N-CSR 1 primary-document.htm
                                  
UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number: 811-02354
 
Name of Fund: 
BlackRock Liquidity Funds
BlackRock Liquid Federal Trust Fund
California Money Fund
FedFund
MuniCash
New York
Money Fund
TempCash
TempFund
T-Fund
Treasury Trust Fund
Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809
 
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Liquidity Funds, 50 Hudson Yards, New York, NY 10001
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 10/31/2023
 
Date of reporting period: 10/31/2023
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
(b)
   
Not Applicable

 
October
31,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Annual
Report
BlackRock
Liquidity
Funds
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
Treasury
Trust
Fund
MuniCash
California
Money
Fund
New
York
Money
Fund
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
cooling
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
October
31,
2023.
Significantly
tighter
monetary
policy
helped
to
rein
in
inflation,
as
the
annual
increase
in
the
Consumer
Price
Index
declined
to
its
long-term
average
of
approximately
3%
in
October
2023.
Meanwhile,
real
economic
growth
proved
more
resilient
than
many
investors
anticipated.
A
moderating
labor
market
also
helped
ease
inflationary
pressure,
although
wages
continued
to
grow
and
unemployment
rates
touched
the
lowest
levels
in
decades
before
rising
slightly.
This
robust
labor
market
powered
further
growth
in
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
will
have
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
solid
during
the
period,
as
the
durability
of
consumer
spending
mitigated
investors’
concerns
about
the
economy’s
trajectory.
The
U.S.
economy
continued
to
show
strength,
and
growth
further
accelerated
in
the
third
quarter
of
2023.
However,
equity
returns
were
uneven,
as
the
performance
of
a
few
notable
technology
companies
supported
gains
among
large-capitalization
U.S.
stocks,
while
small-capitalization
U.S.
stocks
declined
overall.
Meanwhile,
international
developed
market
equities
advanced,
and
emerging
market
equities
posted
solid
gains.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
six
times
during
the
12-month
period,
but
slowed
and
then
paused
its
tightening
later
in
the
period.
The
Fed
also
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes
and
recently
opted
for
several
pauses,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
to
keep
inflation
under
control.
Furthermore,
ongoing
structural
changes
may
mean
that
the
Fed
will
be
hesitant
to
cut
interest
rates
in
the
event
of
faltering
economic
activity
lest
inflation
accelerate
again.
While
we
favor
an
overweight
position
in
developed
market
equities
in
the
long
term,
we
prefer
an
underweight
stance
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
macroeconomic
constraints.
Nevertheless,
we
are
overweight
on
Japanese
stocks
in
the
near
term
as
shareholder-friendly
policies
generate
increased
investor
interest.
We
also
believe
that
stocks
with
an
AI
tilt
should
benefit
from
an
investment
cycle
that
is
set
to
support
revenues
and
margins.
In
credit,
there
are
selective
opportunities
in
the
near
term
despite
tightening
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries,
U.S.
inflation-linked
bonds,
euro
area
government
bonds
and
gilts,
U.S.
mortgage-backed
securities,
and
hard-
currency
emerging
market
bonds.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
October
31,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
1.39
%
10.14
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(5.29
)
(8.56
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(7.88
)
14.40
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(4.78
)
10.80
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.63
4.77
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(9.70
)
(3.25
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(6.13
)
0.36
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(4.65
)
2.64
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
0.02
6.23
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Money
Market
Overview
..................................................................................................
4
Fund
Information
.......................................................................................................
5
Disclosure
of
Expenses
...................................................................................................
8
Financial
Statements:
Schedules
of
Investments
...............................................................................................
10
Statements
of
Assets
and
Liabilities
.........................................................................................
55
Statements
of
Operations
................................................................................................
60
Statements
of
Changes
in
Net
Assets
........................................................................................
62
Financial
Highlights
.....................................................................................................
67
Notes
to
Financial
Statements
...............................................................................................
122
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
136
Important
Tax
Information
.................................................................................................
137
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
...................................................................
138
Trustee
and
Officer
Information
..............................................................................................
142
Additional
Information
....................................................................................................
146
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
148
Money
Market
Overview
For
the
12-Month
Period
Ended
October
31,
2023
2023
BlackRock
Annual
Report
to
Shareholders
4
During
the
twelve-month
period
ending
October
31,
2023,
the
U.S.
unemployment
rate
rose
from
3.7%
to
3.9%
as
the
impacts
from
the
Federal
Reserve’s
rate
hikes
begin
to
take
hold
in
the
economy.
At
the
September
20,
2023,
meeting,
the
Federal
Open
Market
Committee
(the
“FOMC”)
left
the
federal
funds
target
rate
unchanged,
maintaining
the
current
range
of
5.25%
to
5.50%.
The
vote
was
unanimous.
The
FOMC
has
held
the
federal
funds
target
range
steady
at
two
of
its
last
three
meetings.
We
believe
the
federal
funds
target
rate
is
now
within
a
range
that
is
generally
considered
"restrictive"
to
economic
growth.
In
a
statement
released
in
conjunction
with
the
meeting,
the
Committee
again
noted
it
“remains
highly
attentive
to
inflation
risks”
and
acknowledged
that
“tighter
credit
conditions
for
households
and
businesses
are
likely
to
weigh
on
economic
activity,
hiring
and
inflation.”
The
median
federal
funds
rate
forecast
for
2023
contained
in
the
Summary
of
Economic
Projections
(“SEP”)
released
in
conjunction
with
the
FOMC
meeting
was
unchanged
from
the
projection
of
5.60%
at
the
June
14,
2023,
meeting.
Following
the
U.S.
debt
ceiling
resolution
in
June
2023,
there
has
been
an
estimated
$1.5
trillion
of
new
treasury
issuance.
This
has
led
to
a
meaningful
reduction
in
daily
utilization
of
the
Fed’s
Reverse
Repurchase
Program
(“RRP”)
facility,
averaging
nearly
$2.0
trillion
in
2022
but
only
$1.66
trillion
since
June
2023.
On
October
31st,
the
RRP
facility
ended
the
month
near
recent
lows,
with
a
balance
of
$1.14
trillion.
As
of
October
31st,
Treasury
bill
(“T-bill”)
tenors
between
one-month
and
one-year
traded
between
5.54%
and
5.64%.
For
reference,
T-bills
of
the
same
tenors
traded
between
3.73%
and
4.66%
at
the
start
of
the
reporting
period.
Rates
trended
higher
throughout
much
of
the
period
due
to
hawkish
rhetoric
delivered
by
the
FOMC.
The
Secured
Overnight
Financing
Rate
(“SOFR”)
–
a
broad-based
proxy
for
overnight
repo
collateralized
by
Treasuries
–
has
been
printing
in
line
with
or
just
below
the
RRP
rate.
As
of
October
31st,
SOFR
stood
at
5.35%
–
the
highest
during
the
period.
The
U.S.
Commercial
Paper
Placed
Top
90
Day
Yield
which
started
the
period
at
4.43%
increased
to
5.64%
on
October
31,
2023.
The
index
averaged
5.14%
over
the
12-months
ending
October
31.
Industry-wide,
institutional
money
market
mutual
funds
(“MMFs”)
have
seen
historic
levels
of
inflows
throughout
the
period,
averaging
~$5.1
billion
in
assets
daily.
Since
the
beginning
of
2023,
government
funds
have
seen
over
$608
billion
in
inflows,
while
Prime
funds
have
experienced
nearly
$239
billion
in
inflows.
Turning
to
short-term
municipal
bonds,
the
short-term
municipal
market
began
the
twelve-month
period
with
industry
assets
at
$110
billion.
As
the
period
unfolded
and
the
FOMC
continued
with
their
agenda
of
combating
elevated
inflation
by
implementing
rate
hikes,
rising
yields
translated
into
investors
increasing
their
cash
allocation
as
industry
assets
rose.
In
all,
tax-exempt
money
market
industry
assets
increased
by
9%
to
end
the
period
at
$120
billion.
A
combination
of
hikes
in
the
federal
funds
target
range
by
the
Fed
and
swings
in
variable
rate
demand
note
(“VRDN”)
inventory
levels
resulted
in
the
Securities
Industry
and
Financial
Markets
Association
(“SIFMA”)
Index,
which
represents
the
average
yield
on
7-day
municipal
floating-rate
debt,
exhibiting
elevated
volatility
throughout
the
period.
Ultimately,
the
Fed
ended
the
period
with
its
target
range
for
the
federal
funds
in
the
range
of
5.25%
-
5.50%
while
continuing
to
assess
financial
conditions.
While
the
SIFMA
Index
fluctuated
in
a
large
range
from
1.66%
to
4.47%
over
the
year,
it
averaged
3.15%
and
closed
the
period
at
4.09%.
With
municipal
state
and
local
governments
continuing
to
benefit
from
the
2021
American
Rescue
Plan
fiscal
stimulus
monies,
low
supply
remained
a
dominant
theme
in
the
short-term
municipal
market
once
again.
New
VRDN
issuance
remained
light
throughout
the
period,
translating
into
a
very
tight
supply-demand
dynamic
as
industry
assets
ended
the
period
exceeding
outstanding
VRDN
issuance
by
approximately
$20
billion.
Highlighted
by
seasonal
trends,
VRDN
inventory
on
dealer
balance
sheets
was
elevated
at
times
throughout
the
year
despite
reprieves
early
in
each
month
due
to
reinvestment
cash
from
1st
of
the
month
coupon
payments.
Dealer
VRDN
inventory
ended
the
period
at
$3.1
billion,
while
averaging
$4.8
billion
for
the
12-month
period.
In
addition,
one-year
municipal
operating
note
supply
remained
subdued
in
the
post-pandemic
years
as
many
large
municipal
note
issuers
did
not
have
a
need
to
borrow
to
finance
operations.
Looking
ahead,
while
the
credit
cycle
has
likely
peaked,
high
reserves
will
cushion
possible
softer
state
and
local
revenue
collections
in
fiscal
year
2024.
The
1-year
Municipal
Market
Data
(“MMD”)
yield
which
represents
1-year
municipal
bonds
and
the
1-year
MIG1
yield,
which
represents
municipal
notes,
ended
the
period
at
3.76%
and
4.00%,
respectively,
up
from
the
beginning
of
the
period
levels
of
3.12%
and
3.33%.
With
the
SIFMA
Index
at
4.09%
and
one-year
municipal
notes
pricing
at
4.00%,
the
spread
between
the
7-day
SIFMA
Index
and
1-year
MIG1
note
scale
ended
the
year
inverted
by
9
basis
points,
representing
a
negatively
sloped
municipal
money
market
yield
curve.
As
the
labor
market
remains
healthy
and
inflation
above
the
Fed’s
target
level,
the
Fed
continues
to
assess
whether
an
appropriate
restrictive
level
has
been
attained
allowing
a
pause
in
additional
rate
hikes
to
occur.
Amongst
the
Fed's
public
commentary
that
keeps
the
door
to
additional
firming
ajar,
our
strategy
remains
defensive
and
guarded.
We
continue
to
position
with
high
levels
of
liquidity
by
maintaining
an
overweight
to
VRDNs
and
weekly
liquidity.
We
remain
extremely
selective
with
municipal
note
and
bond
purchases
and
continue
to
selectively
execute
commercial
paper
trades
in
the
30
to
90-day
range
for
a
laddered
maturity
schedule,
keeping
fund
average
weighted
maturities
around
the
15-day
range.
Fund
managers
continue
to
monitor
economic
data,
especially
on
inflation
and
employment
as
the
Fed
assesses
the
lagged
effects
on
the
economy.
Past
performance
is
no
guarantee
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Fund
Information
as
of
October
31,
2023
5
Fund
Information
BlackRock
Liquid
Federal
Trust
Fund
BlackRock
Liquid
Federal
Trust
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
FedFund
FedFund’s
(the
“Fund”)
investment
objective
is
to
seek
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
TempCash
TempCash’s
(the
“Fund”)
investment
objective
is
to
seek
as
high
a
level
of
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
5.26‌
%
5.26‌
%
Administration
............................
5.16‌
5.16‌
Bancroft
Capital
...........................
5.27‌
5.27‌
Cabrera
Capital
Markets
.....................
5.27‌
5.27‌
Cash
Management
.........................
4.76‌
4.76‌
Dollar
..................................
5.01‌
5.01‌
Great
Pacific
.............................
5.27‌
5.27‌
Mischler
Financial
Group
.....................
5.26‌
5.26‌
Penserra
...............................
5.26‌
5.26‌
Stern
Brothers
............................
5.26‌
5.26‌
Tigress
.................................
5.26‌
5.26‌
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
U.S.
Treasury
Obligations
..............................
58.9‌
%
U.S.
Government
Sponsored
Agency
Obligations
..............
38.0‌
Other
Assets
Less
Liabilities
............................
3.1‌
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
5.24‌
%
5.24‌
%
Administration
............................
5.14‌
5.14‌
Capital
.................................
5.23‌
5.23‌
Cash
Management
.........................
4.74‌
4.74‌
Cash
Reserve
............................
4.84‌
4.84‌
Dollar
..................................
4.99‌
4.99‌
Mischler
Financial
Group
.....................
5.24‌
5.24‌
Premier
................................
5.24‌
5.24‌
Private
Client
............................
4.73‌
4.73‌
Select
.................................
4.41‌
4.41‌
Stern
Brothers
............................
5.25‌
5.25‌
Tigress
.................................
5.24‌
5.24‌
WestCap
...............................
5.24‌
5.24‌
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Repurchase
Agreements
...............................
67.8‌
%
U.S.
Treasury
Obligations
..............................
21.6‌
U.S.
Government
Sponsored
Agency
Obligations
..............
7.4‌
Other
Assets
Less
Liabilities
............................
3.2‌
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
5.40‌
%
5.39‌
%
Dollar
..................................
5.16‌
5.16‌
Great
Pacific
.............................
5.40‌
5.39‌
Premier
................................
5.39‌
5.39‌
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
Past
performance
is
not
an
indication
of
future
results.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Commercial
Paper
...................................
25.7‌
%
Certificates
of
Deposit
.................................
23.4‌
Repurchase
Agreements
...............................
23.3‌
Time
Deposits
......................................
20.1‌
Municipal
Bonds
....................................
0.7‌
Corporate
Bonds
....................................
0.6‌
U.S.
Government
Sponsored
Agency
Obligations
..............
0.5‌
U.S.
Treasury
Obligations
..............................
0.5‌
Other
Assets
Less
Liabilities
............................
5.2‌
Fund
Information
as
of
October
31,
2023
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
6
TempFund
TempFund’s
(the
“Fund”)
investment
objective
is
to
seek
as
high
a
level
of
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
T-Fund
T-Fund’s
(the
“Fund”)
investment
objective
is
to
seek
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
Treasury
Trust
Fund
Treasury
Trust
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
current
income
as
is
consistent
with
liquidity
and
stability
of
principal.
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
5.39‌
%
5.39‌
%
Administration
............................
5.29‌
5.29‌
Cabrera
Capital
Markets
.....................
5.39‌
5.39‌
Capital
.................................
5.34‌
5.34‌
Cash
Management
.........................
4.89‌
4.89‌
Cash
Reserve
............................
5.01‌
5.01‌
Dollar
..................................
5.14‌
5.14‌
Private
Client
............................
4.89‌
4.89‌
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Repurchase
Agreements
...............................
24.0‌
%
Certificates
of
Deposit
.................................
23.8‌
Time
Deposits
......................................
21.4‌
Commercial
Paper
...................................
20.8‌
Municipal
Bonds
....................................
2.3‌
Corporate
Bonds
....................................
0.7‌
U.S.
Government
Sponsored
Agency
Obligations
..............
0.5‌
U.S.
Treasury
Obligations
..............................
0.5‌
Other
Assets
Less
Liabilities
............................
6.0‌
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
5.24‌
%
5.24‌
%
Administration
............................
5.14‌
5.14‌
Capital
.................................
5.19‌
5.19‌
Cash
Management
.........................
4.74‌
4.74‌
Cash
Reserve
............................
4.84‌
4.84‌
Dollar
..................................
4.99‌
4.99‌
Premier
................................
5.24‌
5.24‌
Select
.................................
4.41‌
4.41‌
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Repurchase
Agreements
...............................
71.4‌
%
U.S.
Treasury
Obligations
..............................
25.2‌
Other
Assets
Less
Liabilities
............................
3.4‌
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
5.28‌
%
5.28‌
%
Administration
............................
5.18‌
5.18‌
Capital
.................................
5.23‌
5.23‌
Cash
Management
.........................
4.78‌
4.78‌
Cash
Reserve
............................
4.88‌
4.88‌
Dollar
..................................
5.03‌
5.03‌
Select
.................................
4.45‌
4.45‌
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
Past
performance
is
not
an
indication
of
future
results.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
U.S.
Treasury
Obligations
..............................
96.1‌
%
Other
Assets
Less
Liabilities
............................
3.9‌
Fund
Information
as
of
October
31,
2023
(continued)
7
Fund
Information
MuniCash
MuniCash’s
(the
“Fund”)
investment
objective
is
to
seek
as
high
a
level
of
current
income
exempt
from
federal
income
tax
as
is
consistent
with
liquidity
and
stability
of
principal.
California
Money
Fund
California
Money
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
as
high
a
level
of
current
income
that
is
exempt
from
federal
income
tax
and,
to
the
extent
possible,
from
California
State
personal
income
tax,
as
is
consistent
with
liquidity
and
stability
of
principal.
New
York
Money
Fund
New
York
Money
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
as
high
a
level
of
current
income
that
is
exempt
from
federal
income
tax
and,
to
the
extent
possible,
from
New
York
State
and
New
York
City
personal
income
taxes,
as
is
consistent
with
liquidity
and
stability
of
principal.
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
3.82‌
%
3.82‌
%
Dollar
..................................
3.57‌
3.57‌
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
PORTFOLIO
COMPOSITION
—
%
—
%
Asset
Type
Percent
of
Net
Assets
—
—
Variable
Rate
Demand
Notes
............................
91.8‌
%
Municipal
Bonds
....................................
6.5‌
Closed-End
Investment
Companies
.......................
0.9‌
Other
Assets
Less
Liabilities
............................
0.8‌
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
2.92‌
%
2.92‌
%
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
PORTFOLIO
COMPOSITION
—
%
—
%
Asset
Type
Percent
of
Net
Assets
—
—
Variable
Rate
Demand
Notes
............................
80.9‌
%
Municipal
Bonds
....................................
15.3‌
Closed-End
Investment
Companies
.......................
1.9‌
Other
Assets
Less
Liabilities
............................
1.9‌
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
3.83‌
%
3.83‌
%
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
Past
performance
is
not
an
indication
of
future
results.
PORTFOLIO
COMPOSITION
—
%
—
%
Asset
Type
Percent
of
Net
Assets
—
—
Variable
Rate
Demand
Notes
............................
99.2‌
%
Closed-End
Investment
Companies
.......................
0.6‌
Other
Assets
Less
Liabilities
............................
0.2‌
Disclosure
of
Expenses
2023
BlackRock
Annual
Report
to
Shareholders
8
Shareholders
of
each
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees, service
and
distribution
fees, and
other
fund
expenses.
The
expense
examples shown
(which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their
Fund and
share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
these
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Expense
Examples
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/23)
Ending
Account
Value
(10/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/23)
Ending
Account
Value
(10/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
BlackRock
Liquid
Federal
Trust
Fund
Institutional
...............................
$
1,000.00‌
$
1,025.80‌
$
0.87‌
$
1,000.00‌
$
1,024.35‌
$
0.87‌
0.17%
Administration
.............................
1,000.00‌
1,025.30‌
1.38‌
1,000.00‌
1,023.84‌
1.38‌
0.27
Bancroft
Capital
............................
1,000.00‌
1,025.80‌
0.82‌
1,000.00‌
1,024.40‌
0.82‌
0.16
Cabrera
Capital
Markets
......................
1,000.00‌
1,025.80‌
0.82‌
1,000.00‌
1,024.40‌
0.82‌
0.16
Cash
Management
..........................
1,000.00‌
1,023.20‌
3.42‌
1,000.00‌
1,021.83‌
3.41‌
0.67
Dollar
...................................
1,000.00‌
1,024.50‌
2.14‌
1,000.00‌
1,023.09‌
2.14‌
0.42
Great
Pacific
..............................
1,000.00‌
1,025.80‌
0.82‌
1,000.00‌
1,024.40‌
0.82‌
0.16
Mischler
Financial
Group
......................
1,000.00‌
1,025.80‌
0.87‌
1,000.00‌
1,024.35‌
0.87‌
0.17
Penserra
................................
1,000.00‌
1,025.80‌
0.87‌
1,000.00‌
1,024.35‌
0.87‌
0.17
Stern
Brothers
.............................
1,000.00‌
1,025.80‌
0.92‌
1,000.00‌
1,024.30‌
0.92‌
0.18
Tigress
..................................
1,000.00‌
1,025.80‌
0.87‌
1,000.00‌
1,024.35‌
0.87‌
0.17
FedFund
Institutional
...............................
$
1,000.00‌
$
1,026.00‌
$
0.87‌
$
1,000.00‌
$
1,024.35‌
$
0.87‌
0.17%
Administration
.............................
1,000.00‌
1,025.50‌
1.38‌
1,000.00‌
1,023.84‌
1.38‌
0.27
Capital
..................................
1,000.00‌
1,025.80‌
1.07‌
1,000.00‌
1,024.15‌
1.07‌
0.21
Cash
Management
..........................
1,000.00‌
1,023.40‌
3.42‌
1,000.00‌
1,021.83‌
3.41‌
0.67
Cash
Reserve
.............................
1,000.00‌
1,024.00‌
2.91‌
1,000.00‌
1,022.33‌
2.91‌
0.57
Dollar
...................................
1,000.00‌
1,024.70‌
2.14‌
1,000.00‌
1,023.09‌
2.14‌
0.42
Mischler
Financial
Group
......................
1,000.00‌
1,026.00‌
0.87‌
1,000.00‌
1,024.35‌
0.87‌
0.17
Premier
.................................
1,000.00‌
1,026.00‌
0.87‌
1,000.00‌
1,024.35‌
0.87‌
0.17
Private
Client
.............................
1,000.00‌
1,023.40‌
3.47‌
1,000.00‌
1,021.78‌
3.47‌
0.68
Select
..................................
1,000.00‌
1,021.70‌
5.10‌
1,000.00‌
1,020.16‌
5.09‌
1.00
Stern
Brothers
.............................
1,000.00‌
1,026.00‌
0.87‌
1,000.00‌
1,024.35‌
0.87‌
0.17
Tigress
..................................
1,000.00‌
1,026.00‌
0.87‌
1,000.00‌
1,024.35‌
0.87‌
0.17
WestCap
................................
1,000.00‌
1,026.00‌
0.87‌
1,000.00‌
1,024.35‌
0.87‌
0.17
TempCash
Institutional
...............................
$
1,000.00‌
$
1,026.90‌
$
0.92‌
$
1,000.00‌
$
1,024.30‌
$
0.92‌
0.18%
Dollar
...................................
1,000.00‌
1,025.70‌
2.20‌
1,000.00‌
1,023.04‌
2.19‌
0.43
Great
Pacific
..............................
1,000.00‌
1,026.80‌
0.92‌
1,000.00‌
1,024.30‌
0.92‌
0.18
Premier
.................................
1,000.00‌
1,026.80‌
0.92‌
1,000.00‌
1,024.30‌
0.92‌
0.18
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Disclosure
of
Expenses
(continued)
9
Disclosure
of
Expenses
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/23)
Ending
Account
Value
(10/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/23)
Ending
Account
Value
(10/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
TempFund
Institutional
...............................
$
1,000.00‌
$
1,026.90‌
$
0.92‌
$
1,000.00‌
$
1,024.30‌
$
0.92‌
0.18%
Administration
.............................
1,000.00‌
1,026.30‌
1.43‌
1,000.00‌
1,023.79‌
1.43‌
0.28
Cabrera
Capital
Markets
......................
1,000.00‌
1,026.80‌
0.92‌
1,000.00‌
1,024.30‌
0.92‌
0.18
Capital
..................................
1,000.00‌
1,026.60‌
1.17‌
1,000.00‌
1,024.05‌
1.17‌
0.23
Cash
Management
..........................
1,000.00‌
1,024.20‌
3.47‌
1,000.00‌
1,021.78‌
3.47‌
0.68
Cash
Reserve
.............................
1,000.00‌
1,025.00‌
2.81‌
1,000.00‌
1,022.43‌
2.80‌
0.55
Dollar
...................................
1,000.00‌
1,025.50‌
2.20‌
1,000.00‌
1,023.04‌
2.19‌
0.43
Private
Client
.............................
1,000.00‌
1,024.20‌
3.47‌
1,000.00‌
1,021.78‌
3.47‌
0.68
T-Fund
Institutional
...............................
$
1,000.00‌
$
1,026.00‌
$
0.87‌
$
1,000.00‌
$
1,024.35‌
$
0.87‌
0.17%
Administration
.............................
1,000.00‌
1,025.50‌
1.38‌
1,000.00‌
1,023.84‌
1.38‌
0.27
Capital
..................................
1,000.00‌
1,025.80‌
1.12‌
1,000.00‌
1,024.10‌
1.12‌
0.22
Cash
Management
..........................
1,000.00‌
1,023.50‌
3.42‌
1,000.00‌
1,021.83‌
3.41‌
0.67
Cash
Reserve
.............................
1,000.00‌
1,024.00‌
2.91‌
1,000.00‌
1,022.33‌
2.91‌
0.57
Dollar
...................................
1,000.00‌
1,024.70‌
2.14‌
1,000.00‌
1,023.09‌
2.14‌
0.42
Premier
.................................
1,000.00‌
1,026.00‌
0.87‌
1,000.00‌
1,024.35‌
0.87‌
0.17
Select
..................................
1,000.00‌
1,021.80‌
5.10‌
1,000.00‌
1,020.16‌
5.09‌
1.00
Treasury
Trust
Fund
Institutional
...............................
$
1,000.00‌
$
1,025.90‌
$
0.87‌
$
1,000.00‌
$
1,024.35‌
$
0.87‌
0.17%
Administration
.............................
1,000.00‌
1,025.40‌
1.38‌
1,000.00‌
1,023.84‌
1.38‌
0.27
Capital
..................................
1,000.00‌
1,025.60‌
1.12‌
1,000.00‌
1,024.10‌
1.12‌
0.22
Cash
Management
..........................
1,000.00‌
1,023.30‌
3.42‌
1,000.00‌
1,021.83‌
3.41‌
0.67
Cash
Reserve
.............................
1,000.00‌
1,023.80‌
2.91‌
1,000.00‌
1,022.33‌
2.91‌
0.57
Dollar
...................................
1,000.00‌
1,024.60‌
2.09‌
1,000.00‌
1,023.14‌
2.09‌
0.41
Select
..................................
1,000.00‌
1,021.60‌
5.10‌
1,000.00‌
1,020.16‌
5.09‌
1.00
MuniCash
Institutional
...............................
$
1,000.00‌
$
1,016.40‌
$
1.02‌
$
1,000.00‌
$
1,024.20‌
$
1.02‌
0.20%
Dollar
...................................
1,000.00‌
1,015.10‌
2.29‌
1,000.00‌
1,022.94‌
2.29‌
0.45
California
Money
Fund
Institutional
...............................
$
1,000.00‌
$
1,012.40‌
$
1.01‌
$
1,000.00‌
$
1,024.20‌
$
1.02‌
0.20%
New
York
Money
Fund
Institutional
...............................
$
1,000.00‌
$
1,016.20‌
$
1.02‌
$
1,000.00‌
$
1,024.20‌
$
1.02‌
0.20%
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Expense
Examples
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
October
31,
2023
BlackRock
Liquid
Federal
Trust
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
Federal
Farm
Credit
Bank
Discount
Notes,
5.08%, 09/19/24
(a)
...............
USD
12,410
$
11,833,231
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(b)
(1-day
SOFR
+
0.02%),
5.33%
,
 11/15/23
.
17,210
17,209,799
(1-day
SOFR
+
0.06%),
5.37%
,
 11/22/23
.
72,970
72,970,000
(1-day
SOFR
+
5.50%),
5.37%
,
 01/10/24
.
19,325
19,325,000
(1-day
SOFR
+
0.05%),
5.36%
,
 05/09/24
.
22,355
22,355,000
(1-day
SOFR
+
0.09%),
5.40%
,
 08/26/24
.
51,440
51,440,000
(1-day
SOFR
+
0.09%),
5.39%
,
 09/23/24
.
17,675
17,675,000
(1-day
SOFR
+
0.17%),
5.48%
,
 01/23/25
.
28,245
28,245,000
(1-day
SOFR
+
0.14%),
5.45%
,
 05/27/25
.
30,510
30,510,000
Federal
Home
Loan
Bank
Bonds
5.45%
,
 03/08/24
.................
14,940
14,936,699
5.34%
,
 04/23/24
.................
78,495
78,495,000
5.35%
,
 04/24/24
.................
22,900
22,900,000
5.34%
,
 04/26/24
.................
15,635
15,635,000
Federal
Home
Loan
Bank
Discount
Notes
(a)
5.20%
,
 11/01/23
.................
98,000
98,000,000
4.63%
,
 11/09/23
.................
50,000
49,941,055
4.87%
,
 11/15/23
.................
100,000
99,794,006
4.91%
,
 11/17/23
.................
36,145
36,060,067
4.98%
,
 11/22/23
.................
39,150
39,028,733
5.10%
,
 12/05/23
.................
300,000
298,484,167
5.11%
,
 12/08/23
.................
100,000
99,453,325
5.13%
,
 12/13/23
.................
10,000
9,938,167
5.15%
,
 12/20/23
.................
81,190
80,602,094
5.15%
,
 12/22/23
.................
25,000
24,810,875
5.17%
,
 12/27/23
.................
244,620
242,591,183
5.20%
,
 01/10/24
.................
77,500
76,694,538
5.21%
,
 01/16/24
.................
9,145
9,055,227
5.28%
,
 02/06/24
.................
25,000
24,679,361
5.18%
,
 02/09/24
.................
71,555
70,570,977
5.25%
,
 03/08/24
.................
6,695
6,574,788
5.12%
,
 06/10/24
.................
18,010
17,426,926
Federal
Home
Loan
Bank
Variable
Rate
Notes
(b)
(1-day
SOFR
+
0.01%),
5.32%
,
 11/03/23
.
25,000
24,999,944
(1-day
SOFR
+
0.02%),
5.33%
,
 11/07/23
.
38,265
38,264,711
(1-day
SOFR
+
0.02%),
5.33%
,
 11/09/23
.
33,010
33,010,000
(1-day
SOFR
+
0.06%),
5.37%
,
 11/24/23
.
81,700
81,701,142
(1-day
SOFR
+
0.07%),
5.38%
,
 11/30/23
.
19,860
19,860,000
(1-day
SOFR
+
0.08%),
5.39%
,
 01/24/24
.
25,000
25,000,000
(1-day
SOFR
+
0.04%),
5.35%
,
 02/20/24
.
42,090
42,090,000
(1-day
SOFR
+
0.05%),
8.16%
,
 03/04/24
.
100,000
100,000,000
(1-day
SOFR
+
0.05%),
5.36%
,
 03/18/24
.
150,000
150,000,000
(1-day
SOFR
+
0.05%),
5.36%
,
 03/25/24
.
50,000
50,000,000
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Obligations
(continued)
(1-day
SOFR
+
0.16%),
5.47%
,
 07/21/25
.
USD
50,000
$
50,000,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
38.0%
(Cost:
$2,302,161,015)
...........................
2,302,161,015
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
4.58%, 11/07/23
.................
582,690
582,176,907
4.76%, 11/09/23
.................
221,000
220,740,202
5.00%, 11/14/23
.................
408,375
407,593,225
5.02%, 11/16/23
.................
112,670
112,420,013
5.12%, 11/21/23
.................
150,000
149,557,917
5.19%, 11/28/23
.................
270,000
268,926,698
5.20%, 11/30/23
.................
200,000
199,139,667
5.22%, 12/05/23
.................
125,720
125,084,209
5.23%, 12/07/23
.................
75,000
74,603,475
5.27%, 12/12/23
.................
150,000
149,097,573
5.31%, 12/19/23
.................
250,000
248,225,000
5.34%, 12/26/23
.................
114,000
113,071,692
5.34%, 01/02/24
.................
38,000
37,651,410
5.35%, 01/11/24
.................
150,000
148,420,250
5.36%, 01/16/24
.................
220,120
217,643,161
5.41%, 02/06/24
.................
42,630
42,016,051
5.43%, 02/13/24
.................
68,905
67,837,648
5.43%, 02/22/24
.................
12,185
11,982,767
5.45%, 03/14/24
.................
78,514
76,964,799
5.48%, 04/04/24
.................
57,935
56,602,978
5.38%, 06/13/24
.................
41,770
40,450,149
5.42%, 08/08/24
.................
4,950
4,753,528
5.42%, 09/05/24
.................
17,590
16,812,449
U.S.
Treasury
Notes
(b)
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.02%),
5.37%, 01/31/24
.....
26,895
26,894,986
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.04%),
5.42%, 07/31/24
....
20,000
19,992,745
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.14%),
5.52%, 10/31/24
....
64,990
64,988,399
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.13%),
5.51%, 07/31/25
....
59,255
59,237,374
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.17%),
5.55%, 10/31/25
....
17,609
17,609,000
Total
U.S.
Treasury
Obligations
—
58.9%
(Cost:
$3,560,494,272)
...........................
3,560,494,272
Total
Investments
—
96.9%
(Cost:
$5,862,655,287
)
...........................
5,862,655,287
Other
Assets
Less
Liabilities
—
3.1%
...................
186,340,491
Net
Assets
—
100.0%
..............................
$
6,048,995,778
(a)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
Schedule
of
Investments
(continued)
October
31,
2023
BlackRock
Liquid
Federal
Trust
Fund
Schedules
of
Investments
11
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
U.S.
Government
Sponsored
Agency
Obligations
...................
$
—
$
2,302,161,015
$
—
$
2,302,161,015
U.S.
Treasury
Obligations
...................................
—
3,560,494,272
—
3,560,494,272
$
—
$
5,862,655,287
$
—
$
5,862,655,287
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
October
31,
2023
FedFund
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
Federal
Farm
Credit
Bank
Discount
Notes,
4.81%, 11/13/23
(a)
...............
USD
91,205
$
91,063,632
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(b)
(1-day
SOFR
+
5.50%),
5.37%
,
 01/10/24
.
190,355
190,355,000
(1-day
SOFR
+
0.14%),
5.45%
,
 11/07/24
.
25,000
25,000,000
Federal
Home
Loan
Bank
Bonds
5.45%
,
 03/08/24
.................
402,755
402,666,019
5.40%
,
 03/27/24
.................
1,140,970
1,140,970,000
5.34%
,
 04/23/24
.................
2,363,730
2,363,730,000
5.35%
,
 04/24/24
.................
710,200
710,200,000
5.34%
,
 04/26/24
.................
473,225
473,225,000
Federal
Home
Loan
Bank
Discount
Notes
(a)
4.56%
,
 11/08/23
.................
250,000
249,770,556
5.21%
,
 01/16/24
.................
240,855
238,490,607
5.18%
,
 02/02/24
.................
419,870
414,793,772
5.18%
,
 02/09/24
.................
100,000
98,672,222
5.19%
,
 02/15/24
.................
456,420
449,270,434
5.25%
,
 03/01/24
.................
273,855
268,962,771
5.25%
,
 03/08/24
.................
185,305
181,977,746
5.26%
,
 04/15/24
.................
502,060
489,790,211
5.12%
,
 06/10/24
.................
25,000
24,190,625
5.11%
,
 06/17/24
.................
136,700
132,139,137
Federal
Home
Loan
Bank
Variable
Rate
Notes
(b)
(1-day
SOFR
+
0.07%),
5.38%
,
 11/27/23
.
215,000
215,000,000
(1-day
SOFR
+
0.07%),
5.38%
,
 11/30/23
.
615,895
615,895,000
(1-day
SOFR
+
0.08%),
5.39%
,
 01/24/24
.
891,965
891,965,000
(1-day
SOFR
+
0.05%),
5.36%
,
 03/25/24
.
430,000
430,000,000
Federal
National
Mortgage
Association,
2.63%, 09/06/24
................
569,428
555,970,352
Total
U.S.
Government
Sponsored
Agency
Obligations
—
7.4%
(Cost:
$10,654,098,084)
...........................
10,654,098,084
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
5.20%, 11/30/23
.................
5,000
4,978,492
5.31%, 12/21/23
.................
209,700
208,194,238
5.34%, 12/28/23
.................
1,754,505
1,740,022,304
5.34%, 01/04/24
.................
610,075
604,370,121
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
5.35%, 01/11/24
.................
USD
125,365
$
124,062,005
5.38%, 01/18/24
.................
1,722,440
1,702,511,369
5.39%, 01/30/24
.................
363,415
358,558,867
5.41%, 02/01/24
.................
2,149,640
2,120,704,943
5.41%, 02/06/24
.................
720,490
710,103,938
5.40%, 02/08/24
.................
215,900
212,774,038
5.43%, 02/13/24
.................
2,802,020
2,758,685,238
5.43%, 02/22/24
.................
1,742,750
1,713,792,997
5.43%, 02/29/24
.................
47,857
47,003,157
5.45%, 03/07/24
.................
344,115
337,681,005
5.45%, 03/14/24
.................
1,589,130
1,557,779,703
5.47%, 03/21/24
.................
174,250
170,632,860
5.48%, 04/04/24
.................
332,925
325,270,499
5.50%, 04/18/24
.................
1,683,740
1,642,734,018
5.49%, 05/02/24
.................
746,850
726,763,054
5.44%, 05/16/24
.................
524,230
510,625,836
5.38%, 06/13/24
.................
612,625
593,676,690
5.42%, 08/08/24
.................
789,740
758,473,874
5.42%, 09/05/24
.................
468,355
447,753,065
5.43%, 10/03/24
.................
405,635
386,126,735
5.39%, 10/31/24
.................
496,695
470,906,320
U.S.
Treasury
Notes
(b)
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.02%),
5.37%, 01/31/24
.....
1,120,475
1,120,475,000
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.08%),
5.31%, 04/30/24
.....
402,705
402,559,332
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.14%),
5.52%, 10/31/24
....
805,730
805,793,654
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.20%),
5.58%, 01/31/25
....
650,000
650,175,313
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.17%),
5.55%, 04/30/25
....
5,371,785
5,371,676,573
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.13%),
5.51%, 07/31/25
....
921,600
920,821,813
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.17%),
5.55%, 10/31/25
....
1,746,023
1,746,023,000
Total
U.S.
Treasury
Obligations
—
21.6%
(Cost:
$31,251,710,051)
...........................
31,251,710,051
Total
Repurchase
Agreements
—
67.8%
(Cost:
$97,967,605,000)
...........................
97,967,605,000
Total
Investments
—
96.8%
(Cost:
$139,873,413,135
)
..........................
139,873,413,135
Other
Assets
Less
Liabilities
—
3.2%
...................
4,567,833,122
Net
Assets
—
100.0%
..............................
$
144,441,246,257
(a)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
Schedule
of
Investments
(continued)
October
31,
2023
FedFund
Schedules
of
Investments
13
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
...
5.30‌
%
(a)
10/31/23
11/01/23
$
600,000‌
$
600,000,000‌
$
600,088,333‌
U.S.
Treasury
Obligations,
0.00%,
due
05/15/24
to
11/15/42
.
$
1,030,740,154‌
$
612,000,000‌
5.30‌
10/31/23
11/01/23
50,000‌
50,000,000‌
50,007,361‌
U.S.
Treasury
Obligation,
1.00%,
due
07/31/28
.........
60,661,900‌
51,000,037‌
5.30‌
10/31/23
11/01/23
7,000‌
7,000,000‌
7,001,031‌
U.S.
Treasury
Obligation,
4.63%,
due
06/30/25
.........
7,091,800‌
7,140,042‌
5.31‌
10/31/23
11/01/23
252,500‌
252,500,000‌
252,537,244‌
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
3.50%,
due
02/20/52
to
04/20/53
.........
333,026,585‌
257,550,001‌
–‌
–‌
$
909,500,000‌
$
927,690,080‌
–‌
–‌
Bank
of
Montreal
....
5.29‌
10/31/23
11/01/23
151,000‌
151,000,000‌
151,022,189‌
U.S.
Treasury
Obligation,
4.63%,
due
10/15/26
.........
154,759,500‌
154,020,037‌
5.30‌
10/31/23
11/01/23
325,000‌
325,000,000‌
325,047,847‌
U.S.
Government
Sponsored
Agency
Obligations,
5.00%
to
6.50%,
due
03/01/53
to
10/01/53
.........
350,424,548‌
334,750,001‌
–‌
–‌
$
476,000,000‌
$
488,770,038‌
–‌
–‌
Bank
of
Nova
Scotia
(The)
..........
5.29‌
10/31/23
11/01/23
527,000‌
527,000,000‌
527,077,440‌
U.S.
Treasury
Obligations,
0.38%
to
4.38%,
due
08/15/25
to
11/15/32
.........
585,812,400‌
537,619,079‌
–‌
–‌
Barclays
Bank
plc
...
5.30‌
10/31/23
11/01/23
95,000‌
95,000,000‌
95,013,986‌
U.S.
Treasury
Obligations,
1.25%
to
4.00%,
due
11/30/26
to
11/15/52
.........
112,253,100‌
96,900,053‌
5.30‌
10/31/23
11/01/23
2,500,000‌
2,500,000,000‌
2,500,368,056‌
U.S.
Treasury
Obligations,
3.50%
to
5.00%,
due
10/31/25
to
02/15/33
.........
2,677,368,000‌
2,550,000,069‌
5.30‌
10/31/23
11/01/23
1,700,000‌
1,700,000,000‌
1,700,250,278‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
15.93%,
due
02/25/24
to
10/25/55
.......
21,067,125,368‌
1,785,000,000‌
5.40‌
(b)
10/31/23
11/08/23
200,000‌
200,000,000‌
200,240,000‌
U.S.
Government
Sponsored
Agency
Obligations,
3.00%
to
6.50%,
due
10/20/46
to
09/20/53
.........
506,648,194‌
204,000,000‌
–‌
–‌
$
4,495,000,000‌
$
4,635,900,122‌
–‌
–‌
Barclays
Capital,
Inc.
.
5.47‌
(b)
10/31/23
12/06/23
799,000‌
799,000,000‌
803,370,528‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
20.43%,
due
02/25/24
to
10/25/58
.......
2,390,431,772‌
855,373,136‌
–‌
–‌
BMO
Capital
Markets
Corp.
..........
5.30‌
10/31/23
11/01/23
30,000‌
30,000,000‌
30,004,417‌
U.S.
Government
Sponsored
Agency
Obligations,
6.06%
to
6.07%,
due
06/01/30
31,179,409‌
30,900,000‌
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
October
31,
2023
FedFund
14
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5.42‌
%
10/26/23
11/02/23
$
175,000‌
$
175,000,000‌
$
175,184,431‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
6.50%,
due
02/25/27
to
09/20/73
$
4,475,081,882‌
$
183,724,457‌
–‌
–‌
$
205,000,000‌
$
214,624,457‌
–‌
–‌
BNP
Paribas
SA
....
5.29‌
10/31/23
11/01/23
1,600,000‌
1,600,000,000‌
1,600,235,111‌
U.S.
Treasury
Obligations,
0.13%
to
4.13%,
due
03/15/24
to
02/15/53
.........
1,642,402,800‌
1,632,000,009‌
5.30‌
10/31/23
11/01/23
572,000‌
572,000,000‌
572,084,211‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
5.50%,
due
04/15/24
to
09/20/63
574,468,619‌
583,440,072‌
5.36‌
10/12/23
11/14/23
1,200,000‌
1,200,000,000‌
1,205,896,000‌
U.S.
Treasury
Obligations,
0.00%
to
4.88%,
due
02/08/24
to
08/15/52
.........
1,369,377,627‌
1,224,000,056‌
5.39‌
(b)
10/31/23
11/08/23
400,000‌
400,000,000‌
400,479,111‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.00%,
due
04/25/24
to
01/20/71
7,963,437,371‌
416,935,974‌
5.50‌
(b)
10/31/23
12/06/23
300,000‌
300,000,000‌
301,650,000‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.00%,
due
07/15/25
to
02/25/54
8,563,655,437‌
312,417,972‌
–‌
–‌
$
4,072,000,000‌
$
4,168,794,083‌
–‌
–‌
Citibank
NA
........
5.30‌
10/31/23
11/01/23
150,000‌
150,000,000‌
150,022,083‌
U.S.
Treasury
Obligations,
0.13%
to
4.38%,
due
08/31/28
to
02/15/53
.........
167,222,500‌
153,000,072‌
–‌
–‌
Citigroup
Global
Markets,
Inc.
...........
5.30‌
(a)
10/31/23
11/01/23
238,000‌
238,000,000‌
238,035,039‌
U.S.
Treasury
Obligations,
0.50%
to
4.00%,
due
11/30/23
to
02/28/30
.........
257,219,471‌
242,760,011‌
5.30‌
10/31/23
11/01/23
1,088,000‌
1,088,000,000‌
1,088,160,178‌
U.S.
Government
Sponsored
Agency
Obligations,
3.00%
to
7.50%,
due
04/20/53
to
07/20/53
.........
1,171,381,362‌
1,109,760,933‌
5.30‌
10/31/23
11/01/23
270,000‌
270,000,000‌
270,039,750‌
U.S.
Treasury
Obligations,
1.13%
to
4.63%,
due
10/15/26
to
05/15/31
.........
329,463,000‌
275,400,055‌
5.31‌
10/31/23
11/01/23
500,000‌
500,000,000‌
500,073,750‌
U.S.
Treasury
Obligations,
0.75%
to
4.00%,
due
01/15/28
to
02/29/28
.........
523,755,900‌
510,001,612‌
5.33‌
10/26/23
11/02/23
1,150,000‌
1,150,000,000‌
1,151,191,847‌
U.S.
Treasury
Obligations,
0.38%
to
3.88%,
due
04/30/25
to
10/31/27
.........
1,280,667,400‌
1,173,000,041‌
Schedule
of
Investments
(continued)
October
31,
2023
FedFund
Schedules
of
Investments
15
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5.34‌
%
10/26/23
11/02/23
$
500,000‌
$
500,000,000‌
$
500,519,167‌
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
7.00%,
due
02/01/49
to
10/01/53
.........
$
591,798,202‌
$
515,000,001‌
5.40‌
(b)
10/31/23
11/01/23
500,000‌
500,000,000‌
500,075,000‌
U.S.
Government
Sponsored
Agency
Obligations,
3.00%
to
6.00%,
due
08/01/52
to
10/01/53
.........
570,616,025‌
515,000,000‌
–‌
–‌
$
4,246,000,000‌
$
4,340,922,653‌
–‌
–‌
Credit
Agricole
Corporate
&
Investment
Bank
SA
5.29‌
(a)
10/31/23
11/01/23
1,899,000‌
1,899,000,000‌
1,899,279,047‌
U.S.
Treasury
Obligations,
0.13%
to
4.00%,
due
10/15/24
to
02/15/53
.........
2,503,888,866‌
1,936,980,019‌
5.29‌
10/31/23
11/01/23
25,000‌
25,000,000‌
25,003,674‌
U.S.
Treasury
Obligation,
0.13%,
due
07/15/24
.........
20,177,100‌
25,500,092‌
–‌
–‌
$
1,924,000,000‌
$
1,962,480,111‌
–‌
–‌
Deutsche
Bank
AG
...
5.30‌
10/31/23
11/01/23
750,000‌
750,000,000‌
750,110,417‌
U.S.
Treasury
Obligations,
2.75%
to
5.00%,
due
05/15/25
to
02/15/33
.........
804,687,600‌
765,000,037‌
5.31‌
10/31/23
11/01/23
2,000,000‌
2,000,000,000‌
2,000,295,000‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
6.50%,
due
12/13/23
to
11/15/46
.
2,140,002,663‌
2,047,386,901‌
–‌
–‌
$
2,750,000,000‌
$
2,812,386,938‌
–‌
–‌
Federal
Reserve
Bank
of
New
York
.......
5.30‌
10/31/23
11/01/23
32,750,000‌
32,750,000,000‌
32,754,821,528‌
U.S.
Treasury
Obligations,
0.38%
to
5.00%,
due
01/15/25
to
05/15/52
.........
35,883,600,221‌
32,754,821,533‌
–‌
–‌
Fixed
Income
Clearing
Corporation
.....
5.30‌
10/31/23
11/01/23
2,000,000‌
2,000,000,000‌
2,000,294,444‌
U.S.
Treasury
Obligations,
5.30%,
due
11/01/23
.........
3,112,068,500‌
2,040,000,019‌
5.30‌
10/31/23
11/01/23
3,000,000‌
3,000,000,000‌
3,000,441,667‌
U.S.
Treasury
Obligations,
0.50%
to
5.00%,
due
07/31/25
to
09/30/28
.........
3,205,046,300‌
3,060,000,009‌
5.31‌
10/31/23
11/01/23
1,500,000‌
1,500,000,000‌
1,500,221,250‌
U.S.
Treasury
Obligations,
0.75%
to
2.88%,
due
04/30/26
to
05/15/28
.........
1,653,803,400‌
1,530,000,000‌
5.31‌
10/31/23
11/01/23
4,000,000‌
4,000,000,000‌
4,000,590,000‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
8.00%,
due
12/28/23
to
01/01/57
7,598,125,635‌
4,145,022,864‌
5.31‌
10/31/23
11/01/23
1,000,000‌
1,000,000,000‌
1,000,147,500‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.00%,
due
02/01/24
to
07/01/61
1,278,738,711‌
1,025,302,163‌
5.31‌
10/31/23
11/01/23
2,000,000‌
2,000,000,000‌
2,000,295,000‌
U.S.
Treasury
Obligations,
0.00%
to
5.58%,
due
11/02/23
to
11/15/25
.........
2,044,468,900‌
2,040,000,089‌
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
October
31,
2023
FedFund
16
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5.32‌
%
10/31/23
11/01/23
$
1,500,000‌
$
1,500,000,000‌
$
1,500,221,667‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
1.50%
to
8.00%,
due
03/31/24
to
09/01/57
$
3,203,147,915‌
$
1,544,400,465‌
5.32‌
10/31/23
11/01/23
5,000,000‌
5,000,000,000‌
5,000,738,889‌
U.S.
Treasury
Obligations,
0.00%
to
6.50%,
due
11/02/23
to
08/15/53
.........
5,517,963,200‌
5,100,000,057‌
5.32‌
10/31/23
11/01/23
1,500,000‌
1,500,000,000‌
1,500,221,667‌
U.S.
Treasury
Obligations,
0.50%
to
5.55%,
due
11/30/24
to
05/31/28
.........
1,583,375,900‌
1,530,000,087‌
5.32‌
10/31/23
11/01/23
4,000,000‌
4,000,000,000‌
4,000,591,111‌
U.S.
Treasury
Obligations,
0.25%
to
5.55%,
due
04/30/24
to
05/15/53
.........
5,045,959,900‌
4,080,000,027‌
–‌
–‌
$
25,500,000,000‌
$
26,094,725,780‌
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...........
5.29‌
10/31/23
11/01/23
86,000‌
86,000,000‌
86,012,637‌
U.S.
Treasury
Obligations,
0.63%
to
4.13%,
due
01/31/25
to
11/30/27
.........
96,949,200‌
87,720,021‌
5.31‌
10/31/23
11/01/23
2,571,000‌
2,571,000,000‌
2,571,379,223‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
2.50%
to
6.50%,
due
10/31/24
to
07/20/53
2,631,455,029‌
2,622,420,002‌
5.38‌
(b)
10/31/23
12/06/23
1,114,500‌
1,114,500,000‌
1,120,496,010‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
7.50%,
due
03/13/24
to
09/15/64
.........
4,310,861,864‌
1,143,045,899‌
–‌
–‌
$
3,771,500,000‌
$
3,853,185,922‌
–‌
–‌
HSBC
Securities
USA,
Inc.
...........
5.29‌
10/31/23
11/01/23
600,000‌
600,000,000‌
600,088,167‌
U.S.
Treasury
Obligations,
0.50%
to
5.37%,
due
01/31/24
to
08/15/48
.........
760,085,900‌
612,000,012‌
5.30‌
10/31/23
11/01/23
40,000‌
40,000,000‌
40,005,889‌
U.S.
Treasury
Obligations,
0.13%
to
3.88%,
due
04/15/25
to
02/15/43
.........
38,524,600‌
40,800,022‌
5.30‌
(c)
10/31/23
11/01/23
286,000‌
286,000,000‌
286,042,106‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.00%,
due
01/15/24
to
10/20/53
551,229,312‌
291,927,687‌
5.31‌
(b)
10/31/23
11/08/23
350,000‌
350,000,000‌
350,413,000‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.00%,
due
12/07/23
to
10/20/53
528,579,290‌
359,053,244‌
–‌
–‌
$
1,276,000,000‌
$
1,303,780,965‌
–‌
–‌
ING
Financial
Markets
LLC
...........
5.30‌
10/31/23
11/01/23
75,000‌
75,000,000‌
75,011,042‌
U.S.
Treasury
Obligations,
0.13%
to
3.13%,
due
05/31/26
to
05/15/51
.........
81,621,300‌
76,500,002‌
–‌
–‌
Schedule
of
Investments
(continued)
October
31,
2023
FedFund
Schedules
of
Investments
17
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
JP
Morgan
Securities
LLC
...........
5.30‌
%
10/31/23
11/01/23
$
28,500‌
$
28,500,000‌
$
28,504,196‌
U.S.
Treasury
Obligations,
0.00%
to
4.00%,
due
11/30/23
to
06/30/28
.........
$
29,675,300‌
$
29,070,090‌
5.30‌
10/31/23
11/01/23
650,000‌
650,000,000‌
650,095,694‌
U.S.
Treasury
Obligations,
2.00%
to
3.63%,
due
05/15/26
to
11/15/26
.........
683,611,800‌
663,000,019‌
5.31‌
10/31/23
11/01/23
1,459,000‌
1,459,000,000‌
1,459,215,202‌
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
7.50%,
due
11/01/31
to
09/20/63
.........
1,762,248,662‌
1,488,324,638‌
–‌
–‌
$
2,137,500,000‌
$
2,180,394,747‌
–‌
–‌
Mizuho
Securities
USA
LLC
...........
5.30‌
10/31/23
11/01/23
115,000‌
115,000,000‌
115,016,931‌
U.S.
Treasury
Obligations,
0.38%
to
4.75%,
due
05/31/24
to
02/15/33
.........
124,986,700‌
117,300,069‌
5.45‌
(b)
10/31/23
12/06/23
1,000,000‌
1,000,000,000‌
1,005,450,000‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
11.57%,
due
03/25/25
to
10/16/64
.......
6,456,270,392‌
1,050,001,411‌
–‌
–‌
$
1,115,000,000‌
$
1,167,301,480‌
–‌
–‌
Morgan
Stanley
&
Co.
LLC
...........
5.29‌
10/31/23
11/01/23
39,000‌
39,000,000‌
39,005,731‌
U.S.
Treasury
Obligations,
0.00%
to
1.13%,
due
11/30/27
to
02/15/47
.........
75,195,200‌
39,780,076‌
5.31‌
10/31/23
11/01/23
1,000,000‌
1,000,000,000‌
1,000,147,500‌
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
7.00%,
due
04/01/24
to
09/01/61
.........
1,247,988,044‌
1,030,000,000‌
5.31‌
10/31/23
11/01/23
250,000‌
250,000,000‌
250,036,875‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.00%,
due
01/15/25
to
11/01/53
.
288,104,504‌
256,462,138‌
–‌
–‌
$
1,289,000,000‌
$
1,326,242,214‌
–‌
–‌
MUFG
Securities
Americas,
Inc.
....
5.30‌
10/31/23
11/01/23
15,000‌
15,000,000‌
15,002,208‌
U.S.
Treasury
Obligations,
0.00%
to
0.88%,
due
06/30/26
to
02/15/43
.........
16,919,700‌
15,300,015‌
5.31‌
10/31/23
11/01/23
405,000‌
405,000,000‌
405,059,737‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
7.50%,
due
03/20/24
to
09/20/62
.........
2,789,193,075‌
416,663,724‌
–‌
–‌
$
420,000,000‌
$
431,963,739‌
–‌
–‌
Natixis
SA
.........
5.29‌
10/31/23
11/01/23
102,000‌
102,000,000‌
102,014,988‌
U.S.
Treasury
Obligations,
0.00%
to
4.75%,
due
11/24/23
to
02/15/53
.........
111,853,152‌
104,040,000‌
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
October
31,
2023
FedFund
18
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5.30‌
%
10/31/23
11/01/23
$
800,000‌
$
800,000,000‌
$
800,117,778‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.88%
to
6.50%,
due
01/31/25
to
10/01/53
$
1,352,119,798‌
$
821,215,450‌
–‌
–‌
$
902,000,000‌
$
925,255,450‌
–‌
–‌
Nomura
Securities
International,
Inc.
..
5.30‌
10/31/23
11/01/23
3,030,000‌
3,030,000,000‌
3,030,446,083‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
8.00%,
due
02/01/24
to
05/15/64
16,268,879,200‌
3,101,258,066‌
–‌
–‌
Prudential
Insurance
Co.
of
America
......
5.33‌
10/31/23
11/01/23
20,813‌
20,812,500‌
20,815,581‌
U.S.
Treasury
Obligation,
0.00%,
due
11/15/30
.........
30,000,000‌
21,231,981‌
5.33‌
10/31/23
11/01/23
16,193‌
16,192,500‌
16,194,897‌
U.S.
Treasury
Obligation,
0.00%,
due
08/15/37
.........
34,000,000‌
16,518,917‌
5.33‌
10/31/23
11/01/23
36,938‌
36,937,500‌
36,942,969‌
U.S.
Treasury
Obligation,
0.00%,
due
08/15/29
.........
50,000,000‌
37,681,969‌
5.33‌
10/31/23
11/01/23
34,125‌
34,125,000‌
34,130,052‌
U.S.
Treasury
Obligation,
3.00%,
due
08/15/52
.........
50,000,000‌
34,812,552‌
5.33‌
10/31/23
11/01/23
16,071‌
16,071,250‌
16,073,629‌
U.S.
Treasury
Obligation,
2.75%,
due
11/15/42
.........
23,000,000‌
16,394,939‌
5.33‌
10/31/23
11/01/23
42,600‌
42,600,000‌
42,606,307‌
U.S.
Treasury
Obligation,
3.00%,
due
05/15/45
.........
60,000,000‌
43,458,307‌
5.33‌
10/31/23
11/01/23
95,675‌
95,675,000‌
95,689,165‌
U.S.
Treasury
Obligation,
0.00%,
due
05/15/39
.........
215,000,000‌
97,602,665‌
5.33‌
10/31/23
11/01/23
52,468‌
52,467,500‌
52,475,268‌
U.S.
Treasury
Obligation,
0.00%,
due
11/15/26
.........
62,000,000‌
53,524,308‌
5.33‌
10/31/23
11/01/23
21,306‌
21,306,250‌
21,309,405‌
U.S.
Treasury
Obligation,
0.00%,
due
05/15/33
.........
35,000,000‌
21,735,705‌
5.33‌
10/31/23
11/01/23
18,769‌
18,768,750‌
18,771,529‌
U.S.
Treasury
Obligation,
0.00%,
due
08/15/35
.........
35,000,000‌
19,146,729‌
5.33‌
10/31/23
11/01/23
45,811‌
45,811,250‌
45,818,033‌
U.S.
Treasury
Obligation,
2.88%,
due
08/15/45
.........
67,000,000‌
46,734,593‌
5.33‌
10/31/23
11/01/23
33,600‌
33,600,000‌
33,604,975‌
U.S.
Treasury
Obligation,
0.00%,
due
11/15/34
.........
60,000,000‌
34,276,975‌
5.33‌
10/31/23
11/01/23
4,325‌
4,325,000‌
4,325,640‌
U.S.
Treasury
Obligation,
0.00%,
due
02/15/39
.........
10,000,000‌
4,412,140‌
5.33‌
10/31/23
11/01/23
21,313‌
21,312,500‌
21,315,655‌
U.S.
Treasury
Obligation,
0.00%,
due
02/15/40
.........
50,000,000‌
21,741,655‌
5.33‌
10/31/23
11/01/23
32,625‌
32,625,000‌
32,629,830‌
U.S.
Treasury
Obligation,
0.00%,
due
05/15/35
.........
60,000,000‌
33,282,030‌
5.33‌
10/31/23
11/01/23
125,475‌
125,475,000‌
125,493,577‌
U.S.
Treasury
Obligation,
0.00%,
due
08/15/43
.........
358,500,000‌
128,003,077‌
–‌
–‌
$
618,105,000‌
$
630,558,542‌
–‌
–‌
Schedule
of
Investments
(continued)
October
31,
2023
FedFund
Schedules
of
Investments
19
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Royal
Bank
of
Canada
5.29‌
%
10/31/23
11/01/23
$
275,000‌
$
275,000,000‌
$
275,040,410‌
U.S.
Treasury
Obligations,
0.50%
to
4.63%,
due
11/30/23
to
05/15/51
.........
$
370,989,000‌
$
280,500,031‌
5.30‌
10/31/23
11/01/23
300,000‌
300,000,000‌
300,044,167‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.50%,
due
12/15/27
to
01/16/63
.........
11,640,449,135‌
316,278,609‌
–‌
–‌
$
575,000,000‌
$
596,778,640‌
–‌
–‌
Societe
Generale
SA
.
5.29‌
10/31/23
11/01/23
25,000‌
25,000,000‌
25,003,674‌
U.S.
Treasury
Obligation,
4.88%,
due
10/31/28
.........
25,421,200‌
25,500,006‌
5.30‌
10/31/23
11/01/23
1,450,000‌
1,450,000,000‌
1,450,213,472‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
6.50%,
due
01/02/24
to
09/01/53
1,923,559,525‌
1,489,451,791‌
–‌
–‌
$
1,475,000,000‌
$
1,514,951,797‌
–‌
–‌
TD
Securities
USA
LLC
5.30‌
10/31/23
11/01/23
95,000‌
95,000,000‌
95,013,986‌
U.S.
Treasury
Obligations,
1.38%
to
5.00%,
due
09/30/25
to
02/15/33
.........
101,745,700‌
96,900,001‌
5.31‌
10/31/23
11/01/23
1,135,000‌
1,135,000,000‌
1,135,167,412‌
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
7.00%,
due
12/01/31
to
10/01/53
.........
2,369,587,951‌
1,169,050,001‌
–‌
–‌
$
1,230,000,000‌
$
1,265,950,002‌
–‌
–‌
Wells
Fargo
Securities
LLC
...........
5.29‌
(a)
10/31/23
11/01/23
550,000‌
550,000,000‌
550,080,819‌
U.S.
Treasury
Obligations,
1.13%
to
7.63%,
due
02/15/25
to
02/15/52
.........
793,176,417‌
561,000,028‌
5.29‌
10/31/23
11/01/23
25,000‌
25,000,000‌
25,003,674‌
U.S.
Treasury
Obligations,
0.75%
to
1.50%,
due
02/15/45
to
02/15/53
.........
28,811,500‌
25,500,055‌
5.31‌
10/31/23
11/01/23
675,000‌
675,000,000‌
675,099,562‌
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
7.00%,
due
08/20/32
to
10/20/53
.........
1,343,946,905‌
688,500,000‌
–‌
–‌
$
1,250,000,000‌
$
1,275,000,083‌
–‌
–‌
$
97,967,605,000‌
$
99,596,229,731‌
–‌
–‌
(a)
Traded
in
a
joint
account.
(b)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(c)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
October
31,
2023
FedFund
20
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Repurchase
Agreements
...................................
$
—
$
97,967,605,000
$
—
$
97,967,605,000
U.S.
Government
Sponsored
Agency
Obligations
...................
—
10,654,098,084
—
10,654,098,084
U.S.
Treasury
Obligations
...................................
—
31,251,710,051
—
31,251,710,051
$
—
$
139,873,413,135
$
—
$
139,873,413,135
Schedule
of
Investments
October
31,
2023
TempCash
Schedules
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Certificates
of
Deposit
Domestic
—
4.1%
Bank
of
America
NA
5.40%, 11/15/23
.................
USD
33,000
$
32,997,859
(1-day
SOFR
+
0.32%),
5.63%, 12/14/23
(a)
44,000
44,008,396
5.75%, 01/09/24
.................
61,000
61,011,278
5.25%, 01/31/24
.................
50,000
49,909,730
5.44%, 02/06/24
.................
28,961
28,923,825
5.90%, 05/14/24
.................
45,000
44,996,585
6.00%, 08/21/24
.................
30,000
30,006,880
Citibank
NA
5.80%, 02/26/24
-
03/18/24
..........
53,320
53,327,182
5.89%, 05/10/24
.................
33,000
32,993,457
5.92%, 06/20/24
.................
26,000
26,006,591
Wells
Fargo
Bank
NA
(a)
(1-day
SOFR
+
0.50%),
5.81%, 01/22/24
.
63,250
63,295,029
(1-day
SOFR
+
0.35%),
5.66%, 03/07/24
.
59,000
59,012,962
(1-day
SOFR
+
0.64%),
5.95%, 07/17/24
.
32,000
32,038,262
558,528,036
Yankee
—
19.3%
(b)
Bank
of
Nova
Scotia
(The),
Houston
(a)
(1-day
SOFR
+
0.49%),
5.80%, 01/26/24
.
28,000
28,019,872
(1-day
SOFR
+
0.48%),
5.79%, 01/31/24
.
28,000
28,020,087
(1-day
SOFR
+
0.47%),
5.78%, 06/03/24
.
66,000
66,026,367
BNP
Paribas
SA,
New
York
5.25%, 01/31/24
.................
50,000
49,933,520
(1-day
SOFR
+
0.63%),
5.94%, 02/05/24
(a)
32,550
32,585,976
Canadian
Imperial
Bank
of
Commerce,
New
York
5.60%, 12/01/23
-
03/04/24
..........
72,250
72,227,294
(1-day
SOFR
+
0.54%),
5.85%, 01/18/24
(a)
50,000
50,047,135
5.23%, 02/02/24
.................
25,000
24,965,082
5.40%, 02/08/24
.................
32,000
31,973,218
5.90%, 06/13/24
.................
52,000
52,008,935
Cooperatieve
Rabobank
UA,
New
York,
(1-day
SOFR
+
0.35%),
5.66%, 12/08/23
(a)
....
35,000
35,008,401
Credit
Agricole
Corporate
&
Investment
Bank
SA,
New
York
5.40%, 11/10/23
.................
38,000
37,999,339
(1-day
SOFR
+
0.38%),
5.69%, 11/17/23
(a)
50,000
50,006,333
Credit
Industriel
et
Commercial,
New
York
(1-day
SOFR
+
0.37%),
5.68%, 11/03/23
-
04/08/24
(a)
...................
135,000
135,016,123
5.60%, 11/27/23
.................
60,000
60,006,339
DZ
Bank
AG,
New
York
(1-day
SOFR
+
0.35%),
5.66%, 11/08/23
(a)
79,000
79,004,041
5.40%, 11/09/23
.................
35,000
35,000,178
HSBC
Bank
USA
NA,
New
York
(1-day
SOFR
+
0.45%),
5.76%, 11/27/23
(a)
75,000
75,010,607
5.90%, 06/06/24
.................
42,750
42,749,872
Korea
Development
Bank,
New
York,
5.82%, 02/16/24
.................
31,000
31,007,060
Mitsubishi
UFJ
Trust
&
Banking
Corp.,
New
York
5.33%, 11/07/23
.................
120,000
120,000,000
(1-day
SOFR
+
0.40%),
5.71%, 02/14/24
-
03/19/24
(a)
...................
114,630
114,654,277
Mizuho
Bank
Ltd.,
New
York
(a)
(1-day
SOFR
+
0.34%),
5.65%, 11/17/23
.
62,000
62,006,662
(1-day
SOFR
+
0.48%),
5.79%, 11/22/23
.
50,000
50,011,165
(1-day
SOFR
+
0.43%),
5.74%, 01/31/24
.
40,600
40,623,829
(1-day
SOFR
+
0.41%),
5.72%, 02/20/24
.
63,000
63,026,253
MUFG
Bank
Ltd.,
New
York
5.62%, 11/01/23
.................
74,500
74,500,532
(1-day
SOFR
+
0.43%),
5.74%, 11/10/23
(a)
35,000
35,002,653
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
National
Australia
Bank
Ltd.,
New
York,
(1-day
SOFR
+
0.40%),
5.71%, 01/12/24
(a)
....
USD
60,000
$
60,027,394
Nordea
Bank
Abp
,
New
York
(1-day
SOFR
+
0.45%),
5.76%, 01/18/24
(a)
