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
FedFund
MuniCash
TempCash
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: 10/31/2024
 
Date of reporting period: 10/31/2024
 
Item 1 – Report to Stockholders

(a) The Reports to Shareholders are attached herewith.
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BlackRock Liquid Federal Trust Fund

Image

Institutional Shares TFFXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about BlackRock Liquid Federal Trust Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Shares
$17
0.17%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$5,485,003,715
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
87
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$9,157,797
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.68%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.68%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
71.8%
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
24.4
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.8

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

Image

BlackRock Liquid Federal Trust Fund

Institutional Shares TFFXX

Annual Shareholder Report — October 31, 2024

TFFXX-10/24-AR

BlackRock Liquid Federal Trust Fund

Image

Administration Shares BFTXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about BlackRock Liquid Federal Trust Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Administration Shares
$28
0.27%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$5,485,003,715
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
87
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$9,157,797
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.58%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.58%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
71.8%
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
24.4
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.8

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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BlackRock Liquid Federal Trust Fund

Administration Shares BFTXX

Annual Shareholder Report — October 31, 2024

BFTXX-10/24-AR

BlackRock Liquid Federal Trust Fund

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Cash Management Shares BFMXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about BlackRock Liquid Federal Trust Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Cash Management Shares
$69
0.67%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$5,485,003,715
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
87
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$9,157,797
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.18%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.18%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
71.8%
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
24.4
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.8

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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BlackRock Liquid Federal Trust Fund

Cash Management Shares BFMXX

Annual Shareholder Report — October 31, 2024

BFMXX-10/24-AR

BlackRock Liquid Federal Trust Fund

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Dollar Shares TSDXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about BlackRock Liquid Federal Trust Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Dollar Shares
$43
0.42%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$5,485,003,715
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
87
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$9,157,797
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.43%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.43%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
71.8%
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
24.4
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.8

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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BlackRock Liquid Federal Trust Fund

Dollar Shares TSDXX

Annual Shareholder Report — October 31, 2024

TSDXX-10/24-AR

BlackRock Liquid Federal Trust Fund

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Mischler Financial Group Shares EDUXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about BlackRock Liquid Federal Trust Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Mischler Financial Group Shares
$17
0.17%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$5,485,003,715
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
87
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$9,157,797
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.68%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.68%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
71.8%
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
24.4
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.8

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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BlackRock Liquid Federal Trust Fund

Mischler Financial Group Shares EDUXX

Annual Shareholder Report — October 31, 2024

EDUXX-10/24-AR

BlackRock Liquid Federal Trust Fund

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Stern Brothers Shares SIGXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about BlackRock Liquid Federal Trust Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Stern Brothers Shares
$17
0.17%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$5,485,003,715
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
87
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$9,157,797
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.68%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.68%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
71.8%
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
24.4
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.8

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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BlackRock Liquid Federal Trust Fund

Stern Brothers Shares SIGXX

Annual Shareholder Report — October 31, 2024

SIGXX-10/24-AR

BlackRock Liquid Federal Trust Fund

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Tigress Shares EVEXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about BlackRock Liquid Federal Trust Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Tigress Shares
$17
0.17%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$5,485,003,715
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
87
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$9,157,797
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.68%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.68%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
71.8%
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
24.4
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.8

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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BlackRock Liquid Federal Trust Fund

Tigress Shares EVEXX

Annual Shareholder Report — October 31, 2024

EVEXX-10/24-AR

FedFund

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Institutional Shares TFDXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Shares
$17
0.17%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$177,508,609,419
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
184
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$256,525,527
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.76%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.76%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
39.5
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.8
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.3)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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FedFund

Institutional Shares TFDXX

Annual Shareholder Report — October 31, 2024

TFDXX-10/24-AR

FedFund

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Administration Shares BLFXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Administration Shares
$28
0.27%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$177,508,609,419
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
184
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$256,525,527
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.66%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.66%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
39.5
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.8
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.3)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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FedFund

Administration Shares BLFXX

Annual Shareholder Report — October 31, 2024

BLFXX-10/24-AR

FedFund

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Capital Shares BFCXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Capital Shares
$22
0.22%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$177,508,609,419
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
184
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$256,525,527
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.71%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.71%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
39.5
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.8
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.3)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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FedFund

Capital Shares BFCXX

Annual Shareholder Report — October 31, 2024

BFCXX-10/24-AR

FedFund

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Cash Management Shares BFFXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Cash Management Shares
$68
0.67%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$177,508,609,419
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
184
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$256,525,527
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.26%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.26%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
39.5
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.8
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.3)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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FedFund

Cash Management Shares BFFXX

Annual Shareholder Report — October 31, 2024

BFFXX-10/24-AR

FedFund

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Cash Reserve Shares BFRXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Cash Reserve Shares
$58
0.57%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$177,508,609,419
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
184
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$256,525,527
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.36%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.36%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
39.5
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.8
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.3)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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FedFund

Cash Reserve Shares BFRXX

Annual Shareholder Report — October 31, 2024

BFRXX-10/24-AR

FedFund

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Dollar Shares TDDXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Dollar Shares
$43
0.42%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$177,508,609,419
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
184
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$256,525,527
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.51%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.51%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
39.5
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.8
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.3)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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FedFund

Dollar Shares TDDXX

Annual Shareholder Report — October 31, 2024

TDDXX-10/24-AR

FedFund

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Great Pacific Shares GPAXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about FedFund (the “Fund”) for the period of August 12, 2024 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Great Pacific Shares
$4Footnote Reference(a)
0.17%Footnote Reference(b)
FootnoteDescription
Footnote(a)
The Great Pacific Shares commenced operations during the reporting period. Expenses for a full reporting would be higher than the amount shown.
Footnote(b)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$177,508,609,419
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
184
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$256,525,527
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.76%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.76%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
39.5
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.8
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.3)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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FedFund

Great Pacific Shares GPAXX

Annual Shareholder Report — October 31, 2024

GPAXX-10/24-AR

FedFund

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Mischler Financial Group Shares HUAXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Mischler Financial Group Shares
$17
0.17%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$177,508,609,419
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
184
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$256,525,527
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.76%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.76%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
39.5
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.8
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.3)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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FedFund

Mischler Financial Group Shares HUAXX

Annual Shareholder Report — October 31, 2024

HUAXX-10/24-AR

FedFund

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Penserra Shares PSFXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about FedFund (the “Fund”) for the period of August 12, 2024 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Penserra Shares
$4Footnote Reference(a)
0.17%Footnote Reference(b)
FootnoteDescription
Footnote(a)
The Penserra Shares commenced operations during the reporting period. Expenses for a full reporting would be higher than the amount shown.
Footnote(b)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$177,508,609,419
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
184
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$256,525,527
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.76%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.76%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
39.5
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.8
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.3)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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FedFund

Penserra Shares PSFXX

Annual Shareholder Report — October 31, 2024

PSFXX-10/24-AR

FedFund

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Premier Shares BUPXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Premier Shares
$17
0.17%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$177,508,609,419
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
184
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$256,525,527
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.76%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.76%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
39.5
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.8
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.3)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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FedFund

Premier Shares BUPXX

Annual Shareholder Report — October 31, 2024

BUPXX-10/24-AR

FedFund

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Private Client Shares BRPXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Private Client Shares
$70
0.68%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$177,508,609,419
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
184
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$256,525,527
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.25%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.25%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
39.5
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.8
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.3)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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FedFund

Private Client Shares BRPXX

Annual Shareholder Report — October 31, 2024

BRPXX-10/24-AR

FedFund

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Select Shares BFBXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Select Shares
$102
1.00%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$177,508,609,419
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
184
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$256,525,527
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.93%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.93%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
39.5
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.8
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.3)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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FedFund

Select Shares BFBXX

Annual Shareholder Report — October 31, 2024

BFBXX-10/24-AR

FedFund

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Stern Brothers Shares SBIXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Stern Brothers Shares
$17
0.17%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$177,508,609,419
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
184
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$256,525,527
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.76%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.76%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
39.5
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.8
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.3)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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FedFund

Stern Brothers Shares SBIXX

Annual Shareholder Report — October 31, 2024

SBIXX-10/24-AR

FedFund

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Tigress Shares TIGXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Tigress Shares
$17
0.17%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$177,508,609,419
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
184
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$256,525,527
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.76%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.76%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
39.5
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.8
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.3)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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FedFund

Tigress Shares TIGXX

Annual Shareholder Report — October 31, 2024

TIGXX-10/24-AR

FedFund

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WestCap Shares WSTXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about FedFund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
WestCap Shares
$17
0.17%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$177,508,609,419
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
184
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$256,525,527
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.76%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.76%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
39.5
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.8
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.3)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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FedFund

WestCap Shares WSTXX

Annual Shareholder Report — October 31, 2024

WSTXX-10/24-AR

TempCash

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Institutional Shares TMCXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about TempCash (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Shares
$18
0.18%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$20,856,481,189
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
263
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$28,461,475
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.85%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.85%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
Commercial Paper........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
37.6%
Time Deposits........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
22.8
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
19.6
Certificates of Deposit........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
14.6
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.7
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.4
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.3
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.0

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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TempCash

Institutional Shares TMCXX

Annual Shareholder Report — October 31, 2024

TMCXX-10/24-AR

TempCash

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Dollar Shares TCDXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about TempCash (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Dollar Shares
$22
0.21%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$20,856,481,189
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
263
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$28,461,475
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.82%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.82%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
Commercial Paper........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
37.6%
Time Deposits........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
22.8
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
19.6
Certificates of Deposit........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
14.6
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.7
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.4
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.3
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.0

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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TempCash

Dollar Shares TCDXX

Annual Shareholder Report — October 31, 2024

TCDXX-10/24-AR

TempCash

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Great Pacific Shares GPCXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about TempCash (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Great Pacific Shares
$18
0.18%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$20,856,481,189
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
263
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$28,461,475
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.85%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.85%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
Commercial Paper........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
37.6%
Time Deposits........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
22.8
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
19.6
Certificates of Deposit........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
14.6
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.7
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.4
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.3
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.0

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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TempCash

Great Pacific Shares GPCXX

Annual Shareholder Report — October 31, 2024

GPCXX-10/24-AR

TempCash

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Premier Shares TCPXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about TempCash (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Premier Shares
$19
0.18%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$20,856,481,189
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
263
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$28,461,475
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.85%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.85%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
Commercial Paper........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
37.6%
Time Deposits........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
22.8
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
19.6
Certificates of Deposit........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
14.6
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.7
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.4
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.3
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.0

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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TempCash

Premier Shares TCPXX

Annual Shareholder Report — October 31, 2024

TCPXX-10/24-AR

T-Fund

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Institutional Shares TSTXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about T-Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Shares
$17
0.17%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$110,323,899,544
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
112
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$172,650,425
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.75%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.75%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
58.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
42.1
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.1)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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T-Fund

Institutional Shares TSTXX

Annual Shareholder Report — October 31, 2024

TSTXX-10/24-AR

T-Fund

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Administration Shares BTAXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about T-Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Administration Shares
$28
0.27%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$110,323,899,544
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
112
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$172,650,425
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.65%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.65%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
58.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
42.1
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.1)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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T-Fund

Administration Shares BTAXX

Annual Shareholder Report — October 31, 2024

BTAXX-10/24-AR

T-Fund

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Capital Shares BCHXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about T-Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Capital Shares
$23
0.22%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$110,323,899,544
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
112
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$172,650,425
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.70%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.70%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
58.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
42.1
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.1)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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T-Fund

Capital Shares BCHXX

Annual Shareholder Report — October 31, 2024

BCHXX-10/24-AR

T-Fund

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Cash Management Shares BPTXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about T-Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Cash Management Shares
$69
0.67%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$110,323,899,544
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
112
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$172,650,425
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.25%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.25%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
58.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
42.1
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.1)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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T-Fund

Cash Management Shares BPTXX

Annual Shareholder Report — October 31, 2024

BPTXX-10/24-AR

T-Fund

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Cash Reserve Shares BTRXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about T-Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Cash Reserve Shares
$58
0.57%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$110,323,899,544
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
112
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$172,650,425
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.35%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.35%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
58.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
42.1
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.1)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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T-Fund

Cash Reserve Shares BTRXX

Annual Shareholder Report — October 31, 2024

BTRXX-10/24-AR

T-Fund

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Dollar Shares TFEXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about T-Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Dollar Shares
$43
0.42%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$110,323,899,544
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
112
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$172,650,425
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.50%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.50%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
58.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
42.1
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.1)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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T-Fund

Dollar Shares TFEXX

Annual Shareholder Report — October 31, 2024

TFEXX-10/24-AR

T-Fund

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Premier Shares BEMXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about T-Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Premier Shares
$17
0.17%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$110,323,899,544
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
112
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$172,650,425
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.75%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.75%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
58.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
42.1
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.1)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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T-Fund

Premier Shares BEMXX

Annual Shareholder Report — October 31, 2024

BEMXX-10/24-AR

T-Fund

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Select Shares BSLXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about T-Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Select Shares
$102
1.00%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$110,323,899,544
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
112
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$172,650,425
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.92%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.92%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
58.0%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
42.1
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.1)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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T-Fund

Select Shares BSLXX

Annual Shareholder Report — October 31, 2024

BSLXX-10/24-AR

Treasury Trust Fund

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Institutional Shares TTTXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about Treasury Trust Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Shares
$17
0.17%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$129,144,801,130
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
55
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$193,435,988
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.66%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.66%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
99.1%
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.9

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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Treasury Trust Fund

Institutional Shares TTTXX

Annual Shareholder Report — October 31, 2024

TTTXX-10/24-AR

Treasury Trust Fund

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Administration Shares BITXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about Treasury Trust Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Administration Shares
$28
0.27%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$129,144,801,130
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
55
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$193,435,988
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.56%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.56%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
99.1%
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.9

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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Treasury Trust Fund

Administration Shares BITXX

Annual Shareholder Report — October 31, 2024

BITXX-10/24-AR

Treasury Trust Fund

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Capital Shares BUCXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about Treasury Trust Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Capital Shares
$23
0.22%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$129,144,801,130
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
55
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$193,435,988
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.61%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.61%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
99.1%
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.9

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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Treasury Trust Fund

Capital Shares BUCXX

Annual Shareholder Report — October 31, 2024

BUCXX-10/24-AR

Treasury Trust Fund

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Cash Management Shares BTCXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about Treasury Trust Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Cash Management Shares
$69
0.67%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$129,144,801,130
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
55
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$193,435,988
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.16%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.16%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
99.1%
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.9

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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Treasury Trust Fund

Cash Management Shares BTCXX

Annual Shareholder Report — October 31, 2024

BTCXX-10/24-AR

Treasury Trust Fund

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Cash Reserve Shares BTFXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about Treasury Trust Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Cash Reserve Shares
$58
0.57%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$129,144,801,130
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
55
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$193,435,988
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.26%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.26%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
99.1%
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.9

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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Treasury Trust Fund

Cash Reserve Shares BTFXX

Annual Shareholder Report — October 31, 2024

BTFXX-10/24-AR

Treasury Trust Fund

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Dollar Shares TTDXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about Treasury Trust Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Dollar Shares
$42
0.41%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$129,144,801,130
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
55
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$193,435,988
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.42%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.42%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
99.1%
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.9

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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Treasury Trust Fund

Dollar Shares TTDXX

Annual Shareholder Report — October 31, 2024

TTDXX-10/24-AR

Treasury Trust Fund

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Select Shares TSLXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about Treasury Trust Fund (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Select Shares
$102
1.00%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$129,144,801,130
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
55
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$193,435,988
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.83%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.83%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
99.1%
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.9

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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Treasury Trust Fund

Select Shares TSLXX

Annual Shareholder Report — October 31, 2024

TSLXX-10/24-AR

MuniCash

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Institutional Shares MCSXX

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about MuniCash (the “Fund”) for the period of November 1, 2023 to October 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7450.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Shares
$21
0.21%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$3,994,911,196
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
235
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$6,409,362
Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.19%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.19%

What did the Fund invest in?

(as of October 31, 2024)

Portfolio composition

Asset Type
Percent of Net Assets
Variable Rate Demand Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
93.2%
Closed-End Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.2
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.6

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7450.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

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MuniCash

Institutional Shares MCSXX

Annual Shareholder Report — October 31, 2024

MCSXX-10/24-AR

(b) Not Applicable
 
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 trustees”), 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
$26,214
$0
$8,000
$9,900
$9,900
$0
$407
FedFund
$32,640
$32,640
$0
$8,000
$9,900
$9,900
$0
$407
MuniCash
$28,356
$28,356
$0
$0
$10,920
$10,900
$0
$407
TempCash
$28,356
$28,356
$0
$2,000
$9,900
$9,900
$0
$407
T-Fund
$31,416
$31,416
$0
$0
$9,900
$9,900
$0
$407
Treasury Trust Fund
$26,214
$26,214
$0
$0
$9,900
$9,900
$0
$407
 
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
$2,149,000
$2,154,000
1 The nature of the services includes assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.
2 The nature of the services includes tax compliance, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, tax distribution and analysis reviews.
3 Paid in their entirety by BlackRock, relating to a service organization review ("SSAE 18") and subscription to the Deloitte Accounting Research Tool. These amounts represent the aggregate fees paid by BlackRock and were not specifically 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 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:
Entity Name
Current Fiscal Year End
Previous Fiscal Year End
BlackRock Liquid Federal Trust Fund
$9,900
$18,307
FedFund
$9,900
$18,307
MuniCash
$10,920
$11,307
TempCash
$9,900
$12,307
T-Fund
$9,900
$10,307
Treasury Trust Fund
$9,900
$10,307
 
              Additionally, amounts billed by D&T to the Investment Adviser and affiliated fund service providers during the current and previous fiscal years related to a service organization review ("SSAE 18") and subscription to the Deloitte Accounting Research Tool are:
Current Fiscal Year End
Previous Fiscal Year End
$2,149,000
$2,154,000
              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 Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 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 – Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) The registrant’s Financial Statements are attached herewith.
 
