,776,032‌

$

1,714,598‌

$

2,029,496‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

88

See

notes

to

financial

statements.

FedFund

Premier

Year

Ended

10/31/2020

Period

from

07/26/19

(a)

to

10/31/19

Net

asset

value,

beginning

of

period

.........................................................................

$

1.00‌

$

1.00‌

Net

investment

income

..................................................................................

0.0062‌

0.0051‌

Net

realized

gain

......................................................................................

0.0002‌

0.0000‌

(b)

Net

increase

from

investment

operations

........................................................................

0.0064‌

0.0051‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

(0.0063‌)

(0.0051‌)

From

net

realized

gain

...................................................................................

(0.0001‌)

—‌

Total

distributions

.......................................................................................

(0.0064‌)

(0.0051‌)

Net

asset

value,

end

of

period

..............................................................................

$

1.00‌

$

1.00‌

Total

Return

(d)

0.64%

0.51%

Based

on

net

asset

value

..................................................................................

0.64%

0.51%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

0.19%

0.19%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.17%

0.17%

(f)

Net

investment

income

...................................................................................

0.62%

1.95%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

37‌

$

37‌

(a)

Recommencement

of

operations.

(b)

Amount

is

less

than

$0.00005

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

89

Financial

Highlights

See

notes

to

financial

statements.

FedFund

Private

Client

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0036‌

0.0166‌

0.0090‌

0.0020‌

0.0003‌

Net

realized

gain

..........................................

0.000

2‌

0.0001‌

0.0012‌

0.0001‌

0.0000‌

(a)

Net

increase

from

investment

operations

............................

0.003

8‌

0.0167‌

0.0102‌

0.0021‌

0.0003‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0037‌)

(0.0167‌)

(0.0102‌)

(0.0021‌)

(0.0003‌)

From

net

realized

gain

.......................................

(0.0001‌)

—‌

—‌

—‌

(0.0000‌)

(c)

Total

distributions

...........................................

(0.0038‌)

(0.0167‌)

(0.0102‌)

(0.0021‌)

(0.0003‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.38%

1.68%

1.02%

0.21%

—

Based

on

net

asset

value

......................................

0.38%

1.68%

1.02%

0.21%

0.04%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

1.04%

1.04%

1.04%

1.04%

1.06%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.43%

0.68%

0.68%

0.60%

0.35%

Net

investment

income

.......................................

0.36%

1.66%

0.90%

0.20%

0.03%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

252‌

$

230‌

$

768‌

$

1,782‌

$

1,945‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

90

See

notes

to

financial

statements.

FedFund

Select

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0021‌

0.0133‌

0.0066‌

0.0005‌

0.0003‌

Net

realized

gain

(loss)

......................................

0.0004‌

0.0002‌

0.0004‌

(0.0001‌)

0.0000‌

(a)

Net

increase

from

investment

operations

............................

0.0025‌

0.0135‌

0.0070‌

0.0004‌

0.0003‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0024‌)

(0.0135‌)

(0.0070‌)

(0.0004‌)

(0.0003‌)

From

net

realized

gain

.......................................

(0.0001‌)

—‌

—‌

—‌

(0.0000‌)

(c)

Total

distributions

...........................................

(0.0025‌)

(0.0135‌)

(0.0070‌)

(0.0004‌)

(0.0003‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.26%

1.36%

0.71%

0.04%

—

Based

on

net

asset

value

......................................

0.26%

1.36%

0.71%

0.04%

0.04%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

1.04%

1.04%

1.04%

1.04%

1.06%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.54%

1.00%

1.00%

0.77%

0.34%

Net

investment

income

.......................................

0.22%

1.33%

0.66%

0.05%

0.04%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

301,826‌

$

256,241‌

$

195,297‌

$

340,742‌

$

241,781‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

91

Financial

Highlights

See

notes

to

financial

statements.

TempCash

Institutional

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.0006‌

$

1.0003‌

$

1.0002‌

$

1.0000‌

$

1.00‌

Net

investment

income

......................................

0.0084‌

0.0233‌

0.0188‌

0.0108‌

0.0027‌

Net

realized

and

unrealized

gain

(loss)

...........................

0.0004‌

0.0005‌

(0.0010‌)

(0.0022‌)

0.0002‌

Net

increase

from

investment

operations

............................

0.0088‌

0.0238‌

0.0178‌

0.0086‌

0.0029‌

Distributions

(a)

–

–

–

–

–

From

net

investment

income

..................................

(0.0085‌)

(0.0235‌)

(0.0177‌)

(0.0084‌)

(0.0027‌)

From

net

realized

gain

.......................................

(0.0000‌)

(b)

(

0.0000‌

)

(b)

—‌

—‌

(0.0002‌)

Total

distributions

...........................................

(0.0085‌)

(0.0235‌)

(0.0177‌)

(0.0084‌)

(0.0029‌)

Net

asset

value,

end

of

year

...................................

$

1.0009‌

$

1.0006‌

$

1.0003‌

$

1.0002‌

$

1.0000‌

Total

Return

(c)

0.88%

2.41%

1.79%

0.87%

—

Based

on

net

asset

value

......................................

0.88%

2.41%

1.79%

0.87%

0.29%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.23%

0.26%

0.33%

0.39%

0.39%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.18%

0.18%

0.18%

0.18%

0.13%

Net

investment

income

.......................................

0.84%

2.33%

1.88%

1.08%

0.26%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

10,638,146‌

$

10,035,653‌

$

4,875,313‌

$

1,713,352‌

$

72,311‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

Amount

is

greater

than

$(0.00005)

per

share.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

92

See

notes

to

financial

statements.

TempCash

Dollar

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.0006‌

$

1.0003‌

$

1.0002‌

$

1.0000‌

$

1.00‌

Net

investment

income

......................................

0.0062‌

0.1405‌

(

a

)

0.0122‌

0.0058‌

0.0006‌

Net

realized

and

unrealized

gain

...............................

0.0004‌

0.0156‌

0.0031‌

0.0004‌

0.0002‌

Net

increase

from

investment

operations

............................

0.0066‌

0.1561‌

0.0153‌

0.0062‌

0.0008‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0063‌)

(0.1558‌)

(0.0152‌)

(0.0060‌)

(0.0006‌)

From

net

realized

gain

.......................................

(0.0000‌)

(

c

)

(0.0000‌)

(

c

)

—‌

—‌

(0.0002‌)

Total

distributions

...........................................

(0.0063‌)

(0.1558‌)

(0.0152‌)

(0.0060‌)

(0.0008‌)

Net

asset

value,

end

of

year

...................................

$

1.0009‌

$

1.0006‌

$

1.0003‌

$

1.0002‌

$

1.0000‌

Total

Return

(d

)

0.66%

15.90%

1.54%

0.62%

—

Based

on

net

asset

value

......................................

0.66%

15.90%

(a)

1.54%

0.62%

0.08%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.47%

0.51%

0.61%

0.71%

0.64%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.40%

0.43%

0.43%

0.42%

0.34%

Net

investment

income

.......................................

0.62%

14.04%

(a)

1.22%

0.58%

0.06%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

18‌

$

18‌

$

15‌

$

22,566‌

$

25,994‌

(a)

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.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

93

Financial

Highlights

See

notes

to

financial

statements.

TempCash

Premier

Year

Ended

10/31/2020

Period

from

07/26/19

(a)

to

10/31/19

Net

asset

value,

beginning

of

period

.........................................................................

$

1.0007‌

$

1.0006‌

Net

investment

income

..................................................................................

0.0085‌

0.0055‌

Net

realized

and

unrealized

gain

...........................................................................

0.0003‌

0.0001‌

Net

increase

from

investment

operations

........................................................................

0.0088‌

0.0056‌

Distributions

(b)

–

–

From

net

investment

income

..............................................................................

(0.0085‌)

(0.0055‌)

From

net

realized

gain

...................................................................................

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

.......................................................................................

(0.0085‌)

(0.0055‌)

Net

asset

value,

end

of

period

..............................................................................

$

1.0010‌

$

1.0007‌

Total

Return

(d)

0.88%

0.56%

Based

on

net

asset

value

..................................................................................

0.88%

0.56%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

0.23%

0.24%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.18%

0.18%

(f)

Net

investment

income

...................................................................................

0.84%

2.10%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

37‌

$

37‌

(a)

Recommencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

94

See

notes

to

financial

statements.

TempFund

Institutional

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.0006‌

$

1.0003‌

$

1.0003‌

$

1.0002‌

$

1.00‌

Net

investment

income

......................................

0.0084‌

0.0237‌

0.0177‌

0.0100‌

0.0036‌

Net

realized

and

unrealized

gain

...............................

0.0002‌

0.0003‌

0.0001‌

0.0001‌

0.0004‌

Net

increase

from

investment

operations

............................

0.0086‌

0.0240‌

0.0178‌

0.0101‌

0.0040‌

Distributions

(a)

–

–

–

–

–

From

net

investment

income

..................................

(0.0083‌)

(0.0237‌)

(0.0178‌)

(0.0100‌)

(0.0036‌)

From

net

realized

gain

.......................................

(0.0001‌)

(

0.0000‌

)

(b)

—‌

—‌

(0.0002‌)

Total

distributions

...........................................

(0.0084‌)

(0.0237‌)

(0.0178‌)

(0.0100‌)

(0.0038‌)

Net

asset

value,

end

of

year

...................................

$

1.0008‌

$

1.0006‌

$

1.0003‌

$

1.0003‌

$

1.0002‌

Total

Return

(c)

0.86%

2.42%

1.79%

1.01%

—

Based

on

net

asset

value

......................................

0.86%

(d)

2.42%

1.79%

1.01%

0.41%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.22%

0.22%

0.22%

0.22%

0.19%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.18%

0.18%

0.18%

0.18%

0.18%

Net

investment

income

.......................................

0.84%

2.37%

1.77%

1.03%

0.35%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

10,928,671‌

$

10,609,770‌

$

12,325,770‌

$

12,940,766‌

$

8,183,070‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

Amount

is

greater

than

$(0.00005)

per

share.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

95

Financial

Highlights

See

notes

to

financial

statements.

TempFund

Administration

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.0006‌

$

1.0004‌

$

1.0004‌

$

1.0002‌

$

1.00‌

Net

investment

income

......................................

0.0072‌

0.0227‌

0.0153‌

0.0090‌

0.0026‌

Net

realized

and

unrealized

gain

...............................

0.0004‌

0.0002‌

0.0015‌

0.0002‌

0.0004‌

Net

increase

from

investment

operations

............................

0.0076‌

0.0229‌

0.0168‌

0.0092‌

0.0030‌

Distributions

(a)

–

–

–

–

–

From

net

investment

income

..................................

(0.0073‌)

(0.0227‌)

(0.0168‌)

(0.0090‌)

(0.0026‌)

From

net

realized

gain

.......................................

(0.0001‌)

(0.0000‌)

(b)

—‌

—‌

(0.0002‌)

Total

distributions

...........................................

(0.0074‌)

(0.0227‌)

(0.0168‌)

(0.0090‌)

(0.0028‌)

Net

asset

value,

end

of

year

...................................

$

1.0008‌

$

1.0006‌

$

1.0004‌

$

1.0004‌

$

1.0002‌

Total

Return

(c)

0.76%

2.31%

1.69%

0.93%

—

Based

on

net

asset

value

......................................

0.76%

(d)

2.31%

1.69%

0.93%

0.31%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.32%

0.32%

0.32%

0.31%

0.29%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.28%

0.28%

0.28%

0.28%

0.28%

Net

investment

income

.......................................

0.72%

2.27%

1.53%

1.01%

0.24%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

9,524‌

$

42,214‌

$

23,965‌

$

106,520‌

$

15,197‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

Amount

is

greater

than

$(0.00005)

per

share.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

96

See

notes

to

financial

statements.

TempFund

Capital

Period

from

07/07/20

(a)

to

10/31/20

Net

asset

value,

beginning

of

period

........................................................................................

$

1.0010‌

Net

investment

income

.................................................................................................

0.0002‌

Net

realized

and

unrealized

(loss)

..........................................................................................

(0.0001‌)

Net

increase

from

investment

operations

.......................................................................................

0.0001‌

Distributions

(b)

–

From

net

investment

income

.............................................................................................

(0.0002‌)

From

net

realized

gain

..................................................................................................

(0.0001‌)

Total

distributions

......................................................................................................

(0.0003‌)

Net

asset

value,

end

of

period

.............................................................................................

$

1.0008‌

Total

Return

(c)

0.01%

Based

on

net

asset

value

.................................................................................................

0.01%

(d)(e)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................................

0.27%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................................

0.23%

(f)

Net

investment

income

..................................................................................................

0.05%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................................

$

3,223‌

(a)

Recommencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Aggregate

total

return.

(e)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

97

Financial

Highlights

See

notes

to

financial

statements.

TempFund

Cash

Management

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.0006‌

$

1.0003‌

$

1.0003‌

$

1.0002‌

$

1.0

0‌

Net

investment

income

......................................

0.0048‌

0.0188‌

0.0127‌

0.0050‌

0.0000‌

(a)

Net

realized

and

unrealized

gain

...............................

0.0002‌

0.0003‌

0.0001‌

0.0001‌

0.0004‌

Net

increase

from

investment

operations

............................

0.0050‌

0.0191‌

0.0128‌

0.0051‌

0.0004‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0047‌)

(0.0188‌)

(0.0128‌)

(0.0050‌)

(0.0000‌)

(c)

From

net

realized

gain

.......................................

(0.0001‌)

(0.0000‌)

(c)

—‌

—‌

(0.0002‌)

Total

distributions

...........................................

(0.0048‌)

(0.0188‌)

(0.0128‌)

(0.0050‌)

(0.0002‌)

Net

asset

value,

end

of

year

...................................

$

1.0008‌

$

1.0006‌

$

1.0003‌

$

1.0003‌

$

1.0002‌

Total

Return

(d)

0.50%

1.92%

1.28%

0.51%

—

Based

on

net

asset

value

......................................

0.50%

(e)

1.92%

1.28%

0.51%

0.04%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.73%

0.72%

0.72%

0.72%

0.68%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.54%

0.68%

0.68%

0.68%

0.56%

Net

investment

income

.......................................

0.48%

1.88%

1.27%

0.49%

0.01%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

576,228‌

$

624,658‌

$

632,405‌

$

688,373‌

$

831,483‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

98

See

notes

to

financial

statements.

TempFund

Cash

Reserve

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.0006‌

$

1.0004‌

$

1.0003‌

$

1.0002‌

$

1.0

0‌

Net

investment

income

......................................

0.0052‌

0.0231‌

0.0143‌

0.0060‌

0.0004‌

Net

realized

and

unrealized

gain

(loss)

...........................

0.0008‌

0.0000‌

(a)

(0.0004‌)

0.0001‌

0.0002‌

Net

increase

from

investment

operations

............................

0.0060‌

0.0231‌

0.0139‌

0.0061‌

0.0006‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0057‌)

(0.0229‌)

(0.0138‌)

(0.0060‌)

(0.0002‌)

From

net

realized

gain

.......................................

(0.0001‌)

(0.0000‌)

(c)

—‌

—‌

(0.0002‌)

Total

distributions

...........................................

(0.0058‌)

(0.0229‌)

(0.0138‌)

(0.0060‌)

(0.0004‌)

Net

asset

value,

end

of

year

...................................

$

1.0008‌

$

1.0006‌

$

1.0004‌

$

1.0003‌

$

1.0002‌

Total

Return

(d)

0.60%

2.33%

1.39%

0.61%

—

Based

on

net

asset

value

......................................

0.60%

(e)

2.33%

1.39%

0.61%

0.06%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.63%

0.62%

0.62%

0.62%

0.59%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.44%

0.50%

0.58%

0.58%

0.51%

Net

investment

income

.......................................

0.52%

2.31%

1.43%

0.59%

0.01%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

5,544‌

$

4,296‌

$

4,320‌

$

3,341‌

$

5,630‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

99

Financial

Highlights

See

notes

to

financial

statements.

TempFund

Dollar

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.0006‌

$

1.0004‌

$

1.0004‌

$

1.0002‌

$

1.

00‌

Net

investment

income

......................................

0.0056‌

0.0221‌

0.0151‌

0.0075‌

0.0013‌

Net

realized

and

unrealized

gain

...............................

0.0009‌

0.0001‌

0.0002‌

0.0002‌

0.0004‌

Net

increase

from

investment

operations

............................

0.0065‌

0.0222‌

0.0153‌

0.0077‌

0.0017‌

Distributions

(a)

–

–

–

–

–

From

net

investment

income

..................................

(0.0062‌)

(0.0220‌)

(0.0153‌)

(0.0075‌)

(0.0013‌)

From

net

realized

gain

.......................................

(0.0001‌)

(0.0000‌)

(b)

—‌

—‌

(0.0002‌)

Total

distributions

...........................................

(0.0063‌)

(0.0220‌)

(0.0153‌)

(0.0075‌)

(0.0015‌)

Net

asset

value,

end

of

year

...................................

$

1.0008‌

$

1.0006‌

$

1.0004‌

$

1.0004‌

$

1.0002‌

Total

Return

(c)

0.65%

2.24%

1.54%

0.77%

—

Based

on

net

asset

value

......................................

0.65%

(d)

2.24%

1.54%

0.77%

0.17%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.48%

0.47%

0.47%

0.47%

0.44%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.38%

0.43%

0.43%

0.43%

0.42%

Net

investment

income

.......................................

0.56%

2.21%

1.51%

0.78%

0.13%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

106,802‌

$

79,837‌

$

80,471‌

$

86,362‌

$

91,943‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

Amount

is

greater

than

$(0.00005)

per

share.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

100

See

notes

to

financial

statements.