47,000
47,024,514
5.15%, 02/02/24
.................
34,000
33,951,727
(1-day
SOFR
+
0.27%),
5.58%, 02/16/24
(a)
31,650
31,650,939
(1-day
SOFR
+
0.52%),
5.83%, 04/18/24
(a)
30,000
30,022,161
(1-day
SOFR
+
0.47%),
5.78%, 07/24/24
(a)
20,000
19,999,188
Royal
Bank
of
Canada,
New
York,
5.96%, 09/19/24
.................
40,000
40,016,599
Skandinaviska
Enskilda
Banken
AB,
New
York,
(1-day
SOFR
+
0.25%),
5.56%, 03/04/24
(a)
20,000
19,998,857
Standard
Chartered
Bank,
New
York,
5.63%, 03/01/24
.................
35,000
34,978,135
Sumitomo
Mitsui
Banking
Corp.,
New
York
(a)
(1-day
SOFR
+
0.34%),
5.65%, 11/13/23
.
80,750
80,755,884
(1-day
SOFR
+
0.42%),
5.73%, 02/07/24
.
65,000
65,028,207
(1-day
SOFR
+
0.40%),
5.71%, 02/20/24
.
77,000
77,027,219
Sumitomo
Mitsui
Trust
Bank
Ltd.,
New
York
5.60%, 11/29/23
.................
84,750
84,760,214
5.61%, 12/20/23
.................
59,000
59,003,745
(1-day
SOFR
+
0.42%),
5.73%, 01/29/24
(a)
71,350
71,383,434
Svenska
Handelsbanken
AB,
New
York
(a)
(1-day
SOFR
+
0.35%),
5.66%, 11/06/23
.
68,750
68,752,906
(1-day
SOFR
+
0.55%),
5.86%, 04/29/24
.
54,000
54,045,175
Toronto-Dominion
Bank
(The),
New
York
5.27%, 01/24/24
.................
60,000
59,924,062
(1-day
SOFR
+
0.50%),
5.81%, 01/29/24
(a)
37,000
37,029,871
5.82%, 05/24/24
.................
35,000
34,969,994
6.00%, 10/02/24
.................
27,500
27,513,490
2,614,304,865
Total
Certificates
of
Deposit
—
23.4%
(Cost:
$3,172,572,445)
...........................
3,172,832,901
Commercial
Paper
Alinghi
Funding
Co.
LLC,
5.92%
,
03/28/24
(c)
.
15,400
15,036,858
ANZ
New
Zealand
Int'l
Ltd.,
5.41%
,
11/09/23
(c)
44,000
43,941,442
Aquitaine
Funding
Co.
LLC,
5.40%
,
11/01/23
(c)
84,150
84,137,558
Australia
&
New
Zealand
Banking
Group
Ltd.
5.40%,
11/08/23
(c)
................
92,000
91,891,200
5.43%,
11/17/23
(c)
................
50,000
49,873,979
(1-day
SOFR
+
0.50%),
5.81%,
04/02/24
(a)(d)
24,000
24,017,934
5.77%,
07/30/24
(c)
................
20,000
19,164,453
Bank
of
Montreal
(1-day
SOFR
+
0.40%),
5.71%,
12/18/23
(a)
66,000
66,021,352
5.81%,
04/01/24
(c)
................
30,000
29,286,893
5.86%,
06/05/24
(c)
................
65,000
62,792,891
Bank
of
Nova
Scotia
(The),
(1-day
SOFR
+
0.50%),
5.81%
,
11/06/23
(a)
..........
16,500
16,501,039
Barclays
Bank
plc,
5.35%
,
11/01/23
(c)(d)
....
176,000
175,974,197
Bedford
Row
Funding
Corp.
5.39%,
11/01/23
(c)
................
109,500
109,483,840
(1-day
SOFR
+
0.35%),
5.66%,
03/19/24
(a)
59,000
59,002,705
Bennington
Stark
Capital
Co.
LLC
(c)(d)
5.40%,
11/01/23
.................
104,000
103,984,610
5.41%,
11/02/23
.................
162,000
161,951,991
BPCE
SA,
5.78%
,
02/07/24
(c)(d)
..........
32,000
31,506,514
Canadian
Imperial
Bank
of
Commerce,
5.40%
,
11/01/23
(c)
......................
7,300
7,298,920
CDP
Financial,
Inc.
(d)
5.38%,
11/01/23
(c)
................
97,500
97,485,638
(1-day
SOFR
+
0.36%),
5.67%,
01/08/24
(a)
40,500
40,509,889
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
October
31,
2023
TempCash
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Commonwealth
Bank
of
Australia
5.40%,
02/16/24
(d)
................
USD
40,750
$
40,719,292
(1-day
SOFR
+
0.50%),
5.81%,
03/18/24
(a)
30,000
30,022,621
Concord
Minutemen
Capital
Co.
LLC
(a)(d)
(1-day
SOFR
+
0.35%),
5.66%,
12/07/23
25,000
25,003,038
(1-day
SOFR
+
0.55%),
5.86%,
05/16/24
32,000
32,000,144
Credit
Industriel
et
Commercial,
5.69%
,
02/09/24
(c)
.....................
62,920
61,944,402
DNB
Bank
ASA
(1-day
SOFR
+
0.48%),
5.79%,
04/29/24
(a)
30,000
30,019,163
5.86%,
06/13/24
(c)
................
40,000
38,591,635
5.88%,
07/30/24
(c)(d)
...............
21,000
20,106,719
Federation
des
Caisses
Desjardins
du
Quebec,
5.52%
,
12/05/23
(c)
................
30,000
29,841,917
FMS
Wertmanagement
(c)
5.77%,
05/02/24
.................
22,750
22,107,139
5.77%,
05/03/24
.................
22,250
21,617,889
Gotham
Funding
Corp.,
5.40%
,
11/02/23
(c)
..
30,000
29,991,124
HSBC
Bank
plc,
(1-day
SOFR
+
0.42%),
5.73%
,
01/26/24
(a)
................
32,000
32,013,216
ING
US
Funding
LLC
5.41%,
11/08/23
(c)
................
27,000
26,968,009
(1-day
SOFR
+
0.50%),
5.81%,
02/05/24
(a)
75,000
75,053,415
5.89%,
05/01/24
(c)(d)
...............
60,000
58,280,105
Kreditanstalt
fuer
Wiederaufbau
,
5.74%
,
05/02/24
(c)
.....................
51,500
50,051,576
Liberty
Street
Funding
LLC,
5.88%
,
05/07/24
(c)
42,000
40,758,012
Mackinac
Funding
Co.
LLC
(c)
5.42%,
11/07/23
.................
49,000
48,949,122
5.81%,
03/06/24
.................
29,150
28,572,137
Macquarie
Bank
Ltd.
5.46%,
11/06/23
(c)
................
24,475
24,453,066
5.81%,
02/12/24
(c)
................
20,000
19,674,410
(1-day
SOFR
+
0.38%),
5.69%,
02/16/24
(a)
89,000
89,024,680
5.86%,
03/07/24
(c)
................
70,000
68,589,613
5.92%,
04/18/24
(c)(d)
...............
65,000
63,254,816
Microsoft
Corp.
(c)
5.44%,
12/11/23
.................
54,000
53,671,980
5.44%,
12/12/23
.................
54,000
53,663,958
National
Australia
Bank
Ltd.
(a)
(1-day
SOFR
+
0.35%),
5.66%,
12/05/23
32,000
32,006,171
(1-day
SOFR
+
0.48%),
5.79%,
02/02/24
60,250
60,296,225
(1-day
SOFR
+
0.50%),
5.81%,
04/12/24
30,000
30,019,862
(1-day
SOFR
+
0.35%),
5.66%,
04/19/24
64,000
64,002,039
National
Bank
of
Canada,
5.43%
,
11/16/23
(c)
44,713
44,606,769
Natixis
SA,
5.78%
,
02/07/24
(c)
..........
54,500
53,658,812
NRW
Bank,
5.69%
,
02/20/24
(c)
..........
15,000
14,742,431
Podium
Funding
Trust
5.41%,
11/06/23
(c)
................
45,000
44,960,046
(1-day
SOFR
+
0.40%),
5.71%,
01/03/24
(a)
33,000
33,011,328
Province
of
Quebec
Canada,
5.38%
,
11/09/23
(c)
58,000
57,923,114
Rabobank
International,
5.38%
,
12/01/23
(c)
..
62,800
62,514,620
Royal
Bank
of
Canada
(a)
(1-day
SOFR
+
0.72%),
6.03%,
12/07/23
29,000
29,014,533
(1-day
SOFR
+
0.67%),
5.98%,
12/12/23
18,000
18,009,293
(1-day
SOFR
+
0.60%),
5.91%,
05/23/24
34,000
34,041,303
Starbird
Funding
Corp.
(a)(d)
(1-day
SOFR
+
0.33%),
5.64%,
11/10/23
85,000
85,004,767
(1-day
SOFR
+
0.35%),
5.66%,
03/07/24
56,000
56,005,044
Swedbank
AB,
(1-day
SOFR
+
0.41%),
5.72%
,
12/28/23
(a)
.....................
75,000
75,029,254
Thunder
Bay
Funding
LLC,
5.69%
,
02/07/24
(c)
28,000
27,574,806
UBS
AG
(1-day
SOFR
+
0.28%),
5.64%,
12/01/23
(a)(d)
30,000
30,000,063
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
5.94%,
05/31/24
(c)
................
USD
44,000
$
42,520,786
Versailles
Commercial
Paper
LLC,
5.61%
,
01/02/24
(c)(d)
....................
35,000
34,664,166
Westpac
Banking
Corp.
5.61%,
03/13/24
(c)
................
31,800
31,157,869
(1-day
SOFR
+
0.50%),
5.81%,
04/19/24
(a)
35,000
35,020,112
(1-day
SOFR
+
0.52%),
5.83%,
04/19/24
(a)
35,000
35,023,388
(1-day
SOFR
+
0.47%),
5.78%,
07/22/24
(a)
50,000
50,007,551
Total
Commercial
Paper
—
25.7%
(Cost:
$3,485,515,007)
...........................
3,485,621,453
Corporate
Bonds
Commercial
Services
&
Supplies
—
0.4%
Ecmc
Group,
Inc.,
Series
23-1,
5.38%,
11/07/23
(a)
....................
53,500
53,500,000
Consumer
Finance
—
0.2%
Toyota
Motor
Credit
Corp.,
(1-day
SOFR
+
0.38%),
5.70%,
02/22/24
(a)
..........
22,655
22,656,924
Total
Corporate
Bonds
—
0.6%
(Cost:
$76,155,000)
..............................
76,156,924
Municipal
Bonds
California
—
0.1%
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2021-XMT0955,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
5.50%, 11/07/23
(d)(e)(f)
7,000
7,000,000
Iowa
—
0.1%
Iowa
Student
Loan
Liquidity
Corp.
,
Series
2023-1,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
5.38%, 11/07/23
(f)
............
12,561
12,561,000
New
York
—
0.1%
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
,
Series
238,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
5.35%, 11/07/23
(f)
................
18,000
18,000,000
Other
—
0.4%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-MIZ9043,
RB
,
VRDN
(Mizuho
Bank
Ltd.
LOC)
,
5.44%, 11/07/23
30,370
30,370,000
San
Francisco
California
Bay
Area
Rapid
Transit
District,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-XF2926T,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
5.59%, 11/07/23
....
9,780
9,779,769
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2019-TMFT005,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
5.45%, 11/07/23
7,905
7,905,000
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2021-XF2953TX,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
5.45%, 11/07/23
9,000
9,000,000
57,054,769
Schedule
of
Investments
(continued)
October
31,
2023
TempCash
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Texas
—
0.0%
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2021-XF2,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
5.59%, 11/07/23
(d)(e)(f)
.
USD
5,015
$
5,014,580
Total
Municipal
Bonds
—
0.7%
(Cost:
$99,630,349)
..............................
99,630,349
Time
Deposits
ABN
AMRO
Bank
NV
5.31%, 11/01/23
.................
78,000
78,000,000
Credit
Agricole
Corporate
&
Investment
Bank
SA,
5.30%, 11/01/23
..............
153,870
153,870,000
Erste
Group
Bank
AG,
5.32%, 11/01/23
....
400,000
400,000,000
First
Abu
Dhabi
Bank
USA
NV,
5.32%, 11/01/23
400,000
400,000,000
ING
Bank
NV,
5.33%, 11/07/23
..........
355,000
355,000,000
KBC
Bank
NV,
5.32%, 11/01/23
.........
150,000
150,000,000
Mizuho
Bank
Ltd.,
5.32%, 11/01/23
.......
255,000
255,000,000
Royal
Bank
of
Canada,
5.32%, 11/01/23
...
121,000
121,000,000
Skandinaviska
Enskilda
Banken
AB,
5.32%, 11/01/23
.................
360,000
360,000,000
Svenska
Handelsbanken
AB,
5.31%, 11/01/23
310,000
310,000,000
Swedbank
AB,
5.32%, 11/01/23
.........
139,000
139,000,000
Total
Time
Deposits
—
20.1%
(Cost:
$2,721,870,000)
...........................
2,721,870,000
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
Federal
Home
Loan
Bank
Discount
Notes,
5.12%, 12/11/23
(c)
...............
USD
65,000
$
64,628,089
United
States
International
Development
Finance
Corp.
Variable
Rate
Notes,
(3-mo.
Treasury
Bill
Rate
+
0.00%),
5.57%, 11/07/23
(a)
...............
6,964
6,964,286
Total
U.S.
Government
Sponsored
Agency
Obligations
—
0.5%
(Cost:
$71,577,897)
..............................
71,592,375
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
,
5.27%, 12/12/23
(c)
.....
52,975
52,655,991
U.S.
Treasury
Notes
,
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.17%),
5.55%, 04/30/25
(a)
................
8,000
8,007,873
Total
U.S.
Treasury
Obligations
—
0.5%
(Cost:
$60,656,695)
..............................
60,663,864
Total
Repurchase
Agreements
—
23.3%
(Cost:
$3,157,000,000)
...........................
3,157,000,000
Total
Investments
—
94.8%
(Cost:
$12,844,977,393
)
(g)
.........................
12,845,367,866
Other
Assets
Less
Liabilities
—
5.2%
...................
710,229,910
Net
Assets
—
100.0%
..............................
$
13,555,597,776
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Issuer
is
a
U.S.
branch
of
a
foreign
domiciled
bank.
(c)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(d)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(e)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(f)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(g)
Cost
for
U.S.
federal
income
tax
purposes.
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
October
31,
2023
TempCash
24
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
...
5.39‌
%
(a)
10/31/23
11/01/23
$
75,000‌
$
75,000,000‌
$
75,011,229‌
Corporate/Debt
Obligations,
0.39%
to
7.28%,
due
06/15/26
to
02/18/70
.........
$
416,221,585‌
$
80,250,458‌
5.44‌
(b)
10/31/23
11/08/23
20,000‌
20,000,000‌
20,024,178‌
Corporate/Debt
Obligations,
2.90%
to
5.12%,
due
02/01/29
to
03/17/52
.........
30,290,000‌
21,000,536‌
5.64‌
(b)
10/31/23
12/06/23
80,000‌
80,000,000‌
80,451,200‌
Corporate/Debt
Obligations,
0.36%
to
7.91%,
due
08/15/25
to
01/25/72
.........
207,383,390‌
85,600,000‌
–‌
–‌
$
175,000,000‌
$
186,850,994‌
–‌
–‌
Bank
of
Montreal
....
5.42‌
10/26/23
11/02/23
18,000‌
18,000,000‌
18,018,970‌
U.S.
Government
Sponsored
Agency
Obligations,
0.28%
to
5.00%,
due
12/20/50
to
04/20/72
.........
432,959,150‌
18,900,000‌
–‌
–‌
Barclays
Bank
plc
...
5.42‌
(a)
10/31/23
11/01/23
212,000‌
212,000,000‌
212,031,918‌
Corporate/Debt
Obligations,
2.90%
to
7.95%,
due
10/30/24
to
01/15/77
.........
238,433,000‌
222,600,483‌
5.44‌
(a)
10/31/23
11/01/23
52,000‌
52,000,000‌
52,007,858‌
Corporate/Debt
Obligations,
0.00%
to
5.17%,
due
04/01/35
to
02/15/53
.........
75,412,000‌
55,640,900‌
5.54‌
(a)
10/31/23
11/01/23
68,000‌
68,000,000‌
68,010,464‌
Corporate/Debt
Obligations,
3.75%
to
10.50%,
due
06/15/25
to
03/01/31
.......
95,953,000‌
77,468,468‌
5.57‌
(b)
10/31/23
12/06/23
18,000‌
18,000,000‌
18,100,260‌
Corporate/Debt
Obligations,
2.44%
to
4.00%,
due
04/01/40
to
10/15/56
.........
26,102,000‌
19,260,614‌
–‌
–‌
$
350,000,000‌
$
374,970,465‌
–‌
–‌
Barclays
Capital,
Inc.
.
5.55‌
(b)
10/31/23
12/06/23
95,000‌
95,000,000‌
95,527,250‌
U.S.
Treasury
Obligation,
2.63%,
due
05/31/27
.........
103,282,600‌
96,900,082‌
–‌
–‌
BNP
Paribas
SA
....
5.41‌
10/31/23
11/01/23
57,000‌
57,000,000‌
57,008,566‌
Corporate/Debt
Obligations,
2.30%
to
4.35%,
due
03/12/31
to
05/01/48
.........
77,865,000‌
59,850,313‌
5.42‌
(a)
10/31/23
11/01/23
51,000‌
51,000,000‌
51,007,678‌
Corporate/Debt
Obligations,
1.04%
to
5.20%,
due
08/18/25
to
04/01/51
.........
81,701,925‌
53,550,014‌
–‌
–‌
$
108,000,000‌
$
113,400,327‌
–‌
–‌
Citigroup
Global
Markets,
Inc.
...........
5.30‌
(c)
10/31/23
11/01/23
1,000‌
1,000,000‌
1,000,147‌
U.S.
Treasury
Obligations,
0.50%
to
4.00%,
due
11/30/23
to
02/28/30
.........
1,080,754‌
1,020,000‌
5.30‌
10/31/23
11/01/23
10,000‌
10,000,000‌
10,001,472‌
U.S.
Government
Sponsored
Agency
Obligations,
4.76%
to
7.49%,
due
08/20/73
to
09/20/73
.........
9,627,693‌
10,200,940‌
Schedule
of
Investments
(continued)
October
31,
2023
TempCash
Schedules
of
Investments
25
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5.38‌
%
(a)
10/31/23
11/01/23
$
19,000‌
$
19,000,000‌
$
19,002,839‌
U.S.
Treasury
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
4.00%,
due
11/08/23
to
10/31/29
.........
$
20,045,851‌
$
19,938,630‌
5.62‌
(b)
10/31/23
01/02/24
5,000‌
5,000,000‌
5,049,175‌
Corporate/Debt
Obligation,
3.56%,
due
08/25/55
.........
6,232,786‌
5,350,001‌
–‌
–‌
$
35,000,000‌
$
36,509,571‌
–‌
–‌
Credit
Agricole
Corporate
&
Investment
Bank
SA
5.30‌
10/31/23
11/01/23
220,000‌
220,000,000‌
220,032,389‌
U.S.
Treasury
Obligations,
4.88%
to
5.00%,
due
09/30/25
to
10/31/28
.........
223,723,400‌
224,400,072‌
5.30‌
10/31/23
11/01/23
100,000‌
100,000,000‌
100,014,722‌
U.S.
Treasury
Obligation,
2.38%,
due
10/15/28
.........
101,862,900‌
102,000,073‌
5.44‌
(b)
10/31/23
11/08/23
37,000‌
37,000,000‌
37,044,729‌
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
1.35%
to
11.75%,
due
09/08/24
to
06/25/51
.......
41,960,195‌
39,101,137‌
–‌
–‌
$
357,000,000‌
$
365,501,282‌
–‌
–‌
JP
Morgan
Securities
LLC
...........
5.31‌
10/31/23
11/01/23
1,102,000‌
1,102,000,000‌
1,102,162,545‌
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
2.00%
to
7.50%,
due
08/20/32
to
10/20/63
.........
1,358,667,400‌
1,124,055,395‌
5.44‌
(a)
10/31/23
11/01/23
50,000‌
50,000,000‌
50,007,556‌
Corporate/Debt
Obligations,
0.00%,
due
12/01/23
to
02/01/24
52,456,556‌
51,970,297‌
5.52‌
(a)
10/31/23
11/01/23
25,000‌
25,000,000‌
25,003,833‌
Corporate/Debt
Obligations,
2.58%
to
5.97%,
due
11/01/24
to
10/01/60
.........
28,441,000‌
26,750,157‌
5.54‌
(a)
10/31/23
11/01/23
25,000‌
25,000,000‌
25,003,847‌
Corporate/Debt
Obligations,
1.54%
to
6.25%,
due
11/19/24
to
12/01/56
.........
29,310,366‌
27,771,768‌
5.62‌
(a)
10/31/23
11/01/23
70,000‌
70,000,000‌
70,010,928‌
Corporate/Debt
Obligations,
3.88%
to
13.00%,
due
03/15/24
to
11/01/57
.......
89,451,051‌
79,882,251‌
5.62‌
(b)
10/31/23
11/08/23
100,000‌
100,000,000‌
100,124,889‌
Corporate/Debt
Obligations,
0.30%
to
9.47%,
due
11/15/35
to
07/25/59
.........
128,696,214‌
107,000,001‌
5.69‌
(b)
10/31/23
01/30/24
40,000‌
40,000,000‌
40,575,322‌
Corporate/Debt
Obligations,
1.36%
to
6.22%,
due
05/14/29
to
03/25/68
.........
59,307,596‌
42,800,001‌
5.80‌
(b)
10/31/23
01/30/24
90,000‌
90,000,000‌
91,319,500‌
Corporate/Debt
Obligations,
0.04%
to
13.00%,
due
01/25/27
to
07/25/68
.......
539,835,642‌
96,560,230‌
5.80‌
(b)
10/31/23
01/30/24
25,000‌
25,000,000‌
25,366,528‌
Corporate/Debt
Obligations,
4.95%
to
8.25%,
due
02/01/25
to
10/07/79
.........
26,995,000‌
26,835,387‌
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
October
31,
2023
TempCash
26
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5.80‌
%
(b)
10/31/23
01/30/24
$
65,000‌
$
65,000,000‌
$
65,952,972‌
Corporate/Debt
Obligations,
2.50%
to
6.75%,
due
01/23/31
to
07/25/63
.........
$
85,696,345‌
$
69,385,115‌
–‌
–‌
$
1,592,000,000‌
$
1,653,010,602‌
–‌
–‌
Mizuho
Securities
USA
LLC
...........
5.77‌
(b)
10/31/23
12/06/23
50,000‌
50,000,000‌
50,288,500‌
U.S.
Treasury
Obligations,
0.50%
to
4.50%,
due
04/30/24
to
10/31/27
.........
57,161,400‌
51,000,002‌
–‌
–‌
Natixis
Securities
Americas
LLC
....
5.43‌
(a)
10/31/23
11/01/23
36,000‌
36,000,000‌
36,005,430‌
Corporate/Debt
Obligations,
2.51%
to
7.95%,
due
05/01/25
to
11/15/95
.........
42,804,000‌
37,800,458‌
5.46‌
(b)
10/31/23
11/08/23
9,000‌
9,000,000‌
9,010,920‌
Corporate/Debt
Obligations,
1.00%
to
7.75%,
due
05/01/25
to
11/15/95
.........
11,012,000‌
9,450,536‌
5.54‌
(b)
10/31/23
11/08/23
5,000‌
5,000,000‌
5,006,156‌
Corporate/Debt
Obligations,
2.70%
to
7.72%,
due
12/01/26
to
08/17/50
.........
5,656,580‌
5,391,862‌
–‌
–‌
$
50,000,000‌
$
52,642,856‌
–‌
–‌
TD
Securities
USA
LLC
5.40‌
(a)
10/31/23
11/01/23
126,000‌
126,000,000‌
126,018,900‌
Corporate/Debt
Obligations,
2.65%
to
12.00%,
due
11/15/23
to
02/08/51
.......
174,250,602‌
136,536,503‌
–‌
–‌
Wells
Fargo
Securities
LLC
...........
5.31‌
10/31/23
11/01/23
10,000‌
10,000,000‌
10,001,475‌
U.S.
Government
Sponsored
Agency
Obligations,
1.00%
to
5.45%,
due
09/04/24
to
07/23/26
.........
10,930,000‌
10,202,366‌
5.66‌
(b)
10/31/23
12/31/23
23,000‌
23,000,000‌
23,220,583‌
Corporate/Debt
Obligations,
1.65%
to
6.97%,
due
06/01/24
to
06/30/51
.........
26,789,000‌
24,610,291‌
5.71‌
(b)
10/31/23
01/30/24
143,000‌
143,000,000‌
145,064,006‌
Corporate/Debt
Obligations,
0.03%
to
6.84%,
due
06/15/34
to
09/17/64
.........
1,374,869,002‌
153,010,000‌
5.71‌
(b)
10/31/23
02/04/24
25,000‌
25,000,000‌
25,380,667‌
Corporate/Debt
Obligations,
0.00%
to
6.42%,
due
09/13/32
to
09/17/64
.........
497,978,704‌
26,750,000‌
–‌
–‌
$
201,000,000‌
$
214,572,657‌
–‌
–‌
$
3,157,000,000‌
$
3,300,795,341‌
–‌
–‌
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(c)
Traded
in
a
joint
account.
Schedule
of
Investments
(continued)
October
31,
2023
TempCash
Schedules
of
Investments
27
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Certificates
of
Deposit
.....................................
$
—
$
3,172,832,901
$
—
$
3,172,832,901
Commercial
Paper
.......................................
—
3,485,621,453
—
3,485,621,453
Corporate
Bonds
........................................
—
76,156,924
—
76,156,924
Municipal
Bonds
.........................................
—
99,630,349
—
99,630,349
Repurchase
Agreements
...................................
—
3,157,000,000
—
3,157,000,000
Time
Deposits
..........................................
—
2,721,870,000
—
2,721,870,000
U.S.
Government
Sponsored
Agency
Obligations
...................
—
71,592,375
—
71,592,375
U.S.
Treasury
Obligations
...................................
—
60,663,864
—
60,663,864
$
—
$
12,845,367,866
$
—
$
12,845,367,866
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
October
31,
2023
TempFund
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Certificates
of
Deposit
Domestic
—
4.9%
Bank
of
America
NA
5.40%, 11/15/23
.................
USD
15,000
$
14,999,027
(1-day
SOFR
+
0.32%),
5.63%, 12/14/23
(a)
19,000
19,003,625
5.75%, 01/09/24
.................
26,000
26,004,807
5.25%, 01/31/24
.................
30,000
29,945,838
5.44%, 02/06/24
.................
18,388
18,364,397
5.90%, 05/14/24
.................
15,000
14,998,861
6.00%, 08/21/24
.................
11,000
11,002,523
Citibank
NA
5.80%, 02/26/24
-
03/18/24
..........
20,105
20,107,720
5.89%, 05/10/24
.................
13,000
12,997,422
5.92%, 06/20/24
.................
20,000
20,005,070
Wells
Fargo
Bank
NA
(a)
(1-day
SOFR
+
0.50%),
5.81%, 01/22/24
.
30,000
30,021,357
(1-day
SOFR
+
0.35%),
5.66%, 03/07/24
.
25,000
25,005,493
(1-day
SOFR
+
0.64%),
5.95%, 07/17/24
.
14,000
14,016,740
256,472,880
Yankee
—
18.9%
(b)
Bank
of
Nova
Scotia
(The),
Houston
(a)
(1-day
SOFR
+
0.49%),
5.80%, 01/26/24
.
14,000
14,009,936
(1-day
SOFR
+
0.47%),
5.78%, 06/03/24
.
25,000
25,009,988
BNP
Paribas
SA,
New
York
5.25%, 01/31/24
.................
30,000
29,960,112
(1-day
SOFR
+
0.63%),
5.94%, 02/05/24
(a)
25,000
25,027,631
Canadian
Imperial
Bank
of
Commerce,
New
York
5.60%, 12/01/23
-
03/04/24
..........
34,000
33,988,511
(1-day
SOFR
+
0.54%),
5.85%, 01/18/24
(a)
25,000
25,023,568
5.40%, 02/08/24
.................
15,000
14,987,446
5.90%, 06/13/24
.................
24,000
24,004,124
Cooperatieve
Rabobank
UA,
New
York,
(1-day
SOFR
+
0.35%),
5.66%, 12/08/23
(a)
....
16,000
16,003,840
Credit
Agricole
Corporate
&
Investment
Bank
SA,
New
York
5.40%, 11/10/23
.................
18,000
17,999,687
5.74%, 02/02/24
.................
24,000
24,002,677
Credit
Industriel
et
Commercial,
New
York
(1-day
SOFR
+
0.37%),
5.68%, 11/03/23
-
04/08/24
(a)
...................
59,000
59,006,548
5.60%, 11/27/23
.................
27,000
27,002,853
DZ
Bank
AG,
New
York
(1-day
SOFR
+
0.35%),
5.66%, 11/08/23
(a)
37,000
37,001,892
5.40%, 11/09/23
.................
16,000
16,000,082
HSBC
Bank
USA
NA,
New
York
(1-day
SOFR
+
0.45%),
5.76%, 11/27/23
(a)
25,000
25,003,536
5.90%, 06/06/24
.................
16,500
16,499,950
Korea
Development
Bank,
New
York,
5.82%, 02/16/24
.................
12,000
12,002,733
Mitsubishi
UFJ
Trust
&
Banking
Corp.,
New
York
5.33%, 11/07/23
.................
51,000
51,000,000
(1-day
SOFR
+
0.40%),
5.71%, 02/14/24
-
03/19/24
(a)
...................
46,000
46,009,749
Mizuho
Bank
Ltd.,
New
York
(a)
(1-day
SOFR
+
0.34%),
5.65%, 11/17/23
.
8,000
8,000,860
(1-day
SOFR
+
0.41%),
5.72%, 02/20/24
.
30,000
30,012,501
MUFG
Bank
Ltd.,
New
York
5.62%, 11/01/23
.................
32,000
32,000,229
(1-day
SOFR
+
0.43%),
5.74%, 11/10/23
(a)
17,000
17,001,288
National
Australia
Bank
Ltd.,
New
York,
(1-day
SOFR
+
0.40%),
5.71%, 01/12/24
(a)
....
28,000
28,012,784
Nordea
Bank
Abp
,
New
York
(a)
(1-day
SOFR
+
0.45%),
5.76%, 01/18/24
.
28,000
28,014,604
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
(1-day
SOFR
+
0.27%),
5.58%, 02/16/24
.
USD
18,350
$
18,350,544
(1-day
SOFR
+
0.47%),
5.78%, 07/24/24
.
8,000
7,999,676
Royal
Bank
of
Canada,
New
York,
5.96%, 09/19/24
.................
16,000
16,006,640
Standard
Chartered
Bank,
New
York,
5.63%, 03/01/24
.................
20,000
19,987,506
Sumitomo
Mitsui
Banking
Corp.,
New
York
(a)
(1-day
SOFR
+
0.34%),
5.65%, 11/13/23
.
35,000
35,002,550
(1-day
SOFR
+
0.42%),
5.73%, 02/07/24
.
25,000
25,010,849
(1-day
SOFR
+
0.40%),
5.71%, 02/20/24
.
30,000
30,010,605
Sumitomo
Mitsui
Trust
Bank
Ltd.,
New
York
5.60%, 11/29/23
.................
50,000
50,006,026
5.61%, 12/20/23
.................
22,000
22,001,396
(1-day
SOFR
+
0.42%),
5.73%, 01/29/24
(a)
30,000
30,014,058
Toronto-Dominion
Bank
(The),
New
York
5.27%, 01/24/24
.................
30,000
29,962,031
5.82%, 05/24/24
.................
15,000
14,987,140
6.00%, 10/02/24
.................
11,000
11,005,396
992,931,546
Total
Certificates
of
Deposit
—
23.8%
(Cost:
$1,249,346,162)
...........................
1,249,404,426
Commercial
Paper
Alinghi
Funding
Co.
LLC,
5.92%
,
03/28/24
(c)
.
3,000
2,929,258
ANZ
New
Zealand
Int'l
Ltd.,
5.41%
,
11/09/23
(c)
21,000
20,972,052
Australia
&
New
Zealand
Banking
Group
Ltd.
5.40%,
11/06/23
(c)
................
12,877
12,865,588
5.40%,
11/08/23
(c)
................
39,670
39,623,086
(1-day
SOFR
+
0.50%),
5.81%,
04/02/24
(a)(d)
10,000
10,007,472
5.77%,
07/30/24
(c)
................
10,000
9,582,227
Bank
of
Montreal
(1-day
SOFR
+
0.40%),
5.71%,
12/18/23
(a)
31,000
31,010,029
5.81%,
04/01/24
(c)
................
10,000
9,762,298
5.81%,
04/03/24
(c)
................
12,000
11,710,925
5.86%,
06/05/24
(c)
................
25,000
24,151,112
Barclays
Bank
plc,
5.35%
,
11/01/23
(c)(d)
....
30,000
29,995,602
Bedford
Row
Funding
Corp.,
(1-day
SOFR
+
0.35%),
5.66%
,
03/19/24
(a)
..........
23,000
23,001,054
Bennington
Stark
Capital
Co.
LLC
(c)(d)
5.40%,
11/01/23
.................
42,000
41,993,785
5.41%,
11/02/23
.................
66,000
65,980,441
BPCE
SA,
5.78%
,
02/07/24
(c)(d)
..........
5,000
4,922,893
CDP
Financial,
Inc.
(d)
5.38%,
11/01/23
(c)
................
37,500
37,494,476
(1-day
SOFR
+
0.36%),
5.67%,
01/08/24
(a)
18,000
18,004,395
Citigroup
Global
Markets,
Inc.,
5.82%
,
03/22/24
(c)
.....................
20,000
19,553,967
Commonwealth
Bank
of
Australia
5.40%,
02/16/24
(d)
................
21,000
20,984,175
(1-day
SOFR
+
0.50%),
5.81%,
03/18/24
(a)
14,000
14,010,557
Concord
Minutemen
Capital
Co.
LLC,
(1-day
SOFR
+
0.55%),
5.86%
,
05/16/24
(a)(d)
...
13,000
13,000,058
Credit
Industriel
et
Commercial,
5.69%
,
02/09/24
(c)
.....................
25,000
24,612,366
DNB
Bank
ASA
(1-day
SOFR
+
0.48%),
5.79%,
04/29/24
(a)
10,000
10,006,388
5.86%,
06/13/24
(c)
................
15,000
14,471,863
5.88%,
07/30/24
(c)(d)
...............
10,000
9,574,628
Federation
des
Caisses
Desjardins
du
Quebec,
5.52%
,
12/05/23
(c)
................
20,000
19,894,611
FMS
Wertmanagement
(c)
5.77%,
05/02/24
.................
9,000
8,745,681
5.77%,
05/03/24
.................
9,000
8,744,315
Schedule
of
Investments
(continued)
October
31,
2023
TempFund
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Gotham
Funding
Corp.,
5.40%
,
11/02/23
(c)
..
USD
12,000
$
11,996,450
HSBC
Bank
plc,
(1-day
SOFR
+
0.42%),
5.73%
,
01/26/24
(a)
................
14,000
14,005,782
ING
US
Funding
LLC
5.41%,
11/08/23
(c)
................
12,000
11,985,782
(1-day
SOFR
+
0.50%),
5.81%,
02/05/24
(a)
25,000
25,017,805
5.89%,
05/01/24
(c)(d)
...............
22,000
21,369,372
Kreditanstalt
fuer
Wiederaufbau
,
5.74%
,
05/02/24
(c)
.....................
21,000
20,409,380
Liberty
Street
Funding
LLC,
5.88%
,
05/07/24
(c)
16,000
15,526,862
Mackinac
Funding
Co.
LLC,
5.42%
,
11/07/23
(c)
15,000
14,984,425
Macquarie
Bank
Ltd.
(c)
5.46%,
11/06/23
.................
15,235
15,221,347
5.81%,
02/12/24
.................
15,000
14,755,808
5.86%,
03/07/24
.................
25,000
24,496,290
5.92%,
04/18/24
(d)
................
27,000
26,275,077
Microsoft
Corp.
(c)
5.44%,
12/11/23
.................
22,000
21,866,362
5.44%,
12/12/23
.................
22,000
21,863,094
National
Australia
Bank
Ltd.
(a)
(1-day
SOFR
+
0.35%),
5.66%,
12/05/23
15,000
15,002,893
(1-day
SOFR
+
0.50%),
5.81%,
04/12/24
12,000
12,007,945
(1-day
SOFR
+
0.35%),
5.66%,
04/19/24
24,000
24,000,764
Natixis
SA,
5.78%
,
02/07/24
(c)
..........
22,000
21,660,438
Podium
Funding
Trust,
5.41%
,
11/06/23
(c)
..
20,000
19,982,243
Royal
Bank
of
Canada,
(1-day
SOFR
+
0.60%),
5.91%
,
05/23/24
(a)
................
15,500
15,518,829
Starbird
Funding
Corp.,
(1-day
SOFR
+
0.33%),
5.64%
,
11/10/23
(a)(d)
...............
35,000
35,001,963
Swedbank
AB,
(1-day
SOFR
+
0.41%),
5.72%
,
12/28/23
(a)
.....................
25,000
25,009,751
Thunder
Bay
Funding
LLC,
5.69%
,
02/07/24
(c)
12,000
11,817,774
UBS
AG,
5.94%
,
05/31/24
(c)
............
17,000
16,428,485
Versailles
Commercial
Paper
LLC,
5.61%
,
01/02/24
(c)(d)
....................
14,750
14,608,470
Westpac
Banking
Corp.
5.61%,
03/13/24
(c)
................
14,000
13,717,301
(1-day
SOFR
+
0.50%),
5.81%,
04/19/24
(a)
15,000
15,008,620
(1-day
SOFR
+
0.52%),
5.83%,
04/19/24
(a)
13,000
13,008,687
(1-day
SOFR
+
0.47%),
5.78%,
07/22/24
(a)
20,000
20,003,020
Total
Commercial
Paper
—
20.8%
(Cost:
$1,090,141,041)
...........................
1,090,156,321
Corporate
Bonds
Commercial
Services
&
Supplies
—
0.4%
Ecmc
Group,
Inc.,
Series
23-1,
5.38%,
11/07/23
(a)
....................
21,000
21,000,000
Consumer
Finance
—
0.3%
Toyota
Motor
Credit
Corp.,
(1-day
SOFR
+
0.38%),
5.70%,
02/22/24
(a)
..........
13,595
13,596,155
Total
Corporate
Bonds
—
0.7%
(Cost:
$34,595,000)
..............................
34,596,155
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
California
—
0.3%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2020-MIZ9042,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
5.44%, 11/07/23
....
USD
3,155
$
3,155,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2021-XMT0955,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
5.50%, 11/07/23
..
10,885
10,885,000
14,040,000
Iowa
—
0.1%
Iowa
Student
Loan
Liquidity
Corp.
,
Series
2023-1,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
5.38%, 11/07/23
(f)
............
5,639
5,639,000
New
York
—
0.5%
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
,
Series
238,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
5.35%, 11/07/23
(f)
................
27,000
27,000,000
Other
—
1.4%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-MIZ9043,
RB
,
VRDN
(Mizuho
Bank
Ltd.
LOC)
,
5.44%, 11/07/23
26,185
26,185,000
San
Francisco
California
Bay
Area
Rapid
Transit
District,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2021-XF2926T,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
5.59%, 11/07/23
....
24,841
24,840,954
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2019-TMFT005,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
5.45%, 11/07/23
8,920
8,920,000
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-XF2908,
RB
,
VRDN
(Mizuho
Capital
Markets
LLC
LOC)
,
5.59%, 11/07/23
.................
11,910
11,909,557
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2021-XF2953TX,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
5.45%, 11/07/23
3,500
3,500,000
75,355,511
Total
Municipal
Bonds
—
2.3%
(Cost:
$122,034,511)
.............................
122,034,511
Time
Deposits
Credit
Agricole
Corporate
&
Investment
Bank
SA,
5.30%, 11/01/23
..............
95,925
95,925,000
Erste
Group
Bank
AG,
5.32%, 11/01/23
....
160,000
160,000,000
First
Abu
Dhabi
Bank
USA
NV,
5.32%, 11/01/23
107,000
107,000,000
ING
Bank
NV,
5.33%, 11/07/23
..........
109,000
109,000,000
Mizuho
Bank
Ltd.,
5.32%, 11/01/23
.......
75,000
75,000,000
Royal
Bank
of
Canada,
5.32%, 11/01/23
...
157,000
157,000,000
Skandinaviska
Enskilda
Banken
AB,
5.32%, 11/01/23
.................
159,000
159,000,000
Svenska
Handelsbanken
AB,
5.31%, 11/01/23
200,000
200,000,000
Swedbank
AB,
5.32%, 11/01/23
.........
60,000
60,000,000
Total
Time
Deposits
—
21.4%
(Cost:
$1,122,925,000)
...........................
1,122,925,000
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
October
31,
2023
TempFund
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
Federal
Home
Loan
Bank
Discount
Notes,
5.12%, 12/11/23
(c)
...............
USD
24,000
$
23,862,679
United
States
International
Development
Finance
Corp.
Variable
Rate
Notes,
(3-mo.
Treasury
Bill
Rate
+
0.00%),
5.57%, 11/07/23
(a)
...............
5,107
5,107,143
Total
U.S.
Government
Sponsored
Agency
Obligations
—
0.5%
(Cost:
$28,964,476)
..............................
28,969,822
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
,
5.27%, 12/12/23
(c)
.....
20,375
20,252,304
U.S.
Treasury
Notes
,
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.17%),
5.55%, 04/30/25
(a)
................
4,000
4,003,937
Total
U.S.
Treasury
Obligations
—
0.5%
(Cost:
$24,253,056)
..............................
24,256,241
Total
Repurchase
Agreements
—
24.0%
(Cost:
$1,260,000,000)
...........................
1,260,000,000
Total
Investments
—
94.0%
(Cost:
$4,932,259,246
)
(g)
..........................
4,932,342,476
Other
Assets
Less
Liabilities
—
6.0%
...................
313,269,528
Net
Assets
—
100.0%
..............................
$
5,245,612,004
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Issuer
is
a
U.S.
branch
of
a
foreign
domiciled
bank.
(c)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(d)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(e)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(f)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(g)
Cost
for
U.S.
federal
income
tax
purposes.
Schedule
of
Investments
(continued)
October
31,
2023
TempFund
Schedules
of
Investments
31
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
...
5.30‌
%
(a)
10/31/23
11/01/23
$
1,000‌
$
1,000,000‌
$
1,000,147‌
U.S.
Treasury
Obligations,
0.00%,
due
05/15/24
to
11/15/42
.
$
1,717,901‌
$
1,020,000‌
5.39‌
(b)
10/31/23
11/01/23
23,000‌
23,000,000‌
23,003,444‌
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
5.33%
to
10.32%,
due
02/25/42
to
01/05/54
.......
27,472,573‌
25,933,054‌
5.44‌
(c)
10/31/23
11/08/23
9,000‌
9,000,000‌
9,010,880‌
Corporate/Debt
Obligations,
3.63%
to
4.45%,
due
01/15/49
to
02/25/50
.........
14,452,000‌
9,450,039‌
5.64‌
(c)
10/31/23
12/06/23
48,000‌
48,000,000‌
48,270,720‌
Corporate/Debt
Obligations,
1.66%
to
8.75%,
due
04/27/25
to
11/25/66
.........
57,549,233‌
50,555,384‌
–‌
–‌
$
81,000,000‌
$
86,958,477‌
–‌
–‌
Bank
of
Montreal
....
5.42‌
10/26/23
11/02/23
7,000‌
7,000,000‌
7,007,377‌
U.S.
Government
Sponsored
Agency
Obligation,
5.00%,
due
12/20/50
.........
85,935,762‌
7,350,000‌
–‌
–‌
Barclays
Bank
plc
...
5.42‌
(b)
10/31/23
11/01/23
73,000‌
73,000,000‌
73,010,991‌
Corporate/Debt
Obligations,
3.35%
to
6.56%,
due
07/24/28
to
12/01/47
.........
87,417,000‌
76,650,404‌
5.44‌
(b)
10/31/23
11/01/23
38,000‌
38,000,000‌
38,005,742‌
Corporate/Debt
Obligations,
2.00%
to
5.52%,
due
06/01/34
to
08/15/52
.........
47,480,000‌
40,660,854‌
5.54‌
(b)
10/31/23
11/01/23
31,000‌
31,000,000‌
31,004,771‌
Corporate/Debt
Obligations,
4.75%
to
10.50%,
due
05/15/27
to
02/01/30
.......
51,782,000‌
35,650,595‌
5.57‌
(c)
10/31/23
12/06/23
8,000‌
8,000,000‌
8,044,560‌
Corporate/Debt
Obligation,
6.20%,
due
11/17/36
.........
9,510,847‌
8,560,000‌
–‌
–‌
$
150,000,000‌
$
161,521,853‌
–‌
–‌
Barclays
Capital,
Inc.
.
5.55‌
(c)
10/31/23
12/06/23
66,000‌
66,000,000‌
66,366,300‌
U.S.
Treasury
Obligation,
2.63%,
due
05/31/27
.........
71,754,200‌
67,320,032‌
–‌
–‌
BNP
Paribas
SA
....
5.41‌
10/31/23
11/01/23
22,000‌
22,000,000‌
22,003,306‌
Corporate/Debt
Obligation,
4.40%,
due
06/15/28
.........
24,302,000‌
23,100,563‌
5.42‌
(b)
10/31/23
11/01/23
24,000‌
24,000,000‌
24,003,613‌
Corporate/Debt
Obligations,
1.45%
to
8.48%,
due
03/15/24
to
10/31/82
.........
29,722,000‌
25,200,001‌
–‌
–‌
$
46,000,000‌
$
48,300,564‌
–‌
–‌
Citigroup
Global
Markets,
Inc.
...........
5.30‌
(a)
10/31/23
11/01/23
1,000‌
1,000,000‌
1,000,147‌
U.S.
Treasury
Obligations,
0.50%
to
4.00%,
due
11/30/23
to
02/28/30
.........
1,080,754‌
1,020,000‌
5.30‌
10/31/23
11/01/23
10,000‌
10,000,000‌
10,001,472‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
5.25%,
due
06/25/41
to
03/25/50
.........
784,105,142‌
10,700,260‌
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
October
31,
2023
TempFund
32
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5.38‌
%
(b)
10/31/23
11/01/23
$
29,000‌
$
29,000,000‌
$
29,004,334‌
U.S.
Treasury
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
2.75%,
due
11/14/23
to
05/31/29
.........
$
31,893,449‌
$
29,868,695‌
5.62‌
(c)
10/31/23
01/02/24
5,000‌
5,000,000‌
5,049,175‌
Corporate/Debt
Obligation,
3.56%,
due
08/25/55
.........
6,232,786‌
5,350,001‌
–‌
–‌
$
45,000,000‌
$
46,938,956‌
–‌
–‌
Credit
Agricole
Corporate
&
Investment
Bank
SA
5.29‌
(a)
10/31/23
11/01/23
1,000‌
1,000,000‌
1,000,147‌
U.S.
Treasury
Obligations,
0.13%
to
4.00%,
due
10/15/24
to
02/15/53
.........
1,318,540‌
1,020,008‌
5.30‌
10/31/23
11/01/23
15,000‌
15,000,000‌
15,002,208‌
U.S.
Treasury
Obligation,
0.63%,
due
01/15/24
.........
11,713,800‌
15,300,121‌
5.44‌
(c)
10/31/23
11/08/23
68,000‌
68,000,000‌
68,082,205‌
Corporate/Debt
Obligations,
1.93%
to
8.74%,
due
01/09/25
to
05/10/58
.........
71,813,365‌
71,528,452‌
–‌
–‌
$
84,000,000‌
$
87,848,581‌
–‌
–‌
JP
Morgan
Securities
LLC
...........
5.31‌
10/31/23
11/01/23
351,000‌
351,000,000‌
351,051,773‌
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
6.50%,
due
09/01/36
to
10/01/53
.........
438,331,911‌
358,646,887‌
5.44‌
(b)
10/31/23
11/01/23
25,000‌
25,000,000‌
25,003,778‌
Corporate/Debt
Obligations,
2.00%
to
4.13%,
due
05/02/25
to
08/25/27
.........
27,298,000‌
26,250,185‌
5.52‌
(b)
10/31/23
11/01/23
13,000‌
13,000,000‌
13,001,993‌
Corporate/Debt
Obligations,
0.38%
to
5.95%,
due
03/11/24
to
01/14/31
.........
14,343,000‌
13,891,285‌
5.54‌
(b)
10/31/23
11/01/23
12,000‌
12,000,000‌
12,001,847‌
Corporate/Debt
Obligations,
2.45%
to
6.25%,
due
07/01/29
to
01/05/54
.........
14,577,096‌
13,241,899‌
5.62‌
(b)
10/31/23
11/01/23
30,000‌
30,000,000‌
30,004,683‌
Corporate/Debt
Obligations,
3.50%
to
11.75%,
due
03/08/24
to
06/15/45
.......
36,606,000‌
33,533,763‌
5.62‌
(c)
10/31/23
11/08/23
50,000‌
50,000,000‌
50,062,444‌
Corporate/Debt
Obligations,
2.50%
to
6.91%,
due
01/18/28
to
12/25/51
.........
59,159,979‌
53,500,001‌
5.69‌
(c)
10/31/23
01/30/24
17,000‌
17,000,000‌
17,244,512‌
Corporate/Debt
Obligations,
0.00%
to
10.26%,
due
06/15/25
to
05/15/68
.......
28,984,838‌
18,190,001‌
5.80‌
(c)
10/31/23
01/30/24
40,000‌
40,000,000‌
40,586,444‌
Corporate/Debt
Obligations,
4.03%
to
10.63%,
due
03/16/25
to
02/25/63
.......
45,341,659‌
42,788,908‌
5.80‌
(c)
10/31/23
01/30/24
30,000‌
30,000,000‌
30,439,833‌
Corporate/Debt
Obligations,
0.45%
to
7.71%,
due
02/12/28
to
10/25/66
.........
427,771,687‌
32,428,507‌
–‌
–‌
$
568,000,000‌
$
592,471,436‌
–‌
–‌
Schedule
of
Investments
(continued)
October
31,
2023
TempFund
Schedules
of
Investments
33
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Mizuho
Securities
USA
LLC
...........
5.47‌
%
(b)
10/31/23
11/01/23
$
71,000‌
$
71,000,000‌
$
71,010,788‌
Corporate/Debt
Obligations,
3.00%
to
5.50%,
due
02/15/41
to
09/01/53
.........
$
77,510,000‌
$
75,973,744‌
5.77‌
(c)
10/31/23
12/06/23
8,000‌
8,000,000‌
8,046,160‌
U.S.
Government
Sponsored
Agency
Obligations,
7.29%
to
8.67%,
due
08/25/33
to
02/25/50
.........
17,114,759‌
9,600,001‌
–‌
–‌
$
79,000,000‌
$
85,573,745‌
–‌
–‌
Natixis
Securities
Americas
LLC
....
5.43‌
(b)
10/31/23
11/01/23
15,000‌
15,000,000‌
15,002,263‌
Corporate/Debt
Obligations,
1.63%
to
7.75%,
due
05/17/25
to
11/15/95
.........
18,659,000‌
15,750,523‌
5.46‌
(c)
10/31/23
11/08/23
16,000‌
16,000,000‌
16,019,413‌
Corporate/Debt
Obligations,
1.00%
to
7.50%,
due
11/26/24
to
11/15/95
.........
20,699,000‌
16,800,569‌
5.54‌
(c)
10/31/23
11/08/23
11,000‌
11,000,000‌
11,013,542‌
Corporate/Debt
Obligations,
2.70%
to
8.38%,
due
09/01/25
to
10/13/48
.........
13,231,300‌
11,824,938‌
–‌
–‌
$
42,000,000‌
$
44,376,030‌
–‌
–‌
TD
Securities
USA
LLC
5.40‌
(b)
10/31/23
11/01/23
30,000‌
30,000,000‌
30,004,500‌
Corporate/Debt
Obligations,
3.50%
to
6.25%,
due
04/29/30
to
12/01/53
.........
40,325,000‌
31,500,010‌
–‌
–‌
Wells
Fargo
Securities
LLC
...........
5.31‌
10/31/23
11/01/23
10,000‌
10,000,000‌
10,001,475‌
U.S.
Government
Sponsored
Agency
Obligations,
0.80%
to
5.72%,
due
09/04/24
to
10/29/27
.........
10,995,000‌
10,200,125‌
5.66‌
(c)
10/31/23
12/31/23
10,000‌
10,000,000‌
10,095,906‌
Corporate/Debt
Obligations,
2.98%
to
6.45%,
due
03/15/25
to
02/15/35
.........
11,010,000‌
10,700,890‌
5.71‌
(c)
10/31/23
01/30/24
42,000‌
42,000,000‌
42,606,212‌
Corporate/Debt
Obligations,
0.21%
to
7.97%,
due
05/12/34
to
10/25/68
.........
371,028,712‌
44,940,000‌
–‌
–‌
$
62,000,000‌
$
65,841,015‌
–‌
–‌
$
1,260,000,000‌
$
1,326,000,699‌
–‌
–‌
(a)
Traded
in
a
joint
account.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(c)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
October
31,
2023
TempFund
34
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Certificates
of
Deposit
.....................................
$
—
$
1,249,404,426
$
—
$
1,249,404,426
Commercial
Paper
.......................................
—
1,090,156,321
—
1,090,156,321
Corporate
Bonds
........................................
—
34,596,155
—
34,596,155
Municipal
Bonds
.........................................
—
122,034,511
—
122,034,511
Repurchase
Agreements
...................................
—
1,260,000,000
—
1,260,000,000
Time
Deposits
..........................................
—
1,122,925,000
—
1,122,925,000
U.S.
Government
Sponsored
Agency
Obligations
...................
—
28,969,822
—
28,969,822
U.S.
Treasury
Obligations
...................................
—
24,256,241
—
24,256,241
$
—
$
4,932,342,476
$
—
$
4,932,342,476
Schedule
of
Investments
October
31,
2023
T-Fund
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
5.31%, 12/21/23
.................
USD
134,945
$
133,976,020
5.34%, 12/28/23
.................
1,144,300
1,134,854,315
5.34%, 01/04/24
.................
420,180
416,250,851
5.35%, 01/11/24
.................
82,075
81,221,944
5.38%, 01/18/24
.................
1,540,075
1,522,256,332
5.39%, 01/30/24
.................
307,287
303,180,483
5.41%, 02/01/24
.................
1,511,410
1,491,065,787
5.41%, 02/06/24
.................
528,930
521,305,328
5.40%, 02/08/24
.................
144,705
142,609,853
5.43%, 02/13/24
.................
1,994,565
1,963,717,814
5.43%, 02/22/24
.................
1,150,070
1,130,960,787
5.43%, 02/29/24
.................
19,274
18,930,182
5.45%, 03/07/24
.................
230,295
225,989,123
5.45%, 03/14/24
.................
1,071,335
1,050,199,647
5.47%, 03/21/24
.................
121,620
119,095,372
5.48%, 04/04/24
.................
950,085
928,240,962
5.50%, 04/18/24
.................
1,740,385
1,697,585,302
5.49%, 05/02/24
.................
500,000
486,552,222
5.44%, 05/16/24
.................
346,455
337,460,796
5.38%, 06/13/24
.................
393,440
381,269,939
5.42%, 08/08/24
.................
519,080
498,528,057
5.42%, 09/05/24
.................
320,370
306,275,099
5.43%, 10/03/24
.................
277,645
264,293,791
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
5.39%, 10/31/24
.................
USD
345,145
$
327,224,880
U.S.
Treasury
Notes
(b)
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.02%),
5.37%, 01/31/24
.....
796,880
796,880,000
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.08%),
5.31%, 04/30/24
.....
267,915
267,818,089
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.14%),
5.52%, 10/31/24
....
567,995
568,041,401
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.20%),
5.58%, 01/31/25
....
400,000
400,100,179
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.17%),
5.55%, 04/30/25
....
3,523,565
3,523,493,907
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.13%),
5.51%, 07/31/25
....
1,268,235
1,267,252,998
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.17%),
5.55%, 10/31/25
....
1,829,723
1,829,723,000
Total
U.S.
Treasury
Obligations
—
25.2%
(Cost:
$24,136,354,460)
...........................
24,136,354,460
Total
Repurchase
Agreements
—
71.4%
(Cost:
$68,244,691,250)
...........................
68,244,691,250
Total
Investments
—
96.6%
(Cost:
$92,381,045,710
)
...........................
92,381,045,710
Other
Assets
Less
Liabilities
—
3.4%
...................
3,227,754,342
Net
Assets
—
100.0%
..............................
$
95,608,800,052
(a)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
October
31,
2023
T-Fund
36
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
...
5.30‌
%
(a)
10/31/23
11/01/23
$
399,000‌
$
399,000,000‌
$
399,058,742‌
U.S.
Treasury
Obligations,
0.00%,
due
05/15/24
to
11/15/42
.
$
685,442,203‌
$
406,980,000‌
5.30‌
10/31/23
11/01/23
25,000‌
25,000,000‌
25,003,681‌
U.S.
Treasury
Obligation,
2.75%,
due
07/31/27
.........
27,272,600‌
25,500,072‌
5.30‌
10/31/23
11/01/23
5,000‌
5,000,000‌
5,000,736‌
U.S.
Treasury
Obligation,
4.63%,
due
06/30/25
.........
5,065,600‌
5,100,059‌
–‌
–‌
$
429,000,000‌
$
437,580,131‌
–‌
–‌
Bank
of
Montreal
....
5.29‌
10/31/23
11/01/23
146,000‌
146,000,000‌
146,021,454‌
U.S.
Treasury
Obligations,
0.00%
to
4.63%,
due
11/24/23
to
10/15/26
.........
150,947,600‌
148,920,085‌
–‌
–‌
Bank
of
Nova
Scotia
(The)
..........
5.29‌
10/31/23
11/01/23
203,000‌
203,000,000‌
203,029,830‌
U.S.
Treasury
Obligations,
0.38%
to
4.63%,
due
07/31/27
to
09/30/30
.........
218,182,900‌
207,090,499‌
–‌
–‌
Barclays
Bank
plc
...
5.30‌
10/31/23
11/01/23
10,000‌
10,000,000‌
10,001,472‌
U.S.
Treasury
Obligation,
3.88%,
due
03/31/25
.........
10,360,500‌
10,200,079‌
5.30‌
10/31/23
11/01/23
3,500,000‌
3,500,000,000‌
3,500,515,278‌
U.S.
Treasury
Obligations,
3.50%
to
5.58%,
due
01/31/24
to
11/15/42
.........
3,671,565,000‌
3,570,000,069‌
–‌
–‌
$
3,510,000,000‌
$
3,580,200,148‌
–‌
–‌
BNP
Paribas
SA
....
5.29‌
10/31/23
11/01/23
2,600,000‌
2,600,000,000‌
2,600,382,055‌
U.S.
Treasury
Obligations,
0.00%
to
6.50%,
due
02/15/25
to
02/15/53
.........
3,321,413,765‌
2,652,000,018‌
5.29‌
10/31/23
11/01/23
2,000‌
2,000,000‌
2,000,294‌
U.S.
Treasury
Obligations,
0.00%
to
3.88%,
due
01/18/24
to
08/15/33
.........
2,191,700‌
2,040,005‌
5.36‌
10/12/23
11/14/23
800,000‌
800,000,000‌
803,930,667‌
U.S.
Treasury
Obligations,
0.00%
to
6.63%,
due
05/15/25
to
08/15/52
.........
764,828,660‌
816,000,052‌
–‌
–‌
$
3,402,000,000‌
$
3,470,040,075‌
–‌
–‌
Citibank
NA
........
5.30‌
10/31/23
11/01/23
100,000‌
100,000,000‌
100,014,722‌
U.S.
Treasury
Obligations,
0.00%
to
4.63%,
due
11/16/23
to
02/15/53
.........
106,929,300‌
102,000,052‌
–‌
–‌
Citigroup
Global
Markets,
Inc.
...........
5.30‌
(a)
10/31/23
11/01/23
385,000‌
385,000,000‌
385,056,680‌
U.S.
Treasury
Obligations,
0.50%
to
4.00%,
due
11/30/23
to
02/28/30
.........
416,090,321‌
392,700,018‌
5.30‌
10/31/23
11/01/23
200,000‌
200,000,000‌
200,029,444‌
U.S.
Treasury
Obligations,
2.13%
to
2.38%,
due
05/15/25
to
05/15/29
.........
223,057,300‌
204,000,006‌
5.30‌
10/31/23
11/01/23
5,000‌
5,000,000‌
5,000,736‌
U.S.
Treasury
Obligations,
0.00%
to
5.55%,
due
10/03/24
to
10/31/28
.........
5,084,500‌
5,100,077‌
5.31‌
10/31/23
11/01/23
1,050,000‌
1,050,000,000‌
1,050,154,875‌
U.S.
Treasury
Obligations,
0.63%
to
4.63%,
due
06/15/26
to
10/31/26
.........
1,114,209,300‌
1,071,182,386‌
Schedule
of
Investments
(continued)
October
31,
2023
T-Fund
Schedules
of
Investments
37
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5.33‌
%
10/26/23
11/02/23
$
850,000‌
$
850,000,000‌
$
850,880,931‌
U.S.
Treasury
Obligations,
0.38%
to
1.25%,
due
08/15/24
to
12/31/26
.........
$
949,846,300‌
$
867,000,006‌
–‌
–‌
$
2,490,000,000‌
$
2,539,982,493‌
–‌
–‌
Credit
Agricole
Corporate
&
Investment
Bank
SA
5.29‌
(a)
10/31/23
11/01/23
500,000‌
500,000,000‌
500,073,472‌
U.S.
Treasury
Obligations,
0.13%
to
4.00%,
due
10/15/24
to
02/15/53
.........
659,265,093‌
509,999,997‌
5.29‌
10/31/23
11/01/23
25,000‌
25,000,000‌
25,003,674‌
U.S.
Treasury
Obligation,
0.13%,
due
07/15/24
.........
20,177,100‌
25,500,092‌
5.29‌
10/31/23
11/01/23
25,000‌
25,000,000‌
25,003,674‌
U.S.
Treasury
Obligation,
0.13%,
due
07/15/24
.........
20,177,100‌
25,500,092‌
–‌
–‌
$
550,000,000‌
$
561,000,181‌
–‌
–‌
Deutsche
Bank
AG
...
5.30‌
10/31/23
11/01/23
3,500,000‌
3,500,000,000‌
3,500,515,278‌
U.S.
Treasury
Obligations,
0.25%
to
6.13%,
due
12/31/23
to
02/15/52
.........
4,287,722,500‌
3,570,000,100‌
–‌
–‌
Federal
Reserve
Bank
of
New
York
.......
5.30‌
10/31/23
11/01/23
30,250,000‌
30,250,000,000‌
30,254,453,472‌
U.S.
Treasury
Obligations,
1.13%
to
4.75%,
due
05/15/38
to
11/15/45
.........
42,529,278,700‌
30,254,453,484‌
–‌
–‌
Fixed
Income
Clearing
Corporation
.....
5.30‌
10/31/23
11/01/23
2,000,000‌
2,000,000,000‌
2,000,294,444‌
U.S.
Treasury
Obligations,
5.30%,
due
11/01/23
.........
2,691,903,300‌
2,040,000,073‌
5.30‌
10/31/23
11/01/23
3,000,000‌
3,000,000,000‌
3,000,441,667‌
U.S.
Treasury
Obligations,
0.25%
to
4.63%,
due
04/30/25
to
09/30/28
.........
3,252,257,900‌
3,060,000,028‌
5.31‌
10/31/23
11/01/23
3,500,000‌
3,500,000,000‌
3,500,516,250‌
U.S.
Treasury
Obligations,
1.63%
to
4.63%,
due
10/15/26
to
09/30/29
.........
3,682,256,700‌
3,570,000,050‌
5.32‌
10/31/23
11/01/23
5,000,000‌
5,000,000,000‌
5,000,738,889‌
U.S.
Treasury
Obligations,
0.00%
to
5.55%,
due
11/30/23
to
05/15/48
.........
5,559,346,600‌
5,100,000,051‌
5.32‌
10/31/23
11/01/23
1,500,000‌
1,500,000,000‌
1,500,221,667‌
U.S.
Treasury
Obligations,
0.63%
to
4.38%,
due
10/31/24
to
11/15/42
.........
1,670,375,900‌
1,530,000,036‌
5.32‌
10/31/23
11/01/23
4,000,000‌
4,000,000,000‌
4,000,591,111‌
U.S.
Treasury
Obligations,
0.00%
to
5.55%,
due
11/14/23
to
02/15/53
.........
5,282,364,700‌
4,080,000,001‌
–‌
–‌
$
19,000,000,000‌
$
19,380,000,239‌
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...........
5.29‌
10/31/23
11/01/23
32,000‌
32,000,000‌
32,004,702‌
U.S.
Treasury
Obligations,
1.63%
to
2.25%,
due
04/30/24
to
02/15/26
.........
34,596,700‌
32,640,021‌
–‌
–‌
HSBC
Securities
USA,
Inc.
...........
5.29‌
10/31/23
11/01/23
1,350,000‌
1,350,000,000‌
1,350,198,375‌
U.S.
Treasury
Obligations,
0.00%
to
6.75%,
due
12/15/23
to
02/15/53
.........
1,782,628,316‌
1,377,000,026‌
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
October
31,
2023
T-Fund
38
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5.29‌
%
10/31/23
11/01/23
$
4,000‌
$
4,000,000‌
$
4,000,588‌
U.S.
Treasury
Obligation,
1.38%,
due
11/15/40
.........
$
7,107,800‌
$
4,080,002‌
–‌
–‌
$
1,354,000,000‌
$
1,381,080,028‌
–‌
–‌
ING
Financial
Markets
LLC
...........
5.30‌
10/31/23
11/01/23
75,000‌
75,000,000‌
75,011,042‌
U.S.
Treasury
Obligations,
0.13%
to
4.50%,
due
01/15/24
to
11/15/50
.........
76,440,400‌
76,500,010‌
–‌
–‌
JP
Morgan
Securities
LLC
...........
5.30‌
10/31/23
11/01/23
20,000‌
20,000,000‌
20,002,944‌
U.S.
Treasury
Obligation,
5.37%,
due
01/31/24
.........
20,125,100‌
20,400,092‌
5.30‌
10/31/23
11/01/23
1,350,000‌
1,350,000,000‌
1,350,198,750‌
U.S.
Treasury
Obligations,
0.00%
to
2.25%,
due
01/16/24
to
02/15/27
.........
1,422,933,400‌
1,377,000,086‌
5.30‌
(b)
10/31/23
11/01/23
250,000‌
250,000,000‌
250,036,806‌
U.S.
Treasury
Obligations,
0.00%,
due
12/19/23
to
02/27/24
258,182,400‌
255,000,089‌
–‌
–‌
$
1,620,000,000‌
$
1,652,400,267‌
–‌
–‌
Morgan
Stanley
&
Co.
LLC
...........
5.29‌
10/31/23
11/01/23
17,000‌
17,000,000‌
17,002,498‌
U.S.
Treasury
Obligations,
0.00%
to
2.63%,
due
12/31/23
to
02/15/50
.........
26,790,170‌
17,340,092‌
–‌
–‌
MUFG
Securities
Americas,
Inc.
....
5.30‌
10/31/23
11/01/23
25,000‌
25,000,000‌
25,003,681‌
U.S.
Treasury
Obligations,
0.00%
to
3.25%,
due
11/30/23
to
02/15/28
.........
30,370,500‌
25,500,073‌
–‌
–‌
Natixis
SA
.........
5.29‌
10/31/23
11/01/23
125,000‌
125,000,000‌
125,018,368‌
U.S.
Treasury
Obligations,
0.38%
to
4.13%,
due
04/30/25
to
02/15/53
.........
136,966,200‌
127,500,059‌
5.29‌
(b)
10/31/23
11/01/23
243,000‌
243,000,000‌
243,035,707‌
U.S.
Treasury
Obligations,
0.00%
to
5.38%,
due
11/15/24
to
02/15/53
.........
301,661,567‌
247,860,012‌
–‌
–‌
$
368,000,000‌
$
375,360,071‌
–‌
–‌
Prudential
Insurance
Co.
of
America
......
5.33‌
10/31/23
11/01/23
12,849‌
12,848,750‌
12,850,652‌
U.S.
Treasury
Obligation,
0.00%,
due
05/15/31
.........
19,000,000‌
13,107,722‌
5.33‌
10/31/23
11/01/23
28,875‌
28,875,000‌
28,879,275‌
U.S.
Treasury
Obligation,
0.00%,
due
02/15/26
.........
33,000,000‌
29,456,775‌
5.33‌
10/31/23
11/01/23
11,500‌
11,500,000‌
11,501,703‌
U.S.
Treasury
Obligation,
0.00%,
due
05/15/34
.........
20,000,000‌
11,731,703‌
5.33‌
10/31/23
11/01/23
13,748‌
13,747,500‌
13,749,535‌
U.S.
Treasury
Obligation,
3.38%,
due
05/15/44
.........
18,000,000‌
14,024,575‌
5.33‌
10/31/23
11/01/23
35,000‌
35,000,000‌
35,005,182‌
U.S.
Treasury
Obligation,
0.00%,
due
08/15/43
.........
100,000,000‌
35,705,182‌
5.33‌
10/31/23
11/01/23
28,438‌
28,437,500‌
28,441,710‌
U.S.
Treasury
Obligation,
0.00%,
due
02/15/40
.........
70,000,000‌
29,010,810‌
5.33‌
10/31/23
11/01/23
39,300‌
39,300,000‌
39,305,819‌
U.S.
Treasury
Obligation,
0.00%,
due
02/15/37
.........
80,000,000‌
40,092,219‌
5.33‌
10/31/23
11/01/23
50,050‌
50,050,000‌
50,057,410‌
U.S.
Treasury
Obligation,
0.00%,
due
05/15/38
.........
110,000,000‌
51,058,410‌
Schedule
of
Investments
(continued)
October
31,
2023
T-Fund
Schedules
of
Investments
39
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
5.33‌
%
10/31/23
11/01/23
$
14,800‌
$
14,800,000‌
$
14,802,191‌
U.S.
Treasury
Obligation,
0.00%,
due
11/15/41
.........
$
40,000,000‌
$
15,098,191‌
5.33‌
10/31/23
11/01/23
20,625‌
20,625,000‌
20,628,054‌
U.S.
Treasury
Obligation,
0.00%,
due
11/15/39
.........
50,000,000‌
21,040,554‌
5.33‌
10/31/23
11/01/23
12,075‌
12,075,000‌
12,076,788‌
U.S.
Treasury
Obligation,
0.00%,
due
11/15/39
.........
28,000,000‌
12,318,148‌
5.33‌
10/31/23
11/01/23
38,070‌
38,070,000‌
38,075,636‌
U.S.
Treasury
Obligation,
0.00%,
due
11/15/35
.........
72,000,000‌
38,836,677‌
5.33‌
10/31/23
11/01/23
30,713‌
30,712,500‌
30,717,047‌
U.S.
Treasury
Obligation,
2.88%,
due
11/15/46
.........
45,000,000‌
31,331,297‌
5.33‌
10/31/23
11/01/23
71,125‌
71,125,000‌
71,135,530‌
U.S.
Treasury
Obligation,
0.00%,
due
05/15/30
.........
100,000,000‌
72,557,530‌
5.33‌
10/31/23
11/01/23
11,100‌
11,100,000‌
11,101,643‌
U.S.
Treasury
Obligation,
0.00%,
due
02/15/38
.........
24,000,000‌
11,323,643‌
5.33‌
10/31/23
11/01/23
36,000‌
36,000,000‌
36,005,330‌
U.S.
Treasury
Obligation,
0.00%,
due
08/15/33
.........
60,000,000‌
36,725,330‌
5.33‌
10/31/23
11/01/23
27,950‌
27,950,000‌
27,954,138‌
U.S.
Treasury
Obligation,
2.75%,
due
11/15/42
.........
40,000,000‌
28,512,938‌
5.33‌
10/31/23
11/01/23
5,850‌
5,850,000‌
5,850,866‌
U.S.
Treasury
Obligation,
0.00%,
due
08/15/41
.........
15,000,000‌
5,967,866‌
5.33‌
10/31/23
11/01/23
10,625‌
10,625,000‌
10,626,573‌
U.S.
Treasury
Obligation,
0.00%,
due
05/15/39
.........
25,000,000‌
10,839,073‌
–‌
–‌
$
498,691,250‌
$
508,738,643‌
–‌
–‌
Royal
Bank
of
Canada
5.29‌
10/31/23
11/01/23
50,000‌
50,000,000‌
50,007,347‌
U.S.
Treasury
Obligations,
4.63%
to
5.37%,
due
01/31/24
to
09/15/26
.........
51,075,900‌
51,000,023‌
–‌
–‌
Societe
Generale
SA
.
5.29‌
10/31/23
11/01/23
25,000‌
25,000,000‌
25,003,674‌
U.S.
Treasury
Obligation,
4.88%,
due
10/31/28
.........
25,421,200‌
25,500,006‌
–‌
–‌
TD
Securities
USA
LLC
5.30‌
10/31/23
11/01/23
75,000‌
75,000,000‌
75,011,042‌
U.S.
Treasury
Obligations,
0.38%
to
4.38%,
due
08/15/24
to
04/30/29
.........
83,928,800‌
76,500,016‌
–‌
–‌
Wells
Fargo
Securities
LLC
...........
5.29‌
(a)
10/31/23
11/01/23
500,000‌
500,000,000‌
500,073,472‌
U.S.
Treasury
Obligations,
1.13%
to
7.63%,
due
02/15/25
to
02/15/52
.........
721,069,483‌
510,000,033‌
5.29‌
10/31/23
11/01/23
25,000‌
25,000,000‌
25,003,674‌
U.S.
Treasury
Obligation,
0.75%,
due
02/15/45
.........
28,152,400‌
25,500,063‌
–‌
–‌
$
525,000,000‌
$
535,500,096‌
–‌
–‌
$
68,244,691,250‌
$
69,009,326,833‌
–‌
–‌
(a)
Traded
in
a
joint
account.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
October
31,
2023
T-Fund
40
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Repurchase
Agreements
...................................
$
—
$
68,244,691,250
$
—
$
68,244,691,250
U.S.
Treasury
Obligations
...................................
—
24,136,354,460
—
24,136,354,460
$
—
$
92,381,045,710
$
—
$
92,381,045,710
Schedule
of
Investments
October
31,
2023
Treasury
Trust
Fund
Schedules
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
2.67%, 11/02/23
.................
USD
2,891,500
$
2,891,075,875
4.58%, 11/07/23
.................
6,192,060
6,186,592,166
4.76%, 11/09/23
.................
6,901,670
6,893,557,287
5.00%, 11/14/23
.................
7,670,735
7,656,020,552
5.02%, 11/16/23
.................
7,576,865
7,560,071,761
5.12%, 11/21/23
.................
4,315,345
4,302,627,429
5.15%, 11/24/23
.................
750,000
747,431,667
5.19%, 11/28/23
.................
682,958
680,248,803
5.20%, 11/30/23
.................
1,802,985
1,795,229,161
5.23%, 12/07/23
.................
7,156,850
7,118,916,610
5.28%, 12/14/23
.................
1,987,300
1,975,023,454
5.31%, 12/19/23
.................
500,000
496,456,667
5.34%, 12/26/23
.................
1,418,400
1,406,865,208
5.34%, 12/28/23
.................
1,137,595
1,128,192,680
5.34%, 01/02/24
.................
3,656,000
3,622,443,396
5.34%, 01/04/24
.................
1,564,780
1,550,072,529
5.35%, 01/11/24
.................
4,212,460
4,168,153,105
5.36%, 01/16/24
.................
330,425
326,706,984
5.38%, 01/18/24
.................
1,622,075
1,603,307,592
5.38%, 01/23/24
.................
690,145
681,648,163
5.39%, 01/30/24
.................
3,420,092
3,374,391,021
5.41%, 02/01/24
.................
230
226,904
5.41%, 02/06/24
.................
4,388,710
4,325,447,897
5.40%, 02/08/24
.................
154,380
152,144,771
5.43%, 02/13/24
.................
1,850,515
1,821,894,613
5.44%, 02/20/24
.................
1,652,400
1,625,116,810
5.43%, 02/22/24
.................
1,216,180
1,195,972,324
5.45%, 02/27/24
.................
3,000,000
2,947,539,167
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
5.45%, 03/14/24
.................
USD
1,257,857
$
1,233,041,983
5.47%, 03/21/24
.................
189,000
185,076,675
5.48%, 04/04/24
.................
1,083,675
1,058,759,506
5.50%, 04/18/24
.................
1,627,325
1,588,179,726
5.49%, 05/02/24
.................
400
389,242
5.38%, 06/13/24
.................
412,775
400,002,860
5.42%, 08/08/24
.................
458,450
440,326,223
5.42%, 09/05/24
.................
316,735
302,801,770
5.43%, 10/03/24
.................
297,170
282,904,364
U.S.
Treasury
Notes
(b)
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.02%),
5.37%, 01/31/24
.....
2,679,620
2,679,674,803
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.08%),
5.31%, 04/30/24
.....
1,611,260
1,610,661,307
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.04%),
5.42%, 07/31/24
....
826,000
825,954,175
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.14%),
5.52%, 10/31/24
....
4,321,540
4,320,634,506
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.20%),
5.58%, 01/31/25
....
2,614,255
2,614,919,128
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.13%),
5.51%, 07/31/25
....
363,815
363,492,686
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.17%),
5.55%, 10/31/25
....
723,515
723,515,000
Total
U.S.
Treasury
Obligations
—
96.1%
(Cost:
$96,863,708,550)
...........................
96,863,708,550
Total
Investments
—
96.1%
(Cost:
$96,863,708,550
)
...........................
96,863,708,550
Other
Assets
Less
Liabilities
—
3.9%
...................
3,968,642,645
Net
Assets
—
100.0%
..............................
$
100,832,351,195
(a)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
U.S.
Treasury
Obligations
...................................
$
—
$
96,863,708,550
$
—
$
96,863,708,550
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
October
31,
2023
MuniCash
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
Alaska
—
0.9%
(a)
Alaska
Housing
Finance
Corp.
,
Series
2007D,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA)
,
4.05%, 11/07/23
............
USD
25,000
$
25,000,000
Alaska
Housing
Finance
Corp.
,
Series
2009-B,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA)
,
4.05%, 11/07/23
............
5,025
5,025,000
Alaska
Housing
Finance
Corp.
,
Series
2009D,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA)
,
4.05%, 11/07/23
............
12,500
12,500,000
42,525,000
California
—
0.7%
(a)
California
Health
Facilities
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2021-XF2962,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
4.11%, 11/07/23
(b)(c)
...............
4,430
4,430,000
City
of
Modesto
,
Series
2008A,
COP