(b) The registrant’s Financial Highlights are attached herewith.
October
31,
2024
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2024
Annual
Financial
Statements
and
Additional
Information
BlackRock
Liquidity
Funds
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
T-Fund
Treasury
Trust
Fund
MuniCash
Table
of
Contents
Page
2
Schedules
of
Investments
.................................................................................................
3
Statements
of
Assets
and
Liabilities
...........................................................................................
38
Statements
of
Operations
.................................................................................................
43
Statements
of
Changes
in
Net
Assets
..........................................................................................
45
Financial
Highlights
.....................................................................................................
48
Notes
to
Financial
Statements
...............................................................................................
90
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
102
Important
Tax
Information
.................................................................................................
103
Additional
Information
....................................................................................................
104
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
...................................................................
105
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
109
Schedule
of
Investments
October
31,
2024
BlackRock
Liquid
Federal
Trust
Fund
Schedules
of
Investments
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
Federal
Farm
Credit
Bank
Bonds,
5.13%, 12/04/24
.................
USD
9,032‌
$
9,031,671‌
Federal
Farm
Credit
Bank
Discount
Notes,
4.54%, 12/02/24
(a)
................
28,615‌
28,497,464‌
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(b)
(1-day
SOFR
at
0.00%
Floor
+
0.17%),
4.98
%
,
01/23/25
................
28,245‌
28,245,000‌
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
4.95
%
,
05/27/25
................
30,510‌
30,510,000‌
(1-day
SOFR
at
0.00%
Floor
+
0.05%),
4.86
%
,
06/20/25
................
2,217‌
2,217,000‌
(1-day
SOFR
at
0.00%
Floor
+
0.07%),
4.88
%
,
11/17/25
................
8,400‌
8,400,000‌
(1-day
SOFR
at
0.00%
Floor
+
0.10%),
4.91
%
,
06/24/26
................
3,300‌
3,300,000‌
(1-day
SOFR
at
0.00%
Floor
+
0.10%),
4.91
%
,
06/26/26
................
8,420‌
8,420,000‌
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
4.94
%
,
10/15/26
................
42,400‌
42,395,430‌
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.27%),
4.81
%
,
10/16/26
................
25,900‌
25,900,000‌
Federal
Home
Loan
Bank
Discount
Notes
(a)
4.56
%
,
11/01/24
..................
13,539‌
13,539,000‌
4.56
%
,
11/04/24
..................
145,875‌
145,818,323‌
4.56
%
,
11/12/24
..................
5,937‌
5,928,438‌
4.57
%
,
11/20/24
..................
104,075‌
103,821,505‌
4.57
%
,
11/26/24
..................
134,940‌
134,500,353‌
4.55
%
,
12/20/24
..................
580‌
576,345‌
4.55
%
,
12/27/24
..................
47,265‌
46,927,307‌
4.51
%
,
01/24/25
..................
34,830‌
34,441,123‌
4.48
%
,
02/10/25
..................
16,169‌
15,953,072‌
4.48
%
,
02/11/25
..................
25,560‌
25,215,281‌
4.44
%
,
03/20/25
..................
2,004‌
1,966,704‌
4.43
%
,
04/04/25
..................
61,850‌
60,701,720‌
Federal
Home
Loan
Bank
Variable
Rate
Notes
(b)
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.82
%
,
11/06/24
................
8,190‌
8,190,000‌
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.82
%
,
11/12/24
................
8,190‌
8,190,000‌
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.82
%
,
11/18/24
................
9,600‌
9,600,000‌
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.81
%
,
11/19/24
................
44,700‌
44,700,000‌
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.81
%
,
11/22/24
................
13,100‌
13,100,000‌
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.82
%
,
11/29/24
................
70,000‌
70,000,000‌
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.81
%
,
12/02/24
................
44,800‌
44,800,000‌
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.82
%
,
12/16/24
................
35,300‌
35,300,000‌
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.82
%
,
01/13/25
................
45,600‌
45,600,000‌
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.84
%
,
02/03/25
................
24,400‌
24,400,000‌
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.82
%
,
02/25/25
................
50,000‌
50,000,000‌
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.82
%
,
02/27/25
................
12,600‌
12,600,000‌
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.85
%
,
03/05/25
................
13,400‌
13,400,000‌
(1-day
SOFR
at
0.00%
Floor
+
0.03%),
4.84
%
,
03/25/25
................
56,795‌
56,795,000‌
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Obligations
(continued)
(1-day
SOFR
at
0.00%
Floor
+
0.16%),
4.97
%
,
07/21/25
................
USD
50,000‌
$
50,000,000‌
(1-day
SOFR
at
0.00%
Floor
+
0.20%),
5.01
%
,
11/13/25
................
50,000‌
50,000,000‌
(1-day
SOFR
at
0.00%
Floor
+
0.10%),
4.91
%
,
06/26/26
................
24,195‌
24,195,000‌
Total
U.S.
Government
Sponsored
Agency
Obligations
24.4%
(Cost:
$
1,337,175,736
)
............................
1,337,175,736‌
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
3.80
%
,
11/05/24
..................
365,570‌
365,368,545‌
4.34
%
,
11/12/24
..................
22,400‌
22,366,641‌
4.40
%
,
11/14/24
..................
312,515‌
311,973,501‌
4.46
%
,
11/19/24
..................
675‌
673,170‌
4.47
%
,
11/21/24
..................
305,235‌
304,409,396‌
4.51
%
,
11/26/24
..................
35,160‌
35,046,392‌
4.53
%
,
11/29/24
..................
62,075‌
61,837,276‌
4.55
%
,
12/05/24
..................
166,810‌
166,053,684‌
4.55
%
,
12/10/24
..................
144,695‌
143,950,719‌
4.57
%
,
12/12/24
..................
269,700‌
268,278,338‌
4.57
%
,
12/17/24
..................
296,300‌
294,502,250‌
4.59
%
,
12/24/24
..................
38,081‌
37,816,153‌
4.58
%
,
12/26/24
..................
808‌
801,901‌
4.55
%
,
12/31/24
..................
97,800‌
97,009,039‌
4.54
%
,
01/02/25
..................
30,700‌
30,429,591‌
4.50
%
,
01/07/25
..................
42,400‌
42,020,438‌
4.50
%
,
01/09/25
..................
38,890‌
38,512,595‌
4.50
%
,
01/14/25
..................
73,605‌
72,887,842‌
4.52
%
,
01/16/25
..................
39,200‌
38,826,358‌
4.50
%
,
01/21/25
..................
30,525‌
30,217,620‌
4.49
%
,
01/23/25
..................
171,411‌
169,626,016‌
4.52
%
,
01/28/25
..................
88,375‌
87,416,286‌
4.50
%
,
01/30/25
..................
55,000‌
54,322,125‌
4.51
%
,
02/04/25
..................
82,530‌
81,569,557‌
4.51
%
,
02/11/25
..................
80,095‌
79,089,506‌
4.51
%
,
02/13/25
..................
21,400‌
21,103,684‌
4.51
%
,
02/20/25
..................
13,744‌
13,541,959‌
4.51
%
,
02/25/25
..................
156,200‌
153,962,283‌
4.37
%
,
03/04/25
..................
105,100‌
103,560,957‌
4.48
%
,
04/03/25
..................
85,000‌
83,477,331‌
4.45
%
,
04/10/25
..................
30,000‌
29,426,000‌
4.45
%
,
04/17/25
..................
56,900‌
55,772,922‌
4.45
%
,
04/24/25
..................
88,800‌
86,950,839‌
4.44
%
,
05/01/25
..................
63,100‌
61,727,882‌
4.26
%
,
07/10/25
..................
25,000‌
24,167,691‌
4.26
%
,
10/02/25
..................
16,054‌
15,448,559‌
U.S.
Treasury
Notes
2.13
%
,
11/30/24
..................
42,750‌
42,643,973‌
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.20%),
4.76
%
,
01/31/25
(b)
...............
50,000‌
50,011,643‌
1.13
%
,
02/28/25
..................
2,128‌
2,101,065‌
2.75
%
,
02/28/25
..................
2,949‌
2,927,171‌
3.88
%
,
03/31/25
..................
1,180‌
1,174,436‌
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.17%),
4.73
%
,
04/30/25
(b)
...............
50,000‌
49,984,117‌
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.13%),
4.69
%
,
07/31/25
(b)
...............
59,255‌
59,247,252‌
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
October
31,
2024
BlackRock
Liquid
Federal
Trust
Fund
4
(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
at
the
measurement
date.
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
U.S.
Treasury
Obligations
(continued)
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.17%),
4.73
%
,
10/31/25
(b)
...............
USD
38,111‌
$
38,104,572‌
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.25%),
4.81
%
,
01/31/26
(b)
...............
75,000‌
75,000,000‌
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.18%),
4.74
%
,
07/31/26
(b)
...............
50,520‌
50,473,217‌
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.21%),
4.77
%
,
10/31/26
(b)
...............
85,800‌
85,800,000‌
Total
U.S.
Treasury
Obligations
71
.8
%
(Cost:
$
3,941,612,492
)
............................
3,941,612,492‌
Total
Investments
96
.2
%
(Cost:
$
5,278,788,228
)
............................
5,278,788,228‌
Other
Assets
Less
Liabilities
3.8
%
....................
206,215,487‌
Net
Assets
100.0%
...............................
$
5,485,003,715‌
(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.
Government
Sponsored
Agency
Obligations
...................
$
$
1,337,175,736
$
$
1,337,175,736
U.S.
Treasury
Obligations
...................................
3,941,612,492
3,941,612,492
$
$
5,278,788,228
$
$
5,278,788,228
Schedule
of
Investments
October
31,
2024
FedFund
Schedules
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
Federal
Farm
Credit
Bank
Bonds,
5.13%, 12/04/24
.................
USD
213,740
$
213,732,209
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(a)
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
4.95
%
,
11/07/24
................
25,000
25,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.05%),
4.86
%
,
06/20/25
................
57,547
57,547,000
(1-day
SOFR
at
0.00%
Floor
+
0.07%),
4.88
%
,
11/17/25
................
219,100
219,100,000
(1-day
SOFR
at
0.00%
Floor
+
0.10%),
4.91
%
,
06/24/26
................
95,300
95,300,000
(1-day
SOFR
at
0.00%
Floor
+
0.10%),
4.91
%
,
06/26/26
................
230,525
230,525,000
Federal
Home
Loan
Bank
Discount
Notes
(b)
4.56
%
,
11/04/24
..................
162,689
162,622,433
4.56
%
,
11/12/24
..................
158,386
158,157,572
4.57
%
,
11/26/24
..................
300,000
299,015,625
4.55
%
,
12/26/24
..................
700,000
695,056,111
4.50
%
,
01/06/25
..................
10,000
9,906,133
4.51
%
,
01/24/25
..................
174,110
172,166,062
4.51
%
,
01/27/25
..................
1,058,639
1,046,793,712
4.48
%
,
02/03/25
..................
50,000
49,398,139
4.48
%
,
02/10/25
..................
484,554
478,083,051
4.48
%
,
02/11/25
..................
698,330
688,911,856
4.44
%
,
03/20/25
..................
147,996
145,241,712
Federal
Home
Loan
Bank
Variable
Rate
Notes
(a)
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.82
%
,
11/06/24
................
207,410
207,410,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.82
%
,
11/07/24
................
214,000
214,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.82
%
,
11/12/24
................
207,410
207,410,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.82
%
-
4.82
%
11/18/24
...........
587,800
587,800,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.81
%
,
11/19/24
................
1,469,800
1,469,800,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.82
%
,
11/21/24
................
85,000
85,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.81
%
,
11/22/24
................
421,700
421,700,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.81
%
,
12/11/24
................
173,650
173,650,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.81
%
,
12/16/24
................
1,041,800
1,041,800,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.82
%
,
12/16/24
................
1,024,800
1,024,800,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.82
%
,
01/13/25
................
1,243,500
1,243,500,000
(1-day
SOFR
at
0.00%
Floor
+
0.02%),
4.83
%
,
01/27/25
................
319,300
319,300,000
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.81
%
-
4.84
%
02/03/25
...........
1,469,300
1,469,300,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.82
%
,
02/25/25
................
212,200
212,200,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.82
%
,
02/27/25
................
372,300
372,300,000
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.85
%
,
03/05/25
................
447,000
447,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.20%),
5.01
%
,
01/08/26
................
500,000
500,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.20%),
5.01
%
,
01/15/26
................
300,000
300,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.10%),
4.91
%
,
06/26/26
................
631,285
631,285,000
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Obligations
(continued)
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(a)
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
4.95
%
,
09/23/26
................
USD
418,300
$
418,300,000
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
4.95
%
,
10/16/26
................
344,600
344,600,000
Federal
National
Mortgage
Association
Variable
Rate
Notes
(a)
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
4.94
%
,
08/21/26
................
427,500
427,500,000
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
4.95
%
,
10/23/26
................
542,260
542,260,000
Total
U.S.
Government
Sponsored
Agency
Obligations
9.8%
(Cost:
$
17,407,471,615
)
............................
17,407,471,615
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(b)
3.80
%
,
11/05/24
..................
2,928,505
2,926,858,802
4.05
%
,
11/07/24
..................
2,926,990
2,924,483,375
4.34
%
,
11/12/24
..................
202,400
202,091,947
4.40
%
,
11/14/24
..................
1,881,600
1,878,091,574
4.46
%
,
11/19/24
..................
593,220
591,696,909
4.47
%
,
11/21/24
..................
4,579,975
4,566,954,272
4.51
%
,
11/26/24
..................
307,100
306,105,124
4.53
%
,
11/29/24
..................
3,063,608
3,051,710,557
4.52
%
,
12/03/24
..................
541,283
538,833,995
4.55
%
,
12/05/24
..................
3,792,125
3,773,786,733
4.55
%
,
12/10/24
..................
2,020,215
2,009,294,056
4.57
%
,
12/12/24
..................
2,121,621
2,109,793,657
4.57
%
,
12/17/24
..................
2,317,500
2,302,847,381
4.55
%
,
12/19/24
..................
2,560,300
2,542,724,725
4.59
%
,
12/24/24
..................
953,209
946,407,695
4.58
%
,
12/26/24
..................
2,355,052
2,337,160,361
4.55
%
,
12/31/24
..................
3,956,365
3,926,353,034
4.54
%
,
01/02/25
..................
2,249,975
2,231,670,738
4.50
%
,
01/07/25
..................
2,356,700
2,335,602,955
4.50
%
,
01/09/25
..................
1,832,121
1,815,143,055
4.50
%
,
01/14/25
..................
2,015,785
1,996,144,539
4.52
%
,
01/16/25
..................
1,263,800
1,251,753,876
4.50
%
,
01/21/25
..................
1,953,220
1,932,817,561
4.49
%
,
01/23/25
..................
2,439,321
2,413,866,459
4.52
%
,
01/28/25
..................
1,690,555
1,672,248,169
4.50
%
,
01/30/25
..................
811,800
801,794,565
4.51
%
,
02/04/25
..................
1,658,940
1,639,634,086
4.51
%
,
02/11/25
..................
2,260,250
2,231,875,353
4.51
%
,
02/13/25
..................
616,300
607,765,068
4.51
%
,
02/20/25
..................
442,301
435,795,365
4.51
%
,
02/25/25
..................
1,944,200
1,916,336,883
4.37
%
,
03/04/25
..................
3,413,100
3,363,119,895
4.48
%
,
04/03/25
..................
1,142,650
1,122,180,556
4.45
%
,
04/10/25
..................
256,634
251,731,169
4.45
%
,
04/17/25
..................
1,833,700
1,797,377,972
4.45
%
,
04/24/25
..................
985,020
964,402,154
4.44
%
,
05/01/25
..................
2,105,600
2,059,813,431
4.26
%
,
07/10/25
..................
1,249,950
1,208,336,209
4.30
%
,
08/07/25
..................
15,200
14,703,473
4.26
%
,
10/30/25
..................
427,740
410,058,671
U.S.
Treasury
Notes
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.20%),
4.76
%
,
01/31/25
(a)
...............
650,000
650,034,909
1.13
%
,
02/28/25
..................
87,715
86,611,736
2.75
%
,
02/28/25
..................
109,136
108,330,402
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
October
31,
2024
FedFund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
3.88
%
,
03/31/25
..................
USD
33,620
$
33,461,468
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.17%),
4.73
%
,
04/30/25
(a)
...............
5,371,785
5,371,749,255
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.13%),
4.69
%
,
07/31/25
(a)
...............
921,600
921,257,969
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.17%),
4.73
%
,
10/31/25
(a)
...............
2,245,180
2,245,023,504
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.25%),
4.81
%
,
01/31/26
(a)
...............
2,000,590
2,001,189,134
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.15%),
4.71
%
,
04/30/26
(a)
...............
3,290,896
3,291,007,780
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.18%),
4.74
%
,
07/31/26
(a)
...............
USD
1,501,205
$
1,499,814,835
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.21%),
4.77
%
,
10/31/26
(a)
...............
2,844,055
2,844,055,000
Total
U.S.
Treasury
Obligations
51
.0
%
(Cost:
$
90,461,902,391
)
............................
90,461,902,391
Total
Repurchase
Agreements
39
.5
%
(Cost:
$
70,087,500,000
)
............................
70,087,500,000
Total
Investments
100
.3
%
(Cost:
$
177,956,874,006
)
...........................
177,956,874,006
Liabilities
in
Excess
of
Other
Assets
(
0.3
)
%
.............
(
448,264,587
)
Net
Assets
100.0%
...............................
$
177,508,609,419
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
Schedule
of
Investments
(continued)
October
31,
2024
FedFund
Schedules
of
Investments
7
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.
...
4
.85‌
%
(a)
10/31/24
11/01/24
$
600,000‌
$
600,000,000‌
$
600,080,833‌
U.S.
Treasury
Obligations,
0.00%
to
4.50%,
due
11/30/24
to
11/15/26
.........
$
509,752,271‌
$
612,000,000‌
4
.85‌
10/31/24
11/01/24
100,000‌
100,000,000‌
100,013,472‌
U.S.
Treasury
Obligations,
0.00%
to
0.25%,
due
11/15/24
to
01/15/25
.........
89,416,730‌
102,000,000‌
4
.85‌
10/31/24
11/01/24
10,000‌
10,000,000‌
10,001,347‌
U.S.
Treasury
Obligations,
0.00%
to
3.75%,
due
05/15/25
to
12/31/30
.........
8,092,152‌
10,200,000‌
4
.86‌
10/31/24
11/01/24
115,000‌
115,000,000‌
115,015,525‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.00%,
due
05/25/29
to
12/20/73
.........
3,518,298,252‌
120,750,000‌
–‌
–‌
$
825,000,000‌
$
844,950,000‌
–‌
–‌
Bank
of
Montreal
....
4
.85‌
10/31/24
11/01/24
177,000‌
177,000,000‌
177,023,846‌
U.S.
Treasury
Obligations,
0.00%,
due
02/15/27
to
05/15/27
199,489,420‌
180,540,000‌
4
.87‌
10/31/24
11/01/24
325,000‌
325,000,000‌
325,043,965‌
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
6.00%,
due
06/01/37
to
10/01/54
.........
434,123,936‌
334,750,000‌
4
.93‌
10/25/24
11/01/24
113,000‌
113,000,000‌
113,108,323‌
U.S.
Government
Sponsored
Agency
Obligations,
6.14%
to
6.39%,
due
11/20/53
to
05/20/54
.........
152,233,128‌
118,650,000‌
–‌
–‌
$
615,000,000‌
$
633,940,000‌
–‌
–‌
Bank
of
Nova
Scotia
(The)
..........
4
.85‌
10/31/24
11/01/24
442,000‌
442,000,000‌
442,059,547‌
U.S.
Treasury
Obligations,
0.00%
to
5.00%,
due
12/12/24
to
02/15/54
.........
447,206,800‌
450,900,739‌
–‌
–‌
Barclays
Bank
plc
...
4
.86‌
10/31/24
11/01/24
279,000‌
279,000,000‌
279,037,665‌
U.S.
Treasury
Obligation,
0.63%,
due
05/15/30
.........
343,876,700‌
284,580,062‌
4
.86‌
10/31/24
11/01/24
837,000‌
837,000,000‌
837,112,995‌
U.S.
Treasury
Obligations,
2.38%
to
3.13%,
due
05/31/27
to
05/15/51
.........
1,088,020,900‌
853,740,044‌
4
.87‌
10/31/24
11/01/24
25,000‌
25,000,000‌
25,003,382‌
U.S.
Government
Sponsored
Agency
Obligations,
3.00%,
due
01/20/52
to
06/20/52
34,278,167‌
25,500,000‌
4
.91‌
(b)
10/31/24
11/08/24
1,450,000‌
1,450,000,000‌
1,451,582,111‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
13.26%,
due
07/25/25
to
07/16/65
.......
32,466,606,161‌
1,522,500,000‌
–‌
–‌
$
2,591,000,000‌
$
2,686,320,106‌
–‌
–‌
Barclays
Capital,
Inc.
.
4
.98‌
(b)
10/31/24
12/06/24
799,000‌
799,000,000‌
802,979,020‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
7.50%,
due
03/25/25
to
07/16/66
.........
14,171,648,415‌
862,048,845‌
–‌
–‌
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
October
31,
2024
FedFund
8
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
BMO
Capital
Markets
Corp.
..........
4
.87‌
%
10/31/24
11/01/24
$
150,000‌
$
150,000,000‌
$
150,020,292‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
1.22%
to
6.69%,
due
06/01/25
to
11/20/73
.
$
218,795,115‌
$
153,922,948‌
4
.94‌
(b)
10/31/24
11/08/24
250,000‌
250,000,000‌
250,274,444‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.50%,
due
04/20/46
to
02/20/74
.........
5,842,524,217‌
262,500,173‌
–‌
–‌
$
400,000,000‌
$
416,423,121‌
–‌
–‌
BNP
Paribas
SA
....
4
.85‌
10/31/24
11/01/24
1,400,000‌
1,400,000,000‌
1,400,188,611‌
U.S.
Treasury
Obligations,
0.00%
to
4.63%,
due
11/29/24
to
05/15/49
.........
1,410,796,436‌
1,428,000,001‌
4
.87‌
10/31/24
11/01/24
502,000‌
502,000,000‌
502,067,909‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.00%,
due
11/15/25
to
09/20/74
.
4,240,828,332‌
523,689,736‌
4
.90‌
(b)
10/31/24
11/08/24
400,000‌
400,000,000‌
400,435,556‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
8.76%,
due
05/15/27
to
07/20/74
4,933,472,533‌
416,346,193‌
4
.93‌
(b)
10/31/24
11/08/24
1,800,000‌
1,800,000,000‌
1,801,972,000‌
U.S.
Treasury
Obligations,
0.00%
to
5.00%,
due
12/24/24
to
02/15/53
.........
2,045,638,329‌
1,836,000,000‌
5
.00‌
(b)
10/31/24
12/06/24
300,000‌
300,000,000‌
301,500,000‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
8.76%,
due
05/15/26
to
08/20/74
4,988,649,484‌
310,789,628‌
–‌
–‌
$
4,402,000,000‌
$
4,514,825,558‌
–‌
–‌
Citibank
NA
........
4
.85‌
10/31/24
11/01/24
150,000‌
150,000,000‌
150,020,208‌
U.S.
Treasury
Obligations,
0.50%
to
4.63%,
due
02/28/25
to
09/30/31
.........
151,490,600‌
153,000,051‌
–‌
–‌
Citigroup
Global
Markets,
Inc.
...........
4
.84‌
10/29/24
11/05/24
450,000‌
450,000,000‌
450,423,500‌
U.S.
Treasury
Obligation,
4.13%,
due
10/31/26
.........
459,254,900‌
459,000,014‌
4
.85‌
(a)
10/31/24
11/01/24
239,000‌
239,000,000‌
239,032,199‌
U.S.
Treasury
Obligation,
4.13%,
due
10/31/29
.........
243,781,491‌
243,780,029‌
4
.85‌
10/31/24
11/01/24
491,000‌
491,000,000‌
491,066,149‌
U.S.
Treasury
Obligation,
4.13%,
due
10/31/26
.........
501,098,200‌
500,820,091‌
4
.86‌
10/29/24
11/05/24
1,000,000‌
1,000,000,000‌
1,000,945,000‌
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
7.00%,
due
06/01/36
to
11/01/54
.........
1,147,292,177‌
1,030,000,001‌
4
.87‌
10/31/24
11/01/24
175,000‌
175,000,000‌
175,023,674‌
U.S.
Treasury
Obligations,
4.13%,
due
09/30/27
to
07/31/28
177,303,200‌
178,500,055‌
Schedule
of
Investments
(continued)
October
31,
2024
FedFund
Schedules
of
Investments
9
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
4
.91‌
%
(b)
10/31/24
11/01/24
$
500,000‌
$
500,000,000‌
$
500,068,194‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
23.74%,
due
06/20/35
to
05/20/74
.......
$
26,260,457,462‌
$
548,488,073‌
–‌
–‌
$
2,855,000,000‌
$
2,960,588,263‌
–‌
–‌
Credit
Agricole
Corporate
&
Investment
Bank
SA
4
.85‌
(a)
10/31/24
11/01/24
650,000‌
650,000,000‌
650,087,569‌
U.S.
Treasury
Obligations,
1.00%
to
4.38%,
due
10/31/26
to
06/30/29
.........
672,377,651‌
663,000,013‌
4
.85‌
10/31/24
11/01/24
144,000‌
144,000,000‌
144,019,400‌
U.S.
Treasury
Obligations,
1.63%
to
4.50%,
due
05/15/26
to
11/15/33
.........
145,419,600‌
146,880,088‌
4
.87‌
10/31/24
11/01/24
150,000‌
150,000,000‌
150,020,292‌
U.S.
Treasury
Obligations,
1.13%
to
3.50%,
due
02/15/31
to
02/15/33
.........
173,618,600‌
153,000,016‌
–‌
–‌
$
944,000,000‌
$
962,880,117‌
–‌
–‌
Deutsche
Bank
AG
...
4
.85‌
10/31/24
11/01/24
250,000‌
250,000,000‌
250,033,681‌
U.S.
Treasury
Obligation,
3.75%,
due
08/15/41
.........
276,853,000‌
255,000,015‌
4
.85‌
10/31/24
11/01/24
1,800,000‌
1,800,000,000‌
1,800,242,500‌
U.S.
Treasury
Obligations,
0.63%
to
4.88%,
due
12/31/25
to
10/31/31
.........
1,861,170,400‌
1,836,000,085‌
4
.87‌
10/31/24
11/01/24
1,200,000‌
1,200,000,000‌
1,200,162,333‌
U.S.
Government
Sponsored
Agency
Obligations,
3.00%
to
6.50%,
due
05/15/43
to
11/01/54
.........
1,307,280,559‌
1,237,355,928‌
–‌
–‌
$
3,250,000,000‌
$
3,328,356,028‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
BNP
.
4
.82‌
10/31/24
11/01/24
4,000,000‌
4,000,000,000‌
4,000,535,556‌
U.S.
Treasury
Obligations,
0.00%
to
6.75%,
due
11/12/24
to
08/15/54
.........
4,217,231,400‌
4,080,000,045‌
4
.86‌
10/31/24
11/01/24
750,000‌
750,000,000‌
750,101,250‌
U.S.
Treasury
Obligations,
0.38%
to
4.77%,
due
11/30/25
to
08/15/53
.........
904,147,000‌
765,000,006‌
–‌
–‌
$
4,750,000,000‌
$
4,845,000,051‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
BNY
.
4
.86‌
10/31/24
11/01/24
1,500,000‌
1,500,000,000‌
1,500,202,500‌
U.S.
Treasury
Obligations,
3.63%
to
4.38%,
due
08/31/29
to
05/15/34
.........
1,539,514,500‌
1,530,000,004‌
4
.87‌
10/31/24
11/01/24
2,500,000‌
2,500,000,000‌
2,500,338,195‌
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
7.00%,
due
04/01/29
to
09/01/62
.........
7,926,292,101‌
2,575,000,001‌
–‌
–‌
$
4,000,000,000‌
$
4,105,000,005‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
BOFA
4
.82‌
10/31/24
11/01/24
1,500,000‌
1,500,000,000‌
1,500,200,833‌
U.S.
Treasury
Obligations,
0.00%
to
7.50%,
due
11/15/24
to
08/15/53
.........
1,745,331,800‌
1,530,000,008‌
4
.86‌
10/16/24
11/19/24
750,000‌
750,000,000‌
753,442,500‌
U.S.
Treasury
Obligations,
0.00%
to
5.50%,
due
11/05/24
to
02/15/51
.........
867,524,300‌
765,000,016‌
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
October
31,
2024
FedFund
10
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
4
.91‌
%
10/31/24
11/08/24
$
600,000‌
$
600,000,000‌
$
600,654,667‌
U.S.
Treasury
Obligations,
0.00%
to
5.00%,
due
11/30/24
to
08/15/51
.........
$
623,156,800‌
$
612,000,028‌
4
.92‌
10/29/24
11/01/24
610,000‌
610,000,000‌
610,250,100‌
U.S.
Treasury
Obligations,
0.00%
to
4.75%,
due
11/30/24
to
08/15/54
.........
679,277,800‌
622,200,042‌
4
.92‌
10/11/24
11/04/24
900,000‌
900,000,000‌
902,952,000‌
U.S.
Treasury
Obligations,
0.00%
to
6.63%,
due
12/03/24
to
02/15/49
.........
990,532,400‌
918,000,024‌
4
.93‌
10/29/24
11/04/24
900,000‌
900,000,000‌
900,739,500‌
U.S.
Treasury
Obligations,
0.00%
to
6.13%,
due
11/05/24
to
02/15/53
.........
1,013,479,900‌
918,000,073‌
4
.93‌
10/31/24
11/05/24
1,225,000‌
1,225,000,000‌
1,225,838,785‌
U.S.
Treasury
Obligations,
0.00%
to
4.88%,
due
11/07/24
to
08/15/51
.........
1,357,311,300‌
1,249,500,047‌
–‌
–‌
$
6,485,000,000‌
$
6,614,700,238‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
CITI
.
4
.86‌
10/31/24
11/01/24
2,750,000‌
2,750,000,000‌
2,750,371,250‌
U.S.
Treasury
Obligations,
0.00%
to
4.88%,
due
11/12/24
to
08/15/54
.........
2,852,829,200‌
2,805,000,056‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
GS
..
4
.86‌
10/31/24
11/01/24
250,000‌
250,000,000‌
250,033,750‌
U.S.
Treasury
Obligations,
0.38%
to
2.50%,
due
09/30/27
to
11/15/50
.........
414,838,500‌
255,000,023‌
4
.87‌
10/31/24
11/01/24
500,000‌
500,000,000‌
500,067,639‌
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
7.50%,
due
08/01/32
to
11/01/54
.........
759,929,340‌
515,000,001‌
–‌
–‌
$
750,000,000‌
$
770,000,024‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
HSBC
4
.82‌
10/31/24
11/01/24
4,500,000‌
4,500,000,000‌
4,500,602,500‌
U.S.
Treasury
Obligations,
0.00%
to
6.63%,
due
11/05/24
to
11/15/51
.........
4,869,116,000‌
4,590,000,085‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
JPM
.
4
.86‌
10/31/24
11/01/24
750,000‌
750,000,000‌
750,101,250‌
U.S.
Treasury
Obligations,
2.25%
to
2.63%,
due
02/15/27
to
07/31/29
.........
805,563,100‌
765,000,067‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
MS
..
4
.86‌
10/31/24
11/01/24
1,750,000‌
1,750,000,000‌
1,750,236,250‌
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
8.50%,
due
12/01/24
to
11/01/54
.........
2,239,654,259‌
1,802,500,000‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
NOMU
4
.87‌
10/31/24
11/01/24
2,750,000‌
2,750,000,000‌
2,750,372,014‌
U.S.
Treasury
Obligations,
0.00%
to
6.25%,
due
11/30/24
to
05/15/54
.........
3,010,981,800‌
2,805,000,001‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
SSB
.
4
.87‌
10/31/24
11/01/24
1,500,000‌
1,500,000,000‌
1,500,202,917‌
U.S.
Treasury
Obligations,
0.00%
to
5.00%,
due
01/31/25
to
08/15/52
.........
1,561,439,400‌
1,540,200,080‌
Schedule
of
Investments
(continued)
October
31,
2024
FedFund
Schedules
of
Investments
11
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
4
.87‌
%
10/31/24
11/01/24
$
3,500,000‌
$
3,500,000,000‌
$
3,500,473,472‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.38%
to
8.00%,
due
11/30/24
to
02/01/57
.
$
7,135,721,145‌
$
3,633,375,958‌
–‌
–‌
$
5,000,000,000‌
$
5,173,576,038‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
WF
..
4
.85‌
10/28/24
11/27/24
600,000‌
600,000,000‌
602,425,000‌
U.S.
Treasury
Obligations,
0.50%
to
5.00%,
due
11/15/24
to
05/15/53
.........
674,811,500‌
612,000,001‌
4
.86‌
10/31/24
11/01/24
1,150,000‌
1,150,000,000‌
1,150,155,250‌
U.S.
Treasury
Obligations,
0.00%
to
4.88%,
due
11/15/24
to
02/15/53
.........
1,277,606,600‌
1,173,000,005‌
4
.89‌
10/29/24
11/08/24
1,200,000‌
1,200,000,000‌
1,201,630,000‌
U.S.
Treasury
Obligations,
0.25%
to
5.00%,
due
03/31/25
to
05/15/54
.........
1,384,035,800‌
1,224,000,000‌
–‌
–‌
$
2,950,000,000‌
$
3,009,000,006‌
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...........
4
.85‌
10/31/24
11/01/24
50,000‌
50,000,000‌
50,006,736‌
U.S.
Treasury
Obligation,
3.75%,
due
08/15/41
.........
55,370,600‌
51,000,003‌
4
.86‌
10/31/24
11/01/24
100,000‌
100,000,000‌
100,013,500‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
1.25%
to
3.63%,
due
03/31/28
to
10/25/48
107,295,212‌
102,000,555‌
4
.89‌
(b)
10/31/24
12/06/24
1,114,500‌
1,114,500,000‌
1,119,949,905‌
U.S.
Government
Sponsored
Agency
Obligations,
3.00%
to
6.50%,
due
07/20/33
to
10/15/64
.........
1,224,490,701‌
1,136,790,000‌
–‌
–‌
$
1,264,500,000‌
$
1,289,790,558‌
–‌
–‌
HSBC
Securities
USA,
Inc.
...........
4
.85‌
10/31/24
11/01/24
125,000‌
125,000,000‌
125,016,840‌
U.S.
Treasury
Obligations,
0.00%
to
4.13%,
due
02/15/26
to
11/15/50
.........
208,289,187‌
127,500,001‌
4
.87‌
10/31/24
11/01/24
60,000‌
60,000,000‌
60,008,117‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
2.00%
to
6.50%,
due
05/01/33
to
11/01/54
.
82,451,816‌
61,361,705‌
4
.87‌
(c)
10/31/24
11/01/24
286,000‌
286,000,000‌
286,038,689‌
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
7.00%,
due
06/01/30
to
10/01/54
.........
858,838,586‌
294,556,647‌
4
.88‌
(b)
10/31/24
11/08/24
350,000‌
350,000,000‌
350,379,556‌
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
7.00%,
due
06/01/30
to
11/01/54
.........
725,993,633‌
360,500,001‌
–‌
–‌
$
821,000,000‌
$
843,918,354‌
–‌
–‌
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
October
31,
2024
FedFund
12
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
ING
Financial
Markets
LLC
...........
4
.87‌
%
10/31/24
11/01/24
$
150,000‌
$
150,000,000‌
$
150,020,292‌
U.S.
Government
Sponsored
Agency
Obligations,
5.50%
to
6.00%,
due
09/01/53
to
10/01/54
.........
$
155,126,361‌
$
154,500,000‌
–‌
–‌
JP
Morgan
Securities
LLC
...........
4
.83‌
(b)
10/31/24
11/08/24
3,000,000‌
3,000,000,000‌
3,003,220,000‌
U.S.
Treasury
Obligations,
0.00%
to
0.38%,
due
04/15/25
to
08/15/25
.........
2,453,242,002‌
3,060,000,001‌
4
.84‌
(b)
10/31/24
11/08/24
1,845,000‌
1,845,000,000‌
1,846,984,400‌
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
7.00%,
due
01/20/39
to
06/20/64
.........
2,199,509,089‌
1,881,900,001‌
4
.85‌
10/31/24
11/01/24
255,000‌
255,000,000‌
255,034,354‌
U.S.
Treasury
Obligation,
4.50%,
due
03/31/26
.........
258,227,000‌
260,100,028‌
4
.85‌
10/31/24
11/01/24
92,000‌
92,000,000‌
92,012,394‌
U.S.
Treasury
Obligations,
2.75%
to
4.00%,
due
08/31/25
to
01/15/27
.........
93,046,800‌
93,840,029‌
4
.87‌
10/31/24
11/01/24
43,000‌
43,000,000‌
43,005,817‌
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
8.50%,
due
06/20/28
to
05/15/63
.........
113,545,869‌
43,860,001‌
4
.96‌
(b)
10/31/24
01/31/25
483,000‌
483,000,000‌
489,122,293‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
7.50%,
due
09/25/26
to
12/16/66
.........
5,735,768,535‌
507,150,001‌
–‌
–‌
$
5,718,000,000‌
$
5,846,850,061‌
–‌
–‌
Mizuho
Securities
USA
LLC
...........
4
.85‌
10/31/24
11/01/24
250,000‌
250,000,000‌
250,033,681‌
U.S.
Treasury
Obligations,
0.38%
to
5.00%,
due
11/15/24
to
09/30/31
.........
257,915,800‌
255,000,000‌
4
.86‌
10/31/24
11/01/24
1,071,000‌
1,071,000,000‌
1,071,144,585‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
8.50%,
due
09/01/25
to
12/16/65
.........
15,392,966,107‌
1,117,639,692‌
4
.86‌
10/29/24
11/05/24
250,000‌
250,000,000‌
250,236,250‌
U.S.
Treasury
Obligations,
0.63%
to
3.75%,
due
02/28/29
to
06/30/30
.........
272,678,300‌
255,000,028‌
4
.95‌
(b)
10/31/24
12/06/24
1,600,000‌
1,600,000,000‌
1,607,920,000‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
15.78%,
due
07/25/25
to
08/25/61
.......
15,475,649,602‌
1,686,735,081‌
–‌
–‌
$
3,171,000,000‌
$
3,314,374,801‌
–‌
–‌
Morgan
Stanley
&
Co.
LLC
...........
4
.85‌
10/31/24
11/01/24
2,500‌
2,500,000‌
2,500,337‌
U.S.
Treasury
Obligations,
3.00%
to
4.00%,
due
04/30/25
to
11/15/52
.........
2,752,300‌
2,550,051‌
4
.86‌
10/31/24
11/01/24
250,000‌
250,000,000‌
250,033,750‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.50%,
due
08/15/36
to
11/25/54
.........
2,539,382,521‌
262,500,000‌
Schedule
of
Investments
(continued)
October
31,
2024
FedFund
Schedules
of
Investments
13
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
4
.86‌
%
10/31/24
11/01/24
$
142,000‌
$
142,000,000‌
$
142,019,170‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.50%,
due
11/15/25
to
10/20/54
.
$
255,465,035‌
$
144,866,607‌
–‌
–‌
$
394,500,000‌
$
409,916,658‌
–‌
–‌
MUFG
Securities
Americas,
Inc.
....
4
.85‌
10/31/24
11/01/24
108,000‌
108,000,000‌
108,014,550‌
U.S.
Treasury
Obligations,
0.00%
to
4.38%,
due
12/24/24
to
08/15/45
.........
107,325,000‌
110,160,040‌
4
.87‌
10/31/24
11/01/24
345,000‌
345,000,000‌
345,046,671‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
7.50%,
due
01/01/27
to
01/20/73
.........
2,845,220,469‌
355,972,824‌
–‌
–‌
$
453,000,000‌
$
466,132,864‌
–‌
–‌
Natixis
SA
.........
4
.85‌
10/31/24
11/01/24
24,000‌
24,000,000‌
24,003,233‌
U.S.
Treasury
Obligations,
2.00%
to
4.88%,
due
05/31/26
to
11/15/52
.........
31,632,100‌
24,480,061‌
4
.87‌
10/31/24
11/01/24
800,000‌
800,000,000‌
800,108,222‌
U.S.
Treasury
Obligations,
0.63%
to
4.75%,
due
06/15/25
to
02/15/54
.........
996,950,000‌
816,000,009‌
–‌
–‌
$
824,000,000‌
$
840,480,070‌
–‌
–‌
Nomura
Securities
International,
Inc.
..
4
.87‌
10/31/24
11/01/24
320,000‌
320,000,000‌
320,043,289‌
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
6.00%,
due
03/15/48
to
10/15/64
.........
371,561,198‌
326,400,608‌
–‌
–‌
Royal
Bank
of
Canada
4
.85‌
10/31/24
11/01/24
34,000‌
34,000,000‌
34,004,581‌
U.S.
Treasury
Obligations,
0.88%
to
6.75%,
due
06/30/26
to
02/15/51
.........
39,276,700‌
34,680,045‌
–‌
–‌
Societe
Generale
SA
.
4
.85‌
10/31/24
11/01/24
50,000‌
50,000,000‌
50,006,736‌
U.S.
Treasury
Obligation,
4.63%,
due
02/15/40
.........
49,483,200‌
51,000,073‌
4
.87‌
10/31/24
11/01/24
700,000‌
700,000,000‌
700,094,694‌
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
7.00%,
due
04/20/44
to
10/20/54
.........
5,046,117,257‌
714,000,000‌
–‌
–‌
$
750,000,000‌
$
765,000,073‌
–‌
–‌
TD
Securities
USA
LLC
4
.85‌
10/31/24
11/01/24
827,500‌
827,500,000‌
827,611,483‌
U.S.
Treasury
Obligations,
0.00%
to
4.63%,
due
08/15/25
to
08/15/54
.........
1,873,429,889‌
844,050,006‌
4
.87‌
10/31/24
11/01/24
542,000‌
542,000,000‌
542,073,321‌
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
6.50%,
due
05/01/32
to
12/01/53
.........
1,176,221,570‌
558,260,000‌
–‌
–‌
$
1,369,500,000‌
$
1,402,310,006‌
–‌
–‌
Wells
Fargo
Securities
LLC
...........
4
.85‌
(a)
10/31/24
11/01/24
450,000‌
450,000,000‌
450,060,625‌
U.S.
Treasury
Obligations,
1.38%
to
4.50%,
due
01/31/26
to
11/15/33
.........
469,871,916‌
459,000,035‌
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
October
31,
2024
FedFund
14
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
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.
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
4
.85‌
%
10/31/24
11/01/24
$
25,000‌
$
25,000,000‌
$
25,003,368‌
U.S.
Treasury
Obligation,
2.38%,
due
05/15/51
.........
$
37,764,900‌
$
25,500,029‌
4
.87‌
10/31/24
11/01/24
635,000‌
635,000,000‌
635,085,901‌
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
7.50%,
due
04/20/29
to
10/20/54
.........
2,851,634,311‌
647,700,000‌
–‌
–‌
$
1,110,000,000‌
$
1,132,200,064‌
–‌
–‌
$
70,087,500,000‌
$
71,925,563,561‌
–‌
–‌
(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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Repurchase
Agreements
...................................
$
$
70,087,500,000
$
$
70,087,500,000
U.S.
Government
Sponsored
Agency
Obligations
...................
17,407,471,615
17,407,471,615
U.S.
Treasury
Obligations
...................................
90,461,902,391
90,461,902,391
$
$
177,956,874,006
$
$
177,956,874,006
Schedule
of
Investments
October
31,
2024
TempCash
Schedules
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Certificates
of
Deposit
Domestic
2.1%
Bank
of
America
NA
(1-day
SOFR
+
0.22%),
5.05
%
,
11/14/24
(a)
.
USD
44,000‌
$
44,002,045‌
5.75
%
,
11/14/24
..................
57,000‌
57,014,673‌
5.15
%
,
01/22/25
..................
35,000‌
35,020,872‌
5.18
%
,
02/03/25
..................
34,700‌
34,726,977‌
5.22
%
,
02/06/25
..................
28,961‌
28,988,610‌
4.54
%
,
07/10/25
..................
75,000‌
74,987,951‌
(1-day
SOFR
+
0.27%),
5.09
%
,
07/15/25
(a)
.
54,000‌
53,995,464‌
4.51
%
,
10/31/25
..................
25,000‌
24,987,450‌
Citibank
NA
,
(1-day
SOFR
at
0.00%
Floor
+
0.27%),
5.09
%
,
06/20/25
(a)
...........
25,000‌
25,003,479‌
Wells
Fargo
Bank
NA
5.18
%
,
02/07/25
..................
40,000‌
40,036,879‌
(1-day
SOFR
at
0.00%
Floor
+
0.30%),
5.11
%
,
02/21/25
(a)
...............
21,000‌
21,009,869‌
439,774,269‌
Yankee
12.5%
(b)
Bank
of
Montreal,
Chicago
5.50
%
,
12/06/24
..................
30,000‌
30,014,701‌
5.50
%
,
06/11/25
..................
30,000‌
30,159,108‌
(1-day
SOFR
+
0.40%),
5.21
%
,
10/20/25
(a)
.
56,000‌
56,010,975‌
Bank
of
Nova
Scotia
(The),
Houston
5.80
%
,
11/08/24
..................
38,800‌
38,805,990‌
(1-day
SOFR
at
0.00%
Floor
+
0.30%),
5.11
%
,
02/21/25
(a)
...............
30,000‌
30,012,272‌
BNP
Paribas
SA,
New
York
(1-day
SOFR
+
0.21%),
5.02
%
,
11/26/24
(a)
.
45,000‌
45,003,931‌
5.23
%
,
12/18/24
..................
40,000‌
40,017,775‌
5.28
%
,
12/31/24
..................
33,000‌
33,021,341‌
Canadian
Imperial
Bank
of
Commerce,
New
York
5.80
%
,
11/08/24
..................
30,000‌
30,004,567‌
5.17
%
,
02/07/25
..................
44,500‌
44,541,539‌
(1-day
SOFR
+
0.26%),
5.07
%
,
06/04/25
(a)
.
80,000‌
80,025,457‌
(1-day
SOFR
+
0.35%),
5.16
%
,
09/23/25
(a)
.
50,500‌
50,514,601‌
4.50
%
,
10/09/25
..................
40,000‌
39,992,735‌
Commonwealth
Bank
of
Australia,
New
York
,
5.70
%
,
11/27/24
..................
60,500‌
60,532,856‌
Cooperatieve
Rabobank
UA,
New
York
5.27
%
,
02/05/25
..................
39,000‌
39,040,585‌
5.17
%
,
06/24/25
..................
41,350‌
41,480,334‌
Mizuho
Bank
Ltd.,
New
York
(a)
(1-day
SOFR
+
0.25%),
5.07
%
,
11/06/24
..
50,500‌
50,501,312‌
(1-day
SOFR
+
0.35%),
5.17
%
,
01/31/25
..
30,000‌
30,015,635‌
(1-day
SOFR
+
0.22%),
5.04
%
,
04/09/25
..
83,000‌
82,998,517‌
(1-day
SOFR
+
0.23%),
5.05
%
,
05/01/25
..
98,750‌
98,740,190‌
MUFG
Bank
Ltd.,
New
York
(a)
(1-day
SOFR
+
0.24%),
5.06
%
,
02/20/25
..
65,000‌
65,015,454‌
(1-day
SOFR
+
0.23%),
5.05
%
,
05/01/25
..
50,500‌
50,497,251‌
Nordea
Bank
Abp,
New
York
,
(1-day
SOFR
+
0.20%),
5.01
%
,
02/14/25
(a)
...........
60,000‌
60,019,111‌
Royal
Bank
of
Canada,
New
York
,
4.50
%
,
10/07/25
..................
25,000‌
25,000,644‌
Standard
Chartered
Bank,
New
York
,
5.35
%
,
04/10/25
..................
35,000‌
35,093,644‌
Sumitomo
Mitsui
Banking
Corp.,
New
York
(a)
(1-day
SOFR
+
0.24%),
5.05
%
,
02/05/25
..
77,250‌
77,267,311‌
(1-day
SOFR
+
0.23%),
5.04
%
,
03/05/25
..
68,400‌
68,413,346‌
(1-day
SOFR
+
0.22%),
5.03
%
,
04/09/25
..
100,000‌
100,007,006‌
(1-day
SOFR
+
0.22%),
5.03
%
,
04/16/25
..
64,000‌
64,001,880‌
Sumitomo
Mitsui
Trust
Bank
Ltd.,
New
York
5.21
%
,
02/05/25
..................
73,250‌
73,334,112‌
(1-day
SOFR
+
0.23%),
5.04
%
,
04/15/25
(a)
.
45,000‌
45,002,549‌
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
(1-day
SOFR
+
0.22%),
5.03
%
,
04/21/25
(a)
.
USD
91,000‌
$
90,996,419‌
(1-day
SOFR
+
0.22%),
5.03
%
,
04/23/25
(a)
.
73,000‌
72,996,246‌
(1-day
SOFR
+
0.23%),
5.06
%
,
06/02/25
(a)
(c)
90,550‌
90,526,092‌
Svenska
Handelsbanken
AB,
New
York
5.35
%
,
04/09/25
..................
35,700‌
35,810,605‌
(1-day
SOFR
at
0.00%
Floor
+
0.25%),
5.07
%
,
07/10/25
(a)
...............
95,000‌
94,998,319‌
Swedbank
AB,
New
York
5.34
%
,
04/09/25
..................
35,000‌
35,101,465‌
(1-day
SOFR
+
0.25%),
5.07
%
,
06/05/25
(a)
.
75,000‌
75,015,029‌
Toronto-Dominion
Bank
(The),
New
York
5.15
%
,
12/31/24
..................
33,000‌
33,011,427‌
(1-day
SOFR
+
0.20%),
5.02
%
,
03/07/25
(a)
.
100,000‌
100,001,544‌
5.10
%
,
08/25/25
..................
47,250‌
47,433,130‌
(1-day
SOFR
+
0.35%),
5.17
%
,
09/22/25
(a)
.
30,000‌
29,999,799‌
4.50
%
,
10/07/25
..................
39,000‌
38,982,283‌
Westpac
Banking
Corp.,
New
York