TempFund

Private

Client

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.0006‌

$

1.0004‌

$

1.0003‌

$

1.0002‌

$

1.0

0‌

Net

investment

income

......................................

0.0017‌

0.0190‌

0.0136‌

0.0050‌

0.0000‌

(a)

Net

realized

and

unrealized

gain

(loss)

...........................

0.0033‌

(0.0001‌)

(0.0007‌)

0.0001‌

0.0004‌

Net

increase

from

investment

operations

............................

0.0050‌

0.0189‌

0.0129‌

0.0051‌

0.0004‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0047‌)

(0.0187‌)

(0.0128‌)

(0.0050‌)

(0.0000‌)

(c)

From

net

realized

gain

.......................................

(0.0001‌)

(

0.0000‌

)

(c)

—‌

—‌

(0.0002‌)

Total

distributions

...........................................

(0.0048‌)

(0.0187‌)

(0.0128‌)

(0.0050‌)

(0.0002‌)

Net

asset

value,

end

of

year

...................................

$

1.0008‌

$

1.0006‌

$

1.0004‌

$

1.0003‌

$

1.0002‌

Total

Return

(d)

0.50%

1.90%

1.29%

0.52%

—

Based

on

net

asset

value

......................................

0.50%

(e)

1.90%

1.29%

0.52%

0.04%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

1.08%

1.07%

1.07%

1.07%

1.04%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.59%

0.68%

0.68%

0.68%

0.53%

Net

investment

income

.......................................

0.17%

1.90%

1.36%

0.49%

0.00%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

1,043‌

$

1,165‌

$

2,042‌

$

1,295‌

$

1,649‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

101

Financial

Highlights

See

notes

to

financial

statements.

T-Fund

Institutional

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0057‌

0.0215‌

0.0151‌

0.0063‌

0.0017‌

Net

realized

gain

(loss)

......................................

0.0005‌

0.0001‌

0.0002‌

(0.0001‌)

0.0000‌

(a)

Net

increase

from

investment

operations

............................

0.0062‌

0.0216‌

0.0153‌

0.0062‌

0.0017‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0061‌)

(0.0216‌)

(0.0153‌)

(0.0062‌)

(0.0017‌)

From

net

realized

gain

.......................................

(0.0001‌)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

...........................................

(0.0062‌)

(0.0216‌)

(0.0153‌)

(0.0062‌)

(0.0017‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.62%

2.18%

1.54%

0.62%

—

Based

on

net

asset

value

......................................

0.62%

(e)

2.18%

1.54%

0.62%

0.17%

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%

0.17%

0.17%

0.17%

0.17%

Net

investment

income

.......................................

0.57%

2.15%

1.51%

0.63%

0.18%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

88,266,743‌

$

65,112,830‌

$

57,671,676‌

$

53,092,342‌

$

53,764,049‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

102

See

notes

to

financial

statements.

T-Fund

Administration

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0056‌

0.0206‌

0.0146‌

0.0061‌

0.0008‌

Net

realized

gain

(loss)

......................................

(0.0002‌)

0.0000‌

(a)

(0.0003‌)

(0.0009‌)

0.0000‌

(a)

Net

increase

from

investment

operations

............................

0.0054‌

0.0206‌

0.0143‌

0.0052‌

0.0008‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0053‌)

(0.0206‌)

(0.0143‌)

(0.0052‌)

(0.0008‌)

From

net

realized

gain

.......................................

(0.0001‌)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

...........................................

(0.0054‌)

(0.0206‌)

(0.0143‌)

(0.0052‌)

(0.0008‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.53%

2.08%

1.43%

0.52%

—

Based

on

net

asset

value

......................................

0.53%

(e)

2.08%

1.43%

0.52%

0.08%

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

....................

0.25%

0.27%

0.27%

0.27%

0.26%

Net

investment

income

.......................................

0.56%

2.08%

1.46%

0.61%

0.12%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

489,691‌

$

733,783‌

$

924,933‌

$

685,250‌

$

75,294‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

103

Financial

Highlights

See

notes

to

financial

statements.

T-Fund

Capital

Year

Ended

October

31,

Period

from

11/10/17

(a)

to

10/31/18

2020

2019

Net

asset

value,

beginning

of

period

...........................................................

$

1.00‌

$

1.0

0‌

$

1.00‌

Net

investment

income

....................................................................

0.0048‌

0.0212‌

0.0172‌

Net

realized

gain

(loss)

....................................................................

0.0010‌

0.0000‌

(b)

(0.0027‌)

Net

increase

from

investment

operations

..........................................................

0.0058‌

0.0212‌

0.0145‌

Distributions

(c)

–

–

–

From

net

investment

income

................................................................

(0.0057‌)

(0.0212‌)

(0.0145‌)

From

net

realized

gain

.....................................................................

(0.0001‌)

(0.0000‌)

(d)

(0.0000‌)

(d)

Total

distributions

.........................................................................

(0.0058‌)

(0.0212‌)

(0.0145‌)

Net

asset

value,

end

of

period

................................................................

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(e)

0.57%

2.14%

1.46%

Based

on

net

asset

value

....................................................................

0.57%

(f)

2.14%

1.46%

(g)

Ratios

to

Average

Net

Assets

Total

expenses

...........................................................................

0.24%

0.24%

0.24%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................

0.21%

0.21%

0.21%

(h)

Net

investment

income

.....................................................................

0.48%

2.13%

1.76%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

................................................................

$

15,842,877‌

$

10,347,984‌

$

10,978,658‌

(a)

Commencement

of

operations.

(b)

Amount

is

less

than

$0.00005

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.00005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Aggregate

total

return.

(h)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

104

See

notes

to

financial

statements.

T-Fund

Cash

Management

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0034‌

0.0164‌

0.0103‌

0.0015‌

0.0001‌

Net

realized

gain

..........................................

0.0003‌

0.0003‌

0.0000‌

(a)

0.0003‌

0.0000‌

(a)

Net

increase

from

investment

operations

............................

0.0037‌

0.0167‌

0.0103‌

0.0018‌

0.0001‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0036‌)

(0.0167‌)

(0.0103‌)

(0.0018‌)

(0.0001‌)

From

net

realized

gain

.......................................

(0.0001‌)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

...........................................

(0.0037‌)

(0.0167‌)

(0.0103‌)

(0.0018‌)

(0.0001‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.37%

1.69%

1.03%

0.18%

—

Based

on

net

asset

value

......................................

0.37%

(e)

1.69%

1.03%

0.18%

0.02%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.69%

0.69%

0.69%

0.69%

0.70%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.41%

0.67%

0.67%

0.58%

0.32%

Net

investment

income

.......................................

0.34%

1.64%

1.03%

0.15%

0.01%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

1,009,514‌

$

1,035,657‌

$

600,314‌

$

576,284‌

$

1,133,743‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

105

Financial

Highlights

See

notes

to

financial

statements.

T-Fund

Cash

Reserve

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0037‌

0.0176‌

0.0128‌

0.0027‌

0.0001‌

Net

realized

gain

(loss)

......................................

0.0004‌

0.0000‌

(a)

(0.0015‌)

(0.0002‌)

0.0000‌

(a)

Net

increase

from

investment

operations

............................

0.0041‌

0.0176‌

0.0113‌

0.0025‌

0.0001‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0040‌)

(0.0176‌)

(0.0113‌)

(0.0025‌)

(0.0001‌)

From

net

realized

gain

.......................................

(0.0001‌)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

...........................................

(0.0041‌)

(0.0176‌)

(0.0113‌)

(0.0025‌)

(0.0001‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.40%

1.78%

1.13%

0.25%

—

Based

on

net

asset

value

......................................

0.40%

(e)

1.78%

1.13%

0.25%

0.02%

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

....................

0.39%

0.57%

0.57%

0.55%

0.35%

Net

investment

income

.......................................

0.37%

1.78%

1.28%

0.27%

0.02%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

56,822‌

$

123,57

8‌

$

239,734‌

$

57,894‌

$

68,784‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

106

See

notes

to

financial

statements.

T-Fund

Dollar

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0044‌

0.0191‌

0.0123‌

0.0035‌

0.0001‌

Net

realized

gain

..........................................

0.0003‌

0.0000‌

(a)

0.0004‌

0.0002‌

0.0000‌

(a)

Net

increase

from

investment

operations

............................

0.0047‌

0.0191‌

0.0127‌

0.0037‌

0.0001‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0046‌)

(0.0191‌)

(0.0127‌)

(0.0037‌)

(0.0001‌)

From

net

realized

gain

.......................................

(0.0001‌)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

...........................................

(0.0047‌)

(0.0191‌)

(0.0127‌)

(0.0037‌)

(0.0001‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.46%

1.93%

1.28%

0.38%

—

Based

on

net

asset

value

......................................

0.46%

(e)

1.93%

1.28%

0.38%

0.02%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.44%

0.44%

0.44%

0.44%

0.45%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.32%

0.42%

0.42%

0.42%

0.34%

Net

investment

income

.......................................

0.44%

1.92%

1.23%

0.35%

0.02%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

670,205‌

$

794,485‌

$

1,230,374‌

$

2,927,646‌

$

3,807,290‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

107

Financial

Highlights

See

notes

to

financial

statements.

T-Fund

Premier

Year

Ended

10/31/2020

Period

from

07/26/19

(a)

to

10/31/19

Net

asset

value,

beginning

of

period

.........................................................................

$

1.00‌

$

1.00‌

Net

investment

income

..................................................................................

0.0060‌

0.0050‌

Net

realized

gain

......................................................................................

0.0002‌

0.0000‌

(b)

Net

increase

from

investment

operations

........................................................................

0.0062‌

0.0050‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

(0.0061‌)

(0.0050‌)

From

net

realized

gain

...................................................................................

(0.0001‌)

(0.0000‌)

(d)

Total

distributions

.......................................................................................

(0.0062‌)

(0.0050‌)

Net

asset

value,

end

of

period

..............................................................................

$

1.00‌

$

1.00‌

Total

Return

(e)

0.61%

0.50%

Based

on

net

asset

value

..................................................................................

0.61%

(f)

0.50%

(g)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

0.19%

0.19%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.17%

0.17%

(h)

Net

investment

income

...................................................................................

0.60%

1.93%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

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

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Aggregate

total

return.

(h)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

108

See

notes

to

financial

statements.

T-Fund

Select

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0011‌

0.0133‌

0.0051‌

0.0002‌

0.0001‌

Net

realized

gain

..........................................

0.0014‌

0.0000‌

(a)

0.0019‌

0.0000‌

(a)

0.0000‌

(a)

Net

increase

from

investment

operations

............................

0.0025‌

0.0133‌

0.0070‌

0.0002‌

0.0001‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0024‌)

(0.0133‌)

(0.0070‌)

(0.0002‌)

(0.0001‌)

From

net

realized

gain

.......................................

(0.0001‌)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

...........................................

(0.0025‌)

(0.0133‌)

(0.0070‌)

(0.0002‌)

(0.0001‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.24%

1.34%

0.70%

0.02%

—

Based

on

net

asset

value

......................................

0.24%

(e)

1.34%

0.70%

0.02%

0.02%

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

....................

0.41%

1.00%

1.00%

0.75%

0.31%

Net

investment

income

.......................................

0.11%

1.37%

0.51%

0.02%

0.01%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

30,444‌

$

14,769‌

$

19,710‌

$

75,759‌

$

83,975‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

109

Financial

Highlights

See

notes

to

financial

statements.

Treasury

Trust

Fund

Institutional

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0048‌

0.0212‌

0.0153‌

0.0060‌

0.0013‌

Net

realized

gain

(loss)

......................................

0.0015‌

0.0000‌

(a)

(0.0002‌)

0.0000‌

(a)

0.0000‌

(a)

Net

increase

from

investment

operations

............................

0.0063‌

0.0212‌

0.0151‌

0.0060‌

0.0013‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0062‌)

(0.0212‌)

(0.0151‌)

(0.0060‌)

(0.0013‌)

From

net

realized

gain

.......................................

(0.0001‌)

—‌

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

...........................................

(0.0063‌)

(0.0212‌)

(0.0151‌)

(0.0060‌)

(0.0013‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.63%

2.14%

1.52%

0.60%

—

Based

on

net

asset

value

......................................

0.63%

2.14%

1.52%

0.60%

0.13%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.19%

0.20%

0.20%

0.20%

0.21%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.17%

0.17%

0.17%

0.17%

0.17%

Net

investment

income

.......................................

0.48%

2.12%

1.53%

0.60%

0.14%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

56,400,526‌

$

38,728,217‌

$

30,530,122‌

$

24,157,325‌

$

20,911,540‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

110

See

notes

to

financial

statements.

Treasury

Trust

Fund

Administration

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0058‌

0.0203‌

0.0136‌

0.0052‌

0.0005‌

Net

realized

gain

(loss)

......................................

(0.0002‌)

0.0000‌

(a)

0.0005‌

(0.0002‌)

0.0000‌

(a)

Net

increase

from

investment

operations

............................

0.0056‌

0.0203‌

0.0141‌

0.0050‌

0.0005‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0055‌)

(0.0203‌)

(0.0141‌)

(0.0050‌)

(0.0005‌)

From

net

realized

gain

.......................................

(0.0001‌)

—‌

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

...........................................

(0.0056‌)

(0.0203‌)

(0.0141‌)

(0.0050‌)

(0.0005‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.56%

2.05%

1.42%

0.50%

—

Based

on

net

asset

value

......................................

0.56%

2.05%

1.42%

0.50%

0.05%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.29%

0.30%

0.30%

0.30%

0.31%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.24%

0.26%

0.27%

0.27%

0.24%

Net

investment

income

.......................................

0.58%

2.03%

1.36%

0.52%

0.04%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

399,846‌

$

465,703‌

$

413,618‌

$

638,815‌

$

476,145‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

111

Financial

Highlights

See

notes

to

financial

statements.

Treasury

Trust

Fund

Capital

Period

from

10/22/20

(a)

to

10/31/20

Net

asset

value,

beginning

of

period

........................................................................................

$

1.00‌

Net

investment

income

.................................................................................................

0.0000‌

(b)

Net

realized

gain

.....................................................................................................

0.0000‌

(b)

Net

increase

from

investment

operations

.......................................................................................

0.0000‌

Net

asset

value,

end

of

period

.............................................................................................

$

1.00‌

Total

Return

(c)

—

Based

on

net

asset

value

.................................................................................................

0.00%

(d)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................................

0.24%

(e)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................................

0.17%

(e)

Net

investment

loss

.....................................................................................................

(0.03)%

(e)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................................

$

250‌

(a)

Recommencement

of

operations.

(b)

Amount

is

less

than

$0.00005

per

share.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Aggregate

total

return.

(e)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

112

See

notes

to

financial

statements.

Treasury

Trust

Fund

Cash

Management

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0034‌

0.0158‌

0.0098‌

0.0018‌

0.0002‌

Net

realized

gain

(loss)

......................................

0.0003‌

0.0005‌

0.0003‌

(0.0002‌)

0.0000‌

(a)

Net

increase

from

investment

operations

............................

0.0037‌

0.0163‌

0.0101‌

0.0016‌

0.0002‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0036‌)

(0.0163‌)

(0.0101‌)

(0.0016‌)

(0.0002‌)

From

net

realized

gain

.......................................

(0.0001‌)

—‌

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

...........................................

(0.0037‌)

(0.0163‌)

(0.0101‌)

(0.0016‌)

(0.0002‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.37%

1.64%

1.02%

0.16%

—

Based

on

net

asset

value

......................................

0.37%

1.64%

1.02%

0.16%

0.02%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.69%

0.69%

0.70%

0.70%

0.71%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.41%

0.67%

0.67%

0.63%

0.29%

Net

investment

income

.......................................

0.34%

1.58%

0.98%

0.18%

0.01%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

53,101‌

$

36,492‌

$

13,843‌

$

21,110‌

$

16,561‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

113

Financial

Highlights

See

notes

to

financial

statements.

Treasury

Trust

Fund

Cash

Reserve

Year

Ended

October

31,

Period

from

12/16/15

(a)

to

10/31/16

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

.............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0040‌

0.0172‌

0.0124‌

0.0019‌

0.0001‌

Net

realized

gain

(loss)

......................................

0.0001‌

0.0000‌

(b)

(0.0013‌)

0.0003‌

0.0000‌

(b)

Net

increase

from

investment

operations

............................

0.0041‌

0.0172‌

0.0111‌

0.0022‌

0.0001‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

..................................

(0.0040‌)

(0.0172‌)

(0.0111‌)

(0.0022‌)

(0.0001‌)

From

net

realized

gain

.......................................

(0.0001‌)

—‌

(0.0000‌)

(d)

(0.0000‌)

(d)

(0.0000‌)

(d)

Total

distributions

...........................................

(0.0041‌)

(0.0172‌)

(0.0111‌)

(0.0022‌)

(0.0001‌)

Net

asset

value,

end

of

period

..................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(e)

0.41%

1.74%

1.12%

0.22%

—

Based

on

net

asset

value

......................................

0.41%

1.74%

1.12%

0.22%

0.01%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.59%

0.60%

0.60%

0.60%

0.61%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.39%

0.57%

0.57%

0.52%

0.29%

(g)

Net

investment

income

.......................................

0.40%

1.73%

1.24%

0.19%

0.01%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..................................

$

102,984‌

$

74,034‌

$

8,044‌

$

1,002‌

$

3,635‌

(a)

Commencement

of

operations.

(b)

Amount

is

less

than

$0.00005

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.00005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

114

See

notes

to

financial

statements.

Treasury

Trust

Fund

Dollar

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0046‌

0.0194‌

0.0127‌

0.0035‌

0.0002‌

Net

realized

gain

(loss)

......................................

0.0003‌

0.0002‌

(0.0001‌)

0.0000‌

(a)

0.0000‌

(a)

Net

increase

from

investment

operations

............................