,
VRDN
(BMO
Harris
Bank
NA
SBPA)
,
3.50%, 11/07/23
.................
10,600
10,600,000
Los
Angeles
Department
of
Water
&
Power
,
Series
2001,
Sub-Series
B-6,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
2.80%, 11/01/23
11,100
11,100,000
Los
Angeles
Department
of
Water
&
Power
,
Series
2021A,
Sub-Series
A-3,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
2.84%, 11/01/23
.................
5,000
5,000,000
University
of
California,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-
XX1258,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
4.11%, 11/07/23
(b)(c)
...........
2,000
2,000,000
33,130,000
Colorado
—
2.8%
(a)
City
of
Colorado
Springs
Utilities
System
,
Series
2009C,
RB
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
SBPA)
,
4.09%, 11/07/23
..
4,400
4,400,000
Colorado
Health
Facilities
Authority
,
Series
2022E,
RB
,
VRDN
,
3.82%, 11/01/23
....
63,500
63,500,000
Colorado
Health
Facilities
Authority
,
Series
2022F,
RB
,
VRDN
,
4.05%, 11/07/23
....
29,100
29,100,000
Colorado
Housing
&
Finance
Authority
,
Series
2020A-1,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA)
,
4.15%, 11/07/23
........
10,160
10,160,000
Colorado
Springs
Utilities
System,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2016-XM0433,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
4.14%, 11/07/23
(b)(c)
.....
10,310
10,310,000
County
of
Arapahoe
,
Series
2001,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
LOC)
,
4.15%, 11/07/23
.................
8,295
8,295,000
125,765,000
Connecticut
—
5.9%
(a)
Connecticut
Housing
Finance
Authority
,
Series
2017A-3,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA)
,
4.05%, 11/07/23
.....
22,605
22,605,000
Connecticut
Housing
Finance
Authority
,
Series
2017F,
Sub-Series
F-3,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
4.10%, 11/07/23
.................
36,930
36,930,000
Connecticut
Housing
Finance
Authority
,
Series
2019
B-3,
RB
,
VRDN
(Bank
of
America
NA
SBPA)
,
4.11%, 11/07/23
............
11,720
11,720,000
Security
Par
(000)
Par
(000)
Value
Connecticut
(continued)
Connecticut
Housing
Finance
Authority
,
Series
2020,
Sub-Series
A-3,
RB
,
VRDN
(UBS
AG
SBPA)
,
4.09%, 11/07/23
............
USD
1,900
$
1,900,000
Connecticut
Housing
Finance
Authority
,
Series
C-3,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
4.05%, 11/07/23
............
12,685
12,685,000
Connecticut
Housing
Finance
Authority
,
Series
2022,
Sub-Series
E-2,
RB
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
4.05%, 11/07/23
.................
6,300
6,300,000
Connecticut
Housing
Finance
Authority
,
Series
2018
A-3,
RB
,
VRDN
(Bank
of
America
NA
SBPA)
,
4.11%, 11/07/23
............
39,215
39,215,000
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Series
2000A,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
3.95%, 11/07/23
...
14,100
14,100,000
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Series
2017A-1,
RB
,
VRDN
,
3.75%, 11/07/23
............
42,890
42,890,000
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Series
2017A-2,
RB
,
VRDN
,
3.90%, 11/07/23
............
56,410
56,410,000
State
of
Connecticut
,
Series
2016C,
GO
,
VRDN
(Bank
of
America
NA
SBPA)
,
4.13%, 11/07/23
.................
21,655
21,655,000
266,410,000
Delaware
—
0.5%
University
of
Delaware
,
Series
2013C,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
3.95%, 11/01/23
(a)
................
23,100
23,100,000
District
of
Columbia
—
0.1%
Metropolitan
Washington
Airports
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2019-XG0267,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
4.14%, 11/07/23
(a)(b)(c)
..............
3,110
3,110,000
Florida
—
4.3%
Broward
County
Tourist
Development,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-XL0429,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
4.20%, 11/07/23
(a)(b)(c)
3,720
3,720,000
Cape
Coral,
Water
&
Sewer
System,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-YX1317,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
4.13%, 11/07/23
(a)(b)(c)
...
12,135
12,135,000
City
of
Gainesville,
Utilities
System
,
Series
2012B,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
3.90%, 11/01/23
(a)
...........
26,825
26,825,000
City
of
Gainesville,
Utilities
System
,
Series
2019C,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
4.02%, 11/01/23
(a)
............
14,960
14,960,000
County
of
Hillsborough
,
Series
A,
TECP
(Wells
Fargo
Bank
NA
SBPA)
,
3.70%, 11/09/23
.
12,000
11,999,006
County
of
Hillsborough
,
Series
A,
TECP
(Wells
Fargo
Bank
NA
SBPA)
,
3.75%, 11/09/23
.
11,485
11,484,218
County
of
St
Lucie
,
Series
2000,
RB
,
VRDN
,
4.20%, 11/01/23
(a)
................
29,540
29,540,000
Escambia
County
Health
Facilities
Authority
,
Series
2003B,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
4.05%, 11/01/23
(a)
...........
14,340
14,340,000
Florida
Housing
Finance
Corp.
,
Series
2004M,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
LIQ)
,
4.18%, 11/07/23
(a)
........
8,175
8,175,000
Schedule
of
Investments
(continued)
October
31,
2023
MuniCash
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Florida
(continued)
Highlands
County
Health
Facilities
Authority
,
Series
2012I-3,
RB
,
VRDN
,
4.05%, 11/07/23
(a)
................
USD
38,270
$
38,270,000
JEA
Electric
System
,
Series
2008B-3,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
4.08%, 11/07/23
(a)
................
24,655
24,655,000
196,103,224
Georgia
—
1.0%
(a)
Brookhaven
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XL0307,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
4.12%, 11/07/23
(b)(c)
.
3,135
3,135,000
Burke
County
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2017E-107,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
4.14%, 11/07/23
(b)(c)
...
5,000
5,000,000
Gainesville
&
Hall
County
Development
Authority
,
Series
2003B,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
4.05%, 11/01/23
......
16,515
16,515,000
Oglethorpe
Power
Corp.,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-
E-155,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
4.13%, 11/07/23
(b)(c)
...........
20,000
20,000,000
44,650,000
Idaho
—
0.2%
Idaho
Housing
&
Finance
Association
,
Series
2011A,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
LOC)
,
4.10%, 11/07/23
(a)
.
10,060
10,060,000
Illinois
—
3.1%
(a)
Chicago
Transit
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-
XF3069,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
4.21%, 11/07/23
(b)(c)
...........
12,400
12,400,000
Chicago
Transit
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-
XF3153,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
4.17%, 11/07/23
(b)(c)
...........
28,950
28,950,000
Illinois
Finance
Authority
,
Series
2001,
RB
,
VRDN
(BMO
Harris
Bank
NA
LOC)
,
4.05%, 11/07/23
.................
7,800
7,800,000
Illinois
Finance
Authority
,
Series
2008,
RB
,
VRDN
,
4.07%, 11/07/23
............
11,987
11,987,000
Illinois
Finance
Authority
,
Series
2008C-1,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
4.10%, 11/07/23
.................
26,420
26,420,000
Illinois
Finance
Authority
,
Series
2020B,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
4.00%, 11/01/23
.................
54,780
54,780,000
142,337,000
Indiana
—
0.8%
Indiana
Finance
Authority
,
Series
2008F,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
4.00%, 11/07/23
(a)
................
35,275
35,275,000
Iowa
—
2.6%
(a)
Iowa
Finance
Authority
,
Series
2016A,
RB
,
VRDN
,
4.12%, 11/07/23
............
31,800
31,800,000
Iowa
Finance
Authority
,
Series
2021,
RB
,
VRDN
(Korea
Development
Bank
LOC)
,
4.22%, 11/07/23
(c)
................
62,000
62,000,000
Iowa
Finance
Authority
,
Series
2016E,
RB
,
VRDN
(Federal
National
Mortgage
Association
LIQ)
,
4.05%, 11/07/23
.....
5,000
5,000,000
Security
Par
(000)
Par
(000)
Value
Iowa
(continued)
Iowa
Finance
Authority
,
Series
2018D,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LOC)
,
4.05%, 11/07/23
.................
USD
18,060
$
18,060,000
116,860,000
Kansas
—
0.8%
Wyandotte
County
Kansas
USD,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018G-23,
GO
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
3.28%, 11/07/23
(a)(b)(c)
....
35,000
35,000,000
Kentucky
—
0.1%
Kentucky
Economic
Development
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-XG0161,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
4.12%, 11/07/23
(a)(b)(c)
..............
4,960
4,960,000
Louisiana
—
3.6%
(a)
Louisiana
Public
Facilities
Authority
,
Series
2004,
RB
,
VRDN
,
4.15%, 11/07/23
.....
21,200
21,200,000
Louisiana
Public
Facilities
Authority
,
Series
2010,
RB
,
VRDN
,
4.05%, 11/07/23
.....
23,500
23,500,000
Louisiana
Public
Facilities
Authority
,
Series
2017A,
RB
,
VRDN
(UBS
AG
LOC)
,
4.09%, 11/07/23
.................
51,100
51,100,000
Louisiana
Public
Facilities
Authority
,
Series
2017B,
RB
,
VRDN
(UBS
AG
LOC)
,
4.09%, 11/07/23
.................
9,500
9,500,000
Louisiana
Public
Facilities
Authority
,
Series
2008-C,
RB
,
VRDN
,
3.92%, 11/01/23
...
2,650
2,650,000
Louisiana
Public
Facilities
Authority
,
Series
2009A,
RB
,
VRDN
,
4.15%, 11/07/23
....
28,000
28,000,000
State
of
Louisiana
Gasoline
&
Fuels
Tax
,
Series
2023
A-1,
RB
,
VRDN
(Toronto-Dominion
Bank
LOC)
,
3.95%, 11/01/23
.........
29,160
29,160,000
165,110,000
Maryland
—
0.3%
City
of
Baltimore,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-
XF3014,
RB
,
VRDN
(Citibank
NA
LIQ)
,
4.15%, 11/07/23
(a)(b)(c)
..............
12,535
12,535,000
Massachusetts
—
2.2%
City
of
Somerville
,
GO,
5.00%, 05/30/24
...
43,203
43,485,884
Massachusetts
Bay
Transportation
Authority
,
Series
B,
TECP
(Barclays
Bank
plc
SBPA)
,
3.70%, 12/04/23
.................
11,500
11,496,140
Massachusetts
Development
Finance
Agency
,
Series
2011
K-1,
RB
,
VRDN
(Wells
Fargo
Bank
NA
SBPA)
,
4.00%, 11/07/23
(a)
....
17,225
17,225,000
Massachusetts
Health
&
Educational
Facilities
Authority
,
Series
P2,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
4.05%, 11/07/23
(a)
13,450
13,450,000
Massachusetts
Transportation
Trust
Fund
Metropolitan
Highway
System
,
Series
2022A-1,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
4.12%, 11/07/23
(a)
................
10,000
10,000,000
Town
of
Plymouth
,
GO,
5.00%, 06/28/24
...
3,445
3,467,029
99,124,053
Michigan
—
2.2%
(a)
Michigan
State
Housing
Development
Authority
,
Series
2022B,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
4.00%, 11/07/23
..........
42,600
42,600,000
Michigan
Strategic
Fund
,
Series
2007,
RB
,
VRDN
,
4.05%, 11/01/23
............
42,300
42,300,000
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
October
31,
2023
MuniCash
44
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Michigan
(continued)
University
of
Michigan
,
Series
2012D-2,
RB
,
VRDN
,
3.95%, 11/07/23
............
USD
15,290
$
15,290,000
100,190,000
Minnesota
—
1.5%
(a)
City
of
Minneapolis
,
Series
1997B,
RB
,
VRDN
(Wells
Fargo
Bank
NA
SBPA)
,
4.10%, 11/07/23
.................
7,100
7,100,000
Minnesota
Housing
Finance
Agency
,
Series
2015G,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
4.05%, 11/07/23
............
17,135
17,135,000
Minnesota
Housing
Finance
Agency
,
Series
2017F,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
4.05%, 11/07/23
............
29,960
29,960,000
Minnesota
Housing
Finance
Agency
,
Series
2018D,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
4.05%, 11/07/23
............
6,540
6,540,000
Minnesota
Housing
Finance
Agency
,
Series
2018H,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
4.05%, 11/07/23
............
7,205
7,205,000
67,940,000
Mississippi
—
4.6%
(a)
Mississippi
Business
Finance
Corp.
,
Series
2007A,
RB
,
VRDN
,
4.02%, 11/01/23
....
113,000
113,000,000
Mississippi
Business
Finance
Corp.
,
Series
2007D,
RB
,
VRDN
,
4.02%, 11/01/23
....
17,100
17,100,000
Mississippi
Business
Finance
Corp.
,
Series
2010A,
RB
,
VRDN
,
4.08%, 11/07/23
....
26,500
26,500,000
Mississippi
Business
Finance
Corp.
,
Series
2010J,
RB
,
VRDN
,
4.02%, 11/01/23
....
32,185
32,185,000
Mississippi
Business
Finance
Corp.
,
Series
2023,
RB
,
VRDN
,
4.02%, 11/01/23
.....
4,900
4,900,000
Mississippi
Business
Finance
Corp.
,
Series
2010F,
RB
,
VRDN
,
4.08%, 11/07/23
....
14,415
14,415,000
208,100,000
Missouri
—
2.4%
(a)
Curators
of
the
University
of
Missouri
(The)
,
Series
2007B,
RB
,
VRDN
,
4.05%, 11/07/23
23,015
23,015,000
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018C-16,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
4.14%, 11/07/23
(b)(c)
...............
54,500
54,500,000
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-XF0678,
RB
,
VRDN
(Royal
Bank
of
Canada
LIQ)
,
4.12%, 11/07/23
(b)(c)
...............
6,880
6,880,000
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2019C-17,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
4.13%, 11/07/23
(b)(c)
...............
14,000
14,000,000
St
Louis
County,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XG0382,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
4.12%, 11/07/23
(b)(c)
...............
10,640
10,640,000
109,035,000
Nebraska
—
2.4%
Lincoln
Nebraska
Electric
,
Series
1995,
TECP
(JPMorgan
Chase
Bank
NA
SBPA)
,
3.70%, 12/04/23
.................
40,000
39,986,560
Nebraska
Investment
Finance
Authority
,
Series
2017C,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA)
,
4.00%, 11/07/23
(a)
.......
7,895
7,895,000
Security
Par
(000)
Par
(000)
Value
Nebraska
(continued)
Omaha
Public
Power
District
,
Series
A,
TECP
(Bank
of
America
NA
SBPA)
,
3.70%, 11/01/23
.................
USD
10,050
$
10,050,000
Omaha
Public
Power
District
,
Series
A,
TECP
(Bank
of
America
NA
SBPA)
,
3.60%, 11/02/23
.................
13,450
13,449,859
Omaha
Public
Power
District
,
Series
A,
TECP
(Bank
of
America
NA
SBPA)
,
3.70%, 11/28/23
.................
12,500
12,496,535
Omaha
Public
Power
District
,
Series
A,
TECP
(Bank
of
America
NA
SBPA)
,
3.70%, 12/01/23
.................
15,000
14,995,416
Omaha
Public
Power
District
,
Series
A,
TECP
(Bank
of
America
NA
SBPA)
,
3.65%, 12/04/23
.................
10,500
10,496,480
109,369,850
New
Jersey
—
0.0%
Hudson
County
Improvement
Authority
,
Series
2023
B1,
RB,
5.00%, 07/24/24
........
3,000
3,017,111
New
Mexico
—
0.8%
New
Mexico
Hospital
Equipment
Loan
Council
,
Series
2008D,
RB
,
VRDN
(Wells
Fargo
Bank
NA
SBPA)
,
4.10%, 11/07/23
(a)
....
38,505
38,505,000
New
York
—
17.8%
(a)
City
of
New
York
,
Series
2006,
Sub-Series
I-4,
GO
,
VRDN
(TD
Bank
NA
LOC)
,
3.95%, 11/01/23
.................
6,800
6,800,000
City
of
New
York
,
Series
2012
A-4,
GO
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
4.00%, 11/07/23
.................
30,000
30,000,000
City
of
New
York
,
Series
2012G-6,
GO
,
VRDN
(Mizuho
Bank
Ltd.
LOC)
,
3.99%, 11/01/23
11,650
11,650,000
City
of
New
York
,
Series
2019
D-4,
GO
,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA)
,
4.00%, 11/01/23
.................
7,000
7,000,000
City
of
New
York
,
Series
2023A,
Sub-Series
A-3,
GO
,
VRDN
(Bank
of
Montreal
SBPA)
,
3.95%, 11/01/23
.................
63,500
63,500,000
City
of
New
York
,
Series
B-4,
GO
,
VRDN
(Barclays
Bank
plc
SBPA)
,
4.00%, 11/01/23
12,100
12,100,000
Metropolitan
Transportation
Authority
,
Series
2005
E-1,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
4.00%, 11/07/23
.............
23,280
23,280,000
Metropolitan
Transportation
Authority
,
Series
2005D-2,
RB
,
VRDN
(Bank
of
Montreal
LOC)
,
4.00%, 11/01/23
.............
900
900,000
Metropolitan
Transportation
Authority
,
Series
2012A-2,
RB
,
VRDN
(Bank
of
Montreal
LOC)
,
4.30%, 11/07/23
.............
10,400
10,400,000
Metropolitan
Transportation
Authority
,
Series
2012G,
Sub-Series
G-2,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
4.09%, 11/07/23
......
60,000
60,000,000
Metropolitan
Transportation
Authority
,
Series
2015E-1,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
4.00%, 11/01/23
.............
43,485
43,485,000
New
York
City
Housing
Development
Corp.
,
Series
2006A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
4.05%, 11/07/23
.................
28,850
28,850,000
New
York
City
Housing
Development
Corp.
,
Series
2023
B-2,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
4.10%, 11/07/23
............
15,000
15,000,000
New
York
City
Housing
Development
Corp.
,
Series
2023A-3,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
4.06%, 11/07/23
.............
29,100
29,100,000
Schedule
of
Investments
(continued)
October
31,
2023
MuniCash
Schedules
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
City
Housing
Development
Corp.
,
Series
2021F-3,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
4.00%, 11/07/23
..........
USD
20,370
$
20,370,000
New
York
City
Housing
Development
Corp.
,
Series
2021K3,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
4.00%, 11/07/23
..........
46,600
46,600,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2007,
Sub-Series
CC-1,
RB
,
VRDN
(Bank
of
Nova
Scotia
SBPA,
Sumitomo
Mitsui
Banking
Corp.
SBPA)
,
4.05%, 11/07/23
.................
26,760
26,760,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2007,
Sub-Series
CC-2,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA)
,
4.00%, 11/01/23
............
19,785
19,785,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2010CC,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA)
,
3.95%, 11/01/23
.................
22,450
22,450,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2013AA-2,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
4.00%, 11/07/23
37,325
37,325,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2015
BB-2,
RB
,
VRDN
(Mizuho
Bank
Ltd.
SBPA)
,
4.05%, 11/01/23
19,425
19,425,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2015,
Sub-Series
BB-4,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
4.00%, 11/01/23
.................
3,000
3,000,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
2023CC,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
4.00%, 11/01/23
17,100
17,100,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
AA-2,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
3.95%, 11/01/23
.................
26,270
26,270,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
AA-5,
RB
,
VRDN
(Mizuho
Bank
Ltd.
SBPA)
,
3.95%, 11/01/23
.....
11,300
11,300,000
New
York
City
Municipal
Water
Finance
Authority
,
Series
AA-6,
RB
,
VRDN
(Mizuho
Bank
Ltd.
SBPA)
,
3.95%, 11/01/23
.....
12,250
12,250,000
New
York
City
Transitional
Finance
Authority
,
Series
2011A-4,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
4.00%, 11/01/23
..........
16,115
16,115,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2010
G-6,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
4.00%, 11/01/23
.................
22,120
22,120,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2015
E-3,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
3.95%, 11/01/23
.................
19,440
19,440,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2019,
Sub-
Series
B-4,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
3.95%, 11/01/23
......
25,900
25,900,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
D-3,
RB
,
VRDN
(Mizuho
Bank
Ltd.
SBPA)
,
4.05%, 11/01/23
35,575
35,575,000
New
York
State
Dormitory
Authority
,
Series
2006A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
4.13%, 11/07/23
.................
9,000
9,000,000
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
State
Dormitory
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-XF2647,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
4.12%, 11/07/23
(b)(c)
USD
2,300
$
2,300,000
New
York
State
Housing
Finance
Agency
,
Series
2013A,
RB
,
VRDN
(
Landesbank
Hessen-
Thuringen
Girozentrale
LOC)
,
4.00%, 11/01/23
.................
32,190
32,190,000
New
York
State
Urban
Development
Corp.
,
Series
2004A-3-C,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
4.08%, 11/07/23
.
13,775
13,775,000
Triborough
Bridge
&
Tunnel
Authority
,
Series
2005B-2B,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
LOC)
,
4.10%, 11/07/23
......
12,700
12,700,000
Triborough
Bridge
&
Tunnel
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XF1359,
RB
,
VRDN
(Toronto-
Dominion
Bank
LIQ)
,
4.13%, 11/07/23
(b)(c)
.
15,000
15,000,000
808,815,000
North
Carolina
—
2.0%
(a)
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Series
2007B,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
3.97%, 11/01/23
......
31,355
31,355,000
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Series
2018H,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
3.97%, 11/01/23
......
11,210
11,210,000
City
of
Charlotte
Water
&
Sewer
System,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022-XG0403,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
4.12%, 11/07/23
(b)(c)
...............
2,276
2,276,000
City
of
Raleigh
,
Series
2005-B-1,
COP
,
VRDN
(PNC
Bank
NA
SBPA)
,
4.20%, 11/07/23
.
16,800
16,800,000
Durham
Housing
Authority
,
Series
2021A,
RB
,
VRDN
(United
Fidelity
Bank
FSB
LOC,
Federal
Home
Loan
Bank
SBPA)
,
4.12%, 11/07/23
.................
22,885
22,885,000
Durham
Housing
Authority
,
Series
2021B,
RB
,
VRDN
(United
Fidelity
Bank
FSB
LOC,
Federal
Home
Loan
Bank
SBPA)
,
4.12%, 11/07/23
.................
4,900
4,900,000
89,426,000
Ohio
—
4.4%
Allen
County
Ohio
Hospital
Facilities,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2019-E-133,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
4.12%, 11/07/23
(a)(b)(c)
..
10,665
10,665,000
County
of
Franklin
,
Series
2011D,
RB
,
VRDN
,
3.95%, 11/07/23
(a)
................
50,777
50,777,000
County
of
Franklin
,
Series
2018D,
RB
,
VRDN
,
4.06%, 11/07/23
(a)
................
30,425
30,425,000
County
of
Franklin
,
Series
2022B,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
3.87%, 11/01/23
(a)
................
16,500
16,500,000
County
of
Franklin
,
Series
2015B,
RB
,
VRDN
,
4.01%, 11/07/23
(a)
................
23,100
23,100,000
Ohio
State
Hospital,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022C-18,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
4.13%, 11/07/23
(a)(b)(c)
..............
9,000
9,000,000
Ohio
State
Water
Development
Authority
,
TECP
(TD
Bank
NA
SBPA)
,
3.75%, 01/04/24
..
19,000
18,987,656
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
October
31,
2023
MuniCash
46
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ohio
(continued)
Ohio
State
Water
Development
Authority
Water
Pollution
Control
Loan
Fund
,
Series
2016A,
RB
,
VRDN
(Toronto-Dominion
Bank
SBPA)
,
4.05%, 11/07/23
(a)
................
USD
41,705
$
41,705,000
201,159,656
Oregon
—
1.0%
Oregon
State
Facilities
Authority
,
Series
2005A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
4.16%, 11/07/23
(a)
...
6,075
6,075,000
Oregon
State
Facilities
Authority
,
Series
2018B,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
3.95%, 11/01/23
(a)
................
25,575
25,575,000
State
of
Oregon
Department
of
Administrative
Services
,
TECP
(Bank
of
Montreal
LOC)
,
3.55%, 11/01/23
.................
11,614
11,614,000
43,264,000
Pennsylvania
—
4.8%
City
of
Philadelphia
,
Series
2009B,
GO
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.97%, 11/07/23
(a)
24,750
24,750,000
City
of
Philadelphia
,
Series
A-1,
TECP
(TD
Bank
NA
LOC)
,
3.75%, 11/15/23
......
15,000
14,998,215
Emmaus
General
Authority
,
Series
1996,
RB
,
VRDN
(Wells
Fargo
Bank
NA
SBPA)
,
4.10%, 11/07/23
(a)
................
23,120
23,120,000
Montgomery
County
Industrial
Development
Authority
,
Series
2002,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
4.05%, 11/01/23
(a)
........
5,445
5,445,000
Pennsylvania
Economic
Development
Financing
Authority
,
Series
2009C,
RB
,
VRDN
(MUFG
Bank
Ltd.
LOC)
,
5.25%, 11/07/23
(a)
................
18,100
18,100,000
Pennsylvania
Housing
Finance
Agency
,
Series
2023-141B,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
4.05%, 11/07/23
(a)
.....
26,000
26,000,000
Pennsylvania
Turnpike
Commission
,
Series
2020A,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.97%, 11/07/23
(a)
................
21,495
21,495,000
Sports
&
Exhibition
Authority
of
Pittsburgh
and
Allegheny
County
,
Series
2007-
A,
RB
,
VRDN
(PNC
Bank
NA
SBPA)
,
4.09%, 11/07/23
(a)
................
68,925
68,925,000
Westmoreland
County
Muni
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2017-YX1075,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.90%, 11/07/23
(a)(b)(c)
...
17,190
17,190,000
220,023,215
Rhode
Island
—
0.1%
Rhode
Island
Health
&
Education
Building
Corp.,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2019-XM0721,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
4.12%, 11/07/23
(a)(b)(c)
..............
4,360
4,360,000
South
Carolina
—
3.1%
(a)
City
of
Columbia
Waterworks
&
Sewer
System
,
Series
2009,
RB
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
4.09%, 11/07/23
...
15,240
15,240,000
South
Carolina
Jobs-Economic
Development
Authority
,
Series
2018B,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
3.95%, 11/01/23
......
18,150
18,150,000
South
Carolina
Jobs-Economic
Development
Authority
,
Series
2021B,
RB
,
VRDN
(Federal
Home
Loan
Bank
LOC)
,
4.13%, 11/07/23
.
5,800
5,800,000
Security
Par
(000)
Par
(000)
Value
South
Carolina
(continued)
South
Carolina
Jobs-Economic
Development
Authority
,
Series
2023A,
RB
,
VRDN
(Federal
Home
Loan
Bank
LOC)
,
4.11%, 11/07/23
.
USD
44,500
$
44,500,000
South
Carolina
Jobs-Economic
Development
Authority
,
Series
2023A,
RB
,
VRDN
(Federal
Home
Loan
Bank
LOC)
,
4.11%, 11/07/23
.
16,500
16,500,000
South
Carolina
Jobs-Economic
Development
Authority
,
Series
2023B,
RB
,
VRDN
(Federal
Home
Loan
Bank
LOC)
,
4.11%, 11/07/23
.
10,000
10,000,000
South
Carolina
Public
Service
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XG0398,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
4.21%, 11/07/23
(b)(c)
.....
6,145
6,145,000
South
Carolina
Public
Service
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XL0313,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
4.21%, 11/07/23
(b)(c)
.
9,010
9,010,000
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Series
2020,
RB
,
VRDN
(Federal
Home
Loan
Bank
LOC)
,
4.13%, 11/07/23
.................
17,250
17,250,000
142,595,000
South
Dakota
—
1.1%
(a)
South
Dakota
Housing
Development
Authority
,
Series
2020A,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA)
,
4.13%, 11/07/23
....
9,645
9,645,000
South
Dakota
Housing
Development
Authority
,
Series
2020B,
RB
,
VRDN
(South
Dakota
Housing
Development
Authority
SBPA)
,
4.05%, 11/07/23
.................
27,975
27,975,000
South
Dakota
Housing
Development
Authority
,
Series
2022D,
RB
,
VRDN
(Federal
Home
Loan
Bank
LIQ)
,
4.13%, 11/07/23
......
11,300
11,300,000
48,920,000
Tennessee
—
0.4%
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
,
TECP,
3.20%, 01/25/24
........
5,000
4,990,654
Public
Building
Authority
of
Sevier
County
(The)
,
Series
2008VII-B-1,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
4.11%, 11/07/23
(a)
..
1,800
1,800,000
Sullivan
County
Health
Educational
&
Human
Services,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-
BAML5024,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
4.27%, 11/01/23
(a)(b)(c)
..........
9,585
9,585,000
Tennessee
Housing
Development
Agency
Resident,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-YX1087,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
4.12%, 11/07/23
(a)(b)(c)
..............
5,405
5,405,000
21,780,654
Texas
—
15.2%
Austin
Electric
Utility
System,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2015-XF0220,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
4.00%, 11/01/23
(a)(b)(c)
....
21,235
21,235,000
Board
of
Regents
of
the
University
of
Texas
System
,
Series
2007B,
RB
,
VRDN
(University
of
Texas
Management
Co.
LIQ)
,
4.06%, 11/07/23
(a)
................
65,000
65,000,000
Board
of
Regents
of
the
University
of
Texas
System
,
Series
2008B,
RB
,
VRDN
(University
of
Texas
Management
Co.
LIQ)
,
4.00%, 11/07/23
(a)
................
105,910
105,910,000
Schedule
of
Investments
(continued)
October
31,
2023
MuniCash
Schedules
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
Bowie
County
Industrial
Development
Corp.
,
Series
1985,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LOC)
,
4.02%, 11/01/23
(a)
.....
USD
2,700
$
2,700,000
City
of
Houston,
Combined
Utility
System
,
Series
2004B-4,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
4.10%, 11/07/23
(a)
35,100
35,100,000
City
of
Houston,
Combined
Utility
System
,
Series
2018C,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
4.13%, 11/07/23
(a)
.........
34,220
34,220,000
City
of
San
Antonio
,
TECP
(Bank
of
America
NA
SBPA)
,
3.80%, 11/16/23
..........
20,000
19,998,932
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Series
2015-2,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
4.05%, 11/07/23
(a)
..
13,785
13,785,000
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Series
2020B,
RB
,
VRDN
,
3.87%, 11/01/23
(a)
................
56,025
56,025,000
Harris
County
Health
Facilities
Development
Corp.
,
Series
A-1,
RB
,
VRDN
,
3.87%, 11/01/23
(a)
................
26,715
26,715,000
Harris
County
Health
Facilities
Development
Corp.
,
Series
A-2,
RB
,
VRDN
,
3.87%, 11/01/23
(a)
................
25,985
25,985,000
Katy
Independent
School
District
,
Series
2023,
GO,
5.00%, 02/15/24
..............
8,300
8,327,639
Lamar
Consolidated
Independent
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022-XF3069,
GO
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
4.12%, 11/07/23
(a)(b)(c)
..............
5,245
5,245,000
Leander
Independent
School
District
,
Series
2023,
GO,
5.00%, 02/15/24
..........
10,000
10,030,431
Lower
Neches
Valley
Authority
Industrial
Development
Corp.
,
Series
2010,
RB
,
VRDN
,
4.00%, 11/01/23
(a)
...........
14,765
14,765,000
Pasadena
Independent
School
District
,
Series
2005B,
GO
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
4.00%, 11/07/23
(a)
........
35,820
35,820,000
Permanent
University
Fund
-
University
of
Texas
System
,
Series
2008A,
RB
,
VRDN
(University
of
Texas
Management
Co.
LIQ)
,
4.09%, 11/07/23
(a)
................
24,395
24,395,000
Permanent
University
Fund
-
University
of
Texas
System
,
Series
2008A,
RB
,
VRDN
(University
of
Texas
Management
Co.
LIQ)
,
4.00%, 11/07/23
(a)
................
55,260
55,260,000
Red
River
Education
Finance
Corp.
,
Series
2006,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
4.10%, 11/07/23
(a)
................
36,900
36,900,000
State
of
Texas
,
Series
2015B,
GO
,
VRDN
(Federal
Home
Loan
Bank
SBPA)
,
4.05%, 11/07/23
(a)
................
36,295
36,295,000
State
of
Texas
,
Series
2017,
GO
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
SBPA)
,
4.10%, 11/07/23
(a)
................
30,000
30,000,000
State
of
Texas
,
Series
2022,
GO
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
4.10%, 11/07/23
(a)
................
26,000
26,000,000
689,712,002
Security
Par
(000)
Par
(000)
Value
Utah
—
0.5%
(a)
City
of
Murray
,
Series
2003A,
RB
,
VRDN
,
4.05%, 11/07/23
.................
USD
15,500
$
15,500,000
Utah
Water
Finance
Agency
,
Series
B-2,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
4.15%, 11/07/23
.................
5,345
5,345,000
20,845,000
Virginia
—
1.9%
(a)
Hampton
Roads
Sanitation
District
,
Series
2016B,
RB
,
VRDN
,
3.95%, 11/07/23
....
1,125
1,125,000
Hampton
Roads
Transport
Accountant,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-XF0606,
RB
,
VRDN
(Bank
of
America
NA
LIQ)
,
4.15%, 11/07/23
(b)(c)
...
1,050
1,050,000
Loudoun
County
Economic
Development
Authority
,
Series
2003B,
RB
,
VRDN
,
4.10%, 11/07/23
.................
15,010
15,010,000
Loudoun
County
Economic
Development
Authority
,
Series
2013A,
RB
,
VRDN
,
4.05%, 11/07/23
.................
19,345
19,345,000
Norfolk
Economic
Development
Authority
,
Series
2016A,
RB
,
VRDN
,
4.07%, 11/07/23
37,700
37,700,000
Norfolk
Economic
Development
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022C-19,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
4.13%, 11/07/23
(b)(c)
...............
4,730
4,730,000
Norfolk
Economic
Development
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022-C-20,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
4.13%, 11/07/23
(b)(c)
...............
6,000
6,000,000
84,960,000
Washington
—
0.1%
City
of
Seattle
,
Series
2023B,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
4.10%, 11/01/23
(a)(d)
....
5,500
5,500,000
Wisconsin
—
1.3%
(a)
University
of
Wisconsin
Hospitals
&
Clinics
,
Series
2018C,
RB
,
VRDN
(BMO
Harris
Bank
NA
SBPA)
,
3.95%, 11/01/23
..........
50,900
50,900,000
Wisconsin
Housing
&
Economic
Development
Authority
,
Series
2008-A,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA)
,
4.05%, 11/07/23
.................
3,545
3,545,000
Wisconsin
Housing
&
Economic
Development
Authority
,
Series
2017C,
RB
,
VRDN
(Federal
Home
Loan
Bank
SBPA)
,
4.00%, 11/07/23
4,360
4,360,000
58,805,000
Wyoming
—
0.8%
Wyoming
Community
Development
Authority
,
Series
2022-2,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
4.00%, 11/07/23
(a)
.........
35,280
35,280,000
Total
Municipal
Bonds
—
98.3%
(Cost:
$4,467,818,807)
...........................
4,467,656,765
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
October
31,
2023
MuniCash
48
(Percentages
shown
are
based
on
Net
Assets)
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Security
Par
(000)
Pa
r
(
000)
Value
Closed-End
Investment
Companies
New
York
—
0.9%
(a)(c)
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund,
Series
1,
VRDP,
(
Societe
Generale
LIQ,
Societe
Generale
LOC),
4.14%, 11/07/23
.................
USD
10,200
$
10,200,000
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund,
Series
5,
VRDP,
(Toronto-
Dominion
Bank
LOC),
4.13%, 11/07/23
..
30,000
30,000,000
40,200,000
Total
Closed-End
Investment
Companies
—
0.9%
(Cost:
$40,200,000)
..............................
40,200,000
Total
Investments
—
99.2%
(Cost:
$4,508,018,807
)
(e)
..........................
4,507,856,765
Other
Assets
Less
Liabilities
—
0.8%
...................
34,572,296
Net
Assets
—
100.0%
..............................
$
4,542,429,061
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(b)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
When-issued
security.
(e)
Cost
for
U.S.
federal
income
tax
purposes.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Closed-End
Investment
Companies
............................
$
—
$
40,200,000
$
—
$
40,200,000
Municipal
Bonds
.........................................
—
4,467,656,765
—
4,467,656,765
$
—
$
4,507,856,765
$
—
$
4,507,856,765
Schedule
of
Investments
October
31,
2023
California
Money
Fund
Schedules
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
California
—
96.2%
Abag
Finance
Authority
for
Nonprofit
Corp.
,
Series
2009A,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
2.22%, 11/07/23
(a)
.........
USD
2,130‌
$
2,130,000‌
Antelope
Valley
Community
College
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022-XX1272,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
4.14%, 11/07/23
(a)(b)(c)
..............
2,500‌
2,500,000‌
Bay
Area
Toll
Authority
,
Series
2019
D,
RB
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
2.60%, 11/07/23
(a)
............
3,000‌
3,000,000‌
California
CCA,
Clean
Energy
Project,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-XF1635,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
4.12%, 11/07/23
(a)(b)(c)
3,000‌
3,000,000‌
California
CCA,
Clean
Energy
Project,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-XM1138,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
4.12%, 11/07/23
(a)(b)(c)
2,000‌
2,000,000‌
California
Educational
Facilities
Authority
,
Series
1994,
RB
,
VRDN
,
2.30%, 11/02/23
(a)
1,700‌
1,700,000‌
California
Educational
Facilities
Authority
,
Series
B,
RB
,
VRDN
,
2.30%, 11/07/23
(a)
.
10,000‌
10,000,000‌
California
Health
Facilities
Financing
Authority
,
Series
2008B-1,
RB
,
VRDN
,
2.35%, 11/07/23
(a)
................
1,200‌
1,200,000‌
California
Health
Facilities
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2021-XF2962,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
4.11%, 11/07/23
(a)(b)(c)
..............
2,290‌
2,290,000‌
California
Health
Facilities
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022-BAML5025,
RB
,
VRDN
(Bank
of
America
NA
LIQ)
,
3.81%, 11/01/23
(a)(b)(c)
..............
2,000‌
2,000,000‌
California
Municipal
Finance
Authority
,
Series
2010C,
RB
,
VRDN
,
2.35%, 11/01/23
(a)
...
450‌
450,000‌
California
Pollution
Control
Financing
Authority
,
Series
1997B,
RB
,
VRDN
,
2.25%, 11/01/23
(a)
................
9,600‌
9,600,000‌
California
Public
Finance
Authority
,
Series
2022B
-1,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
2.40%, 11/01/23
(a)
......
3,200‌
3,200,000‌
California
Public
Finance
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XF3006,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
4.11%, 11/07/23
(a)(b)(c)
....
4,000‌
4,000,000‌
California
State,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-XF1627,
GO
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.85%, 11/01/23
(a)(b)(c)
..........
2,800‌
2,800,000‌
California
Statewide
Communities
Development
Authority
,
Series
2008B,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LOC)
,
2.60%, 11/01/23
(a)
.
1,700‌
1,700,000‌
City
of
Los
Angeles
Wastewater
System
,
Series
A-2,
TECP
(TD
Bank
NA
LOC)
,
3.25%, 11/16/23
.................
3,600‌
3,599,389‌
City
of
Modesto
,
Series
2008A,
COP
,
VRDN
(BMO
Harris
Bank
NA
SBPA)
,
3.50%, 11/07/23
(a)
................
14,500‌
14,500,000‌
City
of
Vacaville
,
Series
1999A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LIQ)
,
2.12%, 11/07/23
(a)
............
4,600‌
4,600,000‌
Security
Par
(000)
Par
(000)
Value
California
(continued)
County
of
Los
Angeles
,
RB,
5.00%, 06/28/24
USD
3,000‌
$
3,026,737‌
County
of
Riverside
,
RB,
5.00%, 06/28/24
..
3,000‌
3,025,353‌
County
of
San
Bernardino
,
Series
1999A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
2.12%, 11/07/23
(a)
...
6,745‌
6,745,000‌
East
Bay
Municipal
Utility
District
,
Series
A-1,
TECP
(Sumitomo
Mitsui
Banking
Corp.
SBPA)
,
2.90%, 11/02/23
............
3,500‌
3,499,954‌
Eastern
Municipal
Water
District
,
Series
2018A,
RB
,
VRDN
(Bank
of
America
NA
SBPA)
,
2.75%, 11/01/23
(a)
................
9,550‌
9,550,000‌
Irvine
California
Facilities
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2023-XG0484
,
VRDN
(Royal
Bank
of
Canada
LIQ)
,
4.15%, 11/07/23
(a)(b)(c)
..............
5,000‌
5,000,000‌
Irvine
Ranch
Water
District
Water
Service
Corp.
,
Series
2009B,
VRDN
(Bank
of
America
NA
LOC)
,
2.25%, 11/01/23
(a)
...
1,900‌
1,900,000‌
Irvine
Ranch
Water
District
Water
Service
Corp.
,
Series
2011A-1,
VRDN,
4.14%, 02/29/24
(a)
................
6,700‌
6,699,719‌
Long
Beach
California,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-
XG0501,
GO
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
4.12%, 11/07/23
(a)(b)(c)
..........
560‌
560,000‌
Long
Beach
California,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-
XG0478,
GO
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
4.15%, 11/07/23
(a)(b)(c)
..........
11,475‌
11,475,000‌
Los
Angeles
County
Metropolitan
Transportation
Authority
,
TECP
(Bank
of
America
NA
LOC)
,
3.05%, 11/08/23
....
2,200‌
2,199,758‌
Los
Angeles
Department
of
Water
&
Power
,
Series
2001,
Sub-Series
B-3,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
2.80%, 11/01/23
(a)
................
18,005‌
18,005,000‌
Los
Angeles
Department
of
Water
&
Power
,
Series
2021A
,
Sub-Series
A-1,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
2.80%, 11/01/23
(a)
................
3,570‌
3,570,000‌
Los
Angeles
Department
of
Water
&
Power
Water
System
,
Series
2021
A-1,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
2.70%, 11/01/23
(a)
..
5,000‌
5,000,000‌
Los
Angeles
Department
of
Water
&
Power
Water
System
,
Series
2021
A-2,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
2.70%, 11/01/23
(a)
..
4,600‌
4,600,000‌
Los
Angeles
Department
of
Water
&
Power,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022-XM1040,
RB
,
VRDN
(UBS
AG
LIQ)
,
4.11%, 11/07/23
(a)(b)(c)
4,325‌
4,325,000‌
Municipal
Improvement
Corp.
of
Los
Angeles
,
Series
A-1,
TECP
(BMO
Harris
Bank
NA
LOC)
,
3.18%, 11/07/23
.............
9,200‌
9,199,129‌
Sacramento
County
Housing
Authority
,
Series
1996C,
RB
,
VRDN
(Federal
National
Mortgage
Association
LIQ)
,
2.12%, 11/07/23
(a)
................
2,475‌
2,475,000‌
Sacramento
County
Housing
Authority
,
Series
1996D,
RB
,
VRDN
(Federal
National
Mortgage
Association
LIQ)
,
2.16%, 11/07/23
(a)
................
780‌
780,000‌
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
October
31,
2023
California
Money
Fund
50
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
California
(continued)
San
Diego
Public
Facilities
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022-XF1429,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
4.17%, 11/07/23
(a)(b)(c)
..............
USD
4,600‌
$
4,600,000‌
San
Diego
Public
Facilities
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2023-XG0502,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
4.11%, 11/07/23
(a)(b)(c)
..............
2,700‌
2,700,000‌
San
Francisco
California
Bay
Area
Rapid
Transit
District,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XF1331,
GO
,
VRDN
(Toronto-Dominion
Bank
LIQ)
,
4.12%, 11/07/23
(a)(b)(c)
..............
1,875‌
1,875,000‌
San
Francisco
California
Bay
Area
Rapid
Transit
District,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XX1268,
GO
,
VRDN
(Barclays
Bank
plc
LIQ)
,
4.11%, 11/07/23
(a)(b)(c)
..............
2,795‌
2,795,000‌
San
Francisco
City
&
County
Airport
Commission
-
San
Francisco
International
Airport
,
TECP
(Barclays
Bank
plc
LOC)
,
3.30%, 11/02/23
.................
4,300‌
4,299,982‌
San
Francisco
City
&
County
Airport
Commission
-
San
Francisco
International
Airport
,
Series
2018C,
RB
,
VRDN
(Sumitomo
Mitsui
Banking
Corp.
LOC)
,
2.29%, 11/07/23
(a)
................
3,225‌
3,225,000‌
San
Mateo
Joint
Powers
Financing
Authority
,
Series
2007,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LOC)
,
2.40%, 11/07/23
(a)
.........
660‌
660,000‌
San
Mateo
Union
High
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-XF1481,
GO
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.85%, 11/01/23
(a)(b)(c)
5,213‌
5,213,000‌
Santa
Clara
County
Financing
Authority
,
Series
2008M,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
2.44%, 11/07/23
(a)
............
6,905‌
6,905,000‌
Santa
Clara
Valley
Transportation
Authority
,
Series
2008D,
RB
,
VRDN
(Toronto-
Dominion
Bank
LOC)
,
2.90%, 11/01/23
(a)
.
3,200‌
3,200,000‌
Security
Par
(000)
Par
(000)
Value
California
(continued)
State
of
California
,
Series
2004
A3,
GO
,
VRDN
(State
Street
Bank
&
Trust
Co.
LOC)
,
2.60%, 11/01/23
(a)
................
USD
3,500‌
$
3,500,000‌
State
of
California
,
Series
A-2,
TECP
(Royal
Bank
of
Canada
LOC)
,
3.22%, 11/07/23
.
1,665‌
1,664,842‌
State
of
California
,
Series
A-3,
TECP
(UBS
AG
LOC)
,
3.10%, 11/03/23
.............
4,000‌
3,999,885‌
University
of
California
,
Series
2013AL-3,
RB
,
VRDN
,
2.65%, 11/01/23
(a)
...........
8,995‌
8,995,000‌
University
of
California
,
Series
2013AL-4,
RB
,
VRDN
,
2.65%, 11/01/23
(a)
...........
15,395‌
15,395,000‌
University
of
California,
Tender
Option
Bond
Trust
Receipts/Certificates
,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LIQ)
,
3.85%, 11/01/23
(a)(b)(c)
..............
7,570‌
7,570,000‌
Ventura
Unified
School
District,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-XL0442,
GO
,
VRDN
(Royal
Bank
of
Canada
LIQ)
,
4.12%, 11/07/23
(a)(b)(c)
....
3,110‌
3,110,000‌
Washington
Township
Health
Care
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022-XL0384,
GO
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
4.12%, 11/07/23
(a)(b)(c)
..............
1,900‌
1,900,000‌
Total
Municipal
Bonds
—
96.2%
(Cost:
$257,530,852)
.............................
257,512,748‌
Closed-End
Investment
Companies
California
—
1.9%
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund,
Series
2010-4,
VRDP,
(Royal
Bank
of
Canada
LOC),
4.12%, 11/07/23
(a)(c)
5,000‌
5,000,000‌
Total
Closed-End
Investment
Companies
—
1.9%
(Cost:
$5,000,000)
..............................
5,000,000‌
Total
Investments
—
98.1%
(Cost:
$262,530,852
)
(d)
............................
262,512,748‌
Other
Assets
Less
Liabilities
—
1.9%
...................
5,190,686‌
Net
Assets
—
100.0%
..............................
$
267,703,434‌
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(b)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
Cost
for
U.S.
federal
income
tax
purposes.
Schedule
of
Investments
(continued)
October
31,
2023
California
Money
Fund
Schedules
of
Investments
51
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Closed-End
Investment
Companies
............................
$
—‌
$
5,000,000‌
$
—‌
$
5,000,000‌
Municipal
Bonds
.........................................
—‌
257,512,748‌
—‌
257,512,748‌
$
—‌
$
262,512,748‌
$
—‌
$
262,512,748‌
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
October
31,
2023
New
York
Money
Fund
52
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
New
York
—
99.2%
(a)
Battery
Park
City
Authority
,
Series
2019D-
1,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
4.05%, 11/07/23
.................
USD
2,795‌
$
2,795,000‌
Battery
Park
City
Authority
,
Series
2019D-
2,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
4.06%, 11/07/23
.................
2,320‌
2,320,000‌
Build
NYC
Resource
Corp.
,
Series
2015,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
4.05%, 11/07/23
1,270‌
1,270,000‌
City
of
New
York
,
Series
2006
E-2,
GO
,
VRDN
(Bank
of
America
NA
LOC)
,
4.02%, 11/01/23
4,000‌
4,000,000‌
City
of
New
York
,
Series
2006,
Sub-Series
I-4,
GO
,
VRDN
(TD
Bank
NA
LOC)
,
3.95%, 11/01/23
.................
2,600‌
2,600,000‌
City
of
New
York
,
Series
2013
A-3,
GO
,
VRDN
(Mizuho
Bank
Ltd.
LOC)
,
4.00%, 11/01/23
4,880‌
4,880,000‌
City
of
New
York
,
Series
2013,
Sub-Series
A-2,
GO
,
VRDN
(Mizuho
Bank
Ltd.
LOC)
,
4.00%, 11/01/23
.................
1,000‌
1,000,000‌
City
of
New
York
,
Series
2014
D-4,
GO
,
VRDN
(TD
Bank
NA
LOC)
,
3.95%, 11/01/23
...
1,000‌
1,000,000‌
City
of
New
York
,
Series
2014I,
Sub-Series
I-3,
GO
,
VRDN
(Citibank
NA
LOC)
,
4.07%, 11/07/23
.................
1,100‌
1,100,000‌
City
of
New
York
,
Series
2017A,
Sub-Series
A-4,
GO
,
VRDN
(Citibank
NA
LOC)
,
4.01%, 11/07/23
.................
1,925‌
1,925,000‌
City
of
New
York
,
Series
2023A,
Sub-Series
A-3,
GO
,
VRDN
(Bank
of
Montreal
SBPA)
,
3.95%, 11/01/23
.................
24,140‌
24,140,000‌
City
of
New
York
,
Series
2023A,
Sub-Series
A-4,
GO
,
VRDN
(TD
Bank
NA
SBPA)
,
3.95%, 11/01/23
.................
10,565‌
10,565,000‌
Dutchess
County
Industrial
Development
Agency
,
Series
2008,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
4.05%, 11/07/23
..........
2,540‌
2,540,000‌
Long
Island
Power
Authority
,
Series
2023D,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
3.98%, 11/07/23
.................
18,100‌
18,100,000‌
Metropolitan
Transportation
Authority
,
Series
2005D-2,
RB
,
VRDN
(Bank
of
Montreal
LOC)
,
4.00%, 11/01/23
.............
10,100‌
10,100,000‌
Metropolitan
Transportation
Authority
,
Series
2012A-2,
RB
,
VRDN
(Bank
of
Montreal
LOC)
,
4.30%, 11/07/23
.............
4,500‌
4,500,000‌
Metropolitan
Transportation
Authority
,
Series
2015
E-3,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
4.02%, 11/01/23
.............
2,500‌
2,500,000‌
Metropolitan
Transportation
Authority
,
Series
Sub-Series
G-4,
RB
,
VRDN
(Bank
of
Montreal
LOC)
,
4.00%, 11/01/23
......
3,200‌
3,200,000‌
Metropolitan
Transportation
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
RB
,
VRDN
(Wells
Fargo
Bank
NA
LIQ)
,
4.12%, 11/07/23
(b)(c)
...............
1,000‌
1,000,000‌
New
York
City
Housing
Development
Corp.
,
Series
2005A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
4.08%, 11/07/23
.................
2,890‌
2,890,000‌
New
York
City
Housing
Development
Corp.
,
Series
2006A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
4.05%, 11/07/23
.................
12,850‌
12,850,000‌
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
City
Housing
Development
Corp.
,
Series
2009A,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
LOC)
,
4.08%, 11/07/23
.................
USD
6,175‌
$
6,175,000‌
New
York
City
Housing
Development
Corp.
,
Series
2010A,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
LIQ)
,
4.06%, 11/07/23
7,555‌
7,555,000‌
New
York
City
Housing
Development
Corp.
,
Series
2011B,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
LOC)
,
4.05%, 11/07/23
.................
875‌
875,000‌
New
York
City
Housing
Development
Corp.
,
Series
2019A-4,
RB
,
VRDN
(Royal
Bank
of
Canada
SBPA)
,
4.12%, 11/07/23
......
3,800‌
3,800,000‌
New
York
City
Housing
Development
Corp.
,
Series
2023A-3,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
4.06%, 11/07/23
.............
6,200‌
6,200,000‌
New
York
City
Housing
Development
Corp.
,
Series
2021F-3,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
4.00%, 11/07/23
..........
10,800‌
10,800,000‌
New
York
City
Industrial
Development
Agency
,
Series
2004B,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
4.02%, 11/01/23
..........
14,250‌
14,250,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
2010CC,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA)
,
3.95%, 11/01/23
.................
18,600‌
18,600,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
2014
AA-3,
RB
,
VRDN
(TD
Bank
NA
LIQ)
,
3.95%, 11/01/23
.......
5,125‌
5,125,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
2017
BB,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA)
,
4.05%, 11/01/23
.................
2,715‌
2,715,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
2023,
Sub-Series
BB-2,
RB
,
VRDN
(Mizuho
Bank
Ltd.
SBPA)
,
4.00%, 11/01/23
.................
6,100‌
6,100,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
AA-2,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
3.95%, 11/01/23
.................
500‌
500,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
AA-5,
RB
,
VRDN
(Mizuho
Bank
Ltd.
SBPA)
,
3.95%, 11/01/23
.....
11,550‌
11,550,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
BB
1A,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA)
,
4.00%, 11/01/23
.................
2,315‌
2,315,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
BB-1B,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
SBPA)
,
4.00%, 11/01/23
.................
5,805‌
5,805,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
DD-2,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
3.95%, 11/01/23
.................
500‌
500,000‌
New
York
City
Transitional
Finance
Authority
,
Series
2003-A4,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
3.95%, 11/01/23
............
15,210‌
15,210,000‌
New
York
City
Transitional
Finance
Authority
,
Series
2011A-4,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
4.00%, 11/01/23
..........
1,300‌
1,300,000‌
Schedule
of
Investments
(continued)
October
31,
2023
New
York
Money
Fund
Schedules
of
Investments
53
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2010
G-6,
RB
,
VRDN
(Barclays
Bank
plc
SBPA)
,
4.00%, 11/01/23
.................
USD
1,000‌
$
1,000,000‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2015
E-4,
RB
,
VRDN
(Bank
of
America
NA
SBPA)
,
4.02%, 11/01/23
.................
2,500‌
2,500,000‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
A-4,
RB
,
VRDN
(Mizuho
Bank
Ltd.
SBPA)
,
4.05%, 11/01/23
550‌
550,000‌
New
York
City
Trust
for
Cultural
Resources
,
Series
2004,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LOC)
,
4.00%, 11/07/23
......
220‌
220,000‌
New
York
City
Trust
for
Cultural
Resources
,
Series
2008-B3,
RB
,
VRDN
(Wells
Fargo
Bank
NA
SBPA)
,
4.00%, 11/07/23
......
2,945‌
2,945,000‌
New
York
City
Trust
for
Cultural
Resources
,
Series
2009A,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LOC)
,
4.05%, 11/07/23
......
3,850‌
3,850,000‌
New
York
Power
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-
XL0416,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
4.12%, 11/07/23
(b)(c)
...........
3,465‌
3,465,000‌
New
York
State
Dormitory
Authority
,
Series
2002A-2,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
4.06%, 11/07/23
......
1,955‌
1,955,000‌
New
York
State
Dormitory
Authority
,
Series
2006A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
4.13%, 11/07/23
.................
13,600‌
13,600,000‌
New
York
State
Dormitory
Authority
,
Series
2008A-1,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
4.05%, 11/07/23
.............
2,645‌
2,645,000‌
New
York
State
Dormitory
Authority
,
Series
2009,
RB
,
VRDN
(TD
Bank
NA
LOC)
,
4.06%, 11/07/23
.................
4,695‌
4,695,000‌
New
York
State
Dormitory
Authority
,
Series
2009A,
RB
,
VRDN
,
3.85%, 11/07/23
....
8,975‌
8,975,000‌
New
York
State
Dormitory
Authority
,
Series
2012,
RB
,
VRDN
(HSBC
Bank
USA
NA
LOC)
,
4.10%, 11/07/23
.............
5,855‌
5,855,000‌
New
York
State
Energy
Research
&
Development
Authority
,
Series
2005A-
1,
RB
,
VRDN
(Mizuho
Bank
Ltd.
LOC)
,
4.03%, 11/07/23
.................
6,275‌
6,275,000‌
New
York
State
Energy
Research
&
Development
Authority
,
Series
2005A-
3,
RB
,
VRDN
(Mizuho
Bank
Ltd.
LOC)
,
4.08%, 11/07/23
.................
10,080‌
10,080,000‌
New
York
State
Energy
Research
&
Development
Authority
,
Series
2005A-
3,
RB
,
VRDN
(Mizuho
Bank
Ltd.
LOC)
,
3.95%, 11/07/23
.................
1,500‌
1,500,000‌
New
York
State
Environmental
Facilities
Corp.,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022-XF3049,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
4.12%, 11/07/23
(b)(c)
...............
2,670‌
2,670,000‌
New
York
State
Environmental
Facilities
Corp.,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2023-XF1442,
RB
,
VRDN
(Toronto-Dominion
Bank
LIQ)
,
4.12%, 11/07/23
(b)(c)
...............
3,560‌
3,560,000‌
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
State
Housing
Finance
Agency
,
Series
2004A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
3.95%, 11/07/23
.................
USD
6,550‌
$
6,550,000‌
New
York
State
Housing
Finance
Agency
,
Series
2008A,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
LIQ)
,
4.06%, 11/07/23
4,745‌
4,745,000‌
New
York
State
Housing
Finance
Agency
,
Series
2009A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
3.95%, 11/07/23
.................
2,600‌
2,600,000‌
New
York
State
Housing
Finance
Agency
,
Series
2009A,
RB
,
VRDN
(Federal
National
Mortgage
Association
LOC)
,
4.07%, 11/07/23
.................
3,950‌
3,950,000‌
New
York
State
Housing
Finance
Agency
,
Series
2010A,
RB
,
VRDN
(Federal
Home
Loan
Mortgage
Corp.
LIQ)
,
4.07%, 11/07/23
6,400‌
6,400,000‌
New
York
State
Housing
Finance
Agency
,
Series
2010A,
RB
,
VRDN
(Landesbank
Hessen-Thuringen
Girozentrale
LOC)
,
4.17%, 11/07/23
.................
9,550‌
9,550,000‌
New
York
State
Housing
Finance
Agency
,
Series
2013A,
RB
,
VRDN
(Landesbank
Hessen-Thuringen
Girozentrale
LOC)
,
4.00%, 11/01/23
.................
15,250‌
15,250,000‌
New
York
State
Housing
Finance
Agency
,
Series
2014A,
RB
,
VRDN
(Landesbank
Hessen-Thuringen
Girozentrale
LOC)
,
4.00%, 11/01/23
.................
5,000‌
5,000,000‌
New
York
State
Housing
Finance
Agency
,
Series
2022G-3,
RB
,
VRDN
(Bank
of
America
NA
SBPA)
,
4.10%, 11/07/23
...
12,485‌
12,485,000‌
New
York
State
Personal
Income
Tax
Bonds,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022-YX1250,
RB
,
VRDN
(Barclays
Bank
plc
LIQ)
,
4.12%, 11/07/23
(b)(c)
...............
1,730‌
1,730,000‌
New
York
State
Personal
Income
Tax
Bonds,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2023-XF1496,
RB
,
VRDN
(Toronto-Dominion
Bank
LIQ)
,
4.14%, 11/07/23
(b)(c)
...............
1,525‌
1,525,000‌
New
York
State
Personal
Income
Tax
Bonds,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2023-XL0414,
RB
,
VRDN
(Citibank
NA
LIQ)
,
4.11%, 11/07/23
(b)
(c)
...........................
2,000‌
2,000,000‌
New
York
State
Thruway
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2019-XF0847,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
4.12%, 11/07/23
(b)(c)
1,395‌
1,395,000‌
New
York
State
Urban
Development
Corp.
,
Series
2004A-3-C,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
SBPA)
,
4.08%, 11/07/23
.
11,930‌
11,930,000‌
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
,
Series
247,
RB
,
VRDN
(TD
Bank
NA
SBPA)
,
4.05%, 11/07/23
.................
3,200‌
3,200,000‌
Triborough
Bridge
&
Tunnel
Authority
,
Series
2001C,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
4.00%, 11/01/23
.................
3,000‌
3,000,000‌
Triborough
Bridge
&
Tunnel
Authority
,
Series
2005A,
RB
,
VRDN
(Barclays
Bank
plc
LOC)
,
4.00%, 11/07/23
.................
200‌
200,000‌
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
October
31,
2023
New
York
Money
Fund
54
(Percentages
shown
are
based
on
Net
Assets)
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Triborough
Bridge
&
Tunnel
Authority
,
Series
2005B-2A,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
LOC)
,
4.35%, 11/07/23
......
USD
6,900‌
$
6,900,000‌
Triborough
Bridge
&
Tunnel
Authority
,
Series
2005B-2B,
RB
,
VRDN
(State
Street
Bank
&
Trust
Co.
LOC)
,
4.10%, 11/07/23
......
5,000‌
5,000,000‌
Triborough
Bridge
&
Tunnel
Authority
,
Series
2005B3,
RB
,
VRDN
(Bank
of
America
NA
LOC)
,
4.02%, 11/01/23
.............
3,100‌
3,100,000‌
Triborough
Bridge
&
Tunnel
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-XF1495,
RB
,
VRDN
(Toronto-
Dominion
Bank
LIQ)
,
4.12%, 11/07/23
(b)(c)
.
1,550‌
1,550,000‌
Yankee
Stadium,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-XF1455,
RB
,
VRDN
(Royal
Bank
of
Canada
LOC)
,
4.12%, 11/07/23
(b)(c)
...............
1,800‌
1,800,000‌
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Yonkers
Industrial
Development
Agency
,
Series
2005,
RB
,
VRDN
(JPMorgan
Chase
Bank
NA
LOC)
,
4.02%, 11/07/23
..........
USD
15,145‌
$
15,145,000‌
Total
Municipal
Bonds
—
99.2%
(Cost:
$435,995,000)
.............................
435,995,000‌
Closed-End
Investment
Companies
New
York
—
0.6%
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund,
Series
3,
VRDP,
(Sumitomo
Mitsui
Banking
Corp.
LOC,
Sumitomo
Mitsui
Banking
Corp.
LIQ),
4.14%, 11/07/23
(a)(c)
.
2,500‌
2,500,000‌
Total
Closed-End
Investment
Companies
—
0.6%
(Cost:
$2,500,000)
..............................
2,500,000‌
Total
Investments
—
99.8%
(Cost:
$438,495,000
)
(d)
............................
438,495,000‌
Other
Assets
Less
Liabilities
—
0.2%
...................
883,753‌
Net
Assets
—
100.0%
..............................
$
439,378,753‌
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(b)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
Cost
for
U.S.
federal
income
tax
purposes.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Closed-End
Investment
Companies
............................
$
—‌
$
2,500,000‌
$
—‌
$
2,500,000‌
Municipal
Bonds
.........................................
—‌
435,995,000‌
—‌
435,995,000‌
$
—‌
$
438,495,000‌
$
—‌
$
438,495,000‌
Statements
of
Assets
and
Liabilities