5.25
%
,
01/22/25
..................
35,400‌
35,427,195‌
(1-day
SOFR
at
0.00%
Floor
+
0.30%),
5.11
%
,
01/31/25
(a)
...............
18,000‌
18,008,647‌
5.40
%
,
06/06/25
..................
47,889‌
48,099,992‌
(1-day
SOFR
+
0.25%),
5.06
%
,
07/10/25
(a)
.
100,000‌
100,010,659‌
4.42
%
,
10/10/25
..................
37,000‌
36,961,004‌
2,598,466,584‌
Total
Certificates
of
Deposit
14
.6
%
(Cost:
$
3,036,731,026
)
............................
3,038,240,853‌
Commercial
Paper
ABN
AMRO
Funding
USA
LLC
,
4.80%
,
01/13/25
(c)
......................
37,000‌
36,643,249‌
Accenture
Capital,
Inc.
,
4.83%
,
11/22/24
(c)
...
25,000‌
24,927,413‌
Alinghi
Funding
Co.
LLC
(c)
4.89%
,
12/06/24
..................
44,500‌
44,286,489‌
4.80%
,
01/08/25
(d)
.................
43,950‌
43,554,421‌
4.71%
,
04/03/25
..................
34,475‌
33,802,704‌
ANZ
New
Zealand
International
Ltd.
(c)(d)
4.74%
,
02/28/25
..................
45,150‌
44,456,947‌
4.65%
,
05/09/25
..................
50,000‌
48,817,162‌
Aquitaine
Funding
Co.
LLC
(c)
4.93%
,
11/01/24
(d)
.................
119,000‌
118,983,930‌
4.94%
,
11/06/24
..................
71,000‌
70,942,389‌
4.94%
,
11/13/24
(d)
.................
74,000‌
73,870,083‌
ASB
Bank
Ltd.
,
(1-day
SOFR
+
0.26%),
5.08%
,
11/26/24
(a)
(d)
.....................
36,000‌
36,003,662‌
Australia
&
New
Zealand
Banking
Group
Ltd.
(d)
4.76%
,
12/16/24
(c)
.................
29,000‌
28,827,173‌
4.67%
,
01/14/25
(c)
.................
33,000‌
32,686,500‌
(1-day
SOFR
+
0.17%),
4.98%
,
03/04/25
(a)
99,000‌
99,018,641‌
4.57%
,
07/10/25
(c)
.................
54,000‌
52,336,875‌
(1-day
SOFR
+
0.26%),
5.07%
,
08/21/25
(a)
71,000‌
70,992,802‌
Bank
of
America
Securities,
Inc.
,
4.81%
,
01/17/25
(c)
......................
45,000‌
44,541,945‌
Bank
of
Montreal
(c)
4.87%
,
11/06/24
..................
41,633‌
41,599,684‌
4.86%
,
11/12/24
..................
39,000‌
38,937,795‌
4.86%
,
11/29/24
..................
50,000‌
49,807,575‌
Bedford
Row
Funding
Corp.
,
4.90%
,
11/05/24
(c)
(d)
.....................
169,000‌
168,886,696‌
BNG
Bank
NV
,
4.63%
,
01/31/25
(c)
(d)
........
55,500‌
54,859,140‌
BPCE
SA
(d)
4.76%
,
01/31/25
(c)
.................
40,600‌
40,118,574‌
4.74%
,
03/03/25
(c)
.................
52,500‌
51,673,799‌
(1-day
SOFR
+
0.25%),
5.06%
,
03/03/25
(a)
52,500‌
52,517,836‌
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
October
31,
2024
TempCash
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Brighthouse
Financial
Short
Term
Funding
LLC
,
4.85%
,
04/01/25
(c)
(d)
................
USD
20,000‌
$
19,604,406‌
Britannia
Funding
Co.
LLC
(c)(d)
4.90%
,
11/19/24
..................
14,000‌
13,964,349‌
4.82%
,
02/12/25
..................
44,100‌
43,503,156‌
Cabot
Trail
Funding
LLC
(c)(d)
4.89%
,
11/01/24
..................
106,690‌
106,675,711‌
4.83%
,
01/08/25
..................
94,100‌
93,249,430‌
Caisse
d'Amortissement
de
la
Dette
Sociale
,
4.79%
,
02/10/25
(c)
(d)
................
50,000‌
49,339,493‌
Caisse
des
Depots
et
Consignations
(c)(d)
4.89%
,
11/08/24
..................
55,000‌
54,941,153‌
4.74%
,
01/31/25
..................
31,936‌
31,559,182‌
Canadian
Imperial
Bank
of
Commerce
,
4.60%
,
04/09/25
(c)
(d)
.....................
51,815‌
50,791,750‌
Cancara
Asset
Securitisation
LLC
(c)
4.78%
,
02/10/25
..................
44,250‌
43,667,207‌
4.77%
,
02/13/25
(d)
.................
49,250‌
48,583,052‌
CDP
Financial,
Inc.
(c)(d)
4.68%
,
04/08/25
..................
25,000‌
24,500,806‌
4.67%
,
04/28/25
..................
55,200‌
53,964,626‌
Chariot
Funding
LLC
,
(1-day
SOFR
+
0.27%),
5.09%
,
04/21/25
(a)
(d)
................
48,000‌
48,000,585‌
Chesham
Finance
Ltd.
(c)(d)
4.90%
,
11/01/24
..................
148,000‌
147,980,137‌
4.91%
,
11/05/24
..................
87,000‌
86,941,551‌
Columbia
Funding
Co.
LLC
(c)
4.81%
,
01/16/25
(d)
.................
36,000‌
35,638,742‌
4.75%
,
03/04/25
..................
51,200‌
50,387,412‌
4.72%
,
03/27/25
..................
49,000‌
48,086,519‌
4.72%
,
04/25/25
(d)
.................
62,000‌
60,620,441‌
Commonwealth
Bank
of
Australia
(a)(d)
(1-day
SOFR
+
0.17%),
4.98%
,
12/23/24
.
87,000‌
87,008,026‌
(1-day
SOFR
+
0.20%),
5.10%
,
01/21/25
.
48,000‌
48,009,573‌
(1-day
SOFR
+
0.30%),
5.11%
,
01/30/25
.
31,000‌
31,014,636‌
(1-day
SOFR
+
0.30%),
5.11%
,
01/31/25
.
33,200‌
33,215,571‌
(1-day
SOFR
+
0.17%),
4.98%
,
03/05/25
.
99,000‌
99,006,648‌
(1-day
SOFR
+
0.25%),
5.06%
,
07/10/25
.
62,230‌
62,226,321‌
Concord
Minutemen
Capital
Co.
LLC
(d)
(1-day
SOFR
+
0.30%),
5.11%
,
03/04/25
(a)
48,000‌
48,010,679‌
4.75%
,
04/14/25
(c)
.................
35,000‌
34,263,687‌
DBS
Bank
Ltd.
,
4.75%
,
12/23/24
(c)
(d)
.......
106,000‌
105,273,614‌
Dexia
SA
(c)(d)
4.72%
,
03/11/25
..................
54,500‌
53,591,994‌
4.70%
,
04/02/25
..................
78,250‌
76,738,171‌
DNB
Bank
ASA
(c)(d)
4.71%
,
12/05/24
..................
52,500‌
52,263,898‌
4.70%
,
01/22/25
..................
30,000‌
29,682,673‌
4.70%
,
02/24/25
..................
185,500‌
182,772,315‌
4.66%
,
04/17/25
..................
14,500‌
14,195,811‌
Endeavour
Funding
Co.
LLC
(c)
4.94%
,
11/07/24
..................
23,500‌
23,477,747‌
4.80%
,
02/04/25
(d)
.................
119,000‌
117,515,133‌
Fairway
Finance
Co.
LLC
,
4.74%
,
03/27/25
(c)
.
30,000‌
29,438,399‌
Federation
des
Caisses
Desjardins
du
Quebec
,
4.77%
,
01/13/25
(c)
(d)
................
14,000‌
13,866,011‌
Gotham
Funding
Corp.
(c)
4.90%
,
11/14/24
..................
5,500‌
5,489,687‌
4.89%
,
11/18/24
..................
24,500‌
24,441,065‌
Great
Bear
Funding
LLC
(c)(d)
4.91%
,
11/06/24
..................
101,000‌
100,918,526‌
4.91%
,
11/07/24
..................
55,000‌
54,948,239‌
HSBC
Bank
plc
,
(1-day
SOFR
+
0.28%),
5.10%
,
07/16/25
(a)
(d)
.....................
73,000‌
72,988,345‌
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
ING
US
Funding
LLC
(d)
4.76%
,
02/18/25
(c)
.................
USD
77,300‌
$
76,206,341‌
(1-day
SOFR
+
0.18%),
5.00%
,
03/25/25
(a)
48,500‌
48,495,641‌
(1-day
SOFR
+
0.26%),
5.08%
,
06/05/25
(a)
76,000‌
76,026,985‌
Ionic
Funding
LLC
(c)
4.95%
,
11/07/24
..................
100,000‌
99,905,111‌
4.97%
,
11/14/24
..................
95,000‌
94,819,420‌
4.97%
,
11/15/24
..................
112,000‌
111,771,847‌
4.98%
,
12/03/24
..................
102,000‌
101,543,066‌
J.P.
Morgan
Securities
LLC
,
(1-day
SOFR
+
0.30%),
5.12%
,
07/01/25
(a)
...........
69,000‌
69,009,396‌
Liberty
Street
Funding
LLC
(c)
4.81%
,
01/02/25
..................
20,000‌
19,835,290‌
4.81%
,
01/06/25
..................
20,850‌
20,667,595‌
4.72%
,
03/17/25
..................
58,480‌
57,462,098‌
4.71%
,
03/27/25
..................
28,000‌
27,479,155‌
Lion
Bay
Funding
LLC
,
4.90%
,
11/05/24
(c)
(d)
..
70,000‌
69,953,069‌
LMA-Americas
LLC
(c)
4.77%
,
02/12/25
..................
47,500‌
46,862,630‌
4.75%
,
02/27/25
..................
44,500‌
43,820,872‌
Longship
Funding
DAC
,
4.90%
,
11/08/24
(c)
(d)
..
97,000‌
96,896,000‌
Mackinac
Funding
Co.
LLC
(c)
4.90%
,
11/15/24
(d)
.................
81,000‌
80,837,358‌
4.83%
,
01/07/25
(d)
.................
55,000‌
54,509,991‌
4.82%
,
01/16/25
(d)
.................
76,800‌
76,027,673‌
4.74%
,
03/11/25
..................
36,500‌
35,889,717‌
Macquarie
Bank
Ltd.
4.81%
,
01/13/25
(c)
(d)
................
45,000‌
44,565,127‌
4.81%
,
01/17/25
(c)
.................
46,000‌
45,531,965‌
4.81%
,
01/21/25
(c)
(d)
................
64,280‌
63,593,213‌
4.79%
,
02/12/25
(c)
.................
45,285‌
44,675,433‌
4.70%
,
03/03/25
(c)
(d)
................
79,000‌
77,768,506‌
(1-day
SOFR
+
0.24%),
5.06%
,
03/28/25
(a)
(d)
36,000‌
36,011,726‌
Mainbeach
Funding
LLC
(c)(d)
4.94%
,
11/01/24
..................
41,900‌
41,894,332‌
4.94%
,
11/07/24
..................
167,000‌
166,841,861‌
Manhattan
Asset
Funding
Co.
LLC
(c)
4.84%
,
01/06/25
(d)
.................
29,000‌
28,744,388‌
4.78%
,
02/21/25
..................
40,000‌
39,416,409‌
National
Australia
Bank
Ltd.
(a)(d)
(1-day
SOFR
+
0.25%),
5.06%
,
03/17/25
.
20,000‌
20,006,440‌
(1-day
SOFR
+
0.20%),
5.01%
,
05/02/25
.
78,000‌
78,006,984‌
(1-day
SOFR
+
0.28%),
5.09%
,
06/27/25
.
67,000‌
67,048,043‌
(1-day
SOFR
+
0.25%),
5.06%
,
07/09/25
.
70,000‌
70,002,794‌
National
Securities
Clearing
Corp.
,
4.74%
,
01/31/25
(c)
(d)
.....................
55,000‌
54,351,046‌
NRW
Bank
,
4.66%
,
03/20/25
(c)
(d)
..........
73,000‌
71,717,769‌
Old
Line
Funding
LLC
,
4.76%
,
02/14/25
(c)
(d)
..
54,000‌
53,263,862‌
Ontario
Teachers'
Finance
Trust
,
4.61%
,
05/01/25
(c)
(d)
.....................
54,500‌
53,274,508‌
Oversea-Chinese
Banking
Corp.
Ltd.
,
(1-day
SOFR
+
0.20%),
5.01%
,
01/21/25
(a)
(d)
....
49,500‌
49,506,602‌
Overwatch
Alpha
Funding
LLC
,
4.91%
,
11/07/24
(c)
(d)
.....................
50,000‌
49,952,944‌
Podium
Funding
Trust
(c)
4.81%
,
12/04/24
..................
40,000‌
39,821,513‌
4.78%
,
02/03/25
..................
70,000‌
69,140,549‌
4.72%
,
04/16/25
..................
103,500‌
101,313,350‌
Province
of
British
Columbia
(c)
4.76%
,
01/17/25
..................
36,500‌
36,132,579‌
4.74%
,
02/10/25
..................
42,800‌
42,240,960‌
4.57%
,
06/17/25
..................
46,000‌
44,710,912‌
PSP
Capital,
Inc.
,
4.71%
,
01/24/25
(c)
(d)
......
99,775‌
98,692,903‌
Schedule
of
Investments
(continued)
October
31,
2024
TempCash
Schedules
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Ridgefield
Funding
Co.
LLC
,
4.79%
,
02/10/25
(c)
(d)
.....................
USD
97,880‌
$
96,587,546‌
Royal
Bank
of
Canada
(d)
4.89%
,
11/06/24
(c)
.................
34,000‌
33,972,703‌
(1-day
SOFR
+
0.35%),
5.16%
,
01/21/25
(a)
30,000‌
30,015,796‌
4.67%
,
04/09/25
(c)
.................
55,000‌
53,896,740‌
Skandinaviska
Enskilda
Banken
AB
,
(1-day
SOFR
+
0.25%),
5.07%
,
07/02/25
(a)
(d)
....
66,000‌
65,995,892‌
Starbird
Funding
Corp.
,
4.72%
,
03/25/25
(c)
...
49,500‌
48,589,022‌
Svenska
Handelsbanken
AB
,
(1-day
SOFR
+
0.26%),
5.08%
,
07/18/25
(a)
(d)
..........
60,000‌
59,999,802‌
Swedbank
AB
(a)(d)
(1-day
SOFR
+
0.27%),
5.09%
,
07/03/25
.
103,000‌
103,019,382‌
(1-day
SOFR
+
0.27%),
5.09%
,
07/16/25
.
55,000‌
55,009,078‌
Thunder
Bay
Funding
LLC
,
4.75%
,
02/26/25
(c)
40,000‌
39,395,569‌
United
Overseas
Bank
Ltd.
(a)(d)
(1-day
SOFR
+
0.20%),
5.02%
,
01/22/25
.
40,500‌
40,506,311‌
(1-day
SOFR
+
0.20%),
5.02%
,
04/25/25
.
73,600‌
73,593,160‌
Versailles
Commercial
Paper
LLC
(c)
4.86%
,
01/17/25
(d)
.................
84,500‌
83,631,453‌
4.71%
,
04/03/25
..................
29,000‌
28,434,472‌
Washington
Morgan
Capital
Co.
LLC
,
4.77%
,
02/14/25
(c)
(d)
.....................
80,690‌
79,588,435‌
Westpac
Banking
Corp.
(d)
4.88%
,
11/07/24
(c)
.................
36,000‌
35,966,358‌
4.85%
,
11/14/24
(c)
.................
46,400‌
46,313,910‌
(1-day
SOFR
+
0.25%),
5.06%
,
07/02/25
(a)
56,000‌
56,011,870‌
Total
Commercial
Paper
37
.6
%
(Cost:
$
7,840,015,819
)
............................
7,842,223,433‌
Corporate
Bonds
Commercial
Services
&
Supplies
0.3%
Ecmc
Group,
Inc.
(a)
4.87%
,
11/07/24
..................
24,500‌
24,500,000‌
Series
23-1
,
4.87%
,
11/07/24
..........
44,600‌
44,600,000‌
Total
Corporate
Bonds
0
.3
%
(Cost:
$
69,100,000
)
...............................
69,100,000‌
Municipal
Bonds
California
0.0%
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2021-XMT0955
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
LIQ
)
,
5.03
%
,
11/07/24
(d)
(e)
(f)
6,300‌
6,300,000‌
Iowa
0.1%
Iowa
Student
Loan
Liquidity
Corp.
,
Series
2023-
1
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
4.87
%
,
11/07/24
(f)
.................
10,061‌
10,061,000‌
New
York
0.1%
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
,
Series
238
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
4.85
%
,
11/07/24
(f)
.................
18,000‌
18,000,000‌
Security
Par
(000)
Par
(000)
Value
Other
0.2%
(d)(e)(f)
Mizuho
Floater/Residual
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2020-MIZ9043
,
RB
,
VRDN
(
Mizuho
Bank
Ltd.
LOC
)
,
4.95
%
,
11/07/24
.
USD
30,370‌
$
30,370,000‌
Taxable
Municipal
Funding
Trust,
Tender
Option
Bond
Trust
Receipts/Certificates,
Various
States
,
Series
2019-TMFT005
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
4.95
%
,
11/07/24
.
5,510‌
5,510,000‌
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2021-XF2953TX
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
4.95
%
,
11/07/24
.
8,033‌
8,033,357‌
43,913,357‌
Texas
0.0%
North
Texas
Higher
Education
Authority,
Inc.
,
Series
2023-1
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
4.87
%
,
11/07/24
(f)
.......
8,700‌
8,700,000‌
Total
Municipal
Bonds
0
.4
%
(Cost:
$
86,974,357
)
...............................
86,974,357‌
Time
Deposits
Credit
Agricole
Corporate
&
Investment
Bank
SA
,
4.81
%
,
11/01/24
...............
116,334‌
116,334,000‌
Erste
Group
Bank
AG
,
4.83
%
,
11/01/24
.....
550,000‌
550,000,000‌
First
Abu
Dhabi
Bank
USA
NV
,
4.83
%
,
11/01/24
550,000‌
550,000,000‌
ING
Bank
NV
,
4.84
%
,
11/07/24
...........
750,000‌
750,000,000‌
KBC
Bank
NV
,
4.83
%
,
11/01/24
..........
650,000‌
650,000,000‌
Mizuho
Bank
Ltd.
,
4.83
%
,
11/01/24
........
300,000‌
300,000,000‌
Royal
Bank
of
Canada
,
4.83
%
,
11/01/24
....
350,000‌
350,000,000‌
Skandinaviska
Enskilda
Banken
AB
,
4.83
%
,
11/01/24
..................
500,000‌
500,000,000‌
Svenska
Handelsbanken
AB
,
4.83
%
,
11/01/24
520,000‌
520,000,000‌
Swedbank
AB
,
4.83
%
,
11/01/24
..........
465,000‌
465,000,000‌
Total
Time
Deposits
22
.8
%
(Cost:
$
4,751,334,000
)
............................
4,751,334,000‌
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(c)
4.49
%
,
01/23/25
..................
110,500‌
109,368,848‌
4.51
%
,
02/20/25
..................
49,000‌
48,331,028‌
4.47
%
,
03/13/25
..................
50,000‌
49,197,859‌
4.48
%
,
03/27/25
..................
45,000‌
44,202,475‌
4.26
%
,
10/30/25
..................
101,100‌
96,932,166‌
U.S.
Treasury
Notes
,
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.17%),
4.73
%
,
04/30/25
(a)
...........
8,000‌
7,999,193‌
Total
U.S.
Treasury
Obligations
1
.7
%
(Cost:
$
355,913,071
)
..............................
356,031,569‌
Total
Repurchase
Agreements
19
.6
%
(Cost:
$
4,093,000,000
)
............................
4,093,000,000‌
Total
Investments
97
.0
%
(Cost:
$
20,233,068,273
)
(g)
..........................
20,236,904,212‌
Other
Assets
Less
Liabilities
3.0
%
....................
619,576,977‌
Net
Assets
100.0%
...............................
$
20,856,481,189‌
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
October
31,
2024
TempCash
18
(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,
2024
TempCash
Schedules
of
Investments
19
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.
...
4
.90‌
%
(a)
10/31/24
11/01/24
$
98,000‌
$
98,000,000‌
$
98,013,339‌
Corporate/Debt
Obligations,
0.28%
to
9.11%,
due
09/15/34
to
10/25/69
.........
$
768,054,565‌
$
104,860,000‌
5
.15‌
(b)
10/31/24
12/06/24
80,000‌
80,000,000‌
80,412,000‌
Corporate/Debt
Obligations,
0.13%
to
8.40%,
due
08/07/34
to
02/25/67
.........
1,314,734,851‌
85,600,000‌
–‌
–‌
$
178,000,000‌
$
190,460,000‌
–‌
–‌
Bank
of
Montreal
....
4
.93‌
10/25/24
11/01/24
47,000‌
47,000,000‌
47,045,055‌
U.S.
Government
Sponsored
Agency
Obligation,
6.06%,
due
09/20/54
.........
49,518,034‌
49,350,000‌
–‌
–‌
Bank
of
Nova
Scotia
(The)
..........
5
.05‌
(a)
10/31/24
11/01/24
55,000‌
55,000,000‌
55,007,715‌
Corporate/Debt
Obligations,
4.85%
to
8.20%,
due
04/25/25
to
04/18/54
.........
50,546,000‌
57,758,249‌
5
.23‌
(b)
10/31/24
12/06/24
35,000‌
35,000,000‌
35,183,050‌
Corporate/Debt
Obligations,
2.00%
to
8.38%,
due
07/03/25
to
12/01/54
.........
37,351,000‌
36,755,505‌
–‌
–‌
$
90,000,000‌
$
94,513,754‌
–‌
–‌
Barclays
Bank
plc
...
4
.91‌
(b)
10/31/24
11/08/24
48,000‌
48,000,000‌
48,052,373‌
U.S.
Government
Sponsored
Agency
Obligation,
3.00%,
due
06/20/52
.........
65,739,886‌
48,960,000‌
4
.93‌
(a)
10/31/24
11/01/24
466,000‌
466,000,000‌
466,063,816‌
Corporate/Debt
Obligations,
1.50%
to
7.88%,
due
09/06/26
to
09/01/34
.........
502,216,000‌
489,300,600‌
4
.95‌
(a)
10/31/24
11/01/24
35,000‌
35,000,000‌
35,004,812‌
Corporate/Debt
Obligations,
5.00%
to
7.35%,
due
02/01/26
to
07/01/35
.........
34,435,000‌
37,452,277‌
5
.03‌
(a)
10/31/24
11/01/24
21,000‌
21,000,000‌
21,002,934‌
Corporate/Debt
Obligations,
3.20%
to
9.00%,
due
04/01/26
to
06/19/32
.........
26,352,512‌
23,789,472‌
5
.08‌
(b)
10/31/24
12/06/24
26,000‌
26,000,000‌
26,132,080‌
Corporate/Debt
Obligation,
5.00%,
due
06/15/51
.........
25,740,000‌
27,823,853‌
–‌
–‌
$
596,000,000‌
$
627,326,202‌
–‌
–‌
Barclays
Capital,
Inc.
.
5
.06‌
(b)
10/31/24
12/06/24
108,000‌
108,000,000‌
108,546,480‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.88%
to
5.02%,
due
11/18/24
to
09/14/37
.
110,361,500‌
110,160,011‌
–‌
–‌
BNP
Paribas
SA
....
4
.93‌
(a)
10/31/24
11/01/24
54,000‌
54,000,000‌
54,007,395‌
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
1.13%
to
8.86%,
due
03/02/25
to
11/25/68
.........
67,268,433‌
58,004,554‌
–‌
–‌
Citigroup
Global
Markets,
Inc.
...........
4
.85‌
(c)
10/31/24
11/01/24
1,000‌
1,000,000‌
1,000,135‌
U.S.
Treasury
Obligation,
4.13%,
due
10/31/29
.........
1,020,006‌
1,020,000‌
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
October
31,
2024
TempCash
20
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
4
.87‌
%
10/31/24
11/01/24
$
500,000‌
$
500,000,000‌
$
500,067,639‌
U.S.
Government
Sponsored
Agency
Obligations,
5.00%
to
8.28%,
due
08/15/58
to
09/20/67
.........
$
642,099,765‌
$
510,000,000‌
4
.88‌
(a)
10/31/24
11/01/24
48,000‌
48,000,000‌
48,006,507‌
U.S.
Treasury
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
4.25%,
due
11/20/24
to
11/15/42
.........
51,358,400‌
49,281,871‌
5
.12‌
(b)
10/31/24
01/02/25
5,000‌
5,000,000‌
5,044,800‌
Corporate/Debt
Obligations,
1.24%
to
6.35%,
due
03/15/39
to
04/25/57
.........
829,395,664‌
5,350,000‌
–‌
–‌
$
554,000,000‌
$
565,651,871‌
–‌
–‌
Credit
Agricole
Corporate
&
Investment
Bank
SA
4
.87‌
10/31/24
11/01/24
145,000‌
145,000,000‌
145,019,615‌
U.S.
Treasury
Obligation,
4.50%,
due
11/15/33
.........
142,372,300‌
147,900,013‌
4
.87‌
10/31/24
11/01/24
25,000‌
25,000,000‌
25,003,382‌
U.S.
Treasury
Obligation,
4.63%,
due
04/30/31
.........
24,889,500‌
25,500,039‌
4
.94‌
(b)
10/31/24
11/08/24
73,000‌
73,000,000‌
73,080,138‌
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
8.75%,
due
11/14/24
to
08/25/67
.........
99,446,052‌
78,594,398‌
–‌
–‌
$
243,000,000‌
$
251,994,450‌
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...........
4
.86‌
10/31/24
11/01/24
50,000‌
50,000,000‌
50,006,750‌
U.S.
Treasury
Obligations,
0.13%
to
4.13%,
due
07/31/28
to
02/15/52
.........
57,403,200‌
51,000,044‌
5
.23‌
(b)
10/31/24
12/16/24
115,000‌
115,000,000‌
115,768,519‌
U.S.
Government
Sponsored
Agency
Obligation,
6.50%,
due
07/01/54
.........
116,445,351‌
118,450,001‌
–‌
–‌
$
165,000,000‌
$
169,450,045‌
–‌
–‌
JP
Morgan
Securities
LLC
...........
4
.84‌
(b)
10/31/24
11/08/24
196,000‌
196,000,000‌
196,210,809‌
U.S.
Government
Sponsored
Agency
Obligations,
4.00%
to
7.50%,
due
10/20/52
to
08/20/64
.........
197,372,936‌
199,920,002‌
4
.87‌
10/31/24
11/01/24
350,000‌
350,000,000‌
350,047,347‌
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
8.78%,
due
07/20/32
to
04/15/66
.........
624,744,501‌
357,000,001‌
4
.95‌
(a)
10/31/24
11/01/24
50,000‌
50,000,000‌
50,006,875‌
Corporate/Debt
Obligations,
0.00%,
due
11/05/24
to
02/03/25
.
52,551,361‌
52,154,973‌
5
.03‌
(a)
10/31/24
11/01/24
25,000‌
25,000,000‌
25,003,493‌
Corporate/Debt
Obligation,
3.61%,
due
10/01/54
.........
26,680,000‌
26,751,837‌
5
.03‌
(b)
10/31/24
11/08/24
20,000‌
20,000,000‌
20,022,356‌
Corporate/Debt
Obligations,
0.00%
to
2.49%,
due
01/15/27
to
10/01/50
.........
25,011,000‌
23,000,077‌
Schedule
of
Investments
(continued)
October
31,
2024
TempCash
Schedules
of
Investments
21
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
.03‌
%
(b)
10/31/24
11/08/24
$
100,000‌
$
100,000,000‌
$
100,111,778‌
Corporate/Debt
Obligations,
1.65%
to
7.88%,
due
10/01/25
to
09/10/64
.........
$
109,477,000‌
$
105,000,374‌
5
.05‌
(a)
10/31/24
11/01/24
37,000‌
37,000,000‌
37,005,190‌
Corporate/Debt
Obligations,
0.00%
to
8.50%,
due
12/15/25
to
01/19/63
.........
42,072,000‌
40,059,336‌
5
.13‌
(a)
10/31/24
11/01/24
70,000‌
70,000,000‌
70,009,975‌
Corporate/Debt
Obligations,
1.30%
to
10.75%,
due
12/01/24
to
12/31/79
.......
86,546,466‌
75,271,083‌
5
.20‌
(b)
10/31/24
01/30/25
40,000‌
40,000,000‌
40,525,778‌
Corporate/Debt
Obligations,
2.25%
to
7.08%,
due
10/15/35
to
07/25/68
.........
57,906,729‌
42,800,001‌
5
.31‌
(b)
10/31/24
01/30/25
90,000‌
90,000,000‌
91,208,025‌
Corporate/Debt
Obligations,
0.92%
to
7.13
%,
due
05/17/27
to
07/25/68
.........
140,740,255‌
97,032,343‌
5
.31‌
(b)
10/31/24
01/30/25
25,000‌
25,000,000‌
25,335,562‌
Corporate/Debt
Obligations,
2.72%
to
7.45%,
due
05/03/26
to
05/25/44
.........
29,565,864‌
26,931,609‌
5
.31‌
(b)
10/31/24
01/30/25
65,000‌
65,000,000‌
65,872,462‌
Corporate/Debt
Obligations,
0.50%
to
10.07%,
due
07/20/31
to
08/25/67
.......
96,616,695‌
69,550,001‌
–‌
–‌
$
1,068,000,000‌
$
1,115,471,637‌
–‌
–‌
Mizuho
Securities
USA
LLC
...........
4
.98‌
(a)
10/31/24
11/01/24
75,000‌
75,000,000‌
75,010,375‌
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
6.50%,
due
10/01/39
to
10/01/54
.........
85,037,767‌
77,250,001‌
5
.28‌
(b)
10/31/24
12/06/24
50,000‌
50,000,000‌
50,264,000‌
Corporate/Debt
Obligations,
0.93%
to
8.62%,
due
10/20/33
to
06/25/66
.........
302,371,705‌
53,500,001‌
–‌
–‌
$
125,000,000‌
$
130,750,002‌
–‌
–‌
Natixis
SA
.........
4
.93‌
(a)
10/31/24
11/01/24
36,000‌
36,000,000‌
36,004,930‌
U.S.
Treasury
Obligations
and
Corporate/Debt
Obligations,
1.25%
to
7.77%,
due
03/01/26
to
11/15/95
.........
40,447,583‌
37,799,467‌
4
.96‌
(b)
10/31/24
11/08/24
25,000‌
25,000,000‌
25,027,556‌
Corporate/Debt
Obligations,
1.65%
to
7.77%,
due
03/01/26
to
05/15/52
.........
27,766,769‌
26,250,000‌
5
.04‌
(b)
10/31/24
11/08/24
16,000‌
16,000,000‌
16,017,920‌
U.S.
Treasury
Obligations
and
Corporate/Debt
Obligations,
1.50%
to
9.88%,
due
03/01/26
to
05/15/97
.........
18,915,152‌
17,270,467‌
–‌
–‌
$
77,000,000‌
$
81,319,934‌
–‌
–‌
Nomura
Securities
International,
Inc.
..
4
.87‌
10/31/24
11/01/24
200,000‌
200,000,000‌
200,027,056‌
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
7.00%,
due
09/20/33
to
06/20/62
.........
423,343,694‌
204,001,630‌
–‌
–‌
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
October
31,
2024
TempCash
22
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
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.
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Scotia
Capital
USA,
Inc.
5
.23‌
%
(b)
10/31/24
12/06/24
$
10,000‌
$
10,000,000‌
$
10,052,300‌
Corporate/Debt
Obligations,
3.88%
to
8.55%,
due
05/21/27
to
03/01/35
.........
$
10,487,200‌
$
10,956,014‌
–‌
–‌
TD
Securities
USA
LLC
4
.91‌
(a)
10/31/24
11/01/24
240,000‌
240,000,000‌
240,032,733‌
Corporate/Debt
Obligations,
5.00%
to
11.75%,
due
06/10/26
to
08/01/35
.......
247,306,000‌
266,140,986‌
4
.93‌
(b)
10/31/24
11/08/24
55,000‌
55,000,000‌
55,060,256‌
Corporate/Debt
Obligations,
2.88%
to
12.75%,
due
01/15/25
to
06/01/41
.......
64,838,478‌
62,652,643‌
–‌
–‌
$
295,000,000‌
$
328,793,629‌
–‌
–‌
Wells
Fargo
Securities
LLC
...........
4
.87‌
10/31/24
11/01/24
110,000‌
110,000,000‌
110,014,881‌
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
4.75%,
due
06/20/42
to
10/16/66
.........
1,134,253,162‌
115,500,000‌
5
.23‌
(b)
10/31/24
02/09/25
150,000‌
150,000,000‌
152,200,958‌
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
0.00%
to
6.10%,
due
12/16/24
to
10/24/51
.........
157,213,849‌
157,397,428‌
5
.28‌
(b)
10/31/24
02/09/25
23,000‌
23,000,000‌
23,340,707‌
Corporate/Debt
Obligations,
0.00%
to
5.25%,
due
01/01/26
to
11/15/54
.........
26,200,000‌
24,613,140‌
–‌
–‌
$
283,000,000‌
$
297,510,568‌
–‌
–‌
$
4,093,000,000‌
$
4,285,714,301‌
–‌
–‌
(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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Certificates
of
Deposit
.....................................
$
$
3,038,240,853
$
$
3,038,240,853
Commercial
Paper
.......................................
7,842,223,433
7,842,223,433
Corporate
Bonds
........................................
69,100,000
69,100,000
Municipal
Bonds
.........................................
86,974,357
86,974,357
Repurchase
Agreements
...................................
4,093,000,000
4,093,000,000
Time
Deposits
..........................................
4,751,334,000
4,751,334,000
U.S.
Treasury
Obligations
...................................
356,031,569
356,031,569
$
$
20,236,904,212
$
$
20,236,904,212
Schedule
of
Investments
October
31,
2024
T-Fund
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
3.80
%
,
11/05/24
..................
USD
1,805,200
$
1,804,186,120
4.05
%
,
11/07/24
..................
1,977,275
1,975,581,491
4.34
%
,
11/12/24
..................
139,800
139,587,224
4.40
%
,
11/14/24
..................
1,240,700
1,238,386,575
4.46
%
,
11/19/24
..................
380,641
379,663,845
4.47
%
,
11/21/24
..................
2,894,555
2,886,328,882
4.51
%
,
11/26/24
..................
192,900
192,275,084
4.53
%
,
11/29/24
..................
1,971,766
1,964,117,998
4.52
%
,
12/03/24
..................
347,717
346,143,475
4.55
%
,
12/05/24
..................
2,455,580
2,443,715,512
4.55
%
,
12/10/24
..................
1,256,245
1,249,453,950
4.57
%
,
12/12/24
..................
1,398,183
1,390,387,927
4.57
%
,
12/17/24
..................
1,526,110
1,516,458,337
4.55
%
,
12/19/24
..................
1,814,110
1,801,657,564
4.59
%
,
12/24/24
..................
611,184
606,821,029
4.58
%
,
12/26/24
..................
1,577,750
1,565,799,349
4.55
%
,
12/31/24
..................
2,511,485
2,492,423,141
4.54
%
,
01/02/25
..................
1,471,895
1,459,914,820
4.50
%
,
01/07/25
..................
1,524,000
1,510,357,238
4.50
%
,
01/09/25
..................
1,205,537
1,194,366,673
4.50
%
,
01/14/25
..................
1,359,290
1,346,045,987
4.52
%
,
01/16/25
..................
820,600
812,778,312
4.50
%
,
01/21/25
..................
1,344,425
1,330,381,762
4.49
%
,
01/23/25
..................
1,956,035
1,935,562,192
4.52
%
,
01/28/25
..................
1,109,595
1,097,579,320
4.50
%
,
01/30/25
..................
515,900
509,541,532
4.51
%
,
02/04/25
..................
1,116,555
1,103,561,091
4.51
%
,
02/06/25
..................
250,000
246,773,403
4.51
%
,
02/11/25
..................
1,441,690
1,423,591,363
4.51
%
,
02/13/25
..................
746,600
736,278,104
4.51
%
,
02/20/25
..................
610,767
601,858,321
4.51
%
,
02/25/25
..................
1,218,900
1,201,431,362
4.37
%
,
03/04/25
..................
3,143,300
3,097,270,741
4.48
%
,
04/03/25
..................
743,113
729,800,566
4.45
%
,
04/10/25
..................
202,784
198,909,323
4.45
%
,
04/17/25
..................
1,190,500
1,166,918,512
4.45
%
,
04/24/25
..................
620,840
607,844,116
4.44
%
,
05/01/25
..................
1,361,900
1,332,285,292
4.26
%
,
07/10/25
..................
800,000
773,366,109
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
4.30
%
,
08/07/25
..................
USD
9,800
$
9,479,871
4.26
%
,
10/30/25
..................
278,395
266,887,089
U.S.
Treasury
Notes
2.25
%
,
11/15/24
..................
83,800
83,706,044
1.00
%
,
12/15/24
..................
60,680
60,393,623
2.25
%
,
12/31/24
..................
132,640
132,046,274
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.20%),
4.76
%
,
01/31/25
(b)
...............
400,000
400,019,948
1.13
%
,
02/28/25
..................
61,347
60,575,372
2.75
%
,
02/28/25
..................
76,199
75,636,517
3.88
%
,
03/31/25
..................
21,525
21,423,501
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.17%),
4.73
%
,
04/30/25
(b)
...............
3,523,565
3,523,541,563
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.13%),
4.69
%
,
07/31/25
(b)
...............
1,268,235
1,267,803,406
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.17%),
4.73
%
,
10/31/25
(b)
...............
2,158,689
2,158,585,862
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.25%),
4.81
%
,
01/31/26
(b)
...............
1,714,200
1,714,508,215
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.15%),
4.71
%
,
04/30/26
(b)
...............
3,001,793
3,001,764,817
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.18%),
4.74
%
,
07/31/26
(b)
...............
948,360
947,481,787
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.21%),
4.77
%
,
10/31/26
(b)
...............
1,851,060
1,851,060,000
Total
U.S.
Treasury
Obligations
58
.0
%
(Cost:
$
63,984,317,531
)
............................
63,984,317,531
Total
Repurchase
Agreements
42
.1
%
(Cost:
$
46,487,000,000
)
............................
46,487,000,000
Total
Investments
100
.1
%
(Cost:
$
110,471,317,531
)
...........................
110,471,317,531
Liabilities
in
Excess
of
Other
Assets
(
0.1
)
%
.............
(
147,417,987
)
Net
Assets
100.0%
...............................
$
110,323,899,544
(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.
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
October
31,
2024
T-Fund
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.
...
4
.85‌
%
10/31/24
11/01/24
$
11,000‌
$
11,000,000‌
$
11,001,482‌
U.S.
Treasury
Obligations,
0.00%
to
4.63%,
due
01/15/25
to
11/15/32
.........
$
11,231,427‌
$
11,220,000‌
4
.85‌
(a)
10/31/24
11/01/24
400,000‌
400,000,000‌
400,053,889‌
U.S.
Treasury
Obligations,
0.00%
to
4.50%,
due
11/30/24
to
11/15/26
.........
339,834,847‌
408,000,000‌
4
.85‌
10/31/24
11/01/24
50,000‌
50,000,000‌
50,006,736‌
U.S.
Treasury
Obligation,
2.00%,
due
01/15/26
.........
32,070,300‌
51,000,044‌
–‌
–‌
$
461,000,000‌
$
470,220,044‌
–‌
–‌
Bank
of
Montreal
....
4
.85‌
10/31/24
11/01/24
176,000‌
176,000,000‌
176,023,711‌
U.S.
Treasury
Obligations,
0.00%,
due
05/15/27
to
11/15/32
.
233,251,433‌
179,520,000‌
–‌
–‌
Bank
of
Nova
Scotia
(The)
..........
4
.85‌
10/31/24
11/01/24
436,000‌
436,000,000‌
436,058,739‌
U.S.
Treasury
Obligations,
0.13%
to
4.50%,
due
03/31/25
to
11/15/48
.........
456,040,400‌
444,779,915‌
–‌
–‌
Barclays
Bank
plc
...
4
.86‌
10/31/24
11/01/24
2,438,000‌
2,438,000,000‌
2,438,329,130‌
U.S.
Treasury
Obligations,
2.75%
to
4.50%,
due
05/15/27
to
08/15/32
.........
2,572,670,800‌
2,486,760,006‌
4
.86‌
10/31/24
11/01/24
343,000‌
343,000,000‌
343,046,305‌
U.S.
Treasury
Obligations,
0.25%
to
3.13%,
due
09/30/25
to
08/31/29
.........
364,459,800‌
349,860,050‌
–‌
–‌
$
2,781,000,000‌
$
2,836,620,056‌
–‌
–‌
BNP
Paribas
SA
....
4
.85‌
10/31/24
11/01/24
1,152,000‌
1,152,000,000‌
1,152,155,200‌
U.S.
Treasury
Obligations,
0.00%
to
4.50%,
due
10/31/29
to
11/15/49
.........
1,223,623,908‌
1,175,040,058‌
4
.85‌
10/31/24
11/01/24
5,000‌
5,000,000‌
5,000,674‌
U.S.
Treasury
Obligations,
0.13%
to
4.88%,
due
03/31/26
to
07/15/26
.........
5,052,500‌
5,100,013‌
4
.93‌
(b)
10/31/24
11/08/24
1,200,000‌
1,200,000,000‌
1,201,314,667‌
U.S.
Treasury
Obligations,
0.00%
to
5.00%,
due
01/14/25
to
02/15/51
.........
1,340,223,993‌
1,224,000,001‌
–‌
–‌
$
2,357,000,000‌
$
2,404,140,072‌
–‌
–‌
Citibank
NA
........
4
.85‌
10/31/24
11/01/24
100,000‌
100,000,000‌
100,013,472‌
U.S.
Treasury
Obligations,
0.00%
to
4.88%,
due
01/02/25
to
02/15/54
.........
101,997,600‌
102,000,066‌
–‌
–‌
Citigroup
Global
Markets,
Inc.
...........
4
.84‌
10/29/24
11/05/24
550,000‌
550,000,000‌
550,517,611‌
U.S.
Treasury
Obligation,
4.13%,
due
10/31/29
.........
561,003,400‌
561,000,034‌
4
.85‌
10/31/24
11/01/24
911,000‌
911,000,000‌
911,122,732‌
U.S.
Treasury
Obligations,
2.88%
to
4.63%,
due
08/15/39
to
05/15/54
.........
1,003,298,400‌
929,220,036‌
4
.85‌
10/31/24
11/01/24
5,000‌
5,000,000‌
5,000,674‌
U.S.
Treasury
Obligation,
4.00%,
due
01/31/31
.........
5,100,300‌
5,100,096‌
Schedule
of
Investments
(continued)
October
31,
2024
T-Fund
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
4
.85‌
%
(a)
10/31/24
11/01/24
$
385,000‌
$
385,000,000‌
$
385,051,868‌
U.S.
Treasury
Obligation,
4.13%,
due
10/31/29
.........
$
392,702,402‌
$
392,700,046‌
–‌
–‌
$
1,851,000,000‌
$
1,888,020,212‌
–‌
–‌
Credit
Agricole
Corporate
&
Investment
Bank
SA
4
.85‌
10/31/24
11/01/24
40,000‌
40,000,000‌
40,005,389‌
U.S.
Treasury
Obligation,
0.88%,
due
11/15/30
.........
49,108,300‌
40,800,076‌
4
.85‌
(a)
10/31/24
11/01/24
1,750,000‌
1,750,000,000‌
1,750,235,764‌
U.S.
Treasury
Obligations,
1.00%
to
4.38%,
due
10/31/26
to
06/30/29
.........
1,810,247,549‌
1,785,000,065‌
4
.85‌
10/31/24
11/01/24
111,000‌
111,000,000‌
111,014,954‌
U.S.
Treasury
Obligation,
4.13%,
due
01/31/25
.........
112,233,100‌
113,220,022‌
–‌
–‌
$
1,901,000,000‌
$
1,939,020,163‌
–‌
–‌
Deutsche
Bank
AG
...
4
.85‌
10/31/24
11/01/24
200,000‌
200,000,000‌
200,026,944‌
U.S.
Treasury
Obligations,
3.75%
to
4.63%,
due
11/15/26
to
08/31/31
.........
204,406,300‌
204,000,042‌
4
.85‌
10/31/24
11/01/24
1,450,000‌
1,450,000,000‌
1,450,195,347‌
U.S.
Treasury
Obligations,
0.63%
to
4.13%,
due
11/30/27
to
10/31/31
.........
1,545,398,400‌
1,479,000,045‌
–‌
–‌
$
1,650,000,000‌
$
1,683,000,087‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
BNP
.
4
.82‌
10/31/24
11/01/24
4,000,000‌
4,000,000,000‌
4,000,535,556‌
U.S.
Treasury
Obligations,
0.00%
to
6.75%,
due
11/12/24
to
02/15/54
.........
4,556,855,600‌
4,080,000,004‌
4
.86‌
10/31/24
11/01/24
1,500,000‌
1,500,000,000‌
1,500,202,500‌
U.S.
Treasury
Obligations,
0.00%
to
5.38%,
due
12/10/24
to
08/15/54
.........
1,663,744,700‌
1,530,000,025‌
–‌
–‌
$
5,500,000,000‌
$
5,610,000,029‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
BNY
.
4
.86‌
10/31/24
11/01/24
2,500,000‌
2,500,000,000‌
2,500,337,500‌
U.S.
Treasury
Obligations,
0.63%
to
1.00%,
due
07/31/28
to
07/15/32
.........
2,718,179,200‌
2,550,000,061‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
BOFA
4
.82‌
10/31/24
11/01/24
1,500,000‌
1,500,000,000‌
1,500,200,833‌
U.S.
Treasury
Obligations,
0.00%
to
4.88%,
due
11/05/24
to
08/15/53
.........
1,788,904,100‌
1,530,000,052‌
4
.86‌
10/16/24
11/19/24
500,000‌
500,000,000‌
502,295,000‌
U.S.
Treasury
Obligations,
0.00%
to
4.75%,
due
12/03/24
to
02/15/49
.........
575,758,800‌
510,000,028‌
4
.91‌
10/31/24
11/08/24
400,000‌
400,000,000‌
400,436,444‌
U.S.
Treasury
Obligations,
0.00%
to
4.38%,
due
02/06/25
to
05/15/34
.........
418,191,800‌
408,000,092‌
4
.92‌
10/29/24
11/01/24
390,000‌
390,000,000‌
390,159,900‌
U.S.
Treasury
Obligations,
0.50%
to
4.13%,
due
11/15/24
to
05/15/48
.........
413,349,700‌
397,800,003‌
4
.92‌
10/11/24
11/04/24
500,000‌
500,000,000‌
501,640,000‌
U.S.
Treasury
Obligations,
0.00%
to
5.00%,
due
11/05/24
to
02/15/53
.........
530,552,700‌
510,000,080‌
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
October
31,
2024
T-Fund
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
4
.93‌
%
10/29/24
11/04/24
$
600,000‌
$
600,000,000‌
$
600,493,000‌
U.S.
Treasury
Obligations,
0.00%
to
5.25%,
due
11/05/24
to
11/15/51
.........
$
635,435,600‌
$
612,000,027‌
4
.93‌
10/31/24
11/05/24
775,000‌
775,000,000‌
775,530,660‌
U.S.
Treasury
Obligations,
0.00%
to
4.63%,
due
11/15/24
to
05/15/48
.........
817,202,100‌
790,500,057‌
–‌
–‌
$
4,665,000,000‌
$
4,758,300,339‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
CITI
.
4
.86‌
10/31/24
11/01/24
2,000,000‌
2,000,000,000‌
2,000,270,000‌
U.S.
Treasury
Obligations,
0.00%
to
6.75%,
due
11/12/24
to
02/15/53
.........
2,279,883,400‌
2,040,000,008‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
GS
..
4
.86‌
10/31/24
11/01/24
750,000‌
750,000,000‌
750,101,250‌
U.S.
Treasury
Obligations,
0.00%
to
4.13%,
due
11/19/24
to
11/15/50
.........
936,666,800‌
765,000,031‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
HSBC
4
.82‌
10/31/24
11/01/24
5,500,000‌
5,500,000,000‌
5,500,736,389‌
U.S.
Treasury
Obligations,
0.00%
to
7.63%,
due
11/15/24
to
11/15/53
.........
6,114,584,100‌
5,610,000,024‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
JPM
.
4
.86‌
10/31/24
11/01/24
1,000,000‌
1,000,000,000‌
1,000,135,000‌
U.S.
Treasury
Obligations,
3.00%
to
4.50%,
due
05/15/26
to
05/15/47
.........
1,152,007,300‌
1,020,000,005‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
NOMU
4
.87‌
10/31/24
11/01/24
1,000,000‌
1,000,000,000‌
1,000,135,278‌
U.S.
Treasury
Obligations,
0.00%
to
7.63%,
due
12/31/24
to
08/15/54
.........
1,138,863,000‌
1,020,000,000‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
SSB
.
4
.87‌
10/31/24
11/01/24
1,750,000‌
1,750,000,000‌
1,750,236,736‌
U.S.
Treasury
Obligations,
0.38%
to
7.63%,
due
01/31/25
to
08/15/52
.........
1,862,605,200‌
1,796,703,608‌
–‌
–‌
Fixed
Income
Clearing
Corporation
-
WF
..
4
.85‌
10/28/24
11/27/24
400,000‌
400,000,000‌
401,616,667‌
U.S.
Treasury
Obligations,
0.50%
to
4.63%,
due
01/31/26
to
05/15/54
.........
459,895,900‌
408,000,002‌
4
.86‌
10/31/24
11/01/24
2,000,000‌
2,000,000,000‌
2,000,270,000‌
U.S.
Treasury
Obligations,
0.00%
to
5.00%,
due
11/15/24
to
05/15/54
.........
2,322,896,200‌
2,040,000,001‌
4
.89‌
10/29/24
11/08/24
800,000‌
800,000,000‌
801,086,667‌
U.S.
Treasury
Obligations,
0.25%
to
5.00%,
due
05/31/25
to
05/15/54
.........
1,057,417,600‌
816,000,005‌
–‌
–‌
$
3,200,000,000‌
$
3,264,000,008‌
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...........
4
.85‌
10/31/24
11/01/24
14,000‌
14,000,000‌
14,001,886‌
U.S.
Treasury
Obligations,
0.00%,
due
05/15/51
to
11/15/51
.
48,284,408‌
14,280,000‌
–‌
–‌
HSBC
Securities
USA,
Inc.
...........
4
.85‌
10/31/24
11/01/24
6,000‌
6,000,000‌
6,000,808‌
U.S.
Treasury
Obligation,
0.00%,
due
11/15/34
.........
9,553,245‌
6,120,000‌
4
.85‌
10/31/24
11/01/24
1,075,000‌
1,075,000,000‌
1,075,144,826‌
U.S.
Treasury
Obligations,
0.00%
to
4.38%,
due
11/14/24
to
05/15/52
.........
1,165,438,874‌
1,096,500,001‌
–‌
–‌
$
1,081,000,000‌
$
1,102,620,001‌
–‌
–‌
Schedule
of
Investments
(continued)
October
31,
2024
T-Fund
Schedules
of
Investments
27
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
...........
4
.83‌
%
(b)
10/31/24
11/08/24
$
2,000,000‌
$
2,000,000,000‌
$
2,002,146,667‌
U.S.
Treasury
Obligations,
0.00%
to
4.63%,
due
01/15/25
to
08/15/29
.........
$
1,864,991,016‌
$
2,040,000,001‌
4
.85‌
(c)
10/31/24
11/01/24
250,000‌
250,000,000‌
250,033,681‌
U.S.
Treasury
Obligations,
0.00%
to
1.63%,
due
08/15/28
to
10/15/29
.........
256,658,800‌
255,000,086‌
4
.85‌
10/31/24
11/01/24
200,000‌
200,000,000‌
200,026,944‌
U.S.
Treasury
Obligations,
0.00%
to
0.50%,
due
05/31/27
to
02/15/29
.........
239,767,602‌
204,000,001‌
4
.85‌
10/31/24
11/01/24
35,000‌
35,000,000‌
35,004,715‌
U.S.
Treasury
Obligation,
0.75%,
due
03/31/26
.........
37,460,400‌
35,700,014‌
–‌
–‌
$
2,485,000,000‌
$
2,534,700,102‌
–‌
–‌
Mizuho
Securities
USA
LLC
...........
4
.85‌
10/31/24
11/01/24
750,000‌
750,000,000‌
750,101,042‌
U.S.
Treasury
Obligations,
1.13%
to
4.75%,
due
02/15/39
to
02/15/54
.........
965,817,900‌
765,000,054‌
4
.86‌
10/29/24
11/05/24
500,000‌
500,000,000‌
500,472,500‌
U.S.
Treasury
Obligations,
0.25%
to
4.88%,
due
01/31/25
to
11/15/32
.........
530,621,800‌
510,000,069‌
–‌
–‌
$
1,250,000,000‌
$
1,275,000,123‌
–‌
–‌
Morgan
Stanley
&
Co.
LLC
...........
4
.85‌
10/31/24
11/01/24
2,000‌
2,000,000‌
2,000,269‌
U.S.
Treasury
Obligations,
0.00%
to
2.88%,
due
08/31/25
to
02/15/41
.........
2,166,100‌
2,040,012‌
–‌
–‌
MUFG
Securities
Americas,
Inc.
....
4
.85‌
10/31/24
11/01/24
314,000‌
314,000,000‌
314,042,303‌
U.S.
Treasury
Obligations,
0.75%
to
4.73%,
due
11/15/24
to
02/15/54
.........
340,602,900‌
320,280,089‌
–‌
–‌
Natixis
SA
.........
4
.85‌
(c)
10/31/24
11/01/24
243,000‌
243,000,000‌
243,032,738‌
U.S.
Treasury
Obligations,
0.00%
to
4.88%,
due
11/15/24
to
02/15/54
.........
255,426,500‌
247,860,001‌
4
.85‌
10/31/24
11/01/24
91,000‌
91,000,000‌
91,012,260‌
U.S.
Treasury
Obligations,
1.75%
to
2.00%,
due
08/15/25
to
11/15/29
.........
96,251,700‌
92,820,088‌
–‌
–‌
$
334,000,000‌
$
340,680,089‌
–‌
–‌
Royal
Bank
of
Canada
4
.85‌
10/31/24
11/01/24
38,000‌
38,000,000‌
38,005,119‌
U.S.
Treasury
Obligations,
1.25%
to
5.25%,
due
02/15/29
to
11/15/52
.........
46,964,800‌
38,760,070‌
–‌
–‌
Societe
Generale
SA
.
4
.85‌
10/31/24
11/01/24
25,000‌
25,000,000‌
25,003,368‌
U.S.
Treasury
Obligations,
2.25%
to
4.25%,
due
05/15/41
to
08/15/54
.........
33,989,300‌
25,500,058‌
–‌
–‌
TD
Securities
USA
LLC
4
.85‌
10/31/24
11/01/24
741,000‌
741,000,000‌
741,099,829‌
U.S.
Treasury
Obligations,
1.38%
to
4.25%,
due
10/31/28
to
06/30/31
.........
803,502,400‌
755,820,039‌
–‌
–‌
Wells
Fargo
Securities
LLC
...........
4
.85‌
(a)
10/31/24
11/01/24
600,000‌
600,000,000‌
600,080,833‌
U.S.
Treasury
Obligations,
1.38%
to
4.50%,
due
01/31/26
to
11/15/33
.........
626,495,884‌
612,000,043‌
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
October
31,
2024
T-Fund
28
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
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.
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
At
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
4
.85‌
%
10/31/24
11/01/24
$
25,000‌
$
25,000,000‌
$
25,003,368‌
U.S.
Treasury
Obligation,
2.38%,
due
05/15/51
.........
$
37,764,900‌
$
25,500,028‌
–‌
–‌
$
625,000,000‌
$
637,500,071‌
–‌
–‌
$
46,487,000,000‌
$
47,428,505,382‌
–‌
–‌
(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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Repurchase
Agreements
...................................
$
$
46,487,000,000
$
$
46,487,000,000
U.S.
Treasury
Obligations
...................................
63,984,317,531
63,984,317,531
$
$
110,471,317,531
$
$
110,471,317,531
Schedule
of
Investments
October
31,
2024
Treasury
Trust
Fund
Schedules
of
Investments
29
(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
at
the
measurement
date.
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)
3.80
%
,
11/05/24
..................
USD
749,900
$
749,480,056
4.05
%
,
11/07/24
..................
9,129,599
9,122,432,716
4.34
%
,
11/12/24
..................
653,900
652,940,095
4.40
%
,
11/14/24
..................
3,211,440
3,205,931,485
4.46
%
,
11/19/24
..................
13,567,391
13,535,508,114
4.47
%
,
11/21/24
..................
4,993,000
4,979,351,917
4.51
%
,
11/26/24
..................
1,777,460
1,771,709,803
4.53
%
,
11/29/24
..................
8,363,666
8,332,296,974
4.52
%
,
12/03/24
..................
5,541,403
5,518,307,141
4.55
%
,
12/05/24
..................
3,782,905
3,765,069,967
4.55
%
,
12/10/24