0.0049‌

0.0196‌

0.0126‌

0.0035‌

0.0002‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0048‌)

(0.0196‌)

(0.0126‌)

(0.0035‌)

(0.0002‌)

From

net

realized

gain

.......................................

(0.0001‌)

—‌

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

...........................................

(0.0049‌)

(0.0196‌)

(0.0126‌)

(0.0035‌)

(0.0002‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.49%

1.98%

1.27%

0.35%

—

Based

on

net

asset

value

......................................

0.49%

1.98%

1.27%

0.35%

0.02%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.44%

0.44%

0.45%

0.45%

0.46%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.30%

0.40%

0.42%

0.42%

0.28%

Net

investment

income

.......................................

0.46%

1.94%

1.27%

0.35%

0.01%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

939,241‌

$

977,335‌

$

482,014‌

$

483,138‌

$

420,095‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

115

Financial

Highlights

See

notes

to

financial

statements.

Treasury

Trust

Fund

Premier

Year

Ended

10/31/2020

Period

from

07/26/19

(a)

to

10/31/19

Net

asset

value,

beginning

of

period

.........................................................................

$

1.00‌

$

1.00‌

Net

investment

income

..................................................................................

0.0061‌

0.0049‌

Net

realized

gain

......................................................................................

0.0001‌

0.0000‌

(b)

Net

increase

from

investment

operations

........................................................................

0.0062‌

0.0049‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

(0.0061‌)

(0.0049‌)

From

net

realized

gain

...................................................................................

(0.0001‌)

—‌

Total

distributions

.......................................................................................

(0.0062‌)

(0.0049‌)

Net

asset

value,

end

of

period

..............................................................................

$

1.00‌

$

1.00‌

Total

Return

(d)

0.63%

0.49%

Based

on

net

asset

value

..................................................................................

0.63%

0.49%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

0.19%

0.19%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.17%

0.17%

(f)

Net

investment

income

...................................................................................

0.61%

1.87%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

37‌

$

37‌

(a)

Recommencement

of

operations.

(b)

Amount

is

less

than

$0.00005

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

116

See

notes

to

financial

statements.

Treasury

Trust

Fund

Select

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0016‌

0.0129‌

0.0067‌

0.0001‌

0.0002‌

Net

realized

gain

..........................................

0.0008‌

0.0001‌

0.0001‌

0.0001‌

0.0000‌

(a)

Net

increase

from

investment

operations

............................

0.0024‌

0.0130‌

0.0068‌

0.0002‌

0.0002‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0023‌)

(0.0130‌)

(0.0068‌)

(0.0002‌)

(0.0002‌)

From

net

realized

gain

.......................................

(0.0001‌)

—‌

(0.0000‌)

(c)

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

...........................................

(0.0024‌)

(0.0130‌)

(0.0068‌)

(0.0002‌)

(0.0002‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.24%

1.30%

0.68%

0.02%

—

Based

on

net

asset

value

......................................

0.24%

1.30%

0.68%

0.02%

0.02%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

1.04%

1.05%

1.05%

1.05%

1.06%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.45%

1.00%

1.00%

0.68%

0.31%

Net

investment

income

.......................................

0.16%

1.29%

0.67%

0.01%

0.01%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

103,647‌

$

38,265‌

$

39,675‌

$

38,309‌

$

79,910‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

117

Financial

Highlights

See

notes

to

financial

statements.

MuniCash

Institutional

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.0001‌

$

1.0001‌

$

1.0003‌

$

1.0001‌

$

1.00‌

Net

investment

income

......................................

0.0051‌

0.0137‌

0.0112‌

0.0060‌

0.0019‌

Net

realized

and

unrealized

gain

...............................

0.0004‌

0.0000‌

(a)

0.0000‌

(a)

0.0000‌

(a)

0.0013‌

Net

increase

from

investment

operations

............................

0.0055‌

0.0137‌

0.0112‌

0.0060‌

0.0032‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0055‌)

(0.0137‌)

(0.0112‌)

(0.0058‌)

(0.0019‌)

From

net

realized

gain

.......................................

—‌

(0.0000‌)

(c)

(0.0002‌)

—‌

(0.0000‌)

(c)

From

return

of

capital

.......................................

—‌

—‌

—‌

—‌

(0.0012‌)

Total

distributions

...........................................

(0.0055‌)

(0.0137‌)

(0.0114‌)

(0.0058‌)

(0.0031‌)

Net

asset

value,

end

of

year

...................................

$

1.0001‌

$

1.0001‌

$

1.0001‌

$

1.0003‌

$

1.0001‌

Total

Return

(d)

0.55%

1.38%

1.13%

0.60%

—

Based

on

net

asset

value

......................................

0.55%

1.38%

1.13%

(e)

0.60%

0.33%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.26%

0.28%

0.29%

0.31%

0.38%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.19%

0.20%

0.20%

0.20%

0.18%

Net

investment

income

.......................................

0.51%

1.36%

1.12%

0.60%

0.25%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

5,160,531‌

$

5,182,923‌

$

3,992,552‌

$

4,096,900‌

$

2,139,820‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Includes

reorganization

costs

associated

with

the

Fund's

reorganization.  Without

these

costs,

total

expenses

for

the

Institutional

class

would

have

been

0.38%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

118

See

notes

to

financial

statements.

MuniCash

Dollar

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.0001‌

$

1.0001‌

$

1.0003‌

$

1.0001‌

$

1.00‌

Net

investment

income

......................................

0.0040‌

0.0123‌

0.0087‌

0.0033‌

0.0006‌

Net

realized

and

unrealized

gain

...............................

0.0002‌

0.0000‌

(a)

0.0000‌

(a)

0.0002‌

0.0013‌

Net

increase

from

investment

operations

............................

0.0042‌

0.0123‌

0.0087‌

0.0035‌

0.0019‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0042‌)

(0.0123‌)

(0.0087‌)

(0.0033‌)

(0.0006‌)

From

net

realized

gain

.......................................

—‌

(0.0000‌)

(c)

(0.0002‌)

—‌

(0.0000‌)

(c)

From

return

of

capital

.......................................

—‌

—‌

—‌

—‌

(0.0012‌)

Total

distributions

...........................................

(0.0042‌)

(0.0123‌)

(0.0089‌)

(0.0033‌)

(0.0018‌)

Net

asset

value,

end

of

year

...................................

$

1.0001‌

$

1.0001‌

$

1.0001‌

$

1.0003‌

$

1.0001‌

Total

Return

(d)

0.42%

1.23%

0.88%

0.35%

—

Based

on

net

asset

value

......................................

0.42%

1.23%

0.88%

(e)

0.35%

0.19%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.51%

0.53%

0.54%

0.56%

0.63%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.31%

0.45%

0.45%

0.45%

0.30%

Net

investment

income

.......................................

0.40%

1.22%

0.87%

0.33%

0.05%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

3,176‌

$

2,207‌

$

1,893‌

$

1,623‌

$

1,802‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Includes

reorganization

costs

associated

with

the

Fund's

reorganization.  Without

these

costs,

total

expenses

for

the

Dollar

class

would

have

been

0.63%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

119

Financial

Highlights

See

notes

to

financial

statements.

MuniCash

Premier

Year

Ended

10/31/2020

Period

from

07/26/19

(a)

to

10/31/19

Net

asset

value,

beginning

of

period

.........................................................................

$

1.0002‌

$

1.0002‌

Net

investment

income

..................................................................................

0.0055‌

0.0031‌

Net

realized

and

unrealized

gain

(loss)

.......................................................................

(0.0001‌)

0.0000‌

(b)

Net

increase

from

investment

operations

........................................................................

0.0054‌

0.0031‌

Distributions

from

net

investment

income

(c)

....................................................................

(0.0055‌)

(0.0031‌)

Net

asset

value,

end

of

period

..............................................................................

$

1.0001‌

$

1.0002‌

Total

Return

(d)

0.54%

0.31%

Based

on

net

asset

value

..................................................................................

0.54%

0.31%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

0.26%

0.28%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.19%

0.20%

(f)

Net

investment

income

...................................................................................

0.55%

1.20%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

36‌

$

36‌

(a)

Recommencement

of

operations.

(b)

Amount

is

less

than

$0.00005

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

120

See

notes

to

financial

statements.

MuniFund

Institutional

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0071‌

0.0142‌

0.0115‌

0.0060‌

0.0019‌

Net

realized

gain

..........................................

0.0004‌

0.0000‌

(a)

0.0000‌

(a)

0.0002‌

0.0001‌

Net

increase

from

investment

operations

............................

0.0075‌

0.0142‌

0.0115‌

0.0062‌

0.0020‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0056‌)

(0.0142‌)

(0.0115‌)

(0.0060‌)

(0.0019‌)

From

net

realized

gain

.......................................

(0.0001‌)

—‌

(0.0000‌)

(c)

(0.0002‌)

(0.0001‌)

From

return

of

capital

.......................................

(0.0018‌)

—‌

—‌

—‌

—‌

Total

distributions

...........................................

(0.0075‌)

(0.0142‌)

(0.0115‌)

(0.0062‌)

(0.0020‌)

Net

asset

value,

end

of

year

...................................

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

Total

Return

(d)

0.75%

1.43%

1.16%

—

—

Based

on

net

asset

value

......................................

0.75%

1.43%

1.16%

0.62%

0.20%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.57%

0.50%

0.55%

0.45%

0.37%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.19%

0.20%

0.20%

0.20%

0.11%

Net

investment

income

.......................................

0.71%

1.42%

1.15%

0.60%

0.10%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

68,295‌

$

194,629‌

$

191,172‌

$

146,316‌

$

141,458‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

121

Financial

Highlights

See

notes

to

financial

statements.

MuniFund

Administration

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

Net

investment

income

......................................

0.0051‌

0.0133‌

0.0104‌

0.0049‌

0.0013‌

Net

realized

gain

..........................................

0.0017‌

0.0000‌

(a)

0.0001‌

0.0003‌

0.0001‌

Net

increase

from

investment

operations

............................

0.0068‌

0.0133‌

0.0105‌

0.0052‌

0.0014‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0049‌)

(0.0133‌)

(0.0105‌)

(0.0050‌)

(0.0013‌)

From

net

realized

gain

.......................................

(0.0001‌)

—‌

(0.0000‌)

(c)

(0.0002‌)

(0.0001‌)

From

return

of

capital

.......................................

(0.0018‌)

—‌

—‌

—‌

—‌

Total

distributions

...........................................

(0.0068‌)

(0.0133‌)

(0.0105‌)

(0.0052‌)

(0.0014‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.68%

1.34%

1.06%

0.52%

—

Based

on

net

asset

value

......................................

0.68%

1.34%

1.06%

0.52%

0.14%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.69%

0.60%

0.65%

0.55%

0.46%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.25%

0.30%

0.30%

0.30%

0.15%

Net

investment

income

.......................................

0.51%

1.33%

1.04%

0.49%

0.05%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

156‌

$

15,487‌

$

16,537‌

$

18,653‌

$

21,554‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

122

See

notes

to

financial

statements.

MuniFund

Dollar

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

Net

investment

income

......................................

0.0042‌

0.0117‌

0.0090‌

0.0035‌

0.0006‌

Net

realized

gain

..........................................

0.0019‌

0.0000‌

(a)

0.0000‌

(a)

0.0002‌

0.0001‌

Net

increase

from

investment

operations

............................

0.0061‌

0.0117‌

0.0090‌

0.0037‌

0.0007‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0042‌)

(0.0117‌)

(0.0090‌)

(0.0035‌)

(0.0006‌)

From

net

realized

gain

.......................................

(0.0001‌)

—‌

(0.0000‌)

(c)

(0.0002‌)

(0.0001‌)

From

return

of

capital

.......................................

(0.0018‌)

—‌

—‌

—‌

—‌

Total

distributions

...........................................

(0.0061‌)

(0.0117‌)

(0.0090‌)

(0.0037‌)

(0.0007‌)

Net

asset

value,

end

of

year

...................................

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

Total

Return

(d)

0.61%

1.18%

0.91%

—

—

Based

on

net

asset

value

......................................

0.61%

1.18%

0.91%

0.36%

0.07%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.84%

0.75%

0.80%

0.70%

0.63%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.32%

0.45%

0.45%

0.45%

0.22%

Net

investment

income

.......................................

0.41%

1.17%

0.90%

0.35%

0.03%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

4,988‌

$

4,678‌

$

4,462‌

$

4,592‌

$

5,724‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

123

Financial

Highlights

See

notes

to

financial

statements.

MuniFund

Premier

Year

Ended

10/31/2020

Period

from

07/26/19

(a)

to

10/31/19

Net

asset

value,

beginning

of

period

.........................................................................

$

1.0

0‌

$

1.0

0‌

Net

investment

income

..................................................................................

0.0056‌

0.0033‌

Net

realized

gain

......................................................................................

0.0019‌

0.0000‌

(b)

Net

increase

from

investment

operations

........................................................................

0.0075‌

0.0033‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

(0.0056‌)

(0.0033‌)

From

net

realized

gain

...................................................................................

(0.0001‌)

—‌

From

return

of

capital

...................................................................................

(0.0018‌)

—‌

Total

distributions

.......................................................................................

(0.0075‌)

(0.0033‌)

Net

asset

value,

end

of

period

..............................................................................

$

1.

00‌

$

1.0

0‌

Total

Return

(d)

0.75%

0.33%

Based

on

net

asset

value

..................................................................................

0.75%

0.33%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

0.59%

0.52%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.19%

0.20%

(f)

Net

investment

income

...................................................................................

0.56%

1.25%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

37‌

$

37‌

(a)

Recommencement

of

operations.

(b)

Amount

is

less

than

$0.00005

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

124

See

notes

to

financial

statements.

MuniFund

Private

Client

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

Net

investment

income

......................................

0.0031‌

0.0094‌

0.0067‌

0.0013‌

0.0002‌

Net

realized

gain

..........................................

0.0019‌

0.0000‌

(a)

0.0000‌

(a)

0.0002‌

0.0001‌

Net

increase

from

investment

operations

............................

0.0050‌

0.0094‌

0.0067‌

0.0015‌

0.0003‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0031‌)

(0.0094‌)

(0.0067‌)

(0.0013‌)

(0.0002‌)

From

net

realized

gain

.......................................

(0.0001‌)

—‌

(0.0000‌)

(c)

(0.0002‌)

(0.0001‌)

From

return

of

capital

.......................................

(0.0018‌)

—‌

—‌

—‌

—‌

Total

distributions

...........................................

(0.0050‌)

(0.0094‌)

(0.0067‌)

(0.0015‌)

(0.0003‌)

Net

asset

value,

end

of

year

...................................

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

Total

Return

(d)

0.50%

0.94%

0.68%

—

—

Based

on

net

asset

value

......................................

0.50%

0.94%

0.68%

0.14%

0.03%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

1.44%

1.35%

1.40%

1.30%

1.22%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.43%

0.68%

0.68%

0.67%

0.25%

Net

investment

income

.......................................

0.31%

0.94%

0.67%

0.13%

0.02%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

292‌

$

291‌

$

319‌

$

330‌

$

350‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

125

Financial

Highlights

See

notes

to

financial

statements.

MuniFund

Select

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.0

0‌

$

1.0

0‌

$

1.0

0‌

$

1.

00‌

$

1.

00‌

Net

investment

income

......................................

0.0017‌

0.0063‌

0.0034‌

0.0000‌

(a)

0.0001‌

Net

realized

gain

..........................................

0.0019‌

0.0000‌

(a)

0.0001‌

0.0002‌

0.0001‌

Net

increase

from

investment

operations

............................

0.0036‌

0.0063‌

0.0035‌

0.0002‌

0.0002‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0017‌)

(0.0063‌)

(0.0035‌)

(0.0000‌)

(c)

(0.0001‌)

From

net

realized

gain

.......................................

(0.0001‌)

—‌

(0.0000‌)

(c)

(0.0002‌)

(0.0001‌)

From

return

of

capital

.......................................

(0.0018‌)

—‌

—‌

—‌

—‌

Total

distributions

...........................................

(0.0036‌)

(0.0063‌)

(0.0035‌)

(0.0002‌)

(0.0002‌)

Net

asset

value,

end

of

year

...................................

$

1.0

0‌

$

1.0

0‌

$

1.

00‌

$

1.0

0‌

$

1.0

0‌

Total

Return

(d)

0.36%

0.63%

0.36%

0.02%

—

Based

on

net

asset

value

......................................

0.36%

0.63%

0.36%

0.02%

0.02%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

1.44%

1.34%

1.40%

1.30%

1.22%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.57%

1.00%

1.00%

0.79%

0.24%

Net

investment

income

.......................................

0.16%

0.64%

0.34%

0.00%

0.01%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

1,937‌

$

2,181‌

$

2,662‌

$

2,833‌

$

3,863‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

126

See

notes

to

financial

statements.

California

Money

Fund

Institutional

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.0002‌

$

1.0002‌

$

1.0

0‌

$

1.0

0‌

$

1

.0

0‌

Net

investment

income

......................................

0.0051‌

0.0107‌

0.0101‌

0.0053‌

0.0019‌

Net

realized

and

unrealized

gain

(loss)

...........................

(0.0007‌)

0.0001‌

0.0002‌

0.0012‌

0.0000‌

(a)

Net

increase

from

investment

operations

............................

0.0044‌

0.0108‌

0.0103‌

0.0065‌

0.0019‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0046‌)

(0.0108‌)

(0.0101‌)

(0.0054‌)

(0.0019‌)

From

net

realized

gain

.......................................

—‌

—‌

—‌

(0.0011‌)

—‌

Total

distributions

...........................................