October
31,
2023
55
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
...........................
$
5,862,655,287‌
$
41,905,808,135‌
$
9,688,367,866‌
$
3,672,342,476‌
$
24,136,354,460‌
Cash  
................................................
410,737,596‌
8,591,814,988‌
662,227,474‌
300,810,183‌
5,201,223,179‌
Repurchase
agreements,
at
value
—
unaffiliated
(b)
...................
—‌
97,967,605,000‌
3,157,000,000‌
1,260,000,000‌
68,244,691,250‌
Receivables:
–‌
–‌
–‌
–‌
–‌
Investments
sold
.......................................
5,937,005‌
141,540,966‌
—‌
—‌
98,353,653‌
Capital
shares
sold
......................................
5,418,943‌
841,773,884‌
96,624,150‌
—‌
624,068,326‌
Interest
—
unaffiliated
....................................
6,240,864‌
61,441,741‌
42,128,814‌
18,334,210‌
15,423,796‌
Prepaid
expenses
........................................
570,306‌
95,468,277‌
237,605‌
5,473,938‌
36,391,904‌
Other
assets
............................................
—‌
209,742‌
—‌
—‌
289,982‌
Total
assets
............................................
6,291,560,001‌
149,605,662,733‌
13,646,585,909‌
5,256,960,807‌
98,356,796,550‌
LIABILITIES
Payables:
–‌
–‌
–‌
–‌
–‌
Investments
purchased
...................................
217,637,431‌
3,818,374,317‌
—‌
—‌
1,804,842,889‌
Capital
shares
redeemed
..................................
6,510,248‌
832,450,171‌
31,294,112‌
—‌
597,597,847‌
Custodian
fees
.........................................
29,193‌
234,986‌
48,903‌
42,500‌
255,866‌
Income
dividend
distributions
...............................
17,043,419‌
388,684,613‌
57,507,078‌
3,634,134‌
290,918,706‌
Management
fees
.......................................
718,894‌
20,756,244‌
1,969,184‌
745,823‌
14,397,275‌
Trustees'
and
Officer's
fees
................................
6,354‌
85,418‌
1,074‌
12,430‌
58,931‌
Professional
fees
.......................................
18,357‌
135,721‌
9,371‌
25,285‌
120,624‌
Registration
fees
.......................................
156,669‌
5,464,974‌
104,544‌
1,196,660‌
2,549,821‌
Service
and
distribution
fees
................................
375,145‌
97,768,019‌
100‌
5,546,441‌
36,796,605‌
Transfer
agent
fees
.....................................
39,765‌
409,758‌
45,037‌
116,298‌
408,117‌
Other
accrued
expenses
..................................
28,748‌
52,255‌
8,730‌
29,232‌
49,817‌
Total
liabilities
...........................................
242,564,223‌
5,164,416,476‌
90,988,133‌
11,348,803‌
2,747,996,498‌
Commitments
and
contingent
liabilities
—‌
—‌
—‌
—‌
—‌
NET
ASSETS
...........................................
$
6,048,995,778‌
$
144,441,246,257‌
$
13,555,597,776‌
$
5,245,612,004‌
$
95,608,800,052‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
...........................................
$
6,049,128,560‌
$
144,524,457,680‌
$
13,556,305,461‌
$
5,246,301,191‌
$
95,657,699,658‌
Accumulated
loss
........................................
(132,782‌)
(83,211,423‌)
(707,685‌)
(689,187‌)
(48,899,606‌)
NET
ASSETS
...........................................
$
6,048,995,778‌
$
144,441,246,257‌
$
13,555,597,776‌
$
5,245,612,004‌
$
95,608,800,052‌
(a)
  Investments,
at
cost
—
unaffiliated
.........................
$
5,862,655,287‌
$
41,905,808,135‌
$
9,687,977,393‌
$
3,672,259,246‌
$
24,136,354,460‌
(b)
  Repurchase
agreements,
at
cost
—
unaffiliated
.................
$
—‌
$
97,967,605,000‌
$
3,157,000,000‌
$
1,260,000,000‌
$
68,244,691,250‌
Statements
of
Assets
and
Liabilities
(continued)
October
31,
2023
2023
BlackRock
Annual
Report
to
Shareholders
56
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
NET
ASSET
VALUE
Institutional
Net
assets
.........................................
$
5,944,450,830‌
$
122,363,197,269‌
$
13,151,148,484‌
$
4,418,931,838‌
$
87,613,216,552‌
Shares
outstanding
..................................
5,944,573,889‌
122,434,274,698‌
13,146,079,322‌
4,416,790,521‌
87,658,040,711‌
Net
asset
value
.....................................
$
1.00‌
$
1.00‌
$
1.0004‌
$
1.0005‌
$
1.00‌
Shares
authorized
...................................
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Administration
Net
assets
.........................................
$
31,594,117‌
$
7,965,005,768‌
$
—‌
$
28,313,939‌
$
3,987,751,409‌
Shares
outstanding
..................................
31,594,769‌
7,969,596,743‌
—‌
28,299,471‌
3,989,783,851‌
Net
asset
value
.....................................
$
1.00‌
$
1.00‌
$
—‌
$
1.0005‌
$
1.00‌
Shares
authorized
...................................
Unlimited
Unlimited
—
Unlimited
Unlimited
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Bancroft
Capital
Net
assets
.........................................
$
52,771‌
$
—‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
..................................
52,772‌
—‌
—‌
—‌
—‌
Net
asset
value
.....................................
$
1.00‌
$
—‌
$
—‌
$
—‌
$
—‌
Shares
authorized
...................................
Unlimited
—
—
—
—
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Cabrera
Capital
Markets
Net
assets
.........................................
$
52,771‌
$
—‌
$
—‌
$
182,841‌
$
—‌
Shares
outstanding
..................................
52,772‌
—‌
—‌
182,745‌
—‌
Net
asset
value
.....................................
$
1.00‌
$
—‌
$
—‌
$
1.0005‌
$
—‌
Shares
authorized
...................................
Unlimited
—
—
Unlimited
—
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Capital
Net
assets
.........................................
$
—‌
$
2,587,811‌
$
—‌
$
190,669,720‌
$
202,286,101‌
Shares
outstanding
..................................
—‌
2,589,303‌
—‌
190,568,048‌
202,389,197‌
Net
asset
value
.....................................
$
—‌
$
1.00‌
$
—‌
$
1.0005‌
$
1.00‌
Shares
authorized
...................................
—
Unlimited
—
Unlimited
Unlimited
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Cash
Management
Net
assets
.........................................
$
9,809,574‌
$
718,126,020‌
$
—‌
$
508,936,889‌
$
915,926,722‌
Shares
outstanding
..................................
9,809,777‌
718,539,355‌
—‌
508,684,064‌
916,393,821‌
Net
asset
value
.....................................
$
1.00‌
$
1.00‌
$
—‌
$
1.0005‌
$
1.00‌
Shares
authorized
...................................
Unlimited
Unlimited
—
Unlimited
Unlimited
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Cash
Reserve
Net
assets
.........................................
$
—‌
$
4,048,351,481‌
$
—‌
$
15,135,146‌
$
43,531,254‌
Shares
outstanding
..................................
—‌
4,050,691,394‌
—‌
15,126,805‌
43,553,513‌
Net
asset
value
.....................................
$
—‌
$
1.00‌
$
—‌
$
1.0006‌
$
1.00‌
Shares
authorized
...................................
—
Unlimited
—
Unlimited
Unlimited
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Dollar
Net
assets
.........................................
$
23,415,640‌
$
3,987,319,436‌
$
18,928‌
$
82,732,292‌
$
1,364,428,093‌
Shares
outstanding
..................................
23,416,125‌
3,989,621,084‌
18,921‌
82,691,105‌
1,365,124,948‌
Net
asset
value
.....................................
$
1.00‌
$
1.00‌
$
1.0004‌
$
1.0005‌
$
1.00‌
Shares
authorized
...................................
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Great
Pacific
Net
assets
.........................................
$
52,753‌
$
—‌
$
404,393,871‌
$
—‌
$
—‌
Shares
outstanding
..................................
52,754‌
—‌
404,263,357‌
—‌
—‌
Net
asset
value
.....................................
$
1.00‌
$
—‌
$
1.0003‌
$
—‌
$
—‌
Shares
authorized
...................................
Unlimited
—
Unlimited
—
—
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Statements
of
Assets
and
Liabilities
(continued)
October
31,
2023
57
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
Mischler
Financial
Group
Net
assets
.........................................
$
10,518,534‌
$
2,018,044,740‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
..................................
10,518,752‌
2,019,207,413‌
—‌
—‌
—‌
Net
asset
value
.....................................
$
1.00‌
$
1.00‌
$
—‌
$
—‌
$
—‌
Shares
authorized
...................................
Unlimited
Unlimited
—
—
—
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Penserra
Net
assets
.........................................
$
802,753‌
$
—‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
..................................
802,769‌
—‌
—‌
—‌
—‌
Net
asset
value
.....................................
$
1.00‌
$
—‌
$
—‌
$
—‌
$
—‌
Shares
authorized
...................................
Unlimited
—
—
—
—
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Premier
Net
assets
.........................................
$
—‌
$
2,879,644,736‌
$
36,493‌
$
—‌
$
1,431,263,844‌
Shares
outstanding
..................................
—‌
2,880,833,135‌
36,478‌
—‌
1,431,937,098‌
Net
asset
value
.....................................
$
—‌
$
1.00‌
$
1.0004‌
$
—‌
$
1.00‌
Shares
authorized
...................................
—
Unlimited
Unlimited
—
Unlimited
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Private
Client
Net
assets
.........................................
$
—‌
$
249,634‌
$
—‌
$
709,339‌
$
—‌
Shares
outstanding
..................................
—‌
249,778‌
—‌
708,964‌
—‌
Net
asset
value
.....................................
$
—‌
$
1.00‌
$
—‌
$
1.0005‌
$
—‌
Shares
authorized
...................................
—
Unlimited
—
Unlimited
—
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Select
Net
assets
.........................................
$
—‌
$
325,700,247‌
$
—‌
$
—‌
$
50,396,077‌
Shares
outstanding
..................................
—‌
325,887,746‌
—‌
—‌
50,421,766‌
Net
asset
value
.....................................
$
—‌
$
1.00‌
$
—‌
$
—‌
$
1.00‌
Shares
authorized
...................................
—
Unlimited
—
—
Unlimited
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Stern
Brothers
Net
assets
.........................................
$
53,496‌
$
26,623‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
..................................
53,497‌
26,625‌
—‌
—‌
—‌
Net
asset
value
.....................................
$
1.00‌
$
1.00‌
$
—‌
$
—‌
$
—‌
Shares
authorized
...................................
Unlimited
Unlimited
—
—
—
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Tigress
Net
assets
.........................................
$
28,192,539‌
$
29,731,594‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
..................................
28,193,123‌
29,748,767‌
—‌
—‌
—‌
Net
asset
value
.....................................
$
1.00‌
$
1.00‌
$
—‌
$
—‌
$
—‌
Shares
authorized
...................................
Unlimited
Unlimited
—
—
—
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
WestCap
Net
assets
.........................................
$
—‌
$
103,260,898‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
..................................
—‌
103,320,316‌
—‌
—‌
—‌
Net
asset
value
.....................................
$
—‌
$
1.00‌
$
—‌
$
—‌
$
—‌
Shares
authorized
...................................
—
Unlimited
—
—
—
Par
value
.........................................
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Statements
of
Assets
and
Liabilities
(continued)
October
31,
2023
2023
BlackRock
Annual
Report
to
Shareholders
58
See
notes
to
financial
statements.
Treasury
Trust
Fund
MuniCash
California
Money
Fund
New
York
Money
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
..........................................
$
96,863,708,550‌
$
4,507,856,765‌
$
262,512,748‌
$
438,495,000‌
Cash  
...............................................................
6,564,515,214‌
2,475,605‌
—‌
930,390‌
Receivables:
–‌
–‌
–‌
–‌
Investments
sold
......................................................
100,437,006‌
10,000,000‌
12,463,501‌
—‌
Capital
shares
sold
.....................................................
4,191,718‌
9,402,827‌
214,430‌
1,283,975‌
Interest
—
unaffiliated
...................................................
2,978,840‌
21,876,226‌
1,013,412‌
1,473,975‌
Prepaid
expenses
.......................................................
14,893,518‌
204,071‌
16,816‌
22,183‌
Total
assets
...........................................................
103,550,724,846‌
4,551,815,494‌
276,220,907‌
442,205,523‌
LIABILITIES
Bank
overdraft
..........................................................
—‌
—‌
7,482,459‌
—‌
Payables:
–‌
–‌
–‌
–‌
Investments
purchased
..................................................
2,374,054,100‌
2,471,880‌
500,814‌
857,405‌
Capital
shares
redeemed
.................................................
1,592,536‌
490,061‌
221,923‌
966,218‌
Custodian
fees
........................................................
479,571‌
21,703‌
9,220‌
4,925‌
Income
dividend
distributions
..............................................
308,600,046‌
5,618,856‌
148,238‌
884,272‌
Management
fees
......................................................
14,116,085‌
661,117‌
51,647‌
59,146‌
Trustees'
and
Officer's
fees
...............................................
54,107‌
265‌
1,419‌
1,070‌
Professional
fees
......................................................
95,858‌
20,844‌
16,039‌
13,641‌
Registration
fees
......................................................
4,339,577‌
41,064‌
77,588‌
23,219‌
Service
and
distribution
fees
...............................................
14,910,659‌
19,950‌
1,375‌
269‌
Transfer
agent
fees
....................................................
87,893‌
14,393‌
649‌
639‌
Other
accrued
expenses
.................................................
43,219‌
26,300‌
6,102‌
15,966‌
Total
liabilities
..........................................................
2,718,373,651‌
9,386,433‌
8,517,473‌
2,826,770‌
Commitments
and
contingent
liabilities
—‌
—‌
—‌
—‌
NET
ASSETS
..........................................................
$
100,832,351,195‌
$
4,542,429,061‌
$
267,703,434‌
$
439,378,753‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
100,819,615,448‌
$
4,542,583,178‌
$
267,721,182‌
$
439,373,987‌
Accumulated
earnings
(loss)
................................................
12,735,747‌
(154,117‌)
(17,748‌)
4,766‌
NET
ASSETS
..........................................................
$
100,832,351,195‌
$
4,542,429,061‌
$
267,703,434‌
$
439,378,753‌
(a)
  Investments,
at
cost
—
unaffiliated
.......................................
$
96,863,708,550‌
$
4,508,018,807‌
$
262,530,852‌
$
438,495,000‌
Statements
of
Assets
and
Liabilities
(continued)
October
31,
2023
59
Financial
Statements
See
notes
to
financial
statements.
Treasury
Trust
Fund
MuniCash
California
Money
Fund
New
York
Money
Fund
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................
$
97,157,593,294‌
$
4,540,657,345‌
$
267,703,434‌
$
439,378,753‌
Shares
outstanding
..................................................
97,145,321,667‌
4,540,694,785‌
267,896,310‌
439,371,456‌
Net
asset
value
.....................................................
$
1.00‌
$
1.0000‌
$
0.9993‌
$
1.0000‌
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Administration
Net
assets
.........................................................
$
442,723,123‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
..................................................
442,667,309‌
—‌
—‌
—‌
Net
asset
value
.....................................................
$
1.00‌
$
—‌
$
—‌
$
—‌
Shares
authorized
...................................................
Unlimited
—
—
—
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Capital
Net
assets
.........................................................
$
500,685,089‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
..................................................
500,622,032‌
—‌
—‌
—‌
Net
asset
value
.....................................................
$
1.00‌
$
—‌
$
—‌
$
—‌
Shares
authorized
...................................................
Unlimited
—
—
—
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Cash
Management
Net
assets
.........................................................
$
5,085,112‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
..................................................
5,084,472‌
—‌
—‌
—‌
Net
asset
value
.....................................................
$
1.00‌
$
—‌
$
—‌
$
—‌
Shares
authorized
...................................................
Unlimited
—
—
—
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Cash
Reserve
Net
assets
.........................................................
$
128,271,654‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
..................................................
128,255,431‌
—‌
—‌
—‌
Net
asset
value
.....................................................
$
1.00‌
$
—‌
$
—‌
$
—‌
Shares
authorized
...................................................
Unlimited
—
—
—
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Dollar
Net
assets
.........................................................
$
2,343,866,350‌
$
1,771,716‌
$
—‌
$
—‌
Shares
outstanding
..................................................
2,343,569,986‌
1,771,781‌
—‌
—‌
Net
asset
value
.....................................................
$
1.00‌
$
1.0000‌
$
—‌
$
—‌
Shares
authorized
...................................................
Unlimited
Unlimited
—
—
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Select
Net
assets
.........................................................
$
254,126,573‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
..................................................
254,094,551‌
—‌
—‌
—‌
Net
asset
value
.....................................................
$
1.00‌
$
—‌
$
—‌
$
—‌
Shares
authorized
...................................................
Unlimited
—
—
—
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Statements
of
Operations

