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2020 Annual Report

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2020 Annual Report OCTOBER 31, 2020 2020 Annual Report BlackRock Liquidity Funds • Federal Trust Fund • FedFund • TempCash • TempFund • T-Fund • Treasury Trust Fund • MuniCash • MuniFund • California Money Fund • New York Money Fund Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call (800) 441-7450 to inform BlackRock that you wish to continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC, BlackRock Fund Advisors or their affiliates, or all funds held with your financial intermediary, as applicable. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service. Not FDIC Insured - May Lose Value - No Bank Guarantee The Markets in Review Dear Shareholder, 7KHPRQWKUHSRUWLQJSHULRGDVRI2FWREHUKDVEHHQDWLPHRIVXGGHQFKDQJHLQJOREDO¿QDQFLDO markets, as the emergence and spread of the coronavirus (or “COVID-19”) led to a vast disruption in the global HFRQRP\DQG¿QDQFLDOPDUNHWV3ULRUWRWKHRXWEUHDNRIWKHYLUXV86HTXLWLHVDQGERQGVERWKGHOLYHUHG solid returns, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented PRQHWDU\VWLPXOXVDQGDVOXJJLVK\HWUHVROXWHSHUIRUPDQFHIURPWKH86HFRQRP\%XWDVWKHWKUHDWIURP the coronavirus became more apparent throughout February and March 2020, countries around the world WRRNHFRQRPLFDOO\GLVUXSWLYHFRXQWHUPHDVXUHV6WD\DWKRPHRUGHUVDQGFORVXUHVRIQRQHVVHQWLDOEXVLQHVVHV became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession DQGDVKDUSIDOOLQHTXLW\SULFHV Rob Kapito After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as President, BlackRock Advisors, LLC EXVLQHVVHVEHJDQWRUHRSHQDQGJRYHUQPHQWVOHDUQHGWRDGDSWWROLIHZLWKWKHYLUXV(TXLW\SULFHVFRQWLQXHGWR ULVHWKURXJKRXWWKHVXPPHUIHGE\VWURQJ¿VFDODQGPRQHWDU\VXSSRUWDQGLPSURYLQJHFRQRPLFLQGLFDWRUV0DQ\ HTXLW\LQGLFHVQHDUHGRUVXUSDVVHGDOOWLPHKLJKVLQHDUO\6HSWHPEHUEHIRUHUHWUHDWLQJDPLGFRQFHUQV Total Returns as of October 31, 2020 DERXWDVHFRQGZDYHRILQIHFWLRQV,QWKH8QLWHG6WDWHVODUJHFDSLWDOL]DWLRQVWRFNVDGYDQFHGRXWSHUIRUPLQJ 6-Month 12-Month VPDOOFDSLWDOL]DWLRQVWRFNVZKLFKGHFOLQHGPDUJLQDOO\GXULQJWKHUHSRUWLQJSHULRG,QWHUQDWLRQDOHTXLWLHVIURP GHYHORSHGHFRQRPLHVGHFOLQHGVLJQL¿FDQWO\ODJJLQJHPHUJLQJPDUNHWVWRFNVZKLFKUHERXQGHGVKDUSO\ U.S. large cap equities 13.29% 9.71% (S&P 500® Index) 'XULQJWKHPDUNHWGRZQWXUQWKHSHUIRUPDQFHRIGLIIHUHQWW\SHVRI¿[HGLQFRPHVHFXULWLHVLQLWLDOO\GLYHUJHGGXH U.S. small cap equities 18.13 (0.14) WRDUHGXFHGLQYHVWRUDSSHWLWHIRUULVN867UHDVXULHVEHQH¿WHGIURPWKHULVNRIIHQYLURQPHQWDQGSRVWHGVROLG (Russell 