(0.0046‌)

(0.0108‌)

(0.0101‌)

(0.0065‌)

(0.0019‌)

Net

asset

value,

end

of

year

...................................

$

1.0000‌

$

1.0002‌

$

1.0002‌

$

1.0

0‌

$

1.0

0‌

Total

Return

(c)

0.44%

1.09%

1.03%

0.65%

—

Based

on

net

asset

value

......................................

0.44%

1.09%

1.03%

0.65%

0.19%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.45%

0.47%

0.70%

0.74%

0.47%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.18%

0.20%

0.20%

0.20%

0.12%

Net

investment

income

.......................................

0.51%

1.07%

1.01%

0.53%

0.12%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

153,630‌

$

397,288‌

$

169,293‌

$

30,459‌

$

41,192‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

127

Financial

Highlights

See

notes

to

financial

statements.

California

Money

Fund

Premier

Year

Ended

10/31/2020

Period

from

07/26/19

(a)

to

10/31/19

Net

asset

value,

beginning

of

period

.........................................................................

$

1.0002‌

$

1.0002‌

Net

investment

income

..................................................................................

0.0046‌

0.0026‌

Net

realized

and

unrealized

gain

(loss)

.......................................................................

(0.0002‌)

0.0000‌

(b)

Net

increase

from

investment

operations

........................................................................

0.0044‌

0.0026‌

Distributions

from

net

investment

income

(c)

....................................................................

(0.0046‌)

(0.0026‌)

Net

asset

value,

end

of

period

..............................................................................

$

1.0000‌

$

1.0002‌

Total

Return

(d)

0.44%

0.26%

Based

on

net

asset

value

..................................................................................

0.44%

0.26%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

0.46%

0.52%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.17%

0.20%

(f)

Net

investment

income

...................................................................................

0.46%

0.99%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

36‌

$

36‌

(a)

Recommencement

of

operations.

(b)

Amount

is

less

than

$0.00005

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

128

See

notes

to

financial

statements.

New

York

Money

Fund

Institutional

Year

Ended

October

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.0000‌

$

1.0000‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0062‌

0.0129‌

0.0113‌

0.0056‌

0.0019‌

Net

realized

and

unrealized

gain

(loss)

...........................

(0.0008‌)

0.0003‌

(0.0002‌)

0.0013‌

0.0015‌

Net

increase

from

investment

operations

............................

0.0054‌

0.0132‌

0.0111‌

0.0069‌

0.0034‌

Distributions

(a)

–

–

–

–

–

From

net

investment

income

..................................

(0.0054‌)

(0.0132‌)

(0.0111‌)

(0.0056‌)

(0.0019‌)

From

net

realized

gain

.......................................

—‌

—‌

—‌

—‌

(0.0003‌)

From

return

of

capital

.......................................

—‌

—‌

—‌

(0.0013‌)

(0.0012‌)

Total

distributions

...........................................

(0.0054‌)

(0.0132‌)

(0.0111‌)

(0.0069‌)

(0.0034‌)

Net

asset

value,

end

of

year

...................................

$

1.0000‌

$

1.0000‌

$

1.0000‌

$

1.00‌

$

1.00‌

Total

Return

(b)

0.54%

1.33%

1.12%

0.69%

—

Based

on

net

asset

value

......................................

0.54%

1.33%

1.12%

0.69%

0.34%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.46%

0.56%

1.35%

1.00%

0.58%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.18%

0.20%

0.20%

0.20%

0.14%

Net

investment

income

.......................................

0.62%

1.29%

1.13%

0.56%

0.10%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

149,946‌

$

243,502‌

$

46,066‌

$

16,908‌

$

17,838‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

Where

applicable,

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

129

Financial

Highlights

See

notes

to

financial

statements.

New

York

Money

Fund

Premier

Year

Ended

10/31/2020

Period

from

07/26/19

(a)

to

10/31/19

Net

asset

value,

beginning

of

period

.........................................................................

$

1.0000‌

$

1.0000‌

Net

investment

income

..................................................................................

0.0054‌

0.0030‌

Net

realized

and

unrealized

gain

(loss)

.......................................................................

(0.0000‌)

(b)

(0.0000‌)

(b)

Net

increase

from

investment

operations

........................................................................

0.0054‌

0.0030‌

Distributions

from

net

investment

income

(

c

)

....................................................................

(0.0054‌)

(0.0030‌)

Net

asset

value,

end

of

period

..............................................................................

$

1.0000‌

$

1.0000‌

Total

Return

(d)

0.54%

0.30%

Based

on

net

asset

value

..................................................................................

0.54%

0.30%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

.........................................................................................

0.47%

0.56%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.17%

0.20%

(f)

Net

investment

income

...................................................................................

0.54%

1.16%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

37‌

$

37‌

(a)

Recommencement

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)

Aggregate

total

return.

(f)

Annualized.

Notes

to

Financial

Statements

2020

BlackRock

Annual

Report

to

Shareholders

130

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

Fund

offers

the

following

classes

of

shares:

Institutional

Shares,

Administration

Shares,

Capital

Shares,

Cash

Management

Shares,

Cash

Reserve

Shares,

Dollar

Shares,

Private

Client

Shares

and

Select

Shares.

TempFund,

T-Fund,

MuniFund,

California

Money

Fund

and

New

York

Money

Fund

also

offer

Plus

Shares.

FedFund,

TempCash,

MuniCash,

California

Money

Fund

and

New

York

Money

Fund

also

offer

Cash

Plus

Shares.

Except

for

TempFund,

each

Fund

also

offers

Premier

Shares.

For

the

year

ended

October

31,

2020,

no

Plus

Shares

or

Cash

Plus

Shares

were

outstanding.

Each

Fund

offers

multiple

classes

of

shares.

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.

Premier

Shares

are

sold

without

a

sales

charge

and

are

only

available

through

financial

intermediaries

trading

on

the

NSCC

Fund/SERV

trading

platform.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures.

Federal

Trust

Fund,

FedFund,

T-Fund

and

Treasury

Trust

Fund each

operate

as

a

“government

money

market

fund”

under

Rule

2a-7

under

the

1940

Act.

Each

Fund

is

not

subject

to

liquidity

fees

or

temporary

suspensions

of

redemptions

due

to

declines

in

a

Fund's

weekly

liquid

assets.

MuniFund operates

as

a

“retail

money

market

fund”

under

Rule

2a-7

under

the

1940

Act.

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,

MuniFund,

California

Money

Fund

and

New

York

Money Fund, the

Board

of

Trustees

(the

"Board")

is

permitted

to

impose

a

liquidity

fee

of

up

to

2%

on

the

value

of

shares

redeemed

or

temporarily

restrict

redemptions

from

TempCash,

TempFund,

MuniCash,

MuniFund,

California

Money

Fund or

New

York

Money

Fund

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

TempCash,

TempFund,

MuniCash,

MuniFund,

California

Money

Fund or

New

York

Money

Fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

The

Funds,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

are

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

on

the

identified

cost

basis.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

Distributions:

Distributions

from

net

investment

income

are

declared

daily

and

paid

monthly.

Distributions

of

capital

gains

are

distributed

at

least

annually

and

are

recorded

on

the

ex-dividend

dates.

The

portion

of

distributions,

if

any,

that

exceeds

a

fund’s

current

and

accumulated

earnings

and

profits,

as

measured

on

a

tax

basis,

constitute

a

non-taxable

return

of

capital.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP. 

Fund

Name

Diversification

Classification

Federal

Trust

Fund

....................................................................................................

Diversified

FedFund

..........................................................................................................

Diversified

TempCash

.........................................................................................................

Diversified

TempFund

.........................................................................................................

Diversified

T-Fund

............................................................................................................

Diversified

Treasury

Trust

Fund

...................................................................................................

Diversified

MuniCash

..........................................................................................................

Diversified

MuniFund

..........................................................................................................

Diversified

California

Money

Fund

.................................................................................................

Non-Diversified

(a)

New

York

Money

Fund

.................................................................................................

Non-Diversified

(a)

Notes

to

Financial

Statements

(continued)

131

Notes

to

Financial

Statements

Liquidity

Fees:

Any

liquidity

fees

imposed

on

the

value

of

shares

redeemed

in

the

event

that

TempCash

,

TempFund

,

MuniCash

,

MuniFund

,

California

Money

Fund

or

New

York

Money

Fund

Fund’s

weekly

liquid

assets

fall

below

certain

thresholds

are

recorded

as

paid-in-capital.

The

liquidity

fees

are

collected

and

retained

by each

Fund

for

the

benefit

of

a

Fund’s

remaining

shareholders. 

Recent

Accounting

Standards:

TempCash

has

adopted

Financial

Accounting

Standards

Board

Accounting

Standards

Update

2017-08

to

amend

the

amortization

period

for

certain

purchased

callable

debt

securities

held

at

a

premium.

Under

the

new

standard,

TempCash

has

changed

the

amortization

period

for

the

premium

on

certain

purchased

callable

debt

securities

with

non-contingent

call

features

to

the

earliest

call

date.

In

accordance

with

the

transition

provisions

of

the

standard,

TempCash

applied

the

amendments

on

a

modified

retrospective

basis

beginning

with

the

fiscal

period

ended

October

31,

2020.

The

adjusted

cost

basis

of

securities

at

October

31,

2019

is

$9,786,855,817.

This

change

in

accounting

policy

has

been

made

to

comply

with

the

newly

issued

accounting

standard

and

had

no

impact

on

accumulated

earnings

(loss)

or

the

NAV

of

TempCash.

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. 

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies

(

TempCash

,

TempFund

,

MuniCash

,

California

Money

Fund

and

New

York

Money

Fund):

 The

investments

of

TempCash

,

TempFund

,

MuniCash

,

California

Money

Fund

and

New

York

Money

Fund

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

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

d

etermine

the

fair

values

of

their

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

TempCash

,

TempFund

,

MuniCash

,

California

Money

Fund

and

New

York

Money

Funds'

assets

and

liabilities:

Investments

are

valued

on

the

basis

of

prices

provided

by

dealers

or

pricing

services.

In

determining

the

value

of

a

particular

investment,

pricing

services

may

use

certain

information

with

respect

to

transactions

in

such

investments,

quotations

from

dealers,

pricing

matrixes,

market

transactions

in

comparable

investments

and

information

with

respect

to

various

relationships

between

investments. 

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

prices

or

current

market

quotations

provided

by

independent

dealers

or

third

party

pricing

services.

Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third

party

pricing

service.

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.

Municipal

investments

(including

commitments

to

purchase

such

investments

on

a

“when-issued”

basis)

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. 

Investment

Valuation

Policies

(Federal

Trust

Fund,

FedFund

,

T-Fund,

Treasury

Trust

Fund

and

MuniFund

):

 U.S.

GAAP

defines

fair

value

as

the

price

the

Funds

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Funds'

investments

are

valued

under

the

amortized

cost

method

which

approximates

current

market

value

in

accordance

with

Rule

2a-7

under

the

1940

Act.

Under

this

method,

investments

are

valued

at

cost

when

purchased

and,

thereafter,

a

constant

proportionate

accretion

of

discounts

and

amortization

of

premiums

are

recorded

until

the

maturity

of

the

security.

Each

Fund

seeks

to

maintain

its

NAV

per

share

at

$1.00,

although

there

is

no

assurance

that

it

will

be

able

to

do

so

on

a

continuing

basis.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

each

Fund

has

the

ability

to

access

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs) 

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

132

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Global

Valuation

Committee's

assumptions

used

in

determining

the

fair

value

of

financial

instruments)

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

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

a

fund,

respectively.

A

Fund

,

along

with

other

registered

investment

companies

advised

by

the

Manager,

may

transfer

uninvested

cash

into

a

single

joint

trading

account

which

is

then

invested

in

one

or

more

repurchase

agreements.

As

of

period

end,

FedFund

,

TempCash

,

TempFund

and

T-Fund

invested

in

repurchase

agreements

through

joint

trading

accounts.

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

a

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,

a

fund

receives

securities

as

collateral

with

a

market

value

in

excess

of

the

repurchase

price

at

maturity.

Upon

a

bankruptcy

or

insolvency

of

the

MRA

counterparty,

a

fund

would

recognize

a

liability

with

respect

to

such

excess

collateral.

The

liability

reflects

a

fund’s

obligation

under

bankruptcy

law

to

return

the

excess

to

the

counterparty.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Funds,

entered

into

a

management

agreement

with

the

Manager,

the

Trust’s

investment

adviser

and

an

indirect,

wholly-

owned

subsidiary

of

BlackRock,

Inc.

("BlackRock"),

to

provide

investment

advisory,

administration

and

accounting

services

to

the

Funds.

Under

the

management

agreement,

the

Manager

is

entitled

to

receive

the

following

annual

fees

computed

daily

and

paid

monthly

based

upon

each

Fund’s

average

daily

net

assets:

(a)

Based

on

the

combined

average

net

assets

of

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.

Federal

Trust

Fund,

FedFund

,

T-Fund

and

Treasury

Trust

Fund

Calculation

A

Calculation

B

Management

Fees

are

equal

to

calculation

A

plus

calculation

B

.175%

of

the

first

$1

Billion

(a)

.175%

of

the

first

$1

Billion

(b)

.150%

of

the

next

$1

Billion

(a)

.150%

of

the

next

$1

Billion

(b)

.125%

of

the

next

$1

Billion 

(a)

.125%

of

the

next

$1

Billion

(b)

.100%

of

the

next

$1

Billion

(a)

.100%

of

amounts

in

excess

of

$3

Billion

(b)

.095%

of

the

next

$1

Billion

(a)

.090%

of

the

next

$1

Billion

(a)

.085%

of

the

next

$1

Billion

(a)

.080%

of

amounts

in

excess

of

$7

Billion

(a)

Notes

to

Financial

Statements

(continued)

133

Notes

to

Financial

Statements

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,

2020,

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,

2020,

the

Funds 

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

TempCash

,

MuniCash

and

MuniFund

Management

Fees

..........................................................

.350%

of

the

first

$1

Billion

.300%

of

the

next

$1

Billion

.250%

of

the

next

$1

Billion

.200%

of

the

next

$1

Billion

.195%

of

the

next

$1

Billion

.190%

of

the

next

$1

Billion

.185%

of

the

next

$1

Billion

.180%

of

amounts

in

excess

of

$7

Billion

TempFund

Management

Fees

..........................................................

.350%

of

the

first

$1

Billion

.300%

of

the

next

$1

Billion

.250%

of

the

next

$1

Billion

.200%

of

the

next

$1

Billion

.195%

of

the

next

$1

Billion

.190%

of

the

next

$1

Billion

.180%

of

the

next

$1

Billion

.175%

of

the

next

$1

Billion

.170%

of

amounts

in

excess

of

$8

Billion

California

Money

Fund

and

New

York

Money

Fund

Management

Fees

..........................................................

.375%

of

the

first

$1

Billion

.350%

of

the

next

$1

Billion

.325%

of

the

next

$1

Billion

.300%

of

amounts

in

excess

of

$3

Billion

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

Administration

Capital

Cash

Management

Cash

Reserve

Dollar

Private

Client

Select

Total

Federal

Trust

Fund

.....................

$

90,991‌

$

—‌

$

97,7

98‌

$

1,617‌

$

50,619‌

$

—‌

$

—‌

$

241,

025‌

FedFund

...........................

2,889,174‌

4,685,706‌

2,203,539‌

21,105,593‌

7,308,467‌

2,183‌

2,346,346‌

40,541,008‌

TempCash

..........................

—‌

—‌

—‌

—‌

44‌

—‌

—‌

44‌

TempFund

..........................

50,071‌

295‌

3,043,042‌

23,356‌

237,265‌

63,900‌

—‌

3,417,929‌

T-Fund

.............................

637,265‌

6,026,969‌

5,141,545‌

408,815‌

2,215,588‌

—‌

266,888‌

14,697,070‌

Treasury

Trust

Fund

....................

460,045‌

3‌

178,300‌

417,047‌

2,627,677‌

—‌

691,650‌

4,374,722‌

MuniCash

...........................

—‌

—‌

—‌

—‌

6,635‌

—‌

—‌

6,635‌

MuniFund

...........................

15,678‌

—‌

—‌

—‌

11,505‌

2,474‌

20,726‌

50,383‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

134

Expense

Limitations,

Waivers

and

Reimbursements:

With

respect

to

each

Fund,

the

Manager,

as

investment

adviser

and

administrator,

has

contractually

agreed

to

reduce

its

fees

and/or

reimburse

ordinary

operating

expenses

to

ensure

that

the

combined

“Management

Fees”

and

“Miscellaneous/Other

Expenses,”

excluding

service

fees,

distribution

fees

and

any

extraordinary

expenses,

do

not

exceed

0.18%

of

the

average

daily

net

assets

of

TempCash

and

TempFund, 0.17%

of

the

average

daily

net

assets

of FedFund,

T-Fund,

Federal

Trust

Fund

and

Treasury

Trust

Fund

and

0.20%

of

the

average

daily

net

assets

of

MuniCash,

MuniFund,

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

March

1,

2021,

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,

2020,

the

amounts

waived

and/or

reimbursed

were

as

follows:

The

Manager has

also

voluntarily

agreed

to

waive

and/or

reimburse

a

portion

of

its

investment

advisory

fee

to

enable

the

Funds

to

maintain

minimum

levels

of

daily

net

investment

income

if

applicable.

These

amounts,

if

any,

are

reported

in

the

Statements

of

Operations

as

fees

waived

and/or

reimbursed

by

the

Manager.

The

Manager

may

discontinue

the

waiver

and/or

reimbursement

at

any

time.

For

the

year ended

October

31,

2020,

the

amounts

waived

and/or

reimbursed

were

as

follows:

In

addition,

BRIL

has

contractually

agreed

to

waive

service

and/or

distribution

fees

through

February

28,

2021

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,

2020,

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,

if

any, are

reported

in

the

Statements

of

Operations

as

service

and

distribution

fees

waived

—

class

specific.