Year
Ended
October
31,
2023
2023
BlackRock
Annual
Report
to
Shareholders
60
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
TempFund
T-Fund
INVESTMENT
INCOME
–
–
–
–
–
Interest
—
unaffiliated
....................................
$
233,370,300‌
$
6,731,491,981‌
$
612,380,049‌
$
305,553,069‌
$
4,588,487,641‌
Total
investment
income
....................................
233,370,300‌
6,731,491,981‌
612,380,049‌
305,553,069‌
4,588,487,641‌
EXPENSES
Management
..........................................
10,420,869‌
253,669,958‌
25,879,915‌
15,131,350‌
173,570,100‌
Registration
..........................................
320,233‌
1,636,395‌
764,753‌
225,254‌
758,562‌
Transfer
agent
.........................................
147,475‌
1,274,849‌
133,158‌
457,488‌
432,276‌
Service
and
distribution
—
class
specific
.......................
112,386‌
46,936,143‌
44‌
3,012,425‌
16,244,380‌
Professional
..........................................
88,199‌
387,328‌
73,615‌
76,969‌
283,461‌
Printing
and
postage
....................................
64,161‌
68,303‌
33,764‌
43,655‌
50,625‌
Custodian
............................................
54,672‌
474,949‌
112,074‌
94,602‌
403,039‌
Trustees
and
Officer
.....................................
44,999‌
350,281‌
93,055‌
58,905‌
314,480‌
Miscellaneous
.........................................
119,326‌
693,023‌
97,858‌
120,984‌
567,599‌
Total
expenses
..........................................
11,372,320‌
305,491,229‌
27,188,236‌
19,221,632‌
192,624,522‌
Less:
–‌
–‌
–‌
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
..................
(2,872,680‌)
(21,420,118‌)
(5,409,993‌)
(5,080,787‌)
(14,543,643‌)
Service
and
distribution
fees
waived
and/or
reimbursed
—
class
specific
..
(705‌)
(84,223‌)
—‌
(7,981‌)
(12,069‌)
Total
expenses
after
fees
waived
and/or
reimbursed
.................
8,498,935‌
283,986,888‌
21,778,243‌
14,132,864‌
178,068,810‌
Net
investment
income
.....................................
224,871,365‌
6,447,505,093‌
590,601,806‌
291,420,205‌
4,410,418,831‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
647,809‌
$
(45,185,505‌)
$
4,202,805‌
$
4,135,694‌
$
(29,108,642‌)
Net
realized
gain
(loss)
from
investments
......................
647,809‌
(45,185,505‌)
60,470‌
(79,431‌)
(29,108,642‌)
Net
change
in
unrealized
appreciation
on
investments
..............
—‌
—‌
4,142,335‌
4,215,125‌
—‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....
$
225,519,174‌
$
6,402,319,588‌
$
594,804,611‌
$
295,555,899‌
$
4,381,310,189‌
See
notes
to
financial
statements.
Statements
of
Operations
(continued)
Year
Ended
October
31,
2023
61
Financial
Statements
Treasury
Trust
Fund
MuniCash
California
Money
Fund
New
York
Money
Fund
INVESTMENT
INCOME
–
–
–
–
Interest
—
unaffiliated
...................................................
$
4,817,124,068‌
$
103,169,020‌
$
9,507,909‌
$
9,120,568‌
Total
investment
income
...................................................
4,817,124,068‌
103,169,020‌
9,507,909‌
9,120,568‌
EXPENSES
Management
.........................................................
184,889,634‌
9,816,138‌
1,467,583‌
1,106,792‌
Service
and
distribution
—
class
specific
......................................
6,606,820‌
5,641‌
—‌
—‌
Custodian
...........................................................
1,076,194‌
41,596‌
19,857‌
12,504‌
Registration
.........................................................
856,675‌
252,306‌
11,680‌
96,682‌
Transfer
agent
........................................................
568,641‌
23,994‌
1,401‌
1,740‌
Professional
.........................................................
330,889‌
57,507‌
67,570‌
62,711‌
Trustees
and
Officer
....................................................
317,095‌
27,203‌
8,735‌
8,064‌
Printing
and
postage
...................................................
43,956‌
30,431‌
21,928‌
31,651‌
Miscellaneous
........................................................
506,708‌
50,423‌
7,816‌
8,196‌
Total
expenses
.........................................................
195,196,612‌
10,305,239‌
1,606,570‌
1,328,340‌
Less:
–‌
–‌
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
.................................
(16,124,383‌)
(3,477,116‌)
(823,802‌)
(737,993‌)
Service
and
distribution
fees
waived
and/or
reimbursed
—
class
specific
.................
(312,504‌)
—‌
—‌
—‌
Total
expenses
after
fees
waived
and/or
reimbursed
................................
178,759,725‌
6,828,123‌
782,768‌
590,347‌
Net
investment
income
....................................................
4,638,364,343‌
96,340,897‌
8,725,141‌
8,530,221‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
18,563,686‌
$
694,651‌
$
10,549‌
$
5,047‌
Net
realized
gain
from
investments
.........................................
18,563,686‌
8,109‌
2,498‌
4,808‌
Net
change
in
unrealized
appreciation
on
investments
.............................
—‌
686,542‌
8,051‌
239‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
....................
$
4,656,928,029‌
$
97,035,548‌
$
8,735,690‌
$
8,535,268‌
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