..................
6,043,785
6,013,168,040
4.57
%
,
12/12/24
..................
5,192,940
5,165,284,702
4.57
%
,
12/17/24
..................
2,493,190
2,478,440,014
4.55
%
,
12/19/24
..................
4,032,200
4,006,437,668
4.59
%
,
12/24/24
..................
6,886,460
6,839,666,861
4.58
%
,
12/26/24
..................
1,578,120
1,566,427,929
4.55
%
,
12/31/24
..................
4,751,600
4,715,977,204
4.54
%
,
01/02/25
..................
1,159,240
1,149,995,759
4.50
%
,
01/07/25
..................
750,400
743,682,461
4.50
%
,
01/09/25
..................
620,224
614,735,607
4.50
%
,
01/14/25
..................
1,568,370
1,553,152,362
4.52
%
,
01/16/25
..................
967,100
957,881,923
4.50
%
,
01/21/25
..................
2,366,965
2,342,481,496
4.49
%
,
01/23/25
..................
3,939,811
3,898,775,646
4.52
%
,
01/28/25
..................
1,902,870
1,882,263,911
4.50
%
,
01/30/25
..................
659,900
651,766,732
4.51
%
,
02/04/25
..................
3,290,530
3,252,236,457
4.51
%
,
02/11/25
..................
1,704,490
1,683,092,233
4.51
%
,
02/13/25
..................
632,533
623,779,078
4.51
%
,
02/20/25
..................
335,712
330,774,910
4.51
%
,
02/25/25
..................
1,422,636
1,402,247,221
4.37
%
,
03/04/25
..................
2,501,700
2,465,066,081
4.47
%
,
03/13/25
..................
250,000
246,059,250
4.47
%
,
03/20/25
..................
875,000
860,518,131
4.48
%
,
03/27/25
..................
250,000
245,680,833
4.48
%
,
04/03/25
..................
889,714
873,775,491
4.45
%
,
04/10/25
..................
233,568
229,105,278
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
4.45
%
,
04/17/25
..................
USD
1,381,200
$
1,353,841,117
4.45
%
,
04/24/25
..................
729,130
713,868,134
4.44
%
,
05/01/25
..................
1,570,800
1,536,642,732
4.34
%
,
05/15/25
..................
99,825
97,172,223
4.26
%
,
07/10/25
..................
950,000
918,372,254
4.26
%
,
10/30/25
..................
435,695
417,684,247
U.S.
Treasury
Notes
1.00
%
,
12/15/24
..................
63,145
62,846,989
2.25
%
,
12/31/24
..................
17,300
17,222,561
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.20%),
4.76
%
,
01/31/25
(b)
...............
2,614,255
2,614,387,244
1.13
%
,
02/28/25
..................
24,221
23,919,594
2.75
%
,
02/28/25
..................
24,307
24,128,738
3.88
%
,
03/31/25
..................
27,095
26,967,236
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.13%),
4.69
%
,
07/31/25
(b)
...............
363,815
363,673,325
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.17%),
4.73
%
,
10/31/25
(b)
...............
1,079,428
1,079,316,414
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.25%),
4.81
%
,
01/31/26
(b)
...............
2,348,995
2,349,579,958
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.15%),
4.71
%
,
04/30/26
(b)
...............
3,289,834
3,289,831,907
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.18%),
4.74
%
,
07/31/26
(b)
...............
2,561,060
2,560,031,122
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.21%),
4.77
%
,
10/31/26
(b)
...............
2,118,075
2,118,075,000
Total
U.S.
Treasury
Obligations
99
.1
%
(Cost:
$
127,993,062,341
)
...........................
127,993,062,341
Total
Investments
99
.1
%
(Cost:
$
127,993,062,341
)
...........................
127,993,062,341
Other
Assets
Less
Liabilities
0.9
%
....................
1,151,738,789
Net
Assets
100.0%
...............................
$
129,144,801,130
(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
...................................
$
$
127,993,062,341
$
$
127,993,062,341
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
October
31,
2024
MuniCash
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
Alaska
2.0%
(a)
Alaska
Housing
Finance
Corp.
,
Series
2007B
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.20
%
,
11/07/24
.............
USD
13,750‌
$
13,750,000‌
Alaska
Housing
Finance
Corp.
,
Series
2007D
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.19
%
,
11/07/24
.............
28,775‌
28,775,000‌
Alaska
Housing
Finance
Corp.
,
Series
2009B
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.20
%
,
11/07/24
.............
11,230‌
11,230,000‌
Alaska
Housing
Finance
Corp.
,
Series
2009B
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.19
%
,
11/07/24
.............
14,930‌
14,930,000‌
Alaska
Housing
Finance
Corp.
,
Series
2009D
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.19
%
,
11/07/24
.............
12,600‌
12,600,000‌
81,285,000‌
Arizona
1.4%
(a)
Arizona
Board
of
Regents
,
Series
2008A
,
RB
,
VRDN
,
3.25
%
,
11/07/24
.............
1,400‌
1,400,000‌
Arizona
Industrial
Development
Authority
,
Series
2019A
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
4.00
%
,
11/01/24
..................
1,860‌
1,860,000‌
Arizona
Industrial
Development
Authority
,
Series
2023A
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
3.30
%
,
11/07/24
..................
14,960‌
14,960,000‌
Maricopa
County
Industrial
Development
Authority
,
Series
2024C
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.25
%
,
11/07/24
..
37,155‌
37,155,000‌
55,375,000‌
California
0.1%
San
Diego
Public
Facilities
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022-XF1429
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
LIQ
)
,
3.32
%
,
11/07/24
(a)
(b)
(c)
...............
4,600‌
4,600,000‌
Colorado
3.3%
(a)
City
of
Colorado
Springs
Utilities
System
,
Series
2005A
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
)
,
3.26
%
,
11/07/24
.............
45,000‌
45,000,000‌
City
of
Colorado
Springs
Utilities
System
,
Series
2009C
,
RB
,
VRDN
(
Sumitomo
Mitsui
Banking
Corp.
SBPA
)
,
3.24
%
,
11/07/24
...
8,465‌
8,465,000‌
City
of
Colorado
Springs
Utilities
System
,
Series
2010C
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
)
,
3.23
%
,
11/07/24
.............
11,900‌
11,900,000‌
Colorado
Health
Facilities
Authority
,
Series
2022E
,
RB
,
VRDN
,
4.05
%
,
11/01/24
.....
15,400‌
15,400,000‌
Colorado
Health
Facilities
Authority
,
Series
2024C
,
RB
,
VRDN
,
3.20
%
,
11/07/24
.....
20,000‌
20,000,000‌
Colorado
Health
Facilities
Authority
,
Series
2024D
,
RB
,
VRDN
,
3.95
%
,
11/01/24
.....
4,200‌
4,200,000‌
Colorado
Housing
&
Finance
Authority
,
Series
2020A-1
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.40
%
,
11/07/24
.........
9,650‌
9,650,000‌
County
of
Arapahoe
,
Series
2001
,
RB
,
VRDN
(
Federal
Home
Loan
Mortgage
Corp.
LOC
)
,
3.26
%
,
11/07/24
..................
8,000‌
8,000,000‌
University
of
Colorado
Hospital
Authority
,
Series
2018B
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
4.00
%
,
11/01/24
..................
9,620‌
9,620,000‌
132,235,000‌
Security
Par
(000)
Par
(000)
Value
Connecticut
3.7%
(a)
Connecticut
Housing
Finance
Authority
,
Series
2017A-3
,
RB
,
VRDN
(
State
Street
Bank
&
Trust
Co.
SBPA
)
,
3.05
%
,
11/07/24
......
USD
2,050‌
$
2,050,000‌
Connecticut
Housing
Finance
Authority
,
Series
2020A-3
,
RB
,
VRDN
(
Sumitomo
Mitsui
Banking
Corp.
SBPA
)
,
3.20
%
,
11/07/24
...
11,250‌
11,250,000‌
Connecticut
Housing
Finance
Authority
,
Series
2016B,
Sub-Series
B-4
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.05
%
,
11/07/24
..................
33,495‌
33,495,000‌
Connecticut
Housing
Finance
Authority
,
Series
2022,
Sub-Series
C-2
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.05
%
,
11/07/24
..................
10,775‌
10,775,000‌
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Series
2016A1
,
RB
,
VRDN
,
3.60
%
,
11/01/24
.............
15,975‌
15,975,000‌
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Series
2017A-2
,
RB
,
VRDN
,
2.70
%
,
11/07/24
.............
41,960‌
41,960,000‌
Connecticut
State
Housing
Finance
Authority
,
Series
A-3
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
3.27
%
,
11/07/24
..................
13,520‌
13,520,000‌
State
of
Connecticut
,
Series
2016C
,
GO
,
VRDN
(
Bank
of
America
NA
SBPA
)
,
3.24
%
,
11/07/24
..................
20,655‌
20,655,000‌
149,680,000‌
Delaware
0.2%
(a)
University
of
Delaware
,
Series
2005
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
4.00
%
,
11/01/24
....
4,250‌
4,250,000‌
University
of
Delaware
,
Series
2013C
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
4.00
%
,
11/01/24
4,335‌
4,335,000‌
8,585,000‌
District
of
Columbia
0.3%
(a)
District
of
Columbia
,
Series
1998A
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.25
%
,
11/07/24
....
13,070‌
13,070,000‌
Metropolitan
Washington
Airports
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2019-XG0267
,
RB
,
VRDN
(
Bank
of
America
NA
LOC
)
,
3.29
%
,
11/07/24
(b)
(c)
................
475‌
475,000‌
13,545,000‌
Florida
8.0%
(a)
Broward
County
Tourist
Development,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-XL0429
,
RB
,
VRDN
(
Wells
Fargo
Bank
NA
LIQ
)
,
3.35
%
,
11/07/24
(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
)
,
3.28
%
,
11/07/24
(b)
(c)
.....
12,135‌
12,135,000‌
City
of
Jacksonville
,
Series
1994
,
RB
,
VRDN
,
3.15
%
,
11/07/24
..................
35,960‌
35,960,000‌
City
of
West
Palm
Beach,
Utility
System
,
Series
2008C
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.10
%
,
11/07/24
...........
1,040‌
1,040,000‌
County
of
St
Lucie
,
Series
2000
,
RB
,
VRDN
,
3.45
%
,
11/07/24
..................
29,540‌
29,540,000‌
Escambia
County
Health
Facilities
Authority
,
Series
2003B
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
4.00
%
,
11/01/24
.............
12,515‌
12,515,000‌
Florida
Housing
Finance
Corp.
,
Series
2004M
,
RB
,
VRDN
(
Federal
Home
Loan
Mortgage
Corp.
LIQ
)
,
3.27
%
,
11/07/24
..........
7,775‌
7,775,000‌
Schedule
of
Investments
(continued)
October
31,
2024
MuniCash
Schedules
of
Investments
31
(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
,
3.19
%
,
11/07/24
USD
44,970‌
$
44,970,000‌
Highlands
County
Health
Facilities
Authority
,
Series
2021D-2
,
RB
,
VRDN
,
3.05
%
,
11/07/24
..................
89,105‌
89,105,000‌
JEA
Electric
System
,
Series
2008B-3
,
RB
,
VRDN
(
Royal
Bank
of
Canada
SBPA
)
,
3.33
%
,
11/07/24
..................
23,075‌
23,075,000‌
JEA
Water
&
Sewer
System
,
Series
2008A-2
,
RB
,
VRDN
(
Sumitomo
Mitsui
Banking
Corp.
LOC
)
,
3.28
%
,
11/07/24
..............
25,505‌
25,505,000‌
JEA
Water
&
Sewer
System
,
Series
2008B
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
2.95
%
,
11/07/24
..................
3,660‌
3,660,000‌
Orlando
Utilities
Commission
,
Series
2015B
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
3.36
%
,
11/07/24
..................
31,205‌
31,205,000‌
320,205,000‌
Georgia
1.4%
(a)
Burke
County
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2017E-107
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.29
%
,
11/07/24
(b)
(c)
....
5,000‌
5,000,000‌
Gainesville
&
Hall
County
Development
Authority
,
Series
2003B
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
4.00
%
,
11/01/24
.......
21,105‌
21,105,000‌
Oglethorpe
Power
Corp.,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-
E-155
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.28
%
,
11/07/24
(b)
(c)
............
20,000‌
20,000,000‌
Private
Colleges
&
Universities
Authority
,
Series
2022B
,
RB
,
VRDN
,
3.32
%
,
11/07/24
.....
9,075‌
9,075,000‌
55,180,000‌
Illinois
5.9%
(a)
Chicago
Transit
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-
XF3069
,
RB
,
VRDN
(
Barclays
Bank
plc
LIQ
)
,
3.34
%
,
11/07/24
(b)
(c)
................
24,800‌
24,800,000‌
Chicago
Transit
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2023-
XF3153
,
RB
,
VRDN
(
Barclays
Bank
plc
LIQ
)
,
3.34
%
,
11/07/24
(b)
(c)
................
53,950‌
53,950,000‌
Illinois
Finance
Authority
,
Series
2008C-3A
,
RB
,
VRDN
(
Northern
Trust
Co.
(The)
SBPA
)
,
3.20
%
,
11/07/24
..................
8,000‌
8,000,000‌
Illinois
Finance
Authority
,
Series
2008-D
,
RB
,
VRDN
,
2.90
%
,
11/07/24
.............
63,990‌
63,990,000‌
Illinois
Finance
Authority
,
Series
2009D-1
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.90
%
,
11/01/24
1,000‌
1,000,000‌
Illinois
Finance
Authority
,
Series
2009D-2
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.90
%
,
11/01/24
9,100‌
9,100,000‌
Illinois
Finance
Authority
,
Series
2021D
,
RB
,
VRDN
(
Northern
Trust
Co.
(The)
SBPA
)
,
3.36
%
,
11/07/24
..................
50,000‌
50,000,000‌
Illinois
Finance
Authority
,
Series
2008
,
RB
,
VRDN
(
BMO
Harris
Bank
NA
LOC
)
,
3.34
%
,
11/07/24
..................
15,700‌
15,700,000‌
Illinois
Finance
Authority
,
Series
2011B
,
RB
,
VRDN
(
Sumitomo
Mitsui
Banking
Corp.
LOC
)
,
3.24
%
,
11/07/24
..............
3,150‌
3,150,000‌
Illinois
Housing
Development
Authority
,
Series
2024A
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.24
%
,
11/07/24
.........
8,000‌
8,000,000‌
237,690,000‌
Security
Par
(000)
Par
(000)
Value
Iowa
2.5%
(a)
Iowa
Finance
Authority
,
Series
2013B-1
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
4.00
%
,
11/01/24
USD
10,800‌
$
10,800,000‌
Iowa
Finance
Authority
,
Series
2013B-2
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
4.00
%
,
11/01/24
5,255‌
5,255,000‌
Iowa
Finance
Authority
,
Series
2021
,
RB
,
VRDN
(
Korea
Development
Bank
LOC
)
,
3.40
%
,
11/07/24
(c)
.................
62,000‌
62,000,000‌
Iowa
Finance
Authority
,
Series
2016E
,
RB
,
VRDN
(
Federal
National
Mortgage
Association
LIQ
)
,
3.24
%
,
11/07/24
......
10,440‌
10,440,000‌
Iowa
Finance
Authority
,
Series
2022B
,
RB
,
VRDN
(
Royal
Bank
of
Canada
SBPA
)
,
3.24
%
,
11/07/24
..................
11,150‌
11,150,000‌
99,645,000‌
Kentucky
0.1%
Kentucky
Economic
Development
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-XG0161
,
RB
,
VRDN
(
Bank
of
America
NA
LOC
)
,
3.27
%
,
11/07/24
(a)
(b)
(c)
...............
4,960‌
4,960,000‌
Louisiana
1.1%
(a)
Louisiana
Public
Facilities
Authority
,
Series
2009B-1
,
RB
,
VRDN
(
Sumitomo
Mitsui
Banking
Corp.
LOC
)
,
3.20
%
,
11/07/24
....
11,000‌
11,000,000‌
Louisiana
Public
Facilities
Authority
,
Series
2009B-3
,
RB
,
VRDN
(
Sumitomo
Mitsui
Banking
Corp.
LOC
)
,
3.05
%
,
11/07/24
....
3,350‌
3,350,000‌
State
of
Louisiana
Gasoline
&
Fuels
Tax
,
Series
2023A-1
,
RB
,
VRDN
(
Toronto-Dominion
Bank
LOC
)
,
4.00
%
,
11/01/24
..........
11,190‌
11,190,000‌
State
of
Louisiana
Gasoline
&
Fuels
Tax
,
Series
2023A-2
,
RB
,
VRDN
(
Toronto-Dominion
Bank
LOC
)
,
4.00
%
,
11/01/24
..........
18,875‌
18,875,000‌
44,415,000‌
Maryland
1.3%
(a)
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Series
1985A
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.36
%
,
11/07/24
.......
48,500‌
48,500,000‌
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Series
2024A
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
4.00
%
,
11/01/24
.......
1,800‌
1,800,000‌
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Series
2024B
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
4.00
%
,
11/01/24
.......
2,000‌
2,000,000‌
52,300,000‌
Massachusetts
0.6%
(a)
Massachusetts
Development
Finance
Agency
,
Series
2024U-1
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.95
%
,
11/01/24
..............
4,565‌
4,565,000‌
Massachusetts
Water
Resources
Authority
,
Series
1999B
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
2.82
%
,
11/07/24
..............
5,000‌
5,000,000‌
Massachusetts
Water
Resources
Authority
,
Series
2008A-1
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.15
%
,
11/07/24
..
8,875‌
8,875,000‌
Massachusetts
Water
Resources
Authority
,
Series
2008E
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
2.95
%
,
11/07/24
.......
3,580‌
3,580,000‌
22,020,000‌
Michigan
0.5%
University
of
Michigan
,
Series
2012D-2
,
RB
,
VRDN
,
3.20
%
,
11/07/24
(a)
............
19,075‌
19,075,000‌
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
October
31,
2024
MuniCash
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Minnesota
1.3%
(a)
City
of
Minneapolis
,
Series
1997B
,
RB
,
VRDN
(
Wells
Fargo
Bank
NA
SBPA
)
,
3.24
%
,
11/07/24
..................
USD
7,100‌
$
7,100,000‌
City
of
Minneapolis
,
Series
2009
,
RB
,
VRDN
(
Wells
Fargo
Bank
NA
SBPA
)
,
3.24
%
,
11/07/24
..................
1,550‌
1,550,000‌
Minnesota
Housing
Finance
Agency
,
Series
2015G
,
RB
,
VRDN
(
Royal
Bank
of
Canada
SBPA
)
,
3.24
%
,
11/07/24
.............
24,415‌
24,415,000‌
Minnesota
Housing
Finance
Agency
,
Series
2018D
,
RB
,
VRDN
(
Royal
Bank
of
Canada
SBPA
)
,
3.24
%
,
11/07/24
.............
6,540‌
6,540,000‌
Minnesota
Housing
Finance
Agency
,
Series
2018H
,
RB
,
VRDN
(
Royal
Bank
of
Canada
SBPA
)
,
3.24
%
,
11/07/24
.............
10,510‌
10,510,000‌
State
of
Minnesota,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2024-
CF7001
,
GO
,
VRDN
(
Citibank
NA
LIQ
)
,
3.26
%
,
11/07/24
(b)
(c)
................
3,400‌
3,400,000‌
53,515,000‌
Mississippi
3.2%
(a)
Mississippi
Business
Finance
Corp.
,
Series
2007B
,
RB
,
VRDN
,
4.00
%
,
11/01/24
.....
22,205‌
22,205,000‌
Mississippi
Business
Finance
Corp.
,
Series
2007E
,
RB
,
VRDN
,
4.00
%
,
11/01/24
.....
2,375‌
2,375,000‌
Mississippi
Business
Finance
Corp.
,
Series
2010A
,
RB
,
VRDN
,
3.25
%
,
11/07/24
.....
60,505‌
60,505,000‌
Mississippi
Business
Finance
Corp.
,
Series
2010I
,
RB
,
VRDN
,
4.00
%
,
11/01/24
.....
11,430‌
11,430,000‌
Mississippi
Business
Finance
Corp.
,
Series
2011G
,
RB
,
VRDN
,
4.00
%
,
11/01/24
.....
4,475‌
4,475,000‌
Mississippi
Business
Finance
Corp.
,
Series
2009G
,
RB
,
VRDN
,
4.00
%
,
11/01/24
.....
4,300‌
4,300,000‌
Mississippi
Business
Finance
Corp.
,
Series
2010D
,
RB
,
VRDN
,
3.16
%
,
11/07/24
.....
6,705‌
6,705,000‌
Mississippi
Business
Finance
Corp.
,
Series
2010F
,
RB
,
VRDN
,
3.25
%
,
11/07/24
.....
15,200‌
15,200,000‌
127,195,000‌
Missouri
1.9%
(a)(b)(c)
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018C-16
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.29
%
,
11/07/24
..................
56,500‌
56,500,000‌
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-XF0678
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LIQ
)
,
3.27
%
,
11/07/24
..................
6,880‌
6,880,000‌
St
Louis
County,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XG0382
,
RB
,
VRDN
(
Wells
Fargo
Bank
NA
LIQ
)
,
3.27
%
,
11/07/24
..................
10,640‌
10,640,000‌
74,020,000‌
Nevada
0.8%
County
of
Clark
,
Series
2009A
,
RB
,
VRDN
(
Bank
of
America
NA
LOC
)
,
3.26
%
,
11/07/24
(a)
.................
32,515‌
32,515,000‌
New
Hampshire
0.4%
RBC
Municipal
Products
Inc
Trust
,
Series
2024-
E157
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.27
%
,
11/07/24
(a)
(c)
............
15,000‌
15,000,000‌
Security
Par
(000)
Par
(000)
Value
New
Jersey
0.3%
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Series
2009E
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
2.70
%
,
11/07/24
(a)
......
USD
11,050‌
$
11,050,000‌
New
Mexico
0.3%
New
Mexico
Hospital
Equipment
Loan
Council
,
Series
2008B
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
4.05
%
,
11/01/24
(a)
.....
10,860‌
10,860,000‌
New
York
16.8%
(a)
City
of
New
York
,
Series
2006E-3
,
GO
,
VRDN
(
Bank
of
America
NA
LOC
)
,
3.20
%
,
11/07/24
5,350‌
5,350,000‌
City
of
New
York
,
Series
2012A-4
,
GO
,
VRDN
(
Sumitomo
Mitsui
Banking
Corp.
LOC
)
,
3.22
%
,
11/07/24
..................
39,515‌
39,515,000‌
City
of
New
York
,
Series
2017A,
Sub-Series
A-4
,
GO
,
VRDN
(
Citibank
NA
LOC
)
,
3.29
%
,
11/07/24
..................
7,985‌
7,985,000‌
City
of
New
York
,
Series
2018E-5
,
GO
,
VRDN
(
TD
Bank
NA
LOC
)
,
4.00
%
,
11/01/24
....
13,475‌
13,475,000‌
City
of
New
York
,
Series
2023A,
Sub-Series
A-3
,
GO
,
VRDN
(
Bank
of
Montreal
SBPA
)
,
4.00
%
,
11/01/24
..................
48,260‌
48,260,000‌
City
of
New
York
,
Series
2023A,
Sub-Series
A-4
,
GO
,
VRDN
(
TD
Bank
NA
SBPA
)
,
4.00
%
,
11/01/24
..................
9,825‌
9,825,000‌
City
of
New
York
,
Series
B-4
,
GO
,
VRDN
(
Barclays
Bank
plc
SBPA
)
,
4.00
%
,
11/01/24
5,265‌
5,265,000‌
City
of
New
York
,
Series
B-5
,
GO
,
VRDN
(
Barclays
Bank
plc
SBPA
)
,
4.00
%
,
11/01/24
7,015‌
7,015,000‌
Metropolitan
Transportation
Authority
,
Series
2005E-1
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
3.22
%
,
11/07/24
..............
4,460‌
4,460,000‌
Metropolitan
Transportation
Authority
,
Series
2008A-2A
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
4.00
%
,
11/01/24
..................
1,295‌
1,295,000‌
Metropolitan
Transportation
Authority
,
Series
2012G-1
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
4.00
%
,
11/01/24
..............
1,045‌
1,045,000‌
Metropolitan
Transportation
Authority
,
Series
2012G-2
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.25
%
,
11/07/24
..................
9,220‌
9,220,000‌
Nassau
County
Industrial
Development
Agency
,
Series
2006
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
3.95
%
,
11/01/24
.............
12,000‌
12,000,000‌
New
York
City
Health
&
Hospitals
Corp.
,
Series
2008B
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.22
%
,
11/07/24
..................
16,275‌
16,275,000‌
New
York
City
Housing
Development
Corp.
,
Series
2006A
,
RB
,
VRDN
(
Federal
National
Mortgage
Association
LOC
)
,
3.22
%
,
11/07/24
19,150‌
19,150,000‌
New
York
City
Housing
Development
Corp.
,
Series
2023A-3
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.25
%
,
11/07/24
..............
6,475‌
6,475,000‌
New
York
City
Housing
Development
Corp.
,
Series
2023B-2
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
3.00
%
,
11/07/24
.............
5,935‌
5,935,000‌
New
York
City
Housing
Development
Corp.
,
Series
2021F-3
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
)
,
3.22
%
,
11/07/24
...........
3,420‌
3,420,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
2000C
,
RB
,
VRDN
(
Sumitomo
Mitsui
Banking
Corp.
SBPA
)
,
3.23
%
,
11/07/24
..................
35,000‌
35,000,000‌
Schedule
of
Investments
(continued)
October
31,
2024
MuniCash
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
City
Municipal
Water
Finance
Authority
,
Series
2007,
Sub-Series
CC-1
,
RB
,
VRDN
(
Sumitomo
Mitsui
Banking
Corp.
SBPA
)
,
3.21
%
,
11/07/24
.............
USD
26,760‌
$
26,760,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
2010CC
,
RB
,
VRDN
(
State
Street
Bank
&
Trust
Co.
SBPA
)
,
4.00
%
,
11/01/24
..................
17,750‌
17,750,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
2014AA-3
,
RB
,
VRDN
(
TD
Bank
NA
LIQ
)
,
4.00
%
,
11/01/24
........
6,880‌
6,880,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
2015BB-2
,
RB
,
VRDN
(
Mizuho
Bank
Ltd.
SBPA
)
,
4.00
%
,
11/01/24
4,600‌
4,600,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
2017BB
,
RB
,
VRDN
(
State
Street
Bank
&
Trust
Co.
SBPA
)
,
3.88
%
,
11/01/24
..................
6,900‌
6,900,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
2023,
Sub-Series
B-1
,
RB
,
VRDN
(
Mizuho
Bank
Ltd.
SBPA
)
,
4.00
%
,
11/01/24
..................
13,225‌
13,225,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
2023,
Sub-Series
BB-2
,
RB
,
VRDN
(
Mizuho
Bank
Ltd.
SBPA
)
,
3.88
%
,
11/01/24
..................
7,100‌
7,100,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
2023CC
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
)
,
4.00
%
,
11/01/24
6,650‌
6,650,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
AA-1
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
4.05
%
,
11/01/24
..................
7,170‌
7,170,000‌
New
York
City
Municipal
Water
Finance
Authority
,
Series
DD-1
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
4.00
%
,
11/01/24
...........
13,650‌
13,650,000‌
New
York
City
Transitional
Finance
Authority
,
Series
2025,
Sub-Series
C-3
,
RB
,
VRDN
(
Sumitomo
Mitsui
Banking
Corp.
LOC
)
,
3.20
%
,
11/07/24
..................
40,000‌
40,000,000‌
New
York
City
Transitional
Finance
Authority
,
Series
2025,
Sub-Series
C-4
,
RB
,
VRDN
(
Sumitomo
Mitsui
Banking
Corp.
LOC
)
,
3.22
%
,
11/07/24
..................
20,000‌
20,000,000‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2011A-4
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
)
,
4.00
%
,
11/01/24
..................
6,350‌
6,350,000‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2013A-4
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
4.05
%
,
11/01/24
..................
20,135‌
20,135,000‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2013C-4
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
4.05
%
,
11/01/24
..................
7,205‌
7,205,000‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2014A-4
,
RB
,
VRDN
(
Mizuho
Bank
Ltd.
SBPA
)
,
3.88
%
,
11/01/24
..................
7,490‌
7,490,000‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2014B-3
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
)
,
4.00
%
,
11/01/24
..................
1,165‌
1,165,000‌
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2019,
Sub-
Series
B-4
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
4.05
%
,
11/01/24
.......
USD
11,850‌
$
11,850,000‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2019A-4
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
4.05
%
,
11/01/24
..................
14,000‌
14,000,000‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2019C-4
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
)
,
4.00
%
,
11/01/24
..................
7,000‌
7,000,000‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2025,
Sub-
Series
A-3
,
RB
,
VRDN
(
Bank
of
New
York
Mellon
(The)
SBPA
)
,
3.98
%
,
11/01/24
....
37,285‌
37,285,000‌
New
York
City
Trust
for
Cultural
Resources
,
Series
2009A
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
LOC
)
,
3.22
%
,
11/07/24
.......
9,160‌
9,160,000‌
New
York
State
Dormitory
Authority
,
Series
2006A
,
RB
,
VRDN
(
Federal
National
Mortgage
Association
LOC
)
,
3.29
%
,
11/07/24
30,880‌
30,880,000‌
New
York
State
Dormitory
Authority
,
Series
2008A
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.05
%
,
11/07/24
...........
1,650‌
1,650,000‌
New
York
State
Dormitory
Authority
,
Series
2009A
,
RB
,
VRDN
,
2.85
%
,
11/07/24
.....
66,095‌
66,095,000‌
New
York
State
Housing
Finance
Agency
,
Series
2022G-3
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
)
,
3.21
%
,
11/07/24
....
12,835‌
12,835,000‌
Triborough
Bridge
&
Tunnel
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XF1359
,
RB
,
VRDN
(
Toronto-
Dominion
Bank
LIQ
)
,
3.28
%
,
11/07/24
(b)
(c)
..
15,000‌
15,000,000‌
669,750,000‌
North
Carolina
1.6%
(a)
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Series
2021E
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
4.00
%
,
11/01/24
........
11,400‌
11,400,000‌
City
of
Charlotte
Water
&
Sewer
System,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022-XG0403
,
RB
,
VRDN
(
Wells
Fargo
Bank
NA
LIQ
)
,
3.27
%
,
11/07/24
(b)
(c)
..
2,276‌
2,276,000‌
Durham
Housing
Authority
,
Series
2021A
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
LOC
)
,
3.38
%
,
11/07/24
..................
22,885‌
22,885,000‌
Durham
Housing
Authority
,
Series
2021B
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
LOC
)
,
3.38
%
,
11/07/24
..................
4,900‌
4,900,000‌
North
Carolina
Educational
Facilities
Finance
Agency
,
Series
1992-A
,
RB
,
VRDN
,
2.90
%
,
11/07/24
..................
4,090‌
4,090,000‌
North
Carolina
Housing
Finance
Agency
,
Series
55-B
,
RB
,
VRDN
(
TD
Bank
NA
LIQ
)
,
4.00
%
,
11/01/24
..................
8,000‌
8,000,000‌
University
of
North
Carolina
at
Chapel
Hill
,
Series
2003B
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
3.24
%
,
11/07/24
.............
2,200‌
2,200,000‌
University
of
North
Carolina
at
Chapel
Hill
,
Series
A
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
4.00
%
,
11/01/24
..................
8,180‌
8,180,000‌
63,931,000‌
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
October
31,
2024
MuniCash
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ohio
4.4%
(a)
Allen
County
Ohio
Hospital
Facilities,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2019-E-133
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.27
%
,
11/07/24
(b)
(c)
....
USD
10,270‌
$
10,270,000‌
County
of
Allen,
Hospital
Facilities
,
Series
2012B
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.30
%
,
11/07/24
..................
13,300‌
13,300,000‌
County
of
Franklin
,
Series
2008B
,
RB
,
VRDN
,
3.10
%
,
11/07/24
..................
34,505‌
34,505,000‌
County
of
Franklin
,
Series
2018C
,
RB
,
VRDN
,
3.20
%
,
11/07/24
..................
24,175‌
24,175,000‌
County
of
Franklin
,
Series
2022B
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
4.05
%
,
11/01/24
..................
2,890‌
2,890,000‌
County
of
Franklin
,
Series
2015B
,
RB
,
VRDN
,
3.10
%
,
11/07/24
..................
1,500‌
1,500,000‌
Ohio
Higher
Educational
Facility
Commission
,
Series
2013B-1
,
RB
,
VRDN
(
Ohio
State
Treasurer
SBPA
)
,
3.20
%
,
11/07/24
......
30,025‌
30,025,000‌
Ohio
State
Hospital,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2022C-18
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.28
%
,
11/07/24
(b)
(c)
................
9,000‌
9,000,000‌
Ohio
State
University
(The)
,
Series
2023A-2
,
RB
,
VRDN
,
3.30
%
,
11/07/24
..........
9,700‌
9,700,000‌
Ohio
State
University
(The)
,
Series
2023D-1
,
RB
,
VRDN
,
3.29
%
,
11/07/24
..........
15,000‌
15,000,000‌
Ohio
Water
Development
Authority
Water
Pollution
Control
Loan
Fund
,
Series
2024C
,
RB
,
VRDN
(
TD
Bank
NA
LIQ
)
,
4.00
%
,
11/01/24
..................
8,200‌
8,200,000‌
StoryPoint
Senior
Living
Care,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2024-YX1330
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
3.34
%
,
11/07/24
(b)
(c)
............
7,450‌
7,450,000‌
University
Hospitals
Health
Systems,
Inc.,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2023-C-22
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.28
%
,
11/07/24
(b)
(c)
................
10,000‌
10,000,000‌
176,015,000‌
Oregon
1.1%
(a)
Oregon
State
Facilities
Authority
,
Series
2005A
,
RB
,
VRDN
(
Federal
National
Mortgage
Association
LOC
)
,
3.29
%
,
11/07/24
......
5,475‌
5,475,000‌
Oregon
State
Facilities
Authority
,
Series
2018B
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
4.00
%
,
11/01/24
..................
39,600‌
39,600,000‌
45,075,000‌
Other
0.6%
Federal
Home
Loan
Mortgage
Corp.,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2024-CF7004
,
RB
,
VRDN
(
Citibank
NA
LOC
)
,
3.36
%
,
11/07/24
(a)
(b)
(c)
........
24,000‌
24,000,000‌
Pennsylvania
7.0%
(a)
City
of
Philadelphia
,
Series
2009B
,
GO
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
3.23
%
,
11/07/24
.
11,400‌
11,400,000‌
Delaware
Valley
Regional
Finance
Authority
,
Series
2022E
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.25
%
,
11/07/24
..............
12,900‌
12,900,000‌
Delaware
Valley
Regional
Finance
Authority
,
Series
2024B
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
4.00
%
,
11/01/24
..............
8,700‌
8,700,000‌
Security
Par
(000)
Par
(000)
Value
Pennsylvania
(continued)
Emmaus
General
Authority
,
Series
1996
,
RB
,
VRDN
(
Wells
Fargo
Bank
NA
SBPA
)
,
3.30
%
,
11/07/24
..................
USD
20,505‌
$
20,505,000‌
Montgomery
County
Industrial
Development
Authority
,
Series
2002
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
4.00
%
,
11/01/24
...........
4,970‌
4,970,000‌
Northampton
County
General
Purpose
Authority
,
Series
2016B
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
3.24
%
,
11/07/24
.............
35,605‌
35,605,000‌
Pennsylvania
Higher
Educational
Facilities
Authority
,
Series
2008A
,
RB
,
VRDN
(
Bank
of
America
NA
LOC
)
,
3.18
%
,
11/07/24
.....
36,340‌
36,340,000‌
Pennsylvania
Housing
Finance
Agency,
Tender
Option
Bond
Trust
Receipts
,
Series
2024-
XF1700
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LIQ
)
,
3.27
%
,
11/07/24
(b)
(c)
............
10,260‌
10,260,000‌
Pennsylvania
State
Health,
Tender
Option
Bond
Trust
Receipts
,
Series
2024-XG0566
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.27
%
,
11/07/24
(b)
(c)
................
2,065‌
2,065,000‌
Philadelphia
Authority
for
Industrial
Development
,
Series
2024B1
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.95
%
,
11/01/24
..................
52,500‌
52,500,000‌
Sports
&
Exhibition
Authority
of
Pittsburgh
and
Allegheny
County
,
Series
2007-A
,
RB
,
VRDN
(
PNC
Bank
NA
SBPA
)
,
3.24
%
,
11/07/24
..
66,725‌
66,725,000‌
Westmoreland
County
Muni
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2017-YX1075
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
3.28
%
,
11/07/24
(b)
(c)
.....
17,190‌
17,190,000‌
279,160,000‌
Rhode
Island
0.6%
(a)
Rhode
Island
Health
&
Education
Building
Corp.,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2019-XM0721
,
RB
,
VRDN
(
Wells
Fargo
Bank
NA
LIQ
)
,
3.27
%
,
11/07/24
(b)
(c)
................
4,360‌
4,360,000‌
Rhode
Island
Health
and
Educational
Building
Corp.
,
Series
2008
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.25
%
,
11/07/24
..............
20,625‌
20,625,000‌
24,985,000‌
South
Carolina
2.1%
(a)
South
Carolina
Jobs-Economic
Development
Authority
,
Series
2021B
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
LOC
)
,
3.48
%
,
11/07/24
..
3,150‌
3,150,000‌
South
Carolina
Jobs-Economic
Development
Authority
,
Series
2023A
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
LOC
)
,
3.26
%
,
11/07/24
..
50,500‌
50,500,000‌
South
Carolina
Jobs-Economic
Development
Authority
,
Series
2023B
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
LOC
)
,
3.26
%
,
11/07/24
..
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
)
,
3.36
%
,
11/07/24
(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
)
,
3.36
%
,
11/07/24
(b)
(c)
..
13,515‌
13,515,000‌
83,310,000‌
Schedule
of
Investments
(continued)
October
31,
2024
MuniCash
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
South
Dakota
1.8%
(a)
South
Dakota
Housing
Development
Authority
,
Series
2020A
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.24
%
,
11/07/24
.....
USD
7,750‌
$
7,750,000‌
South
Dakota
Housing
Development
Authority
,
Series
2020B
,
RB
,
VRDN
,
3.19
%
,
11/07/24
31,500‌
31,500,000‌
South
Dakota
Housing
Development
Authority
,
Series
2020D
,
RB
,
VRDN
(
Bank
of
America
NA
SBPA
)
,
3.21
%
,
11/07/24
...........
32,750‌
32,750,000‌
72,000,000‌
Tennessee
0.1%
Tennessee
Housing
Development
Agency
Resident,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-YX1087
,
RB
,
VRDN
(
Barclays
Bank
plc
LIQ
)
,
3.27
%
,
11/07/24
(a)
(b)
(c)
...............
5,405‌
5,405,000‌
Texas
10.7%
(a)
Austin
Electric
Utility
System,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2015-XF0220
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
LIQ
)
,
4.15
%
,
11/01/24
(b)
(c)
......
21,235‌
21,235,000‌
Board
of
Regents
of
the
University
of
Texas
System
,
Series
2008B
,
RB
,
VRDN
(
University
of
Texas
Management
Co.
LIQ
)
,
3.00
%
,
11/07/24
..................
51,905‌
51,905,000‌
Board
of
Regents
of
the
University
of
Texas
System
,
Series
2008B
,
RB
,
VRDN
(
University
of
Texas
Management
Co.
LIQ
)
,
3.20
%
,
11/07/24
..................
8,205‌
8,205,000‌
Bowie
County
Industrial
Development
Corp.
,
Series
1985
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
LOC
)
,
4.03
%
,
11/01/24
.......
3,500‌
3,500,000‌
City
of
Houston,
Combined
Utility
System
,
Series
2004B-4
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.35
%
,
11/07/24
..
32,800‌
32,800,000‌
Corpus
Christi
Texas
Utility
System,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2024-XF1710
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LIQ
)
,
3.29
%
,
11/07/24
(b)
(c)
.
6,400‌
6,400,000‌
Gulf
Coast
Industrial
Development
Authority
,
Series
2012
,
RB
,
VRDN
,
4.05
%
,
11/01/24
.
4,945‌
4,945,000‌
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Series
2015-3
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
3.30
%
,
11/07/24
....
9,255‌
9,255,000‌
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Series
2020B
,
RB
,
VRDN
,
4.05
%
,
11/01/24
..................
50,580‌
50,580,000‌
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Series
2024F
,
RB
,
VRDN
,
3.20
%
,
11/07/24
..................
42,715‌
42,715,000‌
Harris
County
Health
Facilities
Development
Corp.
,
Series
A-1
,
RB
,
VRDN
,
4.05
%
,
11/01/24
..................
54,210‌
54,210,000‌
Harris
County
Health
Facilities
Development
Corp.
,
Series
A-2
,
RB
,
VRDN
,
4.05
%
,
11/01/24
..................
7,560‌
7,560,000‌
Lamar
Consolidated
Independent
School
District,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2023-XF3163
,
GO
,
VRDN
(
Wells
Fargo
Bank
NA
LIQ
)
,
3.27
%
,
11/07/24
(b)
(c)
................
5,245‌
5,245,000‌
Port
Arthur
Navigation
District
,
Series
2002C
,
RB
,
VRDN
,
3.20
%
,
11/07/24
..........
4,500‌
4,500,000‌
Red
River
Education
Finance
Corp.
,
Series
2000
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
3.10
%
,
11/07/24
..................
3,800‌
3,800,000‌
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
State
of
Texas
,
Series
2006B
,
GO
,
VRDN
(
Texas
State
Comptroller
LIQ
)
,
3.36
%
,
11/07/24
..................
USD
41,475‌
$
41,475,000‌
State
of
Texas
,
Series
2011C
,
GO
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.25
%
,
11/07/24
..................
17,670‌
17,670,000‌
State
of
Texas
,
Series
2015B
,
GO
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.05
%
,
11/07/24
..................
25,075‌
25,075,000‌
State
of
Texas
,
Series
2022
,
GO
,
VRDN
(
Sumitomo
Mitsui
Banking
Corp.
LOC
)
,
3.35
%
,
11/07/24
..................
25,100‌
25,100,000‌
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Series
2011C
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
4.00
%
,
11/01/24
....
10,335‌
10,335,000‌
426,510,000‌
Utah
0.8%
(a)
Utah
County
Hospital
,
Series
2018C
,
RB
,
VRDN
(
TD
Bank
NA
SBPA
)
,
3.85
%
,
11/01/24
....
6,500‌
6,500,000‌
Utah
Water
Finance
Agency
,
Series
B-2
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
)
,
3.30
%
,
11/07/24
..................
24,445‌
24,445,000‌
30,945,000‌
Vermont
0.1%
Vermont
Housing
Finance
Agency
,
Series
2019A
,
RB
,
VRDN
(
TD
Bank
NA
LIQ
)
,
3.34
%
,
11/07/24
(a)
.................
3,585‌
3,585,000‌
Virginia
2.4%
(a)
Hampton
Roads
Sanitation
District
,
Series
2016B
,
RB
,
VRDN
,
3.00
%
,
11/07/24
.....
13,720‌
13,720,000‌
Hampton
Roads
Transport
Accountant,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2018-XF0606
,
RB
,
VRDN
(
Bank
of
America
NA
LIQ
)
,
3.30
%
,
11/07/24
(b)
(c)
....
1,050‌
1,050,000‌
Loudoun
County
Economic
Development
Authority
,
Series
2003A
,
RB
,
VRDN
,
3.32
%
,
11/07/24
..................
7,000‌
7,000,000‌
Loudoun
County
Economic
Development
Authority
,
Series
2003B
,
RB
,
VRDN
,
3.32
%
,
11/07/24
..................
17,975‌
17,975,000‌
Loudoun
County
Economic
Development
Authority
,
Series
2013A
,
RB
,
VRDN
,
3.30
%
,
11/07/24
..................
9,620‌
9,620,000‌
Norfolk
Economic
Development
Authority
,
Series
2016A
,
RB
,
VRDN
,
3.25
%
,
11/07/24
34,050‌
34,050,000‌
Norfolk
Economic
Development
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates
,
Series
2022C-19
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LOC
)
,
3.28
%
,
11/07/24
(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
)
,
3.28
%
,
11/07/24
(b)
(c)
................
6,000‌
6,000,000‌
94,145,000‌
Washington
0.3%
(a)
Port
of
Tacoma
,
Series
2008B
,
RB
,
VRDN
(
Bank
of
America
NA
LOC
)
,
3.25
%
,
11/07/24
7,580‌
7,580,000‌
State
of
Washington,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2024-
CF7002
,
RB
,
VRDN
(
Citibank
NA
LIQ
)
,
3.26
%
,
11/07/24
(b)
(c)
................
3,200‌
3,200,000‌
10,780,000‌
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
October
31,
2024
MuniCash
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Wisconsin
1.3%
(a)
Public
Finance
Authority
,
Series
2023B
,
RB
,
VRDN
(
TD
Bank
NA
LOC
)
,
4.05
%
,
11/01/24
USD
3,600‌
$
3,600,000‌
University
of
Wisconsin
Hospitals
&
Clinics
,
Series
2018C
,
RB
,
VRDN
(
BMO
Harris
Bank
NA
SBPA
)
,
3.95
%
,
11/01/24
...........
24,080‌
24,080,000‌
Wisconsin
Housing
&
Economic
Development
Authority
,
Series
2017C
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
3.05
%
,
11/07/24
.
7,315‌
7,315,000‌
Wisconsin
Housing
&
Economic
Development
Authority
Home
Ownership
,
Series
2018C
,
RB
,
VRDN
(
Royal
Bank
of
Canada
SBPA
)
,
3.23
%
,
11/07/24
..................
8,795‌
8,795,000‌
Wisconsin
Housing
&
Economic
Development
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates
,
Series
2024-XL0554
,
RB
,
VRDN
(
Royal
Bank
of
Canada
LIQ
)
,
3.27
%
,
11/07/24
(b)
(c)
................
7,500‌
7,500,000‌
51,290,000‌
Wyoming
0.9%
Wyoming
Community
Development
Authority
,
Series
2022-2
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
)
,
3.25
%
,
11/07/24
(a)
..........
36,980‌
36,980,000‌
Total
Municipal
Bonds
93
.2
%
(Cost:
$
3,722,816,000
)
............................
3,722,816,000‌
Closed-End
Investment
Companies
(c)
New
York
1.0%
(a)
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund
,
Series
1
,
VRDP
,
(
Societe
Generale
LIQ
)
,
3.29
%
,
11/7/2024
.......
10,200‌
10,200,000‌
Nuveen
New
York
AMT-Free
Quality
Municipal
Income
Fund
,
Series
5
,
VRDP
,
(
Toronto-
Dominion
Bank
LIQ
)
,
3.28
%
,
11/7/2024
...
30,000‌
30,000,000‌
40,200,000‌
Other
1.2%
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
,
Series
1
,
VRDP
,
(
JP
Morgan
Chase
Bank
NA
LIQ
)
,
3.30
%
,
11/7/2024
.......
31,000‌
31,000,000‌
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
,
Series
4
,
VRDP
,
(
Barclays
Bank
plc
LIQ
)
,
3.29
%
,
11/7/2024
(a)
.............
19,000‌
19,000,000‌
50,000,000‌
Total
Closed-End
Investment
Companies
2
.2
%
(Cost:
$
90,200,000
)
...............................
90,200,000‌
Total
Investments
95
.4
%
(Cost:
$
3,813,016,000
)
(d)
...........................
3,813,016,000‌
Other
Assets
Less
Liabilities
4.6
%
....................
181,895,196‌
Net
Assets
100.0%
...............................
$
3,994,911,196‌
(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,
2024
MuniCash
Schedules
of
Investments
37
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
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
............................
$
$
90,200,000
$
$
90,200,000
Municipal
Bonds
.........................................
3,722,816,000
3,722,816,000
$
$
3,813,016,000
$
$
3,813,016,000
Statements
of
Assets
and
Liabilities