The

Manager

and

BRIL

may

discontinue

the voluntary

waiver

and/or reimbursement

at

any

time.

For

the

year

ended

October

31,

2020,

the

amounts

waived

and/or

reimbursed

were

as

follows:

Federal

Trust

Fund

..........................................................................................................

$

2,669,123‌

FedFund

................................................................................................................

22,787,869‌

TempCash

...............................................................................................................

5,220,759‌

TempFun

d

...............................................................................................................

4,782,621‌

T-Fund

..................................................................................................................

16,323,373‌

Treasury

Trust

Fund

.........................................................................................................

10,602,123‌

MuniCash

................................................................................................................

3,687,366‌

MuniFund

................................................................................................................

535,708‌

California

Money

Fund

.......................................................................................................

780,274‌

New

York

Money

Fund

.......................................................................................................

658,234‌

Treasury

Trust

Fund

.........................................................................................................

$

808,578‌

MuniCash

................................................................................................................

785,109‌

MuniFund

................................................................................................................

15,299‌

California

Money

Fund

.......................................................................................................

71,327‌

New

York

Money

Fund

.......................................................................................................

55,264‌

Service

and

Distribution

Fees

Waived

Administration

Capital

Cash

Management

Cash

Reserve

Dollar

Private

Client

Select

Total

Federal

Trust

Fund

.....................

$

—‌

$

—‌

$

—‌

$

1,617‌

$

128‌

$

—‌

$

—‌

$

1

,745‌

FedFund

...........................

—‌

205,028‌

—‌

31‌

—‌

884‌

55,107‌

261,050‌

TempFund

..........................

1,

49

9‌

—‌

—‌

4,027‌

1,954‌

26,312‌

—‌

33,792‌

T-Fund

.............................

—‌

259,98

8‌

—‌

262‌

—‌

—‌

6,257‌

266,507‌

Treasury

Trust

Fund

....................

5,312‌

—‌

—‌

—‌

138,282‌

—‌

16,209‌

159,803‌

MuniFund

...........................

—‌

—‌

—‌

—‌

—‌

1,

076‌

1,218‌

2,294‌

Service

and

Distribution

Fees

Waived

Administration

Capital

Cash

Management

Cash

Reserve

Dollar

Private

Client

Select

Total

Federal

Trust

Fund

.....................

$

23,5

28‌

$

—‌

$

59,805‌

$

—‌

$

26,946‌

$

—‌

$

—‌

$

110,279‌

FedFund

...........................

742,232‌

1,040,707‌

1,081,579‌

9,598,954‌

3,087,682‌

6

38‌

1,262,003‌

16,813,795‌

TempCash

..........................

—‌

—‌

—‌

—‌

6‌

—‌

—‌

6‌

TempFund

..........................

313‌

—‌

837,965‌

4,359‌

4

4,507‌

7,0

46‌

—‌

894,190‌

T-Fund

.............................

115,755‌

833,104‌

2,658,786‌

187,307‌

852,582‌

—‌

185,794‌

4,833,328‌

Treasury

Trust

Fund

....................

149,048‌

3‌

93,020‌

190,471‌

1,086,953‌

—‌

442,687‌

1,962,182‌

MuniCash

...........................

—‌

—‌

—‌

—‌

3,389‌

—‌

—‌

3,389‌

MuniFund

...........................

5,239‌

—‌

—‌

—‌

5,078‌

678‌

10,248‌

21,243‌

Notes

to

Financial

Statements

(continued)

135

Notes

to

Financial

Statements

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

U.S.

Securities

and

Exchange

Commission

(“SEC”),

each

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

each

Fund’s

investment

policies

and

restrictions.

Each

Fund

is

currently

permitted

to borrow under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During

the

year

ended

October

31,

2020,

the

Funds

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Funds

reimburse

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Trust's

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statements

of

Operations. 

Other

Transactions:

During

the 

year

ended

October

31,

2020, 

TempFund

and

T-Fund

received

a

reimbursement

of

$14,497

and

$91,876,

respectively,

from

an

affiliate,

which

is

included

in

payments

by

affiliates

in

the

Statements

of

Operations,

related

to

operating

events.

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,

2020,

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:

INCOME

TAX

INFORMATION 

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

Each Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

each

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

each

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Funds

as

of

October

31,

2020,

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.

Purchases 

Sales 

Net

Realized

Gain

(Loss)

MuniCash

........................................................................

$

2,046,530,843‌

$

1,150,344,221‌

$

—‌

MuniFund

........................................................................

44,651,624‌

132,677,554‌

—‌

California

Money

Fund

...............................................................

197,642,305‌

582,273,848‌

—‌

New

York

Money

Fund

...............................................................

154,386,378‌

240,511,366‌

—‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

136

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

period

end,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

During

the

year

ended October

31,

2020,

the

Funds

listed

below

utilized

the

following

amounts

of

their

respective

capital

loss

carryforwards: 

Tax-Exempt

Income

(a)

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Total

Federal

Trust

Fund

10/31/20

..............................................

$

—‌

$

23,593,524‌

$

—‌

$

—‌

$

23,593,524‌

10/31/19

..............................................

—‌

66,974,536‌

—‌

—‌

66,974,536‌

FedFund

10/31/20

..............................................

—‌

770,411,739‌

—‌

—‌

770,411,739‌

10/31/19

..............................................

—‌

2,054,430,308‌

—‌

—‌

2,054,430,308‌

TempCash

10/31/20

..............................................

—‌

87,881,223‌

—‌

—‌

87,881,223‌

10/31/19

..............................................

—‌

179,982,250‌

—‌

—‌

179,982,250‌

TempFund

10/31/20

..............................................

—‌

88,442,315‌

—‌

—‌

88,442,315‌

10/31/19

..............................................

—‌

293,120,921‌

—‌

—‌

293,120,921‌

T-Fund

10/31/20

..............................................

—‌

489,301,078‌

155,633‌

—‌

489,456,711‌

10/31/19

..............................................

—‌

1,528,365,196‌

—‌

—‌

1,528,365,196‌

Treasury

Trust

Fund

10/31/20

..............................................

—‌

277,043,103‌

1,527‌

—‌

277,044,630‌

10/31/19

..............................................

—‌

766,253,135‌

—‌

—‌

766,253,135‌

MuniCash

10/31/20

..............................................

30,658,438‌

—‌

—‌

—‌

30,658,438‌

10/31/19

..............................................

63,985,669‌

—‌

176,930‌

—‌

64,162,599‌

MuniFund

10/31/20

..............................................

965,530‌

182‌

4,688‌

152,416‌

1,122,816‌

10/31/19

..............................................

3,326,322‌

—‌

—‌

—‌

3,326,322‌

California

Money

Fund

10/31/20

..............................................

1,600,175‌

—‌

—‌

—‌

1,600,175‌

10/31/19

..............................................

3,470,737‌

—‌

—‌

—‌

3,470,737‌

New

York

Money

Fund

10/31/20

..............................................

1,540,079‌

—‌

—‌

—‌

1,540,079‌

10/31/19

..............................................

1,886,518‌

—‌

—‌

—‌

1,886,518‌

(a)

The

Funds

designate

these

amounts

paid

during

the

fiscal

year

ended

October

31,

2020,

as

exempt-interest

dividend.

Undistributed

Tax-

exempt

Inc

ome

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Non-expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

Federal

Trust

Fund

...............................

$

—‌

$

738,975‌

$

—‌

$

—‌

$

—‌

$

738,975‌

FedFund

.....................................

—‌

16,554,411‌

439,274‌

—‌

(514,717‌)

16,478,968‌

TempCash

....................................

—‌

308,277‌

—‌

(1,225,712‌)

2,847,453‌

1,930,018‌

TempFund

....................................

—‌

1,285,412‌

—‌

(815,103‌)

2,820,603‌

3,290,912‌

T-Fund

.......................................

—‌

11,001,491‌

—‌

—‌

(337‌)

11,001,154‌

Treasury

Trust

Fund

..............................

—‌

4,115,193‌

—‌

—‌

(3,133‌)

4,112,060‌

MuniCash

.....................................

—‌

—‌

—‌

(8,921‌)

135,400‌

126,479‌

MuniFund

.....................................

—‌

—‌

—‌

—‌

(269‌)

(269‌)

California

Money

Fund

............................

356‌

4,410‌

—‌

—‌

1,278‌

6,044‌

New

York

Money

Fund

............................

—‌

—‌

—‌

—‌

2,984‌

2,984‌

(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

and

the

timing

of

distributions.

MuniFund

MuniCash

California

Money

Fund

Amount

utilized

......................................................................................

$

3,026‌

$

46,530‌

$

41‌

Notes

to

Financial

Statements

(continued)

137

Notes

to

Financial

Statements

As

of

October

31,

2020, 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: 

 PRINCIPAL

RISKS 

Many

municipalities

insure

repayment

of

their

bonds,

which

may

reduce

the

potential

for

loss

due

to

credit

risk.

The

market

value

of

these

bonds

may

fluctuate

for

other

reasons,

including

market

perception

of

the

value

of

such

insurance,

and

there

is

no

guarantee

that

the

insurer

will

meet

its

obligation. 

Inventories

of

municipal

bonds

held

by

brokers

and

dealers

may

decrease,

which

would

lessen

their

ability

to

make

a

market

in

these

securities.

Such

a

reduction

in

market

making

capacity

could

potentially

decrease

a

Fund’s

ability

to

buy

or

sell

bonds.

As

a

result,

a

Fund

may

sell

a

security

at

a

lower

price,

sell

other

securities

to

raise

cash,

or

give

up

an

investment

opportunity,

any

of

which

could

have

a

negative

impact

on

performance.

If

a

Fund

needed

to

sell

large

blocks

of

bonds,

those

sales

could

further

reduce

the

bonds’

prices

and

impact

performance.

In

the

normal

course

of

business, certain

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. 

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.

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:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

Fund's

investments.

The

duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within certain

Fund's

portfolios

are

disclosed

in

its Schedule

of

Investments.

MuniCash,

MuniFund,

California

Money

Fund

and

New

York

Money

Fund invest

a

substantial

amount

of their

assets

in

issuers

located

in

a

single

state

or

limited

number

of

states.

When

a

Fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

or

social

conditions

affecting

that

state

or

group

of

states

could

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund’s

portfolio.

Investment

percentages

in

specific

states

or

U.S.

territories

are

presented

in

the

Schedules

of

Investments.

Certain

Funds

invest

a

significant

portion

of

their

assets

in fixed-income securities and/or use

derivatives tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may affect

the

value

and/or

liquidity

of

such investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

increase

as

interest

rates

fall

and

decrease

as

interest

rates

rise.

The

Funds

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the

current

period

of

historically

low

rates. 

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

London

Interbank

Offered

Rate

(“LIBOR”)

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time. The

Funds

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

FedFund

T-Fund

Treasury

Trust

Fund

Tax

cost

.................................................................................

$

157,376,944,321‌

$

102,160,687,392‌

$

56,370,040,369‌

Gross

unrealized

appreciation

..................................................................

$

—‌

$

—‌

$

—‌

Gross

unrealized

depreciation

..................................................................

(514,717‌)

(337‌)

(3,133‌)

Net

unrealized

appreciation

(depreciation)

..........................................................

$

(514,717‌)

$

(337‌)

$

(3,133‌)

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

138

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain. 

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

Federal

Trust

Fund,

FedFund,

T-Fund,

Treasury

Trust

Fund

and

MuniFund. 

Transactions

in

capital

shares

for

each

class

were

as

follows:

d

Year

Ended

10/31/20

10/31/19

Federal

Trust

Fund

Institutional

Shares

sold

21,076,697,710‌

12,704,112,763‌

Shares

issued

in

reinvestment

of

distributions

........................................................

5,110,658‌

14,369,548‌

Shares

redeemed

(20,036,629,208‌)

(12,272,884,399‌)

        Net

increase

1,045,179,160‌

445,597,912‌

Administration

Shares

sold

129,237,814‌

173,314,836‌

Shares

issued

in

reinvestment

of

distributions

........................................................

468,577‌

1,898,231‌

Shares

redeemed

(131,764,321‌)

(170,753,243‌)

        Net

increase

(decrease)

(2,057,930‌)

4,459,824‌

Cash

Management

Shares

sold

26,815,218‌

202,720‌

Shares

issued

in

reinvestment

of

distributions

........................................................

3‌

—‌

Shares

redeemed

(27,845,973‌)

(1,538,528‌)

        Net

decrease

(1,030,752‌)

(1,335,808‌)

Cash

Reserve

Shares

sold

40,756‌

772‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1,904‌

9,105‌

Shares

redeemed

(138‌)

(774‌)

        Net

increase

42,522‌

9,103‌

Dollar

Shares

sold

56,638,126‌

12,237,686‌

Shares

issued

in

reinvestment

of

distributions

........................................................

9,843‌

65,711‌

Shares

redeemed

(36,956,122‌)

(14,903,384‌)

        Net

increase

(decrease)

19,691,847‌

(2,599,987‌)

Premier

Shares

sold

—‌

36,500‌

(a)

        Net

increase

—‌

36,500‌

Total

Net

Increase

1,061,824,847‌

446,167,544‌

FedFund

Institutional

Shares

sold

1,130,219,642,439‌

820,557,392,885‌

Shares

issued

in

reinvestment

of

distributions

........................................................

289,706,012‌

681,599,495‌

Shares

redeemed

(1,082,540,565,006‌)

(802,414,537,695‌)

        Net

increase

47,968,783,445‌

18,824,454,685‌

Administration

Shares

sold

8,606,564,742‌

7,702,703,748‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1,968,351‌

7,851,418‌

Shares

redeemed

(8,501,448,442‌)

(7,340,208,687‌)

        Net

increase

107,084,651‌

370,346,479‌

Capital

Shares

sold

16,299,159,211‌

8,896,812,741‌

Shares

issued

in

reinvestment

of

distributions

........................................................

49,232,126‌

159,322,052‌

Shares

redeemed

(13,180,787,391‌)

(8,116,349,857‌)

        Net

increase

3,167,603,946‌

939,784,936‌

Notes

to

Financial

Statements

(continued)

139

Notes

to

Financial

Statements

d

Year

Ended

10/31/20

10/31/19

Cash

Management

Shares

sold

836,111,050‌

601,770,368‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1,030,206‌

3,486,015‌

Shares

redeemed

(773,865,367‌)

(382,288,939‌)

        Net

increase

63,275,889‌

222,967,444‌

Cash

Reserve

Shares

sold

48,735,245,740‌

44,180,431,479‌

Shares

issued

in

reinvestment

of

distributions

........................................................

14‌

227‌

Shares

redeemed

(48,562,796,439‌)

(40,922,873,761‌)

        Net

increase

172,449,315‌

3,257,557,945‌

Dollar

Shares

sold

11,131,375,296‌

12,221,791,437‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1,088,813‌

4,575,944‌

Shares

redeemed

(10,447,866,469‌)

(11,695,388,333‌)

        Net

increase

684,597,640‌

530,979,048‌

Premier

Shares

sold

—‌

36,500‌

(a)

        Net

increase

—‌

36,500‌

Private

Client

Shares

sold

48,953‌

78‌

Shares

issued

in

reinvestment

of

distributions

........................................................

950‌

5,702‌

Shares

redeemed

(27,273‌)

(544,339‌)

        Net

increase

(decrease)

22,630‌

(538,559‌)

Select

Shares

sold

1,032,175,203‌

633,574,854‌

Shares

issued

in

reinvestment

of

distributions

........................................................

638,188‌

3,014,408‌

Shares

redeemed

(987,245,412‌)

(575,656,386‌)

        Net

increase

45,567,979‌

60,932,876‌

Total

Net

Increase

52,209,385,495‌

24,206,521,354‌

T-Fund

Institutional

Shares

sold

744,918,222,101‌

620,268,558,788‌

Shares

issued

in

reinvestment

of

distributions

........................................................

124,819,487‌

461,723,948‌

Shares

redeemed

(721,894,332,156‌)

(613,291,766,321‌)

        Net

increase

23,148,709,432‌

7,438,516,415‌

Administration

Shares

sold

500,364,405‌

773,946,841‌

Shares

issued

in

reinvestment

of

distributions

........................................................

45,935‌

5,724,048‌

Shares

redeemed

(744,508,236‌)

(970,844,552‌)

        Net

decrease

(244,097,896‌)

(191,173,663‌)

Capital

Shares

sold

23,188,450,714‌

14,569,570,038‌

Shares

issued

in

reinvestment

of

distributions

........................................................

58,140,198‌

224,499,974‌

Shares

redeemed

(17,752,714,576‌)

(15,425,120,574‌)

        Net

increase

(decrease)

5,493,876,336‌

(631,050,562‌)

Cash

Management

Shares

sold

3,118,108,344‌

3,163,021,198‌

Shares

issued

in

reinvestment

of

distributions

........................................................

2,319,312‌

6,788,577‌

Shares

redeemed

(3,146,612,028‌)

(2,734,516,096‌)

        Net

increase

(decrease)

(26,184,372‌)

435,293,679‌

Cash

Reserve

Shares

sold

2,265,489,884‌

1,081,187,181‌

Shares

issued

in

reinvestment

of

distributions

........................................................

193,103‌

1,592,195‌

Shares

redeemed

(2,332,436,703‌)

(1,198,937,643‌)

        Net

decrease

(66,753,716‌)

(116,158,267‌)

Dollar

Shares

sold

6,544,536,834‌

6,130,368,305‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1,347,383‌

7,482,569‌

Shares

redeemed

(6,670,185,748‌)

(6,573,759,591‌)

        Net

decrease

(124,301,531‌)

(435,908,717‌)

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

140

d

Year

Ended

10/31/20

10/31/19

Premier

Shares

sold

—‌

36,500‌

(a)

        Net

increase

—‌

36,500‌

Select

Shares

sold

138,864,129‌

103,478,228‌

Shares

issued

in

reinvestment

of

distributions

........................................................