2023
BlackRock
Annual
Report
to
Shareholders
62
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/23
Year
Ended
10/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
224,871,365‌
$
48,619,419‌
$
6,447,505,093‌
$
1,390,465,990‌
Net
realized
gain
(loss)
............................................
647,809‌
(690,428‌)
(45,185,505‌)
(36,843,185‌)
Net
increase
in
net
assets
resulting
from
operations
...........................
225,519,174‌
47,928,991‌
6,402,319,588‌
1,353,622,805‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
...................................................
(221,257,571‌)
(48,537,193‌)
(5,350,110,036‌)
(1,077,596,668‌)
  Administration
.................................................
(1,258,380‌)
(203,462‌)
(548,004,687‌)
(213,403,476‌)
  Bancroft
Capital
................................................
(2,348‌)
(424‌)
—‌
—‌
  Cabrera
Capital
Markets
..........................................
(2,348‌)
(424‌)
—‌
—‌
  Capital
......................................................
—‌
—‌
(151,947‌)
(3,026,915‌)
  Cash
Management
..............................................
(452,379‌)
(78,794‌)
(26,770,197‌)
(4,284,003‌)
  Cash
Reserve
.................................................
—‌
(3‌)
(190,618,421‌)
(35,255,621‌)
  Dollar
.......................................................
(497,569‌)
(53,184‌)
(162,022,146‌)
(27,091,528‌)
  Great
Pacific
..................................................
(2,347‌)
(407‌)
—‌
—‌
Mischler
Financial
Group
..........................................
(411,410‌)
(68,040‌)
(78,385,377‌)
(11,486,407‌)
Penserra
.....................................................
(29,442‌)
(422‌)
—‌
—‌
  Premier
......................................................
—‌
—‌
(72,073,104‌)
(18,686,982‌)
  Private
Client
..................................................
—‌
—‌
(10,459‌)
(1,554‌)
  Select
.......................................................
—‌
—‌
(15,135,753‌)
(3,107,617‌)
  Stern
Brothers
.................................................
(3,206‌)
(291‌)
(26,326‌)
(299‌)
  Tigress
......................................................
(954,365‌)
(1,074‌)
(752,039‌)
(743‌)
WestCap
.....................................................
—‌
—‌
(3,150,528‌)
(269‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(224,871,365‌)
(48,943,718‌)
(6,447,211,020‌)
(1,393,942,082‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
867,613,922‌
160,508,937‌
(1,818,848,960‌)
(21,212,578,366‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
868,261,731‌
159,494,210‌
(1,863,740,392‌)
(21,252,897,643‌)
Beginning
of
year
..................................................
5,180,734,047‌
5,021,239,837‌
146,304,986,649‌
167,557,884,292‌
End
of
year
......................................................
$
6,048,995,778‌
$
5,180,734,047‌
$
144,441,246,257‌
$
146,304,986,649‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
63
Financial
Statements
See
notes
to
financial
statements.
TempCash
TempFund
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/23
Year
Ended
10/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
590,601,806‌
$
65,593,917‌
$
291,420,205‌
$
74,680,071‌
Net
realized
gain
(loss)
............................................
60,470‌
12,497‌
(79,431‌)
10,023‌
Net
change
in
unrealized
appreciation
(depreciation)
........................
4,142,335‌
(3,932,958‌)
4,215,125‌
(4,441,139‌)
Net
increase
in
net
assets
resulting
from
operations
...........................
594,804,611‌
61,673,456‌
295,555,899‌
70,248,955‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
...................................................
(570,810,672‌)
(65,593,405‌)
(255,677,073‌)
(69,791,863‌)
  Administration
.................................................
—‌
—‌
(1,408,620‌)
(150,396‌)
  Cabrera
Capital
Markets
..........................................
—‌
—‌
(7,399‌)
(495‌)
  Capital
......................................................
—‌
—‌
(6,611,763‌)
(62,777‌)
  Cash
Management
..............................................
—‌
—‌
(22,540,001‌)
(3,801,518‌)
  Cash
Reserve
.................................................
—‌
—‌
(707,240‌)
(82,973‌)
  Dollar
.......................................................
(846‌)
(150‌)
(4,433,374‌)
(953,713‌)
  Great
Pacific
..................................................
(19,788,529‌)
—‌
—‌
—‌
  Premier
......................................................
(1,759‌)
(362‌)
—‌
—‌
  Private
Client
..................................................
—‌
—‌
(34,735‌)
(7,842‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(590,601,806‌)
(65,593,917‌)
(291,420,205‌)
(74,851,577‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
4,892,789,579‌
2,875,694,021‌
(2,099,339,623‌)
(1,309,031,942‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
4,896,992,384‌
2,871,773,560‌
(2,095,203,929‌)
(1,313,634,564‌)
Beginning
of
year
..................................................
8,658,605,392‌
5,786,831,832‌
7,340,815,933‌
8,654,450,497‌
End
of
year
......................................................
$
13,555,597,776‌
$
8,658,605,392‌
$
5,245,612,004‌
$
7,340,815,933‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
64
See
notes
to
financial
statements.
T-Fund
Treasury
Trust
Fund
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/23
Year
Ended
10/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
4,410,418,831‌
$
936,985,893‌
$
4,638,364,343‌
$
903,323,482‌
Net
realized
gain
(loss)
............................................
(29,108,642‌)
(20,182,880‌)
18,563,686‌
2,426,101‌
Net
increase
in
net
assets
resulting
from
operations
...........................
4,381,310,189‌
916,803,013‌
4,656,928,029‌
905,749,583‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
...................................................
(3,937,571,942‌)
(772,514,168‌)
(4,529,645,292‌)
(893,603,138‌)
  Administration
.................................................
(320,493,272‌)
(143,818,630‌)
(19,482,279‌)
(3,879,189‌)
  Capital
......................................................
(6,007,199‌)
(952,166‌)
(11,772,075‌)
(101,615‌)
  Cash
Management
..............................................
(31,999,834‌)
(5,473,066‌)
(490,313‌)
(156,314‌)
  Cash
Reserve
.................................................
(3,501,185‌)
(782,324‌)
(3,925,185‌)
(502,788‌)
  Dollar
.......................................................
(67,441,132‌)
(11,632,288‌)
(70,921,213‌)
(7,124,384‌)
  Premier
......................................................
(40,693,855‌)
(2,939,940‌)
—‌
—‌
  Select
.......................................................
(2,416,296‌)
(135,326‌)
(7,370,992‌)
(2,012,121‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(4,410,124,715‌)
(938,247,908‌)
(4,643,607,349‌)
(907,379,549‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
(5,654,524,761‌)
(19,885,886,464‌)
(7,466,784,817‌)
7,255,815,540‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
(5,683,339,287‌)
(19,907,331,359‌)
(7,453,464,137‌)
7,254,185,574‌
Beginning
of
year
..................................................
101,292,139,339‌
121,199,470,698‌
108,285,815,332‌
101,031,629,758‌
End
of
year
......................................................
$
95,608,800,052‌
$
101,292,139,339‌
$
100,832,351,195‌
$
108,285,815,332‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
65
Financial
Statements
See
notes
to
financial
statements.
MuniCash
California
Money
Fund
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/23
Year
Ended
10/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
96,340,897‌
$
20,242,474‌
$
8,725,141‌
$
1,059,497‌
Net
realized
gain
................................................
8,109‌
60,574‌
2,498‌
2,729‌
Net
change
in
unrealized
appreciation
(depreciation)
........................
686,542‌
(787,449‌)
8,051‌
(24,988‌)
Net
increase
in
net
assets
resulting
from
operations
...........................
97,035,548‌
19,515,599‌
8,735,690‌
1,037,238‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
...................................................
(96,283,682‌)
(20,457,399‌)
(8,725,141‌)
(1,228,434‌)
  Dollar
.......................................................
(57,215‌)
(14,473‌)
—‌
—‌
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(96,340,897‌)
(20,471,872‌)
(8,725,141‌)
(1,228,434‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
946,183,267‌
(1,777,099,677‌)
(49,867,851‌)
110,594,977‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
946,877,918‌
(1,778,055,950‌)
(49,857,302‌)
110,403,781‌
Beginning
of
year
..................................................
3,595,551,143‌
5,373,607,093‌
317,560,736‌
207,156,955‌
End
of
year
......................................................
$
4,542,429,061‌
$
3,595,551,143‌
$
267,703,434‌
$
317,560,736‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
66
See
notes
to
financial
statements.
New
York
Money
Fund
Year
Ended
10/31/23
Year
Ended
10/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
8,530,221‌
$
849,816‌
Net
realized
gain
..................................................................................
4,808‌
—‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
239‌
1,000‌
Net
increase
in
net
assets
resulting
from
operations
.............................................................
8,535,268‌
850,816‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
.....................................................................................
(8,530,221‌)
(849,816‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(8,530,221‌)
(849,816‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
...................................................
240,414,437‌
139,158,163‌
NET
ASSETS
Total
increase
in
net
assets
.............................................................................
240,419,484‌
139,159,163‌
Beginning
of
year
....................................................................................
198,959,269‌
59,800,106‌
End
of
year
........................................................................................
$
439,378,753‌
$
198,959,269‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
67
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Institutional
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
..............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................................
0.0456
‌
0.0077
‌
0.0000
(a)
0.0051
‌
0.0214
‌
Net
realized
and
unrealized
gain
...............................
0.0000
(a)
0.0007
(b)
0.0001
‌
0.0014
‌
0.0000
(a)
Net
increase
from
investment
operations
...........................
0.0456
‌
0.0084
‌
0.0001
‌
0.0065
‌
0.0214
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.................................
(0.0456
)
(0.0084
)
(0.0000
)
(d)
(0.0064
)
(0.0214
)
From
net
realized
gain
......................................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
Total
distributions
..........................................
(0.0456
)
(0.0084
)
(0.0001
)
(0.0065
)
(0.0214
)
Net
asset
value,
end
of
year
..................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.....................................
4.66
%
0.85
%
0.02
%
0.65
%
2.16
%
Ratios
to
Average
Net
Assets
Total
expenses
............................................
0.23
%
0.22
%
0.23
%
0.23
%
0.25
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.17
%
0.13
%
0.09
%
0.17
%
0.17
%
Net
investment
income
......................................
4.56
%
0.77
%
0.00
%
(f)
0.51
%
2.14
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
5,944,451
‌
$
5,117,999
‌
$
4,912,973
‌
$
4,488,126
‌
$
3,442,530
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
68
BlackRock
Liquid
Federal
Trust
Fund
Administration
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
..............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................................
0.0452
‌
0.0043
‌
0.0000
(a)
0.0051
‌
0.0204
‌
Net
realized
and
unrealized
gain
(loss)
...........................
(0.0006
)
(b)
0.0035
(b)
0.0001
‌
0.0006
‌
0.0000
(a)
Net
increase
from
investment
operations
...........................
0.0446
‌
0.0078
‌
0.0001
‌
0.0057
‌
0.0204
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.................................
(0.0446
)
(0.0078
)
(0.0000
)
(d)
(0.0056
)
(0.0204
)
From
net
realized
gain
......................................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
Total
distributions
..........................................
(0.0446
)
(0.0078
)
(0.0001
)
(0.0057
)
(0.0204
)
Net
asset
value,
end
of
year
..................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.....................................
4.55
%
0.78
%
0.02
%
0.57
%
2.06
%
Ratios
to
Average
Net
Assets
Total
expenses
............................................
0.33
%
0.32
%
0.33
%
0.33
%
0.35
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.27
%
0.15
%
0.08
%
0.24
%
0.27
%
Net
investment
income
......................................
4.52
%
0.43
%
0.00
%
(f)
0.51
%
2.05
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
31,594
‌
$
24,112
‌
$
87,091
‌
$
78,219
‌
$
80,271
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
69
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Bancroft
Capital
Year
Ended
10/31/23
Period
from
11/01/21
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................................
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................................
0.0457
‌
0.0084
‌
Net
realized
and
unrealized
(loss)
..........................................................................
(0.0001
)
(b)
(0.0000
)
(c)
Net
increase
from
investment
operations
.......................................................................
0.0456
‌
0.0084
‌
Distributions
(d)
–
–
From
net
investment
income
.............................................................................
(0.0456
)
(0.0084
)
From
net
realized
gain
..................................................................................
—
‌
(0.0000
)
(c)
Total
distributions
......................................................................................
(0.0456
)
(0.0084
)
Net
asset
value,
end
of
period
.............................................................................
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
Based
on
net
asset
value
.................................................................................
4.66
%
0.85
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................
0.23
%
0.22
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
0.17
%
0.13
%
(g)
Net
investment
income
..................................................................................
4.57
%
0.85
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................
$
53
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
70
BlackRock
Liquid
Federal
Trust
Fund
Cabrera
Capital
Markets
Year
Ended
10/31/23
Period
from
11/01/21
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................................
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................................
0.0457
‌
0.0084
‌
Net
realized
and
unrealized
(loss)
..........................................................................
(0.0001
)
(b)
(0.0000
)
(c)
Net
increase
from
investment
operations
.......................................................................
0.0456
‌
0.0084
‌
Distributions
(d)
–
–
From
net
investment
income
.............................................................................
(0.0456
)
(0.0084
)
From
net
realized
gain
..................................................................................
—
‌
(0.0000
)
(c)
Total
distributions
......................................................................................
(0.0456
)
(0.0084
)
Net
asset
value,
end
of
period
.............................................................................
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
Based
on
net
asset
value
.................................................................................
4.66
%
0.85
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................
0.23
%
0.22
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
0.17
%
0.13
%
(g)
Net
investment
income
..................................................................................
4.57
%
0.85
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................
$
53
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
71
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Cash
Management
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
..............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................................
0.0399
‌
0.0051
‌
0.0000
(a)
0.0022
‌
0.0164
‌
Net
realized
and
unrealized
gain
...............................
0.0007
‌
0.0006
(b)
0.0001
‌
0.0016
‌
0.0000
(a)
Net
increase
from
investment
operations
...........................
0.0406
‌
0.0057
‌
0.0001
‌
0.0038
‌
0.0164
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.................................
(0.0406
)
(0.0057
)
(0.0000
)
(d)
(0.0037
)
(0.0164
)
From
net
realized
gain
......................................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
Total
distributions
..........................................
(0.0406
)
(0.0057
)
(0.0001
)
(0.0038
)
(0.0164
)
Net
asset
value,
end
of
year
..................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.....................................
4.14
%
0.57
%
0.02
%
0.38
%
1.65
%
Ratios
to
Average
Net
Assets
Total
expenses
............................................
0.73
%
0.72
%
0.73
%
0.73
%
0.75
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.67
%
0.39
%
0.08
%
0.36
%
0.67
%
Net
investment
income
......................................
3.99
%
0.51
%
0.00
%
(f)
0.22
%
1.65
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
9,810
‌
$
14,435
‌
$
10,191
‌
$
10,809
‌
$
11,839
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
72
BlackRock
Liquid
Federal
Trust
Fund
Dollar
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
.............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
....................................
0.0446
‌
0.0084
‌
0.0000
(a)
0.0032
‌
0.0189
‌
Net
realized
and
unrealized
gain
(loss)
..........................
(0.0015
)
(b)
(0.0015
)
0.0001
‌
0.0018
‌
0.0000
(a)
Net
increase
from
investment
operations
..........................
0.0431
‌
0.0069
‌
0.0001
‌
0.0050
‌
0.0189
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
................................
(0.0431
)
(0.0069
)
(0.0000
)
(d)
(0.0049
)
(0.0189
)
From
net
realized
gain
.....................................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
Total
distributions
.........................................
(0.0431
)
(0.0069
)
(0.0001
)
(0.0050
)
(0.0189
)
Net
asset
value,
end
of
year
.................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
....................................
4.40
%
0.70
%
0.02
%
0.49
%
1.91
%
Ratios
to
Average
Net
Assets
Total
expenses
...........................................
0.48
%
0.47
%
0.48
%
0.48
%
0.50
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.42
%
0.29
%
0.09
%
0.29
%
0.42
%
Net
investment
income
.....................................
4.46
%
0.84
%
0.00
%
(f)
0.32
%
1.90
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
23,416
‌
$
15,765
‌
$
10,977
‌
$
30,848
‌
$
11,152
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
73
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Great
Pacific
Year
Ended
10/31/23
Period
from
05/02/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................................
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................................
0.0457
‌
0.0081
‌
Net
realized
and
unrealized
(loss)
..........................................................................
(0.0001
)
(b)
(0.0000
)
(c)
Net
increase
from
investment
operations
.......................................................................
0.0456
‌
0.0081
‌
Distributions
from
net
investment
income
(d)
...................................................................
(0.0456
)
(0.0081
)
Net
asset
value,
end
of
period
.............................................................................
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
Based
on
net
asset
value
.................................................................................
4.66
%
0.81
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................
0.23
%
0.22
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
0.17
%
0.17
%
(g)
Net
investment
income
..................................................................................
4.57
%
1.62
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................
$
53
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
74
BlackRock
Liquid
Federal
Trust
Fund
Mischler
Financial
Group
Year
Ended
10/31/23
Period
from
11/01/21
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................................
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................................
0.0482
‌
0.0089
‌
Net
realized
and
unrealized
(loss)
..........................................................................
(0.0026
)
(b)
(0.0005
)
Net
increase
from
investment
operations
.......................................................................
0.0456
‌
0.0084
‌
Distributions
(c)
–
–
From
net
investment
income
.............................................................................
(0.0456
)
(0.0084
)
From
net
realized
gain
..................................................................................
—
‌
(0.0000
)
(d)
Total
distributions
......................................................................................
(0.0456
)
(0.0084
)
Net
asset
value,
end
of
period
.............................................................................
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
Based
on
net
asset
value
.................................................................................
4.66
%
0.85
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................
0.23
%
0.22
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
0.17
%
0.17
%
(g)
Net
investment
income
..................................................................................
4.82
%
0.89
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................
$
10,519
‌
$
5,120
‌
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
75
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Penserra
Year
Ended
10/31/23
Period
from
01/21/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................................
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................................
0.0484
‌
0.0084
‌
Net
realized
and
unrealized
(loss)
..........................................................................
(0.0028
)
(b)
(0.0000
)
(c)
Net
increase
from
investment
operations
.......................................................................
0.0456
‌
0.0084
‌
Distributions
from
net
investment
income
(d)
...................................................................
(0.0456
)
(0.0084
)
Net
asset
value,
end
of
period
.............................................................................
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
Based
on
net
asset
value
.................................................................................
4.66
%
0.84
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................
0.23
%
0.22
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
0.17
%
0.15
%
(g)
Net
investment
income
..................................................................................
4.84
%
1.08
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................
$
803
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
76
BlackRock
Liquid
Federal
Trust
Fund
Stern
Brothers
Year
Ended
10/31/23
Period
from
08/01/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................................
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................................
0.0443
‌
0.0058
‌
Net
realized
and
unrealized
gain
(loss)
.......................................................................
0.0013
‌
(0.0000
)
(b)
Net
increase
from
investment
operations
.......................................................................
0.0456
‌
0.0058
‌
Distributions
from
net
investment
income
(c)
...................................................................
(0.0456
)
(0.0058
)
Net
asset
value,
end
of
period
.............................................................................
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
Based
on
net
asset
value
.................................................................................
4.66
%
0.58
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................
0.23
%
0.23
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
0.17
%
0.17
%
(f)
Net
investment
income
..................................................................................
4.43
%
2.31
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................
$
53
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
77
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Tigress
Year
Ended
10/31/23
Period
from
09/30/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................................
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................................
0.0488
‌
0.0026
‌
Net
realized
and
unrealized
(loss)
..........................................................................
(0.0032
)
(b)
(0.0004
)
Net
increase
from
investment
operations
.......................................................................
0.0456
‌
0.0022
‌
Distributions
from
net
investment
income
(c)
...................................................................
(0.0456
)
(0.0022
)
Net
asset
value,
end
of
period
.............................................................................
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
Based
on
net
asset
value
.................................................................................
4.66
%
0.22
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................
0.23
%
0.25
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
0.17
%
0.17
%
(f)
Net
investment
income
..................................................................................
4.88
%
2.91
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................
$
28,193
‌
$
3,051
‌
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
78
FedFund
Institutional
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
...............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
......................................
0.0468
‌
0.0084
‌
0.0002
‌
0.0054
‌
0.0217
‌
Net
realized
and
unrealized
gain
(loss)
............................
(0.0005
)
0.0006
(a)
0.0001
‌
0.0010
‌
0.0001
‌
Net
increase
from
investment
operations
............................
0.0463
‌
0.0090
‌
0.0003
‌
0.0064
‌
0.0218
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0463
)
(0.0090
)
(0.0002
)
(0.0063
)
(0.0218
)
From
net
realized
gain
.......................................
—
‌
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
‌
Total
distributions
...........................................
(0.0463
)
(0.0090
)
(0.0003
)
(0.0064
)
(0.0218
)
Net
asset
value,
end
of
year
...................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
......................................
4.73
%
0.90
%
0.03
%
0.64
%
2.20
%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.19
%
0.19
%
0.19
%
0.19
%
0.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.17
%
0.13
%
0.08
%
0.17
%
0.17
%
Net
investment
income
.......................................
4.68
%
0.84
%
0.02
%
0.54
%
2.17
%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
122,363,197
‌
$
111,196,831
‌
$
127,458,227
‌
$
141,084,816
‌
$
93,106,503
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
79
Financial
Highlights
FedFund
Administration
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
..............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................................
0.0431
‌
0.0116
‌
0.0002
‌
0.0054
‌
0.0207
‌
Net
realized
and
unrealized
gain
(loss)
...........................
0.0022
(a)
(0.0032
)
0.0001
‌
0.0002
‌
0.0001
‌
Net
increase
from
investment
operations
...........................
0.0453
‌
0.0084
‌
0.0003
‌
0.0056
‌
0.0208
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.................................
(0.0453
)
(0.0084
)
(0.0002
)
(0.0055
)
(0.0208
)
From
net
realized
gain
......................................
—
‌
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
‌
Total
distributions
..........................................
(0.0453
)
(0.0084
)
(0.0003
)
(0.0056
)
(0.0208
)
Net
asset
value,
end
of
year
..................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.....................................
4.63
%
0.84
%
0.03
%
0.56
%
2.10
%
Ratios
to
Average
Net
Assets
Total
expenses
............................................
0.29
%
0.29
%
0.29
%
0.29
%
0.29
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.27
%
0.25
%
0.08
%
0.24
%
0.27
%
Net
investment
income
......................................
4.31
%
1.16
%
0.02
%
0.54
%
2.07
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
7,965,006
‌
$
22,812,396
‌
$
3,021,092
‌
$
2,977,997
‌
$
2,870,758
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
80
FedFund
Capital
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
...............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
......................................
0.0448
‌
0.0003
‌
0.0002
‌
0.0051
‌
0.0213
‌
Net
realized
and
unrealized
gain
................................
0.0012
(a)
0.0085
(a)
0.0001
‌
0.0009
‌
0.0001
‌
Net
increase
from
investment
operations
............................
0.0460
‌
0.0088
‌
0.0003
‌
0.0060
‌
0.0214
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0460
)
(0.0088
)
(0.0002
)
(0.0059
)
(0.0214
)
From
net
realized
gain
.......................................
—
‌
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
‌
Total
distributions
...........................................
(0.0460
)
(0.0088
)
(0.0003
)
(0.0060
)
(0.0214
)
Net
asset
value,
end
of
year
...................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
......................................
4.70
%
0.88
%
0.03
%
0.60
%
2.16
%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.24
%
0.24
%
0.24
%
0.24
%
0.24
%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.21
%
0.07
%
0.07
%
0.21
%
0.21
%
Net
investment
income
.......................................
4.48
%
0.03
%
0.02
%
0.51
%
2.13
%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
2,588
‌
$
1,252
‌
$
25,722,827
‌
$
11,247,218
‌
$
8,078,893
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
81
Financial
Highlights
FedFund
Cash
Management
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
..............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................................
0.0412
‌
0.0062
‌
0.0002
‌
0.0035
‌
0.0165
‌
Net
realized
and
unrealized
gain
(loss)
...........................
0.0001
(a)
(0.0000
)
(b)
0.0001
‌
0.0003
‌
0.0003
‌
Net
increase
from
investment
operations
...........................
0.0413
‌
0.0062
‌
0.0003
‌
0.0038
‌
0.0168
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.................................
(0.0413
)
(0.0062
)
(0.0002
)
(0.0037
)
(0.0168
)
From
net
realized
gain
......................................
—
‌
(0.0000
)
(b)
(0.0001
)
(0.0001
)
—
‌
Total
distributions
..........................................
(0.0413
)
(0.0062
)
(0.0003
)
(0.0038
)
(0.0168
)
Net
asset
value,
end
of
year
..................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.....................................
4.21
%
0.62
%
0.03
%
0.38
%
1.69
%
Ratios
to
Average
Net
Assets
Total
expenses
............................................
0.69
%
0.69
%
0.69
%
0.69
%
0.69
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.67
%
0.42
%
0.08
%
0.42
%
0.67
%
Net
investment
income
......................................
4.12
%
0.62
%
0.02
%
0.35
%
1.65
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
718,126
‌
$
695,591
‌
$
590,584
‌
$
440,893
‌
$
377,591
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
82
FedFund
Cash
Reserve
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
...............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
......................................
0.0418
‌
0.0063
‌
0.0002
‌
0.0040
‌
0.0178
‌
Net
realized
and
unrealized
gain
................................
0.0005
(a)
0.0004
(a)
0.0001
‌
0.0002
‌
0.0000
(b)
Net
increase
from
investment
operations
............................
0.0423
‌
0.0067
‌
0.0003
‌
0.0042
‌
0.0178
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
..................................
(0.0423
)
(0.0067
)
(0.0002
)
(0.0041
)
(0.0178
)
From
net
realized
gain
.......................................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
—
‌
Total
distributions
...........................................
(0.0423
)
(0.0067
)
(0.0003
)
(0.0042
)
(0.0178
)
Net
asset
value,
end
of
year
...................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
......................................
4.32
%
0.67
%
0.03
%
0.42
%
1.79
%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.59
%
0.59
%
0.59
%
0.59
%
0.59
%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.57
%
0.35
%
0.08
%
0.39
%
0.57
%
Net
investment
income
.......................................
4.18
%
0.63
%
0.02
%
0.40
%
1.78
%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
4,048,351
‌
$
5,181,757
‌
$
5,518,536
‌
$
5,079,903
‌
$
4,907,193
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
83
Financial
Highlights
FedFund
Dollar
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
..............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................................
0.0439
‌
0.0080
‌
0.0002
‌
0.0039
‌
0.0195
‌
Net
realized
and
unrealized
gain
(loss)
...........................
(0.0001
)
(0.0005
)
0.0001
‌
0.0009
‌
0.0000
(a)
Net
increase
from
investment
operations
...........................
0.0438
‌
0.0075
‌
0.0003
‌
0.0048
‌
0.0195
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.................................
(0.0438
)
(0.0075
)
(0.0002
)
(0.0047
)
(0.0195
)
From
net
realized
gain
......................................
—
‌
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
‌
Total
distributions
..........................................
(0.0438
)
(0.0075
)
(0.0003
)
(0.0048
)
(0.0195
)
Net
asset
value,
end
of
year
..................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.....................................
4.47
%
0.75
%
0.03
%
0.48
%
1.97
%
Ratios
to
Average
Net
Assets
Total
expenses
............................................
0.44
%
0.44
%
0.44
%
0.44
%
0.44
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.42
%
0.29
%
0.08
%
0.31
%
0.42
%
Net
investment
income
......................................
4.39
%
0.80
%
0.02
%
0.39
%
1.95
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
3,987,319
‌
$
3,653,256
‌
$
2,863,692
‌
$
2,991,892
‌
$
2,307,110
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
84
FedFund
Mischler
Financial
Group
Year
Ended
10/31/23
Year
Ended
10/31/22
Period
from
01/22/21
(a)
to
10/31/21
Net
asset
value,
beginning
of
period
.........................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
..................................................................
0.0489
‌
0.0081
‌
0.0001
‌
Net
realized
and
unrealized
gain
(loss)
........................................................
(0.0026
)
0.0009
(b)
0.0001
‌
Net
increase
from
investment
operations
........................................................
0.0463
‌
0.0090
‌
0.0002
‌
Distributions
(c)
–
–
–
From
net
investment
income
..............................................................
(0.0463
)
(0.0090
)
(0.0001
)
From
net
realized
gain
...................................................................
—
‌
(0.0000
)
(d)
(0.0001
)
Total
distributions
.......................................................................
(0.0463
)
(0.0090
)
(0.0002
)
Net
asset
value,
end
of
period
..............................................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
Based
on
net
asset
value
..................................................................
4.73
%
0.90
%
0.02
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................
0.19
%
0.19
%
0.19
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
0.17
%
0.13
%
0.05
%
(g)
Net
investment
income
...................................................................
4.89
%
0.81
%
0.03
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
2,018,045
‌
$
673,842
‌
$
1,636,430
‌
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
85
Financial
Highlights
FedFund
Premier
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Period
from
07/26/19
(a)
to
10/31/19
Net
asset
value,
beginning
of
period
...........................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
....................................
0.0466
‌
0.0208
‌
0.0002
‌
0.0062
‌
0.0051
‌
Net
realized
and
unrealized
gain
(loss)
..........................
(0.0003
)
(0.0118
)
0.0001
‌
0.0002
‌
0.0000
(b)
Net
increase
from
investment
operations
..........................
0.0463
‌
0.0090
‌
0.0003
‌
0.0064
‌
0.0051
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
................................
(0.0463
)
(0.0090
)
(0.0002
)
(0.0063
)
(0.0051
)
From
net
realized
gain
.....................................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
—
‌
Total
distributions
.........................................
(0.0463
)
(0.0090
)
(0.0003
)
(0.0064
)
(0.0051
)
Net
asset
value,
end
of
period
................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
....................................
4.73
%
0.90
%
0.03
%
0.64
%
0.51
%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
...........................................
0.19
%
0.18
%
0.19
%
0.19
%
0.19
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.17
%
0.17
%
0.06
%
0.17
%
0.17
%
(g)
Net
investment
income
.....................................
4.66
%
2.09
%
0.02
%
0.62
%
1.95
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
................................
$
2,879,645
‌
$
1,429,878
‌
$
18,892
‌
$
37
‌
$
37
‌
(a)
Recommencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
86
FedFund
Private
Client
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
..............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................................
0.0412
‌
0.0061
‌
0.0002
‌
0.0036
‌
0.0166
‌
Net
realized
and
unrealized
gain
(loss)
...........................
(0.0000
)
(a)
0.0001
(b)
0.0001
‌
0.0002
‌
0.0001
‌
Net
increase
from
investment
operations
...........................
0.0412
‌
0.0062
‌
0.0003
‌
0.0038
‌
0.0167
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.................................
(0.0412
)
(0.0062
)
(0.0002
)
(0.0037
)
(0.0167
)
From
net
realized
gain
......................................
—
‌
(0.0000
)
(a)
(0.0001
)
(0.0001
)
—
‌
Total
distributions
..........................................
(0.0412
)
(0.0062
)
(0.0003
)
(0.0038
)
(0.0167
)
Net
asset
value,
end
of
year
..................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.....................................
4.20
%
0.62
%
0.03
%
0.38
%
1.68
%
Ratios
to
Average
Net
Assets
Total
expenses
............................................
1.04
%
1.04
%
1.04
%
1.04
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.68
%
0.42
%
0.08
%
0.43
%
0.68
%
Net
investment
income
......................................
4.12
%
0.61
%
0.02
%
0.36
%
1.66
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
250
‌
$
253
‌
$
252
‌
$
252
‌
$
230
‌
(a)
Amount
is
greater
than
$(0.00005)
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
87
Financial
Highlights
FedFund
Select
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
...............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
......................................
0.0365
‌
0.0042
‌
0.0002
‌
0.0021
‌
0.0133
‌
Net
realized
and
unrealized
gain
................................
0.0015
(a)
0.0005
(a)
0.0001
‌
0.0004
‌
0.0002
‌
Net
increase
from
investment
operations
............................
0.0380
‌
0.0047
‌
0.0003
‌
0.0025
‌
0.0135
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0380
)
(0.0047
)
(0.0002
)
(0.0024
)
(0.0135
)
From
net
realized
gain
.......................................
—
‌
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
‌
Total
distributions
...........................................
(0.0380
)
(0.0047
)
(0.0003
)
(0.0025
)
(0.0135
)
Net
asset
value,
end
of
year
...................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
......................................
3.87
%
0.47
%
0.03
%
0.26
%
1.36
%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
1.04
%
1.04
%
1.04
%
1.04
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
1.00
%
0.50
%
0.08
%
0.54
%
1.00
%
Net
investment
income
.......................................
3.65
%
0.42
%
0.02
%
0.22
%
1.33
%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
325,700
‌
$
657,779
‌
$
727,352
‌
$
301,826
‌
$
256,241
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
88
FedFund
Stern
Brothers
Year
Ended
10/31/23
Period
from
08/01/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................................
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................................
0.0513
‌
0.0060
‌
Net
realized
and
unrealized
(loss)
..........................................................................
(0.0050
)
(0.0000
)
(b)
Net
increase
from
investment
operations
.......................................................................
0.0463
‌
0.0060
‌
Distributions
from
net
investment
income
(c)
...................................................................
(0.0463
)
(0.0060
)
Net
asset
value,
end
of
period
.............................................................................
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
Based
on
net
asset
value
.................................................................................
4.73
%
0.60
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................
0.18
%
0.18
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
0.17
%
0.17
%
(f)
Net
investment
income
..................................................................................
5.13
%
2.37
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................
$
27
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
89
Financial
Highlights
FedFund
Tigress
Year
Ended
10/31/23
Period
from
09/30/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................................
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................................
0.0494
‌
0.0025
‌
Net
realized
and
unrealized
(loss)
..........................................................................
(0.0031
)
(0.0002
)
Net
increase
from
investment
operations
.......................................................................
0.0463
‌
0.0023
‌
Distributions
from
net
investment
income
(b)
...................................................................
(0.0463
)
(0.0023
)
Net
asset
value,
end
of
period
.............................................................................
$
1.00
‌
$
1.00
‌
Total
Return
(c)
—
—
Based
on
net
asset
value
.................................................................................
4.73
%
0.23
%
(d)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................
0.18
%
0.19
%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
0.17
%
0.17
%
(e)
Net
investment
income
..................................................................................
4.97
%
2.87
%
(e)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................
$
29,732
‌
$
2,050
‌
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
90
FedFund
WestCap
Year
Ended
10/31/23
Period
from
08/12/22
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................................
$
1.00
‌
$
1.00
‌
Net
investment
income
.................................................................................
0.0501
‌
0.0054
‌
Net
realized
and
unrealized
(loss)
..........................................................................
(0.0038
)
(0.0000
)
(b)
Net
increase
from
investment
operations
.......................................................................
0.0463
‌
0.0054
‌
Distributions
from
net
investment
income
(c)
...................................................................
(0.0463
)
(0.0054
)
Net
asset
value,
end
of
period
.............................................................................
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
Based
on
net
asset
value
.................................................................................
4.73
%
0.54
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................
0.18
%
0.18
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
0.17
%
0.17
%
(f)
Net
investment
income
..................................................................................
5.01
%
2.42
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................
$
103,261
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
91
Financial
Highlights
TempCash
Institutional
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
..............................
$
1.0000
‌
$
1.0006
‌
$
1.0009
‌
$
1.0006
‌
$
1.0003
‌
Net
investment
income
.....................................
0.0488
‌
0.0119
‌
0.0005
‌
0.0084
‌
0.0233
‌
Net
realized
and
unrealized
gain
(loss)
...........................
(0.0002
)
(a)
(0.0026
)
(0.0003
)
0.0004
‌
0.0005
‌
Net
increase
from
investment
operations
...........................
0.0486
‌
0.0093
‌
0.0002
‌
0.0088
‌
0.0238
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.................................
(0.0482
)
(0.0099
)
(0.0005
)
(0.0085
)
(0.0235
)
From
net
realized
gain
......................................
—
‌
—
‌
—
‌
(0.0000
)
(c)
(0.0000
)
(c)
Total
distributions
..........................................
(0.0482
)
(0.0099
)
(0.0005
)
(0.0085
)
(0.0235
)
Net
asset
value,
end
of
year
..................................
$
1.0004
‌
$
1.0000
‌
$
1.0006
‌
$
1.0009
‌
$
1.0006
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.....................................
4.97
%
0.94
%
0.02
%
0.88
%
2.41
%
Ratios
to
Average
Net
Assets
Total
expenses
............................................
0.22
%
0.26
%
0.24
%
0.23
%
0.26
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.18
%
0.17
%
0.17
%
0.18
%
0.18
%
Net
investment
income
......................................
4.88
%
1.19
%
0.05
%
0.84
%
2.33
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
13,151,148
‌
$
8,658,551
‌
$
5,786,777
‌
$
10,638,146
‌
$
10,035,653
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
92
TempCash
Dollar
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
...........................
$
1.0000
‌
$
1.0006
‌
$
1.0009
‌
$
1.0006
‌
$
1.0003
‌
Net
investment
income
..................................
0.0459
‌
0.0084
‌
(0.0000
)
(a)
0.0062
‌
0.1405
(b)
Net
realized
and
unrealized
gain
(loss)
........................
0.0003
‌
(0.0006
)
(0.0001
)
0.0004
‌
0.0156
‌
Net
increase
(decrease)
from
investment
operations
................
0.0462
‌
0.0078
‌
(0.0001
)
0.0066
‌
0.1561
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
..............................
(0.0458
)
(0.0084
)
(0.0002
)
(0.0063
)
(0.1558
)
From
net
realized
gain
...................................
—
‌
—
‌
—
‌
(0.0000
)
(a)
(0.0000
)
(a)
Total
distributions
.......................................
(0.0458
)
(0.0084
)
(0.0002
)
(0.0063
)
(0.1558
)
Net
asset
value,
end
of
year
...............................
$
1.0004
‌
$
1.0000
‌
$
1.0006
‌
$
1.0009
‌
$
1.0006
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
..................................
4.72
%
0.78
%
(0.01
)%
0.66
%
15.90
%
(b)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................
0.47
%
0.51
%
0.50
%
0.47
%
0.51
%
Total
expenses
after
fees
waived
and/or
reimbursed
................
0.42
%
0.33
%
0.20
%
0.40
%
0.43
%
Net
investment
income
...................................
4.59
%
0.84
%
(0.00
)%
(e)
0.62
%
14.04
%
(b)
Supplemental
Data
Net
assets,
end
of
year
(000)
................................
$
19
‌
$
18
‌
$
18
‌
$
18
‌
$
18
‌
(a)
Amount
is
greater
than
$(0.00005)
per
share.
(b)
Includes
a
non-recurring
income
payment,
which
impacted
net
investment
income
per
share,
total
return
and
the
net
investment
income
ratio.
Excluding
this
one
time
payment,
the
net
investment
income
per
share,
the
total
return
and
the
net
investment
income
ratio
were
$0.0211,
2.15%
and
2.10%,
respectively.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Amount
is
greater
than
(0.005)%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
93
Financial
Highlights
TempCash
Great
Pacific
Period
from
01/23/23
(a)
to
10/31/23
Net
asset
value,
beginning
of
period
.......................................................................................
$
1.0004
‌
Net
investment
income
................................................................................................
0.0387
‌
Net
realized
and
unrealized
gain
..........................................................................................
0.0002
‌
Net
increase
from
investment
operations
......................................................................................
0.0389
‌
Distributions
from
net
investment
income
(b)
..................................................................................
(0.0390
)
Net
asset
value,
end
of
period
............................................................................................
$
1.0003
‌
Total
Return
(c)
—
Based
on
net
asset
value
................................................................................................
3.96
%
(d)
Ratios
to
Average
Net
Assets
Total
expenses
.......................................................................................................
0.22
%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
0.18
%
(e)
Net
investment
income
.................................................................................................
5.01
%
(e)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................................
$
404,394
‌
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
94
TempCash
Premier
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Period
from
07/26/19
(a)
to
10/31/19
Net
asset
value,
beginning
of
period
...........................
$
1.0000
‌
$
1.0006
‌
$
1.0010
‌
$
1.0007
‌
$
1.0006
‌
Net
investment
income
....................................
0.0482
‌
0.0099
‌
0.0005
‌
0.0085
‌
0.0055
‌
Net
realized
and
unrealized
gain
(loss)
..........................
0.0004
‌
(0.0006
)
(0.0004
)
0.0003
‌
0.0001
‌
Net
increase
from
investment
operations
..........................
0.0486
‌
0.0093
‌
0.0001
‌
0.0088
‌
0.0056
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
................................
(0.0482
)
(0.0099
)
(0.0005
)
(0.0085
)
(0.0055
)
From
net
realized
gain
.....................................
—
‌
—
‌
—
‌
(0.0000
)
(c)
(0.0000
)
(c)
Total
distributions
.........................................
(0.0482
)
(0.0099
)
(0.0005
)
(0.0085
)
(0.0055
)
Net
asset
value,
end
of
period
................................
$
1.0004
‌
$
1.0000
‌
$
1.0006
‌
$
1.0010
‌
$
1.0007
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
....................................
4.97
%
0.94
%
0.01
%
0.88
%
0.56
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
...........................................
0.22
%
0.27
%
0.25
%
0.23
%
0.24
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.18
%
0.17
%
0.16
%
0.18
%
0.18
%
(f)
Net
investment
income
.....................................
4.82
%
0.99
%
0.05
%
0.84
%
2.10
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
................................
$
36
‌
$
36
‌
$
37
‌
$
37
‌
$
37
‌
(a)
Recommencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
95
Financial
Highlights
TempFund
Institutional
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
.............................
$
1.0000
‌
$
1.0004
‌
$
1.0008
‌
$
1.0006
‌
$
1.0003
‌
Net
investment
income
....................................
0.0475
‌
0.0091
‌
0.0004
‌
0.0084
‌
0.0237
‌
Net
realized
and
unrealized
gain
(loss)
..........................
0.0014
‌
0.0003
(a)
(0.0003
)
0.0002
‌
0.0003
‌
Net
increase
from
investment
operations
..........................
0.0489
‌
0.0094
‌
0.0001
‌
0.0086
‌
0.0240
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
................................
(0.0484
)
(0.0098
)
(0.0005
)
(0.0083
)
(0.0237
)
From
net
realized
gain
.....................................
—
‌
—
‌
—
‌
(0.0001
)
(0.0000
)
(c)
Total
distributions
.........................................
(0.0484
)
(0.0098
)
(0.0005
)
(0.0084
)
(0.0237
)
Net
asset
value,
end
of
year
.................................
$
1.0005
‌
$
1.0000
‌
$
1.0004
‌
$
1.0008
‌
$
1.0006
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
....................................
5.00
%
0.95
%
0.01
%
0.86
%
(e)
2.42
%
Ratios
to
Average
Net
Assets
Total
expenses
...........................................
0.26
%
0.25
%
0.23
%
0.22
%
0.22
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.18
%
0.17
%
0.16
%
0.18
%
0.18
%
Net
investment
income
.....................................
4.75
%
0.91
%
0.05
%
0.84
%
2.37
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
4,418,932
‌
$
6,633,563
‌
$
7,923,377
‌
$
10,928,671
‌
$
10,609,770
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
96
TempFund
Administration
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
............................
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
$
1.0004
‌
Net
investment
income
...................................
0.0482
‌
0.0120
‌
0.0002
‌
0.0072
‌
0.0227
‌
Net
realized
and
unrealized
gain
(loss)
.........................
(0.0003
)
(a)
(0.0033
)
(0.0002
)
0.0004
‌
0.0002
‌
Net
increase
from
investment
operations
.........................
0.0479
‌
0.0087
‌
0.0000
‌
0.0076
‌
0.0229
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
...............................
(0.0474
)
(0.0092
)
(0.0003
)
(0.0073
)
(0.0227
)
From
net
realized
gain
....................................
—
‌
—
‌
—
‌
(0.0001
)
(0.0000
)
(c)
Total
distributions
........................................
(0.0474
)
(0.0092
)
(0.0003
)
(0.0074
)
(0.0227
)
Net
asset
value,
end
of
year
................................
$
1.0005
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
...................................
4.89
%
0.87
%
0.00
%
(e)
0.76
%
(f)
2.31
%
Ratios
to
Average
Net
Assets
Total
expenses
..........................................
0.37
%
0.35
%
0.33
%
0.32
%
0.32
%
Total
expenses
after
fees
waived
and/or
reimbursed
.................
0.28
%
0.24
%
0.18
%
0.28
%
0.28
%
Net
investment
income
....................................
4.82
%
1.20
%
0.02
%
0.72
%
2.27
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.................................
$
28,314
‌
$
24,601
‌
$
10,577
‌
$
9,524
‌
$
42,214
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Amount
is
less
than
0.005%.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
97
Financial
Highlights
TempFund
Cabrera
Capital
Markets
Year
Ended
10/31/23
Period
from
11/01/21
(a)
to
10/31/22
Net
asset
value,
beginning
of
period
........................................................................
$
1.0000
‌
$
1.0005
‌
Net
investment
income
.................................................................................
0.0499
‌
0.0099
‌
Net
realized
and
unrealized
(loss)
..........................................................................
(0.0010
)
(b)
(0.0005
)
Net
increase
from
investment
operations
.......................................................................
0.0489
‌
0.0094
‌
Distributions
from
net
investment
income
(c)
...................................................................
(0.0484
)
(0.0099
)
Net
asset
value,
end
of
period
.............................................................................
$
1.0005
‌
$
1.0000
‌
Total
Return
(d)
—
—
Based
on
net
asset
value
.................................................................................
5.00
%
0.94
%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................................................
0.27
%
0.25
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
0.18
%
0.17
%
(f)
Net
investment
income
..................................................................................
4.99
%
0.99
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................
$
183
‌
$
50
‌
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
98
TempFund
Capital
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Period
from
07/07/20
(a)
to
10/31/20
Net
asset
value,
beginning
of
period
........................................
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0010
‌
Net
investment
income
.................................................
0.0496
‌
0.0196
‌
0.0002
‌
0.0002
‌
Net
realized
and
unrealized
(loss)
..........................................
(0.0012
)
(b)
(0.0106
)
(0.0002
)
(0.0001
)
Net
increase
from
investment
operations
.......................................
0.0484
‌
0.0090
‌
0.0000
‌
0.0001
‌
Distributions
(c)
–
–
–
–
From
net
investment
income
.............................................
(0.0479
)
(0.0095
)
(0.0003
)
(0.0002
)
From
net
realized
gain
..................................................
—
‌
—
‌
—
‌
(0.0001
)
Total
distributions
......................................................
(0.0479
)
(0.0095
)
(0.0003
)
(0.0003
)
Net
asset
value,
end
of
period
.............................................
$
1.0005
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
Total
Return
(d)
—
—
—
—
Based
on
net
asset
value
.................................................
4.94
%
0.90
%
0.00
%
(e)
0.01
%
(f)(g)
Ratios
to
Average
Net
Assets
Total
expenses
........................................................
0.32
%
0.30
%
0.28
%
0.27
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................
0.23
%
0.22
%
0.19
%
0.23
%
(h)
Net
investment
income
..................................................
4.96
%
1.96
%
0.02
%
0.05
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................
$
190,670
‌
$
31,255
‌
$
1,149
‌
$
3,223
‌
(a)
Recommencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Amount
is
less
than
0.005%.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
99
Financial
Highlights
TempFund
Cash
Management
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
............................
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
$
1.0003
‌
Net
investment
income
...................................
0.0433
‌
0.0067
‌
0.0002
‌
0.0048
‌
0.0188
‌
Net
realized
and
unrealized
gain
(loss)
.........................
0.0006
‌
(0.0002
)
(0.0002
)
0.0002
‌
0.0003
‌
Net
increase
from
investment
operations
.........................
0.0439
‌
0.0065
‌
0.0000
‌
0.0050
‌
0.0191
‌
Distributions
(a)
–
–
–
–
–
From
net
investment
income
...............................
(0.0434
)
(0.0070
)
(0.0003
)
(0.0047
)
(0.0188
)
From
net
realized
gain
....................................
—
‌
—
‌
—
‌
(0.0001
)
(0.0000
)
(b)
Total
distributions
........................................
(0.0434
)
(0.0070
)
(0.0003
)
(0.0048
)
(0.0188
)
Net
asset
value,
end
of
year
................................
$
1.0005
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
...................................
4.47
%
0.65
%
0.00
%
(d)
0.50
%
(e)
1.92
%
Ratios
to
Average
Net
Assets
Total
expenses
..........................................
0.76
%
0.75
%
0.73
%
0.73
%
0.72
%
Total
expenses
after
fees
waived
and/or
reimbursed
.................
0.68
%
0.45
%
0.18
%
0.54
%
0.68
%
Net
investment
income
....................................
4.33
%
0.67
%
0.02
%
0.48
%
1.88
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.................................
$
508,937
‌
$
537,877
‌
$
596,683
‌
$
576,228
‌
$
624,658
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Amount
is
less
than
0.005%.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
100
TempFund
Cash
Reserve
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
.............................
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
$
1.0004
‌
Net
investment
income
....................................
0.0445
‌
0.0057
‌
0.0002
‌
0.0052
‌
0.0231
‌
Net
realized
and
unrealized
gain
(loss)
..........................
0.0007
‌
0.0014
(a)
(0.0002
)
0.0008
‌
0.0000
(b)
Net
increase
from
investment
operations
..........................
0.0452
‌
0.0071
‌
0.0000
‌
0.0060
‌
0.0231
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
................................
(0.0446
)
(0.0076
)
(0.0003
)
(0.0057
)
(0.0229
)
From
net
realized
gain
.....................................
—
‌
—
‌
—
‌
(0.0001
)
(0.0000
)
(d)
Total
distributions
.........................................
(0.0446
)
(0.0076
)
(0.0003
)
(0.0058
)
(0.0229
)
Net
asset
value,
end
of
year
.................................
$
1.0006
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
....................................
4.61
%
0.71
%
0.00
%
(f)
0.60
%
(g)
2.33
%
Ratios
to
Average
Net
Assets
Total
expenses
...........................................
0.66
%
0.65
%
0.63
%
0.63
%
0.62
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.56
%
0.35
%
0.17
%
0.44
%
0.50
%
Net
investment
income
.....................................
4.45
%
0.57
%
0.02
%
0.52
%
2.31
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
15,135
‌
$
12,014
‌
$
14,234
‌
$
5,544
‌
$
4,296
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Amount
is
less
than
0.005%.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
101
Financial
Highlights
TempFund
Dollar
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
............................
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
$
1.0004
‌
Net
investment
income
...................................
0.0458
‌
0.0083
‌
0.0002
‌
0.0056
‌
0.0221
‌
Net
realized
and
unrealized
gain
(loss)
.........................
0.0006
‌
(0.0005
)
(0.0002
)
0.0009
‌
0.0001
‌
Net
increase
from
investment
operations
.........................
0.0464
‌
0.0078
‌
0.0000
‌
0.0065
‌
0.0222
‌
Distributions
(a)
–
–
–
–
–
From
net
investment
income
...............................
(0.0459
)
(0.0083
)
(0.0003
)
(0.0062
)
(0.0220
)
From
net
realized
gain
....................................
—
‌
—
‌
—
‌
(0.0001
)
(0.0000
)
(b)
Total
distributions
........................................
(0.0459
)
(0.0083
)
(0.0003
)
(0.0063
)
(0.0220
)
Net
asset
value,
end
of
year
................................
$
1.0005
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
...................................
4.74
%
0.78
%
0.00
%
(d)
0.65
%
(e)
2.24
%
Ratios
to
Average
Net
Assets
Total
expenses
..........................................
0.51
%
0.50
%
0.48
%
0.48
%
0.47
%
Total
expenses
after
fees
waived
and/or
reimbursed
.................
0.43
%
0.33
%
0.18
%
0.38
%
0.43
%
Net
investment
income
....................................
4.58
%
0.83
%
0.02
%
0.56
%
2.21
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.................................
$
82,732
‌
$
100,333
‌
$
107,298
‌
$
106,802
‌
$
79,837
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Amount
is
less
than
0.005%.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
102
TempFund
Private
Client
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
............................
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
$
1.0004
‌
Net
investment
income
...................................
0.0421
‌
0.0070
‌
0.0002
‌
0.0017
‌
0.0190
‌
Net
realized
and
unrealized
gain
(loss)
.........................
0.0018
‌
(0.0005
)
(0.0002
)
0.0033
‌
(0.0001
)
Net
increase
from
investment
operations
.........................
0.0439
‌
0.0065
‌
0.0000
‌
0.0050
‌
0.0189
‌
Distributions
(a)
–
–
–
–
–
From
net
investment
income
...............................
(0.0434
)
(0.0070
)
(0.0003
)
(0.0047
)
(0.0187
)
From
net
realized
gain
....................................
—
‌
—
‌
—
‌
(0.0001
)
(0.0000
)
(b)
Total
distributions
........................................
(0.0434
)
(0.0070
)
(0.0003
)
(0.0048
)
(0.0187
)
Net
asset
value,
end
of
year
................................
$
1.0005
‌
$
1.0000
‌
$
1.0005
‌
$
1.0008
‌
$
1.0006
‌
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
...................................
4.47
%
0.65
%
0.00
%
(d)
0.50
%
(e)
1.90
%
Ratios
to
Average
Net
Assets
Total
expenses
..........................................
1.11
%
1.10
%
1.08
%
1.08
%
1.07
%
Total
expenses
after
fees
waived
and/or
reimbursed
.................
0.68
%
0.45
%
0.18
%
0.59
%
0.68
%
Net
investment
income
....................................
4.21
%
0.70
%
0.02
%
0.17
%
1.90
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.................................
$
709
‌
$
1,122
‌
$
1,131
‌
$
1,043
‌
$
1,165
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Amount
is
less
than
0.005%.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
103
Financial
Highlights
T-Fund
Institutional
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
.............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
....................................
0.0468
‌
0.0084
‌
0.0001
‌
0.0057
‌
0.0215
‌
Net
realized
gain
(loss)
....................................
(0.0005
)
0.0006
(a)
0.0001
‌
0.0005
‌
0.0001
‌
Net
increase
from
investment
operations
..........................
0.0463
‌
0.0090
‌
0.0002
‌
0.0062
‌
0.0216
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
................................
(0.0463
)
(0.0090
)
(0.0001
)
(0.0061
)
(0.0216
)
From
net
realized
gain
.....................................
—
‌
(0.0000
)
(c)
(0.0001
)
(0.0001
)
(0.0000
)
(c)
Total
distributions
.........................................
(0.0463
)
(0.0090
)
(0.0002
)
(0.0062
)
(0.0216
)
Net
asset
value,
end
of
year
.................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
....................................
4.73
%
0.90
%
0.02
%
0.62
%
(e)
2.18
%
Ratios
to
Average
Net
Assets
Total
expenses
...........................................
0.19
%
0.19
%
0.19
%
0.19
%
0.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.17
%
0.14
%
0.08
%
0.17
%
0.17
%
Net
investment
income
.....................................
4.68
%
0.84
%
0.01
%
0.57
%
2.15
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
87,613,217
‌
$
82,703,301
‌
$
91,031,976
‌
$
88,266,743
‌
$
65,112,830
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
104
T-Fund
Administration
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
..............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................................
0.0423
‌
0.0120
‌
0.0001
‌
0.0056
‌
0.0206
‌
Net
realized
gain
(loss)
.....................................
0.0030
(a)
(0.0037
)
0.0001
‌
(0.0002
)
0.0000
(b)
Net
increase
from
investment
operations
...........................
0.0453
‌
0.0083
‌
0.0002
‌
0.0054
‌
0.0206
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.................................
(0.0453
)
(0.0083
)
(0.0001
)
(0.0053
)
(0.0206
)
From
net
realized
gain
......................................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
Total
distributions
..........................................
(0.0453
)
(0.0083
)
(0.0002
)
(0.0054
)
(0.0206
)
Net
asset
value,
end
of
year
..................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.....................................
4.63
%
0.84
%
0.01
%
0.53
%
(f)
2.08
%
Ratios
to
Average
Net
Assets
Total
expenses
............................................
0.29
%
0.29
%
0.29
%
0.29
%
0.29
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.27
%
0.27
%
0.08
%
0.25
%
0.27
%
Net
investment
income
......................................
4.23
%
1.20
%
0.01
%
0.56
%
2.08
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
3,987,751
‌
$
15,781,965
‌
$
504,427
‌
$
489,691
‌
$
733,783
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
105
Financial
Highlights
T-Fund
Capital
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
..............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................................
0.0480
‌
0.0001
‌
0.0001
‌
0.0048
‌
0.0212
‌
Net
realized
gain
(loss)
.....................................
(0.0022
)
0.0086
(a)
0.0001
‌
0.0010
‌
0.0000
(b)
Net
increase
from
investment
operations
...........................
0.0458
‌
0.0087
‌
0.0002
‌
0.0058
‌
0.0212
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.................................
(0.0458
)
(0.0087
)
(0.0001
)
(0.0057
)
(0.0212
)
From
net
realized
gain
......................................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
Total
distributions
..........................................
(0.0458
)
(0.0087
)
(0.0002
)
(0.0058
)
(0.0212
)
Net
asset
value,
end
of
year
..................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.....................................
4.68
%
0.87
%
0.01
%
0.57
%
(f)
2.14
%
Ratios
to
Average
Net
Assets
Total
expenses
............................................
0.24
%
0.24
%
0.24
%
0.24
%
0.24
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.22
%
0.09
%
0.08
%
0.21
%
0.21
%
Net
investment
income
......................................
4.80
%
0.01
%
0.01
%
0.48
%
2.13
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
202,286
‌
$
55,006
‌
$
27,304,259
‌
$
15,842,877
‌
$
10,347,984
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
106
T-Fund
Cash
Management
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
.............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
....................................
0.0411
‌
0.0059
‌
0.0001
‌
0.0034
‌
0.0164
‌
Net
realized
gain
........................................
0.0002
(a)
0.0003
(a)
0.0001
‌
0.0003
‌
0.0003
‌
Net
increase
from
investment
operations
..........................
0.0413
‌
0.0062
‌
0.0002
‌
0.0037
‌
0.0167
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
................................
(0.0413
)
(0.0062
)
(0.0001
)
(0.0036
)
(0.0167
)
From
net
realized
gain
.....................................
—
‌
(0.0000
)
(c)
(0.0001
)
(0.0001
)
(0.0000
)
(c)
Total
distributions
.........................................
(0.0413
)
(0.0062
)
(0.0002
)
(0.0037
)
(0.0167
)
Net
asset
value,
end
of
year
.................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
....................................
4.21
%
0.62
%
0.01
%
0.37
%
(e)
1.69
%
Ratios
to
Average
Net
Assets
Total
expenses
...........................................
0.69
%
0.69
%
0.69
%
0.69
%
0.69
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.67
%
0.41
%
0.08
%
0.41
%
0.67
%
Net
investment
income
.....................................
4.11
%
0.59
%
0.00
%
(f)
0.34
%
1.64
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
915,927
‌
$
887,139
‌
$
825,420
‌
$
1,009,514
‌
$
1,035,657
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
107
Financial
Highlights
T-Fund
Cash
Reserve
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
..............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................................
0.0417
‌
0.0033
‌
0.0001
‌
0.0037
‌
0.0176
‌
Net
realized
gain
.........................................
0.0006
(a)
0.0034
(a)
0.0001
‌
0.0004
‌
0.0000
(b)
Net
increase
from
investment
operations
...........................
0.0423
‌
0.0067
‌
0.0002
‌
0.0041
‌
0.0176
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.................................
(0.0423
)
(0.0067
)
(0.0001
)
(0.0040
)
(0.0176
)
From
net
realized
gain
......................................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
Total
distributions
..........................................
(0.0423
)
(0.0067
)
(0.0002
)
(0.0041
)
(0.0176
)
Net
asset
value,
end
of
year
..................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.....................................
4.32
%
0.67
%
0.01
%
0.40
%
(f)
1.78
%
Ratios
to
Average
Net
Assets
Total
expenses
............................................
0.59
%
0.59
%
0.59
%
0.59
%
0.59
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.57
%
0.22
%
0.07
%
0.39
%
0.57
%
Net
investment
income
......................................
4.17
%
0.33
%
0.01
%
0.37
%
1.78
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
43,531
‌
$
88,281
‌
$
482,231
‌
$
56,822
‌
$
123,578
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
108
T-Fund
Dollar
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
..............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................................
0.0438
‌
0.0071
‌
0.0001
‌
0.0044
‌
0.0191
‌
Net
realized
gain
(loss)
.....................................
(0.0000
)
(a)
0.0003
(b)
0.0001
‌
0.0003
‌
0.0000
(c)
Net
increase
from
investment
operations
...........................
0.0438
‌
0.0074
‌
0.0002
‌
0.0047
‌
0.0191
‌
Distributions
(d)
–
–
–
–
–
From
net
investment
income
.................................
(0.0438
)
(0.0074
)
(0.0001
)
(0.0046
)
(0.0191
)
From
net
realized
gain
......................................
—
‌
(0.0000
)
(a)
(0.0001
)
(0.0001
)
(0.0000
)
(a)
Total
distributions
..........................................
(0.0438
)
(0.0074
)
(0.0002
)
(0.0047
)
(0.0191
)
Net
asset
value,
end
of
year
..................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.....................................
4.47
%
0.75
%
0.01
%
0.46
%
(f)
1.93
%
Ratios
to
Average
Net
Assets
Total
expenses
............................................
0.44
%
0.44
%
0.44
%
0.44
%
0.44
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.42
%
0.29
%
0.08
%
0.32
%
0.42
%
Net
investment
income
......................................
4.38
%
0.71
%
0.01
%
0.44
%
1.92
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
1,364,428
‌
$
1,258,974
‌
$
1,000,401
‌
$
670,205
‌
$
794,485
‌
(a)
Amount
is
greater
than
$(0.00005)
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Amount
is
less
than
$0.00005
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
109
Financial
Highlights
T-Fund
Premier
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Period
from
07/26/19
(a)
to
10/31/19
Net
asset
value,
beginning
of
period
..........................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
...................................
0.0475
‌
0.0193
‌
0.0001
‌
0.0060
‌
0.0050
‌
Net
realized
gain
(loss)
...................................
(0.0012
)
(0.0103
)
0.0001
‌
0.0002
‌
0.0000
(b)
Net
increase
from
investment
operations
.........................
0.0463
‌
0.0090
‌
0.0002
‌
0.0062
‌
0.0050
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
...............................
(0.0463
)
(0.0090
)
(0.0001
)
(0.0061
)
(0.0050
)
From
net
realized
gain
....................................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
Total
distributions
........................................
(0.0463
)
(0.0090
)
(0.0002
)
(0.0062
)
(0.0050
)
Net
asset
value,
end
of
period
...............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
...................................
4.73
%
0.90
%
0.02
%
0.61
%
(f)
0.50
%
(g)
Ratios
to
Average
Net
Assets
Total
expenses
..........................................
0.19
%
0.19
%
0.19
%
0.19
%
0.19
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
.................
0.17
%
0.17
%
0.06
%
0.17
%
0.17
%
(h)
Net
investment
income
....................................
4.75
%
1.95
%
0.01
%
0.60
%
1.93
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...............................
$
1,431,264
‌
$
496,172
‌
$
12,958
‌
$
37
‌
$
37
‌
(a)
Recommencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Not
annualized.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
110
T-Fund
Select
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
..............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................................
0.0400
‌
0.0031
‌
0.0001
‌
0.0011
‌
0.0133
‌
Net
realized
gain
(loss)
.....................................
(0.0020
)
0.0016
(a)
0.0001
‌
0.0014
‌
0.0000
(b)
Net
increase
from
investment
operations
...........................
0.0380
‌
0.0047
‌
0.0002
‌
0.0025
‌
0.0133
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.................................
(0.0380
)
(0.0047
)
(0.0001
)
(0.0024
)
(0.0133
)
From
net
realized
gain
......................................
—
‌
(0.0000
)
(d)
(0.0001
)
(0.0001
)
(0.0000
)
(d)
Total
distributions
..........................................
(0.0380
)
(0.0047
)
(0.0002
)
(0.0025
)
(0.0133
)
Net
asset
value,
end
of
year
..................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.....................................
3.87
%
0.47
%
0.01
%
0.24
%
(f)
1.34
%
Ratios
to
Average
Net
Assets
Total
expenses
............................................
1.04
%
1.04
%
1.04
%
1.04
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
1.00
%
0.52
%
0.07
%
0.41
%
1.00
%
Net
investment
income
......................................
4.00
%
0.31
%
0.01
%
0.11
%
1.37
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
50,396
‌
$
21,300
‌
$
37,798
‌
$
30,444
‌
$
14,769
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
111
Financial
Highlights
Treasury
Trust
Fund
Institutional
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
..............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................................
0.0458
‌
0.0082
‌
0.0001
‌
0.0048
‌
0.0212
‌
Net
realized
gain
.........................................
0.0001
‌
0.0001
‌
0.0001
‌
0.0015
‌
0.0000
(a)
Net
increase
from
investment
operations
...........................
0.0459
‌
0.0083
‌
0.0002
‌
0.0063
‌
0.0212
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.................................
(0.0459
)
(0.0083
)
(0.0001
)
(0.0062
)
(0.0212
)
From
net
realized
gain
......................................
(0.0000
)
(c)
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
‌
Total
distributions
..........................................
(0.0459
)
(0.0083
)
(0.0002
)
(0.0063
)
(0.0212
)
Net
asset
value,
end
of
year
..................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.....................................
4.69
%
0.84
%
0.01
%
0.63
%
2.14
%
Ratios
to
Average
Net
Assets
Total
expenses
............................................
0.19
%
0.19
%
0.19
%
0.19
%
0.20
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.17
%
0.14
%
0.06
%
0.17
%
0.17
%
Net
investment
income
......................................
4.58
%
0.82
%
0.01
%
0.48
%
2.12
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
97,157,593
‌
$
106,544,392
‌
$
98,602,650
‌
$
56,400,526
‌
$
38,728,217
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
112
Treasury
Trust
Fund
Administration
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
...............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
......................................
0.0449
‌
0.0065
‌
0.0001
‌
0.0058
‌
0.0203
‌
Net
realized
gain
(loss)
......................................
0.0000
(a)
0.0012
‌
0.0001
‌
(0.0002
)
0.0000
(a)
Net
increase
from
investment
operations
............................
0.0449
‌
0.0077
‌
0.0002
‌
0.0056
‌
0.0203
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.0449
)
(0.0077
)
(0.0001
)
(0.0055
)
(0.0203
)
From
net
realized
gain
.......................................
(0.0000
)
(c)
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
‌
Total
distributions
...........................................
(0.0449
)
(0.0077
)
(0.0002
)
(0.0056
)
(0.0203
)
Net
asset
value,
end
of
year
...................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
......................................
4.58
%
0.77
%
0.01
%
0.56
%
2.05
%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.29
%
0.29
%
0.29
%
0.29
%
0.30
%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.27
%
0.19
%
0.07
%
0.24
%
0.26
%
Net
investment
income
.......................................
4.49
%
0.65
%
0.01
%
0.58
%
2.03
%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
442,723
‌
$
382,956
‌
$
599,190
‌
$
399,846
‌
$
465,703
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
113
Financial
Highlights
Treasury
Trust
Fund
Capital
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Period
from
10/22/20
(a)
to
10/31/20
Net
asset
value,
beginning
of
period
..........................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
...................................................
0.0489
‌
0.0163
‌
0.0001
‌
0.0000
(b)
Net
realized
gain
(loss)
...................................................
(0.0035
)
(c)
(0.0083
)
(c)
0.0001
‌
0.0000
(b)
Net
increase
from
investment
operations
.........................................
0.0454
‌
0.0080
‌
0.0002
‌
0.0000
‌
Distributions
(d)
–
–
–
–
From
net
investment
income
...............................................
(0.0454
)
(0.0080
)
(0.0001
)
—
‌
From
net
realized
gain
....................................................
(0.0000
)
(e)
(0.0000
)
(e)
(0.0001
)
—
‌
Total
distributions
........................................................
(0.0454
)
(0.0080
)
(0.0002
)
—
‌
Net
asset
value,
end
of
period
...............................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(f)
—
—
—
—
Based
on
net
asset
value
...................................................
4.63
%
0.80
%
0.01
%
0.00
%
(g)
Ratios
to
Average
Net
Assets
Total
expenses
..........................................................
0.24
%
0.24
%
0.24
%
0.24
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
.................................
0.22
%
0.20
%
0.06
%
0.17
%
(h)
Net
investment
income
(loss)
................................................
4.89
%
1.63
%
0.01
%
(0.03
)%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...............................................
$
500,685
‌
$
27,524
‌
$
3,299
‌
$
250
‌
(a)
Recommencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Amount
is
greater
than
$(0.00005)
per
share.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
114
Treasury
Trust
Fund
Cash
Management
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
..............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................................
0.0402
‌
0.0051
‌
0.0001
‌
0.0034
‌
0.0158
‌
Net
realized
gain
.........................................
0.0007
‌
0.0005
‌
0.0001
‌
0.0003
‌
0.0005
‌
Net
increase
from
investment
operations
...........................
0.0409
‌
0.0056
‌
0.0002
‌
0.0037
‌
0.0163
‌
Distributions
(a)
–
–
–
–
–
From
net
investment
income
.................................
(0.0409
)
(0.0056
)
(0.0001
)
(0.0036
)
(0.0163
)
From
net
realized
gain
......................................
(0.0000
)
(b)
(0.0000
)
(b)
(0.0001
)
(0.0001
)
—
‌
Total
distributions
..........................................
(0.0409
)
(0.0056
)
(0.0002
)
(0.0037
)
(0.0163
)
Net
asset
value,
end
of
year
..................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
.....................................
4.16
%
0.56
%
0.01
%
0.37
%
1.64
%
Ratios
to
Average
Net
Assets
Total
expenses
............................................
0.69
%
0.69
%
0.69
%
0.69
%
0.69
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.67
%
0.41
%
0.08
%
0.41
%
0.67
%
Net
investment
income
......................................
4.02
%
0.51
%
0.01
%
0.34
%
1.58
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
5,085
‌
$
21,330
‌
$
32,960
‌
$
53,101
‌
$
36,492
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
115
Financial
Highlights
Treasury
Trust
Fund
Cash
Reserve
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
..............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................................
0.0415
‌
0.0053
‌
0.0001
‌
0.0040
‌
0.0172
‌
Net
realized
gain
.........................................
0.0004
‌
0.0007
‌
0.0001
‌
0.0001
‌
0.0000
(a)
Net
increase
from
investment
operations
...........................
0.0419
‌
0.0060
‌
0.0002
‌
0.0041
‌
0.0172
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.................................
(0.0419
)
(0.0060
)
(0.0001
)
(0.0040
)
(0.0172
)
From
net
realized
gain
......................................
(0.0000
)
(c)
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
‌
Total
distributions
..........................................
(0.0419
)
(0.0060
)
(0.0002
)
(0.0041
)
(0.0172
)
Net
asset
value,
end
of
year
..................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.....................................
4.27
%
0.61
%
0.01
%
0.41
%
1.74
%
Ratios
to
Average
Net
Assets
Total
expenses
............................................
0.59
%
0.59
%
0.59
%
0.59
%
0.60
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.57
%
0.35
%
0.07
%
0.39
%
0.57
%
Net
investment
income
......................................
4.15
%
0.53
%
0.01
%
0.40
%
1.73
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
128,272
‌
$
79,114
‌
$
97,008
‌
$
102,984
‌
$
74,034
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
116
Treasury
Trust
Fund
Dollar
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
..............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................................
0.0447
‌
0.0073
‌
0.0001
‌
0.0046
‌
0.0194
‌
Net
realized
gain
(loss)
.....................................
(0.0011
)
(a)
(0.0003
)
(a)
0.0001
‌
0.0003
‌
0.0002
‌
Net
increase
from
investment
operations
...........................
0.0436
‌
0.0070
‌
0.0002
‌
0.0049
‌
0.0196
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.................................
(0.0436
)
(0.0070
)
(0.0001
)
(0.0048
)
(0.0196
)
From
net
realized
gain
......................................
(0.0000
)
(c)
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
‌
Total
distributions
..........................................
(0.0436
)
(0.0070
)
(0.0002
)
(0.0049
)
(0.0196
)
Net
asset
value,
end
of
year
..................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.....................................
4.44
%
0.70
%
0.01
%
0.49
%
1.98
%
Ratios
to
Average
Net
Assets
Total
expenses
............................................
0.44
%
0.44
%
0.44
%
0.44
%
0.44
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.40
%
0.27
%
0.07
%
0.30
%
0.40
%
Net
investment
income
......................................
4.47
%
0.73
%
0.01
%
0.46
%
1.94
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
2,343,866
‌
$
1,060,804
‌
$
1,035,846
‌
$
939,241
‌
$
977,335
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
117
Financial
Highlights
Treasury
Trust
Fund
Select
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
..............................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.....................................
0.0378
‌
0.0032
‌
0.0001
‌
0.0016
‌
0.0129
‌
Net
realized
gain
(loss)
.....................................
(0.0002
)
(a)
0.0010
‌
0.0001
‌
0.0008
‌
0.0001
‌
Net
increase
from
investment
operations
...........................
0.0376
‌
0.0042
‌
0.0002
‌
0.0024
‌
0.0130
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.................................
(0.0376
)
(0.0042
)
(0.0001
)
(0.0023
)
(0.0130
)
From
net
realized
gain
......................................
(0.0000
)
(c)
(0.0000
)
(c)
(0.0001
)
(0.0001
)
—
‌
Total
distributions
..........................................
(0.0376
)
(0.0042
)
(0.0002
)
(0.0024
)
(0.0130
)
Net
asset
value,
end
of
year
..................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.....................................
3.82
%
0.42
%
0.01
%
0.24
%
1.30
%
Ratios
to
Average
Net
Assets
Total
expenses
............................................
1.04
%
1.04
%
1.04
%
1.04
%
1.05
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
1.00
%
0.49
%
0.06
%
0.45
%
1.00
%
Net
investment
income
......................................
3.78
%
0.32
%
0.01
%
0.16
%
1.29
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
254,127
‌
$
169,696
‌
$
660,676
‌
$
103,647
‌
$
38,265
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
118
MuniCash
Institutional
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
..............................
$
0.9999
‌
$
1.0001
‌
$
1.0001
‌
$
1.0001
‌
$
1.0001
‌
Net
investment
income
.....................................
0.0282
‌
0.0048
‌
0.0001
‌
0.0051
‌
0.0137
‌
Net
realized
and
unrealized
gain
(loss)
...........................
(0.0000
)
(a)(b)
0.0007
(b)
0.0000
(c)
0.0004
‌
0.0000
(c)
Net
increase
from
investment
operations
...........................
0.0282
‌
0.0055
‌
0.0001
‌
0.0055
‌
0.0137
‌
Distributions
(d)
–
–
–
–
–
From
net
investment
income
.................................
(0.0281
)
(0.0057
)
(0.0001
)
(0.0055
)
(0.0137
)
From
net
realized
gain
......................................
—
‌
(0.0000
)
(a)
—
‌
—
‌
(0.0000
)
(a)
Total
distributions
..........................................
(0.0281
)
(0.0057
)
(0.0001
)
(0.0055
)
(0.0137
)
Net
asset
value,
end
of
year
..................................
$
1.0000
‌
$
0.9999
‌
$
1.0001
‌
$
1.0001
‌
$
1.0001
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.....................................
2.86
%
0.56
%
0.01
%
0.55
%
1.38
%
Ratios
to
Average
Net
Assets
Total
expenses
............................................
0.30
%
0.28
%
0.26
%
0.26
%
0.28
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.20
%
0.16
%
0.08
%
0.19
%
0.20
%
Net
investment
income
......................................
2.82
%
0.48
%
0.01
%
0.51
%
1.36
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
4,540,657
‌
$
3,592,640
‌
$
5,368,797
‌
$
5,160,531
‌
$
5,182,923
‌
(a)
Amount
is
greater
than
$(0.00005)
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Amount
is
less
than
$0.00005
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
119
Financial
Highlights
MuniCash
Dollar
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
...............................
$
0.9999
‌
$
1.0001
‌
$
1.0001
‌
$
1.0001
‌
$
1.0001
‌
Net
investment
income
......................................
0.0254
‌
0.0033
‌
0.0001
‌
0.0040
‌
0.0123
‌
Net
realized
and
unrealized
gain
................................
0.0003
‌
0.0007
(a)
0.0000
(b)
0.0002
‌
0.0000
(b)
Net
increase
from
investment
operations
............................
0.0257
‌
0.0040
‌
0.0001
‌
0.0042
‌
0.0123
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
..................................
(0.0256
)
(0.0042
)
(0.0001
)
(0.0042
)
(0.0123
)
From
net
realized
gain
.......................................
—
‌
(0.0000
)
(d)
—
‌
—
‌
(0.0000
)
(d)
Total
distributions
...........................................
(0.0256
)
(0.0042
)
(0.0001
)
(0.0042
)
(0.0123
)
Net
asset
value,
end
of
year
...................................
$
1.0000
‌
$
0.9999
‌
$
1.0001
‌
$
1.0001
‌
$
1.0001
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
......................................
2.60
%
0.40
%
0.01
%
0.42
%
1.23
%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
0.55
%
0.53
%
0.52
%
0.51
%
0.53
%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.45
%
0.30
%
0.07
%
0.31
%
0.45
%
Net
investment
income
.......................................
2.54
%
0.33
%
0.01
%
0.40
%
1.22
%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
1,772
‌
$
2,911
‌
$
4,810
‌
$
3,176
‌
$
2,207
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
120
California
Money
Fund
Institutional
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
..............................
$
0.9993
‌
$
1.0006
‌
$
1.0000
‌
$
1.0002
‌
$
1.0002
‌
Net
investment
income
.....................................
0
.0223
‌
0
.0043
‌
0
.0001
‌
0
.0051
‌
0
.0107
‌
Net
realized
and
unrealized
gain
(loss)
...........................
(
0
.0002
)
(a)
0
.0006
(a)
0
.0006
‌
(
0
.0007
)
0
.0001
‌
Net
increase
from
investment
operations
...........................
0.0221
‌
0.0049
‌
0.0007
‌
0.0044
‌
0.0108
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.................................
(
0
.0221
)
(
0
.0050
)
(
0
.0001
)
(
0
.0046
)
(
0
.0108
)
From
net
realized
gain
......................................
—
‌
(
0
.0012
)
(
0
.0000
)
(c)
—
‌
—
‌
Total
distributions
..........................................
(0.0221
)
(0.0062
)
(0.0001
)
(0.0046
)
(0.0108
)
Net
asset
value,
end
of
year
..................................
$
0.9993
‌
$
0.9993
‌
$
1.0006
‌
$
1.0000
‌
$
1.0002
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.....................................
2.24
%
0.49
%
0.07
%
0.44
%
1.09
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................................
0.41
%
0.46
%
0.45
%
0.45
%
0.47
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.20
%
0.15
%
0.05
%
0.18
%
0.20
%
Net
investment
income
......................................
2.23
%
0.43
%
0.01
%
0.51
%
1.07
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
267,703
‌
$
317,561
‌
$
207,157
‌
$
153,630
‌
$
397,288
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
121
Financial
Highlights
New
York
Money
Fund
Institutional
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Year
Ended
10/31/19
Net
asset
value,
beginning
of
year
..............................
$
1.0000
‌
$
1.0000
‌
$
1.0000
‌
$
1.0000
‌
$
1.0000
‌
Net
investment
income
.....................................
0.0289
‌
0.0066
‌
0.0001
‌
0.0062
‌
0.0129
‌
Net
realized
and
unrealized
gain
(loss)
...........................
(0.0008
)
(a)
(0.0009
)
(a)
(0.0000
)
(b)
(0.0008
)
0.0003
‌
Net
increase
from
investment
operations
...........................
0.0281
‌
0.0057
‌
0.0001
‌
0.0054
‌
0.0132
‌
Distributions
from
net
investment
income
(c)
.......................
(0.0281
)
(0.0057
)
(0.0001
)
(0.0054
)
(0.0132
)
Net
asset
value,
end
of
year
..................................
$
1.0000
‌
$
1.0000
‌
$
1.0000
‌
$
1.0000
‌
$
1.0000
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.....................................
2.84
%
0.57
%
0.01
%
0.54
%
1.33
%
Ratios
to
Average
Net
Assets
Total
expenses
............................................
0.45
%
0.50
%
0.53
%
0.46
%
0.56
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.20
%
0.16
%
0.06
%
0.18
%
0.20
%
Net
investment
income
......................................
2.89
%
0.66
%
0.01
%
0.62
%
1.29
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
439,379
‌
$
198,959
‌
$
59,800
‌
$
149,946
‌
$
243,502
‌
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
2023
BlackRock
Annual
Report
to
Shareholders
122
1.
ORGANIZATION 
BlackRock
Liquidity
Funds (the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory trust.
The
following,
each
of
which
is
a
series
of
the
Trust, are
referred
to
herein
collectively
as
the
“Funds”
or
individually
as
a
“Fund”:
(a)
California
Money
Fund
and
New
York
Money
Fund
must
satisfy
the
diversification
requirement
set
forth
in
Rule
2a-7
under
the
1940
Act
and
will
thereby
be
deemed
to
be
diversified
under
the
1940
Act.
Each
Fund
offers
multiple
classes
of
shares
although
certain
share
classes
may
not
be
outstanding
at
the
report
date.
Each
share
class
is
offered
as
follows:
All
classes
of
shares
have
identical
voting,
dividend,
liquidation
and
other
rights
and
are
subject
to
the
same
terms
and
conditions,
except
that
certain
classes
bear
expenses
related
to
the
shareholder
servicing
and
distribution
of
such
shares.
Institutional
Shares
are
sold
without
a
sales
charge
and
only
to
certain
eligible
investors.
Bancroft
Capital
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Bancroft
Capital,
LLC
and
its
affiliates.
Cabrera
Capital
Markets
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Cabrera
Capital
Markets,
LLC
and
its
affiliates.
Mischler
Financial
Group
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Mischler
Financial
Group,
Inc.
and
its
affiliates.
Penserra
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Penserra
Securities
LLC
and
its
affiliates.
Great
Pacific
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
clients
of
Great
Pacific
Securities
and
its
affiliates.
Premier
Shares
are
sold
without
a
sales
charge
and
are
only
available
through
financial
intermediaries
trading
on
the
NSCC
Fund/SERV
trading
platform.
Stern
Brothers
Shares
are
sold
without
a
sales
charge
and
are
only
available to
clients
of
Stern
Brothers
&
Co.
and
its
affiliates.
Tigress
Shares
are
sold
without
a
sales
charge
and are
only
available
to
clients
of
Tigress
Financial
Partners
LLC
and
its
affiliates.
WestCap
Shares
are
sold
without
a
sales
charge
and
are
only
available
to
portfolio
companies
of
WestCap
Management,
LLC
and
its
affiliates.
Administration,
Select,
Capital,
Cash
Reserve,
Cash
Management,
Private
Client
and
Dollar
Shares
are
sold
without
a
sales
charge
and
are
generally
available
through
financial
intermediaries.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures.
BlackRock
Liquid
Federal
Trust
Fund,
FedFund
,
T-Fund
and
Treasury
Trust
Fund
each
operates
as
a
“government
money
market
fund”
under
Rule
2a-7
under
the
1940
Act. 
Each
Fund
is
not
subject
to
discretionary
liquidity
fees.
On
October
11,
2016,
TempCash,
TempFund
and
MuniCash,
and
on
October
15,
2018,
California
Money
Fund
and
New
York
Money
Fund
began pricing
and
transacting
their
shares
at
a
net
asset
value
(“NAV”)
per
share
calculated
to
four
decimal
places,
reflecting
market-based
values
of
their
portfolio
holdings
(i.e.,
at
a
“floating”
NAV).
The
NAV
of
TempFund
is
priced
multiple
times
each
day
such
Fund
accepts
purchase
orders
and
redemption
requests
at
such
intervals.
Prior