October
31,
2024
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
38
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
T-Fund
ASSETS
Investments,
at
value
unaffiliated
(a)
..........................................
$
5,278,788,228‌
$
107,869,374,006‌
$
16,143,904,212‌
$
63,984,317,531‌
Cash
...............................................................
404,403,564‌
8,241,583,568‌
662,447,383‌
5,496,951,939‌
Repurchase
agreements,
at
value
unaffiliated
(b)
..................................
—‌
70,087,500,000‌
4,093,000,000‌
46,487,000,000‌
Receivables:
–‌
–‌
–‌
–‌
Capital
shares
sold
.....................................................
9,036,402‌
1,611,455,487‌
123,659,402‌
828,381,866‌
Interest
unaffiliated
...................................................
5,214,985‌
152,144,137‌
45,838,876‌
44,337,230‌
Prepaid
e
xpenses
.......................................................
553,051‌
95,415,487‌
227,073‌
36,657,934‌
Total
a
ssets
...........................................................
5,697,996,230‌
188,057,472,685‌
21,069,076,946‌
116,877,646,500‌
LIABILITIES
Payables:
–‌
–‌
–‌
–‌
Investments
purchased
..................................................
188,288,264‌
8,441,751,723‌
90,550,000‌
5,532,462,859‌
Capital
shares
redeemed
.................................................
6,955,223‌
1,481,496,903‌
49,380,818‌
634,232,281‌
Custodian
fees
........................................................
42,413‌
441,573‌
69,735‌
316,898‌
Income
dividend
distributions
..............................................
15,594,792‌
474,817,524‌
66,401,969‌
316,134,665‌
Management
fees
......................................................
1,613,206‌
47,741,109‌
6,023,833‌
31,082,502‌
Trustees'
and
Officer's
fees
...............................................
665‌
—‌
2,136‌
—‌
Professional
fees
......................................................
52,310‌
401,621‌
79,012‌
284,720‌
Registration
fees
......................................................
—‌
4,188,439‌
—‌
2,160,810‌
Service
and
distribution
fees
...............................................
374,147‌
97,756,783‌
2,031‌
36,882,224‌
Transfer
agent
fees
....................................................
25,729‌
246,186‌
63,660‌
176,753‌
Other
accrued
expenses
.................................................
45,766‌
21,405‌
22,563‌
13,244‌
Total
li
abilities
..........................................................
212,992,515‌
10,548,863,266‌
212,595,757‌
6,553,746,956‌
Commitments
and
contingent
liabilities
—‌
—‌
—‌
—‌
NET
ASSETS
..........................................................
$
5,485,003,715‌
$
177,508,609,419‌
$
20,856,481,189‌
$
110,323,899,544‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
5,484,045,271‌
$
177,585,509,395‌
$
20,853,707,835‌
$
110,368,487,921‌
Accumulated
earnings
(loss)
................................................
958,444‌
(
76,899,976‌
)
2,773,354‌
(
44,588,377‌
)
NET
ASSETS
..........................................................
$
5,485,003,715‌
$
177,508,609,419‌
$
20,856,481,189‌
$
110,323,899,544‌
(a)
  Investments,
at
cost
unaffiliated
.......................................
$
5,278,788,228‌
$
107,869,374,006‌
$
16,140,068,273‌
$
63,984,317,531‌
(b)
  Repurchase
agreements,
at
cost
unaffiliated
...............................
$
—‌
$
70,087,500,000‌
$
4,093,000,000‌
$
46,487,000,000‌
Statements
of
Assets
and
Liabilities
(continued)
October
31,
2024
39
Statements
of
Assets
and
Liabilities
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
T-Fund
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................
$
5,358,072,959‌
$
152,727,713,465‌
$
20,034,822,561‌
$
101,661,626,942‌
Shares
outstanding
...................................................
5,357,129,282‌
152,793,990,096‌
20,023,120,196‌
101,702,668,984‌
Net
asset
value
.....................................................
$
1.00‌
$
1.00‌
$
1.0006‌
$
1.00‌
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Administration
Net
assets
.........................................................
$
49,571,884‌
$
7,725,784,395‌
$
—‌
$
4,655,386,543‌
Shares
outstanding
...................................................
49,563,173‌
7,729,131,472‌
—‌
4,657,261,806‌
Net
asset
value
.....................................................
$
1.00‌
$
1.00‌
$
—‌
$
1.00‌
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Bancroft
Capital
Net
assets
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
...................................................
—‌
—‌
—‌
—‌
Net
asset
value
.....................................................
$
—‌
$
—‌
$
—‌
$
—‌
Shares
authorized
...................................................
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Cabrera
Capital
Markets
Net
assets
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Shares
outstanding
...................................................
—‌
—‌
—‌
—‌
Net
asset
value
.....................................................
$
—‌
$
—‌
$
—‌
$
—‌
Shares
authorized
...................................................
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Capital
Net
assets
.........................................................
$
—‌
$
277,305,738‌
$
—‌
$
275,246,853‌
Shares
outstanding
...................................................
—‌
277,425,937‌
—‌
275,357,825‌
Net
asset
value
.....................................................
$
—‌
$
1.00‌
$
—‌
$
1.00‌
Shares
authorized
...................................................
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Cash
Management
Net
assets
.........................................................
$
7,576,748‌
$
658,763,567‌
$
—‌
$
1,019,810,520‌
Shares
outstanding
...................................................
7,575,416‌
659,048,404‌
—‌
1,020,221,898‌
Net
asset
value
.....................................................
$
1.00‌
$
1.00‌
$
—‌
$
1.00‌
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Cash
Reserve
Net
assets
.........................................................
$
—‌
$
4,143,595,327‌
$
—‌
$
49,363,167‌
Shares
outstanding
...................................................
—‌
4,145,395,834‌
—‌
49,383,121‌
Net
asset
value
.....................................................
$
—‌
$
1.00‌
$
—‌
$
1.00‌
Shares
authorized
...................................................
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Dollar
Net
assets
.........................................................
$
14,422,365‌
$
4,043,250,137‌
$
46,895,589‌
$
1,199,807,476‌
Shares
outstanding
...................................................
14,419,822‌
4,045,005,216‌
46,864,759‌
1,200,291,841‌
Net
asset
value
.....................................................
$
1.00‌
$
1.00‌
$
1.0007‌
$
1.00‌
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Great
Pacific
Net
assets
.........................................................
$
—‌
$
50,532‌
$
774,726,539‌
$
—‌
Shares
outstanding
...................................................
—‌
50,554‌
774,334,170‌
—‌
Net
asset
value
.....................................................
$
—‌
$
1.00‌
$
1.0005‌
$
—‌
Shares
authorized
...................................................
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Statements
of
Assets
and
Liabilities
(continued)
October
31,
2024
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
40
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
T-Fund
Mischler
Financial
Group
Net
assets
.........................................................
$
30,049,537‌
$
3,113,092,978‌
$
—‌
$
—‌
Shares
outstanding
...................................................
30,044,260‌
3,114,442,412‌
—‌
—‌
Net
asset
value
.....................................................
$
1.00‌
$
1.00‌
$
—‌
$
—‌
Shares
authorized
...................................................
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Penserra
Net
assets
.........................................................
$
—‌
$
101,064‌
$
—‌
$
—‌
Shares
outstanding
...................................................
—‌
101,108‌
—‌
—‌
Net
asset
value
.....................................................
$
—‌
$
1.00‌
$
—‌
$
—‌
Shares
authorized
...................................................
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Premier
Net
assets
.........................................................
$
—‌
$
3,911,215,789‌
$
36,500‌
$
1,443,015,029‌
Shares
outstanding
...................................................
—‌
3,912,917,521‌
36,478‌
1,443,596,740‌
Net
asset
value
.....................................................
$
—‌
$
1.00‌
$
1.0006‌
$
1.00‌
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Private
Client
Net
assets
.........................................................
$
—‌
$
160,177‌
$
—‌
$
—‌
Shares
outstanding
...................................................
—‌
160,246‌
—‌
—‌
Net
asset
value
.....................................................
$
—‌
$
1.00‌
$
—‌
$
—‌
Shares
authorized
...................................................
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Select
Net
assets
.........................................................
$
—‌
$
335,418,585‌
$
—‌
$
19,643,014‌
Shares
outstanding
...................................................
—‌
335,563,859‌
—‌
19,650,954‌
Net
asset
value
.....................................................
$
—‌
$
1.00‌
$
—‌
$
1.00‌
Shares
authorized
...................................................
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Stern
Brothers
Net
assets
.........................................................
$
56,331‌
$
409,801,593‌
$
—‌
$
—‌
Shares
outstanding
...................................................
56,320‌
409,979,208‌
—‌
—‌
Net
asset
value
.....................................................
$
1.00‌
$
1.00‌
$
—‌
$
—‌
Shares
authorized
...................................................
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Tigress
Net
assets
.........................................................
$
25,253,891‌
$
83,692,323‌
$
—‌
$
—‌
Shares
outstanding
...................................................
25,249,437‌
83,728,441‌
—‌
—‌
Net
asset
value
.....................................................
$
1.00‌
$
1.00‌
$
—‌
$
—‌
Shares
authorized
...................................................
Unlimited
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
WestCap
Net
assets
.........................................................
$
—‌
$
78,663,749‌
$
—‌
$
—‌
Shares
outstanding
...................................................
—‌
78,697,764‌
—‌
—‌
Net
asset
value
.....................................................
$
—‌
$
1.00‌
$
—‌
$
—‌
Shares
authorized
...................................................
Unlimited
Par
value
.........................................................
$
—‌
$
—‌
$
—‌
$
—‌
Statements
of
Assets
and
Liabilities
(continued)
October
31,
2024
41
Statements
of
Assets
and
Liabilities
See
notes
to
financial
statements.
Treasury
Trust
Fund
MuniCash
ASSETS
Investments,
at
value
unaffiliated
(a)
.........................................................................
$
127,993,062,341‌
$
3,813,016,000‌
Cash
..............................................................................................
6,130,868,365‌
4,747,857‌
Receivables:
–‌
–‌
Investment
s
sold
.....................................................................................
597,272,042‌
385,920,000‌
Capital
shares
sold
....................................................................................
368,972,941‌
3,745,347‌
Interest
unaffiliated
..................................................................................
3,352,376‌
16,955,824‌
Prepaid
e
xpenses
......................................................................................
14,740,771‌
171,453‌
Total
a
ssets
..........................................................................................
135,108,268,836‌
4,224,556,481‌
LIABILITIES
Payables:
–‌
–‌
Investments
purchased
.................................................................................
5,245,248,303‌
218,729,591‌
Capital
shares
redeemed
................................................................................
275,362,336‌
4,508,245‌
Custodian
fees
.......................................................................................
625,808‌
9,743‌
Income
dividend
distributions
.............................................................................
386,675,352‌
5,146,896‌
Management
fees
.....................................................................................
36,115,712‌
1,144,591‌
Trustees'
and
Officer's
fees
..............................................................................
—‌
3,023‌
Professional
fees
.....................................................................................
275,545‌
50,330‌
Registration
fees
.....................................................................................
3,780,878‌
—‌
Service
and
distribution
fees
..............................................................................
15,172,159‌
19,406‌
Transfer
agent
fees
...................................................................................
196,791‌
6,911‌
Other
accrued
expenses
................................................................................
14,822‌
26,549‌
Total
li
abilities
.........................................................................................
5,963,467,706‌
229,645,285‌
Commitments
and
contingent
liabilities
—‌
—‌
NET
ASSETS
.........................................................................................
$
129,144,801,130‌
$
3,994,911,196‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
129,128,274,606‌
$
3,994,911,196‌
Accumulated
earnings
...................................................................................
16,526,524‌
—‌
NET
ASSETS
.........................................................................................
$
129,144,801,130‌
$
3,994,911,196‌
(a)
  Investments,
at
cost
unaffiliated
...................................................................
$
127,993,062,341‌
$
3,813,016,000‌
Statements
of
Assets
and
Liabilities
(continued)
October
31,
2024
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
42
See
notes
to
financial
statements.
Treasury
Trust
Fund
MuniCash
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................................................
$
123,707,287,651‌
$
3,994,911,196‌
Shares
outstanding
...................................................................................
123,691,454,708‌
3,994,556,423‌
Net
asset
value
.....................................................................................
$
1.00‌
$
1.0001‌
Shares
authorized
...................................................................................
Unlimited
Unlimited
Par
value
.........................................................................................
$
—‌
$
—‌
Administration
Net
assets
.........................................................................................
$
661,719,484‌
$
—‌
Shares
outstanding
...................................................................................
661,634,475‌
—‌
Net
asset
value
.....................................................................................
$
1.00‌
$
—‌
Shares
authorized
...................................................................................
Unlimited
Par
value
.........................................................................................
$
—‌
$
—‌
Capital
Net
assets
.........................................................................................
$
1,253,390,746‌
$
—‌
Shares
outstanding
...................................................................................
1,253,231,270‌
—‌
Net
asset
value
.....................................................................................
$
1.00‌
$
—‌
Shares
authorized
...................................................................................
Unlimited
Par
value
.........................................................................................
$
—‌
$
—‌
Cash
Management
Net
assets
.........................................................................................
$
7,192,377‌
$
—‌
Shares
outstanding
...................................................................................
7,191,443‌
—‌
Net
asset
value
.....................................................................................
$
1.00‌
$
—‌
Shares
authorized
...................................................................................
Unlimited
Par
value
.........................................................................................
$
—‌
$
—‌
Cash
Reserve
Net
assets
.........................................................................................
$
103,703,132‌
$
—‌
Shares
outstanding
...................................................................................
103,689,729‌
—‌
Net
asset
value
.....................................................................................
$
1.00‌
$
—‌
Shares
authorized
...................................................................................
Unlimited
Par
value
.........................................................................................
$
—‌
$
—‌
Dollar
Net
assets
.........................................................................................
$
3,207,546,920‌
$
—‌
Shares
outstanding
...................................................................................
3,207,138,179‌
—‌
Net
asset
value
.....................................................................................
$
1.00‌
$
—‌
Shares
authorized
...................................................................................
Unlimited
Par
value
.........................................................................................
$
—‌
$
—‌
Select
Net
assets
.........................................................................................
$
203,960,820‌
$
—‌
Shares
outstanding
...................................................................................
203,934,802‌
—‌
Net
asset
value
.....................................................................................
$
1.00‌
$
—‌
Shares
authorized
...................................................................................
Unlimited
Par
value
.........................................................................................
$
—‌
$
—‌
Statements
of
Operations