36,791‌

263,265‌

Shares

redeemed

(123,228,363‌)

(108,682,535‌)

        Net

increase

(decrease)

15,672,557‌

(4,941,042‌)

Total

Net

Increase

28,196,920,810‌

6,494,614,343‌

Treasury

Trust

Fund

Institutional

Shares

sold

189,405,855,943‌

95,714,869,460‌

Shares

issued

in

reinvestment

of

distributions

........................................................

56,945,929‌

144,120,420‌

Shares

redeemed

(171,791,186,105‌)

(87,663,392,824‌)

        Net

increase

17,671,615,767‌

8,195,597,056‌

Administration

Shares

sold

1,479,240,375‌

1,699,228,986‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1,527,137‌

1,719,579‌

Shares

redeemed

(1,546,612,399‌)

(1,648,893,264‌)

        Net

increase

(decrease)

(65,844,887‌)

52,055,301‌

Capital

(b)

Shares

sold

250,001‌

—‌

Shares

issued

in

reinvestment

of

distributions

........................................................

—‌

—‌

        Net

increase

250,001‌

—‌

Cash

Management

Shares

sold

134,302,699‌

59,530,319‌

Shares

issued

in

reinvestment

of

distributions

........................................................

11,613‌

20,116‌

Shares

redeemed

(117,705,993‌)

(36,904,423‌)

        Net

increase

16,608,319‌

22,646,012‌

Cash

Reserve

Shares

sold

603,230,416‌

459,595,250‌

Shares

issued

in

reinvestment

of

distributions

........................................................

58,687‌

16,348‌

Shares

redeemed

(574,340,084‌)

(393,627,800‌)

        Net

increase

28,949,019‌

65,983,798‌

Dollar

Shares

sold

5,0

07

,

927

,

072‌

3,303,440,917‌

Shares

issued

in

reinvestment

of

distributions

........................................................

580,592‌

1,501,352‌

Shares

redeemed

(5,046,5

8

4,988‌

)

(2,809,691,869‌)

        Net

increase

(decrease)

(38,077,324‌)

495,250,400‌

Premier

Shares

sold

—‌

36,500‌

(a)

        Net

increase

—‌

36,500‌

Select

Shares

sold

358,700,062‌

233,491,984‌

Shares

issued

in

reinvestment

of

distributions

........................................................

137,163‌

497,582‌

Shares

redeemed

(293,459,746‌)

(235,401,422‌)

        Net

increase

(decrease)

65,377,479‌

(1,411,856‌)

Total

Net

Increase

17,678,878,374‌

8,830,157,211‌

MuniFund

Institutional

Shares

sold

159,672,919‌

380,643,057‌

Shares

issued

in

reinvestment

of

distributions

........................................................

476,704‌

1,242,612‌

Shares

redeemed

(286,347,842‌)

(378,430,505‌)

        Net

increase

(decrease)

(126,198,219‌)

3,455,164‌

Administration

Shares

sold

26,169,972‌

36,679,186‌

Shares

issued

in

reinvestment

of

distributions

........................................................

79,039‌

221,989‌

Shares

redeemed

(41,566,587‌)

(37,950,705‌)

        Net

decrease

(15,317,576‌)

(1,049,530‌)

Notes

to

Financial

Statements

(continued)

141

Notes

to

Financial

Statements

Transactions

in

capital

shares

for

each

class

of

TempCash,

TempFund,

MuniCash,

California

Money

Fund

and

New

York

Money

Fund

were

as

follows: 

d

Year

Ended

10/31/20

10/31/19

Dollar

Shares

sold

2,571,886‌

2,674,954‌

Shares

redeemed

(2,259,927‌)

(2,458,697‌)

        Net

increase

311,959‌

216,257‌

Premier

Shares

sold

—‌

36,500‌

(a)

        Net

increase

—‌

36,500‌

Private

Client

Shares

sold

68‌

—‌

Shares

issued

in

reinvestment

of

distributions

........................................................

1,447‌

2,800‌

Shares

redeemed

(302‌)

(31,511‌)

        Net

increase

(decrease)

1,213‌

(28,711‌)

Select

Shares

sold

13,690,420‌

33,405,411‌

Shares

issued

in

reinvestment

of

distributions

........................................................

7,268‌

21,628‌

Shares

redeemed

(13,941,139‌)

(33,907,617‌)

        Net

decrease

(243,451‌)

(480,578‌)

Total

Net

Increase

(Decrease)

(141,446,074‌)

2,149,102‌

d

Year

Ended

10/31/20

Year

Ended

10/31/19

Shares

Amount

Shares

Amount

TempCash

Institutional

Shares

sold

19,367,271,033‌

$

19,384,322,931‌

17,927,742,344‌

$

17,936,454,621‌

Shares

issued

in

reinvestment

of

distributions

........................

4,953,207‌

4,957,181‌

7,975,683‌

7,979,923‌

Shares

redeemed

(18,773,353,580‌)

(18,786,003,498‌)

(12,780,036,136‌)

(12,786,435,080‌)

        Net

increase

598,870,660‌

$

603,276,614‌

5,155,681,891‌

$

5,157,999,464‌

Dollar

Shares

sold

1‌

$

—‌

—‌

$

—‌

Shares

issued

in

reinvestment

of

distributions

........................

112‌

112‌

2,438‌

2,439‌

        Net

increase

113‌

$

112‌

2,438‌

$

2,439‌

Premier

Shares

sold

—‌

$

—‌

36,478‌

(a)

$

36,500‌

(a)

        Net

increase

—‌

$

—‌

36,478‌

$

36,500‌

Total

Net

Increase

598,870,773‌

$

603,276,726‌

5,155,720,807‌

$

5,158,038,403‌

TempFund

Institutional

Shares

sold

63,558,661,568‌

$

63,603,396,011‌

90,618,296,944‌

$

90,665,754,560‌

Shares

issued

in

reinvestment

of

distributions

........................

52,164,968‌

52,196,080‌

171,767,829‌

171,874,287‌

Shares

redeemed

(63,294,006,472‌)

(63,334,527,532‌)

(92,508,122,479‌)

(92,556,540,240‌)

        Net

increase

(decrease)

316,820,064‌

$

321,064,559‌

(1,718,057,706‌)

$

(1,718,911,393‌)

Administration

Shares

sold

158,009,523‌

$

158,115,798‌

43,349,196‌

$

43,373,336‌

Shares

issued

in

reinvestment

of

distributions

........................

171,186‌

171,309‌

439,267‌

439,512‌

Shares

redeemed

(190,852,331‌)

(191,013,635‌)

(25,556,176‌)

(25,570,432‌)

        Net

increase

(decrease)

(32,671,622‌)

$

(32,726,528‌)

18,232,287‌

$

18,242,416‌

Capital

(c)

Shares

sold

5,833,918‌

$

5,839,215‌

—‌

$

—‌

Shares

issued

in

reinvestment

of

distributions

........................

44

2‌

442‌

—‌

—‌

Shares

redeemed

(2,614,040‌)

(2,616,295‌)

—‌

—‌

        Net

increase

3,220,320‌

$

3,223,362‌

—‌

$

—‌

Cash

Management

Shares

sold

207,090,363‌

$

207,228,502‌

177,216,383‌

$

177,308,452‌

Shares

issued

in

reinvestment

of

distributions

........................

2,994,154‌

2,995,688‌

11,899,108‌

11,905,542‌

Shares

redeemed

(258,592,747‌)

(258,791,059‌)

(197,010,664‌)

(197,116,973‌)

        Net

decrease

(48,508,230‌)

$

(48,566,869‌)

(7,895,173‌)

$

(7,902,979‌)

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

142

(a)

Period

July

26,

2019

(recommencement

of

operations)

to

October

31,

2019

for

Premier

Shares.

(b)

Period

October

22,

2020

(recommencement

of

operations)

to

October

31,

2020

for

Capital

Shares.

d

Year

Ended

10/31/20

Year

Ended

10/31/19

Shares

Amount

Shares

Amount

Cash

Reserve

Shares

sold

6,775,904‌

$

6,780,743‌

5,062,279‌

$

5,065,053‌

Shares

issued

in

reinvestment

of

distributions

........................

30,486‌

30,503‌

102,293‌

102,346‌

Shares

redeemed

(5,560,790‌)

(5,565,003‌)

(5,189,225‌)

(5,192,201‌)

        Net

increase

(decrease)

1,245,600‌

$

1,246,243‌

(24,653‌)

$

(24,802‌)

Dollar

Shares

sold

113,538,773‌

$

113,631,275‌

51,470,637‌

$

51,497,281‌

Shares

issued

in

reinvestment

of

distributions

........................

505,136‌

505,429‌

1,836,953‌

1,837,950‌

Shares

redeemed

(87,112,667‌)

(87,171,880‌)

(53,960,274‌)

(53,992,845‌)

        Net

increase

(decrease)

26,931,242‌

$

26,964,824‌

(652,684‌)

$

(657,614‌)

Private

Client

Shares

sold

31,607,652‌

$

31,602,734‌

6,341,325‌

$

6,344,238‌

Shares

issued

in

reinvestment

of

distributions

........................

12,653‌

12,661‌

32,331‌

32,349‌

Shares

redeemed

(31,742,848‌)

(31,772,528‌)

(7,249,660‌)

(7,253,283‌)

        Net

decrease

(122,543‌)

$

(157,133‌)

(876,004‌)

$

(876,696‌)

Select

(d)

Shares

sold

—‌

$

—‌

—‌

$

—‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

6‌

5‌

Shares

redeemed

—‌

—‌

(643‌)

(643‌)

        Net

decrease

—‌

$

—‌

(637‌)

$

(638‌)

Total

Net

Increase

(Decrease)

266,914,8

31‌

$

271,048,458‌

(1,709,274,570‌)

$

(1,710,131,706‌)

MuniCash

Institutional

Shares

sold

41,440,031,637‌

$

41,446,367,361‌

32,005,274,124‌

$

32,009,869,838‌

Shares

issued

in

reinvestment

of

distributions

........................

12,236,952‌

12,238,616‌

18,175,005‌

18,177,436‌

Shares

redeemed

(41,474,660,028‌)

(41,480,920,423‌)

(30,833,267,846‌)

(30,837,752,767‌)

        Net

increase

(decrease)

(22,391,439‌)

$

(22,314,446‌)

1,190,181,283‌

$

1,190,294,507‌

Dollar

Shares

sold

3,018,218‌

$

3,018,731‌

2,961,834‌

$

2,962,222‌

Shares

issued

in

reinvestment

of

distributions

........................

10,532‌

10,533‌

25,542‌

25,545‌

Shares

redeemed

(2,060,196‌)

(2,060,562‌)

(2,672,705‌)

(2,673,061‌)

        Net

increase

968,554‌

$

968,702‌

314,671‌

$

314,706‌

Premier

Shares

sold

—‌

$

—‌

36,493‌

(a)

$

36,500‌

(a)

        Net

increase

—‌

$

—‌

36,493‌

$

36,500‌

Total

Net

Increase

(Decrease)

(21,422,885‌)

$

(21,345,744‌)

1,190,532,447‌

$

1,190,645,713‌

California

Money

Fund

Institutional

Shares

sold

3,336,333,399‌

$

3,336,763,012‌

4,428,995,312‌

$

4,429,881,111‌

Shares

issued

in

reinvestment

of

distributions

........................

1,291,015‌

1,291,144‌

2,594,245‌

2,594,765‌

Shares

redeemed

(3,581,208,580‌)

(3,581,717,421‌)

(4,203,640,454‌)

(4,204,481,181‌)

        Net

increase

(decrease)

(243,584,166‌)

$

(243,663,265‌)

227,949,103‌

$

227,994,695‌

Premier

Shares

sold

—‌

$

—‌

36,492‌

(a)

$

36,500‌

(a)

        Net

increase

—‌

$

—‌

36,492‌

$

36,500‌

Total

Net

Increase

(Decrease)

(243,584,166‌)

$

(243,663,265‌)

227,985,595‌

$

228,031,195‌

New

York

Money

Fund

Institutional

Shares

sold

1,349,794,100‌

$

1,349,797,466‌

1,467,442,284‌

$

1,467,442,284‌

Shares

issued

in

reinvestment

of

distributions

........................

535,501‌

535,502‌

857,781‌

857,781‌

Shares

redeemed

(1,443,890,179‌)

(1,443,892,052‌)

(1,270,864,647‌)

(1,270,864,647‌)

        Net

increase

(decrease)

(93,560,578‌)

$

(93,559,084‌)

197,435,418‌

$

197,435,418‌

Premier

Shares

sold

—‌

$

—‌

36,500‌

(a)

$

36,500‌

(a)

        Net

increase

—‌

$

—‌

36,500‌

$

36,500‌

Total

Net

Increase

(Decrease)

(93,560,578‌)

$

(93,559,084‌)

197,471,918‌

$

197,471,918‌

Notes

to

Financial

Statements

(continued)

143

Notes

to

Financial

Statements

(c)

Period

July

07,

2020

(recommencement

of

operations)

to

October

31,

2020

for

Capital

Shares.

(d)

There

were

no

Select

Shares

outstanding

for

the

period

ended

October

31,

2020.

As

of

October

31,

2020,

shares

owned

by

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Funds,

were

as

follows:

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.

Premier

Federal

Trust

Fund

.........................................................................................................

36,500‌

FedFund

...............................................................................................................

36,500‌

TempCash

..............................................................................................................

36,478‌

T-Fund

.................................................................................................................

36,500‌

Treasury

Trust

Fund

........................................................................................................

36,500‌

MuniCash

...............................................................................................................

36,493‌

MuniFund

...............................................................................................................

36,500‌

California

Money

Fund

......................................................................................................

36,4

9

2‌

New

York

Money

Fund

......................................................................................................

36,500‌

Report

of

Independent

Registered

Public

Accounting

Firm

2020

BlackRock

Annual

Report

to

Shareholders

144

To

the

Shareholders

of

Federal

Trust

Fund,

FedFund,

TempCash,

TempFund,

T-Fund,

Treasury

Trust

Fund,

MuniCash,

MuniFund,

California

Money

Fund,

and

New

York

Money

Fund

and

the

Board

of

Trustees

of

BlackRock

Liquidity

Funds:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

Federal

Trust

Fund,

FedFund,

TempCash,

TempFund,

T-Fund,

Treasury

Trust

Fund,

MuniCash,

MuniFund,

California

Money

Fund,

and

New

York

Money

Fund

of

BlackRock

Liquidity

Funds

(the

“Funds”),

including

the

schedules

of

investments,

as

of

October

31,

2020,

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,

2020,

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,

2020,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

December

21,

2020

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Important

Tax

Information

(unaudited)

145

Important

Tax

Information

For

the

fiscal

year

ended

October

31,

2020,

the

Funds

hereby

designate

the

following

maximum

amounts

allowable

as

business

interest

income

eligible

to

be

treated

as

a

section

163(j)

interest

dividend:

For

the

fiscal

year

ended

October

31,

2020,

the

Funds

hereby

designate

the

following

maximum

amounts

allowable

as

interest-related

dividends

and

qualified

short-term

capital

gains

eligible

for

exemption

from

U.S.

withholding

tax

for

nonresident

aliens

and

foreign

corporations:

The

Funds

hereby

designate

the

following

amount

of

distributions

from

direct

federal

obligation

interest

for

the

fiscal

year

ended

October

31,

2020:

The

law

varies

in

each

state

as

to

whether

and

what

percent

of

ordinary

income

dividends

attribute

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

following

distribution

amounts

are

hereby

designated

for

the

fiscal

year

ended

October

31,

2020:

Fund

Interest

Dividends

Federal

Trust

Fund

..................................................................................................

$

23,348,193‌

FedFund

........................................................................................................

753,860,151‌

TempCash

.......................................................................................................

87,879,132‌

TempFund

.......................................................................................................

87,376,114‌

T-Fund

..........................................................................................................

484,490,977‌

Treasury

Trust

Fund

.................................................................................................

266,354,088‌

Fund

Interest-Related

Dividends

Federal

Trust

Fund

..................................................................................................

$

24,020,070‌

FedFund

........................................................................................................

770,411,739‌

TempCash

.......................................................................................................

42,165,714‌

TempFund

.......................................................................................................

43,684,609‌

T-Fund

..........................................................................................................

489,301,078‌

Treasury

Trust

Fund

.................................................................................................

277,718,480‌

Fund

Federal

Obligation

Interest

Federal

Trust

Fund

..................................................................................................

$

23,348,194‌

FedFund

........................................................................................................

452,046,234‌

TempCash

.......................................................................................................

833,190‌

TempFund

.......................................................................................................

659,093‌

T-Fund

..........................................................................................................

291,411,428‌

Treasury

Trust

Fund

.................................................................................................

266,354,087‌

Fund

Short-Term

Capital

Gain

Dividends

20%

Rate

Long-Term

Capital

Gain

Dividends

Federal

Trust

Fund

...............................................................................

$

245,330‌

$

—‌

FedFund

.....................................................................................

15,653,242‌

—‌

TempCash

....................................................................................

245,208‌

—‌

TempFund

....................................................................................

917,720‌

—‌

T-Fund

.......................................................................................

4,810,100‌

155,633‌

Treasury

Trust

Fund

..............................................................................

4,882,763‌

1,527‌

MuniFund

.....................................................................................