to
the
Funds’
adoption
of
the
floating
NAV,
their
portfolio
holdings
were
valued
at
amortized
cost.
With
respect
to
each
of
TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money Fund,
the
Board
of
Trustees
of
the
Trust (the
"Board") may
impose
a
discretionary liquidity
fee
of
up
to
2%
upon
the
value
of
shares
redeemed,
if
such
fee
is
determined
to
be
in
the
best
interests
of
such
Fund.
The
Funds,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
are
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
Fund
Name
Diversification
Classification
BlackRock
Liquid
Federal
Trust
Fund
.......................................................................................
Diversified
FedFund
..........................................................................................................
Diversified
TempCash
.........................................................................................................
Diversified
TempFund
.........................................................................................................
Diversified
T-Fund
............................................................................................................
Diversified
Treasury
Trust
Fund
...................................................................................................
Diversified
MuniCash
..........................................................................................................
Diversified
California
Money
Fund
.................................................................................................
Non-Diversified
(a)
New
York
Money
Fund
.................................................................................................
Non-Diversified
(a)
Fund
Name
Share
Class
BlackRock
Liquid
Federal
Trust
Fund
...................
Institutional,
Administration,
Bancroft
Capital,
Cabrera
Capital
Markets,
Capital,
Cash
Management,
Cash
Reserve,
Dollar,
Great
Pacific,
Mischler
Financial
Group,
Penserra
,
Stern
Brothers
and
Tigress.
FedFund
......................................
Institutional,
Administration,
Capital,
Cash
Management,
Cash
Reserve,
Dollar,
Mischler
Financial
Group,
Premier,
Private
Client,
Select,
Stern
Brothers,
Tigress
and
WestCap
.
TempCash
.....................................
Institutional,
Capital,
Dollar,
Great
Pacific
and
Premier
TempFund
.....................................
Institutional,
Administration,
Cabrera
Capital
Markets,
Capital,
Cash
Management,
Cash
Reserve,
Dollar
and
Private
Client
T-Fund
........................................
Institutional,
Administration,
Capital,
Cash
Management,
Cash
Reserve,
Dollar,
Premier
and
Select
Treasury
Trust
Fund
...............................
Institutional,
Administration,
Capital,
Cash
Management,
Cash
Reserve,
Dollar
and
Select
MuniCash
......................................
Institutional,
Capital
and
Dollar
California
Money
Fund
.............................
Institutional
and
Capital
New
York
Money
Fund
.............................
Institutional
and
Capital
Notes
to
Financial
Statements
(continued)
123
Notes
to
Financial
Statements
results
could
differ
from
those
estimates.
Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. 
Bank
Overdraft:
California
Money
Fund
had
outstanding
cash
disbursements
exceeding
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
California
Money
Fund
is
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statements
of
Operations.
Distributions:
Distributions
from
net
investment
income
are
declared
daily
and
paid
monthly.
Distributions
of
capital
gains
are
distributed
at
least
annually
and
are
recorded
on
the
ex-dividend
dates.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP
. 
Discretionary
Liquidity
Fees:
Any
discretionary
liquidity
fees
imposed
on
the
value
of
shares
redeemed
are
recorded
as
paid-in-capital.
The
discretionary
liquidity
fees
are
collected
and
retained
by each
Fund
for
the
benefit
of
a
Fund’s
remaining
shareholders. 
Offering
Costs:
Offering
costs
are
amortized
over
a
12-month
period
beginning
with
the
commencement
of
operations
of
a
class
of
shares.  
Indemnifications:
In
the
normal
course
of
business,
a
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
A
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
a
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to
a
Fund
or
its
classes
are
charged
to
that
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Funds
and
other
shared
expenses
prorated
to
the
Funds
are
allocated
daily
to
each
class
based
on
their
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods. 
The
Funds
have
an
arrangement
with
one
of
their
custodians
whereby
credits
are
earned
on
uninvested
cash
balances,
which
could
be
used
to
reduce
custody
fees
and/or
overdraft
charges.
The
Funds
may
incur
charges
on overdrafts,
subject
to
certain
conditions.
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies
(
TempCash
,
TempFund
,
MuniCash
,
California
Money
Fund
and
New
York
Money
Fund):
TempCash
,
TempFund
,
MuniCash
,
California
Money
Fund
and
New
York
Money
Fund
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
has
approved
the
designation
of
each
Fund's
Manager
as
the
valuation
designee
for
each
Fund.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
TempCash
,
TempFund
,
MuniCash
,
California
Money
Fund
and
New
York
Money
Fund's
assets
and
liabilities:
Investments
are
valued
on
the
basis
of
prices
provided
by
dealers
or
pricing
services.
In
determining
the
value
of
a
particular
investment,
pricing
services
may
use
certain
information
with
respect
to
transactions
in
such
investments,
quotations
from
dealers,
pricing
matrixes,
market
transactions
in
comparable
investments
and
information
with
respect
to
various
relationships
between
investments. 
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services.  Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Repurchase
agreements
are
valued
at
amortized
cost,
which
approximates
market
value. 
Investment
Valuation
Policies
(BlackRock
Liquid
Federal
Trust
Fund,
FedFund
,
T-Fund
and
Treasury
Trust
Fund)
:
U.S.
GAAP
defines
fair
value
as
the
price
the
Funds
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Funds'
investments
are
valued
under
the
amortized
cost
method
which
approximates
current
market
value
in
accordance
with
Rule
2a-7
under
the
1940
Act.
Under
this
method,
investments
are
valued
at
cost
when
purchased
and,
thereafter,
a
constant
proportionate
accretion
of
discounts
and
amortization
of
premiums
are
recorded
until
the
maturity
of
the
security.
Each
Fund
seeks
to
maintain
its
NAV
per
share
at
$1.00,
although
there
is
no
assurance
that
it
will
be
able
to
do
so
on
a
continuing
basis.
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
124
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
each
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Repurchase
Agreements:
Repurchase
agreements
are
commitments
to
purchase
a
security
from
a
counterparty
who
agrees
to
repurchase
the
same
security
at
a
mutually
agreed
upon
date
and
price.
On
a
daily
basis,
the
counterparty
is
required
to
maintain
eligible
collateral
subject
to
the
agreement
and
in
value
no
less
than
the
agreed
upon
repurchase
amount.
Repurchase
agreements
may
be
traded
bilaterally,
in
a
tri-party
arrangement
or
may
be
centrally
cleared
through
a
sponsoring
agent.
Subject
to
the
custodial
undertaking
associated
with
a
tri-party
repurchase
arrangement
and
for
centrally
cleared
repurchase
agreements,
a
third-party
custodian
maintains
accounts
to
hold
collateral
for a
fund
and
its
counterparties.
Typically, a
fund
and
counterparty
are
not
permitted
to
sell,
re-pledge
or
use
the
collateral
absent
a
default
by
the
counterparty
or the
fund,
respectively.
The
Funds
,
along
with
other
registered
investment
companies
advised
by
the
Manager,
may
transfer
uninvested
cash
into
a
single
joint
trading
account
which
is
then
invested
in
one
or
more
repurchase
agreements.
In
the
event
the
counterparty
defaults
and
the
fair
value
of
the
collateral
declines, a
fund
could
experience
losses,
delays
and
costs
in
liquidating
the
collateral.
Repurchase
agreements
are
entered
into
by
a
fund
under
Master
Repurchase
Agreements
(each,
an
“MRA”).
The
MRA
permits the
fund,
under
certain
circumstances
including
an
event
of
default
(such
as
bankruptcy
or
insolvency),
to
offset
payables
and/or
receivables
with
collateral
held
by
and/or
posted
to
the
counterparty.
As
a
result,
one
single
net
payment
is
created.
Bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
the
MRA
counterparty’s
bankruptcy
or
insolvency.
Based
on
the
terms
of
the
MRA, the
fund
receives
collateral
with
a
market
value
in
excess
of
the
repurchase
price
at
maturity.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty, the
fund
would
recognize
a
liability
with
respect
to
such
excess
collateral.
The
liability
reflects the
fund’s
obligation
under
bankruptcy
law
to
return
the
excess
to
the
counterparty.
5.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Trust,
on
behalf
of
the
Funds,
entered
into
a
management
agreement
with
the
Manager,
the
Trust’s
investment
adviser
and
an
indirect,
wholly-
owned
subsidiary
of
BlackRock,
Inc.
("BlackRock"),
to
provide
investment
advisory,
administration
and
accounting
services
to
the
Funds.
Under
the
management
agreement,
the
Manager
is
entitled
to
receive
the
following
annual
fees
computed
daily
and
paid
monthly
based
upon
each
Fund’s
average
daily
net
assets:
(a)
Based
on
the
combined
average
daily
net
assets
of
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund.
(b)
Based
on
the
average
daily
net
assets
of
the
Fund
whose
management
fee
is
being
calculated.
BlackRock
Liquid
Federal
Trust
Fund,
FedFund
,
T-Fund
and
Treasury
Trust
Fund
Calculation
A
(a)
Calculation
B
(b)
Management
Fees
are
equal
to
calculation
A
plus
calculation
B
.175%
of
the
first
$1
billion
.175%
of
the
first
$1
billion
.150%
of
the
next
$1
billion
.150%
of
the
next
$1
billion
.125%
of
the
next
$1
billion  
.125%
of
the
next
$1
billion
.100%
of
the
next
$1
billion
.100%
of
amounts
in
excess
of
$3
billion
.095%
of
the
next
$1
billion
.090%
of
the
next
$1
billion
.085%
of
the
next
$1
billion
.080%
of
amounts
in
excess
of
$7
billion
Notes
to
Financial
Statements
(continued)
125
Notes
to
Financial
Statements
With
respect
to
TempCash
and
TempFund,
the
Manager
entered
into
a
sub-advisory
agreement
with
BlackRock
International
Limited
(“BIL”)
(the
"Sub-Adviser"),
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
for
services
it
provides
for
that
portion
of each Fund
for
which
BIL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
each
Fund
to
the
Manager.
Service
and
Distribution
Fees:
The
Trust,
on
behalf
of
the
Funds,
entered
into
a
separate
Distribution
Agreement,
Distribution
Plans
and
Shareholder
Service
Plans
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BlackRock.
Pursuant
to
the
Select
Shares
Distribution
Plan
and
the
Private
Client
Shares
Distribution
Plan,
the
Trust
may
pay
BRIL
a
fee
for
distribution
and
sales
support
services.
In
addition,
the
Trust
may
pay
service
organizations,
including
affiliates
of
the
Manager,
fees
for
providing
certain
services
(“shareholder
services”)
to
their
customers
who
own
shares
of
the
Funds.
Pursuant
to
its
respective
Shareholder
Services
Plan,
each
of
the
Capital,
Dollar,
Cash
Management,
Cash
Reserve,
Administration,
Select
and Private
Client
Share classes
are
currently
paying
fees
to
service
organizations,
which
may
include
affiliates
of
the
Manager.
The
fees
are
accrued
daily
and
paid
monthly
at
annual
rates
based
upon
the
average
daily
net
assets
of
the
shares
as
follows:
(a)
Due
to
certain
contractual
and
voluntary
waivers,
the
above
stated
rates
may
be
reduced.
For
the year
ended
October
31,
2023,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
each
Fund:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Funds
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the 
year
 ended October
31,
2023,
the
Funds 
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
Fund
Name
Management
Fees
TempCash
and
MuniCash
...................................................
.350%
of
the
first
$1
billion
.300%
of
the
next
$1
billion
.250%
of
the
next
$1
billion
.200%
of
the
next
$1
billion
.195%
of
the
next
$1
billion
.190%
of
the
next
$1
billion
.185%
of
the
next
$1
billion
.180%
of
amounts
in
excess
of
$7
billion
Fund
Name
Management
Fees
TempFund
..............................................................
.350%
of
the
first
$1
billion
.300%
of
the
next
$1
billion
.250%
of
the
next
$1
billion
.200%
of
the
next
$1
billion
.195%
of
the
next
$1
billion
.190%
of
the
next
$1
billion
.180%
of
the
next
$1
billion
.175%
of
the
next
$1
billion
.170%
of
amounts
in
excess
of
$8
billion
Fund
Name
Management
Fees
California
Money
Fund
and
New
York
Money
Fund
...................................
.375%
of
the
first
$1
billion
.350%
of
the
next
$1
billion
.325%
of
the
next
$1
billion
.300%
of
amounts
in
excess
of
$3
billion
Share
Class
Service
Fees
(a)
Distribution
Fees
(a)
Administration
..............................................................................................
0.10‌
%
—‌
%
Capital
...................................................................................................
0.05‌
—‌
Cash
Management
...........................................................................................
0.50‌
—‌
Cash
Reserve
..............................................................................................
0.40‌
—‌
Dollar
....................................................................................................
0.25‌
—‌
Private
Client
..............................................................................................
0.50‌
0.35‌
Select
...................................................................................................
0.50‌
0.35‌
Fund
Name
Administration
Capital
Cash
Management
Cash
Reserve
Dollar
Private
Client
Select
Total
BlackRock
Liquid
Federal
Trust
Fund
..
$
27,847‌
$
—‌
$
56,669‌
$
—‌
$
27,870‌
$
—‌
$
—‌
$
112,386‌
FedFund
.....................
12,715,543‌
1,695‌
3,248,571‌
18,220,323‌
9,220,682‌
2,158‌
3,527,171‌
46,936,143‌
TempCash
....................
—‌
—‌
—‌
—‌
4
4‌
—‌
—‌
4
4‌
TempFund
....................
29,213‌
66,674‌
2,603,707‌
63,565‌
242,261‌
7,005‌
—‌
3,012,425‌
T-Fund
.......................
7,584,747‌
62,525‌
3,894,
067‌
336,178‌
3,853,937‌
—‌
512,926‌
16,244,
380‌
Treasury
Trust
Fund
..............
433,381‌
120,175‌
60,933‌
378,172‌
3,959,207‌
—‌
1,654,952‌
6,606,820‌
MuniCash
.....................
—‌
—‌
—‌
—‌
5,641‌
—‌
—‌
5,641‌
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
126
Expense
Limitations,
Waivers
and
Reimbursements:
With
respect
to
each
Fund,
the
Manager,
as
investment
adviser
and
administrator,
has
contractually
agreed
to
reduce
its
fees
and/or
reimburse
ordinary
operating
expenses
to
ensure
that
the
combined
“Management
Fees”
and
“Miscellaneous/Other
Expenses,”
excluding
service
fees,
distribution
fees
and
any
extraordinary
expenses,
do
not
exceed
0.18%
of
the
average
daily
net
assets
of
TempCash
and
TempFund, 0.17%
of
the
average
daily
net
assets
of
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund,
and
Treasury
Trust
Fund
and
0.20%
of
the
average
daily
net
assets
of
MuniCash,
California
Money
Fund
and
New
York
Money
Fund.
Any
fees
waived
by
the
Manager
with
respect
to
a
particular
fiscal
year
are
not
recoverable.
The
Manager
has
agreed
not
to
reduce
or
discontinue
these
contractual
expense
limitations
prior
to
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
of
the
Trust,
as
defined
in
the
1940
Act
(“Independent
Trustees”),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
such
Fund. 
These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the
year ended
October
31,
2023,
the
amounts
waived
were
as
follows:
In
addition,
BRIL
has
contractually
agreed
to
waive
service
and/or
distribution
fees
through February
29,
2024
so
that
the
net
annual
fund
operating
expenses,
excluding
extraordinary
expenses,
of
the
Select
Shares
and
Private
Client
Shares
do
not
exceed
1.00%
and
0.68%
of
the
average
daily
net
assets
of
the
shares,
respectively.
The
agreement
renews
automatically
for
successive
one-year
periods
and
may
be
terminated
by
any
party
to
the
agreement
upon
written
notice
75
days
prior
to
the
commencement
of
a
successive
one
year
period.
For
the
year ended
October
31,
2023,
the
amounts
waived
and/or
reimbursed
were
as
follows:
With
respect
to
each
Fund,
the
Manager
and
BRIL
have
also
voluntarily
agreed
to
waive
a
portion
of
their
respective
fees
and/or
reimburse
operating
expenses
to
enable
the
Funds’
share
classes
to
maintain
minimum
levels
of
net
investment
income.
These
amounts
are
reported
in
the
Statements
of
Operations
as
service
and
distribution
fees
waived
and/or
reimbursed
—
class
specific.
The
Manager
and
BRIL
may
discontinue
the
voluntary
waiver
and/or
reimbursement
at
any
time.
For
the
year
ended
October
31,
2023,
the
amounts
waived
and/or
reimbursed
were
as
follows:
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
U.S.
Securities
and
Exchange
Commission
(“SEC”),
each
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
each
Fund’s
investment
policies
and
restrictions.
Each
Fund
is
currently
permitted
to borrow
under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During
the year
ended
October
31,
2023,
the
Funds
did
not
participate
in
the
Interfund
Lending
Program.
Trustees
and
Officers: 
Certain
trustees
and/or
officers
of
the Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the Trust’s
Chief
Compliance
Officer,
which
is
included
in
Trustees and
Officer
in
the
Statements
of
Operations. 
Fund
Name
Fees
waived
and/or
Reimbursed
by
the
Manager
BlackRock
Liquid
Federal
Trust
Fund
.............................................................................................
$
2,872,680‌
FedFund
................................................................................................................
21,420,118‌
TempCash
...............................................................................................................
5,409,993‌
TempFund
...............................................................................................................
5,080,787‌
T-Fund
..................................................................................................................
14,543,643‌
Treasury
Trust
Fund
.........................................................................................................
16,124,383‌
MuniCash
................................................................................................................
3,477,116‌
California
Money
Fund
.......................................................................................................
823,802‌
New
York
Money
Fund
.......................................................................................................
737,993‌
Service
and
distribution
fees
waived
and/or
reimbursed
-
class
specific
Private
Client
Select
Total
FedFund
........................................................................
$
863‌
$
82,915‌
$
83,778‌
TempFund
.......................................................................
2,884‌
—‌
2,884‌
T-Fund
..........................................................................
—‌
12,069‌
12,069‌
Treasury
Trust
Fund
.................................................................
—‌
38,930‌
38,930‌
Service
and
distribution
fees
waived
and/or
reimbursed
-
class
specific
Capital
FedFund
..............................................................................................................
$
445
Notes
to
Financial
Statements
(continued)
127
Notes
to
Financial
Statements
Other
Transactions:
The
Funds
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common trustees.
For
the
year
ended
October
31,
2023,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with affiliated
funds
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
6.
INCOME
TAX
INFORMATION 
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
Each Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
each
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
each
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Funds
as
of
October
31,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or NAVs
per
share.
As
of
period
end,
permanent
differences
attributable
to
certain
deemed
distributions
were reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows: 
Fund
Name
Purchases
Sales
Net
Realized
Gain
(Loss)
MuniCash
...........................................................................
$
1,392,672,925‌
$
1,059,556,033‌
$
—‌
California
Money
Fund
..................................................................
321,735,844‌
437,378,530‌
—‌
New
York
Money
Fund
..................................................................
93,375,774‌
98,709,948‌
—‌
Fund
Name
Paid-In
Capital
Accumulated
Earnings
(Loss)
California
Money
Fund
.......................................................................
$
2,498‌
$
(2,498‌)
New
York
Money
Fund
.......................................................................
43‌
(43‌)
—‌
Fund
Name
Year
Ended
10/31/23
Year
Ended
10/31/22
BlackRock
Liquid
Federal
Trust
Fund
Ordinary
income
...........................................................................................
$
224,871,365‌
$
48,943,718‌
FedFund
Ordinary
income
...........................................................................................
$
6,447,211,020‌
$
1,393,942,082‌
TempCash
Ordinary
income
...........................................................................................
$
590,601,806‌
$
65,593,917‌
TempFund
Ordinary
income
...........................................................................................
$
291,420,205‌
$
74,851,577‌
T-Fund
Ordinary
income
...........................................................................................
$
4,410,124,715‌
$
938,247,908‌
Treasury
Trust
Fund
Ordinary
income
...........................................................................................
$
4,643,607,349‌
$
907,284,386‌
Long-term
capital
gains
......................................................................................
—‌
95,163‌
$
4,643,607,349‌
$
907,379,549‌
MuniCash
Tax-exempt
income
.........................................................................................
$
96,340,098‌
$
20,242,655‌
Ordinary
income
...........................................................................................
615‌
198,536‌
Long-term
capital
gains
......................................................................................
184‌
30,681‌
$
96,340,897‌
$
20,471,872‌
California
Money
Fund
Tax-exempt
income
.........................................................................................
$
8,725,141‌
$
1,059,497‌
Ordinary
income
...........................................................................................
—‌
168,937‌
$
8,725,141‌
$
1,228,434‌
New
York
Money
Fund
Tax-exempt
income
.........................................................................................
$
8,530,217‌
$
849,816‌
Ordinary
income
...........................................................................................
4‌
—‌
$
8,530,221‌
$
849,816‌
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
128
As
of
October
31,
2023,
the
tax
components
of
accumulated earnings
(loss) were
as
follows:  
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales.
During
the
year ended October
31,
2023,
the
Funds
listed
below
utilized
the
following
amounts
of
their
respective
capital
loss
carryforwards: 
As
of
October
31,
2023, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
For
TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund,
the
cost
for
U.S.
federal
income
tax
purposes
is
the
same
as
book
cost.
7.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business, the
Funds
invest
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
each
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
each
Fund
is
subject. 
On
July
12,
2023,
the
SEC
approved
changes
to
money
market
fund
regulations.
These
changes,
among
other
things:
(i)
eliminate
provisions
that
permit
a
money
market
fund
to
suspend
redemptions
except
in
liquidations,
(ii)
require
institutional
prime
and
institutional
tax-exempt
money
market
funds
to
impose
mandatory
liquidity
fees
under
certain
conditions,
(iii)
permit
a
discretionary
liquidity
fee
for
a
non-government
money
market
fund
and
(iv)
increase
minimum
daily
and
weekly
liquidity
for
all
money
market
funds.
These
changes
will
be
implemented
over
the
next
12
months
depending
on
the
change
and
may
affect
the
Funds’
operations
and
return
potential.
Certain
obligations
held
by
the
Funds
have
a
credit
enhancement
or
liquidity
feature
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
on
the
obligation
when
due. These
enhancements,
which
may
include
letters
of
credit,
stand-by
bond
purchase
agreements
and/or
third-party
insurance,
are
issued
by
financial
institutions. The
value
of
the
obligations
may
be
affected
by
changes
in
creditworthiness
of
the
entities
that
provide
the
credit
enhancements
or
liquidity
features. The
Funds
monitor
their
exposure
by
reviewing
the
creditworthiness
of
the
issuers,
as
well
as
the
financial
institutions
issuing
the
credit
enhancements
and
by
limiting
the
amount
of
holdings
with
credit
enhancements
from
one
financial
institution. 
Market
Risk
:
Each
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
each
Fund
to
reinvest
in
lower
yielding
securities. Each
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
each
Fund’s
portfolio
will
decline
if
each
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
each
Fund
portfolio’s
current
earnings
rate.
Municipal
securities
are
subject
to
the
risk
that
litigation,
legislation
or
other
political
events,
local
business
or
economic
conditions,
credit
rating
downgrades,
or
the
bankruptcy
of
the
issuer
could
have
a
significant
effect
on
an
issuer’s
ability
to
make
payments
of
principal
and/or
interest
or
otherwise
affect
the
value
of
such
securities.
Municipal
securities
can
be
significantly
affected
by
political
or
economic
changes,
including
changes
made
in
the
law
after
issuance
of
the
securities,
as
well
as
uncertainties
in
the
municipal
market
related
to,
taxation,
legislative
changes
or
the
rights
of
municipal
security
holders,
including
in
connection
with
an
issuer
insolvency.
Municipal
securities
backed
by
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
can
be
negatively
affected
by
the
discontinuance
of
the
tax
benefits
supporting
Fund
Name
Undistributed
Tax-
Exempt
Income
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
BlackRock
Liquid
Federal
Trust
Fund
.............
$
—‌
$
—‌
$
—‌
$(43,092)
$(89,690)
$(132,782)
FedFund
................................
—‌
—‌
—‌
(82,025,194)
(1,186,229)
(83,211,423)
TempCash
...............................
—‌
476‌
—‌
(1,098,634)
390,473
(707,685)
TempFund
...............................
—‌
7,783‌
—‌
(780,200)
83,230
(689,187)
T-Fund
..................................
—‌
391,917‌
—‌
(49,288,847)
(2,676)
(48,899,606)
Treasury
Trust
Fund
.........................
—‌
12,736,076‌
—‌
—
(329)
12,735,747
MuniCash
................................
—‌
—‌
7,925‌
—
(162,042)
(154,117)
California
Money
Fund
.......................
348‌
—‌
—‌
—
(18,096)
(17,748)
New
York
Money
Fund
.......................
—‌
—‌
4,766‌
—
—
4,766
Fund
Name
Amount
Utilized
BlackRock
Liquid
Federal
Trust
Fund
.......................................................................................
$
630,463‌
TempCash
.........................................................................................................
60,470‌
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Liquid
Federal
Trust
Fund
....................................
$
5,862,655,323‌
$
–‌
$
(36‌)
$
(36‌)
FedFund
.......................................................
139,873,416,634‌
–‌
(3,498‌)
(3,498‌)
T-Fund
........................................................
92,381,048,386‌
–‌
(2,676‌)
(2,676‌)
Treasury
Trust
Fund
...............................................
96,863,708,879‌
–‌
(329‌)
(329‌)
Notes
to
Financial
Statements
(continued)
129
Notes
to
Financial
Statements
the
project
or
assets
or
the
inability
to
collect
revenues
for
the
project
or
from
the
assets.
Municipal
securities
may
be
less
liquid
than
taxable
bonds,
and
there
may
be
less
publicly
available
information
on
the
financial
condition
of
municipal
security
issuers
than
for
issuers
of
other
securities.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds. 
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
invest
a
substantial
amount
of their
assets
in
issuers
located
in
a
single
state
or
limited
number
of
states.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
or
social
conditions
affecting
that
state
or
group
of
states
could
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund's
portfolio.
Investment
percentages
in
specific
states
or
U.S.
territories
are
presented
in
the
Schedules
of
Investments.
The
Funds
invest
a
significant
portion
of
their
assets
in fixed-income securities and/or use
derivatives tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may affect
the
value
and/or
liquidity
of
such investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the period
of
historically
low
interest
rates
that
ended
in
March
2022. The
Federal
Reserve
has
recently been
raising the
federal
funds
rate
as
part
of
its
efforts
to
address
inflation.
There
is
a
risk
that
interest
rates
will
continue
to
rise,
which
will
likely
drive
down
the
prices
of
bonds
and
other
fixed-income
securities,
and
could
negatively
impact
the
Funds'
performance.
The
Funds invest
a
significant
portion
of their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Funds
invest. 
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
8.
CAPITAL
SHARE
TRANSACTIONS 
The
Trust’s
Declaration
of
Trust
permits
the
Trustees
to
issue
an
unlimited
number
of
full
and
fractional
shares
of
beneficial
interest
(shares)
and
to
classify
or
reclassify
any
unissued
shares
into
one
or
more
additional
classes
of
shares. 
The
number
of
shares
sold,
reinvested
and
redeemed
corresponds
to
the
net
proceeds
from
the
sale
of
shares,
reinvestment
of
all
distributions
and
cost
of
shares
redeemed,
respectively,
since
shares
are
sold
and
redeemed
at
$1.00
per
share
for
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund.
Transactions
in
capital
shares
for
each
class
were
as
follows:
d
Fund
Name/Share
Class        
Year
Ended
10/31/23
10/31/22
BlackRock
Liquid
Federal
Trust
Fund
Institutional
Shares
sold
30,621,001,915‌
37,721,624,450‌
Shares
issued
in
reinvestment
of
distributions
........................................................
66,202,478‌
18,793,845‌
Shares
redeemed
(29,861,393,554‌)
(37,534,391,448‌)
825,810,839‌
206,026,847‌
Administration
Shares
sold
80,901,405‌
18,616,847‌
Shares
issued
in
reinvestment
of
distributions
........................................................
1,253,451‌
203,322‌
Shares
redeemed
(74,675,348‌)
(81,791,501‌)
7,479,508‌
(62,971,332‌)
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
130
d
Fund
Name/Share
Class        
Year
Ended
10/31/23
10/31/22
Bancroft
Capital
Shares
sold
—‌
50,000‌
(a)
Shares
issued
in
reinvestment
of
distributions
........................................................
2,348‌
424‌
(a)
2,348‌
50,424‌
Cabrera
Capital
Markets
Shares
sold
—‌
50,000‌
(a)
Shares
issued
in
reinvestment
of
distributions
........................................................
2,348‌
424‌
(a)
2,348‌
50,424‌
Cash
Management
Shares
sold
5,087,771‌
28,499,707‌
Shares
issued
in
reinvestment
of
distributions
........................................................
93,876‌
23,878‌
Shares
redeemed
(9,808,992‌)
(24,277,160‌)
(4,627,345‌)
4,246,425‌
Cash
Reserve
Shares
issued
in
reinvestment
of
distributions
........................................................
—‌
3‌
(b)
Shares
redeemed
—‌
(8,153‌)
(b)
—‌
(8,150‌)
Dollar
Shares
sold
80,931,698‌
75,113,047‌
Shares
issued
in
reinvestment
of
distributions
........................................................
23,581‌
3,378‌
Shares
redeemed
(73,306,850‌)
(70,325,226‌)
7,648,429‌
4,791,199‌
Great
Pacific
Shares
sold
—‌
50,000‌
(c)
Shares
issued
in
reinvestment
of
distributions
........................................................
2,347‌
407‌
(c)
2,347‌
50,407‌
Mischler
Financial
Group
Shares
sold
202,250,000‌
231,550,000‌
(a)
Shares
issued
in
reinvestment
of
distributions
........................................................
147,846‌
20,906‌
(a)
Shares
redeemed
(197,000,000‌)
(226,450,000‌)
(a)
5,397,846‌
5,120,906‌
Penserra
Shares
sold
750,000‌
50,000‌
(d)
Shares
issued
in
reinvestment
of
distributions
........................................................
2,347‌
422‌
(d)
752,347‌
50,422‌
Stern
Brothers
Shares
sold
1,500,000‌
50,000‌
(e)
Shares
issued
in
reinvestment
of
distributions
........................................................
3,206‌
291‌
(e)
Shares
redeemed
(1,500,000‌)
—‌
3,206‌
50,291‌
Tigress
Shares
sold
25,000,010‌
3,050,000‌
(f)
Shares
issued
in
reinvestment
of
distributions
........................................................
142,049‌
1,074‌
(f)
Shares
redeemed
(10‌)
—‌
25,142,049‌
3,051,074‌
867,613,922‌
160,508,937‌
FedFund
Institutional
Shares
sold
941,796,456,420‌
1,030,637,249,721‌
Shares
issued
in
reinvestment
of
distributions
........................................................
2,005,616,089‌
441,007,092‌
Shares
redeemed
(932,593,855,369‌)
(1,047,309,003,144‌)
11,208,217,140‌
(16,230,746,331‌)
Administration
Shares
sold
21,082,794,544‌
51,690,963,371‌
Shares
issued
in
reinvestment
of
distributions
........................................................
398,054,292‌
178,483,736‌
Shares
redeemed
(36,329,637,862‌)
(32,072,119,530‌)
(14,848,789,026‌)
19,797,327,577‌
Notes
to
Financial
Statements
(continued)
131
Notes
to
Financial
Statements
d
Fund
Name/Share
Class        
Year
Ended
10/31/23
10/31/22
Capital
Shares
sold
13,580,571‌
12,822,079,189‌
Shares
issued
in
reinvestment
of
distributions
........................................................
150,992‌
2,930,405‌
Shares
redeemed
(12,394,865‌)
(38,546,297,046‌)
1,336,698‌
(25,721,287,452‌)
Cash
Management
Shares
sold
591,793,057‌
780,699,507‌
Shares
issued
in
reinvestment
of
distributions
........................................................
22,702,513‌
3,041,796‌
Shares
redeemed
(591,730,200‌)
(678,544,955‌)
22,765,370‌
105,196,348‌
Cash
Reserve
Shares
sold
45,843,430,347‌
50,056,302,595‌
Shares
issued
in
reinvestment
of
distributions
........................................................
201,503‌
21,562‌
Shares
redeemed
(46,976,060,820‌)
(50,391,678,100‌)
(1,132,428,970‌)
(335,353,943‌)
Dollar
Shares
sold
12,639,188,049‌
15,629,110,135‌
Shares
issued
in
reinvestment
of
distributions
........................................................
54,932,668‌
8,730,950‌
Shares
redeemed
(12,358,716,295‌)
(14,847,284,223‌)
335,404,422‌
790,556,862‌
Mischler
Financial
Group
Shares
sold
31,177,816,277‌
24,406,918,879‌
Shares
issued
in
reinvestment
of
distributions
........................................................
53,523,489‌
11,390,175‌
Shares
redeemed
(29,886,151,356‌)
(25,380,702,059‌)
1,345,188,410‌
(962,393,005‌)
Premier
Shares
sold
3,350,415,754‌
3,608,457,808‌
Shares
issued
in
reinvestment
of
distributions
........................................................
16,504,973‌
1,864,396‌
Shares
redeemed
(1,916,340,786‌)
(2,198,960,628‌)
1,450,579,941‌
1,411,361,576‌
Private
Client
Shares
sold
4,791‌
—‌
Shares
issued
in
reinvestment
of
distributions
........................................................
10,459‌
1,554‌
Shares
redeemed
(18,834‌)
(280‌)
(3,584‌)
1,274‌
Select
Shares
sold
1,339,475,954‌
1,912,292,513‌
Shares
issued
in
reinvestment
of
distributions
........................................................
15,133,650‌
3,107,617‌
Shares
redeemed
(1,686,673,362‌)
(1,984,792,713‌)
(332,063,758‌)
(69,392,583‌)
Stern
Brothers
Shares
sold
11,500,001‌
50,000‌
(e)
Shares
issued
in
reinvestment
of
distributions
........................................................
26,325‌
299‌
(e)
Shares
redeemed
(11,550,000‌)
—‌
(23,674‌)
50,299‌
Tigress
Shares
sold
46,562,693‌
2,050,000‌
(f)
Shares
issued
in
reinvestment
of
distributions
........................................................
184,054‌
743‌
(f)
Shares
redeemed
(19,048,723‌)
—‌
27,698,024‌
2,050,743‌
WestCap
Shares
sold
118,000,000‌
50,000‌
(g)
Shares
issued
in
reinvestment
of
distributions
........................................................
3,150,047‌
269‌
(g)
Shares
redeemed
(17,880,000‌)
—‌
103,270,047‌
50,269‌
(1,818,848,960‌)
(21,212,578,366‌)
T-Fund
Institutional
Shares
sold
1,124,983,592,331‌
1,130,088,249,661‌
Shares
issued
in
reinvestment
of
distributions
........................................................
1,173,900,710‌
200,986,153‌
Shares
redeemed
(1,121,219,112,443‌)
(1,138,600,488,935‌)
4,938,380,598‌
(8,311,253,121‌)
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
132
d
Fund
Name/Share
Class        
Year
Ended
10/31/23
10/31/22
Administration
Shares
sold
7,852,313,986‌
35,189,075,748‌
Shares
issued
in
reinvestment
of
distributions
........................................................
309,549,338‌
141,478,818‌
Shares
redeemed
(19,957,161,461‌)
(20,049,893,915‌)
(11,795,298,137‌)
15,280,660,651‌
Capital
Shares
sold
405,304,186‌
11,810,436,969‌
Shares
issued
in
reinvestment
of
distributions
........................................................
5,865,916‌
893,971‌
Shares
redeemed
(263,798,086‌)
(39,060,254,288‌)
147,372,016‌
(27,248,923,348‌)
Cash
Management
Shares
sold
4,313,088,808‌
4,498,561,177‌
Shares
issued
in
reinvestment
of
distributions
........................................................
24,332,943‌
3,818,361‌
Shares
redeemed
(4,308,342,515‌)
(4,440,475,621‌)
29,079,236‌
61,903,917‌
Cash
Reserve
Shares
sold
323,421,715‌
1,059,106,115‌
Shares
issued
in
reinvestment
of
distributions
........................................................
772,240‌
224,084‌
Shares
redeemed
(368,938,961‌)
(1,453,257,146‌)
(44,745,006‌)
(393,926,947‌)
Dollar
Shares
sold
9,928,734,641‌
15,300,359,363‌
Shares
issued
in
reinvestment
of
distributions
........................................................
28,968,263‌
5,754,182‌
Shares
redeemed
(9,851,801,162‌)
(15,047,279,578‌)
105,901,742‌
258,833,967‌
Premier
Shares
sold
2,283,790,381‌
783,579,642‌
Shares
issued
in
reinvestment
of
distributions
........................................................
25,486,576‌
1,911,883‌
Shares
redeemed
(1,373,609,986‌)
(302,179,262‌)
935,666,971‌
483,312,263‌
Select
Shares
sold
523,278,909‌
152,218,729‌
Shares
issued
in
reinvestment
of
distributions
........................................................
2,416,295‌
135,326‌
Shares
redeemed
(496,577,385‌)
(168,847,901‌)
29,117,819‌
(16,493,846‌)
(5,654,524,761‌)
(19,885,886,464‌)
Treasury
Trust
Fund
Institutional
Shares
sold
270,716,368,499‌
275,811,620,566‌
Shares
issued
in
reinvestment
of
distributions
........................................................
1,693,628,787‌
451,551,434‌
Shares
redeemed
(281,809,645,053‌)
(268,319,833,043‌)
(9,399,647,767‌)
7,943,338,957‌
Administration
Shares
sold
1,228,748,237‌
1,501,043,709‌
Shares
issued
in
reinvestment
of
distributions
........................................................
14,155,842‌
2,905,488‌
Shares
redeemed
(1,183,194,082‌)
(1,720,175,754‌)
59,709,997‌
(216,226,557‌)
Capital
Shares
sold
913,705,465‌
45,866,399‌
Shares
issued
in
reinvestment
of
distributions
........................................................
11,527,571‌
97,696‌
Shares
redeemed
(452,134,826‌)
(21,739,697‌)
473,098,210‌
24,224,398‌
Cash
Management
Shares
sold
29,920,721‌
50,917,744‌
Shares
issued
in
reinvestment
of
distributions
........................................................
368,642‌
10,536‌
Shares
redeemed
(46,534,965‌)
(62,557,550‌)
(16,245,602‌)
(11,629,270‌)
Notes
to
Financial
Statements
(continued)
133
Notes
to
Financial
Statements
Transactions
in
capital
shares
for
each
class
of
TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
were
as
follows:
d
Fund
Name/Share
Class        
Year
Ended
10/31/23
10/31/22
Cash
Reserve
Shares
sold
610,857,948‌
355,051,481‌
Shares
issued
in
reinvestment
of
distributions
........................................................
1,324‌
616‌
Shares
redeemed
(561,718,372‌)
(372,944,893‌)
49,140,900‌
(17,892,796‌)
Dollar
Shares
sold
7,763,879,918‌
3,544,056,801‌
Shares
issued
in
reinvestment
of
distributions
........................................................
5,306,384‌
864,712‌
Shares
redeemed
(6,486,425,181‌)
(3,519,947,987‌)
1,282,761,121‌
24,973,526‌
Select
Shares
sold
750,589,215‌
1,905,146,766‌
Shares
issued
in
reinvestment
of
distributions
........................................................
7,370,864‌
2,012,121‌
Shares
redeemed
(673,561,755‌)
(2,398,131,605‌)
84,398,324‌
(490,972,718‌)
(7,466,784,817‌)
7,255,815,540‌
d
Year
Ended
10/31/23
Year
Ended
10/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
TempCash
Institutional
Shares
sold
..........................................
19,184,097,745‌
$
19,189,951,147‌
9,600,080,601‌
$
9,601,791,284‌
Shares
issued
in
reinvestment
of
distributions
.....................
23,922,723‌
23,930,356‌
3,890,755‌
3,891,427‌
Shares
redeemed
......................................
(14,720,816,627‌)
(14,725,554,167‌)
(6,728,448,109‌)
(6,729,988,840‌)
4,487,203,841‌
$
4,488,327,336‌
2,875,523,247‌
$
2,875,693,871‌
Dollar
Shares
issued
in
reinvestment
of
distributions
.....................
845‌
$
846‌
150‌
$
150‌
845‌
$
846‌
150‌
$
150‌
Great
Pacific
(h)
Shares
sold
..........................................
585,024,981‌
$
585,258,875‌
—‌
$
—‌
Shares
issued
in
reinvestment
of
distributions
.....................
19,784,211‌
19,788,522‌
—‌
—‌
Shares
redeemed
......................................
(200,545,835‌)
(200,586,000‌)
—‌
—‌
404,263,357‌
$
404,461,397‌
—‌
$
—‌
4,891,468,043‌
$
4,892,789,579‌
2,875,523,397‌
$
2,875,694,021‌
TempFund
Institutional
Shares
sold
..........................................
18,908,539,487‌
$
18,916,051,607‌
29,219,735,194‌
$
29,223,593,041‌
Shares
issued
in
reinvestment
of
distributions
.....................
204,679,581‌
204,762,886‌
56,440,667‌
56,447,053‌
Shares
redeemed
......................................
(21,330,306,472‌)
(21,339,185,990‌)
(30,562,133,416‌)
(30,565,617,972‌)
(2,217,087,404‌)
$
(2,218,371,497‌)
(1,285,957,555‌)
$
(1,285,577,878‌)
Administration
Shares
sold
..........................................
48,903,102‌
$
48,922,965‌
22,922,307‌
$
22,926,204‌
Shares
issued
in
reinvestment
of
distributions
.....................
1,404,546‌
1,405,136‌
150,228‌
150,250‌
Shares
redeemed
......................................
(46,610,054‌)
(46,631,185‌)
(9,042,750‌)
(9,044,672‌)
3,697,594‌
$
3,696,916‌
14,029,785‌
$
14,031,782‌
Cabrera
Capital
Markets
Shares
sold
..........................................
124,925‌
$
125,002‌
49,975‌
$
50,000‌
Shares
issued
in
reinvestment
of
distributions
.....................
7,350‌
7,353‌
495‌
495‌
132,275‌
$
132,355‌
50,470‌
$
50,495‌
Capital
Shares
sold
..........................................
438,259,205‌
$
438,451,580‌
41,317,345‌
$
41,324,464‌
Shares
issued
in
reinvestment
of
distributions
.....................
6,337,865‌
6,340,663‌
60,701‌
60,704‌
Shares
redeemed
......................................
(285,283,159‌)
(285,417,146‌)
(11,272,057‌)
(11,273,308‌)
159,313,911‌
$
159,375,097‌
30,105,989‌
$
30,111,860‌
Cash
Management
Shares
sold
..........................................
153,641,233‌
$
153,702,543‌
262,023,985‌
$
262,057,634‌
Shares
issued
in
reinvestment
of
distributions
.....................
22,528,431‌
22,537,848‌
3,800,989‌
3,801,488‌
Shares
redeemed
......................................
(205,379,391‌)
(205,463,655‌)
(324,336,305‌)
(324,376,857‌)
(29,209,727‌)
$
(29,223,264‌)
(58,511,331‌)
$
(58,517,735‌)
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
134
(a)
Period
November
1,
2021
(commencement
of
operations)
to
October
31,
2022
for
Bancroft
Capital
Shares,
Cabrera
Capital
Markets
Shares
and
Mischler
Financial
Group
Shares.
(b)
There
were
no
Cash
Reserve
Shares
outstanding
for
the
year
ended
October
31,
2022.
(c)
Period
May
2,
2022
(commencement
of
operations)
to
October
31,
2022
for
Great
Pacific
Shares.
(d)
Period
January
21,
2022
(commencement
of
operations)
to
October
31,
2022
for
Penserra
Shares.
(e)
Period
August
1,
2022
(commencement
of
operations)
to
October
31,
2022
for
Stern
Brothers
Shares.
(f)
Period
September
30,
2022
(commencement
of
operations)
to
October
31,
2022
for
Tigress
Shares.
(g)
Period
August
12,
2022
(commencement
of
operations)
to
October
31,
2022
for
WestCap
Shares.
(h)
Period
January
23,
2023
(commencement
of
operations)
to
October
31,
2023
for
Great
Pacific
Shares.
As
of
October
31,
2023,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
owned
2,268,040,900
Institutional
Shares
of
FedFund
.
As
of
October
31,
2023,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
owned 36,478
Premier
Shares
of
TempCash.
9.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
On
November
16,
2023,
the
Board
approved
a
proposal
to
close
California
Money
Fund
and
New
York
Money
Fund
to
new
investors
and
thereafter
to
liquidate
each
Fund.
Accordingly,
effective
on
December
1,
2023,
each
Fund
will
no
longer
accept
purchase
orders
from
new
investors.
On
or
about
February
23,
2024
(the
“Liquidation
Date”),
d
Year
Ended
10/31/23
Year
Ended
10/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Cash
Reserve
Shares
sold
..........................................
37,187,243‌
$
37,203,114‌
40,130,742‌
$
40,141,262‌
Shares
issued
in
reinvestment
of
distributions
.....................
702,199‌
702,516‌
82,560‌
82,573‌
Shares
redeemed
......................................
(34,776,934‌)
(34,793,115‌)
(42,426,716‌)
(42,433,639‌)
3,112,508‌
$
3,112,515‌
(2,213,414‌)
$
(2,209,804‌)
Dollar
Shares
sold
..........................................
155,527,541‌
$
155,589,180‌
101,482,514‌
$
101,493,465‌
Shares
issued
in
reinvestment
of
distributions
.....................
3,449,949‌
3,451,418‌
722,935‌
723,035‌
Shares
redeemed
......................................
(176,621,499‌)
(176,689,353‌)
(109,118,262‌)
(109,128,018‌)
(17,644,009‌)
$
(17,648,755‌)
(6,912,813‌)
$
(6,911,518‌)
Private
Client
Shares
sold
..........................................
65,887‌
$
65,920‌
—‌
$
—‌
Shares
issued
in
reinvestment
of
distributions
.....................
33,401‌
33,416‌
7,827‌
7,829‌
Shares
redeemed
......................................
(512,067‌)
(512,326‌)
(16,969‌)
(16,973‌)
(412,779‌)
$
(412,990‌)
(9,142‌)
$
(9,144‌)
(2,098,097,631‌)
$
(2,099,339,623‌)
(1,309,418,011‌)
$
(1,309,031,942‌)
MuniCash
Institutional
Shares
sold
..........................................
35,981,486,604‌
$
35,981,358,818‌
43,233,900,980‌
$
43,236,483,206‌
Shares
issued
in
reinvestment
of
distributions
.....................
51,656,917‌
51,656,128‌
9,691,100‌
9,691,295‌
Shares
redeemed
......................................
(35,085,456,468‌)
(35,085,692,424‌)
(45,018,624,832‌)
(45,021,375,647‌)
947,687,053‌
$
947,322,522‌
(1,775,032,752‌)
$
(1,775,201,146‌)
Dollar
Shares
sold
..........................................
5,093,134‌
$
5,093,161‌
3,246,982‌
$
3,246,997‌
Shares
issued
in
reinvestment
of
distributions
.....................
52,079‌
52,078‌
14,459‌
14,459‌
Shares
redeemed
......................................
(6,284,604‌)
(6,284,494‌)
(5,159,835‌)
(5,159,987‌)
(1,139,391‌)
$
(1,139,255‌)
(1,898,394‌)
$
(1,898,531‌)
946,547,662‌
$
946,183,267‌
(1,776,931,146‌)
$
(1,777,099,677‌)
California
Money
Fund
Institutional
Shares
sold
..........................................
3,694,802,462‌
$
3,692,238,107‌
3,122,928,236‌
$
3,121,371,243‌
Shares
issued
in
reinvestment
of
distributions
.....................
7,022,534‌
7,017,452‌
970,885‌
970,232‌
Shares
redeemed
......................................
(3,751,718,199‌)
(3,749,123,410‌)
(3,013,148,212‌)
(3,011,746,498‌)
(49,893,203‌)
$
(49,867,851‌)
110,750,909‌
$
110,594,977‌
New
York
Money
Fund
Institutional
Shares
sold
..........................................
1,709,417,536‌
$
1,709,418,932‌
1,169,906,443‌
$
1,169,906,444‌
Shares
issued
in
reinvestment
of
distributions
.....................
2,426,130‌
2,426,143‌
334,396‌
334,396‌
Shares
redeemed
......................................
(1,471,430,213‌)
(1,471,430,638‌)
(1,031,082,677‌)
(1,031,082,677‌)
240,413,453‌
$
240,414,437‌
139,158,162‌
$
139,158,163‌
Notes
to
Financial
Statements
(continued)
135
Notes
to
Financial
Statements
all
of
the
assets
of
the
Funds
will
be
liquidated
completely,
the
shares
of
any
shareholders
on
the
Liquidation
Date
will
be
redeemed
at
the
NAV
per
share
and
each
Fund
will
then
be
terminated
as
a
series
of
the
Trust.
On
November
16,
2023,
the
Board
approved
a
change
in
MuniCash’s
principal
strategies
to
only
allow
assets
that
are
weekly
liquid
assets
to
be
held
in
the
portfolio.
The
change
in
strategy
will
become
effective
on
February
27,
2024.
Report
of
Independent
Registered
Public
Accounting
Firm
2023
BlackRock
Annual
Report
to
Shareholders
136
To
the
Shareholders
of
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
TempCash,
TempFund,
T-Fund,
Treasury
Trust
Fund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
and
the
Board
of
Trustees
of
BlackRock
Liquidity
Funds:
Opinion
on
the
Financial
Statements
and
Financial
Highlights
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
TempCash,
TempFund,
T-Fund,
Treasury
Trust
Fund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund
of
BlackRock
Liquidity
Funds
(the
“Funds”),
including
the
schedules
of
investments,
as
of
October
31,
2023,
the
related
statements
of
operations
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
the
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
and
the
related
notes.
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Funds
as
of
October
31,
2023,
and
the
results
of
their
operations
for
the
year
then
ended,
the
changes
in
their
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
and
financial
highlights
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Funds
are
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
their
internal
control
over
financial
reporting.
As
part
of
our
audits
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Funds’
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
financial
highlights.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2023,
by
correspondence
with
custodians
or
counterparties;
when
replies
were
not
received,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
Deloitte
&
Touche
LLP
Boston,
Massachusetts
December
21,
2023
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
1992.
Important
Tax
Information
(unaudited)
137
Important
Tax
Information
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
as
capital
gain
dividends,
subject
to
a
long-term
capital
gains
tax
rate
as
noted
below,
for
the
fiscal
year
ended
October
31,
2023:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
of
distributions
from
direct
federal
obligation
interest
for
the
fiscal
year
ended
October
31,
2023:
The
law
varies
in
each
state
as
to
whether
and
what
percent
of
ordinary
income
dividends
attributable
to
federal
obligations
is
exempt
from
state
income
tax.
Shareholders
are
advised
to
check
with
their
tax
advisers
to
determine
if
any
portion
of
the
dividends
received
is
exempt
from
state
income
tax.
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable by
law,
as
interest
income
eligible
to
be
treated
as
a
Section
163(j)
interest
dividend
for
the
fiscal
year
ended
October
31,
2023:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
as
interest-related
dividends
and
qualified
short-term
capital
gains eligible
for
exemption
from
U.S.
withholding
tax
for
nonresident
aliens
and
foreign
corporations
for
the
fiscal
year
ended
October
31,
2023:
Fund
Name
20%
Rate
Long-Term
Capital
Gain
Dividends
MuniCash
........................................................................................................
$
184‌
Fund
Name
Federal
Obligation
Interest
FedFund
........................................................................................................
$
1,393,325,714‌
TempCash
.......................................................................................................
4,945,184‌
TempFund
.......................................................................................................
2,890,696‌
T-Fund
..........................................................................................................
531,237,087‌
Treasury
Trust
Fund
.................................................................................................
4,384,089,276‌
BlackRock
Liquid
Federal
Trust
Fund
.....................................................................................
224,871,365‌
Fund
Name
Interest
Dividends
FedFund
........................................................................................................
$
6,731,491,981‌
TempCash
.......................................................................................................
590,601,806‌
TempFund
.......................................................................................................
291,425,805‌
T-Fund
..........................................................................................................
4,410,418,831‌
Treasury
Trust
Fund
.................................................................................................
4,817,124,068‌
BlackRock
Liquid
Federal
Trust
Fund
.....................................................................................
224,871,365‌
Fund
Name
Interest-Related
Dividends
Qualified
Short-Term
Capital
Gains
FedFund
.....................................................................................
$
6,447,505,094‌
$
—‌
TempCash
....................................................................................
577,763,825‌
—‌
TempFund
....................................................................................
291,425,805‌
—‌
T-Fund
.......................................................................................
4,410,418,831‌
—‌
Treasury
Trust
Fund
..............................................................................
4,642,843,349‌
5,230,882‌
MuniCash
.....................................................................................
—‌
615‌
New
York
Money
Fund
............................................................................
—‌
4‌
BlackRock
Liquid
Federal
Trust
Fund
..................................................................
224,871,365‌
—‌
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
2023
BlackRock
Annual
Report
to
Shareholders
138
The
Board
of
Trustees
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Liquidity
Funds
(the
“Trust”)
met
on
April
18,
2023
(the
“April
Meeting”)
and
May
23-24,
2023
(the
“May
Meeting”)
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Trust,
on
behalf
of
each
series
of
the
Trust
(each
a
“Fund”
and
collectively,
the
“Funds”),
and
BlackRock
Advisors,
LLC
(the
“Manager”
or
“BlackRock”),
each
Fund’s
investment
advisor.
The
Board
also
considered
the
approval
to
continue
the
sub-advisory
agreement
between
the
Manager
and
BlackRock
International
Limited
(the
“Sub-Advisor”)
with
respect
to
TempFund
and
TempCash
(the
“Sub-Advisory
Agreement”).
The
Manager
and
the
Sub-Advisor
are
referred
to
herein
as
“BlackRock.”
The
Advisory
Agreement
and
the
Sub-Advisory
Agreement
are
referred
to
herein
as
the
“Agreements.”
The
Approval
Process
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Board
considers
the
approval
of
the
continuation
of
the
Agreements
for
each
Fund
on
an
annual
basis.
The
Board
members
who
are
not
“interested
persons”
of
the
Trust,
as
defined
in
the
1940
Act,
are
considered
independent
Board
members
(the
“Independent
Board
Members”).
The
Board’s
consideration
entailed
a
year-long
deliberative
process
during
which
the
Board
and
its
committees
assessed
BlackRock’s
various
services
to
each
Fund,
including
through
the
review
of
written
materials
and
oral
presentations,
and
the
review
of
additional
information
provided
in
response
to
requests
from
the
Independent
Board
Members.
The
Board
had
four
quarterly
meetings
per
year,
each
of
which
extended
over
a
two-day
period,
as
well
as
additional
ad
hoc
meetings
and
executive
sessions
throughout
the
year,
as
needed.
The
committees
of
the
Board
similarly
met
throughout
the
year.
The
Board
also
had
an
additional
one-day
meeting
to
consider
specific
information
regarding
the
renewal
of
the
Agreements.
In
considering
the
renewal
of
the
Agreements,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
provided
to
the
Fund
by
BlackRock,
BlackRock’s
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
Throughout
the
year,
including
during
the
contract
renewal
process,
the
Independent
Board
Members
were
advised
by
independent
legal
counsel,
and
met
with
independent
legal
counsel
in
various
executive
sessions
outside
of
the
presence
of
BlackRock’s
management.
During
the
year,
the
Board,
acting
directly
and
through
its
committees,
considered
information
that
was
relevant
to
its
annual
consideration
of
the
renewal
of
the
Agreements,
including
the
services
and
support
provided
by
BlackRock
to
the
Fund
and
its
shareholders.
BlackRock
also
furnished
additional
information
to
the
Board
in
response
to
specific
questions
from
the
Board.
Among
the
matters
the
Board
considered
were:
(a)
investment
performance
for
one-year,
three-year,
five-year,
and/or
since
inception
periods,
as
applicable,
against
peer
funds,
an
applicable
benchmark,
and
other
performance
metrics,
as
applicable,
as
well
as
BlackRock
senior
management’s
and
portfolio
managers’
analyses
of
the
reasons
for
any
outperformance
or
underperformance
relative
to
its
peers,
benchmarks,
and
other
performance
metrics,
as
applicable;
(b)
fees,
including
advisory,
administration,
if
applicable,
and
other
amounts
paid
to
BlackRock
and
its
affiliates
by
the
Fund
for
services;
(c)
Fund
operating
expenses
and
how
BlackRock
allocates
expenses
to
the
Fund;
(d)
the
resources
devoted
to
risk
oversight
of,
and
compliance
reports
relating
to,
implementation
of
the
Fund’s
investment
objective,
policies
and
restrictions,
and
meeting
regulatory
requirements;
(e)
BlackRock’s
and
the
Fund’s
adherence
to
applicable
compliance
policies
and
procedures;
(f)
the
nature,
character
and
scope
of
non-investment
management
services
provided
by
BlackRock
and
its
affiliates
and
the
estimated
cost
of
such
services,
as
available;
(g)
BlackRock’s
and
other
service
providers’
internal
controls
and
risk
and
compliance
oversight
mechanisms;
(h)
BlackRock’s
implementation
of
the
proxy
voting
policies
approved
by
the
Board;
(i)
execution
quality
of
portfolio
transactions;
(j)
BlackRock’s
implementation
of
the
Fund’s
valuation
and
liquidity
procedures;
(k)
an
analysis
of
management
fees
paid
to
BlackRock
for
products
with
similar
investment
mandates
across
the
open-end
fund,
exchange-traded
fund
(“ETF”),
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable,
and
the
similarities
and
differences
between
these
products
and
the
services
provided
as
compared
to
the
Fund;
(l)
BlackRock’s
compensation
methodology
for
its
investment
professionals
and
the
incentives
and
accountability
it
creates,
along
with
investment
professionals’
investments
in
the
fund(s)
they
manage;
and
(m)
periodic
updates
on
BlackRock’s
business.
Prior
to
and
in
preparation
for
the
April
Meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
the
renewal
of
the
Agreements.
The
Independent
Board
Members
are
continuously
engaged
in
a
process
with
their
independent
legal
counsel
and
BlackRock
to
review
the
nature
and
scope
of
the
information
provided
to
the
Board
to
better
assist
its
deliberations.
The
materials
provided
in
connection
with
the
April
Meeting
included,
among
other
things:
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
based
on
either
a
Lipper
classification
or
Morningstar
category,
regarding
each
Fund’s
fees
and
expenses
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
(“Expense
Peers”)
and
the
investment
performance
of
each
Fund
as
compared
with
a
peer
group
of
funds
(“Performance
Peers”);
(b)
information
on
the
composition
of
the
Expense
Peers
and
Performance
Peers
and
a
description
of
Broadridge’s
methodology;
(c)
information
on
the
estimated
profits
realized
by
BlackRock
and
its
affiliates
pursuant
to
the
Agreements
and
a
discussion
of
fall-out
benefits
to
BlackRock
and
its
affiliates;
(d)
a
general
analysis
provided
by
BlackRock
concerning
investment
management
fees
received
in
connection
with
other
types
of
investment
products,
such
as
institutional
accounts,
sub-advised
mutual
funds,
ETFs,
closed-end
funds,
open-end
funds,
and
separately
managed
accounts,
under
similar
investment
mandates,
as
well
as
the
performance
of
such
other
products,
as
applicable;
(e)
a
review
of
non-management
fees;
(f)
the
existence,
impact
and
sharing
of
potential
economies
of
scale,
if
any,
with
the
Funds;
(g)
a
summary
of
aggregate
amounts
paid
by
each
Fund
to
BlackRock;
(h)
sales
and
redemption
data
regarding
each
Fund’s
shares;
and
(i)
various
additional
information
requested
by
the
Board
as
appropriate
regarding
BlackRock’s
and
the
Funds’
operations.
At
the
April
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreements
and
the
Independent
Board
Members
presented
BlackRock
with
questions
and
requests
for
additional
information.
BlackRock
responded
to
these
questions
and
requests
with
additional
written
information
in
advance
of
the
May
Meeting.
At
the
May
Meeting,
the
Board
concluded
its
assessment
of,
among
other
things:
(a)
the
nature,
extent
and
quality
of
the
services
provided
by
BlackRock;
(b)
the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers
and
to
other
metrics,
as
applicable;
(c)
the
advisory
fee
and
the
estimated
cost
of
the
services
and
estimated
profits
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
the
Funds;
(d)
each
Fund’s
fees
and
expenses
compared
to
its
Expense
Peers;
(e)
the
existence
and
sharing
of
potential
economies
of
scale;
(f)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
relationship
with
the
Funds;
and
(g)
other
factors
deemed
relevant
by
the
Board
Members.
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
made
to
BlackRock
or
its
affiliates
relating
to
securities
lending
and
cash
management,
and
BlackRock’s
services
related
to
the
valuation
and
pricing
of
Fund
portfolio
holdings.
The
Board
noted
the
willingness
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Board
Members
evaluated
the
information
available
to
it
on
a
fund-by-fund
basis.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
139
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
The
following
paragraphs
provide
more
information
about
some
of
the
primary
factors
that
were
relevant
to
the
Board’s
decision.
The
Board
Members
did
not
identify
any
particular
information,
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
and
factors
considered.
A.
Nature,
Extent
and
Quality
of
the
Services
Provided
by
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
provided
by
BlackRock,
including
the
investment
advisory
services,
and
the
resulting
performance
of
each
Fund.
Throughout
the
year,
the
Board
compared
each
Fund’s
performance
to
the
performance
of
a
comparable
group
of
mutual
funds,
relevant
benchmark,
and
performance
metrics,
as
applicable.
The
Board
met
with
BlackRock’s
senior
management
personnel
responsible
for
investment
activities,
including
the
senior
investment
officers.
The
Board
also
reviewed
the
materials
provided
by
each
Fund’s
portfolio
management
team
discussing
the
Fund’s
performance,
investment
strategies
and
outlook.
The
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
experience
of
investment
personnel
generally
and
each
Fund’s
portfolio
management
team;
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
technology;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
The
Board
also
considered
BlackRock’s
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks
and
the
role
of
BlackRock’s
Risk
&
Quantitative
Analysis
Group.
The
Board
engaged
in
a
review
of
BlackRock’s
compensation
structure
with
respect
to
each
Fund’s
portfolio
management
team
and
BlackRock’s
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
In
addition
to
investment
advisory
services,
the
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
provided
to
each
Fund.
BlackRock
and
its
affiliates
provide
the
Funds
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
the
Fund
by
third
parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
the
Funds.
In
particular,
BlackRock
and
its
affiliates
provide
the
Funds
with
administrative
services
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus
(as
applicable),
the
statement
of
additional
information
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
pricing;
(iii)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers,
including,
among
others,
each
Fund’s
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
analytical
and
other
support
to
assist
the
Board
in
its
consideration
of
strategic
issues
such
as
the
merger,
consolidation
or
repurposing
of
certain
open-end
funds;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
the
Funds,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
each
Fund’s
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock’s
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
The
Board
considered
the
operation
of
BlackRock’s
business
continuity
plans.
The
Board
noted
that
the
engagement
of
the
Sub-Advisor
with
respect
to
TempFund
and
TempCash
facilitates
the
provision
of
investment
advice
and
trading
by
investment
personnel
out
of
non-U.S.
jurisdictions.
The
Board
considered
that
this
arrangement
provides
additional
flexibility
to
the
portfolio
management
team,
which
may
benefit
TempFund
and
TempCash
and
their
shareholders.
B.
The
Investment
Performance
of
the
Funds
and
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
and
considered
the
performance
history
of
the
Fund
throughout
the
year
and
at
the
April
Meeting.
In
preparation
for
the
April
Meeting,
the
Board
was
provided
with
reports
independently
prepared
by
Broadridge,
which
included
an
analysis
of
the
Fund’s
performance
as
of
December
31,
2022,
as
compared
to
its
Performance
Peers.
Broadridge
ranks
funds
in
quartiles,
ranging
from
first
to
fourth,
where
first
is
the
most
desirable
quartile
position
and
fourth
is
the
least
desirable.
In
connection
with
its
review,
the
Board
received
and
reviewed
information
regarding
the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers
and
a
weighted
average
benchmark
of
similar
funds,
as
defined
by
BlackRock
(“Benchmark
Weighted
Average”).
The
Board
and
its
Performance
Oversight
Committee
regularly
review
and
meet
with
Fund
management
to
discuss
the
performance
of
each
Fund
throughout
the
year.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
The
Board
also
noted
that
while
it
found
the
data
provided
by
Broadridge
generally
useful,
it
recognized
the
limitations
of
such
data,
including
in
particular,
that
notable
differences
may
exist
between
a
fund
and
its
Performance
Peers
(for
example,
the
investment
objectives
and
strategies).
Further,
the
Board
recognized
that
the
performance
data
reflects
a
snapshot
of
a
period
as
of
a
particular
date
and
that
selecting
a
different
performance
period
could
produce
significantly
different
results.
The
Board
also
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance,
and
that
a
single
investment
theme
could
have
the
ability
to
disproportionately
affect
long-term
performance.
The
Board
reviewed
each
Fund’s
performance
within
the
context
of
the
low
yield
environment
that
existed
for
a
portion
of
the
relative
periods.
In
addition
to
reviewing
each
Fund’s
performance
and
current
yield,
it
also
reviews
the
liquidity,
duration,
credit
quality
and
other
risk
factors
of
each
Fund’s
portfolio.
The
Board
noted
that
for
each
of
the
one-
and
three-year
periods
reported,
each
of
T-Fund,
Treasury
Trust
Fund
and
BlackRock
Liquid
Federal
Trust
Fund
outperformed
its
Benchmark
Weighted
Average.
The
Board
noted
that
for
each
of
the
one-
and
three-year
periods
reported,
California
Money
Fund,
New
York
Money
Fund,
TempFund,
TempCash,
MuniCash
and
Fed
Fund
underperformed
its
Benchmark
Weighted
Average.
The
Board
and
BlackRock
reviewed
each
Fund’s
underperformance
relative
to
its
Benchmark
Weighted
Average
during
the
applicable
periods.
The
Board
noted
that
BlackRock
believes
that
the
Benchmark
Weighted
Average
is
an
appropriate
performance
metric
for
each
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
140
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Cost
of
the
Services
and
Estimated
Profits
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
the
Funds
The
Board,
including
the
Independent
Board
Members,
reviewed
each
Fund’s
contractual
management
fee
rate
compared
with
those
of
its
Expense
Peers.
The
contractual
management
fee
rate
represents
a
combination
of
the
advisory
fee
and
any
administrative
fees,
before
taking
into
account
any
reimbursements
or
fee
waivers.
The
Board
also
compared
each
Fund’s
total
expense
ratio,
as
well
as
its
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
The
total
expense
ratio
represents
a
fund’s
total
net
operating
expenses,
including
any
12b-1
or
non-12b-1
service
fees.
The
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers.
The
Board
considered
that
the
fee
and
expense
information
in
the
Broadridge
report
for
the
Fund
reflected
information
for
a
specific
period
and
that
historical
asset
levels
and
expenses
may
differ
from
current
levels,
particularly
in
a
period
of
market
volatility.
The
Board
considered
the
services
provided
and
the
fees
charged
by
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
The
Board
received
and
reviewed
statements
relating
to
BlackRock’s
financial
condition.
The
Board
reviewed
BlackRock’s
profitability
methodology
and
was
also
provided
with
an
estimated
profitability
analysis
that
detailed
the
revenues
earned
and
the
expenses
incurred
by
BlackRock
for
services
provided
to
each
Fund.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
each
Fund
and
other
funds
the
Board
currently
oversees
for
the
year
ended
December
31,
2022
compared
to
available
aggregate
estimated
profitability
data
provided
for
the
prior
two
years.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
certain
other
U.S.
fund
complexes
managed
by
the
Manager
and/or
its
affiliates.
The
Board
reviewed
BlackRock’s
assumptions
and
methodology
of
allocating
expenses
in
the
estimated
profitability
analysis,
noting
the
inherent
limitations
in
allocating
costs
among
various
advisory
products.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors
including,
among
other
things,
fee
waivers
and
expense
reimbursements
by
the
Manager,
the
types
of
funds
managed,
precision
of
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
the
individual
fund
level
is
difficult.
The
Board
noted
that,
in
general,
individual
fund
or
product
line
profitability
of
other
advisors
is
not
publicly
available.
The
Board
reviewed
BlackRock’s
overall
operating
margin,
in
general,
compared
to
that
of
certain
other
publicly
traded
asset
management
firms.
The
Board
considered
the
differences
between
BlackRock
and
these
other
firms,
including
the
contribution
of
technology
at
BlackRock,
BlackRock’s
expense
management,
and
the
relative
product
mix.
The
Board
considered
whether
BlackRock
has
the
financial
resources
necessary
to
attract
and
retain
high
quality
investment
management
personnel
to
perform
its
obligations
under
the
Agreements
and
to
continue
to
provide
the
high
quality
of
services
that
is
expected
by
the
Board.
The
Board
further
considered
factors
including
but
not
limited
to
BlackRock’s
commitment
of
time
and
resources,
assumption
of
risk,
and
liability
profile
in
servicing
the
Funds,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
reviewed
the
expenses
within
the
context
of
the
low
yield
environment
that
existed
for
a
portion
of
the
relative
periods,
and
any
consequent
expense
waivers
and
reimbursements
necessary
to
maintain
minimum
levels
of
daily
net
investment
income,
as
applicable.
The
Board
noted
that
BlackRock
Liquid
Federal
Trust
Fund’s
contractual
management
fee
rate
ranked
in
the
third
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
third
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
noted
that
TempCash’s
contractual
management
fee
rate
ranked
in
the
third
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
fourth
and
third
quartiles,
respectively,
relative
to
the
pertinent
Fund’s
Expense
Peers.
The
Board
noted
that
each
of
Treasury
Trust
Fund’s,
T-Fund’s
and
Fed
Fund’s
contractual
management
fee
rate
ranked
in
the
third
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
fourth
quartile
relative
to
the
pertinent
Fund’s
Expense
Peers.
The
Board
noted
that
New
York
Money
Fund’s
contractual
management
fee
rate
ranked
in
the
fourth
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
second
and
fourth
quartiles,
respectively.
relative
to
the
Fund’s
Expense
Peers.
The
Board
noted
that
TempFund’s
contractual
management
fee
rate
ranked
in
the
fourth
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
third
and
fourth
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
noted
that
each
of
California
Money
Fund’s
and
MuniCash’s
contractual
management
fee
rate
ranked
in
the
fourth
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
fourth
quartile
relative
to
the
pertinent
Fund’s
Expense
Peers.
The
Board
further
noted
that
each
of
TempCash,
TempFund,
California
Money
Fund,
MuniCash
and
New
York
Money
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
Fund
decreases
below
certain
contractually
specified
levels.
The
Board
also
noted
that
each
of
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
aggregate
assets
of
such
Funds
increase
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
aggregate
assets
of
such
Funds
decrease
below
certain
contractually
specified
levels.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
each
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
D.
Economies
of
Scale
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Funds
increase,
including
the
existence
of
fee
waivers
and/or
expense
caps,
as
applicable,
noting
that
any
contractual
fee
waivers
and
contractual
expense
caps
had
been
approved
by
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
141
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
the
Board.
In
its
consideration,
the
Board
further
considered
the
continuation
and/or
implementation
of
fee
waivers
and/or
expense
caps,
as
applicable.
The
Board
also
considered
the
extent
to
which
the
Funds
benefit
from
such
economies
of
scale
in
a
variety
of
ways,
and
whether
there
should
be
changes
in
the
advisory
fee
rate
or
breakpoint
structure
in
order
to
enable
the
Funds
to
more
fully
participate
in
these
economies
of
scale.
The
Board
considered
each
Fund’s
asset
levels
and
whether
the
current
fee
schedule
was
appropriate.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
“fall-out”
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock’s
respective
relationships
with
the
Funds,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
its
risk
management
personnel,
an
increase
in
BlackRock’s
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock’s
affiliates
as
service
providers
to
the
Funds,
including
for
administrative,
distribution,
securities
lending
and
cash
management
services.
With
respect
to
securities
lending,
during
the
year
the
Board
also
considered
information
provided
by
independent
third-party
consultants
related
to
the
performance
of
each
BlackRock
affiliate
as
securities
lending
agent.
The
Board
also
considered
BlackRock’s
overall
operations
and
its
efforts
to
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Board
also
noted
that,
subject
to
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
In
connection
with
its
consideration
of
the
Agreements,
the
Board
also
received
information
regarding
BlackRock’s
brokerage
and
soft
dollar
practices.
The
Board
received
reports
from
BlackRock
which
included
information
on
brokerage
commissions
and
trade
execution
practices
throughout
the
year.
The
Board
noted
the
competitive
nature
of
the
open-end
fund
marketplace,
and
that
shareholders
are
able
to
redeem
their
Fund
shares
if
they
believe
that
the
pertinent
Fund’s
fees
and
expenses
are
too
high
or
if
they
are
dissatisfied
with
the
performance
of
the
Fund.
Conclusion
At
the
May
Meeting,
in
a
continuation
of
the
discussions
that
occurred
during
the
April
Meeting,
and
as
a
culmination
of
the
Board’s
year-long
deliberative
process,
the
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
continuation
of
the
Advisory
Agreement
between
the
Manager
and
the
Trust,
on
behalf
of
each
Fund,
for
a
one-year
term
ending
June
30,
2024,
and
the
Sub-Advisory
Agreement
between
the
Manager
and
the
pertinent
Sub-Advisor
with
respect
to
TempFund
and
TempCash,
for
a
one-year
term
ending
June
30,
2024.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Agreements
were
fair
and
reasonable
and,
in
the
best
interest
of
each
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreements,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
advised
by
independent
legal
counsel
throughout
the
deliberative
process.
Trustee
and
Officer
Information
2023
BlackRock
Annual
Report
to
Shareholders
142
Independent
Trustees
(a)
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
5
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
5
Years
Mark
Stalnecker
1951
Chair
of
the
Board
(Since
2019)
and
Trustee
(Since
2015)
Chief
Investment
Officer,
University
of
Delaware
from
1999
to
2013;
Trustee
and
Chair
of
the
Finance
and
Investment
Committees,
Winterthur
Museum
and
Country
Estate
from
2005
to
2016;
Member
of
the
Investment
Committee,
Delaware
Public
Employees’
Retirement
System
since
2002;
Member
of
the
Investment
Committee,
Christiana
Care
Health
System
from
2009
to
2017;
Member
of
the
Investment
Committee,
Delaware
Community
Foundation
from
2013
to
2014;
Director
and
Chair
of
the
Audit
Committee,
SEI
Private
Trust
Co.
from
2001
to
2014.
28
RICs
consisting
of
169
Portfolios
None
Susan
J.
Carter
1956
Trustee
(Since
2016)
Trustee,
Financial
Accounting
Foundation
from
2017
to
2021;
Advisory
Board
Member,
Center
for
Private
Equity
and
Entrepreneurship
at
Tuck
School
of
Business
from
1997
to
2021;
Director,
Pacific
Pension
Institute
from
2014
to
2018;
Senior
Advisor,
Commonfund
Capital,
Inc.
(“CCI”)
(investment
adviser)
in
2015;
Chief
Executive
Officer,
CCI
from
2013
to
2014;
President
&
Chief
Executive
Officer,
CCI
from
1997
to
2013;
Advisory
Board
Member,
Girls
Who
Invest
from
2015
to
2018
and
Board
Member
thereof
from
2018
to
2022;
Advisory
Board
Member,
Bridges
Fund
Management
since
2016;
Practitioner
Advisory
Board
Member,
Private
Capital
Research
Institute
("PCRI")
since
2017;
Lecturer
in
the
Practice
of
Management,
Yale
School
of
Management
since
2019;
Advisor
to
Finance
Committee,
Altman
Foundation
since
2020;
Investment
Committee
Member,
Tostan
since
2021;
Member
of
the
President's
Counsel,
Commonfund
since
2023.
28
RICs
consisting
of
169
Portfolios
None
Collette
Chilton
1958
Trustee
(Since
2015)
Chief
Investment
Officer,
Williams
College
from
2006
to
2023;
Chief
Investment
Officer,
Lucent
Asset
Management
Corporation
from
1998
to
2006;
Director,
Boys
and
Girls
Club
of
Boston
since
2017;
Director,
B1
Capital
since
2018;
Director,
David
and
Lucile
Packard
Foundation
since
2020.
28
RICs
consisting
of
169
Portfolios
None
Neil
A.
Cotty
1954
Trustee
(Since
2016)
Bank
of
America
Corporation
from
1996
to
2015,
serving
in
various
senior
finance
leadership
roles,
including
Chief
Accounting
Officer
from
2009
to
2015,
Chief
Financial
Officer
of
Global
Banking,
Markets
and
Wealth
Management
from
2008
to
2009,
Chief
Accounting
Officer
from
2004
to
2008,
Chief
Financial
Officer
of
Consumer
Bank
from
2003
to
2004,
Chief
Financial
Officer
of
Global
Corporate
Investment
Bank
from
1999
to
2002.
28
RICs
consisting
of
169
Portfolios
None
Lena
G.
Goldberg
1949
Trustee
(Since
2019)
Director,
Pioneer
Legal
Institute
since
2023;
Director,
Charles
Stark
Draper
Laboratory,
Inc.
from
2013
to
2021;
Senior
Lecturer,
Harvard
Business
School
from
2008
to
2021;
FMR
LLC/Fidelity
Investments
(financial
services)
from
1996
to
2008,
serving
in
various
senior
roles
including
Executive
Vice
President
-
Strategic
Corporate
Initiatives
and
Executive
Vice
President
and
General
Counsel;
Partner,
Sullivan
&
Worcester
LLP
from
1985
to
1996
and
Associate
thereof
from
1979
to
1985.
28
RICs
consisting
of
169
Portfolios
None
Henry
R.
Keizer
1956
Trustee
(Since
2019)
Director,
Park
Indemnity
Ltd.
(captive
insurer)
from
2010
to
2022.
28
RICs
consisting
of
169
Portfolios
GrafTech
International
Ltd.
(materials
manufacturing);
Sealed
Air
Corp.
(packaging);
WABCO
(commercial
vehicle
safety
systems)
from
2015
to
2020;
Hertz
Global
Holdings
(car
rental)
from
2015
to
2021.
Cynthia
A.
Montgomery
1952
Trustee
(Since
2007)
Professor,
Harvard
Business
School
since
1989.
28
RICs
consisting
of
169
Portfolios
None
Trustee
and
Officer
Information
(continued)
143
Trustee
and
Officer
Information
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
5
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
5
Years
Donald
C.
Opatrny
1952
Trustee
(Since
2019)
Chair
of
the
Board
of
Phoenix
Art
Museum
since
2022
and
Trustee
thereof
since
2018;
Chair
of
the
Investment
Committee
of
The
Arizona
Community
Foundation
since
2022
and
Trustee
thereof
since
2020;
Director,
Athena
Capital
Advisors
LLC
(investment
management
firm)
from
2013
to
2020;
Trustee,
Vice
Chair,
Member
of
the
Executive
Committee
and
Chair
of
the
Investment
Committee,
Cornell
University
from
2004
to
2019;
President
and
Trustee,
the
Center
for
the
Arts,
Jackson
Hole
from
2011
to
2018;
Member
of
the
Board
and
Investment
Committee,
University
School
from
2007
to
2018;
Member
of
Affordable
Housing
Supply
Board
of
Jackson,
Wyoming
since
2017;
Member,
Investment
Funds
Committee,
State
of
Wyoming
since
2017;
Trustee,
Artstor
(a
Mellon
Foundation
affiliate)
from
2010
to
2015;
Member
of
the
Investment
Committee,
Mellon
Foundation
from
2009
to
2015;
President,
Trustee
and
Member
of
the
Investment
Committee,
The
Aldrich
Contemporary
Art
Museum
from
2007
to
2014;
Trustee
and
Chair
of
the
Investment
Committee,
Community
Foundation
of
Jackson
Hole
since
2014.
28
RICs
consisting
of
169
Portfolios
None
Kenneth
L.
Urish
1951
Trustee
(Since
2007)
Managing
Partner,
Urish
Popeck
&
Co.,
LLC
(certified
public
accountants
and
consultants)
since
1976;
Past-Chairman
of
the
Professional
Ethics
Committee
of
the
Pennsylvania
Institute
of
Certified
Public
Accountants
and
Committee
Member
thereof
since
2007;
Member
of
External
Advisory
Board,
The
Pennsylvania
State
University
Accounting
Department
since
2001,
Emeritus
since
2022;
Principal,
UP
Strategic
Wealth
Investment
Advisors,
LLC
since
2013;
Trustee,
The
Holy
Family
Institute
from
2001
to
2010;
President
and
Trustee,
Pittsburgh
Catholic
Publishing
Associates
from
2003
to
2008;
Director,
Inter-
Tel
from
2006
to
2007;
Member,
Advisory
Board,
ESG
Competent
Boards
since
2020.
28
RICs
consisting
of
169
Portfolios
None
Claire
A.
Walton
1957
Trustee
(Since
2016)
Advisory
Board
Member,
Grossman
School
of
Business
at
the
University
of
Vermont
since
2023;
Advisory
Board
Member,
Scientific
Financial
Systems
since
2022;
General
Partner
of
Neon
Liberty
Capital
Management,
LLC
since
2003;
Chief
Operating
Officer
and
Chief
Financial
Officer
of
Liberty
Square
Asset
Management,
LP
from
1998
to
2015;
Director,
Boston
Hedge
Fund
Group
from
2009
to
2018;
Director,
Massachusetts
Council
on
Economic
Education
from
2013
to
2015.;
Director,
Woodstock
Ski
Runners
from
2013
to
2022.
28
RICs
consisting
of
169
Portfolios
None
Independent
Trustees
(a)
(continued)
Trustee
and
Officer
Information
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
144
Interested
Trustees
(a)(d)
(a)
The
address
of
each
Trustee
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards,
New
York,
New
York
10001.
(b)
Independent
Trustees
serve
until
their
resignation,
retirement,
removal
or
death,
or
until
December
31
of
the
year
in
which
they
turn
75.
The
Board
may
determine
to
extend
the
terms
of
Independent
Trustees
on
a
case-by-case
basis,
as
appropriate.
(c)
Following
the
combination
of
Merrill
Lynch
Investment
Managers,
L.P.
("MLIM")
and
BlackRock,
Inc.
in
September
2006,
the
various
legacy
MLIM
and
legacy
BlackRock
fund
boards
were
realigned
and
consolidated
into
three
new
fund
boards
in
2007.
Furthermore,
effective
January
1,
2019,
three
BlackRock
Fund
Complexes
were
realigned
and
consolidated
into
two
BlackRock
Fund
Complexes.
As
a
result,
although
the
chart
shows
the
year
that
each
Independent
Trustee
joined
the
Board,
certain
Independent
Trustees
first
became
members
of
the
boards
of
other
BlackRock-advised
Funds,
legacy
MLIM
funds
or
legacy
BlackRock
funds
as
follows:
Cynthia
A.
Montgomery,
1994;
Kenneth
L.
Urish,
1999;
Lena
G.
Goldberg,
2016;
Henry
R.
Keizer,
2016;
Donald
C.
Opatrny,
2015.
(d)
Mr.
Fairbairn
and
Mr.
Perlowski
are
both
“interested
persons,”
as
defined
in
the
1940
Act,
of
the
Trust
based
on
their
positions
with
BlackRock,
Inc.
and
its
affiliates.
Mr.
Fairbairn
and
Mr.
Perlowski
are
also
board
members
of
the
BlackRock
Fixed-Income
Complex.
(e)
Mr.
Perlowski
is
also
a
trustee
of
the
BlackRock
Credit
Strategies
Fund
and
BlackRock
Private
Investments
Fund.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
5
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
5
Years
Robert
Fairbairn
1965
Trustee
(Since
2018)
Vice
Chairman
of
BlackRock,
Inc.
since
2019;
Member
of
BlackRock's
Global
Executive
and
Global
Operating
Committees;
Co-Chair
of
BlackRock's
Human
Capital
Committee;
Senior
Managing
Director
of
BlackRock,
Inc.
from
2010
to
2019;
oversaw
BlackRock's
Strategic
Partner
Program
and
Strategic
Product
Management
Group
from
2012
to
2019;
Member
of
the
Board
of
Managers
of
BlackRock
Investments,
LLC
from
2011
to
2018;
Global
Head
of
BlackRock's
Retail
and
iShares
®
businesses
from
2012
to
2016.
98
RICs
consisting
of
273
Portfolios
None
John
M.
Perlowski
(e)
1964
Trustee
(Since
2015);
President
and
Chief
Executive
Officer
(Since
2010)
Managing
Director
of
BlackRock,
Inc.
since
2009;
Head
of
BlackRock
Global
Accounting
and
Product
Services
since
2009;
Advisory
Director
of
Family
Resource
Network
(charitable
foundation)
since
2009.
100
RICs
consisting
of
275
Portfolios
None
Trustee
and
Officer
Information
(continued)
145
Trustee
and
Officer
Information
Officers
Who
Are
Not
Trustees
(a)
(a)
The
address
of
each
Officer
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards,
New
York,
New
York
10001.
(b)
Officers
of
the
Trust
serve
at
the
pleasure
of
the
Board.
Further
information
about
the
Trust’s
Trustees
and
Officers
is
available
in
the
Trust’s
Statement
of
Additional
Information,
which
can
be
obtained
without
charge
by
calling
(800)
441-7450.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
Principal
Occupation(s)
During
Past
5
Years
Roland
Villacorta
1971
Vice
President
(Since
2022)
Managing
Director
of
BlackRock,
Inc.
since
2022;
Head
of
Global
Cash
Management
and
Head
of
Securities
Lending
within
BlackRock's
Portfolio
Management
Group
since
2022;
Member
of
BlackRock's
Global
Operating
Committee
since
2022;
Head
of
Portfolio
Management
in
BlackRock's
Financial
Markets
Advisory
Group
within
BlackRock
Solutions
from
2008
to
2015;
Co-Head
of
BlackRock
Solutions'
Portfolio
Analytics
Group;
previously
Mr.
Villacorta
was
Co-Head
of
Fixed
Income
within
BlackRock's
Risk
&
Quantitative
Analysis
Group.
Jennifer
McGovern
1977
Vice
President
(Since
2014)
Managing
Director
of
BlackRock,
Inc.
since
2016;
Director
of
BlackRock,
Inc.
from
2011
to
2015;
Head
of
Americas
Product
Development
and
Governance
for
BlackRock’s
Global
Product
Group
since
2019;
Head
of
Product
Structure
and
Oversight
for
BlackRock's
U.S.
Wealth
Advisory
Group
from
2013
to
2019.
Trent
Walker
1974
Chief
Financial
Officer
(Since
2021)
Managing
Director
of
BlackRock,
Inc.
since
September
2019;
Executive
Vice
President
of
PIMCO
from
2016
to
2019;
Senior
Vice
President
of
PIMCO
from
2008
to
2015;
Treasurer
from
2013
to
2019
and
Assistant
Treasurer
from
2007
to
2017
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Jay
M.
Fife
1970
Treasurer
(Since
2007)
Managing
Director
of
BlackRock,
Inc.
since
2007.
Aaron
Wasserman
1974
Chief
Compliance
Officer
(Since
2023)
Managing
Director
of
BlackRock,
Inc.
since
2018;
Chief
Compliance
Officer
of
the
BlackRock-advised
funds
in
the
BlackRock
Multi-Asset
Complex,
the
BlackRock
Fixed-Income
Complex
and
the
iShares
Complex
since
2023;
Deputy
Chief
Compliance
Officer
for
the
BlackRock-advised
funds
in
the
BlackRock
Multi-Asset
Complex,
the
BlackRock
Fixed-
Income
Complex
and
the
iShares
Complex
from
2014
to
2023.
Lisa
Belle
1968
Anti-Money
Laundering
Compliance
Officer
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2019;
Global
Financial
Crime
Head
for
Asset
and
Wealth
Management
of
JP
Morgan
from
2013
to
2019;
Managing
Director
of
RBS
Securities
from
2012
to
2013;
Head
of
Financial
Crimes
for
Barclays
Wealth
Americas
from
2010
to
2012.
Janey
Ahn
1975
Secretary
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2018;
Director
of
BlackRock,
Inc.
from
2009
to
2017.
Effective
December
31,
2022,
Joseph
P.
Platt
retired
as
a
Trustee
of
the
Trust.
Effective
July
1,
2023,
Aaron
Wasserman
replaced
Charles
Park
as
Chief
Compliance
Officer
of
the
Trust.
Additional
Information
2023
BlackRock
Annual
Report
to
Shareholders
146
Tailored
Shareholder
Reports
for
Open-End Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
open-end mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
General
Information 
Quarterly
performance,
semi-annual
and
annual
reports,
current
net
asset
value
and
other
information
regarding
the
Funds
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Funds
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock’s
website
in
this
report.
Householding
The
Funds
will
mail
only
one
copy
of
shareholder
documents,
including
prospectuses,
annual
and
semi-annual
reports,
Rule
30e-3
notices
and
proxy
statements,
to
shareholders
with
multiple
accounts
at
the
same
address.
This
practice
is
commonly
called
“householding”
and
is
intended
to
reduce
expenses
and
eliminate
duplicate
mailings
of
shareholder
documents.
Mailings
of
your
shareholder
documents
may
be
householded
indefinitely
unless
you
instruct
us
otherwise.
If
you
do
not
want
the
mailing
of
these
documents
to
be
combined
with
those
for
other
members
of
your
household,
please
call
the
Transfer
Agent at
(800)
441-7450.
Availability
of
Quarterly
Schedule
of
Investments 
The Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
each
month
on
Form
N-MFP.
The
Funds'
reports
on
Form
N-MFP
are
available
on
the
SEC’s
website
at
sec.gov
.
Each
Fund
makes
portfolio
holdings
available
to
shareholders
on
its
website
at
blackrock.com
.
Availability
of
Proxy
Voting
Policies,
Procedures
and
Voting
Records
A
description
of
the
policies
and
procedures
that
the
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
Funds
voted
proxies
relating
to
securities
held
in
the
Funds'
portfolios
during
the
most
recent
12-month
period
ended
June
30 is
available
without
charge,
upon
request (1)
by
calling
(800)
441-
7450
;
(2)
on
the
BlackRock
website
at
blackrock.com
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
BlackRock
Privacy
Principles
BlackRock
is
committed
to
maintaining
the
privacy
of
its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
to
safeguarding
their
non-public
personal
information.
The
following
information
is
provided
to
help
you
understand
what
personal
information
BlackRock
collects,
how
we
protect
that
information
and
why
in
certain
cases
we
share
such
information
with
select
parties.
If
you
are
located
in
a
jurisdiction
where
specific
laws,
rules
or
regulations
require
BlackRock
to
provide
you
with
additional
or
different
privacy-related
rights
beyond
what
is
set
forth
below,
then
BlackRock
will
comply
with
those
specific
laws,
rules
or
regulations.
BlackRock
obtains
or
verifies
personal
non-public
information
from
and
about
you
from
different
sources,
including
the
following:
(i)
information
we
receive
from
you
or,
if
applicable,
your
financial
intermediary,
on
applications,
forms
or
other
documents;
(ii)
information
about
your
transactions
with
us,
our
affiliates,
or
others;
(iii)
information
we
receive
from
a
consumer
reporting
agency;
and
(iv)
from
visits
to
our
websites.
BlackRock
does
not
sell
or
disclose
to
non-affiliated
third
parties
any
non-public
personal
information
about
its
Clients,
except
as
permitted
by
law
or
as
is
necessary
to
respond
to
regulatory
requests
or
to
service
Client
accounts.
These
non-affiliated
third
parties
are
required
to
protect
the
confidentiality
and
security
of
this
information
and
to
use
it
only
for
its
intended
purpose.
We
may
share
information
with
our
affiliates
to
service
your
account
or
to
provide
you
with
information
about
other
BlackRock
products
or
services
that
may
be
of
interest
to
you.
In
addition,
BlackRock
restricts
access
to
non-public
personal
information
about
its
Clients
to
those
BlackRock
employees
with
a
legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
electronic
and
procedural
safeguards
that
are
designed
to
protect
the
non-public
personal
information
of
its
Clients,
including
procedures
relating
to
the
proper
storage
and
disposal
of
such
information.
Additional
Information
(continued)
147
Additional
Information
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Adviser
(a)
BlackRock
International
Limited
Edinburgh,
EH3
8BL
United
Kingdom
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodians
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
The
Bank
of
New
York
Mellon
New
York,
NY
10286
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10001
Legal
Counsel
Sidley
Austin
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
(a)
For
TempCash
and
TempFund.
Glossary
of
Terms
Used
in
this
Report
2023
BlackRock
Annual
Report
to
Shareholders
148
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
AMT
Alternative
Minimum
Tax
COP
Certificates
of
Participation
GO
General
Obligation
Bonds
LIQ
Liquidity
Agreement
LOC
Letter
of
Credit
RB
Revenue
Bonds
SBPA
Stand-by-Bond
Purchase
Agreement
SOFR
Secured
Overnight
Financing
Rate
TECP
Tax-Exempt
Commercial
Paper
VRDN
Variable
Rate
Demand
Notes
VRDP
Variable
Rate
Demand
Preferred
Notice
to
Shareholders
2023
BlackRock
Annual
Report
to
Shareholders
The
following
applies
to
TempCash,
TempFund,
MuniCash,
California
Money
Fund
and
New
York
Money
Fund:
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Funds
unless
preceded
or
accompanied
by
the
Funds'
current
prospectus.
You
could
lose
money
by
investing
in
a
Fund.
Because
the
share
price
of
the
Funds
will
fluctuate,
when
you
sell
your
shares
they
may
be
worth
more
or
less
than
what
you
originally
paid
for
them.
The
Funds
may
impose
a
fee
upon
sale
of
your
shares.
An
investment
in
a
Fund
is
not
a
bank
account
and
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
government
agency.
The
Funds'
sponsor
is
not
required
to
reimburse
the
Funds
for
losses,
and
you
should
not
expect
that
the
sponsor
will
provide
financial
support
to
the
Funds
at
any
time,
including
during
periods
of
market
stress.
The
following
applies
to
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
T-Fund
and
Treasury
Trust
Fund:
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Funds
unless
preceded
or
accompanied
by
the
Funds'
current
prospectus.
You
could
lose
money
by
investing
in
a
Fund.
Although
the
Funds
seek
to
preserve
the
value
of
your
investment
at
$1.00
per
share,
they
cannot
guarantee
they
will
do
so.
An
investment
in
a
Fund
is
not
a
bank
account
and
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
government
agency.
The
Funds'
sponsor
is
not
required
to
reimburse
the
Funds
for
losses,
and
you
should
not
expect
that
the
sponsor
will
provide
financial
support
to
the
Funds
at
any
time,
including
during
periods
of
market
stress.
Want
to
know
more?
blackrock.com
|
800-441-7450
Performance
data
quoted
represents
past
performance
and
does
not
guarantee
future
results.
Total
return
information
assumes
reinvestment
of
all
distributions.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
For
current
month-end
performance
information,
call
(800)
626-1960.
Each
Fund’s
current
7-day
yield
more
closely
reflects
the
current
earnings
of
a
Fund
than
the
total
returns
quoted.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
BRLF-10/23-AR
Item 2 – Code of Ethics –
The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes.  During the period covered by this report, there have been no waivers granted under the code of ethics. The
registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.
Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:
Neil A. Cotty
Henry R. Keizer
Kenneth L. Urish
 