Year
Ended
October
31,
2024
43
Statements
of
Operations
BlackRock
Liquid
Federal
Trust
Fund
FedFund
TempCash
T-Fund
INVESTMENT
INCOME
Interest
unaffiliated
...................................................
$
305,812,064‌
$
8,183,299,554‌
$
895,832,513‌
$
5,482,221,131‌
Total
investment
income
...................................................
305,812,064‌
8,183,299,554‌
895,832,513‌
5,482,221,131‌
EXPENSES
Management
.........................................................
11,873,475‌
278,849,593‌
33,599,864‌
187,393,903‌
Registration
.........................................................
114,194‌
5,712‌
187,084‌
8,339‌
Service
and
distribution
class
specific
......................................
106,296‌
40,095,617‌
6,093‌
12,084,817‌
Professional
.........................................................
98,181‌
719,548‌
163,369‌
486,086‌
Transfer
agent
........................................................
97,867‌
1,885,241‌
239,028‌
497,268‌
Custodian
...........................................................
73,382‌
751,081‌
126,618‌
414,842‌
Printing
and
postage
...................................................
65,361‌
120,454‌
41,970‌
64,506‌
Trustees
and
Officer
....................................................
48,144‌
269,816‌
141,751‌
262,657‌
Transfer
agent
class
specific
............................................
8‌
76‌
275‌
—‌
Miscellaneous
........................................................
101,882‌
702,526‌
136,795‌
565,770‌
Total
expenses
.........................................................
12,578,790‌
323,399,664‌
34,642,847‌
201,778,188‌
Less:
–‌
–‌
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
.................................
(
2,715,678‌
)
(
22,324,066‌
)
(
5,138,389‌
)
(
14,743,478‌
)
Service
and
distribution
fees
waived
and/or
reimbursed
class
specific
.................
—‌
(
68,137‌
)
—‌
(
5,066‌
)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
class
specific
............
(
8‌
)
(
69‌
)
(
263‌
)
—‌
Total
ex
penses
after
fees
waived
and/or
reimbursed
................................
9,863,104‌
301,007,392‌
29,504,195‌
187,029,644‌
Net
investment
income
....................................................
295,948,960‌
7,882,292,162‌
866,328,318‌
5,295,191,487‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
1,095,224‌
$
7,144,533‌
$
3,481,038‌
$
5,228,490‌
Net
realized
gain
from
investments
.........................................
1,095,224‌
7,144,533‌
35,573‌
5,228,490‌
Net
change
in
unrealized
appreciation
on
investments
.............................
—‌
—‌
3,445,466‌
—‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
....................
$
297,044,184‌
$
7,889,436,695‌
$
869,809,357‌
$
5,300,419,977‌
See
notes
to
financial
statements.
Statements
of
Operations
(continued)
Year
Ended
October
31,
2024
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
44
Treasury
Trust
Fund
MuniCash
INVESTMENT
INCOME
Interest
unaffiliated
..................................................................................
$
6,167,442,038‌
$
111,440,292‌
Total
investment
income
..................................................................................
6,167,442,038‌
111,440,292‌
EXPENSES
Management
........................................................................................
210,788,346‌
9,698,048‌
Service
and
distribution
class
specific
.....................................................................
9,844,388‌
4,299‌
Transfer
agent
.......................................................................................
1,122,013‌
20,491‌
Custodian
..........................................................................................
1,016,397‌
11,858‌
Professional
........................................................................................
513,377‌
89,150‌
Trustees
and
Officer
...................................................................................
273,093‌
34,312‌
Printing
and
postage
..................................................................................
70,277‌
23,719‌
Registration
........................................................................................
8,665‌
90,494‌
Miscellaneous
.......................................................................................
462,031‌
45,087‌
Total
expenses
excluding
interest
expense
......................................................................
224,098,587‌
10,017,458‌
Interest
expense
.....................................................................................
—‌
339,846‌
Total
expenses
........................................................................................
224,098,587‌
10,357,304‌
Less:
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
................................................................
(
17,352,358‌
)
(
3,288,686‌
)
Service
and
distribution
fees
waived
and/or
reimbursed
class
specific
................................................
(
44,425‌
)
—‌
Total
ex
penses
after
fees
waived
and/or
reimbursed
...............................................................
206,701,804‌
7,068,618‌
Net
investment
income
...................................................................................
5,960,740,234‌
104,371,674‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
14,784,693‌
$
275,972‌
Net
realized
gain
from
investments
........................................................................
14,784,690‌
113,930‌
Net
change
in
unrealized
appreciation
on
investments
............................................................
—‌
162,042‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................................................
$
5,975,524,924‌
$
104,647,646‌
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