—‌

4,688‌

Disclosure

of

Investment

Advisory

Agreement

2020

BlackRock

Annual

Report

to

Shareholders

146

The

Board

of

Trustees

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Liquidity

Funds

(the

“Trust”)

met

on

April

7,

2020

(the

“April

Meeting”)

and

May

11-13,

2020

(the

“May

Meeting”)

to

consider

the

approval

of

the

investment

advisory

agreement

(the

“Agreement”)

between

the

Trust,

on

behalf

of

each

series

of

the

Trust

(each,

a

“Fund”

and

together,

the

“Funds”),

and

BlackRock

Advisors,

LLC

(the

“Manager”

or

“BlackRock”),

the

Trust’s

investment

advisor.

Activities

and

Composition

of

the

Board

On

the

date

of

the

May

Meeting,

the

Board

consisted

of

fourteen

individuals,

twelve

of

whom

were

not

“interested

persons”

of

the

Trust

as

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”)

(the

“Independent

Board

Members”).

The

Board

Members

are

responsible

for

the

oversight

of

the

operations

of

the

Trust

and

perform

the

various

duties

imposed

on

the

directors

of

investment

companies

by

the

1940

Act.

The

Independent

Board

Members

have

retained

independent

legal

counsel

to

assist

them

in

connection

with

their

duties.

The

Chair

of

the

Board

is

an

Independent

Board

Member.

The

Board

has

established

five

standing

committees:

an

Audit

Committee,

a

Governance

and

Nominating

Committee,

a

Compliance

Committee,

a

Performance

Oversight

Committee

and

an

Ad

Hoc

Topics

Committee,

each

of

which

is

chaired

by

an

Independent

Board

Member

and

composed

of

Independent

Board

Members

(except

for

the

Ad

Hoc

Topics

Committee,

which

also

has

one

interested

Board

Member).

The

Agreement

Consistent

with

the

requirements

of

the

1940

Act,

the

Board

considers

the

continuation

of

the

Agreement

on

an

annual

basis.

The

Board

has

four

quarterly

meetings

per

year,

each

typically

extending

for

two

days,

and

additional

in-person

and

telephonic

meetings

throughout

the

year,

as

needed.

While

the

Board

also

has

a

fifth

one-day

meeting

to

consider

specific

information

surrounding

the

renewal

of

the

Agreement,

the

Board’s

consideration

entails

a

year-long

deliberative

process

whereby

the

Board

and

its

committees

assess

BlackRock’s

services

to

the

Funds.

In

particular,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

of

the

services

provided

to

each

Fund

by

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

of

each

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,

considers

information

that

is

relevant

to

its

annual

consideration

of

the

renewal

of

the

Agreement,

including

the

services

and

support

provided

by

BlackRock

to

each

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

to

the

Board

in

response

to

specific

questions

from

the

Board.

This

additional

information

is

discussed

further

below

in

the

section

titled

“Board

Considerations

in

Approving

the

Agreement.”

Among

the

matters

the

Board

considered

were:

(a)

with

respect

to

each

Fund,

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

the

Fund’s

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

each

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

to

each

Fund;

(d)

the

resources

devoted

to

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

of

each

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

the

Trust’s

adherence

to

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

of

non-investment

management

services

provided

by

BlackRock

and

its

affiliates

and

the

estimated

cost

of

such

services;

(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

Trust’s

valuation

and

liquidity

procedures;

(k)

an

analysis

of

management

fees

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

each

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.

Board

Considerations

in

Approving

the

Agreement

The

Approval

Process:

Prior

to

the

April

Meeting,

the

Board

requested

and

received

materials

specifically

relating

to

the

Agreement.

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

Agreement

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

each

Fund’s

operations.

At

the

April

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Agreement.

As

a

result

of

the

discussions

that

occurred

during

the

April

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

to

these

questions

and

requests

with

additional

written

information

in

advance

of

the

May

Meeting.

At

the

May

Meeting,

the

Board

concluded

its

assessment

of,

among

other

things:

(a)

the

nature,

extent

and

quality

of

the

services

provided

by

BlackRock;

(b)

the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers

and

to

other

metrics,

as

applicable;

(c)

the

advisory

fee

and

the

estimated

cost

of

the

services

and

estimated

profits

realized

by

BlackRock

and

its

affiliates

from

their

relationship

with

the

Funds;

(d)

each

Fund’s

fees

and

expenses

compared

to

its

Expense

Peers;

(e)

the

Disclosure

of

Investment

Advisory

Agreement

(continued)

147

Disclosure

of

Investment

Advisory

Agreement

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

each

Fund’s

portfolio

holdings.

The

Board

noted

the

willingness

of

BlackRock’s

personnel

to

engage

in

open,

candid

discussions

with

the

Board.

The

Board

did

not

identify

any

particular

information

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

items

considered.

A.

Nature,

Extent

and

Quality

of

the

Services

Provided

by

BlackRock:

The

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

of

services

provided

by

BlackRock,

including

the

investment

advisory

services,

and

the

resulting

performance

of

each

Fund.

Throughout

the

year,

the

Board

compared

each

Fund’s

performance

to

the

performance

of

a

comparable

group

of

mutual

funds,

relevant

benchmark,

and

performance

metrics,

as

applicable.

The

Board

met

with

BlackRock’s

senior

management

personnel

responsible

for

investment

activities,

including

the

senior

investment

officers.

The

Board

also

reviewed

the

materials

provided

by

each

Fund’s

portfolio

management

team

discussing

the

Fund’s

performance,

investment

strategies

and

outlook.

The

Board

considered,

among

other

factors,

with

respect

to

BlackRock:

the

number,

education

and

experience

of

investment

personnel

generally

and

each

Fund’s

portfolio

management

team;

research

capabilities;

investments

by

portfolio

managers

in

the

funds

they

manage;

portfolio

trading

capabilities;

use

of

technology;

commitment

to

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

to

training

and

retaining

portfolio

managers

and

other

research,

advisory

and

management

personnel.

The

Board

also

considered

BlackRock’s

overall

risk

management

program,

including

the

continued

efforts

of

BlackRock

and

its

affiliates

to

address

cybersecurity

risks

and

the

role

of

BlackRock’s

Risk

&

Quantitative

Analysis

Group.

The

Board

engaged

in

a

review

of

BlackRock’s

compensation

structure

with

respect

to

each

Fund’s

portfolio

management

team

and

BlackRock’s

ability

to

attract

and

retain

high-quality

talent

and

create

performance

incentives.

In

addition

to

investment

advisory

services,

the

Board

considered

the

nature

and

quality

of

the

administrative

and

other

non-investment

advisory

services

provided

to

each

Fund.

BlackRock

and

its

affiliates

provide

the

Funds

with

certain

administrative,

shareholder

and

other

services

(in

addition

to

any

such

services

provided

to

the

Funds

by

third

parties)

and

officers

and

other

personnel

as

are

necessary

for

the

operations

of

the

Funds.

In

particular,

BlackRock

and

its

affiliates

provide

the

Funds

with

administrative

services

including,

among

others:

(i)

responsibility

for

disclosure

documents,

such

as

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

of

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

of

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

of

third-party

service

providers,

including,

among

others,

each

Fund’s

custodian,

fund

accountant,

transfer

agent,

and

auditor;

(v)

organizing

Board

meetings

and

preparing

the

materials

for

such

Board

meetings;

(vi)

providing

legal

and

compliance

support;

(vii)

furnishing

analytical

and

other

support

to

assist

the

Board

in

its

consideration

of

strategic

issues

such

as

the

merger,

consolidation

or

repurposing

of

certain

open-end

funds;

and

(viii)

performing

or

managing

administrative

functions

necessary

for

the

operation

of

each

Fund,

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

&

compliance

departments

and

considered

BlackRock’s

policies

and

procedures

for

assuring

compliance

with

applicable

laws

and

regulations.

B.

The

Investment

Performance

of

the

Funds

and

BlackRock:

The

Board,

including

the

Independent

Board

Members,

also

reviewed

and

considered

the

performance

history

of

each

Fund.

In

preparation

for

the

April

Meeting,

the

Board

was

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

each

Fund’s

performance

as

of

December

31,

2019,

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

noted

that

for

each

of

the

one-

and

three-year

periods

reported,

New

York

Money

Fund

and

Federal

Trust

Fund

outperformed

its

Benchmark

Weighted

Average.

The

Board

noted

that

for

the

one-

and

three-year

periods

reported,

MuniFund

outperformed

and

underperformed,

respectively,

its

Benchmark

Weighted

Average.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

Benchmark

Weighted

Average

during

the

applicable

periods.

The

Board

noted

that

for

each

of

the

one-

and

three-year

periods

reported,

California

Money

Fund,

MuniCash,

Treasury

Trust

Fund,

T-Fund,

TempFund,

TempCash

and

FedFund

underperformed

its

Benchmark

Weighted

Average.

The

Board

and

BlackRock

reviewed

the

pertinent

Fund’s

underperformance

relative

to

its

Benchmark

Weighted

Average

during

the

applicable

periods.

The

Board

noted

that

BlackRock

believes

that

the

Benchmark

Weighted

Average

is

an

appropriate

performance

metric

for

each

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

C.

Consideration

of

the

Advisory/Management

Fees

and

the

Estimated

Cost

of

the

Services

and

Estimated

Profits

Realized

by

BlackRock

and

its

Affiliates

from

their

Relationship

with

the

Funds

:

The

Board,

including

the

Independent

Board

Members,

reviewed

each

Fund’s

contractual

management

fee

rate

compared

with

those

of

its

Expense

Peers.

The

contractual

management

fee

rate

represents

a

combination

of

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

or

fee

waivers.

The

Board

also

compared

each

Fund’s

total

expense

ratio,

as

well

as

its

actual

management

fee

rate,

to

those

of

its

Expense

Peers.

The

total

expense

ratio

represents

a

fund’s

total

net

operating

expenses,

including

any

12b-1

or

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

to

any

expense

reimbursements

or

fee

waivers,

and

the

actual

management

fee

rate

gives

effect

to

any

management

fee

reimbursements

or

waivers.

The

Board

considered

the

services

Disclosure

of

Investment

Advisory

Agreement

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

148

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,

2019

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

BlackRock

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

BlackRock,

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

Agreement

and

to

continue

to

provide

the

high

quality

of

services

that

is

expected

by

the

Board.

The

Board

further

considered

factors

including

but

not

limited

to

BlackRock’s

commitment

of

time,

assumption

of

risk,

and

liability

profile

in

servicing

the

Funds,

including

in

contrast

to

what

is

required

of

BlackRock

with

respect

to

other

products

with

similar

investment

mandates

across

the

open-end

fund,

ETF,

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable.

The

Board

noted

that

New

York

Money

Fund’s

contractual

management

fee

rate

ranked

in

the

third

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

first

and

second

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

noted

that

MuniFund’s

contractual

management

fee

rate

ranked

in

the

third

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

second

and

first

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

noted

that

each

of

Treasury

Trust

Fund’s,

T-Fund’s,

Federal

Trust

Fund

and

FedFund’s

contractual

management

fee

rate

ranked

in

the

third

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

third

and

second

quartiles,

respectively,

relative

to

the

pertinent

Fund’s

Expense

Peers.

The

Board

noted

that

the

TempFund’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

Fund’s

Expense

Peers.

The

Board

noted

that

California

Money

Fund’s

contractual

management

fee

rate

ranked

in

the

fourth

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

third

and

second

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

noted

that

TempCash’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

MuniCash’s

contractual

management

fee

rate

ranked

in

the

fourth

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

fourth

and

third

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

With

respect

to

MuniFund,

TempFund,

California

Money

Fund,

New

York

Money

Fund,

TempCash

and

MuniCash,

the

Board

noted

that

each

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

pertinent

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

pertinent

Fund

were

to

decrease,

the

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

With

respect

to

Treasury

Trust

Fund,

FedFund,

T-Fund

and

Federal

Trust

Fund,

the

Board

also

noted

that

each

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

aggregate

assets

of

the

four

Funds

increase

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

Treasury

Trust

Fund,

FedFund,

T-Fund

or

Federal

Trust

Fund

were

to

decrease,

the

Funds

could

lose

the

benefit

of

one

or

more

breakpoints.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

each

Fund’s

total

expenses

as

a

percentage

of

the

pertinent

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

D.

Economies

of

Scale:

The

Board,

including

the

Independent

Board

Members,

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Funds

increase,

including

the

existence

of

fee

waivers

and/or

expense

caps,

as

applicable,

noting

that

any

contractual

fee

waivers

and

contractual

expense

caps

had

been

approved

by

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

each

Fund

benefits

from

such

economies

of

scale

in

a

variety

of

ways

and

whether

there

should

be

changes

in

the

advisory

fee

rate

or

breakpoint

structure

in

order

to

enable

the

Funds

to

more

fully

participate

in

these

economies

of

scale.

The

Board

considered

each

Fund’s

asset

levels

and

whether

the

current

fee

schedule

was

appropriate.

E.

Other

Factors

Deemed

Relevant

by

the

Board

Members:

The

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

or

“fall-out”

benefits

that

BlackRock

or

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

the

Funds,

both

tangible

and

intangible,

such

as

BlackRock’s

ability

to

leverage

its

investment

professionals

who

manage

other

portfolios

and

its

risk

management

personnel,

an

increase

in

BlackRock’s

profile

in

the

investment

advisory

community,

and

the

engagement

of

BlackRock’s

affiliates

as

service

providers

to

the

Funds,

including

for

administrative,

distribution,

securities

lending

and

cash

management

services.

The

Board

also

considered

BlackRock’s

overall

operations

and

its

efforts

to

expand

the

scale

of,

and

improve

the

quality

of,

its

operations.

The

Board

also

noted

Disclosure

of

Investment

Advisory

Agreement

(continued)

149

Disclosure

of

Investment

Advisory

Agreement

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

Agreement,

the

Board

also

received

information

regarding

BlackRock’s

brokerage

and

soft

dollar

practices.

The

Board

received

reports

from

BlackRock

which

included

information

on

brokerage

commissions

and

trade

execution

practices

throughout

the

year.

The

Board

noted

the

competitive

nature

of

the

open-end

fund

marketplace,

and

that

shareholders

are

able

to

redeem

their

Fund

shares

if

they

believe

that

the

pertinent

Fund’s

fees

and

expenses

are

too

high

or

if

they

are

dissatisfied

with

the

performance

of

the

Fund.

Conclusion

The

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

the

Agreement

between

the

Manager

and

the

Trust,

on

behalf

of

each

Fund,

for

a

one-year

term

ending

June

30,

2021.

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

Agreement

were

fair

and

reasonable

and

in

the

best

interest

of

each

Fund,

as

pertinent,

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Agreement,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

also

assisted

by

the

advice

of

independent

legal

counsel

in

making

this

determination.

Trustee

and

Officer

Information

2020

BlackRock

Annual

Report

to

Shareholders

150

Independent

Trustees

(a)

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Mark

Stalnecker

1951

Chair

of

the

Board

(Since

2019)

and

Trustee

(Since

2015)

Chief

Investment

Officer,

University

of

Delaware

from

1999

to

2013;

Trustee

and

Chair

of

the

Finance

and

Investment

Committees,

Winterthur

Museum

and

Country

Estate

from

2005

to

2016;

Member

of

the

Investment

Committee,

Delaware

Public

Employees’

Retirement

System

since

2002;

Member

of

the

Investment

Committee,

Christiana

Care

Health

System

from

2009

to

2017;

Member

of

the

Investment

Committee,

Delaware

Community

Foundation

from

2013

to

2014;

Director

and

Chair

of

the

Audit

Committee,

SEI

Private

Trust

Co.

from

2001

to

2014.

33

RICs

consisting

of

156

Portfolios

None

Bruce

R.

Bond

1946

Trustee

(Since

2019)

Board

Member,

Amsphere

Limited

(software)

since

2018;

Trustee

and

Member

of

the

Governance

Committee,

State

Street

Research

Mutual

Funds

from

1997

to

2005;

Board

Member

of

Governance,

Audit

and

Finance

Committee,

Avaya

Inc.

(computer

equipment)

from

2003

to

2007.

33

RICs

consisting

of

156

Portfolios

None

Susan

J.

Carter

1956

Trustee

(Since

2016)

Director,

Pacific

Pension

Institute

from

2014

to

2018;

Advisory

Board

Member,

Center

for

Private

Equity

and

Entrepreneurship

at

Tuck

School

of

Business

since

1997;

Senior

Advisor,

Commonfund

Capital,

Inc.

(“CCI”)

(investment

adviser)

in

2015;

Chief

Executive

Officer,

CCI

from

2013

to

2014;

President

&

Chief

Executive

Officer,

CCI

from

1997

to

2013;

Advisory

Board

Member,

Girls

Who

Invest

from

2015

to

2018

and

Board

Member

thereof

since

2018;

Advisory

Board

Member,

Bridges

Fund

Management

since

2016;

Trustee,

Financial

Accounting

Foundation

since

2017;

Practitioner

Advisory

Board

Member,

Private

Capital

Research

Institute

("PCRI")

since

2017;

Lecturer

in

the

Practice

of

Management,

Yale

School

of

Management

since

2019.

33

RICs

consisting

of

156

Portfolios

None

Collette

Chilton

1958

Trustee

(Since

2015)

Chief

Investment

Officer,

Williams

College

since

2006;

Chief

Investment

Officer,

Lucent

Asset

Management

Corporation

from

1998

to

2006.

33

RICs

consisting

of

156

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.

33

RICs

consisting

of

156

Portfolios

None

Lena

G.

Goldberg

1949

Trustee

(Since

2019)

Senior

Lecturer,

Harvard

Business

School,

since

2008;

Director,

Charles

Stark

Draper

Laboratory,

Inc.

since

2013;

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.

33

RICs

consisting

of

156

Portfolios

None

Henry

R.

Keizer

1956

Trustee

(Since

2019)

Director,

Park

Indemnity

Ltd.