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
 
Item 4 – Principal Accountant Fees and Services
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:
 
(a) Audit Fees
(b) Audit-Related Fees1
(c) Tax Fees2
(d) All Other Fees
Entity Name
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
BlackRock Liquid Federal Trust Fund
$26,214
$25,194
$8,000
$8,044
$9,900
$9,500
$407
$431
California Money Fund
$28,356
$27,234
$0
$44
$10,900
$10,500
$407
$431
FedFund
$32,640
$31,416
$8,000
$44
$9,900
$9,500
$407
$431
MuniCash
$28,356
$27,234
$0
$44
$10,900
$10,500
$407
$431
New York Money Fund
$28,356
$27,234
$0
$44
$10,900
$10,500
$407
$431
TempCash
$28,356
$27,234
$2,000
$44
$9,900
$9,500
$407
$431
TempFund
$27,030
$26,010
$0
$4,044
$9,900
$9,500
$407
$431
T-Fund
$31,416
$30,192
$0
$44
$9,900
$9,500
$407
$431
Treasury Trust Fund
$26,214
$25,194
$0
$44
$9,900
$9,500
$407
$431
 
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
 
 
 
Current Fiscal Year End
Previous Fiscal Year End
(b) Audit-Related Fees1
$0
$0
(c) Tax Fees2
$0
$0
(d) All Other Fees3
$2,154,000
$2,098,000
 
1
The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2
The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3
Non-audit fees of $2,154,000 and $2,098,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription.  These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
 
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
         
The Committee has adopted policies and procedures with regard to the pre-approval of services.  Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee.  The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant.  Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”).  The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period.  Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project.  For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
 
                        Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services).  The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting.  At this meeting, an analysis of such services is presented to the Committee for ratification.  The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.


(e)(2)  None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g)
The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
 
Entity Name
Current Fiscal Year End
Previous Fiscal Year End
BlackRock Liquid Federal Trust Fund
$10,307
$17,975
California Money Fund
$11,307
$10,975
FedFund
$10,307
$9,975
MuniCash
$11,307
$10,975
New York Money Fund
$11,307
$10,975
TempCash
$10,307
$9,975
TempFund
$10,307
$13,975
T-Fund
$10,307
$9,975
Treasury Trust Fund
$10,307
$9,975
 
              Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
Current Fiscal Year End
Previous Fiscal Year End
$2,154,000
$2,098,000
 
              These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
 
              (h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and
the Affiliated Service Providers
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
               (i) – Not Applicable
               (j) – Not Applicable
 
Item 5 –  Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 –  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 –  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 11 – Controls and Procedures
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable
Item 13 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item 14 – Exhibits attached hereto
              (a)(1) Code of Ethics – See Item 2
              (a)(2) Section 302 Certifications are attached
             
<<section302>>
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 –
Not Applicable
(a)(4) Change in Registrant’s independent public accountant –
Not Applicable
(b) Section 906 Certifications are attached

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
BlackRock Liquidity Funds
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Liquidity Funds
 
Date: December 21, 2023
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Liquidity Funds
 
Date: December 21, 2023
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Liquidity Funds
 
Date: December 21, 2023