2000® Index) UHWXUQVDVWKH\HDU867UHDVXU\\LHOG ZKLFKLVLQYHUVHO\UHODWHGWRERQGSULFHV WRXFKHGDQDOOWLPHORZ International equities 8.57 (6.86) ,QWKHFRUSRUDWHERQGPDUNHWVXSSRUWIURPWKH86)HGHUDO5HVHUYH WKH³)HG´ DVVXDJHGFUHGLWFRQFHUQVDQG (MSCI Europe, Australasia, ERWKLQYHVWPHQWJUDGHDQGKLJK\LHOGERQGVUHFRYHUHGWRSRVWSRVLWLYHUHWXUQV Far East Index) 7KH)HGWRRNDQDFFRPPRGDWLYHPRQHWDU\VWDQFHLQODWHWRVXSSRUWVORZLQJHFRQRPLFJURZWK$IWHUWKH Emerging market equities 20.96 8.25 coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates (MSCI Emerging Markets Index) FORVHWR]HUR7RVWDELOL]HFUHGLWPDUNHWVWKH)HGDOVRLPSOHPHQWHGDQHZERQGEX\LQJSURJUDPDVGLGVHYHUDO RWKHUFHQWUDOEDQNVDURXQGWKHZRUOGLQFOXGLQJWKH(XURSHDQ&HQWUDO%DQNDQGWKH%DQNRI-DSDQ 3-month Treasury bills 0.06 0.92 (ICE BofA 3-Month U.S. Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we Treasury Bill Index) EHOLHYHWKDWWKHJOREDOH[SDQVLRQLVOLNHO\WRFRQWLQXHDVHFRQRPLFDFWLYLW\UHVXPHV6HYHUDOULVNVUHPDLQ U.S. Treasury securities (1.63) 8.92 however, including a potential resurgence of the coronavirus amid loosened restrictions, policy fatigue among (ICE BofA 10-Year U.S. JRYHUQPHQWVDOUHDG\GHHSLQWRGH¿FLWVSHQGLQJDQGVWUXFWXUDOGDPDJHWRWKH¿QDQFLDOV\VWHPIURPOHQJWK\ Treasury Index) HFRQRPLFLQWHUUXSWLRQV U.S. investment grade bonds 1.27 6.19 (Bloomberg Barclays U.S. 2YHUDOOZHIDYRUDPRGHUDWHO\SRVLWLYHVWDQFHWRZDUGULVNDQGLQSDUWLFXODUWRZDUGFUHGLWJLYHQWKHH[WUDRUGLQDU\ Aggregate Bond Index) FHQWUDOEDQNPHDVXUHVWDNHQLQUHFHQWPRQWKV7KLVVXSSRUWH[WHQGVEH\RQGLQYHVWPHQWJUDGHFRUSRUDWHV Tax-exempt municipal bonds 4.87 3.55 DQGLQWRKLJK\LHOGOHDGLQJWRDWWUDFWLYHRSSRUWXQLWLHVLQWKDWHQGRIWKHPDUNHW:HEHOLHYHWKDWLQWHUQDWLRQDO (S&P Municipal Bond Index) GLYHUVL¿FDWLRQDQGDIRFXVRQVXVWDLQDELOLW\FDQKHOSSURYLGHSRUWIROLRUHVLOLHQFHDQGWKHGLVUXSWLRQFUHDWHG E\WKHFRURQDYLUXVDSSHDUVWREHDFFHOHUDWLQJWKHVKLIWWRZDUGVXVWDLQDEOHLQYHVWPHQWV:HUHPDLQQHXWUDO U.S. high yield bonds 10.73 3.42 (Bloomberg Barclays U.S. RQHTXLWLHVRYHUDOOZKLOHIDYRULQJHPHUJLQJPDUNHWVWRFNVDQGWLOWLQJWRZDUGWKHTXDOLW\IDFWRUIRULWVUHVLOLHQFH Corporate High Yield 2% Issuer Capped Index) ,QWKLVHQYLURQPHQWRXUYLHZLVWKDWLQYHVWRUVQHHGWRWKLQNJOREDOO\H[WHQGWKHLUVFRSHDFURVVDEURDGDUUD\RI DVVHWFODVVHVDQGEHQLPEOHDVPDUNHWFRQGLWLRQVFKDQJH:HHQFRXUDJH\RXWRWDONZLWK\RXU¿QDQFLDODGYLVRU Past performance is not an indication of future results. Index and visit blackrock.comIRUIXUWKHULQVLJKWDERXWLQYHVWLQJLQWRGD\¶VPDUNHWV performance is shown for illustrative purposes only. You cannot invest directly in an index. Sincerely, 5RE.
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