(captive

insurer)

since

2010;

Director,

MUFG

Americas

Holdings

Corporation

and

MUFG

Union

Bank,

N.A.

(financial

and

bank

holding

company)

from

2014

to

2016;

Director,

American

Institute

of

Certified

Public

Accountants

from

2009

to

2011;

Director,

KPMG

LLP

(audit,

tax

and

advisory

services)

from

2004

to

2005

and

2010

to

2012;

Director,

KPMG

International

in

2012,

Deputy

Chairman

and

Chief

Operating

Officer

thereof

from

2010

to

2012

and

U.S.

Vice

Chairman

of

Audit

thereof

from

2005

to

2010;

Global

Head

of

Audit,

KPMGI

(consortium

of

KPMG

firms)

from

2006

to

2010;

Director,

YMCA

of

Greater

New

York

from

2006

to

2010.

33

RICs

consisting

of

156

Portfolios

Hertz

Global

Holdings

(car

rental);

Montpelier

Re

Holdings,

Ltd.

(publicly

held

property

and

casualty

reinsurance)

from

2013

until

2015;

WABCO

(commercial

vehicle

safety

systems);

Sealed

Air

Corp.

(packaging)

Cynthia

A.

Montgomery

1952

Trustee

(Since

2007)

Professor,

Harvard

Business

School

since

1989.

33

RICs

consisting

of

156

Portfolios

Newell

Rubbermaid,

Inc.

(manufacturing)

Trustee

and

Officer

Information

(continued)

151

Trustee

and

Officer

Information

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Donald

C.

Opatrny

1952

Trustee

(Since

2019)

Trustee,

Vice

Chair,

Member

of

the

Executive

Committee

and

Chair

of

the

Investment

Committee,

Cornell

University

since

2004;

President,

Trustee

and

Member

of

the

Investment

Committee,

The

Aldrich

Contemporary

Art

Museum

from

2007

to

2014;

Member

of

the

Board

and

Investment

Committee,

University

School

from

2007

to

2018;

Member

of

the

Investment

Committee,

Mellon

Foundation

from

2009

to

2015;

Trustee,

Artstor

(a

Mellon

Foundation

affiliate)

from

2010

to

2015;

President

and

Trustee,

the

Center

for

the

Arts,

Jackson

Hole

from

2011

to

2018;

Director,

Athena

Capital

Advisors

LLC

(investment

management

firm)

since

2013;

Trustee

and

Chair

of

the

Investment

Committee,

Community

Foundation

of

Jackson

Hole

since

2014;

Member

of

Affordable

Housing

Supply

Board

of

Jackson,

Wyoming

since

2018;

Member,

Investment

Funds

Committee,

State

of

Wyoming

since

2017;

Trustee,

Phoenix

Art

Museum

since

2018;

Trustee,

Arizona

Community

Foundation

and

Member

of

Investment

Committee

since

2020.

33

RICs

consisting

of

156

Portfolios

None

Joseph

P.

Platt

1947

Trustee

(Since

2007)

General

Partner,

Thorn

Partners,

LP

(private

investments)

since

1998;

Director,

WQED

Multi-Media

(public

broadcasting

not-for-

profit)

since

2001;

Chair,

Basic

Health

International

(non-profit)

since

2015.

33

RICs

consisting

of

156

Portfolios

Greenlight

Capital

Re,

Ltd.

(reinsurance

company);

Consol

Energy

Inc.

Kenneth

L.

Urish

1951

Trustee

(Since

2007)

Managing

Partner,

Urish

Popeck

&

Co.,

LLC

(certified

public

accountants

and

consultants)

since

1976;

Past-Chairman

of

the

Professional

Ethics

Committee

of

the

Pennsylvania

Institute

of

Certified

Public

Accountants

and

Committee

Member

thereof

since

2007;

Member

of

External

Advisory

Board,

The

Pennsylvania

State

University

Accounting

Department

since

founding

in

2001;

Principal,

UP

Strategic

Wealth

Investment

Advisors,

LLC

since

2013;

Trustee,

The

Holy

Family

Institute

from

2001

to

2010;

President

and

Trustee,

Pittsburgh

Catholic

Publishing

Associates

from

2003

to

2008;

Director,

Inter-Tel

from

2006

to

2007.

33

RICs

consisting

of

156

Portfolios

None

Claire

A.

Walton

1957

Trustee

(Since

2016)

Chief

Operating

Officer

and

Chief

Financial

Officer

of

Liberty

Square

Asset

Management,

LP

from

1998

to

2015;

General

Partner

of

Neon

Liberty

Capital

Management,

LLC

since

2003;

Director,

Boston

Hedge

Fund

Group

from

2009

to

2018;

Director,

Woodstock

Ski

Runners

since

2013;

Director,

Massachusetts

Council

on

Economic

Education

from

2013

to

2015.

33

RICs

consisting

of

156

Portfolios

None

Independent

Trustees

(a)

(continued)

Trustee

and

Officer

Information

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

152

Interested

Trustees

(a)(d)

(a)

The

address

of

each

Trustee

is

c/o

BlackRock,

Inc.,

55

East

52nd

Street,

New

York,

New

York

10055.

(b)

Independent

Trustees

serve

until

their

resignation,

retirement,

removal

or

death,

or

until

December

31

of

the

year

in

which

they

turn

75.

The

Board

may

determine

to

extend

the

terms

of

Independent

Trustees

on

a

case-by-case

basis,

as

appropriate.

(c)

Following

the

combination

of

Merrill

Lynch

Investment

Managers,

L.P.

("MLIM")

and

BlackRock,

Inc.

in

September

2006,

the

various

legacy

MLIM

and

legacy

BlackRock

fund

boards

were

realigned

and

consolidated

into

three

new

fund

boards

in

2007.

Furthermore,

effective

January

1,

2019,

three

BlackRock

Fund

Complexes

were

realigned

and

consolidated

into

two

BlackRock

Fund

Complexes.

As

a

result,

although

the

chart

shows

the

year

that

each

Independent

Trustee

joined

the

Board,

certain

Independent

Trustees

first

became

members

of

the

boards

of

other

BlackRock-advised

Funds,

legacy

MLIM

funds

or

legacy

BlackRock

funds

as

follows:

Bruce

R.

Bond,

2005;

Cynthia

A.

Montgomery,

1994;

Joseph

P.

Platt,

1999;

Kenneth

L.

Urish,

1999;

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.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Robert

Fairbairn

1965

Trustee

(Since

2018)

Vice

Chairman

of

BlackRock,

Inc.

since

2019;

Member

of

BlackRock's

Global

Executive

and

Global

Operating

Committees;

Co-Chair

of

BlackRock's

Human

Capital

Committee;

Senior

Managing

Director

of

BlackRock,

Inc.

from

2010

to

2019;

oversaw

BlackRock's

Strategic

Partner

Program

and

Strategic

Product

Management

Group

from

2012

to

2019;

Member

of

the

Board

of

Managers

of

BlackRock

Investments,

LLC

from

2011

to

2018;

Global

Head

of

BlackRock's

Retail

and

iShares

®

businesses

from

2012

to

2016.

119

RICs

consisting

of

266

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.

120

RICs

consisting

of

267

Portfolios

None

Trustee

and

Officer

Information

(continued)

153

Trustee

and

Officer

Information

Officers

Who

Are

Not

Trustees

(a)

(a)

The

address

of

each

Officer

is

c/o

BlackRock,

Inc.,

55

East

52nd

Street,

New

York,

New

York

10055.

(b)

Officers

of

the

Trust

serve

at

the

pleasure

of

the

Board.

Further

information

about

the

Trust’s

Trustees

and

Officers

is

available

in

the

Trust’s

Statement

of

Additional

Information,

which

can

be

obtained

without

charge

by

calling

(800)

441-7450.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

Principal

Occupation(s)

During

Past

Five

Years

Thomas

Callahan

1968

Vice

President

(Since

2016)

Managing

Director

of

BlackRock,

Inc.

since

2013;

Member

of

the

Board

of

Managers

of

BlackRock

Investments,

LLC

(principal

underwriter)

since

2019

and

Managing

Director

thereof

since

2017;

Head

of

BlackRock’s

Global

Cash

Management

Business

since

2016;

Co-Head

of

the

Global

Cash

Management

Business

from

2014

to

2016;

Deputy

Head

of

the

Global

Cash

Management

Business

from

2013

to

2014;

Member

of

the

Cash

Management

Group

Executive

Committee

since

2013;

Chief

Executive

Officer

of

NYSE

Liffe

U.S.

from

2008

to

2013.

Jennifer

McGovern

1977

Vice

President

(Since

2014)

Managing

Director

of

BlackRock,

Inc.

since

2016;

Director

of

BlackRock,

Inc.

from

2011

to

2015;

Head

of

Americas

Product

Development

and

Governance

for

BlackRock’s

Global

Product

Group

since

2019;

Head

of

Product

Structure

and

Oversight

for

BlackRock's

U.S.

Wealth

Advisory

Group

from

2013

to

2019.

Neal

J.

Andrews

1966

Chief

Financial

Officer

(Since

2007)

Chief

Financial

Officer

of

the

iShares

®

exchange

traded

funds

from

2019

to

2020;

Managing

Director

of

BlackRock,

Inc.

since

2006.

Jay

M.

Fife

1970

Treasurer

(Since

2007)

Managing

Director

of

BlackRock,

Inc.

since

2007.

Charles

Park

1967

Chief

Compliance

Officer

(Since

2014)

Anti-Money

Laundering

Compliance

Officer

for

certain

BlackRock-advised

Funds

from

2014

to

2015;

Chief

Compliance

Officer

of

BlackRock

Advisors,

LLC

and

the

BlackRock-advised

Funds

in

the

BlackRock

Multi-Asset

Complex

and

the

BlackRock

Fixed-Income

Complex

since

2014;

Principal

of

and

Chief

Compliance

Officer

for

iShares

®

Delaware

Trust

Sponsor

LLC

since

2012

and

BlackRock

Fund

Advisors

(“BFA”)

since

2006;

Chief

Compliance

Officer

for

the

BFA-advised

iShares

®

exchange

traded

funds

since

2006;

Chief

Compliance

Officer

for

BlackRock

Asset

Management

International

Inc.

since

2012.

Lisa

Belle

1968

Anti-Money

Laundering

Compliance

Officer

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2019;

Global

Financial

Crime

Head

for

Asset

and

Wealth

Management

of

JP

Morgan

from

2013

to

2019;

Managing

Director

of

RBS

Securities

from

2012

to

2013;

Head

of

Financial

Crimes

for

Barclays

Wealth

Americas

from

2010

to

2012.

Janey

Ahn

1975

Secretary

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Director

of

BlackRock,

Inc.

from

2009

to

2017.

Additional

Information

2020

BlackRock

Annual

Report

to

Shareholders

154

General

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

of

quarterly

statements,

annual

and

semi-annual

shareholder

reports

and

prospectuses

by

enrolling

in

the

electronic

delivery

program.

Electronic

copies

of

shareholder

reports

and

prospectuses

are

available

on

BlackRock’s

website.

To

enroll

in

electronic

delivery:

Shareholders

Who

Hold

Accounts

with

Investment

Advisers,

Banks

or

Brokerages:

Please

contact

your

financial

advisor.

Please

note

that

not

all

investment

advisers,

banks

or

brokerages

may

offer

this

service.

Householding

The

Funds

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports

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

Forms

N-MFP.

The

Funds’

reports

on

Forms

N-MFP

are

available

on

the

SEC’s

website

at

sec.gov.

Each

Fund

makes

portfolio

holdings

available

to

shareholders

on

its

website

at

blackrock.com

.

Availability

of

Proxy

Voting

Policies

and

Procedures

A

description

of

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

upon

request

and

without

charge

(1)

by

calling

(800)

441-

7450

;

(2)

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

Availability

of

Proxy

Voting

Record

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

upon

request

and

without

charge

(1)

at

blackrock.com

;

or

by

calling

(800)

441-

7450

and

(2)

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)

155

Additional

Information

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodians

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

The

Bank

of

New

York

Mellon

New

York,

NY

10286

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02116

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10022

Legal

Counsel

Sidley

Austin

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

Glossary

of

Terms

Used

in

this

Report

2020

BlackRock

Annual

Report

to

Shareholders

156

Currency

USD

United

States

Dollar

Portfolio

Abbreviations

AMT

Alternative

Minimum

Tax

BAN

Bond

Anticipation

Notes

COP

Certificates

of

Participation

DAC

Designated

Activity

Company

GO

General

Obligation

Bonds

LIBOR

London

Interbank

Offered

Rate

LIQ

Liquidity

Agreement

LOC

Letter

of

Credit

RB

Revenue

Bonds

SBPA

Stand-by-Bond

Purchase

Agreement

SOFR

Secured

Overnight

Financing

Rate

TAN

Tax

Anticipation

Notes

VRDN

Variable

Rate

Demand

Notes

VRDP

Variable

Rate

Demand

Preferred

Notice

to

Shareholders

The

following

applies

to

TempCash

,

TempFund

,

MuniCash

,

California

Money

Fund

and

New

York

Money

Fund:

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Funds

unless

preceded

or

accompanied

by

the

Funds’

current

prospectus.

You

could

lose

money

by

investing

in

a

Fund.

Because

the

share

price

of

the

Funds

will

fluctuate,

when

you

sell

your

shares

they

may

be

worth

more

or

less

than

what

you

originally

paid

for

them.

The

Funds

may

impose

a

fee

upon

sale

of

your

shares

or

may

temporarily

suspend

your

ability

to

sell

shares

if

the

Funds’

liquidity

falls

below

required

minimums

because

of

market

conditions

or

other

factors.

An

investment

in

a

Fund

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Funds’

sponsor

has

no

legal

obligation

to

provide

financial

support

to

the

Funds

at

any

time.

The

following

applies

to

Federal

Trust

Fund,

FedFund

,

T-Fund

and

Treasury

Trust

Fund:

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Funds

unless

preceded

or

accompanied

by

the

Funds’

current

prospectus.

You

could

lose

money

by

investing

in

a

Fund.

Although

the

Funds

seek

to

preserve

the

value

of

your

investment

at

$1.00

per

share,

they

cannot

guarantee

they

will

do

so.

An

investment

in

a

Fund

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Funds’

sponsor

has

no

legal

obligation

to

provide

financial

support

to

the

Funds

at

any

time.

The

following

applies

to

MuniFund

:

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

Fund

unless

preceded

or

accompanied

by

the

Fund’s

current

prospectus.

You

could

lose

money

by

investing

in

the

Fund.

Although

the

Fund

seeks

to

preserve

the

value

of

your

investment

at

$1.00

per

share,

it

cannot

guarantee

it

will

do

so.

The

Fund

may

impose

a

fee

upon

sale

of

your

shares

or

may

temporarily

suspend

your

ability

to

sell

shares

if

the

Fund’s

liquidity

falls

below

required

minimums

because

of

market

conditions

or

other

factors.

An

investment

in

a

Fund

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Fund’s

sponsor

has

no

legal

obligation

to

provide

financial

support

to

the

Fund

at

any

time.

Want

to

know

more?

blackrock.com

|

800-441-7450

Performance

data

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Total

return

information

assumes

reinvestment

of

all

distributions.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

For

current

month-end

performance

information,

call

(800)

626-1960.

Each

Fund’s

current

7-day

yield

more

closely

reflects

the

current

earnings

of

a

Fund

than

the

total

returns

quoted.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

BRLF-10/20-AR

Item 2 –           Code of Ethics –

The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes.  During the period covered by this report, there have been no waivers granted under the code of ethics. The

registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.

Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
California Money Fund	$27,744	$26,520	$0	$4,000	$10,500	$10,800	$0	$0
Federal Trust Fund	$25,704	$24,480	$0	$4,000	$9,500	$9,800	$0	$0
FedFund	$30,804	$29,580	$0	$4,000	$9,500	$9,800	$0	$0
MuniCash	$27,744	$26,520	$0	$4,000	$10,500	$10,800	$0	$0
MuniFund	$27,744	$26,520	$0	$4,000	$10,500	$10,800	$0	$0
New York Money Fund	$27,744	$26,520	$0	$4,000	$10,500	$10,800	$0	$0
TempCash	$27,744	$26,520	$0	$4,000	$9,500	$9,800	$0	$0
TempFund	$26,520	$26,520	$0	$4,000	$9,500	$9,800	$0	$0
T-Fund	$30,804	$29,580	$0	$4,000	$9,500	$9,800	$0	$0
Treasury Trust Fund	$25,704	$24,480	$0	$4,000	$9,500	$9,800	$0	$0

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$1,984,000	$2,050,500

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 $1,984,000 and $2,050,500 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription.  These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services.  Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee.  The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant.  Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”).  The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period.  Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project.  For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

                        Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services).  The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting.  At this meeting, an analysis of such services is presented to the Committee for ratification.  The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2)  None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g)

The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
California Money Fund	$10,500	$14,800
Federal Trust Fund	$9,500	$13,800
FedFund	$9,500	$13,800
MuniCash	$10,500	$14,800
MuniFund	$10,500	$14,800
New York Money Fund	$10,500	$14,800
TempCash	$9,500	$13,800
TempFund	$9,500	$13,800
T-Fund	$9,500	$13,800
Treasury Trust Fund	$9,500	$13,800

              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
$1,984,000	$2,050,500

              These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

              (h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and

the Affiliated Service Providers

that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 –           Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 – Exhibits attached hereto

              (a)(1) Code of Ethics – See Item 2

              (a)(2) Section 302 Certifications are attached

              section302

(a)(3) Not Applicable

(a)(4) 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 31, 2020

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 31, 2020

By:     /s/ Neal J. Andrews

          Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock Liquidity Funds

Date: December 31, 2020