45
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
BlackRock
Liquid
Federal
Trust
Fund
FedFund
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/24
Year
Ended
10/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
295,948,960‌
$
224,871,365‌
$
7,882,292,162‌
$
6,447,505,093‌
Net
realized
gain
(loss)
............................................
1,095,224‌
647,809‌
7,144,533‌
(
45,185,505‌
)
Net
increase
in
net
assets
resulting
from
operations
...........................
297,044,184‌
225,519,174‌
7,889,436,695‌
6,402,319,588‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
...................................................
(
290,783,861‌
)
(
221,257,571‌
)
(
6,730,691,875‌
)
(
5,350,110,036‌
)
Administration
.................................................
(
1,560,845‌
)
(
1,258,380‌
)
(
399,697,933‌
)
(
548,004,687‌
)
Bancroft
Capital
................................................
(
1,994‌
)
(
2,348‌
)
—‌
—‌
Cabrera
Capital
Markets
..........................................
(
1,970‌
)
(
2,348‌
)
—‌
—‌
Capital
......................................................
—‌
—‌
(
6,622,512‌
)
(
151,947‌
)
Cash
Management
..............................................
(
411,123‌
)
(
452,379‌
)
(
30,287,836‌
)
(
26,770,197‌
)
Cash
Reserve
.................................................
—‌
—‌
(
189,929,180‌
)
(
190,618,421‌
)
Dollar
.......................................................
(
615,807‌
)
(
497,569‌
)
(
198,757,655‌
)
(
162,022,146‌
)
Great
Pacific
..................................................
(
2,203‌
)
(
2,347‌
)
(
554‌
)
—‌
Mischler
Financial
Group
..........................................
(
1,205,224‌
)
(
411,410‌
)
(
115,894,747‌
)
(
78,385,377‌
)
Penserra
.....................................................
(
22,246‌
)
(
29,442‌
)
(
1,108‌
)
—‌
Premier
......................................................
—‌
—‌
(
181,769,104‌
)
(
72,073,104‌
)
Private
Client
..................................................
—‌
—‌
(
9,745‌
)
(
10,459‌
)
Select
.......................................................
—‌
—‌
(
14,628,487‌
)
(
15,135,753‌
)
Stern
Brothers
.................................................
(
2,823‌
)
(
3,206‌
)
(
3,201,468‌
)
(
26,326‌
)
Tigress
......................................................
(
1,344,862‌
)
(
954,365‌
)
(
6,523,018‌
)
(
752,039‌
)
WestCap
.....................................................
—‌
—‌
(
5,110,026‌
)
(
3,150,528‌
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(295,952,958‌)
(224,871,365‌)
(7,883,125,248‌)
(6,447,211,020‌)
CAPITAL
SHARE
TRANSACTIONS
$
–‌
$
–‌
$
–‌
$
–‌
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
(565,083,289‌)
867,613,922‌
33,061,051,715‌
(1,818,848,960‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
(
563,992,063‌
)
868,261,731‌
33,067,363,162‌
(
1,863,740,392‌
)
Beginning
of
year
..................................................
6,048,995,778‌
5,180,734,047‌
144,441,246,257‌
146,304,986,649‌
End
of
year
......................................................
$
5,485,003,715‌
$
6,048,995,778‌
$
177,508,609,419‌
$
144,441,246,257‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
46
See
notes
to
financial
statements.
TempCash
T-Fund
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/24
Year
Ended
10/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
866,328,318‌
$
590,601,806‌
$
5,295,191,487‌
$
4,410,418,831‌
Net
realized
gain
(loss)
............................................
35,573‌
60,470‌
5,228,490‌
(
29,108,642‌
)
Net
change
in
unrealized
appreciation
(depreciation)
........................
3,445,466‌
4,142,335‌
—‌
—‌
Net
increase
in
net
assets
resulting
from
operations
...........................
869,809,357‌
594,804,611‌
5,300,419,977‌
4,381,310,189‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
...................................................
(
837,058,306‌
)
(
570,810,672‌
)
(
4,884,917,923‌
)
(
3,937,571,942‌
)
Administration
.................................................
—‌
—‌
(
222,953,309‌
)
(
320,493,272‌
)
Capital
......................................................
—‌
—‌
(
11,892,280‌
)
(
6,007,199‌
)
Cash
Management
..............................................
—‌
—‌
(
37,741,814‌
)
(
31,999,834‌
)
Cash
Reserve
.................................................
—‌
—‌
(
3,244,188‌
)
(
3,501,185‌
)
Dollar
.......................................................
(
1,050,393‌
)
(
846‌
)
(
59,269,781‌
)
(
67,441,132‌
)
Great
Pacific
..................................................
(
28,217,684‌
)
(
19,788,529‌
)
—‌
—‌
Premier
......................................................
(
1,935‌
)
(
1,759‌
)
(
74,987,360‌
)
(
40,693,855‌
)
Select
.......................................................
—‌
—‌
(
1,102,093‌
)
(
2,416,296‌
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(866,328,318‌)
(590,601,806‌)
(5,296,108,748‌)
(4,410,124,715‌)
CAPITAL
SHARE
TRANSACTIONS
$
–‌
$
–‌
$
–‌
$
–‌
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
7,297,402,374‌
4,892,789,579‌
14,710,788,263‌
(5,654,524,761‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
7,300,883,413‌
4,896,992,384‌
14,715,099,492‌
(
5,683,339,287‌
)
Beginning
of
year
..................................................
13,555,597,776‌
8,658,605,392‌
95,608,800,052‌
101,292,139,339‌
End
of
year
......................................................
$
20,856,481,189‌
$
13,555,597,776‌
$
110,323,899,544‌
$
95,608,800,052‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
47
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
Treasury
Trust
Fund
MuniCash
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/24
Year
Ended
10/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
5,960,740,234‌
$
4,638,364,343‌
$
104,371,674‌
$
96,340,897‌
Net
realized
gain
................................................
14,784,690‌
18,563,686‌
113,930‌
8,109‌
Net
change
in
unrealized
appreciation
(depreciation)
........................
—‌
—‌
162,042‌
686,542‌
Net
increase
in
net
assets
resulting
from
operations
...........................
5,975,524,924‌
4,656,928,029‌
104,647,646‌
97,035,548‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
...................................................
(
5,758,661,642‌
)
(
4,529,645,292‌
)
(
104,328,401‌
)
(
96,283,682‌
)
Administration
.................................................
(
27,602,502‌
)
(
19,482,279‌
)
—‌
—‌
Capital
......................................................
(
37,202,009‌
)
(
11,772,075‌
)
—‌
—‌
Cash
Management
..............................................
(
404,861‌
)
(
490,313‌
)
—‌
—‌
Cash
Reserve
.................................................
(
7,189,521‌
)
(
3,925,185‌
)
—‌
—‌
Dollar
.......................................................
(
131,015,210‌
)
(
70,921,213‌
)
(
51,200‌
)
(
57,215‌
)
Select
.......................................................
(
9,658,402‌
)
(
7,370,992‌
)
—‌
—‌
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(5,971,734,147‌)
(4,643,607,349‌)
(104,379,601‌)
(96,340,897‌)
CAPITAL
SHARE
TRANSACTIONS
$
–‌
$
–‌
$
–‌
$
–‌
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
28,308,659,158‌
(7,466,784,817‌)
(547,785,910‌)
946,183,267‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
28,312,449,935‌
(
7,453,464,137‌
)
(
547,517,865‌
)
946,877,918‌
Beginning
of
year
..................................................
100,832,351,195‌
108,285,815,332‌
4,542,429,061‌
3,595,551,143‌
End
of
year
......................................................
$
129,144,801,130‌
$
100,832,351,195‌
$
3,994,911,196‌
$
4,542,429,061‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
48
BlackRock
Liquid
Federal
Trust
Fund
Institutional
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................
0
.0516
0
.0456
0
.0077
0
.0000
(a)
0
.0051
Net
realized
and
unrealized
gain
(loss)
...........................
(
0
.0001
)
(b)
0
.0000
(a)
0
.0007
(b)
0
.0001
0
.0014
Net
increase
from
investment
operations
...........................
0.0515
0.0456
0.0084
0.0001
0.0065
Distributions
(c)
From
net
investment
income
.................................
(
0
.0515
)
(
0
.0456
)
(
0
.0084
)
(
0
.0000
)
(d)
(
0
.0064
)
From
net
realized
gain
......................................
(
0
.0000
)
(d)
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................................
(0.0515
)
(0.0456
)
(0.0084
)
(0.0001
)
(0.0065
)
Net
asset
value,
end
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
.....................................
5.28
%
4.66
%
0.85
%
0.02
%
0.65
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................................
0.22
%
0.23
%
0.22
%
0.23
%
0.23
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.17
%
0.17
%
0.13
%
0.09
%
0.17
%
Net
investment
income
......................................
5.16
%
4.56
%
0.77
%
0.00
%
(f)
0.51
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
5,358,073
$
5,944,451
$
5,117,999
$
4,912,973
$
4,488,126
(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)
49
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Administration
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
.............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
....................................
0
.0503
0
.0452
0
.0043
0
.0000
(a)
0
.0051
Net
realized
and
unrealized
gain
(loss)
..........................
0
.0002
(
0
.0006
)
(b)
0
.0035
(b)
0
.0001
0
.0006
Net
increase
from
investment
operations
..........................
0.0505
0.0446
0.0078
0.0001
0.0057
Distributions
(c)
From
net
investment
income
................................
(
0
.0505
)
(
0
.0446
)
(
0
.0078
)
(
0
.0000
)
(d)
(
0
.0056
)
From
net
realized
gain
.....................................
(
0
.0000
)
(d)
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
Total
distributions
..........................................
(0.0505
)
(0.0446
)
(0.0078
)
(0.0001
)
(0.0057
)
Net
asset
value,
end
of
year
.................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
....................................
5.17
%
4.55
%
0.78
%
0.02
%
0.57
%
Ratios
to
Average
Net
Assets
Total
expen
ses
...........................................
0.32
%
0.33
%
0.32
%
0.33
%
0.33
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.27
%
0.27
%
0.15
%
0.08
%
0.24
%
Net
investment
income
.....................................
5.03
%
4.52
%
0.43
%
0.00
%
(f)
0.51
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
49,572
$
31,594
$
24,112
$
87,091
$
78,219
(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)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
50
BlackRock
Liquid
Federal
Trust
Fund
Cash
Management
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................
0
.0466
0
.0399
0
.0051
0
.0000
(a)
0
.0022
Net
realized
and
unrealized
gain
(loss)
...........................
(
0
.0001
)
(b)
0
.0007
0
.0006
(b)
0
.0001
0
.0016
Net
increase
from
investment
operations
...........................
0.0465
0.0406
0.0057
0.0001
0.0038
Distributions
(c)
From
net
investment
income
.................................
(
0
.0465
)
(
0
.0406
)
(
0
.0057
)
(
0
.0000
)
(d)
(
0
.0037
)
From
net
realized
gain
......................................
(
0
.0000
)
(d)
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................................
(0.0465
)
(0.0406
)
(0.0057
)
(0.0001
)
(0.0038
)
Net
asset
value,
end
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
.....................................
4.76
%
4.14
%
0.57
%
0.02
%
0.38
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................................
0.72
%
0.73
%
0.72
%
0.73
%
0.73
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.67
%
0.67
%
0.39
%
0.08
%
0.36
%
Net
investment
income
......................................
4.66
%
3.99
%
0.51
%
0.00
%
(f)
0.22
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
7,577
$
9,810
$
14,435
$
10,191
$
10,809
(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)
51
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Dollar
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
.............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
....................................
0
.0492
0
.0446
0
.0084
0
.0000
(a)
0
.0032
Net
realized
and
unrealized
gain
(loss)
..........................
(
0
.0001
)
(b)
(
0
.0015
)
(b)
(
0
.0015
)
0
.0001
0
.0018
Net
increase
from
investment
operations
..........................
0.0491
0.0431
0.0069
0.0001
0.0050
Distributions
(c)
From
net
investment
income
................................
(
0
.0491
)
(
0
.0431
)
(
0
.0069
)
(
0
.0000
)
(d)
(
0
.0049
)
From
net
realized
gain
.....................................
(
0
.0000
)
(d)
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
Total
distributions
..........................................
(0.0491
)
(0.0431
)
(0.0069
)
(0.0001
)
(0.0050
)
Net
asset
value,
end
of
year
.................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
....................................
5.02
%
4.40
%
0.70
%
0.02
%
0.49
%
Ratios
to
Average
Net
Assets
Total
expen
ses
...........................................
0.47
%
0.48
%
0.47
%
0.48
%
0.48
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.42
%
0.42
%
0.29
%
0.09
%
0.29
%
Net
investment
income
.....................................
4.92
%
4.46
%
0.84
%
0.00
%
(f)
0.32
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
14,422
$
23,416
$
15,765
$
10,977
$
30,848
(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)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
52
BlackRock
Liquid
Federal
Trust
Fund
Mischler
Financial
Group
Year
Ended
10/31/24
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
$
1.00
Net
investment
income
.................................................................
0
.0508
0
.0482
0
.0089
Net
realized
and
unrealized
gain
(loss)
.......................................................
0
.0007
(
0
.0026
)
(b)
(
0
.0005
)
Net
increase
from
investment
operations
.......................................................
0.0515
0.0456
0.0084
Distributions
(c)
From
net
investment
income
.............................................................
(
0
.0515
)
(
0
.0456
)
(
0
.0084
)
From
net
realized
gain
..................................................................
(
0
.0000
)
(d)
(
0
.0000
)
(d)
Total
distributions
.......................................................................
(0.0515
)
(0.0456
)
(0.0084
)
Net
asset
value,
end
of
period
.............................................................
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
.................................................................
5.28
%
4.66
%
0.85
%
(f)
Ratios
to
Average
Net
Assets
Total
expen
ses
........................................................................
0.22
%
0.23
%
0.22
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................
0.17
%
0.17
%
0.17
%
(g)
Net
investment
income
..................................................................
5.08
%
4.82
%
0.89
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................
$
30,050
$
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)
53
Financial
Highlights
BlackRock
Liquid
Federal
Trust
Fund
Stern
Brothers
Year
Ended
10/31/24
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
$
1.00
Net
investment
income
..................................................................
0
.0515
0
.0443
0
.0058
Net
realized
and
unrealized
gain
(loss)
........................................................
0
.0000
(b)
0
.0013
(
0
.0000
)
(c)
Net
increase
from
investment
operations
........................................................
0.0515
0.0456
0.0058
Distributions
(d)
From
net
investment
income
..............................................................
(
0
.0515
)
(
0
.0456
)
(
0
.0058
)
From
net
realized
gain
...................................................................
(
0
.0000
)
(c)
Total
distributions
........................................................................
(0.0515
)
(0.0456
)
(0.0058
)
Net
asset
value,
end
of
period
..............................................................
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
..................................................................
5.28
%
4.66
%
0.58
%
(f)
Ratios
to
Average
Net
Assets
Total
expen
ses
.........................................................................
0.22
%
0.23
%
0.23
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
0.17
%
0.17
%
0.17
%
(g)
Net
investment
income
...................................................................
5.15
%
4.43
%
2.31
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
56
$
53
$
50
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(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)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
54
BlackRock
Liquid
Federal
Trust
Fund
Tigress
Year
Ended
10/31/24
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
$
1.00
Net
investment
income
..................................................................
0
.0516
0
.0488
0
.0026
Net
realized
and
unrealized
(loss)
...........................................................
(
0
.0001
)
(b)
(
0
.0032
)
(b)
(
0
.0004
)
Net
increase
from
investment
operations
........................................................
0.0515
0.0456
0.0022
Distributions
(c)
From
net
investment
income
..............................................................
(
0
.0515
)
(
0
.0456
)
(
0
.0022
)
From
net
realized
gain
...................................................................
(
0
.0000
)
(d)
Total
distributions
........................................................................
(0.0515
)
(0.0456
)
(0.0022
)
Net
asset
value,
end
of
period
..............................................................
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
..................................................................
5.28
%
4.66
%
0.22
%
(f)
Ratios
to
Average
Net
Assets
Total
expen
ses
.........................................................................
0.22
%
0.23
%
0.25
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
0.17
%
0.17
%
0.17
%
(g)
Net
investment
income
...................................................................
5.16
%
4.88
%
2.91
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
25,254
$
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)
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
(For
a
share
outstanding
throughout
each
period)
55
Financial
Highlights
FedFund
Institutional
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................
0
.0516
0
.0468
0
.0084
0
.0002
0
.0054
Net
realized
and
unrealized
gain
(loss)
...........................
0
.0001
(
0
.0005
)
0
.0006
(a)
0
.0001
0
.0010
Net
increase
from
investment
operations
...........................
0.0517
0.0463
0.0090
0.0003
0.0064
Distributions
(b)
From
net
investment
income
.................................
(
0
.0517
)
(
0
.0463
)
(
0
.0090
)
(
0
.0002
)
(
0
.0063
)
From
net
realized
gain
......................................
(
0
.0000
)
(c)
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................................
(0.0517
)
(0.0463
)
(0.0090
)
(0.0003
)
(0.0064
)
Net
asset
value,
end
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
Based
on
net
asset
value
.....................................
5.29
%
4.73
%
0.90
%
0.03
%
0.64
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................................
0.18
%
0.19
%
0.19
%
0.19
%
0.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.17
%
0.17
%
0.13
%
0.08
%
0.17
%
Net
investment
income
......................................
5.16
%
4.68
%
0.84
%
0.02
%
0.54
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
152,727,713
$
122,363,197
$
111,196,831
$
127,458,227
$
141,084,816
(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)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
56
FedFund
Administration
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
...............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0
.0507
0
.0431
0
.0116
0
.0002
0
.0054
Net
realized
and
unrealized
gain
(loss)
............................
0
.0000
(a)
0
.0022
(b)
(
0
.0032
)
0
.0001
0
.0002
Net
increase
from
investment
operations
............................
0.0507
0.0453
0.0084
0.0003
0.0056
Distributions
(c)
From
net
investment
income
..................................
(
0
.0507
)
(
0
.0453
)
(
0
.0084
)
(
0
.0002
)
(
0
.0055
)
From
net
realized
gain
.......................................
(
0
.0000
)
(d)
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
Total
distributions
............................................
(0.0507
)
(0.0453
)
(0.0084
)
(0.0003
)
(0.0056
)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
......................................
5.19
%
4.63
%
0.84
%
0.03
%
0.56
%
Ratios
to
Average
Net
Assets
Total
expen
ses
.............................................
0.28
%
0.29
%
0.29
%
0.29
%
0.29
%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.27
%
0.27
%
0.25
%
0.08
%
0.24
%
Net
investment
income
.......................................
5.07
%
4.31
%
1.16
%
0.02
%
0.54
%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
7,725,784
$
7,965,006
$
22,812,396
$
3,021,092
$
2,977,997
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
57
Financial
Highlights
FedFund
Capital
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
...............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0
.0506
0
.0448
0
.0003
0
.0002
0
.0051
Net
realized
and
unrealized
gain
................................
0
.0006
0
.0012
(a)
0
.0085
(a)
0
.0001
0
.0009
Net
increase
from
investment
operations
............................
0.0512
0.0460
0.0088
0.0003
0.0060
Distributions
(b)
From
net
investment
income
..................................
(
0
.0512
)
(
0
.0460
)
(
0
.0088
)
(
0
.0002
)
(
0
.0059
)
From
net
realized
gain
.......................................
(
0
.0000
)
(c)
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
Total
distributions
............................................
(0.0512
)
(0.0460
)
(0.0088
)
(0.0003
)
(0.0060
)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
Based
on
net
asset
value
......................................
5.25
%
4.70
%
0.88
%
0.03
%
0.60
%
Ratios
to
Average
Net
Assets
Total
expen
ses
.............................................
0.23
%
0.24
%
0.24
%
0.24
%
0.24
%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.22
%
0.21
%
0.07
%
0.07
%
0.21
%
Net
investment
income
.......................................
5.06
%
4.48
%
0.03
%
0.02
%
0.51
%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
277,306
$
2,588
$
1,252
$
25,722,827
$
11,247,218
(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)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
58
FedFund
Cash
Management
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
...............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0
.0467
0
.0412
0
.0062
0
.0002
0
.0035
Net
realized
and
unrealized
gain
(loss)
............................
0
.0000
(a)
0
.0001
(b)
(
0
.0000
)
(c)
0
.0001
0
.0003
Net
increase
from
investment
operations
............................
0.0467
0.0413
0.0062
0.0003
0.0038
Distributions
(d)
From
net
investment
income
..................................
(
0
.0467
)
(
0
.0413
)
(
0
.0062
)
(
0
.0002
)
(
0
.0037
)
From
net
realized
gain
.......................................
(
0
.0000
)
(c)
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
Total
distributions
............................................
(0.0467
)
(0.0413
)
(0.0062
)
(0.0003
)
(0.0038
)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
......................................
4.77
%
4.21
%
0.62
%
0.03
%
0.38
%
Ratios
to
Average
Net
Assets
Total
expen
ses
.............................................
0.68
%
0.69
%
0.69
%
0.69
%
0.69
%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.67
%
0.67
%
0.42
%
0.08
%
0.42
%
Net
investment
income
.......................................
4.67
%
4.12
%
0.62
%
0.02
%
0.35
%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
658,764
$
718,126
$
695,591
$
590,584
$
440,893
(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)
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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
59
Financial
Highlights
FedFund
Cash
Reserve
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
...............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0
.0477
0
.0418
0
.0063
0
.0002
0
.0040
Net
realized
and
unrealized
gain
................................
0
.0000
(a)
0
.0005
(b)
0
.0004
(b)
0
.0001
0
.0002
Net
increase
from
investment
operations
............................
0.0477
0.0423
0.0067
0.0003
0.0042
Distributions
(c)
From
net
investment
income
..................................
(
0
.0477
)
(
0
.0423
)
(
0
.0067
)
(
0
.0002
)
(
0
.0041
)
From
net
realized
gain
.......................................
(
0
.0000
)
(d)
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
Total
distributions
............................................
(0.0477
)
(0.0423
)
(0.0067
)
(0.0003
)
(0.0042
)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
......................................
4.87
%
4.32
%
0.67
%
0.03
%
0.42
%
Ratios
to
Average
Net
Assets
Total
expen
ses
.............................................
0.58
%
0.59
%
0.59
%
0.59
%
0.59
%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.57
%
0.57
%
0.35
%
0.08
%
0.39
%
Net
investment
income
.......................................
4.77
%
4.18
%
0.63
%
0.02
%
0.40
%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
4,143,595
$
4,048,351
$
5,181,757
$
5,518,536
$
5,079,903
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
60
FedFund
Dollar
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................
0
.0492
0
.0439
0
.0080
0
.0002
0
.0039
Net
realized
and
unrealized
gain
(loss)
...........................
0
.0000
(a)
(
0
.0001
)
(
0
.0005
)
0
.0001
0
.0009
Net
increase
from
investment
operations
...........................
0.0492
0.0438
0.0075
0.0003
0.0048
Distributions
(b)
From
net
investment
income
.................................
(
0
.0492
)
(
0
.0438
)
(
0
.0075
)
(
0
.0002
)
(
0
.0047
)
From
net
realized
gain
......................................
(
0
.0000
)
(c)
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................................
(0.0492
)
(0.0438
)
(0.0075
)
(0.0003
)
(0.0048
)
Net
asset
value,
end
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
Based
on
net
asset
value
.....................................
5.03
%
4.47
%
0.75
%
0.03
%
0.48
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................................
0.43
%
0.44
%
0.44
%
0.44
%
0.44
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.42
%
0.42
%
0.29
%
0.08
%
0.31
%
Net
investment
income
......................................
4.92
%
4.39
%
0.80
%
0.02
%
0.39
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
4,043,250
$
3,987,319
$
3,653,256
$
2,863,692
$
2,991,892
(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)
61
Financial
Highlights
FedFund
Great
Pacific
Period
from
08/12/24
(a)
to
10/31/24
Net
asset
value,
beginning
of
period
.......................................................................................
$
1.00
Net
investment
income
................................................................................................
0
.0110
Net
increase
from
investment
operations
......................................................................................
0.0110
Distributions
from
net
investment
income
(b)
..................................................................................
(0.0110
)
Net
asset
value,
end
of
period
............................................................................................
$
1.00
Total
Return
(c)
Based
on
net
asset
value
................................................................................................
1.11
%
(d)
Ratios
to
Average
Net
Assets
Total
expen
ses
.......................................................................................................
0.18
%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
0.17
%
(e)
Net
investment
income
.................................................................................................
4.99
%
(e)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................................
$
51
(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)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
62
FedFund
Mischler
Financial
Group
Year
Ended
10/31/24
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
$
1.00
Net
investment
income
....................................................
0
.0517
0
.0489
0
.0081
0
.0001
Net
realized
and
unrealized
gain
(loss)
..........................................
0
.0000
(b)
(
0
.0026
)
0
.0009
(c)
0
.0001
Net
increase
from
investment
operations
..........................................
0.0517
0.0463
0.0090
0.0002
Distributions
(d)
From
net
investment
income
................................................
(
0
.0517
)
(
0
.0463
)
(
0
.0090
)
(
0
.0001
)
From
net
realized
gain
.....................................................
(
0
.0000
)
(e)
(
0
.0000
)
(e)
(
0
.0001
)
Total
distributions
..........................................................
(0.0517
)
(0.0463
)
(0.0090
)
(0.0002
)
Net
asset
value,
end
of
period
................................................
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(f)
Based
on
net
asset
value
....................................................
5.29
%
4.73
%
0.90
%
0.02
%
(g)
Ratios
to
Average
Net
Assets
Total
expen
ses
...........................................................
0.18
%
0.19
%
0.19
%
0.19
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..................................
0.17
%
0.17
%
0.13
%
0.05
%
(h)
Net
investment
income
.....................................................
5.17
%
4.89
%
0.81
%
0.03
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
................................................
$
3,113,093
$
2,018,045
$
673,842
$
1,636,430
(a)
Commencement
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)
63
Financial
Highlights
FedFund
Penserra
Period
from
08/12/24
(a)
to
10/31/24
Net
asset
value,
beginning
of
period
.......................................................................................
$
1.00
Net
investment
income
................................................................................................
0
.0110
Net
increase
from
investment
operations
......................................................................................
0.0110
Distributions
from
net
investment
income
(b)
..................................................................................
(0.0110
)
Net
asset
value,
end
of
period
............................................................................................
$
1.00
Total
Return
(c)
Based
on
net
asset
value
................................................................................................
1.11
%
(d)
Ratios
to
Average
Net
Assets
Total
expen
ses
.......................................................................................................
0.18
%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
0.17
%
(e)
Net
investment
income
.................................................................................................
4.99
%
(e)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................................
$
101
(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)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
64
FedFund
Premier
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................
0
.0516
0
.0466
0
.0208
0
.0002
0
.0062
Net
realized
and
unrealized
gain
(loss)
...........................
0
.0001
(
0
.0003
)
(
0
.0118
)
0
.0001
0
.0002
Net
increase
from
investment
operations
...........................
0.0517
0.0463
0.0090
0.0003
0.0064
Distributions
(a)
From
net
investment
income
.................................
(
0
.0517
)
(
0
.0463
)
(
0
.0090
)
(
0
.0002
)
(
0
.0063
)
From
net
realized
gain
......................................
(
0
.0000
)
(b)
(
0
.0000
)
(b)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................................
(0.0517
)
(0.0463
)
(0.0090
)
(0.0003
)
(0.0064
)
Net
asset
value,
end
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(c)
Based
on
net
asset
value
.....................................
5.29
%
4.73
%
0.90
%
0.03
%
0.64
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................................
0.18
%
0.19
%
0.18
%
0.19
%
0.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.17
%
0.17
%
0.17
%
0.06
%
0.17
%
Net
investment
income
......................................
5.16
%
4.66
%
2.09
%
0.02
%
0.62
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
3,911,216
$
2,879,645
$
1,429,878
$
18,892
$
37
(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)
65
Financial
Highlights
FedFund
Private
Client
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................
0
.0467
0
.0412
0
.0061
0
.0002
0
.0036
Net
realized
and
unrealized
gain
(loss)
...........................
(
0
.0001
)
(a)
(
0
.0000
)
(b)
0
.0001
(a)
0
.0001
0
.0002
Net
increase
from
investment
operations
...........................
0.0466
0.0412
0.0062
0.0003
0.0038
Distributions
(c)
From
net
investment
income
.................................
(
0
.0466
)
(
0
.0412
)
(
0
.0062
)
(
0
.0002
)
(
0
.0037
)
From
net
realized
gain
......................................
(
0
.0000
)
(b)
(
0
.0000
)
(b)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................................
(0.0466
)
(0.0412
)
(0.0062
)
(0.0003
)
(0.0038
)
Net
asset
value,
end
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
Based
on
net
asset
value
.....................................
4.76
%
4.20
%
0.62
%
0.03
%
0.38
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................................
1.03
%
1.04
%
1.04
%
1.04
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.68
%
0.68
%
0.42
%
0.08
%
0.43
%
Net
investment
income
......................................
4.67
%
4.12
%
0.61
%
0.02
%
0.36
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
160
$
250
$
253
$
252
$
252
(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)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
66
FedFund
Select
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
...............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0
.0434
0
.0365
0
.0042
0
.0002
0
.0021
Net
realized
and
unrealized
gain
................................
0
.0000
(a)
0
.0015
(b)
0
.0005
(b)
0
.0001
0
.0004
Net
increase
from
investment
operations
............................
0.0434
0.0380
0.0047
0.0003
0.0025
Distributions
(c)
From
net
investment
income
..................................
(
0
.0434
)
(
0
.0380
)
(
0
.0047
)
(
0
.0002
)
(
0
.0024
)
From
net
realized
gain
.......................................
(
0
.0000
)
(d)
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
Total
distributions
............................................
(0.0434
)
(0.0380
)
(0.0047
)
(0.0003
)
(0.0025
)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
......................................
4.43
%
3.87
%
0.47
%
0.03
%
0.26
%
Ratios
to
Average
Net
Assets
Total
expen
ses
.............................................
1.03
%
1.04
%
1.04
%
1.04
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
1.00
%
1.00
%
0.50
%
0.08
%
0.54
%
Net
investment
income
.......................................
4.34
%
3.65
%
0.42
%
0.02
%
0.22
%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
335,419
$
325,700
$
657,779
$
727,352
$
301,826
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
67
Financial
Highlights
FedFund
Stern
Brothers
Year
Ended
10/31/24
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
$
1.00
Net
investment
income
..................................................................
0
.0491
0
.0513
0
.0060
Net
realized
and
unrealized
gain
(loss)
........................................................
0
.0026
(
0
.0050
)
(
0
.0000
)
(b)
Net
increase
from
investment
operations
........................................................
0.0517
0.0463
0.0060
Distributions
(c)
From
net
investment
income
..............................................................
(
0
.0517
)
(
0
.0463
)
(
0
.0060
)
From
net
realized
gain
...................................................................
(
0
.0000
)
(b)
Total
distributions
........................................................................
(0.0517
)
(0.0463
)
(0.0060
)
Net
asset
value,
end
of
period
..............................................................
$
1.00
$
1.00
$
1.00
Total
Return
(d)
Based
on
net
asset
value
..................................................................
5.29
%
4.73
%
0.60
%
(e)
Ratios
to
Average
Net
Assets
Total
expen
ses
.........................................................................
0.18
%
0.18
%
0.18
%
(f)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
0.17
%
0.17
%
0.17
%
(f)
Net
investment
income
...................................................................
4.91
%
5.13
%
2.37
%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
409,802
$
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)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
68
FedFund
Tigress
Year
Ended
10/31/24
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
$
1.00
Net
investment
income
..................................................................
0
.0518
0
.0494
0
.0025
Net
realized
and
unrealized
(loss)
...........................................................
(
0
.0001
)
(b)
(
0
.0031
)
(
0
.0002
)
Net
increase
from
investment
operations
........................................................
0.0517
0.0463
0.0023
Distributions
(c)
From
net
investment
income
..............................................................
(
0
.0517
)
(
0
.0463
)
(
0
.0023
)
From
net
realized
gain
...................................................................
(
0
.0000
)
(d)
Total
distributions
........................................................................
(0.0517
)
(0.0463
)
(0.0023
)
Net
asset
value,
end
of
period
..............................................................
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
..................................................................
5.29
%
4.73
%
0.23
%
(f)
Ratios
to
Average
Net
Assets
Total
expen
ses
.........................................................................
0.18
%
0.18
%
0.19
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
0.17
%
0.17
%
0.17
%
(g)
Net
investment
income
...................................................................
5.18
%
4.97
%
2.87
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
83,692
$
29,732
$
2,050
(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)
69
Financial
Highlights
See
notes
to
financial
statements.
FedFund
WestCap
Year
Ended
10/31/24
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
$
1.00
Net
investment
income
..................................................................
0
.0517
0
.0501
0
.0054
Net
realized
and
unrealized
gain
(loss)
........................................................
0
.0000
(b)
(
0
.0038
)
(
0
.0000
)
(c)
Net
increase
from
investment
operations
........................................................
0.0517
0.0463
0.0054
Distributions
(d)
From
net
investment
income
..............................................................
(
0
.0517
)
(
0
.0463
)
(
0
.0054
)
From
net
realized
gain
...................................................................
(
0
.0000
)
(c)
Total
distributions
........................................................................
(0.0517
)
(0.0463
)
(0.0054
)
Net
asset
value,
end
of
period
..............................................................
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
..................................................................
5.29
%
4.73
%
0.54
%
(f)
Ratios
to
Average
Net
Assets
Total
expen
ses
.........................................................................
0.18
%
0.18
%
0.18
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
0.17
%
0.17
%
0.17
%
(g)
Net
investment
income
...................................................................
5.17
%
5.01
%
2.42
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................
$
78,664
$
103,261
$
50
(a)
Commencement
of
operations.
(b)
Amount
is
less
than
$0.00005
per
share.
(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.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
70
TempCash
Institutional
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
..............................
$
1.0004
$
1.0000
$
1.0006
$
1.0009
$
1.0006
Net
investment
income
.....................................
0
.0529
0
.0488
0
.0119
0
.0005
0
.0084
Net
realized
and
unrealized
gain
(loss)
...........................
0
.0004
(
0
.0002
)
(a)
(
0
.0026
)
(
0
.0003
)
0
.0004
Net
increase
from
investment
operations
...........................
0.0533
0.0486
0.0093
0.0002
0.0088
Distributions
(b)
From
net
investment
income
.................................
(
0
.0531
)
(
0
.0482
)
(
0
.0099
)
(
0
.0005
)
(
0
.0085
)
From
net
realized
gain
......................................
(
0
.0000
)
(c)
Total
distributions
...........................................
(0.0531
)
(0.0482
)
(0.0099
)
(0.0005
)
(0.0085
)
Net
asset
value,
end
of
year
..................................
$
1.0006
$
1.0004
$
1.0000
$
1.0006
$
1.0009
Total
Return
(d)
Based
on
net
asset
value
.....................................
5.45
%
4.97
%
0.94
%
0.02
%
0.88
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................................
0.21
%
0.22
%
0.26
%
0.24
%
0.23
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.18
%
0.18
%
0.17
%
0.17
%
0.18
%
Net
investment
income
......................................
5.29
%
4.88
%
1.19
%
0.05
%
0.84
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
20,034,823
$
13,151,148
$
8,658,551
$
5,786,777
$
10,638,146
(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)
71
Financial
Highlights
TempCash
Dollar
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
............................
$
1.0004
$
1.0000
$
1.0006
$
1.0009
$
1.0006
Net
investment
income
...................................
0
.0513
0
.0459
0
.0084
(
0
.0000
)
(a)
0
.0062
Net
realized
and
unrealized
gain
(loss)
.........................
0
.0013
0
.0003
(
0
.0006
)
(
0
.0001
)
0
.0004
Net
increase
(decrease)
from
investment
operations
.................
0.0526
0.0462
0.0078
(0.0001
)
0.0066
Distributions
(b)
From
net
investment
income
...............................
(
0
.0523
)
(
0
.0458
)
(
0
.0084
)
(
0
.0002
)
(
0
.0063
)
From
net
realized
gain
....................................
(
0
.0000
)
(a)
Total
distributions
.........................................
(0.0523
)
(0.0458
)
(0.0084
)
(0.0002
)
(0.0063
)
Net
asset
value,
end
of
year
................................
$
1.0007
$
1.0004
$
1.0000
$
1.0006
$
1.0009
Total
Return
(c)
Based
on
net
asset
value
...................................
5.39
%
4.72
%
0.78
%
(0.01
)%
0.66
%
Ratios
to
Average
Net
Assets
Total
expen
ses
..........................................
0.24
%
0.47
%
0.51
%
0.50
%
0.47
%
Total
expenses
after
fees
waived
and/or
reimbursed
.................
0.21
%
0.42
%
0.33
%
0.20
%
0.40
%
Net
investment
income
....................................
5.17
%
4.59
%
0.84
%
(0.00
)%
(d)
0.62
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.................................
$
46,896
$
19
$
18
$
18
$
18
(a)
Amount
is
greater
than
$(0.00005)
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Amount
is
greater
than
(0.005)%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
72
TempCash
Great
Pacific
Year
Ended
10/31/24
Period
from
01/23/23
(a)
to
10/31/23
Net
asset
value,
beginning
of
period
........................................................................
$
1.0003
$
1.0004
Net
investment
income
.................................................................................
0
.0527
0
.0387
Net
realized
and
unrealized
gain
...........................................................................
0
.0006
0
.0002
Net
increase
from
investment
operations
.......................................................................
0.0533
0.0389
Distributions
from
net
investment
income
(b)
...................................................................
(0.0531
)
(0.0390
)
Net
asset
value,
end
of
period
.............................................................................
$
1.0005
$
1.0003
Total
Return
(c)
Based
on
net
asset
value
.................................................................................
5.45
%
3.96
%
(d)
Ratios
to
Average
Net
Assets
Total
expen
ses
........................................................................................
0.21
%
0.22
%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
0.18
%
0.18
%
(e)
Net
investment
income
..................................................................................
5.27
%
5.01
%
(e)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................................................
$
774,727
$
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)
73
Financial
Highlights
TempCash
Premier
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
..............................
$
1.0004
$
1.0000
$
1.0006
$
1.0010
$
1.0007
Net
investment
income
.....................................
0
.0530
0
.0482
0
.0099
0
.0005
0
.0085
Net
realized
and
unrealized
gain
(loss)
...........................
0
.0002
0
.0004
(
0
.0006
)
(
0
.0004
)
0
.0003
Net
increase
from
investment
operations
...........................
0.0532
0.0486
0.0093
0.0001
0.0088
Distributions
(a)
From
net
investment
income
.................................
(
0
.0530
)
(
0
.0482
)
(
0
.0099
)
(
0
.0005
)
(
0
.0085
)
From
net
realized
gain
......................................
(
0
.0000
)
(b)
Total
distributions
...........................................
(0.0530
)
(0.0482
)
(0.0099
)
(0.0005
)
(0.0085
)
Net
asset
value,
end
of
year
..................................
$
1.0006
$
1.0004
$
1.0000
$
1.0006
$
1.0010
Total
Return
(c)
Based
on
net
asset
value
.....................................
5.45
%
4.97
%
0.94
%
0.01
%
0.88
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................................
0.21
%
0.22
%
0.27
%
0.25
%
0.23
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.18
%
0.18
%
0.17
%
0.16
%
0.18
%
Net
investment
income
......................................
5.30
%
4.82
%
0.99
%
0.05
%
0.84
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
37
$
36
$
36
$
37
$
37
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
74
T-Fund
Institutional
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................
0
.0516
0
.0468
0
.0084
0
.0001
0
.0057
Net
realized
gain
(loss)
.....................................
0
.0000
(a)
(
0
.0005
)
0
.0006
(b)
0
.0001
0
.0005
Net
increase
from
investment
operations
...........................
0.0516
0.0463
0.0090
0.0002
0.0062
Distributions
(c)
From
net
investment
income
.................................
(
0
.0516
)
(
0
.0463
)
(
0
.0090
)
(
0
.0001
)
(
0
.0061
)
From
net
realized
gain
......................................
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................................
(0.0516
)
(0.0463
)
(0.0090
)
(0.0002
)
(0.0062
)
Net
asset
value,
end
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
.....................................
5.29
%
4.73
%
0.90
%
0.02
%
0.62
%
(f)
Ratios
to
Average
Net
Assets
Total
expen
ses
............................................
0.18
%
0.19
%
0.19
%
0.19
%
0.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.17
%
0.17
%
0.14
%
0.08
%
0.17
%
Net
investment
income
......................................
5.16
%
4.68
%
0.84
%
0.01
%
0.57
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
101,661,627
$
87,613,217
$
82,703,301
$
91,031,976
$
88,266,743
(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)
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)
75
Financial
Highlights
T-Fund
Administration
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................
0
.0506
0
.0423
0
.0120
0
.0001
0
.0056
Net
realized
gain
(loss)
.....................................
0
.0000
(a)
0
.0030
(b)
(
0
.0037
)
0
.0001
(
0
.0002
)
Net
increase
from
investment
operations
...........................
0.0506
0.0453
0.0083
0.0002
0.0054
Distributions
(c)
From
net
investment
income
.................................
(
0
.0506
)
(
0
.0453
)
(
0
.0083
)
(
0
.0001
)
(
0
.0053
)
From
net
realized
gain
......................................
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................................
(0.0506
)
(0.0453
)
(0.0083
)
(0.0002
)
(0.0054
)
Net
asset
value,
end
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
.....................................
5.18
%
4.63
%
0.84
%
0.01
%
0.53
%
(f)
Ratios
to
Average
Net
Assets
Total
expen
ses
............................................
0.28
%
0.29
%
0.29
%
0.29
%
0.29
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.27
%
0.27
%
0.27
%
0.08
%
0.25
%
Net
investment
income
......................................
5.06
%
4.23
%
1.20
%
0.01
%
0.56
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
4,655,387
$
3,987,751
$
15,781,965
$
504,427
$
489,691
(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)
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)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
76
T-Fund
Capital
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................
0
.0510
0
.0480
0
.0001
0
.0001
0
.0048
Net
realized
gain
(loss)
.....................................
0
.0001
(
0
.0022
)
0
.0086
(a)
0
.0001
0
.0010
Net
increase
from
investment
operations
...........................
0.0511
0.0458
0.0087
0.0002
0.0058
Distributions
(b)
From
net
investment
income
.................................
(
0
.0511
)
(
0
.0458
)
(
0
.0087
)
(
0
.0001
)
(
0
.0057
)
From
net
realized
gain
......................................
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................................
(0.0511
)
(0.0458
)
(0.0087
)
(0.0002
)
(0.0058
)
Net
asset
value,
end
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
Based
on
net
asset
value
.....................................
5.23
%
4.68
%
0.87
%
0.01
%
0.57
%
(e)
Ratios
to
Average
Net
Assets
Total
expen
ses
............................................
0.23
%
0.24
%
0.24
%
0.24
%
0.24
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.22
%
0.22
%
0.09
%
0.08
%
0.21
%
Net
investment
income
......................................
5.10
%
4.80
%
0.01
%
0.01
%
0.48
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
275,247
$
202,286
$
55,006
$
27,304,259
$
15,842,877
(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)
77
Financial
Highlights
T-Fund
Cash
Management
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
.............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
....................................
0
.0465
0
.0411
0
.0059
0
.0001
0
.0034
Net
realized
gain
........................................
0
.0001
0
.0002
(a)
0
.0003
(a)
0
.0001
0
.0003
Net
increase
from
investment
operations
..........................
0.0466
0.0413
0.0062
0.0002
0.0037
Distributions
(b)
From
net
investment
income
................................
(
0
.0466
)
(
0
.0413
)
(
0
.0062
)
(
0
.0001
)
(
0
.0036
)
From
net
realized
gain
.....................................
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
Total
distributions
..........................................
(0.0466
)
(0.0413
)
(0.0062
)
(0.0002
)
(0.0037
)
Net
asset
value,
end
of
year
.................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
Based
on
net
asset
value
....................................
4.76
%
4.21
%
0.62
%
0.01
%
0.37
%
(e)
Ratios
to
Average
Net
Assets
Total
expen
ses
...........................................
0.68
%
0.69
%
0.69
%
0.69
%
0.69
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.67
%
0.67
%
0.41
%
0.08
%
0.41
%
Net
investment
income
.....................................
4.65
%
4.11
%
0.59
%
0.00
%
(f)
0.34
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
1,019,811
$
915,927
$
887,139
$
825,420
$
1,009,514
(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)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
78
T-Fund
Cash
Reserve
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................
0
.0477
0
.0417
0
.0033
0
.0001
0
.0037
Net
realized
gain
(loss)
.....................................
(
0
.0001
)
(a)
0
.0006
(a)
0
.0034
(a)
0
.0001
0
.0004
Net
increase
from
investment
operations
...........................
0.0476
0.0423
0.0067
0.0002
0.0041
Distributions
(b)
From
net
investment
income
.................................
(
0
.0476
)
(
0
.0423
)
(
0
.0067
)
(
0
.0001
)
(
0
.0040
)
From
net
realized
gain
......................................
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................................
(0.0476
)
(0.0423
)
(0.0067
)
(0.0002
)
(0.0041
)
Net
asset
value,
end
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
Based
on
net
asset
value
.....................................
4.87
%
4.32
%
0.67
%
0.01
%
0.40
%
(e)
Ratios
to
Average
Net
Assets
Total
expen
ses
............................................
0.58
%
0.59
%
0.59
%
0.59
%
0.59
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.57
%
0.57
%
0.22
%
0.07
%
0.39
%
Net
investment
income
......................................
4.77
%
4.17
%
0.33
%
0.01
%
0.37
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
49,363
$
43,531
$
88,281
$
482,231
$
56,822
(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)
79
Financial
Highlights
T-Fund
Dollar
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................
0
.0491
0
.0438
0
.0071
0
.0001
0
.0044
Net
realized
gain
(loss)
.....................................
0
.0000
(a)
(
0
.0000
)
(b)
0
.0003
(c)
0
.0001
0
.0003
Net
increase
from
investment
operations
...........................
0.0491
0.0438
0.0074
0.0002
0.0047
Distributions
(d)
From
net
investment
income
.................................
(
0
.0491
)
(
0
.0438
)
(
0
.0074
)
(
0
.0001
)
(
0
.0046
)
From
net
realized
gain
......................................
(
0
.0000
)
(b)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................................
(0.0491
)
(0.0438
)
(0.0074
)
(0.0002
)
(0.0047
)
Net
asset
value,
end
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
.....................................
5.03
%
4.47
%
0.75
%
0.01
%
0.46
%
(f)
Ratios
to
Average
Net
Assets
Total
expen
ses
............................................
0.43
%
0.44
%
0.44
%
0.44
%
0.44
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.42
%
0.42
%
0.29
%
0.08
%
0.32
%
Net
investment
income
......................................
4.92
%
4.38
%
0.71
%
0.01
%
0.44
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
1,199,807
$
1,364,428
$
1,258,974
$
1,000,401
$
670,205
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Amount
is
greater
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)
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)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
80
T-Fund
Premier
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
.............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
....................................
0
.0516
0
.0475
0
.0193
0
.0001
0
.0060
Net
realized
gain
(loss)
....................................
0
.0000
(a)
(
0
.0012
)
(
0
.0103
)
0
.0001
0
.0002
Net
increase
from
investment
operations
..........................
0.0516
0.0463
0.0090
0.0002
0.0062
Distributions
(b)
From
net
investment
income
................................
(
0
.0516
)
(
0
.0463
)
(
0
.0090
)
(
0
.0001
)
(
0
.0061
)
From
net
realized
gain
.....................................
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
Total
distributions
..........................................
(0.0516
)
(0.0463
)
(0.0090
)
(0.0002
)
(0.0062
)
Net
asset
value,
end
of
year
.................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
Based
on
net
asset
value
....................................
5.29
%
4.73
%
0.90
%
0.02
%
0.61
%
(e)
Ratios
to
Average
Net
Assets
Total
expen
ses
...........................................
0.18
%
0.19
%
0.19
%
0.19
%
0.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.17
%
0.17
%
0.17
%
0.06
%
0.17
%
Net
investment
income
.....................................
5.16
%
4.75
%
1.95
%
0.01
%
0.60
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
1,443,015
$
1,431,264
$
496,172
$
12,958
$
37
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
81
Financial
Highlights
T-Fund
Select
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
.............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
....................................
0
.0435
0
.0400
0
.0031
0
.0001
0
.0011
Net
realized
gain
(loss)
....................................
(
0
.0002
)
(a)
(
0
.0020
)
0
.0016
(a)
0
.0001
0
.0014
Net
increase
from
investment
operations
..........................
0.0433
0.0380
0.0047
0.0002
0.0025
Distributions
(b)
From
net
investment
income
................................
(
0
.0433
)
(
0
.0380
)
(
0
.0047
)
(
0
.0001
)
(
0
.0024
)
From
net
realized
gain
.....................................
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
Total
distributions
..........................................
(0.0433
)
(0.0380
)
(0.0047
)
(0.0002
)
(0.0025
)
Net
asset
value,
end
of
year
.................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
Based
on
net
asset
value
....................................
4.42
%
3.87
%
0.47
%
0.01
%
0.24
%
(e)
Ratios
to
Average
Net
Assets
Total
expen
ses
...........................................
1.03
%
1.04
%
1.04
%
1.04
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
1.00
%
1.00
%
0.52
%
0.07
%
0.41
%
Net
investment
income
.....................................
4.35
%
4.00
%
0.31
%
0.01
%
0.11
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
19,643
$
50,396
$
21,300
$
37,798
$
30,444
(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
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
82
Treasury
Trust
Fund
Institutional
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................
0
.0515
0
.0458
0
.0082
0
.0001
0
.0048
Net
realized
gain
.........................................
0
.0003
0
.0001
0
.0001
0
.0001
0
.0015
Net
increase
from
investment
operations
...........................
0.0518
0.0459
0.0083
0.0002
0.0063
Distributions
(a)
From
net
investment
income
.................................
(
0
.0517
)
(
0
.0459
)
(
0
.0083
)
(
0
.0001
)
(
0
.0062
)
From
net
realized
gain
......................................
(
0
.0001
)
(
0
.0000
)
(b)
(
0
.0000
)
(b)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................................
(0.0518
)
(0.0459
)
(0.0083
)
(0.0002
)
(0.0063
)
Net
asset
value,
end
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(c)
Based
on
net
asset
value
.....................................
5.30
%
4.69
%
0.84
%
0.01
%
0.63
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................................
0.18
%
0.19
%
0.19
%
0.19
%
0.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.17
%
0.17
%
0.14
%
0.06
%
0.17
%
Net
investment
income
......................................
5.15
%
4.58
%
0.82
%
0.01
%
0.48
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
123,707,288
$
97,157,593
$
106,544,392
$
98,602,650
$
56,400,526
(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)
83
Financial
Highlights
Treasury
Trust
Fund
Administration
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................
0
.0505
0
.0449
0
.0065
0
.0001
0
.0058
Net
realized
gain
(loss)
.....................................
0
.0003
0
.0000
(a)
0
.0012
0
.0001
(
0
.0002
)
Net
increase
from
investment
operations
...........................
0.0508
0.0449
0.0077
0.0002
0.0056
Distributions
(b)
From
net
investment
income
.................................
(
0
.0507
)
(
0
.0449
)
(
0
.0077
)
(
0
.0001
)
(
0
.0055
)
From
net
realized
gain
......................................
(
0
.0001
)
(
0
.0000
)
(c)
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................................
(0.0508
)
(0.0449
)
(0.0077
)
(0.0002
)
(0.0056
)
Net
asset
value,
end
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
Based
on
net
asset
value
.....................................
5.19
%
4.58
%
0.77
%
0.01
%
0.56
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................................
0.28
%
0.29
%
0.29
%
0.29
%
0.29
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.27
%
0.27
%
0.19
%
0.07
%
0.24
%
Net
investment
income
......................................
5.05
%
4.49
%
0.65
%
0.01
%
0.58
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
661,719
$
442,723
$
382,956
$
599,190
$
399,846
(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)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
84
Treasury
Trust
Fund
Capital
Year
Ended
10/31/24
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
$
1.00
Net
investment
income
....................................
0
.0508
0
.0489
0
.0163
0
.0001
0
.0000
(b)
Net
realized
gain
(loss)
....................................
0
.0005
(
0
.0035
)
(c)
(
0
.0083
)
(c)
0
.0001
0
.0000
(b)
Net
increase
from
investment
operations
..........................
0.0513
0.0454
0.0080
0.0002
0.0000
Distributions
(d)
From
net
investment
income
................................
(
0
.0512
)
(
0
.0454
)
(
0
.0080
)
(
0
.0001
)
From
net
realized
gain
.....................................
(
0
.0001
)
(
0
.0000
)
(e)
(
0
.0000
)
(e)
(
0
.0001
)
Total
distributions
..........................................
(0.0513
)
(0.0454
)
(0.0080
)
(0.0002
)
Net
asset
value,
end
of
period
................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(f)
Based
on
net
asset
value
....................................
5.24
%
4.63
%
0.80
%
0.01
%
0.00
%
(g)
Ratios
to
Average
Net
Assets
Total
expen
ses
...........................................
0.23
%
0.24
%
0.24
%
0.24
%
0.24
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.22
%
0.22
%
0.20
%
0.06
%
0.17
%
(h)
Net
investment
income
(loss)
.................................
5.08
%
4.89
%
1.63
%
0.01
%
(0.03
)%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
................................
$
1,253,391
$
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)
85
Financial
Highlights
Treasury
Trust
Fund
Cash
Management
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................
0
.0465
0
.0402
0
.0051
0
.0001
0
.0034
Net
realized
gain
.........................................
0
.0003
0
.0007
0
.0005
0
.0001
0
.0003
Net
increase
from
investment
operations
...........................
0.0468
0.0409
0.0056
0.0002
0.0037
Distributions
(a)
From
net
investment
income
.................................
(
0
.0467
)
(
0
.0409
)
(
0
.0056
)
(
0
.0001
)
(
0
.0036
)
From
net
realized
gain
......................................
(
0
.0001
)
(
0
.0000
)
(b)
(
0
.0000
)
(b)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................................
(0.0468
)
(0.0409
)
(0.0056
)
(0.0002
)
(0.0037
)
Net
asset
value,
end
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(c)
Based
on
net
asset
value
.....................................
4.77
%
4.16
%
0.56
%
0.01
%
0.37
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................................
0.68
%
0.69
%
0.69
%
0.69
%
0.69
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.67
%
0.67
%
0.41
%
0.08
%
0.41
%
Net
investment
income
......................................
4.65
%
4.02
%
0.51
%
0.01
%
0.34
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
7,192
$
5,085
$
21,330
$
32,960
$
53,101
(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)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
86
Treasury
Trust
Fund
Cash
Reserve
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................
0
.0477
0
.0415
0
.0053
0
.0001
0
.0040
Net
realized
gain
.........................................
0
.0001
0
.0004
0
.0007
0
.0001
0
.0001
Net
increase
from
investment
operations
...........................
0.0478
0.0419
0.0060
0.0002
0.0041
Distributions
(a)
From
net
investment
income
.................................
(
0
.0477
)
(
0
.0419
)
(
0
.0060
)
(
0
.0001
)
(
0
.0040
)
From
net
realized
gain
......................................
(
0
.0001
)
(
0
.0000
)
(b)
(
0
.0000
)
(b)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................................
(0.0478
)
(0.0419
)
(0.0060
)
(0.0002
)
(0.0041
)
Net
asset
value,
end
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(c)
Based
on
net
asset
value
.....................................
4.88
%
4.27
%
0.61
%
0.01
%
0.41
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................................
0.59
%
0.59
%
0.59
%
0.59
%
0.59
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.57
%
0.57
%
0.35
%
0.07
%
0.39
%
Net
investment
income
......................................
4.77
%
4.15
%
0.53
%
0.01
%
0.40
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
103,703
$
128,272
$
79,114
$
97,008
$
102,984
(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)
87
Financial
Highlights
Treasury
Trust
Fund
Dollar
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................
0
.0491
0
.0447
0
.0073
0
.0001
0
.0046
Net
realized
gain
(loss)
.....................................
0
.0003
(
0
.0011
)
(a)
(
0
.0003
)
(a)
0
.0001
0
.0003
Net
increase
from
investment
operations
...........................
0.0494
0.0436
0.0070
0.0002
0.0049
Distributions
(b)
From
net
investment
income
.................................
(
0
.0493
)
(
0
.0436
)
(
0
.0070
)
(
0
.0001
)
(
0
.0048
)
From
net
realized
gain
......................................
(
0
.0001
)
(
0
.0000
)
(c)
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................................
(0.0494
)
(0.0436
)
(0.0070
)
(0.0002
)
(0.0049
)
Net
asset
value,
end
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
Based
on
net
asset
value
.....................................
5.04
%
4.44
%
0.70
%
0.01
%
0.49
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................................
0.43
%
0.44
%
0.44
%
0.44
%
0.44
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.41
%
0.40
%
0.27
%
0.07
%
0.30
%
Net
investment
income
......................................
4.91
%
4.47
%
0.73
%
0.01
%
0.46
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
3,207,547
$
2,343,866
$
1,060,804
$
1,035,846
$
939,241
(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)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
88
Treasury
Trust
Fund
Select
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................
0
.0434
0
.0378
0
.0032
0
.0001
0
.0016
Net
realized
gain
(loss)
.....................................
0
.0001
(
0
.0002
)
(a)
0
.0010
0
.0001
0
.0008
Net
increase
from
investment
operations
...........................
0.0435
0.0376
0.0042
0.0002
0.0024
Distributions
(b)
From
net
investment
income
.................................
(
0
.0434
)
(
0
.0376
)
(
0
.0042
)
(
0
.0001
)
(
0
.0023
)
From
net
realized
gain
......................................
(
0
.0001
)
(
0
.0000
)
(c)
(
0
.0000
)
(c)
(
0
.0001
)
(
0
.0001
)
Total
distributions
...........................................
(0.0435
)
(0.0376
)
(0.0042
)
(0.0002
)
(0.0024
)
Net
asset
value,
end
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(d)
Based
on
net
asset
value
.....................................
4.43
%
3.82
%
0.42
%
0.01
%
0.24
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................................
1.04
%
1.04
%
1.04
%
1.04
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
1.00
%
1.00
%
0.49
%
0.06
%
0.45
%
Net
investment
income
......................................
4.34
%
3.78
%
0.32
%
0.01
%
0.16
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
203,961
$
254,127
$
169,696
$
660,676
$
103,647
(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)
89
Financial
Highlights
MuniCash
Institutional
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
year
.............................
$
1.0000
$
0.9999
$
1.0001
$
1.0001
$
1.0001
Net
investment
income
....................................
0
.0310
0
.0282
0
.0048
0
.0001
0
.0051
Net
realized
and
unrealized
gain
(loss)
..........................
0
.0002
(
0
.0000
)
(a)
(b)
0
.0007
(b)
0
.0000
(c)
0
.0004
Net
increase
from
investment
operations
..........................
0.0312
0.0282
0.0055
0.0001
0.0055
Distributions
(d)
From
net
investment
income
................................
(
0
.0311
)
(
0
.0281
)
(
0
.0057
)
(
0
.0001
)
(
0
.0055
)
From
net
realized
gain
.....................................
(
0
.0000
)
(a)
(
0
.0000
)
(a)
Total
distributions
..........................................
(0.0311
)
(0.0281
)
(0.0057
)
(0.0001
)
(0.0055
)
Net
asset
value,
end
of
year
.................................
$
1.0001
$
1.0000
$
0.9999
$
1.0001
$
1.0001
Total
Return
(e)
Based
on
net
asset
value
....................................
3.17
%
2.86
%
0.56
%
0.01
%
0.55
%
Ratios
to
Average
Net
Assets
Total
expen
ses
...........................................
0.31
%
0.30
%
0.28
%
0.26
%
0.26
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.21
%
0.20
%
0.16
%
0.08
%
0.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
interest
expense
...
0.20
%
0.20
%
0.16
%
0.08
%
0.19
%
Net
investment
income
.....................................
3.10
%
2.82
%
0.48
%
0.01
%
0.51
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
3,994,911
$
4,540,657
$
3,592,640
$
5,368,797
$
5,160,531
(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.
Notes
to
Financial
Statements
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
90
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”:
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.
TempCash
and
MuniCash
price
and
transact
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).
Prior
to
the
Funds’
adoption
of
the
floating
NAV,
their
portfolio
holdings
were
valued
at
amortized
cost.
With
respect
to
each
of
TempCash
and
MuniCash,
the
Board
of
Trustees
of
the
Trust
(the
"Board"),
or
its
delegate,
must
impose
a
mandatory
liquidity
fee
upon
the
sale
of
shares
if
the
Fund’s
net
redemptions
on
any
business
day
exceed
5%
of
the
Fund’s
net
assets,
unless
the
amount
of
the
fee
is
less
than
0.01%
of
the
value
of
the
shares
redeemed.
The
Board,
or
its
delegate,
may
also
impose
a
discretionary
liquidity
fee
of
up
to
2%
upon
the
value
of
shares
redeemed,
at
certain
times,
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
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. 
Fund
Name
Diversification
Classification
BlackRock
Liquid
Federal
Trust
Fund
.......................................................................................
Diversified
FedFund
..........................................................................................................
Diversified
TempCash
.........................................................................................................
Diversified
T-Fund
............................................................................................................
Diversified
Treasury
Trust
Fund
...................................................................................................
Diversified
MuniCash
..........................................................................................................
Diversified
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,
Great
Pacific,
Mischler
Financial
Group,
Penserra
,
Premier,
Private
Client,
Select,
Stern
Brothers,
Tigress
and
WestCap
TempCash
.....................................
Institutional,
Capital,
Cash
Management,
Dollar,
Great
Pacific
and
Premier
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
Notes
to
Financial
Statements
(continued)
91
Notes
to
Financial
Statements
Bank
Overdraft
:
MuniCash
had
outstanding
cash
disbursements
exceeding
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
MuniCash
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
Liquidity
Fees:
Any
liquidity
fees
imposed
on
the
value
of
shares
redeemed
are
recorded
as
paid-in-capital.
The
liquidity
fees
are
collected
and
retained
by
TempCash
and
MuniCash
for
the
benefit
of
the
Funds'
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. For
financial
reporting
purposes,
custodian
credits,
if
any,
are
included
in
interest
income
in
the
Statements
of
Operations.
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies
(
TempCash
and
MuniCash
):
The
Fund's
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
and 
MuniCash
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.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
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
that
each
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
Inputs
other
than
quoted
prices
included
within
level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3 —
Inputs
that
are
unobservable
and
significant
to
the
entire
fair
value
measurement
for the
asset
or
liability
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
Notes
to
Financial
Statements
(continued)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
92
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.
With
respect
to
TempCash,
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 the Fund
for
which
BIL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by the
Fund
to
the
Manager.
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
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
Notes
to
Financial
Statements
(continued)
93
Notes
to
Financial
Statements
Service
and
Distribution
Fees:
The
Trust,
on
behalf
of
the
Funds,
entered
into
a
separate
Distribution
Agreement,
Distribution
Plans
and
Shareholder
Service
Plans
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BlackRock.
Pursuant
to
the
Select
Shares
Distribution
Plan
and
the
Private
Client
Shares
Distribution
Plan,
the
Trust
may
pay
BRIL
a
fee
for
distribution
and
sales
support
services.
In
addition,
the
Trust
may
pay
service
organizations,
including
affiliates
of
the
Manager,
fees
for
providing
certain
services
(“shareholder
services”)
to
their
customers
who
own
shares
of
the
Funds.
Pursuant
to
its
respective
Shareholder
Services
Plan,
each
of
the
Capital,
Dollar,
Cash
Management,
Cash
Reserve,
Administration,
Select
and Private
Client
Share classes
are
currently
paying
fees
to
service
organizations,
which
may
include
affiliates
of
the
Manager.
The
fees
are
accrued
daily
and
paid
monthly
at
annual
rates
based
upon
the
average
daily
net
assets
of
the
shares
as
follows:
(a)
Due
to
certain
contractual
and
voluntary
waivers,
the
above
stated
rates
may
be
reduced.
For
the
year
ended
October
31,
2024,
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,
2024,
the
Funds 
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
For
the
year ended
October
31,
2024,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
each
Fund:
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
, 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
.
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,
2025,
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,
2024,
the
amounts
waived
were
as
follows:
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
..
$
31,016‌
$
—‌
$
44,072‌
$
—‌
$
31,208‌
$
—‌
$
—‌
$
106,296‌
FedFund
.....................
7,881,913‌
64,243‌
3,231,963‌
15,940,400‌
10,108,129‌
1,773‌
2,867,196‌
40,095,617‌
TempCash
....................
—‌
—‌
—‌
—‌
6,093‌
—‌
—‌
6,093‌
T-Fund
.......................
4,406,88
7‌
116,508‌
4,061,078‌
270,973‌
3,014,068‌
—‌
215,303‌
12,084,81
7‌
Treasury
Trust
Fund
..............
538,536‌
365,766‌
43,443‌
601,153‌
6,406,821‌
—‌
1,888,66
9‌
9,844,38
8‌
MuniCash
.....................
—‌
—‌
—‌
—‌
4,299‌
—‌
—‌
4,299‌
Fund
Name
Great
Pacific
Shares
Tigress
Stern
Brothers
Shares
WestCap
Shares
Total
FedFund
.....................................................................
$
—‌
$
43‌
$
3‌
$
30‌
$
76‌
TempCash
....................................................................
275‌
—‌
—‌
—‌
275‌
BlackRock
Liquid
Federal
Trust
Fund
..................................................
—‌
8‌
—‌
—‌
8‌
Fund
Name
Fees
Waived
and/or
Reimbursed
by
the
Manager
BlackRock
Liquid
Federal
Trust
Fund
.............................................................................................
$
2,715,678‌
FedFund
................................................................................................................
22,324,066‌
TempCash
...............................................................................................................
5,138,389‌
T-Fund
..................................................................................................................
14,743,478‌
Treasury
Trust
Fund
.........................................................................................................
17,352,358‌
MuniCash
................................................................................................................
3,288,686‌
Notes
to
Financial
Statements
(continued)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
94
In
addition,
BRIL
has
contractually
agreed
to
waive
service
and/or
distribution
fees
through February
28,
2025
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,
2024,
the
amounts
waived
and/or
reimbursed
were
as
follows:
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager are
included
in transfer
agent
fees waived
and/or
reimbursed
by
the
manager
class
specific, in
the
Statements
of
Operations.
For
the
year ended
October
31,
2024,
class
specific
expense
waivers
and/or
reimbursements 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,
2024,
the
Funds
did
not
participate
in
the
Interfund
Lending
Program.
Trustees
and
Officers: 
Certain
trustees
and/or
officers
of
the Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the Trust’s
Chief
Compliance
Officer,
which
is
included
in
Trustees and
Officer
in
the
Statements
of
Operations. 
Other
Transactions:
The
Funds
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common trustees.
For
the
year
ended
October
31,
2024,
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,
2024,
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.
Management’s
analysis
is
based
on
the
tax
laws
and
judicial
and
administrative
interpretations
thereof
in
effect
as
of
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect
which
may
impact
the
Funds’
NAV.
Service
and
Distribution
Fees
Waived
and/or
reimbursed
-
Class
Specific
Private
Client
Select
Total
FedFund
........................................................................
$
709‌
$
67,42
8‌
$
68,13
7‌
T-Fund
..........................................................................
—‌
5,066‌
5,066‌
Treasury
Trust
Fund
.................................................................
—‌
44,425‌
44,425‌
Fund
Name/Share
Class
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
Class
Specific
BlackRock
Liquid
Federal
Trust
Fund
Tigress
..........................................................................................................
$
8‌
FedFund
Tigress
..........................................................................................................
41‌
WestCap
........................................................................................................
28‌
$
69‌
TempCash
Great
Pacific
......................................................................................................
$
263‌
Fund
Name
Purchases
Sales
Net
Realized
Gain
(Loss)
MuniCash
...........................................................................
$
1,079,539,244‌
$
872,954,485‌
$
—‌
Notes
to
Financial
Statements
(continued)
95
Notes
to
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: 
As
of
October
31,
2024,
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,
2024,
the
Funds
listed
below
utilized
the
following
amounts
of
their
respective
capital
loss
carryforwards: 
As
of
October
31,
2024, 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
and
MuniCash,
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;
Fund
Name
Paid-In
Capital
Accumulated
Earnings
(Loss)
MuniCash
................................................................................
$
113,928‌
$
(113,928‌)
—‌
Fund
Name
Year
Ended
10/31/24
Year
Ended
10/31/23
BlackRock
Liquid
Federal
Trust
Fund
Ordinary
income
......................................................................................
$
295,952,958‌
$
224,871,365‌
FedFund
Ordinary
income
......................................................................................
$
7,883,125,248‌
$
6,447,211,020‌
TempCash
Ordinary
income
......................................................................................
$
866,328,318‌
$
590,601,806‌
T-Fund
Ordinary
income
......................................................................................
$
5,296,108,748‌
$
4,410,124,715‌
Treasury
Trust
Fund
Ordinary
income
......................................................................................
$
5,971,734,147‌
$
4,643,607,349‌
MuniCash
Tax-exempt
income
....................................................................................
$
104,366,630‌
$
96,340,098‌
Ordinary
income
......................................................................................
5,044‌
615‌
Long-term
capital
gains
.................................................................................
7,927‌
184‌
$
104,379,601‌
$
96,340,897‌
Fund
Name
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
BlackRock
Liquid
Federal
Trust
Fund
.........................................
$
959,329‌
$
—‌
$
(885‌)
$
958,444‌
FedFund
............................................................
—‌
(74,864,734‌)
(2,035,242‌)
(76,899,976‌)
TempCash
...........................................................
476‌
(1,063,061‌)
3,835,939‌
2,773,354‌
T-Fund
..............................................................
—‌
(44,040,460‌)
(547,917‌)
(44,588,377‌)
Treasury
Trust
Fund
.....................................................
16,538,869‌
—‌
(12,345‌)
16,526,524‌
Fund
Name
Amount
Utilized
BlackRock
Liquid
Federal
Trust
Fund
.......................................................................................
$
43,092‌
FedFund
..........................................................................................................
7,160,460‌
TempCash
.........................................................................................................
35,573‌
T-Fund
............................................................................................................
5,248,387‌
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Liquid
Federal
Trust
Fund
....................................
$
5,278,789,113‌
$
–‌
$
(885‌)
$
(885‌)
FedFund
.......................................................
177,956,893,432‌
–‌
(19,426‌)
(19,426‌)
T-Fund
........................................................
110,471,340,104‌
–‌
(22,573‌)
(22,573‌)
Treasury
Trust
Fund
...............................................
127,993,074,686‌
–‌
(12,345‌)
(12,345‌)
Notes
to
Financial
Statements
(continued)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
96
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
each
Fund
is
subject. 
Certain
obligations
held
by
the
Funds
have
a
credit
enhancement
or
liquidity
feature
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
on
the
obligation
when
due. These
enhancements,
which
may
include
letters
of
credit,
stand-by
bond
purchase
agreements
and/or
third-party
insurance,
are
issued
by
financial
institutions. The
value
of
the
obligations
may
be
affected
by
changes
in
creditworthiness
of
the
entities
that
provide
the
credit
enhancements
or
liquidity
features. The
Funds
monitor
their
exposure
by
reviewing
the
creditworthiness
of
the
issuers,
as
well
as
the
financial
institutions
issuing
the
credit
enhancements
and
by
limiting
the
amount
of
holdings
with
credit
enhancements
from
one
financial
institution. 
Market
Risk
:
Each
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
each
Fund
to
reinvest
in
lower
yielding
securities. Each
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
each
Fund’s
portfolio
will
decline
if
each
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
each
Fund
portfolio’s
current
earnings
rate.
Municipal
securities
are
subject
to
the
risk
that
litigation,
legislation
or
other
political
events,
local
business
or
economic
conditions,
credit
rating
downgrades,
or
the
bankruptcy
of
the
issuer
could
have
a
significant
effect
on
an
issuer’s
ability
to
make
payments
of
principal
and/or
interest
or
otherwise
affect
the
value
of
such
securities.
Municipal
securities
can
be
significantly
affected
by
political
or
economic
changes,
including
changes
made
in
the
law
after
issuance
of
the
securities,
as
well
as
uncertainties
in
the
municipal
market
related
to,
taxation,
legislative
changes
or
the
rights
of
municipal
security
holders,
including
in
connection
with
an
issuer
insolvency.
Municipal
securities
backed
by
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
can
be
negatively
affected
by
the
discontinuance
of
the
tax
benefits
supporting
the
project
or
assets
or
the
inability
to
collect
revenues
for
the
project
or
from
the
assets.
Municipal
securities
may
be
less
liquid
than
taxable
bonds,
and
there
may
be
less
publicly
available
information
on
the
financial
condition
of
municipal
security
issuers
than
for
issuers
of
other
securities.
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
invests
a
substantial
amount
of its
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
during
a
period
of
historically
low
interest
rates. The
Federal
Reserve
has raised the
federal
funds
rate
as
part
of
its
efforts
to
address
inflation.
Changing
interest
rates
may
have
unpredictable
effects
on
markets,
may
result
in
heightened
market
volatility,
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:
Notes
to
Financial
Statements
(continued)
97
Notes
to
Financial
Statements
d
Fund
Name/Share
Class        
Year
Ended
10/31/24
10/31/23
BlackRock
Liquid
Federal
Trust
Fund
Institutional
Shares
sold
40,999,612,124‌
30,621,001,915‌
Shares
issued
in
reinvestment
of
distributions
........................................................
78,311,507‌
66,202,478‌
Shares
redeemed
(41,665,368,238‌)
(29,861,393,554‌)
(587,444,607‌)
825,810,839‌
Administration
Shares
sold
161,834,138‌
80,901,405‌
Shares
issued
in
reinvestment
of
distributions
........................................................
1,560,845‌
1,253,451‌
Shares
redeemed
(145,426,579‌)
(74,675,348‌)
17,968,404‌
7,479,508‌
Bancroft
Capital
(a)
Shares
issued
in
reinvestment
of
distributions
........................................................
1,854‌
2,348‌
Shares
redeemed
(54,626‌)
—‌
(52,772‌)
2,348‌
Cabrera
Capital
Markets
(a)
Shares
issued
in
reinvestment
of
distributions
........................................................
1,854‌
2,348‌
Shares
redeemed
(54,626‌)
—‌
(52,772‌)
2,348‌
Cash
Management
Shares
sold
3,195,070‌
5,087,771‌
Shares
issued
in
reinvestment
of
distributions
........................................................
16,853‌
93,876‌
Shares
redeemed
(5,446,284‌)
(9,808,992‌)
(2,234,361‌)
(4,627,345‌)
Dollar
Shares
sold
77,548,806‌
80,931,698‌
Shares
issued
in
reinvestment
of
distributions
........................................................
39,293‌
23,581‌
Shares
redeemed
(86,584,402‌)
(73,306,850‌)
(8,996,303‌)
7,648,429‌
Great
Pacific
(a)
Shares
issued
in
reinvestment
of
distributions
........................................................
2,094‌
2,347‌
Shares
redeemed
(54,848‌)
—‌
(52,754‌)
2,347‌
Mischler
Financial
Group
Shares
sold
242,831,161‌
202,250,000‌
Shares
issued
in
reinvestment
of
distributions
........................................................
790,695‌
147,846‌
Shares
redeemed
(224,096,348‌)
(197,000,000‌)
19,525,508‌
5,397,846‌
Penserra
(a)
Shares
sold
—‌
750,000‌
Shares
issued
in
reinvestment
of
distributions
........................................................
2,095‌
2,347‌
Shares
redeemed
(804,864‌)
—‌
(802,769‌)
752,347‌
Stern
Brothers
Shares
sold
—‌
1,500,000‌
Shares
issued
in
reinvestment
of
distributions
........................................................
2,823‌
3,206‌
Shares
redeemed
—‌
(1,500,000‌)
2,823‌
3,206‌
Tigress
Shares
sold
—‌
25,000,010‌
Shares
issued
in
reinvestment
of
distributions
........................................................
56,313‌
142,049‌
Shares
redeemed
(2,999,999‌)
(10‌)
(2,943,686‌)
25,142,049‌
(565,083,289‌)
867,613,922‌
FedFund
Institutional
Shares
sold
960,873,887,287‌
941,796,456,420‌
Shares
issued
in
reinvestment
of
distributions
........................................................
2,305,706,156‌
2,005,616,089‌
Shares
redeemed
(932,819,878,045‌)
(932,593,855,369‌)
30,359,715,398‌
11,208,217,140‌
Notes
to
Financial
Statements
(continued)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
98
d
Fund
Name/Share
Class        
Year
Ended
10/31/24
10/31/23
Administration
Shares
sold
18,851,949,320‌
21,082,794,544‌
Shares
issued
in
reinvestment
of
distributions
........................................................
236,281,031‌
398,054,292‌
Shares
redeemed
(19,328,695,622‌)
(36,329,637,862‌)
(240,465,271‌)
(14,848,789,026‌)
Capital
Shares
sold
623,938,069‌
13,580,571‌
Shares
issued
in
reinvestment
of
distributions
........................................................
6,406,147‌
150,992‌
Shares
redeemed
(355,507,582‌)
(12,394,865‌)
274,836,634‌
1,336,698‌
Cash
Management
Shares
sold
343,203,202‌
591,793,057‌
Shares
issued
in
reinvestment
of
distributions
........................................................
24,959,923‌
22,702,513‌
Shares
redeemed
(427,654,076‌)
(591,730,200‌)
(59,490,951‌)
22,765,370‌
Cash
Reserve
Shares
sold
52,041,441,295‌
45,843,430,347‌
Shares
issued
in
reinvestment
of
distributions
........................................................
360,941‌
201,503‌
Shares
redeemed
(51,947,097,796‌)
(46,976,060,820‌)
94,704,440‌
(1,132,428,970‌)
Dollar
Shares
sold
12,228,797,970‌
12,639,188,049‌
Shares
issued
in
reinvestment
of
distributions
........................................................
56,110,489‌
54,932,668‌
Shares
redeemed
(12,229,524,327‌)
(12,358,716,295‌)
55,384,132‌
335,404,422‌
Great
Pacific
(b)
Shares
sold
50,000‌
—‌
Shares
issued
in
reinvestment
of
distributions
........................................................
554‌
—‌
50,554‌
—‌
Mischler
Financial
Group
Shares
sold
33,218,216,511‌
31,177,816,277‌
Shares
issued
in
reinvestment
of
distributions
........................................................
48,622,644‌
53,523,489‌
Shares
redeemed
(32,171,604,156‌)
(29,886,151,356‌)
1,095,234,999‌
1,345,188,410‌
Penserra
(b)
Shares
sold
100,000‌
—‌
Shares
issued
in
reinvestment
of
distributions
........................................................
1,108‌
—‌
101,108‌
—‌
Premier
Shares
sold
3,882,607,034‌
3,350,415,754‌
Shares
issued
in
reinvestment
of
distributions
........................................................
20,972,458‌
16,504,973‌
Shares
redeemed
(2,871,495,106‌)
(1,916,340,786‌)
1,032,084,386‌
1,450,579,941‌
Private
Client
Shares
sold
41‌
4,791‌
Shares
issued
in
reinvestment
of
distributions
........................................................
9,745‌
10,459‌
Shares
redeemed
(99,318‌)
(18,834‌)
(89,532‌)
(3,584‌)
Select
Shares
sold
978,173,401‌
1,339,475,954‌
Shares
issued
in
reinvestment
of
distributions
........................................................
14,628,461‌
15,133,650‌
Shares
redeemed
(983,125,749‌)
(1,686,673,362‌)
9,676,113‌
(332,063,758‌)
Stern
Brothers
Shares
sold
509,199,999‌
11,500,001‌
Shares
issued
in
reinvestment
of
distributions
........................................................
3,201,468‌
26,325‌
Shares
redeemed
(102,448,884‌)
(11,550,000‌)
409,952,583‌
(23,674‌)
Notes
to
Financial
Statements
(continued)
99
Notes
to
Financial
Statements
d
Fund
Name/Share
Class        
Year
Ended
10/31/24
10/31/23
Tigress
Shares
sold
636,836,894‌
46,562,693‌
Shares
issued
in
reinvestment
of
distributions
........................................................
4,626,199‌
184,054‌
Shares
redeemed
(587,483,419‌)
(19,048,723‌)
53,979,674‌
27,698,024‌
WestCap
Shares
sold
44,978,749‌
118,000,000‌
Shares
issued
in
reinvestment
of
distributions
........................................................
5,110,026‌
3,150,047‌
Shares
redeemed
(74,711,327‌)
(17,880,000‌)
(24,622,552‌)
103,270,047‌
33,061,051,715‌
(1,818,848,960‌)
T-Fund
Institutional
Shares
sold
1,306,205,313,758‌
1,124,983,592,331‌
Shares
issued
in
reinvestment
of
distributions
........................................................
1,231,737,225‌
1,173,900,710‌
Shares
redeemed
(1,293,392,422,710‌)
(1,121,219,112,443‌)
14,044,628,273‌
4,938,380,598‌
Administration
Shares
sold
7,550,204,907‌
7,852,313,986‌
Shares
issued
in
reinvestment
of
distributions
........................................................
205,504,945‌
309,549,338‌
Shares
redeemed
(7,088,231,897‌)
(19,957,161,461‌)
667,477,955‌
(11,795,298,137‌)
Capital
Shares
sold
664,978,449‌
405,304,186‌
Shares
issued
in
reinvestment
of
distributions
........................................................
11,158,050‌
5,865,916‌
Shares
redeemed
(603,167,871‌)
(263,798,086‌)
72,968,628‌
147,372,016‌
Cash
Management
Shares
sold
4,961,063,034‌
4,313,088,808‌
Shares
issued
in
reinvestment
of
distributions
........................................................
30,531,604‌
24,332,943‌
Shares
redeemed
(4,887,766,561‌)
(4,308,342,515‌)
103,828,077‌
29,079,236‌
Cash
Reserve
Shares
sold
416,188,745‌
323,421,715‌
Shares
issued
in
reinvestment
of
distributions
........................................................
452,179‌
772,240‌
Shares
redeemed
(410,811,316‌)
(368,938,961‌)
5,829,608‌
(44,745,006‌)
Dollar
Shares
sold
7,400,875,405‌
9,928,734,641‌
Shares
issued
in
reinvestment
of
distributions
........................................................
17,683,387‌
28,968,263‌
Shares
redeemed
(7,583,391,899‌)
(9,851,801,162‌)
(164,833,107‌)
105,901,742‌
Premier
Shares
sold
2,986,603,430‌
2,283,790,381‌
Shares
issued
in
reinvestment
of
distributions
........................................................
36,899,572‌
25,486,576‌
Shares
redeemed
(3,011,843,360‌)
(1,373,609,986‌)
11,659,642‌
935,666,971‌
Select
Shares
sold
316,995,158‌
523,278,909‌
Shares
issued
in
reinvestment
of
distributions
........................................................
1,102,093‌
2,416,295‌
Shares
redeemed
(348,868,063‌)
(496,577,385‌)
(30,770,812‌)
29,117,819‌
14,710,788,264‌
(5,654,524,761‌)
Treasury
Trust
Fund
Institutional
Shares
sold
348,099,471,270‌
270,716,368,499‌
Shares
issued
in
reinvestment
of
distributions
........................................................
1,508,135,661‌
1,693,628,787‌
Shares
redeemed
(323,061,473,890‌)
(281,809,645,053‌)
26,546,133,041‌
(9,399,647,767‌)
Notes
to
Financial
Statements
(continued)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
100
The
number
of
shares
sold,
reinvested
and
redeemed
for
TempCash
and
MuniCash
were
transacted
at
each
class's
floating
NAV
per
share
calculated
to
four
decimal
places. 
Transactions
in
capital
shares
for
each
class
of
TempCash
and
MuniCash
were
as
follows:
d
Fund
Name/Share
Class        
Year
Ended
10/31/24
10/31/23
Administration
Shares
sold
1,542,967,789‌
1,228,748,237‌
Shares
issued
in
reinvestment
of
distributions
........................................................
19,059,296‌
14,155,842‌
Shares
redeemed
(1,343,059,919‌)
(1,183,194,082‌)
218,967,166‌
59,709,997‌
Capital
Shares
sold
2,353,944,538‌
913,705,465‌
Shares
issued
in
reinvestment
of
distributions
........................................................
36,012,458‌
11,527,571‌
Shares
redeemed
(1,637,347,758‌)
(452,134,826‌)
752,609,238‌
473,098,210‌
Cash
Management
Shares
sold
59,265,535‌
29,920,721‌
Shares
issued
in
reinvestment
of
distributions
........................................................
246,863‌
368,642‌
Shares
redeemed
(57,405,427‌)
(46,534,965‌)
2,106,971‌
(16,245,602‌)
Cash
Reserve
Shares
sold
1,325,249,632‌
610,857,948‌
Shares
issued
in
reinvestment
of
distributions
........................................................
234‌
1,324‌
Shares
redeemed
(1,349,815,568‌)
(561,718,372‌)
(24,565,702‌)
49,140,900‌
Dollar
Shares
sold
12,043,739,465‌
7,763,879,918‌
Shares
issued
in
reinvestment
of
distributions
........................................................
11,737,276‌
5,306,384‌
Shares
redeemed
(11,191,908,548‌)
(6,486,425,181‌)
863,568,193‌
1,282,761,121‌
Select
Shares
sold
847,511,404‌
750,589,215‌
Shares
issued
in
reinvestment
of
distributions
........................................................
9,657,554‌
7,370,864‌
Shares
redeemed
(907,328,707‌)
(673,561,755‌)
(50,159,749‌)
84,398,324‌
28,308,659,158‌
(7,466,784,817‌)
Year
Ended
10/31/24
Year
Ended
10/31/23
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
TempCash
Institutional
Shares
sold
..........................................
25,076,170,569‌
$
25,088,834,874‌
19,184,097,745‌
$
19,189,951,147‌
Shares
issued
in
reinvestment
of
distributions
.....................
83,814,650‌
83,860,592‌
23,922,723‌
23,930,356‌
Shares
redeemed
......................................
(18,282,944,345‌)
(18,292,389,737‌)
(14,720,816,627‌)
(14,725,554,167‌)
6,877,040,874‌
$
6,880,305,729‌
4,487,203,841‌
$
4,488,327,336‌
Dollar
Shares
sold
..........................................
63,584,538‌
$
63,623,740‌
—‌
$
—‌
Shares
issued
in
reinvestment
of
distributions
.....................
1,012‌
1,013‌
845‌
$
846‌
Shares
redeemed
......................................
(16,739,712‌)
(16,752,216‌)
—‌
—‌
46,845,838‌
$
46,872,537‌
845‌
$
846‌
Great
Pacific
Shares
sold
..........................................
341,865,528‌
$
342,006,436‌
585,024,981‌
(c)
$
585,258,875‌
(c)
Shares
issued
in
reinvestment
of
distributions
.....................
28,205,285‌
28,217,672‌
19,784,211‌
(c)
19,788,522‌
(c)
Shares
redeemed
......................................
—‌
—‌
(200,545,835‌)
(c)
(200,586,000‌)
(c)
370,070,813‌
$
370,224,108‌
404,263,357‌
$
404,461,397‌
Premier
Shares
sold
..............................................
—‌
$
—‌
—‌
$
—‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
—‌
—‌
Shares
redeemed
..........................................
—‌
—‌
—‌
—‌
7,293,957,525‌
$
7,297,402,374‌
4,891,468,043‌
$
4,892,789,579‌
Notes
to
Financial
Statements
(continued)
101
Notes
to
Financial
Statements
(a)
There
were
no
Bancroft
Capital
Shares,
Cabrera
Capital
Markets
Shares,
Great
Pacific
Shares
and
Penserra
Shares
outstanding
for
the
year
ended
October
31,
2024.
(b)
Period
August
12,
2024
(commencement
of
operations)
to
October
31,
2024
for
Great
Pacific
Shares
and
Penserra
Shares.
(c)
Period
January
23,
2023
(commencement
of
operations)
to
October
31,
2023
for
Great
Pacific
Shares.
(d)
There
were
no
Dollar
Shares
outstanding
for
the
year
ended
October
31,
2024.
As
of
October
31,
2024,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
owned 2,269,968,150 Institutional
Shares
of
FedFund.
As
of
October
31,
2024,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
owned
1,255,746,592
Institutional
Shares
of
TempCash.
As
of
October
31,
2024,
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.
Year
Ended
10/31/24
Year
Ended
10/31/23
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
MuniCash
Institutional
Shares
sold
..........................................
35,643,322,757‌
$
35,646,598,893‌
35,981,486,604‌
$
35,981,358,818‌
Shares
issued
in
reinvestment
of
distributions
.....................
52,437,603‌
52,442,847‌
51,656,917‌
51,656,128‌
Shares
redeemed
......................................
(36,241,898,722‌)
(36,245,055,794‌)
(35,085,456,468‌)
(35,085,692,424‌)
(546,138,362‌)
$
(546,014,054‌)
947,687,053‌
$
947,322,522‌
Dollar
(d)
Shares
sold
..........................................
2,561,175‌
$
2,561,175‌
5,093,134‌
$
5,093,161‌
Shares
issued
in
reinvestment
of
distributions
.....................
49,762‌
49,762‌
52,079‌
52,078‌
Shares
redeemed
......................................
(4,382,718‌)
(4,382,793‌)
(6,284,604‌)
(6,284,494‌)
(1,771,781‌)
$
(1,771,856‌)
(1,139,391‌)
$
(1,139,255‌)
(547,910,143‌)
$
(547,785,910‌)
946,547,662‌
$
946,183,267‌
Report
of
Independent
Registered
Public
Accounting
Firm
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
102
To
the
Shareholders
of
BlackRock
Liquid
Federal
Trust
Fund,
FedFund,
TempCash,
T-Fund,
Treasury
Trust
Fund,
and
MuniCash
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,
T-Fund,
Treasury
Trust
Fund,
and
MuniCash
(the
“Funds”),
including
the
schedules
of
investments,
as
of
October
31,
2024,
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,
2024,
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,
2024,
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
20,
2024
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
1992.
Important
Tax
Information
(unaudited)
103
Important
Tax
Information
The
following
amounts,
or maximum
amounts
allowable
by
law, are
hereby
designated
as tax-exempt
interest
dividends for
the
fiscal
year
ended
October
31,
2024:
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,
2024:
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,
2024:
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,
2024:
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,
2024:
Fund
Name
Exempt-Interest
Dividends
MuniCash
..........................................................................................................
$
104,366,630‌
Fund
Name
20%
Rate
Long-Term
Capital
Gain
Dividends
MuniCash
........................................................................................................
$
11,825‌
Fund
Name
Federal
Obligation
Interest
FedFund
........................................................................................................
$
3,886,289,749‌
TempCash
.......................................................................................................
8,672,406‌
T-Fund
..........................................................................................................
2,424,896,125‌
Treasury
Trust
Fund
.................................................................................................
5,617,382,512‌
BlackRock
Liquid
Federal
Trust
Fund
.....................................................................................
295,948,960‌
Fund
Name
Interest
Dividends
FedFund
........................................................................................................
$
8,183,299,554‌
TempCash
.......................................................................................................
866,328,318‌
T-Fund
..........................................................................................................
5,295,191,487‌
Treasury
Trust
Fund
.................................................................................................
6,167,442,038‌
BlackRock
Liquid
Federal
Trust
Fund
.....................................................................................
295,948,960‌
Fund
Name
Interest-Related
Dividends
Qualified
Short-Term
Capital
Gains
FedFund
.....................................................................................
$
7,882,292,162‌
$
—‌
TempCash
....................................................................................
605,474,067‌
—‌
T-Fund
.......................................................................................
5,295,191,487‌
—‌
Treasury
Trust
Fund
..............................................................................
5,960,740,234‌
12,736,076‌
BlackRock
Liquid
Federal
Trust
Fund
..................................................................
295,948,960‌
93,652‌
Additional
Information
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
104
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Compensation
to
the
independent
directors/trustees
of
the
Trust
is
paid
by
the
Trust,
on
behalf
of
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.
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
of
quarterly
statements,
annual
and
semi-annual
shareholder
reports
and
prospectuses
by
enrolling
in
the
electronic
delivery
program.
To
enroll
in
electronic
delivery:
Shareholders
Who
Hold
Accounts
with
Investment
Advisors,
Banks
or
Brokerages:
Please
contact
your
financial
advisor.
Please
note
that
not
all
investment
advisors,
banks
or
brokerages
may
offer
this
service.
Shareholders
Who
Hold
Accounts
Directly
with
BlackRock:
1.
Access
the
BlackRock
website
at
blackrock.com
2.
Select
"Access
Your
Account"
3.
Next,
select
"eDelivery"
in
the
"Related
Resources"
box
and
follow
the
sign-up
instructions.
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
02110
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
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
105
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
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
16,
2024
(the
“April
Meeting”)
and
May
16-17,
2024
(the
“May
Meeting”)
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Trust,
on
behalf
of
BlackRock
Liquid
Federal
Trust
Fund
(“Liquid
Federal
Trust
Fund”),
FedFund,
MuniCash,
TempCash,
T-Fund
and
Treasury
Trust
Fund
(each
a
“Fund”
and
collectively,
the
“Funds”),
and
BlackRock
Advisors,
LLC
(the
“Manager”),
each
Fund’s
investment
advisor.
The
Board
also
considered
the
approval
to
continue
the
sub-advisory
agreement
(the
“Sub-Advisory
Agreement”)
between
the
Manager
and
BlackRock
International
Limited
(the
“Sub-Advisor”)
with
respect
to
TempCash.
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,
relevant
benchmarks,
and
other
performance
metrics,
as
applicable,
as
well
as
BlackRock
senior
management’s
and
portfolio
managers’
investment
performance
analyses,
and
the
reasons
for
any
outperformance
or
underperformance
relative
to
its
peers,
benchmarks,
and
other
performance
metrics,
as
applicable;
(b)
fees,
including
advisory,
administration,
if
applicable,
and
other
amounts
paid
to
BlackRock
and
its
affiliates
by
the
Fund
for
services;
(c)
Fund
operating
expenses
and
how
BlackRock
allocates
expenses
to
the
Fund;
(d)
the
resources
devoted
to,
risk
oversight
of,
and
compliance
reports
relating
to,
implementation
of
the
Fund’s
investment
objective,
policies
and
restrictions,
and
meeting
regulatory
requirements;
(e)
BlackRock’s
and
the
Fund’s
adherence
to
applicable
compliance
policies
and
procedures;
(f)
the
nature,
character
and
scope
of
non-investment
management
services
provided
by
BlackRock
and
its
affiliates
and
the
estimated
cost
of
such
services,
as
available;
(g)
BlackRock’s
and
other
service
providers’
internal
controls
and
risk
and
compliance
oversight
mechanisms;
(h)
BlackRock’s
implementation
of
the
proxy
voting
policies
approved
by
the
Board;
(i)
execution
quality
of
portfolio
transactions;
(j)
BlackRock’s
implementation
of
the
Fund’s
valuation
and
liquidity
procedures;
(k)
an
analysis
of
management
fees
paid
to
BlackRock
for
products
with
similar
investment
mandates
across
the
open-end
fund,
exchange-traded
fund
(“ETF”),
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable,
and
the
similarities
and
differences
between
these
products
and
the
services
provided
as
compared
to
the
Fund;
(l)
BlackRock’s
compensation
methodology
for
its
investment
professionals
and
the
incentives
and
accountability
it
creates,
along
with
investment
professionals’
investments
in
the
fund(s)
they
manage;
and
(m)
periodic
updates
on
BlackRock’s
business.
Prior
to
and
in
preparation
for
the
April
Meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
the
renewal
of
the
Agreements.
The
Independent
Board
Members
continuously
engaged
in
a
process
with
their
independent
legal
counsel
and
BlackRock
to
review
the
nature
and
scope
of
the
information
provided
to
the
Board
to
better
assist
its
deliberations.
The
materials
provided
in
connection
with
the
April
Meeting
included,
among
other
things:
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
based
on
either
a
Lipper
classification
or
Morningstar
category,
regarding
each
Fund’s
fees
and
expenses
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
(“Expense
Peers”)
and
the
investment
performance
of
each
Fund
as
compared
with
a
peer
group
of
funds
(“Performance
Peers”);
(b)
information
on
the
composition
of
the
Expense
Peers
and
Performance
Peers
and
a
description
of
Broadridge’s
methodology;
(c)
information
on
the
estimated
profits
realized
by
BlackRock
and
its
affiliates
pursuant
to
the
Agreements
and
a
discussion
of
fall-out
benefits
to
BlackRock
and
its
affiliates;
(d)
a
general
analysis
provided
by
BlackRock
concerning
investment
management
fees
received
in
connection
with
other
types
of
investment
products,
such
as
institutional
accounts,
sub-advised
mutual
funds,
ETFs,
closed-end
funds,
open-end
funds,
and
separately
managed
accounts,
under
similar
investment
mandates,
as
well
as
the
performance
of
such
other
products,
as
applicable;
(e)
a
review
of
non-management
fees;
(f)
the
existence,
impact
and
sharing
of
potential
economies
of
scale,
if
any,
with
the
Funds;
(g)
a
summary
of
aggregate
amounts
paid
by
each
Fund
to
BlackRock;
(h)
sales
and
redemption
data
regarding
each
Fund’s
shares;
and
(i)
various
additional
information
requested
by
the
Board
as
appropriate
regarding
BlackRock’s
and
the
Funds’
operations.
At
the
April
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreements
and
the
Independent
Board
Members
presented
BlackRock
with
questions
and
requests
for
additional
information.
BlackRock
responded
to
these
questions
and
requests
with
additional
written
information
in
advance
of
the
May
Meeting,
and
such
responses
were
reviewed
by
the
Board
Members.
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
evaluated
the
information
available
to
it
on
a
fund-by-fund
basis.
The
following
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
(continued)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
106
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
Fund
performance
to
the
performance
of
a
comparable
group
of
mutual
funds,
relevant
benchmarks,
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
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
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
the
Fund
and
its
shareholders.
B.
The
Investment
Performance
of
the
Funds
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,
2023,
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,
Treasury
Trust
Fund
outperformed
its
Benchmark
Weighted
Average.
The
Board
noted
that
for
the
one-
and
three-year
periods
reported,
each
of
Liquid
Federal
Trust
Fund
and
T-Fund
underperformed
and
outperformed,
respectively,
its
Benchmark
Weighted
Average.
The
Board
and
BlackRock
reviewed
each
Fund’s
underperformance
relative
to
its
Benchmark
Weighted
Average
during
the
applicable
period.
The
Board
noted
that
for
each
of
the
one-
and
three-year
periods
reported,
each
of
TempCash,
MuniCash
and
FedFund
underperformed
its
Benchmark
Weighted
Average.
The
Board
and
BlackRock
reviewed
each
Fund’s
underperformance
relative
to
its
Benchmark
Weighted
Average
during
the
applicable
periods.
The
Board
noted
that
BlackRock
believes
that
the
Benchmark
Weighted
Average
is
an
appropriate
performance
metric
for
each
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
(continued)
107
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
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,
2023
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
T-Fund’s
contractual
management
fee
rate
ranked
in
the
second
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
third
and
second
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
noted
that
FedFund’s
contractual
management
fee
rate
ranked
in
the
second
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
fourth
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
noted
that
each
of
Liquid
Federal
Trust
Fund’s,
TempCash’s
and
Treasury
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
second
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
noted
that
MuniCash’s
contractual
management
fee
rate
ranked
in
the
fourth
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
fourth
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
further
noted
that
each
of
TempCash
and
MuniCash
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
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
any
economies
of
scale
might
benefit
the
Funds
in
a
variety
of
ways
as
the
assets
of
the
Funds
increase.
The
Board
considered
multiple
factors,
including
the
advisory
fee
rate
and
breakpoints,
unitary
fee
structure,
fee
waivers,
and/or
expense
caps,
as
applicable.
The
Board
considered
the
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
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
(continued)
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
108
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,
2025,
and
the
Sub-Advisory
Agreement
between
the
Manager
and
the
Sub-Advisor,
with
respect
to
TempCash,
for
a
one-year
term
ending
June
30,
2025.
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.
Glossary
of
Terms
Used
in
this
Report
109
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
AMT
Alternative
Minimum
Tax
DAC
Designated
Activity
Company
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
VRDN
Variable
Rate
Demand
Notes
VRDP
Variable
Rate
Demand
Preferred
Notice
to
Shareholders
2024
BlackRock
Annual
Financial
Statements
and
Additional
Information
The
following
applies
to
TempCash
and
MuniCash
:
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.
The
Funds
generally
must
impose
a
fee
when
net
sales
of
Fund
shares
exceed
certain
levels.
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.
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7
Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7
 
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7
 
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7
 
Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 13 – Portfolio Managers of Closed-End Management Investment Companies - Not Applicable
Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers  – Not Applicable
Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 16 – 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 13a-15(b) or 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 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable
Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item 19 – Exhibits attached hereto
              (a)(1) Code of Ethics – See Item 2
              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable
              (a)(3) Section 302 Certifications are attached.
              <<section302>>
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(5) Change in registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached.
<<section906>>
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
BlackRock Liquidity Funds
 
By:     /s/ John M. Perlowski              
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Liquidity Funds
 
Date: December 20, 2024 
 
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 20, 2024 
 
By:     /s/ Trent Walker                      
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Liquidity Funds
 
Date: December 20, 2024